Document:

Separation Agreement and Release

 Exhibit 10.2 
 SEPARATION AGREEMENT AND RELEASE 
 THIS SEPARATION AGREEMENT AND RELEASE (this
“Agreement”) is made and entered into by and between Stein Mart, Inc., a Florida corporation, including its officers, directors, owners, employees, agents, representatives, subsidiaries, affiliates, successors and assigns
(hereinafter, jointly and severally, “Stein Mart”) and Michael D. Fisher (“Fisher”), a Florida resident. The effective date of this Agreement shall be August 27, 2007 (the “Effective Date”). 
 RECITALS 
 A. Stein Mart
employed Fisher pursuant to that certain Stein Mart, Inc. Employment Agreement dated July 8, 2005 and as amended in December, 2005 (the “EA”). A copy of the EA is attached as Exhibit “A” to this Agreement. 

B. Fisher’s last date of employment with Stein Mart and membership on the Board of Directors was August 27, 2007. 
 C. In association with Fisher’s separation from employment, Stein Mart and Fisher desire to resolve all differences between them, if any, arising
from the date Fisher was employed by Stein Mart through the Effective Date. 
 D. This Agreement sets forth the terms and obligations of the
parties to each other from the Effective Date forward. 
 Terms of Agreement 
 In consideration of the promises contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, Stein Mart and Fisher now agree as follows:

 1. Recitals. The Recitals are true and accurate and incorporated into this Agreement. 
 2. Termination without Cause. Fisher voluntarily resigned his employment as well as his positions as an officer and director of Stein Mart
on August 27, 2007. Stein Mart and Fisher have mutually agreed that Fisher shall be deemed terminated “without cause” pursuant to Section 5(b) of the EA. 
 3. Superseding and Satisfaction of EA. Except as specifically noted herein, this Agreement supersedes the EA. The obligations of Stein Mart
to Fisher and Fisher to Stein Mart under the EA are deemed satisfied. Except for the provisions of the EA that are specifically incorporated into this Agreement, the EA is null and void as of the Effective Date. The provisions of Section 6 of
the EA (relating to Company Property, Trade Secrets, Confidential Information, Non-Competition, Non-Solicitation, Reasonable and Continuing Obligations and Work Product) and Section 7 (Miscellaneous Provisions) shall survive and are
specifically incorporated into this Agreement. 

 4. Salary Continuation. Stein Mart will pay Fisher the annual sum of $826,000.00, pro
rata (the “Salary Continuation”) from August 27, 2007 through August 27, 2009 (the “Post Termination Period”). Stein Mart will continue to pay Fisher in semi-monthly installments via direct deposit as currently on
file. Except for required deductions and withholdings, Fisher is responsible for the payment of all taxes associated with the monies he receives as a result of this Salary Continuation. As provided in Section 2(b) of the December, 2005
Amendment to Employment Agreement, the Salary Continuation shall be paid in thirty-six (36) equal semi-monthly installments beginning on or about the payroll date immediately closest to February 27, 2008, and continuing for eighteen
consecutive months thereafter. The beginning of the payments are being delayed six months from the Effective Date so as to comply with Treasury Regulation § 1.409A-3(i)(2). 
 5. Benefits Continuation. Stein Mart will: 
 a. Continue Fisher’s medical, dental, life, accident and disability insurance during the Post-Termination Period, all calculated as though Fisher had been terminated “without cause” pursuant to
Section 5(b) of the EA with respect to the continued medical and dental insurance benefits pursuant to this Section 5(a), the first eighteen months of such coverage shall count as COBRA continuation coverage. Following the end of he COBRA
continuation period, if such coverage is provided under a health plan that is subject to Code Section 105(h), benefits payable under such health plan shall comply with the requirements of Treasury Regulation § 1.409A-3(i)(1)(iv)(A)
and (B) and, if necessary, Stein Mart shall amend such health plan to comply therewith. During the first six months of the Post-Termination Period Fisher shall pay Stein Mart the full amount of the premium cost for all such coverage (except for
coverage up to $50,000 under a group term life insurance policy). After the end of such six month period, Stein Mart shall make a cash payment to Fisher equal to the aggregate premiums paid by Fisher hereunder and thereafter such coverage shall be
provided at the expense of Stein Mart for the remainder of the Post-Termination Period. 
 6. Additional Consideration. Stein
Mart will: 
 a. Continue the current monthly automobile allowance being provided through August 27, 2009; provided,
however, that during the six months following August 27, 2007 Fisher shall not receive such payment, but such payment shall be paid to Fisher in a lump sum amount equal to six months of such automobile allowance payment. 
 b. Provide Fisher with a $25,000.00 lump sum payment on February 27, 2008 in lieu of an allowance for use with professionals to
provide post-separation financial advice. 
 c. Make Rebecca Steele or her successor available at Fisher’s reasonable
request to advise Fisher as to benefits to which he is entitled pursuant to the various employee benefit plans in effect at Stein Mart and pursuant to the Agreement. 
  

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 7. Withholding. Stein Mart shall be entitled to withhold from amounts to be paid to Fisher
hereunder any federal, state or local withholding or other taxes or charges which it is from time to time required to withhold; provided, that the amount so withheld shall not exceed the minimum amount required to be withheld by law. In
addition, if prior to the date of payment of the Salary Continuation hereunder, the Federal Insurance Contributions Act (FICA) tax imposed under Internal Revenue Code (“Code”) Sections 3101, 3121(a) and 3121(v)(2), where applicable,
becomes due, Stein Mart may provide for an immediate payment of the amount needed to pay Fisher’s portion of such tax (plus taxes thereon) and the Salary Continuation shall be reduced accordingly. 
 8. Additional Section 409A Provisions. 
 a. If any payment or the provision of any benefit required under the terms of this Agreement would jeopardize the ability of Stein Mart to continue as a going concern, Stein Mart shall not be required to make such
payment or provide such benefit; rather, the payment or benefit shall be delayed until the first date that making the payment or benefit does not jeopardize the ability of Stein Mart to continue as a going concern. 
 b. If any payment or benefit due pursuant to this Agreement would violate the terms of Section 16(b) of the Securities Exchange Act
of 1934 or other Federal securities laws, or any other applicable law, then the payment or the provision of the benefit shall be delayed under the earliest date on which making such payment or providing such benefit would not violate such law.

 c. Stein Mart and Fisher intend the terms of this Agreement to be in compliance with Code Section 409A. Stein Mart
does not guarantee the tax treatment or tax consequences associated with any payment or benefit, including but not limited to consequences related to Code Section 409A. To the maximum extent permissible, any ambiguous terms of this Agreement
shall be interpreted in a manner which avoids a violation of Code Section 409A. 
 9. Fiscal Year 2007 Bonus Payment.
Fisher shall not be eligible to receive any Earned Bonus for Fiscal Year 2007. Fisher waives any claim for such bonus payment. 
 10.
Compensation for Vacation or Leave Time. The compensation provided hereunder includes pay for accrued, but unused vacation time. As a result, Fisher shall receive no separate compensation for vacation and/or leave time, and Fisher
waives any claim for compensation therefore. 
 11. No Claim for Wages or Compensation. Fisher acknowledges that through the
Effective Date he has received all wages, salary or other compensation which he is due or to which he believes he may be entitled. Fisher waives any claim for wages, salary or other compensation earned or accrued through the Effective Date.

  

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 12. Pension, Retirement or Deferred Compensation Benefits. Fisher is not a participant in
or beneficiary of any defined benefit pension or retirement plan. Fisher participated in Stein Mart’s 401(k) plan. Fisher shall be entitled to exercise rights under Stein Mart’s 401(k) plan available to him as a separating employee.
Pursuant to § 5(i)(1) of the EA Fisher is eligible to contribute to Stein Mart’s 401(k) plan as if Fisher had remained employed through July 8, 2008, and Stein Mart will make matching contributions as if Fisher had been employed
though July 8, 2008, to the extent permitted by such plan. Fisher does not waive any compensation or benefits available to him under the Executive Deferred Compensation Plan which shall be payable to him according to its terms. Pursuant to
§ 5(i)(1) of the EA Fisher may contribute to the Executive Deferred Compensation Plan as if Fisher had remained employed through July 8, 2008. Stein Mart will make matching contributions as if Fisher had been employed through
July 8, 2008. 
 13. No Claim for Disability or Workers’ Compensation Benefits. Fisher represents that he is not
currently experiencing any condition, injury or illness for which he has, or in his reasonable opinion could or should seek short or long-term disability benefits. Fisher acknowledges that as of the Effective Date he has not filed any claim for
short or long-term disability benefits. Fisher represents that he has not suffered or experienced any illness or injury in connection with his employment with Stein Mart for which he has or could, in his reasonable opinion, seek workers’
compensation benefits. Fisher acknowledges that as of the Effective Date he has not filed any claim for workers’ compensation benefits. This Agreement does not require Fisher to waive any claim for workers’ compensation benefits.

 14. No Claim for Prior Exercise of Stock Options. Fisher has been granted stock options under the 2001 Stein Mart, Inc.
Omnibus Plan. Fisher has previously exercised certain stock options. Fisher acknowledges and agrees he voluntarily exercised all options exercised to date. Fisher further acknowledges and agrees that he received fair and adequate disclosure about
Stein Mart, including financial information, prior to deciding to exercise his options and received fair and adequate compensation from such exercise. Fisher waives and will not make any claim for damages relating to his prior exercise of these
options at any time prior to the execution of this Agreement. 
 15. Exercise of Remaining Options. Fisher has 415,000 current
options that have not been exercised. Pursuant to the 2001 Stein Mart, Inc. Omnibus Plan Fisher may exercise his remaining options on or before November 27, 2007. Such exercise, if any, shall comply with the terms of the 2001 Stein Mart, Inc.
Omnibus Plan. All other options and performance shares which would otherwise vest after July 8, 2008 are forfeited as being non-vested. 
 16. Representations and Warranties. As a material part of this Separation Agreement, and subject to penalties for breach as specified in paragraph 17 herein, Fisher represents and warrants: 
 a. Fisher has not received notice of a pending charge, complaint or case filed against him by any administrative, regulatory,
investigative or governmental agency or body relating to his conduct as an employee or officer of Stein Mart. 
  

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 b. Fisher has not filed any charge or complaint against Stein Mart with any
administrative, regulatory, investigative or governmental agency or body. 
 c. Fisher is not aware of any activity, practice
or policy of Stein Mart that he reasonably believes involve mail fraud, wire fraud or securities fraud, or violate any rule or regulation of the Securities and Exchange Commission or any provisions of Federal law relating to fraud against
shareholders. 
 d. Except for those matters that reasonably arose within the exercise of his duties, Fisher has not made any
binding obligation to any person on behalf of Stein Mart that has not been disclosed in writing to the Chief Financial Officer, Executive Vice-President of Operations or General Counsel of Stein Mart. 
 e. Fisher has not knowingly engaged in any activity that would reasonably be construed as acting outside the scope of his employment with
Stein Mart. 
 f. All information disclosed by Fisher or known by him to have been disclosed by others to attorneys for Stein
Mart in connection with any pending litigation or investigation is, to the best of his knowledge, correct, truthful and has been provided to Stein Mart. 
 g. Fisher does not know and is not aware of any violation of a generally accepted accounting principle committed by Stein Mart. 
 h. Fisher has disclosed to the Chief Financial Officer, Executive Vice President of Operations or General Counsel all issues that Fisher
reasonably anticipates could have a material impact on Stein Mart’s stock price. For purposes of this paragraph Fisher will be held to a standard of care consistent with his position of Chief Executive Officer of a publicly traded company, as
compared to other professionals holding or having similar professional backgrounds as Fisher. 
 i. The representations and
warranties are true and correct as of the date Fisher signs this Agreement. 
 17. Continuing Duty as to Representations and
Warranties. During the Salary Continuation Period Fisher has an affirmative obligation and duty to notify the General Counsel of Stein Mart in writing of any change or event that would alter or cause to be untrue or incomplete the
Representation and Warranties specified in paragraph 16. Written notice shall be provided within three days of the event or knowledge giving rise to the notice required to be given. 
  

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 18. Breach of Representations and Warranties. If Stein Mart claims a breach of any
Representation or Warranty such claim must: (i) be made in “good faith;” (ii) be material; (iii) be in writing detailing in specifics the nature of the alleged breach; and (iv) if practicable or if a cure is possible
provide a reasonable period to cure. During any period of contest the Salary Continuation and Additional Consideration payment will be escrowed with a mutually acceptable escrow agent. If there is a material breach of any Representation and Warranty
contained in this Agreement the Salary Continuation and Additional Compensation shall terminate. Additionally, Fisher will repay to Stein Mart an amount equal to the Salary Continuation and Additional Consideration previously paid to him.

 19. Duty to Cooperate. From the Effective Date and until all payments due Fisher under this Agreement are paid Fisher has an
affirmative duty to cooperate with Stein Mart and will be available for consultation on all business related matters, including but not limited to matters currently in litigation or subject to administrative or regulatory investigation or involving
matters that arose during his employment with Stein Mart, all charges or litigation pending at the Effective Date or subsequently filed but based on events occurring prior to the Effective Date, or other matters (not limited to litigation) that fell
within the purview of Fisher acting as Stein Mart’s CEO. Stein Mart shall make requests for Fisher’s cooperation in “good faith.” Fisher will respond promptly to such requests when made. Requests for cooperation will be made to
Fisher by the General Counsel, CEO or Executive Vice President of Operations or designees of each. Fisher’s duty to cooperate is a material term of this Agreement. If Stein Mart claims a breach of this Duty to Cooperate, such claim must :
(i) be made in “good faith;” (ii) be material; (iii) be in writing detailing in specifics the nature of the alleged breach; and (iv) if practicable or if a cure is possible provide a reasonable period to cure. During
any period of contest the Salary Continuation and Additional Consideration payments will be escrowed with a mutually acceptable escrow agent. If Fisher is found to have breached his Duty to Cooperate the Salary Continuation and Additional
Consideration shall terminate. Additionally, Fisher will repay to Stein Mart an amount equal to the Salary Continuation and Additional Consideration previously paid to him. 
 20. Duty to Testify or Participate. From the Effective Date and until all payments due Fisher under this Agreement are paid Fisher has an
affirmative duty to cooperate or truthfully testify as the request or obligation may arise. Fisher’s duty to testify or participate is a material term of this Agreement. If Stein Mart claims a breach of this Duty to Testify or Participate, such
claim must : (i) be made in “good faith;” (ii) be material; (iii) be in writing detailing in specifics the nature of the alleged breach; and (iv) if practicable or if a cure is possible provide a reasonable period to
cure. During any period of contest the Salary Continuation and Additional Consideration payments will be escrowed with a mutually acceptable escrow agent. If Fisher is found to have breached his Duty to Testify or Participate the Salary Continuation
and Additional Consideration shall terminate. Additionally, Fisher will repay to Stein Mart an amount equal to the Salary Continuation and Additional Compensation previously paid to him. 
  

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 21. Reimbursement of Expenses. Fisher acknowledges and agrees that as of the Effective Date
he has submitted all expenses incurred prior to August 27, 2007 and is not owed reimbursement for any expense. Thereafter, and continuing until all payments required by this Agreement are paid, Stein Mart will reimburse Fisher for reasonable
expenses, if any, provided such expenses are (a) approved in advance by the CEO of Stein Mart or his designee; and (b) are submitted to the Executive Vice President of Operations for reimbursement within five (5) days of the
expenditure. 
 22. Non-Competition Agreement. The provisions of Section 6(d) of the EA, relating to non-competition, are
specifically incorporated into this Agreement but shall be revised to read as follows: 
 Fisher recognizes that his duties will entail the
receipt of Trade Secrets and Confidential Information as defined in this Section 6. Those Trade Secrets and Confidential Information have been developed by Stein Mart at substantial cost and constitute valuable and unique property of Stein
Mart. Accordingly, Fisher acknowledges that protection of Trade Secrets and Confidential Information is a legitimate business interest. Fisher agrees not to compete with Stein Mart during the Employment Term and for a reasonable and
limited period thereafter. Therefore, during the Employment Term and for a period of two years thereafter, Fisher shall not have an investment of $100,000.00 or more in a Competing Business (as defined in Section 2 of the EA) and shall not
render personal services to any such Competing Business in any manner, including, without limitation, as owner, partner, director, trustee, officer, employee, consultant or advisor thereof. If Fisher shall breach the covenants contained in this
NonCompetition provision, Stein Mart may recover from Fisher all such damages as it may be entitled to at law or in equity. Stein Mart shall be entitled to specific performance of the covenants in Section 6 of the EA, including entry
of a temporary restraining order in state or federal court, preliminary and permanent injunctive relief against activities in violation of Section 6 of the EA, or both, or other appropriate judicial remedy, writ or order, in addition to
any damages and legal expenses which Stein Mart may be legally entitled to recover. Fisher acknowledges and agrees that the covenants of Section 6 of the EA shall be construed as agreements independent of any other provision of the EA or
this Agreement or any other agreement between Stein Mart and Fisher, and that the existence of any claim or cause of action by Fisher against Stein Mart, whether predicated upon the EA or this Agreement or any other agreement, shall not constitute a
defense to the enforcement by Stein Mart of such covenants. Fisher acknowledges the reasonableness of the temporal restrictions against him, and the legitimate business interests Stein Mart is protecting. Fisher may engage in gainful
employment without any 

  

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reduction or offset of the Salary Continuation or the Additional Consideration provided such employment does not violate Section 6 of the EA or this
Agreement. Stein Mart will not withhold payment to Fisher due him under this Agreement as a result of or during pendency of any action to enforce Section 6 of the EA. Fisher will comply with any injunction or pay money damages for
violation of Section 6 of the EA as ordered by a court of competent jurisdiction. 
 23. Confidentiality of Stein Mart
Information. In addition to the provisions of Section 6 of the EA specifically incorporated herein, Fisher agrees that: 
 a. Fisher shall not, directly or indirectly, use or divulge to any third party any of Stein Mart’s confidential information or materials disclosed or made available to Fisher by reason of his employment with Stein Mart and not
generally known to the industry in which Stein Mart is engaged (collectively, “Confidential Information”). The Confidential Information includes, without limitation, trade secrets and other information related to Stein Mart’s
practices in accounting, marketing, advertising, promotion, merchandising, selling and distributing, customers and customer lists, financial information, and research. 
 b. All of the Confidential Information is a valuable asset of Stein Mart and is, will be and shall, at all times, remain the sole and
exclusive property of Stein Mart. 
 c. Fisher shall, at all times, hold the Confidential Information secret and shall not
disclose or comment to, or use for the benefit of, any person or entity. 
 d. As of the Effective Date Fisher shall deliver
or cause to be delivered to Stein Mart all of the Confidential Information in his possession or control (included but not limited to that stored on a personal computer), as well as all other property furnished to or acquired by him as a result of,
or during the course of, Fisher’s employment with Stein Mart, including but not limited to any computer equipment, telephone, gas or credit card, access cards or keys. All property shall be in the same condition as it was received by Fisher
normal wear and tear excepted. Notwithstanding this provision, and pursuant to Section 5(b) Fisher is not required to return the personal automobile currently being utilized by Fisher. 
  

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 24. Non Disparagement. Stein Mart and Fisher agree that neither will make or publicize any
statements that are in any way disparaging or negative toward each other or Stein Mart’s services, products, officers, employees or representatives. The type of disparaging comments contemplated includes, but is not limited to, any remark which
may cause or tend to cause an adverse impact on the reputation or character of Stein Mart or Fisher or cause a reasonable person in the community to negatively alter or change his or her opinion of Stein Mart or Fisher. Fisher’s duty not to
disparage is a material term of this Agreement and extends by him toward Stein Mart’s officers, directors, employees, shareholders, directors, managers, assigns and shareholders. Stein Mart’s duty not to disparage is a material term of
this Agreement. If Stein Mart claims a breach of this Duty of Non-Disparagement, such claim must : (i) be made in “good faith;” (ii) be material; (iii) be in writing detailing in specifics the nature of the alleged breach;
and (iv) if practicable or if a cure is possible provide a reasonable period to cure. If Fisher claims a breach of this Duty of Non-Disparagement, such claim must : (i) be made in “good faith;” (ii) be material;
(iii) be in writing detailing in specifics the nature of the alleged breach; and (iv) if practicable or if a cure is possible provide a reasonable period to cure. If Fisher or Stein Mart are found to have breached the Duty of
Non-Disparagement each will pay to the other the sum of $5,000.00 per occurrence. Fisher or Stein Mart may respond to a lawful subpoena or court order and testify truthfully as to matters asked about in such proceeding without breaching this
Non-Disparagement provision. Fisher or Stein Mart will give the other notice of such court order or subpoena prior to the date required to appear. 
 25. Subordination. Any payment obligations incurred by Stein Mart under this Agreement shall be subordinate to all other borrowings of Stein Mart. 
 26. Confidentiality. Except as required by law or Stein Mart’s business necessity, the parties agree not to disclose or publicize the terms of this Agreement to anyone other than their respective
attorneys, financial advisors, tax advisors, accountants, or in the case of Fisher, his spouse. Fisher’s duty of confidentiality is a material term of this Agreement. If Stein Mart claims a breach of this confidentiality provision, such claim
must : (i) be made in “good faith;” (ii) be material; (iii) be in writing detailing in specifics the nature of the alleged breach; and (iv) if practicable or if a cure is possible provide a reasonable period to cure.
During any period of contest the Salary Continuation and Additional Consideration will be escrowed with a mutually acceptable escrow agent. If Fisher is found to have breached this Confidentiality provision the Salary Continuation and Additional
Consideration shall terminate. Additionally, Fisher will repay to Stein Mart an amount equal to the Salary Continuation and Additional Compensation previously paid to him. 
 27. Equitable Remedies. Fisher and Stein Mart agree that it is not possible to measure in money the damages which will accrue to Stein Mart
if Fisher breaches or threatens breach of any of the covenants, agreements, or obligations set forth in this Agreement. Accordingly, if any action or proceeding is commenced to enforce any of the provisions contained in this Agreement, Fisher and
Stein Mart hereby waive the claim or defense thereto that there is an adequate remedy at law or that there has not been irreparable damage by such breach or threatened breach. 
  

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 28. Notices. All notices, demands, communications required or preferred to be given in
connection with this Agreement shall be in writing and shall be sent as follows: 
  

			
	 If to Fisher, then to:
	  	If to Stein Mart, then to:
	 Michael D. Fisher
	  	Mitchell W. Legler, Esq.
	 7869 James Island Way
	  	300A Wharfside Way
	 Jacksonville, FL 32256
	  	Jacksonville, Florida 32207

 or to such other person at such location as either party subsequently designates in writing to the other.

 29. Governing Law. This Agreement shall be interpreted and governed by the laws of the State of Florida, without regard to
its conflicts of law principles. Venue for any action shall be in the state or federal courts in and for Duval County, Florida. Without limitation, the provisions of Section 7(h) of the EA (relating in part to the waiver of jury trial) are
incorporated herein. 
 30. Severability. In the event any provision of this Agreement is found to be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired. Further, any provision found to be invalid, illegal or unenforceable shall be deemed,
without further action on the part of the parties hereto, to be modified, amended and/or limited to the minimum extent necessary to render such clauses and/or provisions valid and enforceable. 
 31. Representation by Counsel and Payment of Attorneys Fees. Stein Mart and Fisher were each represented by competent counsel of their
respective choice or had the opportunity to be represented in negotiation and execution of this Agreement. Each relied, or had the opportunity to rely, on counsel’s advice in entering into this Agreement. Stein Mart and Fisher are each
responsible for their own attorneys fees and costs incurred in the negotiation of Fisher’s separation from employment, and the negotiation and execution of this Agreement. 
 32. Entire Agreement. Except as specifically provided herein, this Agreement supersedes all prior written and verbal promises and
agreements which may exist between Stein Mart and Fisher. This Agreement constitutes the entire agreement between the parties relating to the cessation of Fisher’s employment and this Agreement may be amended, modified or superseded only by a
written agreement signed by both parties. No oral statements by Fisher or by any employee of Stein Mart shall modify or otherwise affect the terms and provisions of this Agreement. 
 33. No Admission of Liability. Stein Mart denies that it is motivated by any improper purpose in executing this Agreement, or that it has
taken any improper action against Fisher in violation of any federal, state, local or common law principle. The parties further agree that this Agreement shall not be admissible in any proceeding as evidence of any improper motive or conduct by
Fisher or Stein Mart. 
  

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 34. Binding Effect. This Agreement shall bind and benefit the heirs, personal
representatives, administrators, successors, subsidiaries, affiliates and assigns of Stein Mart and Fisher. 
 35.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same agreement. 
 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
  

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 BEFORE SIGNING THIS AGREEMENT, FISHER ACKNOWLEDGES THE FOLLOWING: 
 I HAVE READ AND FULLY UNDERSTAND THIS AGREEMENT; 
 I HAVE BEEN ADVISED OF MY RIGHT TO CONSULT MY OWN ATTORNEY BEFORE SIGNING THIS AGREEMENT; 
 I AM
SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY. 
 The parties hereto have executed this Agreement as of the date set forth above. 
  

							
		 		 	STEIN MART, INC.,
		 		 	a Florida corporation
				
	 /s/ Michael D. Fisher
	 		 	By:	 	 /s/ Jay Stein

	 Michael D. Fisher
	 		 		 	Jay Stein
		 		 	Its:	 	Chairman of the Board
				
	 Social Security Number:
                                        
        
	 		 		 	
			
	 Dated: September 28, 2007
	 		 	Dated: October 2, 2007

  

 12EXHIBIT 10.1

 Exhibit 10.1 
 FORM OF AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 DUPONT FABROS TECHNOLOGY, L.P. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 PAGE

	 ARTICLE 1 DEFINED TERMS
	  	1
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Rules of Construction	  	17
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	17
	 Section 2.1
	  	Organization	  	17
	 Section 2.2
	  	Name	  	17
	 Section 2.3
	  	Registered Office and Agent; Principal Office	  	17
	 Section 2.4
	  	Power of Attorney	  	17
	 Section 2.5
	  	Term	  	19
		
	 ARTICLE 3 PURPOSE
	  	19
	 Section 3.1
	  	Purpose and Business	  	19
	 Section 3.2
	  	Powers	  	19
	 Section 3.3
	  	Partnership Only for Purposes Specified	  	20
	 Section 3.4
	  	Representations and Warranties by the Parties	  	20
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	21
	 Section 4.1
	  	Capital Contributions of the Partners	  	21
	 Section 4.2
	  	Loans by Third Parties	  	22
	 Section 4.3
	  	Additional Funding and Capital Contributions	  	22
	 Section 4.4
	  	Other Contribution Provisions.	  	24
	 Section 4.5
	  	LTIP Units.	  	25
	 Section 4.6
	  	No Preemptive Rights	  	27
		
	 ARTICLE 5 DISTRIBUTIONS
	  	28
	 Section 5.1
	  	Requirement and Characterization of Distributions	  	28
	 Section 5.2
	  	Amounts Withheld	  	28
	 Section 5.3
	  	Distributions in Kind	  	28
	 Section 5.4
	  	Distributions Upon Liquidation	  	29
	 Section 5.5
	  	Distributions to Reflect Issuance of Additional Partnership Interests	  	29
		
	 ARTICLE 6 ALLOCATIONS
	  	29
	 Section 6.1
	  	Timing and Amount of Allocations of Net Income and Net Loss	  	29

  

 -i- 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 	  	 	  	 PAGE

	 Section 6.2
	  	General Allocations	  	29
	 Section 6.3
	  	Additional Allocation Provisions	  	32
	 Section 6.4
	  	Tax Allocations	  	34
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	35
	 Section 7.1
	  	Management	  	35
	 Section 7.2
	  	Certificate of Limited Partnership	  	39
	 Section 7.3
	  	Restrictions on General Partner’s Authority	  	39
	 Section 7.4
	  	Reimbursement of the General Partner	  	41
	 Section 7.5
	  	Outside Activities of the General Partner	  	43
	 Section 7.6
	  	Contracts with Affiliates	  	45
	 Section 7.7
	  	Indemnification	  	45
	 Section 7.8
	  	Liability of the General Partner	  	48
	 Section 7.9
	  	Other Matters Concerning the General Partner	  	49
	 Section 7.10
	  	Title to Partnership Assets	  	49
	 Section 7.11
	  	Reliance by Third Parties	  	50
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	50
	 Section 8.1
	  	Limitation of Liability	  	50
	 Section 8.2
	  	Management of Business	  	50
	 Section 8.3
	  	Outside Activities of Limited Partners	  	51
	 Section 8.4
	  	Return of Capital	  	51
	 Section 8.5
	  	Rights of Limited Partners Relating to the Partnership	  	51
	 Section 8.6
	  	Limited Partner Redemption Rights	  	52
	 Section 8.7
	  	Registration.	  	54
	 Section 8.8
	  	Conversion of LTIP Units.	  	58
	 Section 8.9
	  	Voting Rights of LTIP Units	  	61
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	61
	 Section 9.1
	  	Records and Accounting	  	61
	 Section 9.2
	  	Fiscal Year	  	62
	 Section 9.3
	  	Reports	  	62
	 Section 9.4
	  	Nondisclosure of Certain Information	  	62

  

 -ii- 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 	  	 	  	 PAGE

	 ARTICLE 10 TAX MATTERS
	  	62
	 Section 10.1
	  	Preparation of Tax Returns	  	62
	 Section 10.2
	  	Tax Elections	  	63
	 Section 10.3
	  	Tax Matters Partner	  	63
	 Section 10.4
	  	Organizational Expenses	  	64
	 Section 10.5
	  	Withholding	  	64
		
	 ARTICLE 11 TRANSFERS AND WITHDRAWALS
	  	65
	 Section 11.1
	  	Transfer	  	65
	 Section 11.2
	  	Transfer of General Partner’s Partnership Interest	  	66
	 Section 11.3
	  	Limited Partners’ Rights to Transfer	  	67
	 Section 11.4
	  	Substituted Limited Partners	  	69
	 Section 11.5
	  	Assignees	  	70
	 Section 11.6
	  	General Provisions	  	70
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	72
	 Section 12.1
	  	Substitute General Partner	  	72
	 Section 12.2
	  	Additional Limited Partners	  	73
	 Section 12.3
	  	Amendment of Agreement and Certificate of Limited Partnership	  	73
		
	 ARTICLE 13 DISSOLUTION AND LIQUIDATION
	  	74
	 Section 13.1
	  	Dissolution	  	74
	 Section 13.2
	  	Winding Up	  	74
	 Section 13.3
	  	Capital Contribution Obligation	  	76
	 Section 13.4
	  	Compliance with Timing Requirements of Regulations	  	77
	 Section 13.5
	  	Deemed Distribution and Recontribution	  	77
	 Section 13.6
	  	Rights of Limited Partners	  	78
	 Section 13.7
	  	Notice of Dissolution	  	78
	 Section 13.8
	  	Cancellation of Certificate of Limited Partnership	  	78
	 Section 13.9
	  	Reasonable Time for Winding-Up	  	78
	 Section 13.10
	  	Waiver of Partition	  	78

  

 -iii- 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 	  	 	  	 PAGE

	 ARTICLE 14 AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS
	  	79
	 Section 14.1
	  	Amendments	  	79
	 Section 14.2
	  	Action by the Partners	  	79
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	80
	 Section 15.1
	  	Addresses and Notice	  	80
	 Section 15.2
	  	Titles and Captions	  	80
	 Section 15.3
	  	Pronouns and Plurals	  	81
	 Section 15.4
	  	Further Action	  	81
	 Section 15.5
	  	Binding Effect	  	81
	 Section 15.6
	  	Creditors	  	81
	 Section 15.7
	  	Waiver	  	81
	 Section 15.8
	  	Counterparts	  	81
	 Section 15.9
	  	Applicable Law	  	81
	 Section 15.10
	  	Invalidity of Provisions	  	81
	 Section 15.11
	  	Entire Agreement	  	82
	 Section 15.12
	  	No Rights as Stockholders	  	82
	 Section 15.13
	  	Limitation to Preserve REIT Status	  	82

  

 -iv- 

 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 DUPONT FABROS TECHNOLOGY, L.P. 
 THIS AGREEMENT OF LIMITED PARTNERSHIP of DuPont Fabros Technology, L.P., (the “Partnership”) dated as of
                    , 2007 (the “Partnership Agreement”), is entered into by and among DuPont Fabros Technology, Inc.,
a Maryland corporation (the “Company”), as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners, together with any other Persons who become Partners in the
Partnership as provided herein. 
 WHEREAS, the Partnership was formed as a limited partnership under the laws of the State of Maryland
pursuant to a Certificate of Limited Partnership filed on July 6, 2007 with the State Department of Assessment and Taxation of the State of Maryland. 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree
as follows: 
 ARTICLE 1 
 DEFINED TERMS 
 Section 1.1 Definitions. 
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “Act” means the Maryland Revised Uniform Limited Partnership Act, as it may be amended from time to time, and any
successor to such statute. 
 “Additional Funds” shall have the meaning set forth in
Section 4.3.A. 
 “Additional Limited Partner” means a Person who becomes a Limited Partner of the
Partnership pursuant to Section 12.2. 
 “Adjusted Capital Account” means the Capital Account maintained
for each Partner as of the end of each Fiscal Year (i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences
of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

 “Adjusted Capital Account Deficit” means, with respect to any Partner, the
deficit balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Fiscal Year. 
 “Adjustment
Date” means, with respect to any Capital Contribution, the close of business on the Business Day last preceding the date of the Capital Contribution, provided, that if such Capital Contribution is being made by the General
Partner in respect of the proceeds from the issuance of REIT Shares (or the issuance of the General Partner’s securities exercisable for, convertible into or exchangeable for REIT Shares), then the Adjustment Date shall be as of the close of
business on the Business Day last preceding the date of the issuance of such securities. 
 “Adjustment Event” shall
have the meaning set forth in Section 4.5.A. 
 “Affiliate” means, with respect to any Person, any Person
directly or indirectly controlling, controlled by or under common control with such Person. Control of any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. In the case of a Person who is an individual, “Affiliate” includes Immediate Family members.

 “Aggregate DRO Amount” means the aggregate balances of the DRO Amounts, if any, of all DRO Partners, if any, as
determined on the date in question. 
 “Agreed Value” means (i) in the case of any Contributed Property set
forth in Exhibit A and as of the time of its contribution to the Partnership, the Agreed Value of such property as set forth in Exhibit A; (ii) in the case of any Contributed Property not set forth in Exhibit A and as of
the time of its contribution to the Partnership, the Fair Market Value of such property or other consideration as determined by the General Partner, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such
property is subject when contributed; and (iii) in the case of any property distributed to a Partner by the Partnership, the Fair Market Value of such property as determined by the General Partner at the time such property is distributed,
reduced by any liabilities either assumed by such Partner upon such distribution or to which such property is subject at the time of the distribution as determined under Code Section 752 and the Regulations thereunder. 
 “Agreement” means this Agreement of Limited Partnership, as it may be amended, modified, supplemented or restated from time to
time. 
 “Assignee” means a Person to whom one or more Ordinary Units or LTIP Units have been transferred in a manner
permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 
 “Available Cash” means, with respect to any period for which such calculation is being made, 
 (i) the sum of: 
 a. the Partnership’s Net Income for such period, 
  

 2 

 b. Depreciation and all other noncash charges deducted in determining Net Income or Net
Loss for such period, 
 c. the amount of any reduction in reserves of the Partnership referred to in clause (ii)(g) below
(including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary), 
 d. the excess of the net proceeds from the sale, exchange, disposition, or refinancing of Partnership property for such period over the gain (or loss, as the case may be) recognized from any such sale, exchange, disposition, or refinancing
during such period (excluding any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of
the assets of the Partnership), and 
 e. all other cash received by the Partnership for such period that was not included in
determining Net Income or Net Loss for such period; 
 (ii) less the sum of: 
 a. the Partnership’s Net Loss for such period, 
 b. all principal debt payments made during such period by the Partnership, 
 c. capital expenditures made by the Partnership during such period, 
 d. investments in any entity (including loans made thereto) to the extent that such investments are not otherwise described in clauses
(ii)(a) or (b), 
 e. all other expenditures and payments not deducted in determining Net Income or Net Loss for such period,

 f. any amount included in determining Net Income or Net Loss for such period that was not received by the Partnership
during such period, 
 g. the amount of any increase in reserves established during such period which the General Partner
determines are necessary or appropriate in its sole and absolute discretion, 
 h. the amount of any working capital accounts
and other cash or similar balances which the General Partner determines to be necessary or appropriate in its sole and absolute discretion, and 
 i. any amount paid in redemption of any Partnership Interest or Partnership Units, including any Cash Amount paid. 
 Notwithstanding the foregoing, Available Cash shall not include any cash received or reductions in reserves, or take into account any disbursements made or reserves, established, after commencement of the dissolution and liquidation of the
Partnership. 

 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law to be closed. 
 “Capital
Account” means, with respect to any Partner, the Capital Account maintained for such Partner in accordance with the following provisions: 
 (a) To each Partner’s Capital Account there shall be added such Partner’s Capital Contributions, such Partner’s share of Net Income and any items in the nature of income or gain which are specially
allocated pursuant to Section 6.3, and the amount of any Partnership liabilities assumed by such Partner or which are secured by any property distributed to such Partner. 
 (b) From each Partner’s Capital Account there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such
Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses which are specially allocated pursuant to Section 6.3, and the amount of any
liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner to the Partnership (except to the extent already taken into account in determining the amount of such Partner’s Capital
Contribution). 
 (c) In the event any interest in the Partnership is transferred in accordance with the terms of this Agreement (which does
not result in a termination of the Partnership for federal income tax purposes), the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest. 
 (d) In determining the amount of any liability for purposes of subsections (a) and (b) hereof, there shall be taken into account Code
Section 752(c) and any other applicable provisions of the Code and Regulations. 
 (e) The foregoing provisions and the other provisions
of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations. In the event the General
Partner shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or distributed
property or which are assumed by the Partnership, the General Partner, or the Limited Partners) are computed in order to comply with such Regulations, the General Partner may make such modification, provided that it is not likely to
have a material effect on the amounts distributable to any Person pursuant to Article 13 of this Agreement upon the dissolution of the Partnership. The General Partner also shall (i) make any adjustments that are necessary or appropriate
to maintain equality between the Capital Accounts of the Partners holding Ordinary Units and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations
Section 1.704-1(b)(2)(iv)(q) taking into account the Capital Accounts associated with any previously issued LTIP Units and (ii) make any appropriate modifications (consistent with the economic arrangement among the partners) in the event
unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 

 “Capital Account Limitation” shall have the meaning set forth in
Section 8.8.B. 
 “Capital Contribution” means, with respect to any Partner, the amount of money and the
initial Gross Asset Value of any property (other than money) contributed to the Partnership by such Partner (net of any liabilities assumed by the Partnership relating to such property and any liability to which such property is subject).

 “Cash Amount” means an amount of cash equal to the REIT Share Market Value of the REIT Shares Amount on the
Specified Redemption Date. 
 “Certificate” means the Certificate of Limited Partnership relating to the Partnership
filed in the office of the Maryland State Department of Assessments and Taxation on July 6, 2007, as amended from time to time in accordance with the terms hereof and the Act. 
 “Charter” means the Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of
Assessments and Taxation on October     , 2007, as amended and restated from time to time. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time or any successor statute thereto. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference
to any corresponding provision of future law. 
 “Company” means DuPont Fabros Technology, Inc. 
 “Consent” means the consent to, approval of, or vote on a proposed action by a Partner given in accordance with Article
14. 
 “Consent of the Limited Partners” means the written Consent of Limited Partners holding Percentage
Interests that in the aggregate are more than fifty percent (50%) of the aggregate Partnership Units held by all of the Limited Partners (excluding for this purpose all Partnership Units that are owned by the General Partner or the General
Partner Entity and Affiliates of the General Partner that are not natural persons that are denominated as Limited Partnership Interests), which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement
and may be given or withheld by such Limited Partners, in their sole and absolute discretion. 
 “Constituent Person”
shall have the meaning set forth in Section 8.8.F. 
 “Contributed Property” means each property or other
asset, in such form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or, to the extent provided in applicable Regulations, deemed contributed to the Partnership on termination and
reconstitution thereof pursuant to Section 708 of the Code). 
 “Conversion Date” shall have the meaning set
forth in Section 8.8.B. 
 “Conversion Factor” means 1.0; provided that, if the General Partner Entity
(i) declares or pays a dividend on its outstanding Shares in Shares or makes a distribution to all holders of 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 the record date for such dividend, distribution, subdivision or
combination; and provided further that if an entity shall cease to be the General Partner Entity (the “Predecessor Entity”) and another entity shall become the General Partner Entity (the “Successor Entity”), the
Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which is the REIT Share Market Value of one REIT Share of the Predecessor Entity, determined as of the date when the Successor Entity becomes
the General Partner Entity, and the denominator of which is the REIT Share Market Value of one Share of the Successor Entity, determined as of that same date. (For purposes of the second proviso in the preceding sentence, if any shareholders of the
Predecessor Entity will receive consideration in connection with the transaction in which the Successor Entity becomes the General Partner Entity, the numerator in the fraction described above for determining the adjustment to the Conversion Factor
(that is, the REIT Share Market Value of one Share of the Predecessor Entity) shall be the sum of the greatest amount of cash and the fair market value (as determined in good faith by the General Partner) of any securities and other consideration
that the holder of one Share in the Predecessor Entity could have received in such transaction (determined without regard to any provisions governing fractional shares).) Any adjustment to the Conversion Factor shall become effective immediately
after the effective date of the event retroactive to the record date, if any, for the event giving rise thereto, it being intended that (x) adjustments to the Conversion Factor are to be made to avoid unintended dilution or anti-dilution as a
result of transactions in which REIT Shares are issued, redeemed or exchanged without a corresponding issuance, redemption or exchange of Partnership Units and (y) if a Specified Redemption Date shall fall between the record date and the
effective date of any event of the type described above, that the Conversion Factor applicable to such redemption shall be adjusted to take into account such event. 
 “Conversion Notice” shall have the meaning set forth in Section 8.8.B. 
 “Conversion Right” shall have the meaning set forth in Section 8.8.A. 
 “Convertible
Funding Debt” shall have the meaning set forth in Section 7.5.D. 
 “Debt” means, as to any
Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of
reimbursement obligations under letters of credit, surety bonds, guarantees and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred
purchase price of property or services secured by any lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment
thereof; and (iv) lease obligations of such Person which, in accordance with generally accepted accounting principles, should be capitalized. 

 “Depreciation” means, for each fiscal year or other period, an amount equal to
the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other
period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to
such beginning Gross Asset Value using any reasonable method selected by the General Partner. 
 “Distribution Payment
Date” means the dates upon which the General Partner makes distributions in accordance with Section 5.1. 
 “Distribution Period” means the period from the day immediately following a Distribution Payment Date through the date that is the subsequent Distribution Payment Date. 
 “DRO Amount” means the amount specified in Exhibit I with respect to any DRO Partner, as such Exhibit I may be
amended from time to time. 
 “DRO Partner” means a Partner who has agreed in writing to be a DRO Partner and has
agreed and is obligated to make certain contributions, not in excess of such DRO Partner’s DRO Amount, to the Partnership with respect to any deficit balance in such Partner’s Capital Account upon the occurrence of certain events. A DRO
Partner who is obligated to make any such contribution only upon liquidation of the Partnership shall be designated in Exhibit I as a Part I DRO Partner and a DRO Partner who is obligated to make any such contribution to the Partnership
either upon liquidation of the Partnership or upon liquidation of such DRO Partner’s Partnership Interest shall be designated in Exhibit I as a Part II DRO Partner. 
 “Economic Capital Account Balance” shall have the meaning set forth in Section 6.2.C. 
 “Effective Date” means the date of closing of the initial public offering of REIT Shares upon which date the contributions set
forth on Exhibit A shall be deemed to have been made. 
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder and any successor statute thereto. 
 “Fair Market
Value” means the value of the particular asset or interest in question determined under the basis of an arm’s length transaction for cash between an informed and willing seller (under no compulsion to sell) and an informed and
willing purchaser (under no compulsion to purchase), taking into account, among other things, the anticipated cash flow, taxable income and taxable loss attributable to the asset or interest in question. In determining the value of any asset other
than a marketable security, the General Partner may, but shall not be under any obligation to, engage an independent appraiser having recognized qualifications necessary in order to make such determination and the fees and expenses of such appraiser
shall 

 
be borne by the Partnership. In the case of any marketable security at any date, the Fair Market Value of such security shall equal the closing sale price of
such security on the business day (on which any national securities exchange is open for the normal transaction of business) next preceding such date, as appearing in any published list of any national securities exchange or in the National Market
List of the National Association of Securities Dealers, Inc., or, if there is no such closing sale price of such security, the final price of such security at face value quoted on such business day by a financial institution of recognized standing
which regularly deals in securities of such type. 
 “Forced Conversion” shall have the meaning set forth in
Section 8.8.C. 
 “Forced Conversion Notice” shall have the meaning set forth in
Section 8.8.C. 
 “Funding Debt” means any Debt incurred for the purpose of providing funds to the
Partnership by or on behalf of the General Partner Entity (or any wholly owned subsidiary of either the General Partner or the General Partner Entity). 
 “General Partner” means the Company or its successor or permitted assignee as general partner of the Partnership. 
 “General Partner Entity” means the General Partner; provided, however, that if (i) the common shares of beneficial interest (or other comparable equity interests) of the General Partner
are at any time not Publicly Traded and (ii) the common shares of beneficial interest (or other comparable equity interests) of an entity that owns, directly or indirectly, fifty percent (50%) or more of the common shares of beneficial
interest (or other comparable equity interests) of the General Partner are Publicly Traded, the term “General Partner Entity” shall refer to such entity whose common shares of beneficial interest (or other comparable equity securities) are
Publicly Traded. If both requirements set forth in clauses (i) and (ii) above are not satisfied, then the term “General Partner Entity” shall mean the General Partner. 
 “General Partner Interest” means a Partnership Interest held by the General Partner that is denominated as a general partnership
interest. A General Partner Interest may be expressed as a number of Partnership Units. The General Partner Interest shall consist of 1,000 Partnership Units. All other Partnership Units owned by the General Partner and any Partnership Units owned
by any Affiliate or Subsidiary of the General Partner shall be considered to constitute a Limited Partner Interest. 
 “General
Partner Payment” shall have the meaning set forth in Section 15.13. 
 “Gross Asset Value”
means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial Gross
Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset, as determined by the contributing Partner and the General Partner (as set forth on Exhibit A attached hereto, as such
Exhibit may be amended from time to time); provided, that if the contributing Partner is the General Partner then, except with respect to the General Partner’s initial Capital Contribution which shall be determined as set forth on
Exhibit A, the determination of the fair market value of the contributed 

 
asset shall be determined (i) by the price paid by the General Partner (including all costs of the acquisition) if the asset is acquired by the General
Partner contemporaneously with its contribution to the Partnership, (ii) the Fair Market Value, if otherwise acquired by the General Partner, (iii) by the amount of cash if the asset is cash (including, to the extent such cash is obtained
by the through an issuance of securities of the General Partner Entity, all costs associated with the issuance of such securities), and (iv) as reasonably determined by the General Partner if the asset is REIT Shares of the Company. 

(b) The Gross Asset Values of all Partnership assets shall be adjusted to equal their respective gross Fair Market Values immediately prior to the
times listed below: 
  

	 	(i)	the acquisition of an additional interest in the Partnership by a new or existing Partner if the General Partner reasonably determines that such adjustment is necessary or
appropriate to reflect the relative economic interests of the Partners in the Partnership; provided, however, those adjustments shall be made immediately prior to the issuance of LTIP Units and provided, further, those adjustments shall be made
following the acquisition of an additional interest in the Partnership until the Economic Capital Account Balances of the Limited Partners, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Ordinary Unit Economic
Balance multiplied by (ii) the number of their LTIP Units; 

  

	 	(ii)	the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as consideration for an interest in the Partnership if the General Partner
reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

  

	 	(iii)	the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

  

	 	(iv)	the Partnership grants a Partnership Interest (other than a de minimis Partnership Interest) as consideration for the provision of services to or for the benefit of
the Partnership to an existing Partner acting in a Partner capacity, or to a new Partner acting in a Partner capacity or in anticipation of being a Partner; and 

  

	 	(v)	at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2.

 (c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such
asset on the date of distribution as determined by the distributee and the General Partner, or if the distributee and the General Partner cannot agree on such a determination, the Fair Market Value. 
 (d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, 

 
however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that the General Partner reasonably
determines that an adjustment pursuant to subparagraph (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 
 (e) If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to subparagraph (a), (b), (d), or (f), such Gross Asset
Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 
 (f) If any unvested LTIP Units are forfeited, as described in Section 4.5.C(2), upon such forfeiture, the Gross Asset Value of the Partnership’s assets shall be reduced by the amount of any Capital
Account attributable to such forfeited LTIP Units and the reduction shall be allocated among the assets following the principles for basis reductions in Regulations Section 1.755-1(b)(5)(iii)(B). 
 “Holder” means a Partner owning Partnership Units. 
 “Immediate Family” means, with respect to any natural Person, such natural Person’s estate or heirs or current spouse or former spouse, parents, parents-in-law, children (whether natural,
adopted or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which consist of such Person or such Person’s spouse, or former spouse, parents, parents-in-law, children, siblings or grandchildren.

 “Indemnified Party” shall have the meaning set forth in Section 8.7.G. 
 “Indemnifying Party” shall have the meaning set forth in Section 8.7.G. 
 “Indemnitee” means (i) any Person subject to a claim or demand or made or threatened to be made a party to, or involved or
threatened to be involved in, an action, suit or proceeding by reason of his or her status as (A) the General Partner or (B) a director or officer, employee or agent of the Partnership or the General Partner, and (ii) such other
Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

“IRS” means the Internal Revenue Service, which administers the internal revenue laws of the United States. 
 “Limited Partner” means any Person named as a Limited Partner in Exhibit A attached hereto, as such Exhibit may be amended
from time to time, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 “Limited Partner Interest” means a Partnership Interest of a Limited Partner representing a fractional part of the Partnership Interests of all Limited Partners 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. A Limited Partner Interest may be
expressed as a number of Partnership Units. 
  

 10 

 “Liquidating Event” shall have the meaning set forth in Section 13.1.

 “Liquidator” shall have the meaning set forth in Section 13.2.A. 
 “LTIP Units” means long-term incentive partnership units of the Partnership having the rights, voting powers, restrictions,
limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Stock Plan. 
 “LTIP Unitholder” means a Partner that holds LTIP Units. 
 “Net Income” or
“Net Loss” means for each fiscal year of the Partnership, an amount equal to the Partnership’s taxable income or loss for such fiscal year, determined in accordance with Code Section 703(a) (for this purpose, all
items of income, gain loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net Loss pursuant
to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 
 (b) Any expenditures of the Partnership
described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss pursuant to
this definition of Net Income or Net Loss shall be subtracted from such taxable income or loss; 
 (c) In the event the Gross Asset Value of
any Partnership asset is adjusted pursuant to subparagraph (b) or subparagraph (c) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for
purposes of computing Net Income or Net Loss; 
 (d) Gain or loss resulting from any disposition of property with respect to which gain or
loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there
shall be taken into account Depreciation for such fiscal year; 
 (f) To the extent an adjustment to the adjusted tax basis of any
Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other
than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the 

  

 11 

 
basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for
purposes of computing Net Income or Net Loss; and 
 (g) Notwithstanding any other provision of this definition of Net Income or Net Loss,
any items which are specially allocated pursuant to Section 6.3 shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss, or deduction available to be specially
allocated pursuant to Section 6.3 shall be determined by applying rules analogous to those set forth in this definition of Net Income or Net Loss. 
 “New Securities” means (i) any rights, options, warrants, or convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares, excluding in each case,
grants under any Stock Plan, or (ii) any Debt issued by the General Partner Entity that provides any of the rights described in clause (i). 
 “Nonrecourse Built-in Gain” means the amount of taxable gain that would be allocated to a Partner under Section 704(c) of the Code (or in the same manner as Section 704(c) of the Code in connection with a
revaluation of Partnership property) if the Partnership disposed of (in a taxable transaction) all Partnership property subject to one or more Nonrecourse Liabilities of the Partnership in full satisfaction of the liabilities and for no other
consideration. 
 “Nonrecourse Deductions” shall have the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 
 “Nonrecourse Liability” shall have the meaning set forth in Regulations Section 1.752-1(a)(2). 
 “Notice of Redemption” means the Notice of Redemption substantially in the form of Exhibit B to this Agreement. 
 “Operating Entity” shall have the meaning set forth in Section 7.4.F. 
 “Ordinary Units” means Partnership Units that are neither (a) LTIP Units or (b) Partnership Interests issued under
Section 4.3 that are specifically designated by the General Partner as being of a specified class other than Ordinary Units. 
 “Ordinary Unit Economic Balance” shall have the meaning set forth in Section 6.2.C. 
 “Parent Entity” shall have the meaning set forth in Section 7.4.F. 
 “Partner” means the General Partner or a Limited Partner, and “Partners” means the General Partner and the Limited Partners. 
 “Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that
would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 
  

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 “Partner Nonrecourse Debt” shall have the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” shall have the meaning set forth in Regulations
Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 
 “Partnership” means DuPont Fabros Technology, L.P., a limited partnership formed under the Act and pursuant to this Agreement,
and any successor thereto. 
 “Partnership Agreement” shall have the meaning set forth in the recitals. 

“Partnership Interest” means any partnership interest in the Partnership 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” shall have the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of
Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
 “Partnership Record Date” means the record date established by the General Partner for the distribution of Available Cash
pursuant to Section 5.1, which record date shall be the same as the record date established by the General Partner Entity for a distribution to its stockholders of some or all of its portion of such distribution. 
 “Partnership Unit” or “Unit” means a fractional share showing a Partner’s participation in Net
Income, Net Loss and nonliquidating distributions, and issued pursuant to Sections 4.1 and 4.3, 4.4 or 4.5. The ownership of Partnership Units may be evidenced by a certificate for units substantially in the form of
Exhibit D hereto or as the General Partner may determine with respect to any class of Partnership Units issued from time to time under Section 4.1, 4.3, 4.4 and 4.5. 
 “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year. 
 “Percentage Interest” as to a Partner with respect to a particular class of Partnership interests, the percentage determined by
dividing the total Partnership Units owned by such Partner in such class by the total number Partnership Units in such class then outstanding. 
 “Person” means an individual or a corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, association or other entity. 
 “Pledge” shall have the meaning set forth in Section 11.3.A. 
  

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 “Properties” means such interests in real property and personal property
including without limitation, fee interests, interests in ground leases, interests in joint ventures, interests in mortgages, and Debt instruments as the Partnership may hold from time to time. 
 “Proposed Treasury Regulations” shall have the meaning set forth in Section 4.5.C. 
 “Publicly Traded” means listed or admitted to trading on the New York Stock Exchange, the American Stock Exchange, the Nasdaq
Global Market or another national securities exchange, or any successor to any of the foregoing. 
 “Qualified REIT
Subsidiary” means any Subsidiary of the General Partner that is a “qualified REIT subsidiary” within the meaning of Section 856(i) of the Code. 
 “Qualified Transferee” means an “Accredited Investor” as such term is defined in Rule 501 promulgated under the
Securities Act. 
 “Recapture Income” means any gain recognized by the Partnership (computed without regard to any
adjustment pursuant to Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized either as ordinary income or as “unrecaptured Section 1250 gain”
(as defined in Section 1(h)(6) of the Code) because it represents the recapture of depreciation deductions previously taken with respect to such property or asset. 
 “Recourse Liabilities” means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse Deductions are attributable in
accordance with Section 1.704-(2)(i) of the Regulations). 
 “Redemption” shall have the meaning set forth
in Section 8.6.A. 
 “Redemption Shares” shall have the meaning set forth in Section 8.7.A.

 “Registration Statement” shall have the meaning set forth in Section 8.7.A. 
 “Regulations” means the Income Tax Regulations promulgated under the Code, as such regulations may be amended from time to time
(including corresponding provisions of succeeding regulations). 
 “Regulatory Allocations” shall have the meaning
set forth in Section 6.3.A(8). 
 “REIT” means a real estate investment trust, as defined under Sections
856 through 860 of the Code. 
 “REIT Requirements” shall have the meaning set forth in Section 5.1.

 “REIT Share” means a share of stock (or other comparable equity interest) of the General Partner Entity. REIT
Shares may be issued in one or more classes or series in accordance with the terms of the Charter (or, if the General Partner is not the General Partner Entity, the organizational documents of the General Partner Entity). If there is more than one

  

 14 

 
class or series of REIT Shares, the term “REIT Shares” shall, as the context requires, be deemed to refer to the class or series of REIT Shares
that corresponds to the class or series of Partnership Interests for which the reference to REIT Shares is made. When used with reference to Ordinary Units, the term “REIT Shares” refers to shares of common stock, par value $.001 per
share, of the General Partner Entity. 
 “REIT Shares Amount” means, as of any date, an aggregate number of REIT
Shares equal to the product of (i) the Conversion Factor multiplied by (ii) the number of Tendered Units, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on
behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or
assets relating to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership. 
 “REIT
Share Market Value” means, with respect to a REIT Share, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the Specified Redemption Date. The market price for each such trading
day shall be: (i) if the REIT Shares are listed or admitted to trading on any securities exchange or the NASDAQ-National Market System, the closing 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 on such day, in either case as reported in the principal consolidated transaction reporting system, (ii) if the REIT Shares are not listed or admitted to trading on any securities exchange or the NASDAQ-National
Market System, 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 Company, or (iii) if the
REIT Shares are not listed or admitted to trading on any securities exchange or the NASDAQ-National Market System 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 Company, 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 REIT Share Market
Value of the REIT Share shall be determined by the Board of Directors of the Company acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 
 “S-3 Eligible Date” shall have the meaning set forth in Section 8.7.A. 
 “Safe Harbor” shall have the meaning set forth in Section 4.5.C. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder and any successor statute thereto. 
 “Specified Redemption Date” means the day of
receipt by the General Partner of a Notice of Redemption. 
  

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 “Stock Plan” means any equity compensation, stock incentive, stock option, stock
ownership or employee benefits plan of the General Partner, which Stock Plan may provide for the issuance of LTIP Units. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture 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 or limited liability company that is a Subsidiary of the Partnership. 
 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4. 
 “Surviving Partnership” shall have the meaning set forth in Section 11.2.B(2). 
 “Tax Items” shall have the meaning set forth in Section 6.4.A. 
 “Tenant” means any tenant from which the General Partner derives rent either directly or indirectly through the Partnership and
other entities treated as partnerships or disregarded as separate from their owner for federal income tax purposes. 
 “Tendered
Units” shall have the meaning set forth in Section 8.6.A. 
 “Tendering Partner” shall have
the meaning set forth in Section 8.6.A. 
 “Termination Transaction” shall have the meaning set forth in
Section 11.2.B. 
 “Transaction” shall have the meaning set forth in Section 8.8.F.

 “Twelve-Month Period” means a twelve-month period ending on the first anniversary of the Effective Date or on each
subsequent anniversary thereof. 
 “Unrealized Gain” attributable to any item of Partnership property means, as of
any date of determination, the excess, if any, of (i) the fair market value of such property (as determined under Exhibit B) as of such date, over (ii) the carrying value of such property (prior to any adjustment to be made pursuant to
Exhibit B) as of such date. 
 “Unrealized Loss” attributable to any item of Partnership property means, as of any
date of determination, the excess, if any, of (i) the carrying value of such property (prior to any adjustment to be made pursuant to Exhibit B) as of such date, over (ii) the fair market value of such property (as determined under Exhibit
B) as of such date. 
 “Unvested LTIP Units” shall have the meaning set forth in Section 4.5.C.

 “Vested LTIP Units” shall have the meaning set forth in Section 4.5.C. 
  

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 “Vesting Agreement” means each or any, as the context implies, vesting agreement
entered into by a LTIP Unitholder upon acceptance of an award of Unvested LTIP Units under the Plan (as such agreement may be amended, modified or supplemented from time to time). 
 Section 1.2 Rules of Construction 
 Unless otherwise indicated, all references herein to
“REIT,” “REIT Requirements,” “REIT Shares” and “REIT Shares Amount” with respect to the General Partner shall apply only with reference to the Company.

 ARTICLE 2 
 ORGANIZATIONAL MATTERS 
 Section 2.1 Organization 
 The Partnership is a limited partnership formed pursuant to the provisions of the Act and upon the terms and conditions set forth in this Agreement.
Except as expressly provided herein, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all
purposes. 
 Section 2.2 Name 
 The name of the Partnership is DuPont Fabros Technology, L.P. The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate
thereof. The words “Limited Partnership,” “LP,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so
requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited
Partners. 
 Section 2.3 Registered Office and Agent; Principal Office 
 The name and address of the registered office and registered agent of the Partnership in the State of Maryland is
                                        .
The address of the principal office of the Partnership in the State of Maryland is c/o
                                        .
The principal office of the Partnership is located at 1212 New York Avenue, N.W., Suite 900, Washington, DC 20005, or such other place as the General Partner may from time to time designate by notice to the other Partners. The Partnership may
maintain offices at such other place or places within or outside the State of Maryland as the General Partner deems advisable. 
 Section 2.4
Power of Attorney 
 A. Each Limited Partner and each Assignee, constitutes and appoints the General Partner, any
Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and
stead to: 
  

 17 

 (1) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices
(a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to
form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Maryland and in all other jurisdictions in which the
Partnership may conduct business or own property; (b) all instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with
its terms; (c) all conveyances and other instruments or documents that the General Partner or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement,
including, without limitation, a certificate of cancellation; (d) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Articles 11, 12 or
13 or the Capital Contribution of any Partner; and (e) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 
 (2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or
necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is
consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 
 Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance with Article 14 or
as may be otherwise expressly provided for in this Agreement. 
 B. The foregoing power of attorney is hereby declared to be
irrevocable and a power coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by
it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Units and
shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any
Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any
Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or any Liquidator, within 15 days after receipt of the General Partner’s or Liquidator’s
request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership. 
  

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 Section 2.5 Term 
 The term of the Partnership commenced on July 6, 2007 and shall be perpetual, unless it is dissolved sooner pursuant to the provisions of Article 13 or as otherwise provided by law. 
 ARTICLE 3 
 PURPOSE 
 Section 3.1 Purpose and Business 
 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, (ii) to enter into any partnership, limited
liability company, joint venture or other similar arrangement to engage in any business described in the foregoing clause (i) or to own interests in any entity engaged in or related to, directly or indirectly, in any such business and
(iii) to do anything necessary or incidental to the foregoing; provided, however, that the business of the Partnership shall be limited to and conducted in such a manner as to enable the General Partner and, if different, the
General Partner Entity at all times to be classified as a REIT for federal income tax purposes, unless the General Partner or General Partner Entity, as applicable, in its sole and absolute discretion has chosen to cease to qualify as a REIT or has
chosen not to attempt to qualify as a REIT for any reason or reasons. In connection with the foregoing, and without limiting the General Partner or the General Partner Entity’s right in its sole and absolute discretion to cease qualifying as a
REIT, the Partners acknowledge that the status of the General Partner Entity as a REIT inures to the benefit of all the Partners and not solely to the General Partner, the General Partner Entity or their Affiliates. 
 Section 3.2 Powers 
 The Partnership is
empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the
Partnership, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness, whether
or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose of real property; provided, however, notwithstanding anything to the
contrary in this Agreement, the Partnership shall not take, or refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion, could (i) adversely affect the ability of the General Partner or
the General Partner Entity to continue to qualify as a REIT, (ii) subject the General Partner or the General Partner Entity to any taxes under Section 857 or Section 4981 of the Code, or (iii) violate any law or regulation of any
governmental body or agency having jurisdiction over the General Partner or the General Partner Entity or its securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing. 
  

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 Section 3.3 Partnership Only for Purposes Specified 
 The Partnership shall be a partnership only for the purposes specified in Section 3.1, and this Agreement shall not be deemed to create a
partnership among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1. Except as otherwise provided in this Agreement, no Partner shall have
any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for
any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner,
except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 
 Section 3.4 Representations and Warranties by the Parties 
 A. Each Partner that is an individual
represents and warrants to each other Partner that (i) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder, (ii) the consummation of the transactions contemplated by this
Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any agreement by which such Partner or any of such Partner’s property is or are bound, or any statute, regulation, order or other law to
which such Partner is subject, (iii) such Partner is a “United States person” within the meaning of Section 7701(a)(30) of the Code (or if the Partner is not a United States person, the Partner has notified the General Partner in
writing), and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
 B. Each
Partner that is not an individual represents and warrants to each other Partner that (i) its execution and delivery of this Agreement and all transactions contemplated by this Agreement to be performed by it have been duly authorized by all
necessary action, including without limitation, that of its general partner(s), member(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s), as the case may be, as required, (ii) the consummation of such transactions
shall not result in a breach or violation of, or a default under, its certificate of limited partnership, partnership agreement, trust agreement, limited liability company operating agreement, charter or bylaws, as the case may be, any agreement by
which such Partner or any of such Partner’s properties or any of its partners, members, beneficiaries, trustees or stockholders, as the case may be, is or are bound, or any statute, regulation, order or other law to which such Partner or any of
its partners, members, trustees, beneficiaries or stockholders, as the case may be, is or are subject, (iii) such Partner is a “United States person” within the meaning of Section 7701(a)(30) of the Code (or if the Partner is not
a United States person, the Partner has notified the General Partner in writing), and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
  

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 C. Each Partner represents, warrants, and agrees that it has acquired and continues to hold its
interest in the Partnership for its own account for investment only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, nor with a view toward selling or otherwise distributing such interest or
any part thereof at any particular time or under any predetermined circumstances. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself,
particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment. Each
Partner represents, warrants and agrees that such Partner is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act). 
 D. Each Partner acknowledges that (i) the Partnership Units (and any REIT Shares that might be exchanged therefor) have not been registered
under the Securities Act and may not be transferred unless they are subsequently registered under the Securities Act or an exemption from such registration is available (it being understood that the Partnership has no intention of so registering the
Partnership Units), (ii) a restrictive legend in the form set forth in Exhibit D shall be placed on the certificates representing the Partnership Units, and (iii) a notation shall be made in the appropriate records of the
Partnership indicating that the Partnership Units are subject to restrictions on transfer. 
 E. Each Limited Partner further
represents, warrants, covenants and agrees that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by any Partner or any employee or
representative or Affiliate of any Partner, and that projections and any other information, including, without limitation, financial and descriptive information and documentation, which may have been in any manner submitted to such Partner shall not
constitute any representation or warranty of any kind or nature, express or implied. 
 ARTICLE 4  
 CAPITAL CONTRIBUTIONS 
 Section 4.1 Capital
Contributions of the Partners 
 At the time of their respective execution of this Agreement, (i) the Partners shall make or shall
have made Capital Contributions, (ii) the Partners shall own Partnership Units, and (iii) the Partners shall have Percentage Interests in the Partnership, all as set forth in Exhibit A. The Percentage Interests shall be adjusted in
Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a
Partner’s Percentage Interest. To the extent the Partnership acquires any property by the merger of any other Person into the Partnership or any of its Subsidiaries, Persons who receive Partnership Interests in exchange for their interests in
the Person merging into the Partnership or any Subsidiary shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement and as set forth in the books and records of the Partnership. One
thousand (1,000) Partnership Units shall be deemed to be the General Partner’s 

  

 21 

 
Partnership Units and shall be the General Partnership Interest of the General Partner. All other Partnership Units held by the General Partner shall be
deemed to be Limited Partnership Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership. Except as required by law, as otherwise provided in Sections 4.3, 4.4, 4.5 and
10.5, or as otherwise agreed to by a Partner and the Partnership, no Partner shall be required or permitted to make any additional Capital Contributions or loans to the Partnership. 
 Section 4.2 Loans by Third Parties 
 Subject to Section 4.3, the Partnership may incur Debt, or enter into other similar credit, guarantee, financing, or refinancing arrangements for any purpose (including, without limitation, in connection with any further
acquisition of Properties) with any Person that is not the General Partner upon such terms as the General Partner determines appropriate; provided that, the Partnership shall not incur any Debt that is recourse to the General Partner,
except to the extent otherwise agreed to by the General Partner in its sole discretion. 
 Section 4.3 Additional Funding and Capital
Contributions 
 A. General. The General Partner may, at any time and from time to time determine that the Partnership requires
additional funds (“Additional Funds”) for the acquisition of additional Properties or for such other Partnership purposes as the General Partner may determine. Additional Funds may be raised by the Partnership, at the
election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3. No Person shall have any preemptive, preferential, or similar right or rights to subscribe for or acquire any Partnership
Interest. 
 B. Issuance of Additional Partnership Interests. The General Partner, in its sole and absolute discretion, may raise all
or any portion of the Additional Funds by accepting additional Capital Contributions of cash. The General Partner may also accept additional Capital Contributions of real property or any other non-cash assets. In connection with any such additional
Capital Contributions (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including the General Partner) or other Persons (including, without limitation, in connection with
the contribution of tangible or intangible property, services, or other consideration permitted by the Act to the Partnership) additional Partnership Units or other Partnership Interests in one or more classes, or in 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 one or more other classes of Partnership Interests, all as shall be
determined, subject to applicable Maryland law, by the General Partner in its sole and absolute discretion, 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, (iii) the rights of each such class or series of Partnership Interests upon dissolution and
liquidation of the Partnership, (iv) the rights, if any, of each such class to vote on matters that require the vote or Consent of the Limited Partners, and (v) the consideration, if any, to be received by the Partnership; provided, that
no such additional Partnership Units or other Partnership Interests shall be issued to the General Partner unless either (a) (1) the additional Partnership Interests are 

  

 22 

 
issued in connection with the grant, award, or issuance of shares of or other equity interest in the General Partner, which have designations, preferences,
and other rights (except voting rights) such that the economic interests attributable to such shares or other equity interests are the same as the designations, preferences, and other rights of the additional Partnership Interests issued to the
General Partner in accordance with this Section 4.3.B, and (2) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to any net proceeds raised in connection with such issuance, or (b) the
additional Partnership Interests are issued to all Partners holding Partnership Interests in proportion to their respective Percentage Interests or (c) the additional Partnership Interests are issued pursuant to a Stock Plan. The General
Partner’s determination that consideration is adequate shall be conclusive insofar as the adequacy of consideration relates to whether the Partnership Interests are validly issued and paid. In the event that the Partnership issues additional
Partnership Interests pursuant to this Section 4.3.B, the General Partner shall make such revisions to this Agreement (including but not limited to the revisions described in Section 5.5, Section 6.2.B, and
Section 8.6.F) as it determines are necessary to reflect the issuance of such additional Partnership Interests. 
 C.
Issuance of REIT Shares or Other Securities by the General Partner. Except as provided in this Section 4.3.C, the General Partner shall not issue any additional REIT Shares or New Securities (other than REIT Shares issued pursuant to
Section 8.6 or such shares, stock, or securities pursuant to a dividend or distribution (including any stock split) to all of its stockholders or all of its stockholders who hold a particular class of stock of the General Partner),
unless (i) the General Partner shall cause the Partnership to issue to the General Partner, 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 thereof are substantially similar to those of the REIT Shares or New Securities issued by the General Partner and (ii) the General Partner shall make a Capital Contribution of any net proceeds
from the issuance of such additional REIT Shares or New Securities, as the case may be, and from any exercise of the rights contained in such additional New Securities, as the case may be. Without limiting the foregoing, the General Partner is
expressly authorized to issue REIT Shares or New Securities for no tangible value or for less than fair market value, and the General Partner is expressly authorized 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 of Partnership Interests is in the interests of the Partnership; and (y) the General Partner contributes all proceeds, if any, from such issuance and
exercise to the Partnership. Except as otherwise provided in this Section 4.3.C, in connection with the General Partner’s initial public offering of REIT Shares, any other issuance of REIT Shares or New Securities, the General
Partner shall contribute to the Partnership, any net proceeds raised in connection with such issuance; provided, that the General Partner may use a portion of the net proceeds from any offering to acquire Partnership Interests or other assets
(provided such other assets are contributed to the Partnership pursuant to the terms of this Agreement); and provided, further, that if the net proceeds actually received 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, except to the extent such net proceeds are used to acquire Partnership Interests, the General Partner shall be deemed to have made a
Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by the General Partner (which discount and expense shall be
treated as an expense for the benefit of the 

  

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Partnership for purposes of Section 7.4). In the case of issuance of REIT Shares by the General Partner in any offering, whether registered under
the Securities Act or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed, for purposes of determining the number of additional Ordinary Units
issuable upon a Capital Contribution funded by the net proceeds thereof consistently with the immediately preceding sentence, any discount from the then current market price of REIT Shares shall be disregarded such that an equal number of Ordinary
Units can be issued to the General Partner as the number of REIT Shares sold by the General Partner in such offering, consistently with the determination of Partners’ Percentage Interests as provided in Section 4.3.D. In the case of
issuances of REIT Shares or New Securities pursuant to any Stock Plan at a discount from fair market value or for no value, the amount of such discount representing compensation to the employee, as determined by the General Partner, shall be treated
as an expense for the benefit of the Partnership for purposes of Section 7.4 and, as a result, the General Partner shall be deemed to have made a Capital Contribution to the Partnership in an amount equal to the sum of any net proceeds
of such issuance plus the amount of such expense. 
 Notwithstanding the foregoing, in connection with the funds raised from the
Company’s initial public offering of REIT Shares, a portion of the proceeds may be used to acquire an interest in Safari Ventures LLC and will not be contributed to the Partnership. 
 D. Percentage Interest Adjustments in the Case of Capital Contributions for Partnership Interests. Upon the acceptance of additional Capital
Contributions, the Percentage Interest of each Partner in the Partnership Units issued shall be equal to a fraction, the numerator of which is equal to Partnership Units issued and the denominator of which is the total number of Partnership Units
outstanding. 
 Section 4.4 Other Contribution Provisions. 
 A. General. In the event that any Person is accepted as a Partner of the Partnership and is given (or is treated as having received) a Capital Account at the time of admission in exchange for services rendered
to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash, and the Partner had contributed such cash to the capital of the Partnership. In addition,
with the consent of the General Partner, in its sole discretion, one or more Limited Partners may enter into agreements with the Partnership, in the form of a guarantee or contribution agreement, which have the effect of providing a guarantee of
certain obligations of the Partnership. 
 B. Mergers. To the extent the Partnership acquires any property (or an indirect interest
therein) by the merger of any other Person into the Partnership or with or into a Subsidiary of the Partnership in a triangular merger, Persons who receive Partnership Interests in exchange for their interest in the Person merging into the
Partnership or with or into a Subsidiary of the Partnership shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement (or if not so provided, as determined by the General Partner in
its sole and absolute discretion). 
  

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 Section 4.5 LTIP Units. 
 The General Partner may from time to time issue LTIP Units to Persons who provide services to the Partnership, for such consideration or for no consideration as the General Partner may determine to be appropriate, and
admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.5 and the special provisions of Sections 6.2.C, 8.8 and 8.9, LTIP Units shall be treated as Ordinary Units, with all of
the rights, privileges, and obligations attendant thereto except that when issued LTIP Units will have no Capital Account associated with them. For purposes of computing the Partners’ Percentage Interests, LTIP Units shall be treated as
Ordinary Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Ordinary Units for conversion, distribution, and other purposes, subject to the following: 
 A. If an Adjustment Event occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one
conversion and economic equivalence ratio between Ordinary Units and LTIP Units. The following shall be “Adjustment Events”: (i) the Partnership makes a distribution on all outstanding Ordinary Units in Partnership Units
or (ii) the Partnership subdivides the outstanding Ordinary Units into a greater number of units or combines the outstanding Ordinary Units into a smaller number of units. If more than one Adjustment Event occurs, the adjustment to the LTIP
Units shall be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the
issuance of Partnership Units in a financing, reorganization, acquisition, or other similar business transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or
(z) the issuance of any Partnership Units to the General Partner in respect of a Capital Contribution to the Partnership of proceeds from the sale of securities by the General Partner. If the Partnership takes an action affecting the Ordinary
Units other than actions specifically described above as “Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the
General Partner shall have the right to make such adjustment to the LTIP Units, to the extent permitted by law and by any applicable Stock Plan or other compensatory arrangement or incentive program pursuant to which LTIP Units are issued, in such
manner and at such time as the General Partner, in its sole discretion, may determine to be reasonably appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided the Partnership shall promptly file in the
books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment
absent manifest error. Promptly after filing such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment. 
 B. Unless otherwise provided by the General Partner with respect to LTIP Units, the LTIP Unitholders shall, in respect of each Distribution
Payment Date, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Ordinary Unit, paid to
holders of record on the same record date established by the General Partner with respect to such Distribution Payment Date. References to additional Partnership Interests in Section 5.5 

  

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shall be deemed to include LTIP Units issued during a Distribution Period and such Section 5.5 shall apply in full to LTIP Units. Unless
otherwise provided by the General Partner with respect to any LTIP Units (x) during any Distribution Period, so long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall be authorized, declared or paid on
Ordinary Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the LTIP Units for such Distribution Period and (y) the LTIP Units shall rank pari passu with the Ordinary Units as to the
payment of regular and special periodic or other distributions and distribution of assets. Notwithstanding the foregoing provisions of this Section 4.5.B, proceeds from a Liquidating Event shall be distributed to Holders of Partnership
Units as set forth in Sections 5.4 and 13.2. Subject to the terms of any Vesting Agreement, a LTIP Unitholder shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of
Ordinary Units are entitled to transfer their Ordinary Units pursuant to Article 11. 
 C. LTIP Units shall be subject to the
following special provisions: 
 (1) Vesting Agreements. LTIP Units may, in the sole discretion of the General Partner, be issued
subject to vesting, forfeiture, and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any
restrictions on amendment imposed by the relevant Vesting Agreement or by the Plan, if applicable. LTIP Units that were fully vested when issued or that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP
Units”; all other LTIP Units shall be treated as “Unvested LTIP Units.” 
 (2) Forfeiture. Unless
otherwise specified in the Vesting Agreement or in any applicable Stock Plan or other compensatory arrangement or incentive program pursuant to which LTIP Units are issued, upon the occurrence of any event specified in such Vesting Agreement, Stock
Plan, arrangement or program as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if the Partnership or the General Partner
exercises such right to repurchase or forfeiture or upon the occurrence of the event causing forfeiture in accordance with the applicable Vesting Agreement, Stock Plan, arrangement or program, then the relevant LTIP Units shall immediately, and
without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the applicable Vesting Agreement, Stock Plan, arrangement or program, no consideration or other payment shall be due with
respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the
balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.2.C,
calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any. 
 (3) Allocations. LTIP Unitholders shall be
entitled to certain special allocations of gain under Section 6.2.C. 
  

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 (4) Redemption. The Redemption Right provided to Limited Partners under Section 8.6
shall not apply with respect to LTIP Units unless and until they are converted to Ordinary Units as provided in clause (6) below and Section 8.8. 
 (5) Legend. Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that additional terms, conditions, and restrictions on transfer, including without limitation the terms of any
Vesting Agreement, apply to that LTIP Unit. 
 (6) Conversion to Ordinary Units. Vested LTIP Units are eligible to be converted into
Ordinary Units under Section 8.8. 
 (7) Voting. LTIP Units shall have the voting rights provided in
Section 8.9. 
 (8) Tax Regulations Safe Harbor. Each Partner authorizes the General Partner to elect to apply the safe
harbor (the “Safe Harbor”) set forth in proposed Treasury Regulation § 1.83-3(l) (as currently promulgated) and the proposed Revenue Procedure published in Notice 2005-43 (together, the “Proposed Treasury
Regulations”) (under which the fair market value of an interest in the Partnership that is transferred in connection with the performance of services is treated as being equal to the liquidation value of the interest) if such proposed
Treasury Regulation or a similar Treasury Regulation is promulgated as a final or temporary Treasury Regulation or other similar guidance is issued by the Internal Revenue Service. If the General Partner determines that the Partnership should make
such election, (i) the Partnership is authorized and directed to elect the Safe Harbor, and (ii) while such election is effective, (A) the Partnership and each of its Partners (including any Person to whom an interest in the
Partnership is transferred in connection with the performance of services) will comply with all requirements of the Safe Harbor with respect to all such interests transferred in connection with the performance of services while such election remains
in effect and (B) the Partnership and each of its Partners will take all actions necessary, including providing the Partnership with any required information, to permit the Partnership to comply with the requirements set forth or referred to in
the Proposed Treasury Regulations for such election or other related guidance from the Internal Revenue Service. The General Partner is further authorized to amend this Agreement to the extent the General Partner determines in its discretion that
such modification is necessary or desirable as a result of the issuance of Treasury Regulations or guidance from the Internal Revenue Service relating to the tax treatment of the transfer of interests in the Partnership in connection with the
performance of services. Notwithstanding anything to the contrary in this Agreement, each Partner expressly confirms and agrees that it will be legally bound by any such amendment. Notwithstanding the foregoing, no election or amendment shall be
made pursuant to this Section 4.5 if the Safe Harbor, when finalized, is substantially different from the one included in the Proposed Treasury Regulations, and the application of the Safe Harbor would result in materially adverse
consequences to the Partners. 
 Section 4.6 No Preemptive Rights 
 Except to the extent expressly granted by the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential, or other
similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units or other Partnership Interests. 
  

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 ARTICLE 5  
 DISTRIBUTIONS 
 Section 5.1 Requirement and Characterization of Distributions 
 A. General. The General Partner shall cause the Partnership to distribute quarterly all, or such portion as the General Partner may in its
discretion determine, of Available Cash generated by the Partnership to the Partners who are Partners on the applicable Partnership Record Date with respect to such distribution pro rata in proportion to the respective Percentage Interests on such
Partnership Record Date. The General Partner shall take such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with its qualification as a REIT, to cause the Partnership to distribute sufficient amounts to
enable the General Partner Entity, for so long as the General Partner Entity has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations
(“REIT Requirements”), and (b) except to the extent otherwise determined by the General Partner Entity, avoid the imposition of any federal income or excise tax liability on the General Partner Entity. 
 B. Method. 
 (1) Each holder of
Partnership Interests that is entitled to any preference in distribution shall be entitled to a distribution in accordance with the rights of any such class of Partnership Interests (and, within such class, pro rata in proportion to the respective
Percentage Interests on such Partnership Record Date); and 
 (2) To the extent there is Available Cash remaining after the payment of
any preference in distribution in accordance with the foregoing clause (i), with respect to Partnership Interests that are not entitled to any preference in distribution, such Available Cash shall be distributed pro rata to each such class in
accordance with the terms of such class (and, within each such class, pro rata in proportion to the respective Percentage Interests on such Partnership Record Date). 
 Section 5.2 Amounts Withheld 
 All amounts withheld pursuant to the Code or any provisions
of any state or local tax law and Section 10.5 with respect to any allocation, payment or distribution to the General Partner, the Limited Partners or Assignees shall be treated as amounts distributed to the General Partner, Limited Partners or
Assignees, as the case may be, pursuant to Section 5.1 for all purposes under this Agreement. 
 Section 5.3 Distributions in Kind

 Except as expressly provided herein, no right is given to any Partner to demand and receive property other than cash. The General Partner
may determine, in its sole and absolute discretion, to make a distribution in-kind to the Partners of Partnership assets, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in
accordance with Articles 5, 6 and 13. 
  

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 Section 5.4 Distributions Upon Liquidation 
 Notwithstanding Section 5.1, proceeds from a Liquidating Event shall be distributed to the Partners in accordance with
Section 13.2. 
 Section 5.5 Distributions to Reflect Issuance of Additional Partnership Interests 
 In the event that the Partnership issues additional Partnership Interests to the General Partner, a Limited Partner, or an Additional Limited Partner
pursuant to Section 4.3.B, 4.3.C or 4.5, the General Partner shall make such revisions to this Article 5 as it determines are necessary to reflect the issuance of such additional Partnership Interests. In the absence
of any agreement to the contrary, Limited Partner Interests (other than those issued to the General Partner pursuant to Section 4.3.B to the extent that such Units are issued in connection with shares of, or other equity interest in, the
General Partner which have terms that provide otherwise), shall be entitled to the distributions set forth in Section 5.1 (without regard to this Section 5.5) with respect to the period during which the closing of its
contribution to the Partnership occurs, multiplied by a fraction the numerator of which is the number of days from and after the date of such closing through the end of the applicable period, and the denominator of which is the total number of days
in such period. 
 ARTICLE 6 
 ALLOCATIONS 
 Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss 
 Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year of the Partnership as of the end of
each such year. Subject to the other provisions of this Article 6, an allocation to a Partner of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is
taken into account in computing Net Income or Net Loss. 
 Section 6.2 General Allocations 
 Except as otherwise provided in this Article 6, Net Income and Net Loss shall be allocated to each of the Partners in accordance with their
respective Percentage Interests. 
 A. Allocation of Net Income and Net Losses. 
 (1) Net Income. Except as otherwise provided in this Section 6.2 or Section 6.3, Net Income for any Partnership Year shall
be allocated to the Partners in the following manner and order of priority: 
 (a) First, to the General Partner in an amount
equal to the remainder, if any, of the cumulative Net Losses allocated to the General Partner pursuant to Section 6.2.A(2)(f) for all prior Partnership Years minus the cumulative Net Income allocated to the General Partner
pursuant to this Section 6.2.A.(1)(a) for all prior Partnership Years; 
  

 29 

 (b) Second, to each DRO Partner until the cumulative Net Income allocated such DRO Partner
under this Section 6.2.A(1)(b) equals the cumulative Net Losses allocated such DRO Partner under Section 6.2.A(2)(e) (with any Net Income to be allocated for a Partnership Year hereunder to be allocated among the DRO
Partners, pro rata in proportion to the excess of the cumulative Net Losses allocated to such DRO Partners pursuant to Section 6.2.A(2)(e) hereof over the Net Income previously allocated to such DRO Partners under this
Section 6.2.A(1)(b)); 
 (c) Third, to the General Partner until the cumulative Net Income allocated under this
Section 6.2.A(1)(c) equals the cumulative Net Losses allocated the General Partner under Section 6.2.A(2)(d); 
 (d)
Fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this Section 6.2.A(1)(d) equals the cumulative Net Losses allocated to such
Partners under Section 6.2.A(2)(c) (with any Net Income to be allocated for a Fiscal Year hereunder to be allocated among the holders of such Partnership Interests, pro rata in proportion to the excess of the cumulative Net Losses previously
allocated to such Partners pursuant to Section 6.2.A(2)(c) hereof over the Net Income allocated to such Partners under this Section 6.2.A(1)(d)); 
 (e) Fifth, to the holders of any Partnership Interests that are entitled to any preference in distribution in accordance with the rights of any other class of Partnership Interests until each such
Partnership Interest has been allocated, on a cumulative basis pursuant to this Section 6.2.A(1)(e), Net Income equal to the amount of distributions payable that are attributable to the preference of such class of Partnership Interests whether
or not paid (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made); and 
 (f) Thereafter, with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which
distributions are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the
period for which such allocation is being made). 
 To the extent the allocations of Net Income set forth above in any paragraph of this
Section 6.2.A.(1) are not sufficient to entirely satisfy the allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard
to such shortfall. 
 (2) Net Losses. Except as otherwise provided in this Section 6.2 or Section 6.3, Net
Losses for any Partnership Year shall be allocated to the Partners in the following manner and order of priority: 
 (a)
First, to the holders of Partnership Interests, in proportion to, and to the extent that, their share of the Net Income previously allocated pursuant to Section 6.2.A(1)(f) exceeds, on a cumulative basis, the sum of
(a) distributions with respect to such Partnership Interests pursuant to clause (ii) of Section 5.1.B and (b) Net Losses allocated under this clause (a); 
  

 30 

 (b) Second, with respect to classes of Partnership Interests that are not entitled to any
preference in distribution upon liquidation, pro rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which
such allocation is being made); provided that Net Losses shall not be allocated to any Partner pursuant to this Section 6.2.A(2)(b) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or
increase any existing Adjusted Capital Account Deficit) (determined in each case (i) by not including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any
deficit in its Capital Account pursuant to Section 13.3 and (ii) in the case of a Partner who also holds classes of Partnership Interests that are entitled to any preferences in distribution upon liquidation, by subtracting from such
Partners’ Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation) at the end of such taxable year (or portion thereof); 
 (c) Third, with respect to classes of Partnership Interests that are entitled to a preference in distribution upon liquidation, in reverse order of the priorities of each such class (and within each such
class, pro rata in proportion to their respective Percentage Interests as of the last day of the period for which such allocation is being made); provided that Net Losses shall not be allocated to any Partner pursuant to this
Section 6.2.A(2)(c) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case by not including in the
Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to Section 13.3) at the end of such taxable year (or portion thereof);

 (d) Fourth, to the General Partner in an amount equal to the excess of (i) the amount of the Partnership’s
Recourse Liabilities over (ii) the Aggregate DRO Amount; 
 (e) Fifth, to and among the DRO Partners, in proportion to
their respective DRO Amounts, until such time as the DRO Partners as a group have been allocated cumulative Net Losses pursuant to this clause (e) equal to the Aggregate DRO Amount; and 
 (f) Thereafter, to the General Partner. 
 B. Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the Partnership issues additional Partnership Interests to the General Partner, a Limited Partner, or any Additional
Limited Partner pursuant to Section 4.3, the General Partner shall make such revisions to this Section 6.2 as it determines are necessary to reflect the terms of the issuance of such additional Partnership Interests.

 C. Special Allocation of Gain to LTIP Unitholders. Notwithstanding the allocations set forth in Section 6.2.A(1) above,
any net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain treated as realized in connection with an adjustment to the
Gross Asset Value of Partnership assets as set forth in the definition of such term, shall first be allocated to 

  

 31 

 
the LTIP Unitholders until the Economic Capital Account Balances (defined below) of such Limited Partners, to the extent attributable to their ownership of
LTIP Units, are equal to (i) the Ordinary Unit Economic Balance (defined below), multiplied by (ii) the number of their LTIP Units. For this purpose, the “Economic Capital Account Balances” of the LTIP Unitholders
will be equal to their Capital Account balances, plus the amount of their shares of any Partner Minimum Gain or Partnership Minimum Gain, in each case to the extent attributable to their ownership of LTIP Units. Similarly, the “Ordinary
Unit Economic Balance” shall mean (i) the Capital Account balance of the General Partner, plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent
attributable to the General Partner’s ownership of Ordinary Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under this Section 6.2.C, divided by
(ii) the number of the General Partner’s Ordinary Units. Any such allocations shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.2.C. For clarity, the
parties agree that the intent of this Section 6.2.C is to make the Capital Account balances of the LTIP Unitholders with respect to their LTIP Units economically equivalent to the Capital Account balance of the General Partner with
respect to its Ordinary Units. 
 D. Allocations in Connection with a Liquidating Event. Except as otherwise provided in
Section 6.3, the allocations of Net Income and Net Loss set forth in the foregoing provisions of this Section 6.2 or, if necessary, allocations of individual items of income, gain, loss, and deduction which comprise such Net
Income or Net Loss, shall be adjusted to the extent necessary so as to result in the Capital Account balance of each Partner being such that distributions to the Partners pursuant to Section 13.2 hereof upon the occurrence of a
Liquidating Event shall be made to the Partners in accordance with Article 5. 
 Section 6.3 Additional Allocation Provisions 

Notwithstanding the foregoing provisions of this Article 6: 
 A. Regulatory Allocations. 
 (1) Minimum Gain Chargeback. Except as otherwise provided in
Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.2, or any other provision of this Article 6, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be
specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations
Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with
Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). For clarity, this Section 6.3.A(1) is intended to comply with the minimum gain chargeback requirement in Regulation Section 1.704-2(f). 
 (2) Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4), and notwithstanding the provisions of
Section 6.2, or any other provision of this Article 6 (except Section 6.3.A(1)), if there is a net decrease in Partner 

  

 32 

 
Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Partner who has a share of the Partner Minimum Gain attributable to
such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such
Partner’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). For clarity, this
Section 6.3.A(ii) is intended to comply with the minimum gain chargeback requirement in Regulation Section 1.704-2(i)(4). 
 (3) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Partners in accordance with their respective Percentage Interests. Any Partner
Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Partner(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in
accordance with Regulations Sections 1.704-2(b)(4) and 1.704-2(i). 
 (4) Qualified Income Offset. If any Partner unexpectedly
receives an adjustment, allocation, or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations
Section 1.704-1(b)(2)(ii)(d), to the Partner in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of the Partner as quickly as possible provided that an allocation
pursuant to this Section 6.3.A(4) shall be made if and only to the extent that such Partner would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this
Section 6.3.A(4) were not in this Agreement. It is intended that this Section 6.3.A(4) qualify and be construed as a “qualified income offset” within the meaning of Regulations 1.704-1(b)(2)(ii)(d), which shall be
controlling in the event of a conflict between such Regulations and this Section 6.3.A(4). 
 (5) Gross Income Allocation.
In the event any Partner has a deficit Capital Account at the end of any Partnership Year which is in excess of the sum of (i) the amount (if any) such Partner is obligated to restore to the Partnership, and (ii) the amount such Partner is
deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership
income and gain in the amount of such excess as quickly as possible, provided, that an allocation pursuant to this Section 6.3.A(5) shall be made if and only to the extent that such Partner would have a deficit Capital Account in excess
of such sum after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(5) and Section 6.3.A(4) were not in this Agreement. 
 (6) Limitation on Allocation of Net Loss. To the extent any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as
to any Partner, such allocation of Net Loss shall be reallocated among the other Partners in accordance with their respective Percentage Interests subject to the limitations of this Section 6.3.A(6). 
  

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 (7) Code Section 734(b) and 743(b) Adjustments. To the extent an adjustment to the adjusted
tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into
account in determining Capital Accounts as the result of a distribution to a Partner in complete liquidation of such Partner’s interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of
gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Partners in accordance with their interests in the Partnership in the event that
Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Partners to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (8) Curative Allocation. The allocations set forth in Section 6.3.A (the “Regulatory Allocations”) are
intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 (but subject to Section 6.2.C), the
Regulatory Allocations in Sections 6.3.A(4), (5), and (6) shall be taken into account in allocating other items of income, gain, loss, and deduction among the Partners so that, to the extent possible, the net amount of such
allocations of other items and those Regulatory Allocations to each Partner shall be equal to the net amount that would have been allocated to each such Partner if those Regulatory Allocations had not occurred. 
 B. Allocation of Nonrecourse Debt. For purposes of Regulation Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities of the
Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse Built-in Gain shall be allocated by the General Partner by taking into account facts and circumstances relating to each
Partner’s respective interest in the profits of the Partnership. For this purpose, the General Partner shall have the sole and absolute discretion in any fiscal year to allocate such excess Nonrecourse Liabilities among the Partners in any
manner permitted under Code Section 752 and the Regulations thereunder. 
 C. Recapture Income. Any gain allocated to the
Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible after taking into account other required allocations of gain pursuant to this Section 6.3, be characterized as Recapture Income in the
same proportions and to the same extent as such Partners have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income. 
 Section 6.4 Tax Allocations 
 A. In General. Except as otherwise provided in
this Section 6.4, for federal income tax purposes each item of income, gain, loss, and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of
“book” income, gain, loss, or deduction is allocated pursuant to Sections 6.2 and 6.3. 
 B. Allocations
Respecting Code Section 704(c) Revaluations. Notwithstanding Section 6.4.A, Tax Items with respect to Partnership property that is contributed to the Partnership by a Partner shall be shared among the Holders for income tax
purposes pursuant to 

  

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Regulations promulgated under Code Section 704(c), so as to take into account the variation, if any, between the adjusted basis of the property to the
Partnership and its initial Gross Asset Value. With respect to properties contributed to the Partnership, the Partnership shall account for such variation under any method selected by the General Partner that is permitted under Regulations
Section 1.704-3, subject to any agreements binding upon the Partnership. In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph (b) of the definition of Gross Asset Value (provided in Article
1), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the
applicable regulations consistent with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g) using any method selected by the General Partner that is permitted under Regulations Section 1.704-3(b). 
 ARTICLE 7  
 MANAGEMENT AND OPERATIONS
OF BUSINESS 
 Section 7.1 Management 
 A. Powers of General Partner. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are and shall be exclusively vested in the General Partner, and no
Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by the Limited Partners with or without cause. In addition to the
powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner shall have full power and authority to do
all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 and to effectuate the purposes set forth in Section 3.1, including, without limitation: 

(1) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing
money to permit the Partnership to make distributions to its Partners in such amounts as are required under Section 5.1 or will permit the General Partner Entity (so long as the General Partner Entity qualifies as a REIT) to avoid the payment
of any federal income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its shareholders sufficient to permit the General Partner Entity to maintain its REIT status), the
assumption or guarantee of, or other contracting for, indebtedness and other liabilities including, without limitation, the assumption or guarantee of the debt of the General Partner, its Subsidiaries or the Partnership’s Subsidiaries, the
issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations the General Partner deems necessary for the conduct
of the activities of the Partnership; 
  

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 (2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to
governmental or other agencies having jurisdiction over the business or assets of the Partnership; 
 (3) the acquisition,
disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership (including acquisition of any new assets, the exercise or grant of any conversion, option, privilege or subscription right or other
right available in connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership or any Subsidiary with or into another entity on such terms as the General Partner deems proper, subject to the
limitations set forth in Section 7.3.E and Section 7.3.F; 
 (4) the use of the assets of the Partnership
(including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the General Partner, the
Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the General Partner and its Subsidiaries and the Partnership’s Subsidiaries) and the repayment of obligations of
the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; 
 (5) the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements owned by the Partnership or any Subsidiary of the Partnership or any
Person in which the Partnership has made a direct or indirect equity investment; 
 (6) the negotiation, execution, and performance of
any contracts, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including
contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets; 
 (7) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership; 
 (8) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement; 
 (9) the holding, managing, investing and reinvesting of cash and other assets of the Partnership; 
 (10) the collection and receipt of revenues and income of the Partnership; 
 (11) the selection, designation of powers, authority and duties and the dismissal of employees of the Partnership (including, without limitation,
employees having titles such as “president,” “vice president,” “secretary” and “treasurer”) and agents, outside attorneys, accountants, consultants and contractors of the Partnership and the determination of
their compensation and other terms of employment or hiring; 
  

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 (12) the maintenance of such insurance for the benefit of the Partnership and the Partners as it
deems necessary or appropriate; 
 (13) the formation of, or acquisition of an interest in, and the contribution of property to, any
further limited or general partnerships, joint ventures, limited liability companies or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of funds or property to, or
making of loans to, its Subsidiaries and any other Person in which it has an equity investment from time to time, or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations of such Persons); provided that, as
long as the General Partner Entity has determined to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that would cause the General Partner Entity to fail to qualify as a REIT;

 (14) the control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise,
submission to arbitration or any other form of dispute resolution or abandonment of any claim, cause of action, liability, debt or damages due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings,
administrative proceedings, arbitrations or other forms of dispute resolution, the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of
legal expense and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 
 (15) the
determination of the fair market value of any Partnership property distributed in kind, using such reasonable method of valuation as the General Partner may adopt; 
 (16) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any assets or investment
held by the Partnership; 
 (17) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or
in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, individually or jointly with any such Subsidiary or other Person; 
 (18) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the Partnership does
not have any interest pursuant to contractual or other arrangements with such Person; 
 (19) the making, executing and delivering of
any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or other legal instruments or agreements in writing necessary or
appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 
  

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 (20) the distribution of cash to acquire Partnership Units held by a Limited Partner in connection
with a Limited Partner’s exercise of its Redemption Right under Section 8.6; 
 (21) the determination regarding
whether a payment to a Partner who exercises its Redemption Right under Section 8.6 that is assumed by the General Partner will be paid in the form of the Cash Amount or the REIT Shares Amount, except as such determination may be limited by
Section 8.6. 
 (22) the acquisition of Partnership Interests in exchange for cash, debt instruments and other property;

 (23) the maintenance of the books and records of the Partnership to reflect the Capital Contributions and Percentage Interests of
the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or
otherwise; and 
 (24) the registration of any class of securities of the Partnership under the Securities Act of 1933, as amended, or
the Securities Exchange Act of 1934, as amended, and the listing of any debt securities of the Partnership on any exchange. 
 B.
No Approval by Limited Partners. Each of the Limited Partners agrees that the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further
act, approval or vote of the Partners, notwithstanding any other provision of this Agreement, the Act or any applicable law, rule or regulation, to the full extent permitted under the Act or other applicable law. The execution, delivery or
performance by the General Partner or the Partnership of any agreement authorized or permitted under this Agreement shall be in the sole and absolute discretion of the General Partner without consideration of any other obligation or duty, fiduciary
or otherwise, of the Partnership or the Limited Partners and shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of
any duty stated or implied by law or equity. 
 C. Insurance. At all times from and after the date hereof, the General Partner
may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the properties of the Partnership and its Subsidiaries and (ii) liability insurance for the Indemnitees hereunder and (iii) such other
insurance as the General Partner, in its sole and absolute discretion, determines to be necessary. 
 D. Working Capital and Other
Reserves. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital reserves in such amounts as the General Partner, in its sole and absolute discretion, deems
appropriate and reasonable from time to time, including upon liquidation of the Partnership under Article 13. 
 E. No Obligations
to Consider Tax Consequences of Limited Partners. In exercising their authority under this Agreement, the General Partner (which for the purposes of this Section 7.1.E shall include, the board of trustees of the General Partner) may, but
shall be under no 

  

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obligation to, take into account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by the General
Partner. The General Partner and the Partnership shall not have liability to a Limited Partner for monetary or other damages or otherwise for losses sustained, liabilities incurred or benefits not derived by such Limited Partner in connection with
any decisions, provided that the General Partner has acted in good faith and pursuant to its authority under this Agreement and any decisions or actions taken or not taken in accordance with the terms of this Agreement shall not constitute a breach
of any duty owed to the Partnership or the Limited Partners by law or equity, fiduciary or otherwise. 
 Section 7.2 Certificate of Limited
Partnership 
 To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the
General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the
State of Maryland and to maintain the Partnership’s qualification to do business as a foreign limited partnership in each other state, the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own
property. Subject to the terms of Section 8.5.A(3), the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner
shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in
which the limited partners have limited liability) in the State of Maryland, any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 
 Section 7.3 Restrictions on General Partner’s Authority 
 A. The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of the Limited Partners (or such other consent as may
expressly be provided for herein) and may not perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any liability not contemplated herein or under the Act except with the written Consent of
such Limited Partner. The preceding sentence shall not apply to any limitation or prohibition in this Agreement that expressly authorizes the General Partner to take action (either in its discretion or in specified circumstances) so long as the
General Partner acts within the scope of such authority. 
 B. Intentionally omitted. 
 C. The General Partner shall have the exclusive power to amend this Agreement as may be required to facilitate or implement any of the following
purposes: 
 (1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any
Affiliate of the General Partner for the benefit of the Limited Partners; 
  

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 (2) to reflect the issuance of additional Partnership Interests pursuant to Sections 4.3,
4.4, 4.5, 5.4 and 6.2.B or the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement (which may be effected through the replacement of Exhibit A with an amended
Exhibit A); 
 (3) to set forth or amend the designations, rights, powers, duties, and preferences of the holders of any
additional Partnership Interests issued pursuant to Article 4; 
 (4) to reflect a change that is of an inconsequential nature and
does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters
arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 
 (5) to satisfy any
requirements, conditions, or guidelines contained in any order, directive, opinion, ruling, or regulation of a federal or state agency or contained in federal or state law; 
 (6) to reflect such changes as are reasonably necessary for the General Partner to maintain its status as a REIT, including changes which may be
necessitated due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the IRS; 
 (7) to modify,
as set forth in the definition of “Capital Account,” the manner in which Capital Accounts are computed; 
 (8)
to include provisions in the Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance regarding the federal income tax treatment of compensatory partnership interests issued and made effective after
the date hereof or in connection with any elections that the General Partner determines to be necessary or advisable in respect of any such guidance. Any such amendment may include, without limitation, (a) a provision authorizing or directing
the General Partner to make any election under the such guidance, (b) a covenant by the Partnership and all of the Partners to agree to comply with the such guidance, (c) an amendment to the capital account maintenance provisions and the
allocation provisions contained in Article 6 of this Agreement so that such provisions comply with (I) the provisions of the Code and the Treasury Regulations as they apply to the issuance of compensatory partnership interests and (II)
the requirements of such guidance and any election made by the General Partner with respect thereto, including, a provision requiring “forfeiture allocations” as appropriate. Any such amendments to this Agreement shall be binding upon all
Members; and 
 (9) to satisfy any requirements, conditions or guidelines of federal or state law. 
 The General Partner will provide notice to the Limited Partners when any action under this Section 7.3.C is taken. 
 D. Notwithstanding Sections 7.3.B and 7.3.C, this Agreement shall not be amended with respect to any Partner adversely affected, and
no action may be taken by the General 

  

 40 

 
Partner, without the Consent of such Partner adversely affected if such amendment or action would (i) convert a Limited Partner’s interest in the
Partnership into a general partner’s interest, (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partner to receive distributions pursuant to Article 5 or Section 13.2.A(5),
(iv) adversely alter or modify the rights to a Redemption or the REIT Shares Amount as set forth in Section 8.6, and related definitions hereof, (v) alter the protections of the Limited Partners as set forth in
Section 11.2.B or (vi) amend this Section 7.3.D. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Section 7.3 without the Consent specified
in such section. This Section 7.3.D does not require unanimous consent of all Partners adversely affected unless the amendment is to be effective against all Partners adversely affected. 
 E. Except in connection with a Termination Transaction that satisfies the requirements of Section 11.2.B or as provided in Article
13, the General Partner may not, directly or indirectly, cause the Partnership to sell, exchange, transfer or otherwise dispose of all or substantially all of the Partnership’s assets in a single transaction or a series of related
transactions (including by way of merger (including a triangular merger), consolidation or other combination with any other Persons) without the Consent of the Limited Partners, provided, however, that the foregoing limitation shall not apply to any
leases of all or substantially all of the Partnership’s assets entered into by the Partnership in order to satisfy any REIT Requirements. 
 Section 7.4 Reimbursement of the General Partner 
 A. Except as provided in this Section 7.4
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 Partnership shall be responsible for and shall pay all expenses relating to the
Partnership’s and the General Partner’s organization, the ownership of its assets and its operations. The General Partner is hereby authorized to cause the Partnership to pay compensation for accounting, administrative, legal, technical,
management, and other services rendered to the Partnership. Except to the extent provided in this Agreement, the General Partner and its Affiliates 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 expenses that the General Partner and its Affiliates incur relating to the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses);
provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that
all such expenses of the General Partner are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.7 hereof. In the event
that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a manner as the General Partner in its sole
and absolute discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner.

  

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 C. If the General Partner Entity shall elect to purchase from its stockholders REIT Shares for the
purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the General Partner Entity, any employee stock purchase plan adopted by the General Partner Entity, or any similar obligation or
arrangement undertaken by the General Partner Entity in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the General Partner Entity for such REIT Shares and any other expenses incurred by the General Partner
Entity in connection with such purchase shall be considered expenses of the Partnership and shall be advanced by the Partnership to the General Partner Entity or reimbursed by the Partnership to the General Partner Entity, subject to the condition
that: (i) if such REIT Shares subsequently are sold by the General Partner Entity, the General Partner Entity shall pay to the Partnership any proceeds received by the General Partner Entity for such REIT Shares (which sales proceeds shall
include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a transfer of REIT Shares for Ordinary Units pursuant to Section 8.6 would not be considered a sale for such purposes); and
(ii) if such REIT Shares are not retransferred by the General Partner within thirty (30) days after the purchase thereof, or the General Partner otherwise determines not to retransfer such REIT Shares, the General Partner, shall cause the
Partnership to redeem a number of Ordinary Units held by the General Partner equal to the number of such REIT Shares, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on
behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or
assets relating to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of
such number of Ordinary Units held by the General Partner). 
 D. As set forth in Section 4.3, the General Partner shall
be treated as having made a Capital Contribution in the amount of all expenses that it incurs relating to the General Partner’s offering of REIT Shares or New Securities. 
 E. If and to the extent any reimbursements to the General Partner pursuant to this Section 7.4 constitute gross income of the General
Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Code Section 707(c), shall be treated consistently therewith by
the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
 F. Funding for Certain Capital Transactions. In the event that the General Partner Entity shall undertake to acquire (whether by merger, consolidation, purchase, or otherwise) the assets or equity interests of another Person
and such acquisition shall require the payment of cash by the General Partner Entity (whether to such Person or to any other selling party or parties in such transaction or to one or more creditors, if any, of such Person or such selling party or
parties), (i) the Partnership shall advance to the General Partner Entity the cash required to consummate such acquisition if, and to the extent that, such cash is not to be obtained by the 

  

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General Partner Entity through an issuance of REIT Shares or New Securities described in Section 4.3.C or pursuant to a transaction described in
Section 7.5.B, (ii) the General Partner Entity shall, upon consummation of such acquisition, transfer to the Partnership (or cause to be transferred to the Partnership), in full and complete satisfaction of such advance and as required by
Section 7.5, the assets or equity interests of such Person acquired by the General Partner Entity in such acquisition (or equity interests in Persons owning all of such assets or equity interests), and (iii) pursuant to and in accordance
with Section 4.3.C and Section 7.5.B, the Partnership shall issue to the General Partner Partnership Interests and/or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences
and other rights that are substantially the same as those of any additional Shares, other equity securities, New Securities and/or Convertible Funding Debt, as the case may be, issued by the General Partner Entity in connection with such acquisition
(whether issued directly to participants in the acquisition transaction or to third parties in order to obtain cash to complete the acquisition). In addition to, and without limiting, the foregoing, in the event that the General Partner Entity
engages in a transaction in which (x) the General Partner Entity (or a wholly owned direct or indirect Subsidiary of the General Partner Entity) merges with another entity (referred to as the “Parent Entity”) that is organized
in the “UPREIT format” (i.e., where the Parent Entity holds substantially all of its assets and conducts substantially all of its operations through a partnership, limited liability company or other entity (referred to as an
“Operating Entity”)) and the General Partner Entity survives such merger, (y) such Operating Entity merges with or is otherwise acquired by the Partnership in exchange in whole or in part for Partnership Interests, and
(z) the General Partner Entity is required or elects to pay part of the consideration in connection with such merger involving the Parent Entity in the form of cash and part of the consideration in the form of Shares, the Partnership shall
distribute to the General Partner with respect to its existing Partnership Interest an amount of cash sufficient to complete such transaction and the General Partner shall cause the Partnership to cancel a number of Partnership Units (rounded to the
nearest whole number) held by the General Partner equal to the number of additional Shares of the General Partner Entity that the General Partner Entity would have issued to the Parent Entity or the owners of the Parent Entity in such transaction if
the entire consideration therefor were to have been paid in Shares, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the Partnership) and (y) for stock
dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the General
Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Ordinary Units held by the General
Partner). 
 Section 7.5 Outside Activities of the General Partner 
 A. Except in connection with a transaction authorized in Section 11.2, without the written Consent of the Limited Partners, the General
Partner shall not, directly or indirectly, enter into or conduct any business, other than in connection with the ownership, acquisition, and disposition of Partnership Interests as a General Partner and the management of the business of the
Partnership, its operation as a public reporting company with a class (or classes) of securities registered under the Exchange Act, its operation as a REIT, and such activities as are incidental to the same. Except as otherwise expressly provided in
this Section 7.5, without the written 

  

 43 

 
Consent of the Limited Partners, the General Partner shall not, directly or indirectly, participate in or otherwise acquire any interest in any real or
personal property, except its Partnership Interests, its minority interest in any Subsidiary Partnership(s) that the General Partner holds in order to maintain such Subsidiary Partnership’s status as a partnership, an interest in Safari
Ventures LLC, and such bank accounts, similar instruments or other short-term investments as it deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter. Notwithstanding the foregoing, the General Partner
may acquire Properties or other assets in exchange for REIT Shares or cash, to the extent such Properties or other assets are immediately contributed by the General Partner to the Partnership, pursuant to the terms described in
Section 4.3.C. The General Partner may also own one-hundred percent (100%) of the stock or interests of one or more Qualified REIT Subsidiaries, limited liability companies or trusts, respectively, provided that any such entity
shall be subject to the limitations of this Section 7.5.A. If, at any time, the General Partner acquires material assets (other than Partnership Interests or other assets on behalf of the Partnership), the definition of “REIT
Shares Amount” shall be adjusted, as reasonably determined by the General Partner, to reflect the relative Fair Market Value of a share of capital stock of the General Partner. The General Partner’s Partnership Interest in the
Partnership, its minority interest in any Subsidiary Partnership(s) (held directly or indirectly through a Qualified REIT Subsidiary) that the General Partner holds in order to maintain such Subsidiary Partnership’s status as a partnership, and
interests in such short-term liquid investments, bank accounts or similar instruments as the General Partner deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter are interests which the General Partner
is permitted to acquire and hold for purposes of this Section 7.5.A. 
 Notwithstanding the foregoing, in connection with the
funds raised from the Company’s initial public offering of REIT shares, a portion of the proceeds may be used to acquire an interest in Safari Ventures LLC and will not be contributed to the Partnership. 
 B. In the event the General Partner exercises its rights under the Charter to purchase REIT Shares or New Securities, as the case may be, then the
General Partner shall cause the Partnership to purchase from it a number of Partnership Units equal to the number of REIT Shares or New Securities, as the case may be, so purchased on the same terms that the General Partner purchased such REIT
Shares or New Securities, as the case may be. 
 C. The General Partner or the General Partner Entity or any wholly owned Subsidiary
of either of them may incur a Funding Debt, including, without limitation, a Funding Debt that is convertible into Shares or otherwise constitutes a class of New Securities (“Convertible Funding Debt”), subject to the condition that
the General Partner, the General Partner Entity or such Subsidiary, as the case may be, lend to the Partnership the net proceeds of such Funding Debt; provided that Convertible Funding Debt shall be issued in accordance with the provisions of
Section 4.3.C above; and, provided further that the General Partner, the General Partner Entity or such Subsidiary shall not be obligated to lend the net proceeds of any Funding Debt to the Partnership in a manner that would be inconsistent
with the General Partner’s or General Partner Entity’s ability to remain qualified as a REIT. If the General Partner, General Partner Entity or such Subsidiary incurs any Funding Debt, the loan to the Partnership shall be on terms and
conditions, including interest rate, repayment schedule, costs and expenses and other financial terms, substantially the same as are applicable with respect to or incurred in connection with such Funding Debt. 
  

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 D. The General Partner may in its sole and absolute discretion, cause the Partnership to make an
interest free loan to the General Partner or the General Partner Entity provided that the proceeds of such loans are used to satisfy any tax liabilities of the General Partner or the General Partner Entity, as applicable. 
 Section 7.6 Contracts with Affiliates 
 A. The Partnership may lend or contribute to, and borrow funds from, Persons in which it has an equity investment, and such Persons may borrow funds from, and lend or contribute funds to, 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 Person. 
 B. Except as provided in Section 7.5.A, 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 consistent with this Agreement and applicable law as the General Partner in its sole discretion deems advisable. 
 C. The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of
the Partnership employee benefit plans (including without limitation plans that contemplate the issuance of LTIP Units) funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership
or any Affiliate of any of them in respect of services performed or to be performed, directly or indirectly, for the benefit of such entities. The General Partner also is expressly authorized to cause the Partnership to issue to it Ordinary Units
corresponding to REIT Shares issued by the General Partner pursuant to any Stock Plan or any similar or successor plan and to repurchase such Partnership Units from the General Partner to the extent necessary to permit the General Partner to
repurchase such REIT Shares in accordance with such plan. 
 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 determined by the General Partner in good faith to be
fair and reasonable. 
 E. The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a
right of first opportunity arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are advisable.

 Section 7.7 Indemnification 
 A. To the fullest extent permitted by law, the Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments,
fines, settlements, and other amounts arising from any and all claims, demands, subpoenas, requests for information, formal or 

  

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informal investigations, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership or
the General Partner or the General Partner Entity or the operation of, or the ownership of property by, the Indemnitee, Partnership or the General Partner or General Partner Entity as set forth in this Agreement in which any Indemnitee may be
involved, or is threatened to be involved, as a party or otherwise, unless it is established by a final determination of a court of competent jurisdiction that: (i) the act or omission of the Indemnitee was material to the matter giving rise to
the proceeding and either was committed in bad faith, constituted fraud or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in
the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or
otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General
Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability
for any such indebtedness. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The
termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or any entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that
specified in this Section 7.7.A. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and any insurance proceeds from liability policies covering the General Partner and
any Indemnitee, and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this
Section 7.7, except to the extent otherwise expressly agreed to by such Partner and the Partnership. 
 B. Reasonable
expenses incurred by an Indemnitee who is a party to a proceeding or the recipient of a subpoena or request for information with respect to a proceeding to which such Indemnitee is not a party may be paid or reimbursed by the Partnership in advance
of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership
as authorized in this Section 7.7 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
 C. The indemnification provided by this Section 7.7 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 unless otherwise provided in a written agreement
pursuant to which such Indemnitee is indemnified. 
 D. The Partnership may, but shall not be obligated to, 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 

  

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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. 
 E. For purposes of this Section 7.7, 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 Section 7.7; 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. 
 F. In no event may an Indemnitee subject the Limited Partners to personal
liability by reason of the indemnification provisions set forth in this Agreement. 
 G. An Indemnitee shall not be denied
indemnification in whole or in part under this Section 7.7 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. 
 H. The provisions of this Section 7.7 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. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in
any way affect the limitations on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to
matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 I. If and to the extent any reimbursements to the General Partner pursuant to this Section 7.7 constitute gross income of the General Partner (as opposed to the repayment of advances made by the General Partner on behalf
of the Partnership) such amounts shall constitute guaranteed payments within the meaning of Code Section 707(c), shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes
of computing the Partners’ Capital Accounts. 
 J. Any indemnification hereunder is subject to, and limited by, the provisions of
Section 10-107 of the Act. 
 K. In the event the Partnership is made a party to any litigation or otherwise incurs any loss or
expense as a result of or in connection with any Partner’s (other than the General Partner’s) personal obligations or liabilities unrelated to Partnership business, such Partner shall indemnify and reimburse the Partnership for all such
loss and expense incurred, including legal fees, and the Partnership interest of such Partner may be charged therefor. The liability of a Partner under this Section 7.7.K shall not be limited to such Partner’s Partnership Interest, but
shall be enforceable against such Partner personally. 
  

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 Section 7.8 Liability of the General Partner 
 A. General. Notwithstanding anything to the contrary set forth in this Agreement, none of the General Partner nor any of its officers,
directors, agents or employees shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees, or their successors or assigns, for losses sustained, liabilities incurred or benefits not derived as a result
of errors in judgment or mistakes of fact or law or any act or omission if the party acted in good faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not derived. 
 B. Obligation to Consider Interests of General Partner Entity. The Limited Partners expressly acknowledge that the General Partner, in
considering whether to dispose of any of the Partnership assets, shall take into account the tax consequences to the General Partner Entity of any such disposition and shall have no liability whatsoever to the Partnership or any Limited Partner for
decisions that are based upon or influenced by such tax consequences. 
 C. No Obligation to Consider Separate Interests of Limited
Partners or Shareholders. The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, its Partners, and the shareholders of the General Partner Entity, and 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 Assignees) in deciding whether to cause the Partnership to take (or decline to take) any actions. If
there is a conflict between the interests of the stockholders of the General Partner on the 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
the stockholders of the General Partner or the Limited Partners; provided, however, that any such conflict that cannot be resolved in a manner not adverse to either the stockholders of the General Partner or the Limited Partners shall be resolved in
favor of the stockholders of the General Partner. The General Partner shall not be liable for monetary or other damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with any decisions or
actions made or taken or declined to be made or taken, provided that the General Partner has acted pursuant to its authority under this Agreement. 
 D. Subject to its obligations and duties as General Partner set forth in Section 7.1, the General Partner may exercise any of the powers granted to it by 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 the General Partner in good faith. 
 E. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any
way affect the limitations on the liability of the General Partner and any of its officers, directors, agents and employee’s liability to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior
to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

  

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 F. Limitations of Fiduciary Duty. Sections 7.1.B, 7.1.E and this Section 7.8 and any
other Section of this Agreement limiting the liability of the General Partner and/or its trustees, directors and officers shall constitute an express limitation of any duties, fiduciary or otherwise, that they would owe the Partnership or the
Limited Partners if such duty would be imposed by any law, in equity or otherwise. 
 Section 7.9 Other Matters Concerning the General
Partner 
 A. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 B. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants
and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which the General Partner reasonably believes to be within such Person’s professional or expert competence shall be
conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 
 C. The General Partner shall
have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner
in the power of attorney, have full power and authority to do and perform all and every act and duty which is permitted or required to be done by the General Partner hereunder. 
 D. Notwithstanding any other provisions of this Agreement or any non-mandatory provision of 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 to protect the ability of the General
Partner Entity, for so long as the General Partner Entity has determined to qualify as a REIT, to (i) continue to qualify as a REIT or (ii) avoid the General Partner Entity incurring any taxes under Code Section 857 or Code
Section 4981, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 Section 7.10 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 Partners, 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 

  

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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 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. 
 Section 7.11 Reliance by Third Parties 
 Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner
has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as
if the General Partner were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate or
disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with
or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its
representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full
force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly
executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 
 ARTICLE 8 

 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.1 Limitation of Liability 
 The Limited Partners shall have no liability under this Agreement except as
expressly provided in this Agreement or under the Act. 
 Section 8.2 Management of Business 
 No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the
General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operations, management, or control (within the meaning of the Act) of the Partnership’s business, transact any business in the
Partnership’s name, or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of
the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignee under this Agreement. 
  

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 Section 8.3 Outside Activities of Limited Partners 
 Subject to any agreements entered into by a Limited Partner or its Affiliates with the General Partner Entity, the General Partner, the Partnership or a
Subsidiary, any Limited Partner and any officer, director, employee, agent, trustee, Affiliate or stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating
to the Partnership, including business interests and activities in direct competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partners shall have any rights by virtue of this
Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, 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 business ventures of any other Person, other than the Limited Partners benefiting from the business conducted by the General Partner, and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such
business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person.

 Section 8.4 Return of Capital 
 Except pursuant to the rights of Redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this
Agreement or upon termination of the Partnership as provided herein. Except as expressly set forth herein, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions
(except as permitted by Section 4.3.B)or as to profits, losses, distributions or credits. 
 Section 8.5 Rights of Limited
Partners Relating to the Partnership 
 A. In addition to other rights provided by this Agreement or by the Act, and except as
limited by Section 8.5.B, each Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of
such demand and at such Limited Partner’s expense: 
 (1) to obtain a copy of the Partnership’s federal, state and local
income tax returns for each Partnership Year; 
 (2) to obtain a current list of the name and last known business, residence or
mailing address of each Partner; 
 (3) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together
with executed copies of all powers of attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and 
  

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 (4) to obtain true and full information regarding the amount of cash and a description and
statement of any other property or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner. 
 B. The Partnership shall notify each Limited Partner in writing of any adjustment made in the calculation of the REIT Shares Amount within a
reasonable time after the date such change becomes effective. 
 C. Notwithstanding any other provision of this
Section 8.5, the General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General
Partner believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or (ii) the Partnership or the General Partner is
required by law or by agreements with unaffiliated third parties to keep confidential. 
 Section 8.6 Limited Partner Redemption Rights

 A. On or after the date twelve (12) months after (i) the Effective Date, with respect to the Ordinary Units acquired prior
to, on or contemporaneously with the Effective Date, and (ii) the date of issuance of any other Ordinary Units, in each case unless a different date is expressly provided in an agreement entered into between the Partnership and any Limited
Partner, each Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of the Ordinary Units held by such Limited
Partner (such Ordinary Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”); provided that the terms of such Ordinary Units do not provide that such
Ordinary Units are not entitled to a right of Redemption. Unless otherwise expressly provided in this Agreement or in a separate agreement entered into between the Partnership and the holders of such Ordinary Units, all Ordinary Units shall be
entitled to a right of Redemption hereunder. The Tendering Partner shall have no right, with respect to any Ordinary Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. Any Redemption shall be exercised
pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable in accordance with the instructions set forth
in the Notice of Redemption to the Tendering Partner within ten (10) days of the Specified Redemption Date, except as provided below. 
 B. REIT Share Election 
 (1) Notwithstanding Section 8.6.A above, if a Limited Partner has
delivered to the General Partner a Notice of Redemption, then the General Partner may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to acquire some or all
of the Tendered Units from the Tendering Partner in exchange for the REIT Shares Amount (as of the Specified Redemption Date) and, if the General Partner so elects, the Tendering Partner shall sell the Tendered Units to the General Partner in
exchange for the REIT Shares Amount. In such event, the Tendering Partner shall have no right 

  

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to cause the Partnership to redeem such Tendered Units. The General Partner shall promptly give such Tendering Partner written notice of its election, and
the Tendering Partner may elect to withdraw its redemption request at any time prior to the receipt of cash pursuant to Section 8.6.A or REIT Shares Amount pursuant to this Section 8.6.B by such Tendering Partner. 

The REIT Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid and nonassessable REIT Shares and, if
applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter, the Bylaws of the General Partner Entity, the Securities Act, relevant state securities or blue sky laws and any applicable registration
rights agreement with respect to such REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to Section 8.6.D), the Tendering Partner shall be deemed the owner of such REIT Shares for
all purposes, including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the REIT Shares for which the Ordinary Units might be exchanged shall also bear a legend in the form
required pursuant to the Charter of the General Partner Entity. 
 C. Each Limited Partner covenants and agrees with the General
Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered Units, the
General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the General Partner (or
its designee), such Limited Partner shall assume and pay such transfer tax. 
 D. Notwithstanding the provisions of
Section 8.6.A, 8.6.B or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash pursuant to Section 8.6.A or an exchange for REIT Shares pursuant to
Section 8.6.B to the extent the ownership or right to acquire REIT Shares pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person, in the opinion of counsel selected by the
General Partner, may cause such Partner or any other Person, to violate the restrictions on ownership and transfer of REIT Shares set forth in the Charter and (ii) shall have no rights under this Agreement to acquire REIT Shares which would
otherwise be prohibited under the Charter. To the extent any attempted Redemption or exchange for REIT Shares would be in violation of this Section 8.6.D, it shall be null and void ab initio and such Limited Partner shall
not acquire any rights or economic interest in the cash otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. 
 E. Notwithstanding anything herein to the contrary (but subject to Section 8.6.D, with respect to any Redemption or exchange for REIT Shares pursuant to this Section 8.6): 
 (1) Without the consent of the General Partner, each Limited Partner may not effect a Redemption for less than 1,000 Ordinary Units or, if the
Limited Partner holds less than 1,000 Ordinary Units, all of the Ordinary Units held by such Limited Partner. 
 (2) Without the
consent of the General Partner, each Limited Partner may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to
its common stockholders of some or all of its portion of such distribution. 
  

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 (3) The consummation of any Redemption or exchange for REIT Shares shall be subject to the
expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 (4) Each Tendering Partner shall continue to own all Ordinary Units subject to any Redemption or exchange for REIT Shares, and be treated as a Limited Partner with respect to such Ordinary Units for all purposes of this Agreement,
until such Ordinary Units are transferred to the General Partner and paid for or exchanged on the Specified Redemption Date. Until a Specified Redemption Date, and provided the General Partner has issued REIT shares pursuant to
Section 8.6.B, the Tendering Partner shall have no rights as a stockholder of the General Partner with respect to such Tendering Partner’s Ordinary Units. 
 F. In the event that the Partnership issues additional Partnership Interests to any Additional Limited Partner pursuant to
Section 4.3.B, the General Partner shall make such revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such additional Partnership Interests. 
 Section 8.7 Registration. 
 Subject to the
terms of any agreement between the General Partner and a Limited Partner with respect to Ordinary Units held by such Limited Partner: 
 A.
Within 30 days of the date on which the General Partner becomes eligible to use a registration statement on Form S-3 for the registration of securities under the Securities Act (the “S-3 Eligible Date”), the Company shall file
with the U.S. Securities and Exchange Commission a shelf registration statement under Rule 415 of the Securities Act (a “Registration Statement”), or any similar rule that may be adopted by the U.S. Securities and Exchange
Commission, covering (i) the issuance of REIT Shares issuable upon Redemption of Ordinary Units pursuant to Section 8.6.A or Section 8.6.B (“Redemption Shares”) and/or (ii) the resale by the holder
of the Redemption Shares, with respect to Ordinary Units issued prior to the S-3 Eligible Date. With respect to Ordinary Units issued on or after the S-3 Eligible Date, the General Partner shall file with the U.S. Securities and Exchange Commission
a Registration Statement on such date or dates as may be set forth in any agreement between the General Partner and the Partnership and the holders of such Ordinary Units; provided, however, that the General Partner shall be required
to file only two such registrations in any twelve-month period. In connection therewith, the General Partner will: 
 (1) use its
reasonable best efforts to have such Registration Statement declared effective; 
 (2) furnish to each holder of Redemption Shares
such number of copies of prospectuses, and supplements or amendments thereto, and such other documents as such holder reasonably requests; 
  

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 (3) register or qualify the Redemption Shares covered by the Registration Statement under the
securities or blue sky laws of such jurisdictions within the United States as any holder of Redemption Shares shall reasonably request, and do such other reasonable acts and things as may be required of it to enable such holders to consummate the
sale or other disposition in such jurisdictions of the Redemption Shares; provided, however, that the General Partner shall not be required to (i) qualify as a foreign corporation or consent to a general or unlimited service or
process in any jurisdictions in which it would not otherwise be required to be qualified or so consent or (ii) qualify as a dealer in securities; and 
 (4) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the U.S. Securities and Exchange Commission. 
 The General Partner further agrees to supplement or make amendments to each Registration Statement, if required by the rules, regulations or instructions applicable to the registration form utilized by the General
Partner or by the Securities Act or rules and regulations thereunder for such Registration Statement. Each Limited Partner agrees to furnish to the General Partner, upon request, such information with respect to the Limited Partner as may be
required to complete and file the Registration Statement. 
 B. In connection with and as a condition to the General Partner’s
obligations with respect to the filing of a Registration Statement pursuant to this Section 8.7, each Limited Partner agrees with the General Partner that: 
 (1) it will not offer or sell its Redemption Shares until (A) such Redemption Shares have been included in a Registration Statement and (B) it has received copies of a prospectus, and any supplement
or amendment thereto, as contemplated by Section 8.7.A hereof, and receives notice that the Registration Statement covering such Redemption Shares, or any post-effective amendment thereto, has been declared effective by the U.S.
Securities and Exchange Commission; 
 (2) if the General Partner determines in its good faith judgment, after consultation with
counsel, that the use of the Registration Statement, including any post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require the disclosure of important information that the General Partner
has a bona fide business purpose for preserving as confidential or the disclosure of which would impede the General Partners’s ability to consummate a significant transaction, upon written notice of such determination by the General
Partner, the rights of each Limited Partner to offer, sell or distribute its Redemption Shares pursuant to such Registration Statement or prospectus or to require the General Partner to take action with respect to the registration or sale of any
Redemption Shares pursuant to a Registration Statement (including any action contemplated by this Section 8.7) will be suspended until the date upon which the General Partner notifies such Limited Partner in writing (which notice shall be
deemed sufficient if given through the issuance of a press release) that suspension of such rights for the grounds set forth in this paragraph is no longer necessary; provided, however, that the General Partner may not suspend such
rights for an aggregate period of more than 90 days in any 12-month period; and 
  

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 (3) in the case of the registration of any underwritten equity offering proposed by the General
Partner (other than any registration by the General Partner on Form S-8, or a successor or substantially similar form, of (A) an employee stock option, stock purchase or compensation plan or of securities issued or issuable pursuant to any such
plan or (B) a dividend reinvestment plan), each Limited Partner will agree, if requested in writing by the managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of any REIT Shares or
Redemption Shares (or any option or right to acquire REIT Shares or Redemption Shares) during the period commencing on the 10th day prior to the expected effective date (which date shall be stated in such notice) of the registration statement
covering such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective shelf registration statement, the 10th day prior to the expected commencement date (which date shall be stated in such notice)
of such offering, and ending on the date specified by such managing underwriter in such written request to the Limited Partners; provided, however, that no Limited Partner shall be required to agree not to effect any offer, sale or
distribution of its Redemption Shares for a period of time that is longer than the greater of 90 days or the period of time for which any senior executive of the General Partner is required so to agree in connection with such offering. Nothing in
this paragraph shall be read to limit the ability of any Limited Partner to redeem its Ordinary Units in accordance with the terms of this Agreement. 
 C. If the General Partner shall list or maintain the listing of REIT Shares on any securities exchange or national market system, it will, at its expense and as necessary to permit the registration and sale of
the Redemption Shares hereunder, list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares. 
 D. Notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness of a registration statement relating to Redemption Shares after the earlier of (i) the first date upon which, in
the opinion of counsel to the General Partner, all of the Redemption Shares covered thereby could be sold by the holders thereof in any period of three months pursuant to Rule 144 under the Securities Act, or any successor rule thereto, or
(ii) the second anniversary of the effective date of the Registration Statement. 
 E. The Partnership shall pay all expenses in
connection with the Registration Statement, including without limitation (i) all expenses incident to filing with the National Association of Securities Dealers, Inc., (ii) registration fees, (iii) printing expenses,
(iv) accounting and legal fees and expenses, except to the extent holders of Redemption Shares elect to engage accountants or attorneys in addition to the accountants and attorneys engaged by the General Partner or the Partnership, which fees
and expenses for such accountants or attorneys shall be for the account of the holders of the Redemption Shares, (v) accounting expenses incident to or required by any such registration or qualification and (vi) expenses of complying with
the securities or blue sky laws of any jurisdictions in connection with such registration or qualification; provided, however, neither the Partnership nor the General Partner shall be liable for (A) any discounts or commissions to
any underwriter or broker attributable to the sale of Redemption Shares, or (B) any fees or expenses incurred by holders of Redemption Shares in connection with such registration that, according to the written instructions of any regulatory
authority, the Partnership or the General Partner is not permitted to pay. 
  

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 F. Indemnification. 
 (1) In connection with the Registration Statement, the General Partner and the Partnership agree to indemnify holders of Redemption Shares within
the meaning of Section 15 of the Securities Act, against all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) caused by any untrue, or alleged untrue, statement of a material fact contained in the
Registration Statement, preliminary prospectus or prospectus (as amended or supplemented if the General Partner shall have furnished any amendments or supplements thereto) or caused by any omission or alleged omission, to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by any untrue statement, alleged untrue statement, omission, or alleged
omission based upon information furnished to the General Partner by the Limited Partner of the holder for use therein. The General Partner and each officer, director and controlling person of the General Partner and the Partnership shall be
indemnified by each Limited Partner or holder of Redemption Shares covered by the Registration Statement for all such losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) caused by any untrue, or alleged
untrue, statement or any omission, or alleged omission, based upon information furnished to the General Partner by the Limited Partner or the holder for use therein. 
 (2) Promptly upon receipt by a party indemnified under this Section 8.7.F of notice of the commencement of any action against such indemnified party in respect of which indemnity or reimbursement
may be sought against any indemnifying party under this Section 8.7.F, such indemnified party shall notify the indemnifying party in writing of the commencement of such action, but the failure to so notify the indemnifying party shall
not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 8.7.F unless such failure shall materially adversely affect the defense of such action. In case notice of commencement of any
such action shall be given to the indemnifying party as above provided, the indemnifying party shall be entitled to participate in and, to the extent it may wish, jointly with any other indemnifying party similarly notified, to assume the defense of
such action at its own expense, with counsel chosen by it and reasonably satisfactory to such indemnified party. The indemnified party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the
reasonable fees and expenses of such counsel (other than reasonable costs of investigation) shall be paid by the indemnified party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying party fails to assume the
defense of such action with counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) have been advised by such counsel that representation of such indemnified party
and the indemnifying party by the same counsel would be inappropriate under applicable standards of professional conduct (in which case the indemnified party shall have the right to separate counsel and the indemnifying party shall pay the
reasonable fees and expenses of such separate counsel, provided that, the indemnifying party shall not be liable for more than one separate counsel). No indemnifying party shall be liable for any settlement entered into without its consent.

  

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 G. Contribution. 
 (1) If for any reason the indemnification provisions contemplated by Section 8.7.F are either unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the party that would otherwise be required to provide indemnification or the indemnifying party (in either case, for purposes of this
Section 8.7.G, the “Indemnifying Party”) in respect of such losses, claims, damages or liabilities, shall contribute to the amount paid or payable by the party that would otherwise be entitled to indemnification or the
indemnified party (in either case, for purposes of this Section 8.7.G, the “Indemnified Party”) as a result of such losses, claims, damages, liabilities or expense, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and Indemnified Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact related to information supplied by the Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party. 
 (2) The parties hereto agree that it would not be
just and equitable if contribution pursuant to this Section 8.7.G were determined by pro rata allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding paragraph. No person or entity determined to have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
 The contribution provided for in this
Section 8.7.G shall survive the termination of this Agreement and shall remain in full force and effect regardless of any investigation made by or on behalf of any Indemnified Party. 
 Section 8.8 Conversion of LTIP Units. 
 A. A LTIP Unitholder shall have the right (the “Conversion Right”), at its option, at any time to convert all or a portion of its Vested LTIP Units into Ordinary Units; provided, however, that a LTIP
Unitholder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such LTIP Unitholder holds less than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such LTIP Unitholder. LTIP
Unitholders shall not have the right to convert Unvested LTIP Units into Ordinary Units until they become Vested LTIP Units; provided, however, that when a LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her
Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP
Unitholder, shall be accepted by the Partnership subject to such condition. In all cases, the conversion of any LTIP Units into Ordinary Units shall be subject to the conditions and procedures set forth in this Section 8.8. 

 

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 B. A Partner holding Vested LTIP Units may convert such LTIP Units into an equal number of fully
paid and non-assessable Ordinary Units, giving effect to all adjustments (if any) made pursuant to Section 4.5. Notwithstanding the foregoing, in no event may a Partner holding Vested LTIP Units convert a number of Vested LTIP Units that
exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent attributable to his or her ownership of LTIP Units, divided by (y) the Ordinary Unit Economic Balance, in each case as determined as of the effective
date of conversion (the “Capital Account Limitation”). In order to exercise his or her Conversion Right, a LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as
Exhibit G to the Partnership (with a copy to the General Partner) not less than 10 nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if the
General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Transaction (as defined below) at least thirty (30) days prior to the effective date of such Transaction, then LTIP Unitholders shall have the right to
deliver a Conversion Notice until the earlier of (x) the tenth (10th) day after such notice from the General Partner of a Transaction or (y) the third business day immediately preceding the effective date of such Transaction. A
Conversion Notice shall be provided in the manner provided in Section 15.1. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 8.8 shall be free
and clear of all liens. Notwithstanding anything herein to the contrary, a Partner holding LTIP Units may deliver a Notice of Redemption pursuant to Section 8.6.A relating to those Ordinary Units that will be issued to such Partner upon
conversion of such LTIP Units into Ordinary Units in advance of the Conversion Date; provided, however, that the redemption of such Ordinary Units by the Partnership shall in no event take place until on or after the Conversion Date. For clarity, it
is noted that the objective of this paragraph is to put a LTIP Unitholder in a position where, if he or she so wishes, the Ordinary Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership pursuant to
Section 8.6.A simultaneously with such conversion, with the further consequence that, if the General Partner elects to assume the Partnership’s redemption obligation with respect to such Ordinary Units under
Section 8.6.B by delivering to such LTIP Unitholder REIT Shares rather than cash, then such LTIP Unitholder can have such REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Ordinary
Units. The General Partner shall cooperate with a LTIP Unitholder to coordinate the timing of the different events described in the foregoing sentence. 
 C. The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by a LTIP Unitholder to be converted (a “Forced Conversion”) into
an equal number of Ordinary Units, giving effect to all adjustments (if any) made pursuant to Section 4.5; provided, however, that the Partnership may not cause a Forced Conversion of any LTIP Units that would not at the time be eligible
for conversion at the option of such LTIP Unitholder pursuant to Section 8.8.B. In order to exercise its right of Forced Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”) in the
form attached as Exhibit H to the applicable LTIP Unitholder not less than ten (10) days and not more than sixty (60) days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be
provided in the manner provided in Section 15.1. 
 D. A conversion of Vested LTIP Units for which the LTIP Unitholder
thereof has given a Conversion Notice or the Partnership has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action 

  

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on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Partnership with the issuance as
of the opening of business on the next day of the number of Ordinary Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder, upon his or her written request, a
certificate of the General Partner certifying the number of Ordinary Units and remaining LTIP Units, if any, held by such person immediately after such conversion. Any Additional Limited Partner pursuant to Article 11 hereof may exercise the
rights of such Limited Partner pursuant to this Section 8.8 and such Limited Partner shall be bound by the exercise of such rights by the Additional Limited Partner. 
 E. For purposes of making future allocations under Section 6.2.C and applying the Capital Account Limitation, the portion of the
Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Ordinary Unit
Economic Balance. 
 F. If the Partnership or the General Partner shall be a party to any transaction (including without limitation a
merger, consolidation, unit exchange, self tender offer for all or substantially all Ordinary Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any transaction
which constitutes an Adjustment Event) in each case as a result of which Ordinary Units shall be exchanged for or converted into the right, or the Holders shall otherwise be entitled to receive cash, securities or other property or any combination
thereof (each of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Forced Conversion with respect to the maximum
number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Partnership were sold at the Transaction
price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Ordinary Units in the context of the Transaction (in which case the Conversion Date shall be the effective date of the
Transaction). In anticipation of such Forced Conversion and the consummation of the Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such
Transaction in consideration for the Ordinary Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction
by a Holder of the same number of Ordinary Units, assuming such Holder is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as
the case may be (a “Constituent Person”), or an affiliate of a Constituent Person. In the event that Holders have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction,
prior to such Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the
General Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such holder into Ordinary Units in connection with such Transaction. If a LTIP Unitholder fails to make such an election, such holder (and
any of its transferees) shall receive upon conversion of each LTIP Unit held by him or her (or by any of his or her 

  

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transferees) the same kind and amount of consideration that a Holder would receive if such Holder failed to make such an election. Subject to the rights of
the Partnership and the General Partner under any Vesting Agreement and the relevant terms of any applicable Stock Plan, the Partnership shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the
provisions of this Section 8.8.F and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into Ordinary Units in connection
with the Transaction that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to
the Ordinary Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Agreement for the benefit of the LTIP Unitholders. 
 Section 8.9 Voting Rights of LTIP Units 
 LTIP Unitholders shall (a) have those voting rights required from time to time by applicable law, if any, (b) have the same voting rights as a Holder, with the LTIP Units voting as a single class with the Ordinary Units and having
one vote per LTIP Unit; and (c) have the additional voting rights that are expressly set forth below. So long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of
the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of the Agreement applicable
to LTIP Units so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights,
privileges and voting powers of the holders of Ordinary Units; but subject, in any event, to the following provisions: (i) with respect to any Transaction, so long as the LTIP Units are treated in accordance with Section 8.8.F
hereof, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and (ii) any creation or issuance of
any Partnership Units or of any class or series of Partnership Interest including without limitation additional Partnership Units or LTIP Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions
and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. The foregoing
voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding LTIP Units shall have been converted into Ordinary Units. 
 ARTICLE 9 
 BOOKS, RECORDS, ACCOUNTING
AND REPORTS 
 Section 9.1 Records and Accounting 
 The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the
Partnership’s business, including 

  

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without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided
pursuant to Section 9.3. Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of any information storage device, provided, that the records so
maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted
accounting principles. 
 Section 9.2 Fiscal Year 
 The fiscal year of the Partnership shall be the calendar year. 
 Section 9.3 Reports 
 A. As soon as practicable, but in no event later than the date on which the General Partner Entity mails its annual report to its shareholders, the
General Partner shall cause to be mailed to each Limited Partner as of the close of the Partnership Year, 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 Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected
by the General Partner. 
 B. If and to the extent that the General Partner Entity mails quarterly reports to its shareholders, as
soon as practicable, but in no event later than the date on which such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day of such calendar
quarter, of the Partnership, or of the General Partner Entity or the General Partner, if such statements are prepared solely on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation,
or as the General Partner determines to be appropriate. 
 Section 9.4 Nondisclosure of Certain Information 
 Notwithstanding the provisions of Sections 9.1 and 9.3, the General Partner may keep confidential from the Limited Partners any information
that the General Partner believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interest of the Partnership or which the Partnership is required by law
or by agreements with unaffiliated third parties to keep confidential. 
 ARTICLE 10 
 TAX MATTERS 
 Section 10.1 Preparation of Tax
Returns 
 The General Partner shall arrange for the preparation and timely filing of all required returns of Partnership income, gains,
deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to 

  

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furnish, within 120 days of the close of each taxable year, the tax information reasonably required by Limited Partners for federal and state income tax
reporting purposes. Each Limited Partner shall promptly provide the General Partner with any information reasonably requested by the General Partner including any information relating to any Contributed Property. 
 Section 10.2 Tax Elections 
 Except as
otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code, including the election under Section 754 of the Code. The General Partner shall
have the right to seek to revoke any such election (including without limitation, any election under Section 754 of the Code) upon the General Partner’s determination in its sole and absolute discretion that such revocation is the best
interests of the Partners. 
 Section 10.3 Tax Matters Partner 
 A. The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. Pursuant to
Code Section 6230(e), upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name, address and profit interest of each of the
Limited Partners and Additional Limited Partners; provided, however, that such information is provided to the Partnership by the Limited Partners and Additional Limited Partners. 
 B. The tax matters partner is authorized, but not required: 
 (1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax
purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters
partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS
providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who is a “notice partner” (which shall have the same meaning as the term
“notice partner” set forth in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 
 (2) in the event that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “final
adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a petition for readjustment with the Tax Court or the United States Claims Court, or the filing of a complaint
for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is located; 
 (3) to intervene in any action brought by any other Partner for judicial review of a final adjustment; 
  

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 (4) to file a request for an administrative adjustment with the IRS at any time and, if any part
of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
 (5) to enter into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by
such item; 
 (6) to take any other action on behalf of the Partners of the Partnership in connection with any tax audit or judicial
review proceeding to the extent permitted by applicable law or regulations; and 
 (7) to take any other action required by the Code
and Regulations in connection with its role as tax matters partner. 
 The taking of any action and the incurring of any expense by the tax
matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner set forth
in Section 7.7 shall be fully applicable to the tax matters partner in its capacity as such. 
 C. The tax matters partner
shall receive no compensation for its services. All third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees) shall be borne by the Partnership. Nothing herein shall be
construed to restrict the Partnership from engaging an accounting firm or law firm to assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.

 Section 10.4 Organizational Expenses 
 The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a one hundred eighty (180) -month period as provided in Section 709 of the Code. 

Section 10.5 Withholding 
 Each Limited
Partner hereby authorizes the Partnership, and the General Partner in the event the General Partner elects to satisfy the Redemption Right pursuant to Section 8.6B, to withhold from or pay on behalf of or with respect to such Limited Partner
any amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement,
including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Sections 1441, 1442, 1445 or 1446. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a receivable of the
Partnership from such Limited Partner, which receivable shall be paid by such Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment
from a distribution which would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that 

  

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such payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed to the Limited Partner. Any
amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest
in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. If a Limited Partner fails to pay any amounts
owed to the Partnership pursuant to this Section 10.5 when due, the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event
shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to receive
distributions). Any amounts payable by a Limited Partner hereunder shall bear interest at 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, plus
two percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or
the General Partner shall request in order to perfect or enforce the security interest created hereunder. 
 ARTICLE 11 
 TRANSFERS AND WITHDRAWALS 
 Section 11.1
Transfer 
 A. The term “transfer,” when used in this Article 11 with respect to a
Partnership Interest, shall be deemed to refer to a transaction by which the General Partner purports to assign its General Partner Interest to another Person or by which a Limited Partner purports to assign its Limited Partner Interest to another
Person, and includes a sale, assignment, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this Article
11 does not include any redemption or repurchase of Partnership Units by the Partnership from a Partner or acquisition of Partnership units from a Limited Partner by the General Partner pursuant to Section 8.6 except as otherwise
provided herein. No part of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may
be specifically provided for in this Agreement or consented to by the General Partner. 
 B. No Partnership Interest shall be
transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article 11 shall be null
and void ab initio unless otherwise consented to by the General Partner in its sole and absolute discretion. 
  

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 Section 11.2 Transfer of General Partner’s Partnership Interest 
 A. Except in connection with a Termination Transaction permitted under Section 11.2.B or a transfer or assignment to an Affiliate of
the General Partner, the General Partner shall not withdraw from the Partnership and shall not transfer or assign all or any portion of its Partnership Interest (whether by sale, statutory merger or consolidation, liquidation, or otherwise), without
the Consent of the Limited Partners, which may be given or withheld by each Limited Partner in its sole and absolute discretion, and only upon the acceptance of a Person as a substitute General Partner pursuant to Section 12.1. Upon any
transfer of a Partnership Interest in accordance with the provisions of this Section 11.2, the transferee shall become a substitute General Partner for all purposes herein, and shall be vested with the powers and rights of the transferor
General Partner, and shall be liable for all obligations and responsible for all duties of the General Partner, once such transferee has executed such instruments as may be necessary to effectuate such acceptance and to confirm the agreement of such
transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired. It is a condition to any transfer otherwise permitted hereunder that the transferee assumes, by operation of law or
express agreement, all of the obligations of the transferor General Partner under this Agreement with respect to such transferred Partnership Interest, and no such transfer (other than pursuant to a statutory merger or consolidation wherein all
obligations and liabilities of the transferor General Partner are assumed by a successor corporation by operation of law) shall relieve the transferor General Partner of its obligations under this Agreement without the Consent of the Limited
Partners, in their reasonable discretion. In the event the General Partner withdraws from the Partnership, in violation of this Agreement or otherwise, or otherwise dissolves or terminates, all of the remaining Partners may elect to continue the
Partnership business by selecting a substitute General Partner in accordance with the Act. 
 B. The General Partner shall not engage
in any merger, consolidation, or other combination with or into another person, sale of all or substantially all of its assets or any reclassification, recapitalization or change of its outstanding equity interests (“Termination
Transaction”) unless (1) the Termination Transaction has been approved by a Consent of the Limited Partners or (2) either clause (1) or (2) below is satisfied: 
 (1) the following conditions are met: (i) substantially all of the assets directly or indirectly owned by the surviving entity are held
directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the “Surviving
Partnership”); (ii) the holders of Ordinary Units or LTIP Units or both own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of
the Surviving Partnership immediately prior to the consummation of such transaction; (iii) the rights, preferences and privileges of such holders in the Surviving Partnership are at least as favorable as those in effect immediately prior to the
consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving Partnership; and (iv) such rights of the Limited Partners include at least one of the following: (a) the right
to redeem their interests in the Surviving Partnership for the consideration available to such persons pursuant to Section 11.2.B(2); or (b) the right to redeem their Ordinary Units for cash on terms equivalent to those in effect
with 

  

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respect to their Ordinary Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving
Partnership has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares. 
 (2) in connection with such Termination Transaction all Limited Partners (other than the General Partner or any of its Affiliates who are not
natural persons) either will receive, or will have the right to elect to receive, for each Ordinary Unit an amount of cash, securities, or other property equal to the product of the REIT Shares Amount and the greatest amount of cash, securities or
other property paid to a holder of one REIT Share in consideration of one REIT Share in connection with the Termination Transaction; provided, that, if, in connection with the Termination Transaction, a purchase, tender or exchange offer shall have
been made to and accepted by the holders of more than fifty percent (50%) of the outstanding REIT Shares, each Holder of Ordinary Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities, or
other property which such holder would have received had it exercised its right to Redemption (as set forth in Section 8.6) and received REIT Shares in exchange for its Ordinary Units immediately prior to the expiration of such purchase,
tender, or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; or 
 Section 11.3 Limited Partners’ Rights to Transfer 
 A. Prior to the twelve (12) month
anniversary of the Effective Date, no Limited Partner shall transfer all or any portion of its Partnership Interest to any transferee without the consent of the General Partner, which consent may be withheld in its sole and absolute discretion, or
exercise its right of Redemption set forth in Section 8.6; provided, however, that any Limited Partner may, at any time (whether prior to or after such twelve (12) month anniversary), without the consent of the General Partner,
(i) transfer all or any portion of its Partnership Interest to the General Partner, (ii) transfer all or any portion of its Partnership Interest to an Affiliate, subject to the provisions of Section 11.6, (iii) transfer
all or any portion of its Partnership Interest to a trust for the benefit of a charitable beneficiary or to a charitable foundation, subject to the provisions of Section 11.6, (iv) transfer all or a portion of its Partnership
Interest to such Limited Partner’s (A) parent or parent’s spouse, (B) spouse, (C) natural or adopted descendant or descendants, (D) spouse of such Limited Partner’s descendant, (E) brother or sister,
(F) trust created by such Limited Partner for the primary benefit of such Limited Partner and/or any such Person(s) described in (A) through (E) above, of which trust such Limited Partner or any such Person(s) or bank or other
commercial entity in the business of acting as a fiduciary in its ordinary course of business and having an equity capitalization of at least $100,000,000 is a trustee, (G) a corporation, partnership or limited liability company controlled by a
Person or Persons named in (A) through (E) above, or (H) if the Limited Partner is an entity, its beneficial owners, subject to the provisions of Section 11.6, and (v) subject to the provisions of Section 11.6,
pledge (a “Pledge”) all or any portion of its Partnership Interest to a lending institution, which is not an Affiliate of such Limited Partner, as collateral or security for a bona fide loan or other extension of credit with a
scheduled maturity date not sooner than the twelve (12) month anniversary of the Effective Date, and transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension
or credit, and the transfer of such pledged Partnership 

  

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Interest by the lender to any transferee (subject in each case to Section 11.3.D). After such twelve (12) month anniversary, each Limited
Partner or Assignee (resulting from a transfer made pursuant to clauses (i)-(v) of the proviso of the preceding sentence) shall have the right to transfer all or any portion of its Partnership Interest, subject to the provisions of
Section 11.6 and the satisfaction of each of the following conditions (in addition to the right of each such Limited Partner or Assignee (A) to make any such transfer permitted by clauses (i)-(iv) of such proviso or (B) to
make any transfer to its members, in each case, without satisfying condition (1) below): 
 (1) General Partner Right of First
Refusal. The transferring Partner shall give written notice of the proposed transfer to the General Partner, which notice shall state (i) the identity of the proposed transferee, and (ii) the amount and type of consideration proposed to be
received for the transferred Partnership Units. The General Partner shall have ten (10) days upon which to give the transferring Partner notice of its election to acquire the Partnership Units on the proposed terms. If it so elects, it shall
purchase the Partnership Units on such terms within ten (10) days after giving notice of such election. If it does not so elect, the transferring Partner may transfer such Partnership Units to a third party, on economic terms no more favorable
to the transferee than the proposed terms, subject to the other conditions of this Section 11.3. 
 (2) Qualified
Transferee. Any transfer of a Partnership Interest shall be made only to Qualified Transferees. 
 It is a condition to any transfer
otherwise permitted hereunder that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such transferred Partnership Interest and no such
transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its
obligations under this Agreement without the approval of the General Partner, in its reasonable discretion. Notwithstanding the foregoing, any transferee of any transferred Partnership Interest shall be subject to any and all ownership limitations
contained in the Charter and to the representations in Section 3.4. Any transferee, whether or not accepted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless accepted as a
Substituted Limited Partner in accordance with Section 11.4.A, no transferee, whether by a voluntary transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in and in
compliance with Section 11.5. 
 B. The General Partner may prohibit any transfer otherwise permitted under this
Section 11.3 by a Limited Partner of his or her Partnership Units if, in the opinion of legal counsel to the Partnership, such transfer may require the filing of a registration statement under the Securities Act by the Partnership or
would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units. 
 C.
No Transfers Affecting Tax Status of Partnership. No transfer of Partnership Units by a Limited Partner (including a redemption or exchange pursuant to Section 8.6) may be made to any Person if (i) in the opinion of legal
counsel for the Partnership, there is a material risk that it would result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes or would result in a termination of the Partnership for federal

  

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income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership Units held by all Limited Partners other than the General
Partner or the General Partner Entity or any Subsidiary of the General Partner or the General Partner Entity or pursuant to a transaction expressly permitted under Section 11.2), (ii) in the opinion of legal counsel for the Partnership,
there is a risk that it would adversely affect the ability of the General Partner Entity to continue to qualify as a REIT or would subject the General Partner Entity 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 (provided that this clause
(iii) shall not be the basis for limiting or restricting in any manner the exercise of the Redemption Right under Section 8.6 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect
that, in the absence of such limitation or restriction, there is a material risk that the Partnership will be treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation). 
 D. No Transfers to Holders of Nonrecourse Liabilities. No pledge or transfer of any Partnership Units may be made to a lender to the
Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan otherwise constitutes a Nonrecourse Liability unless (i) the General Partner is provided
prior written notice thereof and (ii) the lender enters into an arrangement with the Partnership and the General Partner to exchange or redeem for the Redemption 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. 
 Section 11.4 Substituted Limited Partners 
 A. No Limited Partner shall have the
right to substitute a transferee as a Limited Partner in his or her place (including any transferee permitted by Section 11.3). The General Partner shall, however, have the right to consent to the admission of a transferee of the
interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner ‘s failure or
refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. 
 B. A transferee who has been admitted as a Substituted Successor Limited Partner in accordance with this Article 11 shall have all the
rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. The admission of any transferee as a Substituted Limited Partner shall be subject to the transferee executing and delivering to the
Partnership an acceptance of all of the terms and conditions of this Agreement (including without limitation, the provisions of Section 2.4 and such other documents or instruments as may be required to effect the acceptance of any Person
as a Substituted Limited Partner), each in form and substance satisfactory to the General Partner) and the acknowledgment by such transferee that each of the representations and warranties set forth in Section 3.4 are true and correct
with respect to such transferee as of the date of the transfer of the Partnership Interest to such transferee and will continue to be true to the extent required by such representations and warranties. 
  

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 C. Upon the acceptance of a Person as a Substituted Limited Partner, the General Partner shall
amend Exhibit A to reflect the name, address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such
Substituted Limited Partner. 
 Section 11.5 Assignees 
 If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as a Substituted Limited Partner, as described in
Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive
distributions from the Partnership and the share of Net Income, Net Losses, gain and loss attributable to the Partnership Units assigned to such transferee, the rights to transfer the Partnership Units provided in this Article 11 and the
right of Redemption provided in Section 8.6, but shall not be deemed to be a Holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to effect a Consent with respect to such Partnership Units on
any matter presented to the Limited Partners for approval (such Consent remaining with the transferor Limited Partner). In the event any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be
subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. Notwithstanding anything contained in this Agreement to the contrary, as a
condition to becoming an Assignee, any prospective Assignee must first execute and deliver to the Partnership an acknowledgment that each of the representations and warranties set forth in Section 3.4 are true and correct with respect to
such prospective Assignee as of the date of the prospective assignment of the Partnership Interest to such prospective Assignee and will continue to be true to the extent required by such representations or warranties. 
 Section 11.6 General Provisions 
 A.
No Limited Partner may withdraw from the Partnership other than as a result of (i) a permitted transfer of all of such Limited Partner’s Partnership Units in accordance with this Article 11 and the transferee(s) of such
Partnership Units being admitted to the Partnership as a Substituted Limited Partner or (ii) pursuant to the exercise of its right of Redemption of all of such Limited Partner’s Partnership Units under Section 8.6; provided
that after such transfer, exchange or redemption such Limited Partner owns no Partnership Interest. 
 B. Any Limited Partner who
shall transfer all of such Limited Partner’s Partnership Units in a transfer (i) permitted pursuant to this Article 11 where the transferee was admitted as a Substituted Limited Partner or (ii) pursuant to the exercise of its
rights of Redemption of all of such Limited Partner’s Partnership Units under Section 8.6, shall cease to be a Limited Partner; provided that after such transfer, exchange, or redemption such Limited Partner owns no Partnership
Interest. 
 C. Transfers pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership,
unless the General Partner otherwise agrees. 
  

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 D. If any Partnership Interest is transferred, assigned, or redeemed during any quarterly segment
of the Partnership’s Partnership Year in compliance with the provisions of this Agreement (including this Article 11 and Section 8.6) on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item
thereof and all other items attributable to such Partnership Interest for such Partnership Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the
Partnership Year using a method selected by the General Partner that is in accordance with Code Section 706(d). Except as otherwise agreed by the General Partner, all distributions of Available Cash with respect to which the Partnership Record
Date is before the date of such transfer, assignment, exchange or redemption shall be made to the transferor Partner, and all distributions of Available Cash thereafter, in the case of a transfer or assignment other than a redemption, shall be made
to the transferee Partner. 
 E. In addition to any other restrictions on transfer herein contained, including without limitation the
provisions of this Article 11, in no event may any transfer or assignment of a Partnership Interest by any Partner (including pursuant to a Redemption or exchange for REIT Shares by the Partnership or the General Partner) be made (i) to
any person or entity who lacks the legal right, power, or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) except with the consent of the General Partner, which may be given or withheld in its sole and
absolute discretion, of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) except with the consent of the
General Partner, which may be given or withheld in its sole and absolute discretion, if in the opinion of legal counsel to the Partnership such transfer could cause a termination of the Partnership for federal or state income tax purposes (except as
a result of the Redemption or exchange for REIT Shares of all Ordinary Units held by all Limited Partners other than the General Partner, the General Partner Entity, or any Subsidiary of either, or pursuant to a transaction permitted under
Section 11.2); (v) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if in the opinion of counsel to the Partnership such transfer could cause the Partnership to
cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption or exchange for REIT Shares of all Ordinary Units held by all Limited Partners other than the General Partner, the General Partner Entity,
or any Subsidiary of either, or pursuant to a transaction permitted under Section 11.2); (vi) with respect to any transfer that would constitute a “prohibited transaction” under ERISA or the Code, if such transfer could,
in the opinion of counsel to the Partnership, cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified
person” (as defined in Section 4975(e) of the Code); (vii) if such transfer could, in the opinion of counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan
pursuant to Department of Labor Regulations Section 2510.2-101; (viii) if such transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (ix) except with the consent
of the General Partner, which may be given or withheld in its sole and absolute discretion, if such transfer (1) could be treated as effectuated through an “established securities market” or a “secondary market” (or the
substantial equivalent thereof) within the meaning of Section 7704 of the Code, (2) could cause the Partnership to become a “Publicly Traded Partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code,
(3) could be in violation of Section 3.4.E, or (4) could cause the Partnership to fail one or more of the Safe 

  

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Harbors (as defined below); (x) if such transfer subjects the Partnership to be regulated under the Investment Company Act of 1940, the Investment
Advisors Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; (xi) except with the consent of the General Partner, which may be given or withheld in its sole discretion, if the transferee or assignee of such
Partnership Interest is unable to make the representations set forth in Section 3.4.C; (xii) if such transfer is made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the
Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion; and provided, that, as a condition to
granting such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to redeem or exchange for the REIT Shares 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; or (xiii) if in the opinion of legal counsel for the Partnership
such transfer could adversely affect the ability of the General Partner to continue to qualify as a REIT or, except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, subject the General
Partner to any additional taxes under Section 857 or Section 4981 of the Code. 
 F. The General Partner shall monitor the
transfers of interests in the Partnership (including any acquisition of Ordinary Units by the Partnership or the General Partner) to determine (i) if such interests could be treated as being traded on an “established securities
market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and (ii) whether such transfers of interests could result in the Partnership being unable to qualify for
the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”). The General Partner shall have the authority (but shall not be required) to take any steps it
determines are necessary or appropriate in its sole and absolute discretion to prevent any trading of interests which could cause the Partnership to become a “publicly traded partnership,” within the meaning of Code Section 7704, or
any recognition by the Partnership of such transfers, or to ensure that one or more of the Safe Harbors is met. 
 ARTICLE 12

 ADMISSION OF PARTNERS 
 Section 12.1 Substitute General Partner 
 A Person who is proposed pursuant to Section 11.2 to be a
substitute General Partner shall become the General Partner following completion of such transfer effected pursuant to Section 11.2. In each case, the transfer shall be subject to the substitute General Partner’s executing and
delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the transfer. In the case of such transfer on any day other than the first day of a
Partnership Year, all items attributable to the General Partner Interest for such Partnership Year shall be allocated between the transferring General Partner and such substitute General Partner as provided in Article 11. 
  

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 Section 12.2 Additional Limited Partners 
 A. After the admission to the Partnership of the initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the
Partnership in accordance with this Agreement shall become an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of
this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such
Person’s acceptance as an Additional Limited Partner. 
 B. Notwithstanding anything to the contrary in this
Section 12.2, no Person shall become an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The acceptance of any
Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the receipt of the Capital Contribution in respect of such Limited
Partner and the consent of the General Partner to such admission. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all
other items allocable among Partners and Assignees for such Partnership Year shall be allocated among such Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year using a method
selected by the General Partner that is in accordance with Code Section 706(d). Except as otherwise agreed to by the Additional Limited Partners and the General Partner, all distributions of Available Cash with respect to which the Partnership
Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the newly admitted Additional Limited Partner (other than in its capacity as an Assignee) and all distributions of Available Cash thereafter
shall be made to all Partners and Assignee including such Additional Limited Partner. 
 Section 12.3 Amendment of Agreement and Certificate
of Limited Partnership 
 To accept any Person as a Partner of the Partnership, the General Partner shall take all steps necessary and
appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an
amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4. 
  

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 ARTICLE 13 
 DISSOLUTION AND LIQUIDATION 
 Section 13.1 Dissolution 
 The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor
General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner (selected as described in Section 13.1.B below) shall continue the business of the Partnership. The
Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”): 
 A. the expiration of its term as provided in Section 2.5; 
 B. an event of
withdrawal of the General Partner, as defined in the Act, unless, within 90 days after the withdrawal, all of the remaining Partners agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the
appointment, effective as of the date of withdrawal, of a substitute General Partner; 
 C. subject to compliance with
Section 11.2 an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion; 
 D.
entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 
 E. any sale or other
disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership; 
 F. the Redemption or exchange for REIT Shares of all Partnership Interests (other than those of the General Partner) pursuant to this Agreement;
or 
 G. a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is
bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in
effect, unless prior to the entry of such order or judgment all of the remaining Partners agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a
substitute General Partner. 
 Section 13.2 Winding Up 
 A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of its
creditors and Partners. No Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs. The General Partner (or, in the event there is no remaining
General Partner, 

  

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any Person elected by a Consent of the Limited Partners (the “Liquidator”)) shall be responsible for overseeing the winding-up and
dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds
therefrom (which may, to the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 
 (1) First, to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners; 
 (2) Second, to the payment and discharge of all of the Partnership’s debts and liabilities to the General Partner; 
 (3) Third, to the payment and discharge of all of the Partnership’s debts and liabilities to the Limited Partners; 
 (4) Fourth, to the holders of Partnership Interests that are entitled to any preference in distribution upon liquidation in accordance with the
rights of any such class or series of Partnership Interests (and, within such class or series, to each holder thereof pro rata based on its Percentage Interest in such class); and 
 (5) The balance, if any, to the Partners in accordance with their positive Capital Account balances, determined after taking into account all
Capital Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs (other than those made as a result of the liquidating distribution set forth in this Section 13.2.A(3)). 

The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13 other than
reimbursement of its expenses as provided in Section 7.4. 
 B. Notwithstanding the provisions of
Section 13.2.A which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of
part or all of the Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to
satisfy liabilities of the Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A, undivided interests in
such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in-kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in-kind are in the best interest of the Partners,
and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator
shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
  

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 Section 13.3 Capital Contribution Obligation 
 A. If any Partner has a deficit balance in his or her Capital Account (after giving effect to all contributions, distributions and allocations for
the taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit at any time shall not be
considered a debt owed to the Partnership or to any other Person for any purpose whatsoever, except as otherwise set forth in this Section 13.3.A, or as otherwise expressly agreed in writing by the affected Partner and the Partnership after the
date hereof. Notwithstanding the foregoing, (i) if the General Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions, and allocations for all Partnership Years or portions thereof,
including the year during which such liquidation occurs), the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero in compliance with Regulations
Section 1.704-1(b)(2)(ii)(b)(3); (ii) if a DRO Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions, and allocations for all Partnership Years or portions thereof, including the year
during which such liquidation occurs), such DRO Partner shall be obligated to make a contribution to the Partnership with respect to any such deficit balance in such DRO Partner’s Capital Account upon a liquidation of the Partnership in an
amount equal to the lesser of such deficit balance or such DRO Partner’s DRO Amount; and (iii) the first sentence of this Section 13.3.A shall not apply with respect to any other Partner to the extent, but only to such extent, that
such Partner previously has agreed in writing, with the consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit that may exist in its Capital Account upon a liquidation of the Partnership. No
Limited Partner shall have any right to become a DRO Partner, to increase its DRO Amount, or otherwise agree to restore any portion of any deficit that may exist in its Capital Account without the express written consent of the General Partner, in
its sole and absolute discretion. Any contribution required of a Partner under this Section 13.3.A. shall be made on or before the later of (i) the end of the Partnership Year in which the interest is liquidated or (ii) the ninetieth
(90th) day following the date of such liquidation. The proceeds of any contribution to the Partnership made by a DRO Partner with respect to a deficit in such DRO Partner’s Capital Account balance shall be treated as a Capital Contribution
by such DRO Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in Section 13.2.A. 
 B. If a DRO Partner’s interest in the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (other than in connection with a liquidation of the Partnership) which term shall
include a redemption by the Partnership of such DRO Partner’s interest upon exercise of the Redemption Right, and such DRO Partner is designated on Exhibit I as Part II DRO Partner, such DRO Partner shall be required to contribute cash to the
Partnership equal to the lesser of (i) the amount required to increase its Capital Account balance as of such date to zero, or (ii) such DRO Partner’s DRO Amount. For this purpose, (i) the DRO Partner’s deficit Capital
Account balance shall be determined by taking into account all contributions, distributions, and allocations for the portion of the Fiscal Year ending on the date of the liquidation or redemption, and (ii) solely for purposes of determining
such DRO Partner’s Capital Account balance, the General Partner shall redetermine the Gross Asset Value of the Partnership’s assets on such date based upon the principles set forth in subparagraph (b) of the definition of Gross Asset
Value (provided in Article I), and shall take into account the DRO 

  

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Partner’s allocable share of any Unrealized Gain or Unrealized Loss resulting from such redetermination in determining the balance of its Capital
Account. The amount of any payment required hereunder shall be due and payable within the time period specified in the second to last sentence of Section 13.3.A. 
 C. After the death of a DRO Partner who is an individual, the executor of the estate of such DRO Partner may elect to reduce (or eliminate) the DRO Amount of such DRO Partner. Such elections may be made by such
executor by delivering to the General Partner within two hundred and seventy (270) days of the death of such Limited Partner, a written notice setting forth the maximum deficit balance in its Capital Account that such executor agrees to restore
under this Section 13.3, if any. If such executor does not make a timely election pursuant to this Section 13.3 (whether or not the balance in the applicable Capital Account is negative at such time), then the DRO Partner’s estate
(and the beneficiaries thereof who receive distributions of Partnership Interests therefrom) shall be deemed a DRO Partner with a DRO Amount in the same amount as the deceased DRO Partner. Any DRO Partner which itself is a partnership for federal
income tax purposes may likewise elect, after the date of its partner’s death to reduce (or eliminate) its DRO Amount by delivering a similar notice to the General Partner within the time period specified above, and in the absence of any such
notice the DRO Amount of such DRO Partner shall not be reduced to reflect the death of any of its partners. 
 Section 13.4 Compliance with
Timing Requirements of Regulations 
 If the Partnership is “liquidated” within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g), distributions shall be made under this Article 13 to the General Partner and Limited Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). In the
discretion of the Liquidator or the General Partner, a pro rata portion of the distributions that would otherwise be made to the General Partner and Limited Partners pursuant to this Article 13 may be: 
 (1) distributed to a trust established for the benefit of the Partners for the purposes of liquidating Partnership assets, collecting amounts owed
to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership. The assets of any such trust shall be distributed to the
Partners from time to time, in the reasonable discretion of the Liquidator or the General Partner, in the same proportions that would otherwise have been distributed to the Partners by the Partnership pursuant to this Agreement; or 
 (2) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized
portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the Partners in the manner and priority set forth in Section 13.2.A as soon as practicable.

 Section 13.5 Deemed Distribution and Recontribution 
 Notwithstanding any other provision of this Article 13, in the event the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no Liquidating 

  

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Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged, and the
Partnership’s affairs shall not be wound up. Instead, solely for federal income tax purposes, the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new
partnership. Immediately thereafter, the Partnership shall be deemed to distribute interests in the new partnership to the Partners in proportion to their respective interests in the Partnership in liquidation of the Partnership. 
 Section 13.6 Rights of Limited Partners 
 Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of such Limited Partner’s Capital Contribution and shall have no right or power to demand or receive
property from the General Partner. No Limited Partner shall have priority over any other Limited Partner as to the return of such Limited Partner’s Capital Contributions, distributions or allocations. 
 Section 13.7 Notice of Dissolution 
 In
the event a Liquidating Event occurs or an event occurs that would, but for provisions of Section 13.1, result in a dissolution of the Partnership, the General Partner shall, within 30 days thereafter, provide written notice thereof to
each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in the discretion of the General Partner) and shall publish notice thereof in a newspaper of general circulation in each place in
which the Partnership regularly conducts business (as determined in the discretion of the General Partner). 
 Section 13.8 Cancellation of
Certificate of Limited Partnership 
 Upon the completion of the liquidation of the Partnership cash and property as provided in
Section 13.2, the Partnership shall be terminated and the Certificate and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Maryland shall be cancelled and such other actions
as may be necessary to terminate the Partnership shall be taken. 
 Section 13.9 Reasonable Time for Winding-Up 
 A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to
Section 13.2, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 
 Section 13.10 Waiver of Partition 
 Each
Partner hereby waives any right to partition of the Partnership property. 
  

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 ARTICLE 14 
 AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 
 Section 14.1 Amendments 
 A. The actions requiring consent or approval of the Partners or of the Limited Partners pursuant to this Agreement, including
Section 7.3, or otherwise pursuant to applicable law, are subject to the procedures in this Article 14. 
 B.
Amendments to this Agreement requiring the consent or approval of Limited Partners may be proposed by the General Partner or by Limited Partners holding twenty five percent (25%) or more of the Partnership Interests held by Limited
Partners. The General Partner shall seek the written Consent of the Limited Partners on the proposed amendment or shall call a meeting to vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining a
written consent, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a consent which is consistent with the General
Partner’s recommendation (if so recommended) with respect to the proposal; provided, that, an action shall become effective at such time as requisite consents are received even if prior to such specified time. A proposed amendment shall be
adopted and be effective as an amendment hereto if it is approved by the General Partner and, to the extent expressly required in this Agreement, it receives the Consent of the Limited Partners. 
 C. Amendments Requiring Limited Partner Consent. Without the Consent of the Limited Partners, the General Partner shall not amend
Section 4.3.B, Section 7.1.A (second sentence only), Section 7.3, Section 7.5, Section 7.6, Section 7.8, Section 8.1, Section 8.3, Section 8.5, Section 8.6, Section 8.7, Section 8.8,
Section 8.9, Section 11.2, Section 11.3, this Section 14.1.C or Section 14.2. 
 D. Other Amendments
Requiring Certain Limited Partner Approval. Notwithstanding anything in this Section 14.1 to the contrary, this Agreement shall not be amended with respect to any Partner adversely affected without the Consent of such Partner adversely
affected, or to any Assignee who is a bona fide financial institution that loans money or otherwise extends credit to a holder of Partnership Units that is adversely affected, but in either case only if such amendment would (i) convert such
Limited Partner’s interest in the Partnership into a general partner’s interest, (ii) modify the limited liability of such Limited Partner, (iii) amend Article 5 or Article 6 (except as permitted pursuant to Sections 5.4, 6.2 and
7.3.C(3)), (iv) amend Section 8.6 or any defined terms set forth in Article 1 that relate to the Redemption Right (except as permitted in Section 8.6.F), or (v) amend Sections 11.3 or 11.5, or add any additional restrictions to
Section 11.6.E or amend Section 7.3.C(4) or this Section 14.1.D. 
 Section 14.2 Action by the Partners 
 A. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request
by Limited Partners holding fifty 

  

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percent (50%) or more of the Partnership Interests held by Limited Partners. The notice shall state the nature of the business to be transacted. Notice
of any such meeting shall be given to all Partners not less than seven days nor more than thirty (30) days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of the Limited
Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.1. 
 B. Any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the
action so taken is signed by the percentage as is expressly required by this Agreement for the action in question. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the Percentage
Interests of the Partners (expressly required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
 C. Each Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is entitled to
participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his attorney in fact. No proxy shall be valid after the expiration of 11 months from the date thereof
unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it. 
 D. Each
meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 
 E. On matters on which Limited Partners are entitled to vote, each Limited Partner shall have a vote equal to the number of Partnership Units
held. 
 ARTICLE 15 
 GENERAL PROVISIONS 
 Section 15.1 Addresses and Notice 
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and
shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee at the address set forth in Exhibit A or such other address as the Partners
shall notify the General Partner in writing. 
 Section 15.2 Titles and Captions 
 All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way
define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement. 
  

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 Section 15.3 Pronouns and Plurals 
 Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 15.4 Further Action 
 The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to
achieve the purposes of this Agreement. 
 Section 15.5 Binding Effect 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal
representatives and permitted assigns. 
 Section 15.6 Creditors 
 Other than as expressly set forth herein with respect to Indemnitees, none of the provisions of this Agreement shall be for the benefit of, or shall be
enforceable by, any creditor of the Partnership. 
 Section 15.7 Waiver 
 No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 Section 15.8 Counterparts 
 This Agreement may be executed in counterparts, all of which together shall
constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto. 
 Section 15.9 Applicable Law 
 This Agreement shall be construed in accordance with and governed by the laws of the State of Maryland, without regard to the principles of conflicts of law. 
 Section 15.10 Invalidity of Provisions 
 If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  

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 Section 15.11 Entire Agreement 
 This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior
written or oral understandings or agreements among them with respect thereto. 
 Section 15.12 No Rights as Stockholders 
 Nothing contained in this Agreement shall be construed as conferring upon the holders of Partnership Units any rights whatsoever as stockholders of the
General Partner or General Partner Entity, including without limitation any right to receive dividends or other distributions made to stockholders of the General Partner or General Partner Entity or to vote or to consent or to receive notice as
stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or General Partner Entity or any other matter. 
 Section 15.13 Limitation to Preserve REIT Status 
 To the extent that any amount paid or credited to the General
Partner or any of its officers, trustees, employees or agents pursuant to Section 7.4 or Section 7.7 would constitute gross income to the General Partner for purposes of Section 856(c)(2) or 856(c)(3) of the Code (a “General
Partner Payment”) then, notwithstanding any other provision of this Agreement, the amount of such General Partner Payment for any fiscal year shall not exceed the lesser of: 
 (i) an amount equal to the excess, if any, of (a) 4% of the General Partner’s total gross income (within the meaning of
Section 856(c)(3) of the Code but not including the amount of any General Partner Payments) for the fiscal year which is described in subsections (A) though (H) of Section 856(c)(2) of the Code over (b) the amount of gross
income (within the meaning of Section 856(c)(2) of the Code) derived by the General Partner from sources other than those described in subsections (A) through (H) of Section 856(c)(2) of the Code (but not including the amount of
any General Partner Payments); or 
 (ii) an amount equal to the excess, if any of (a) 24% of the General Partner’s total
gross income (but not including the amount of any General Partner Payments) for the fiscal year which is described in subsections (A) through (I) of Section 856(c)(3) of the Code over (b) the amount of gross income (within the
meaning of Section 856(c)(3) of the Code but not including the amount of any General Partner Payments) derived by the General Partner from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of
the Code; 
 provided, however, that General Partner Payments in excess of the amounts set forth in subparagraphs (i) and (ii) above may be made if
the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts would not adversely affect the General Partner’s ability to qualify as a REIT. To the extent General Partner Payments may
not be made in a year due to the foregoing limitations, such General Partner Payments shall carry over and be treated as arising in the following year, provided, however, that such amounts shall not carry over for more than five years, and if not
paid within such five year period, shall expire; provided further, that (i) as General Partner Payments are made, such payments shall be applied first to carry over amounts outstanding, if any, and (ii) with respect to carry over amounts
for more than one Fiscal Year, such payments shall be applied to the earliest Fiscal Year first. 
  

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 IN WITNESS WHEREOF, the undersigned has executed this Agreement of Limited Partnership as of the date first written
above. 
  

							
	 	 	 	 	DUPONT FABROS TECHNOLOGY, L.P.
				
		 		 	By:	 	 DuPont Fabros Technology, Inc.
 a Maryland corporation

 Its General Partner

				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 Date:                                     
                        
  

 83

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