Document:

exv10w1

 

Exhibit 10.1

FIRST AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

ASSET CAPITAL PARTNERS, L.P.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I DEFINED TERMS	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II FORMATION OF PARTNERSHIP	 	 	9	 
	 

	 	2.01 Continuation
	 	 	9	 
	 

	 	2.02 Name, Office and Registered Agent
	 	 	9	 
	 

	 	2.03 Partners
	 	 	9	 
	 

	 	2.04 Term and Dissolution
	 	 	9	 
	 

	 	2.05 Filing of Certificate and Perfection of Limited Partnership
	 	 	10	 
	 

	 	2.06 Certificates Describing Partnership Units
	 	 	10	 
	 
	ARTICLE III BUSINESS OF THE PARTNERSHIP	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS	 	 	11	 
	 

	 	4.01 Capital Contributions
	 	 	11	 
	 

	 	4.02 Additional Capital Contributions and Issuances of Additional
Partnership Interests
	 	 	11	 
	 

	 	4.03 Additional Funding
	 	 	13	 
	 

	 	4.04 LTIP Units
	 	 	14	 
	 

	 	4.05 Conversion of LTIP Units
	 	 	16	 
	 

	 	4.06 Capital Accounts
	 	 	19	 
	 

	 	4.07 Percentage Interests
	 	 	20	 
	 

	 	4.08 No Interest on Contributions
	 	 	20	 
	 

	 	4.09 Return of Capital Contributions
	 	 	20	 
	 

	 	4.10 No Third Party Beneficiary
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE V PROFITS AND LOSSES; DISTRIBUTIONS	 	 	21	 
	 

	 	5.01 Allocation of Profit and Loss
	 	 	21	 
	 

	 	5.02 Distribution of Cash
	 	 	23	 
	 

	 	5.03 No Right to Distributions in Kind
	 	 	24	 
	 

	 	5.04 Limitations on Return of Capital Contributions
	 	 	24	 
	 

	 	5.05 Distributions Upon Liquidation
	 	 	24	 
	 

	 	5.06 Substantial Economic Effect
	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	 	 	25	 
	 

	 	6.01 Management of the Partnership
	 	 	25	 
	 

	 	6.02 Delegation of Authority
	 	 	28	 
	 

	 	6.03 Indemnification and Exculpation of Indemnitees
	 	 	28	 
	 

	 	6.04 Liability of the General Partner
	 	 	30	 
	 

	 	6.05 Partnership Obligations
	 	 	30	 
	 

	 	6.06 Outside Activities
	 	 	31	 
	 

	 	6.07 Employment or Retention of Affiliates
	 	 	31	 
	 

	 	6.08 General Partner Activities
	 	 	31	 
	 

	 	6.09 Title to Partnership Assets
	 	 	32	 

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	 	6.10 Redemption of General Partner Partnership Units
	 	 	32	 
	 
	 	 	 	 	 	 
	ARTICLE VII CHANGES IN THE COMPANY OR THE GENERAL PARTNER	 	 	32	 
	 

	 	7.01 Transfer of the General Partner’s Partnership Interest
	 	 	32	 
	 

	 	7.02 Admission of a Substitute or Additional General Partner
	 	 	34	 
	 

	 	7.03 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	 	 	34	 
	 

	 	7.04 Removal of a General Partner
	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE VIII RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	 	 	36	 
	 

	 	8.01 Management of the Partnership
	 	 	36	 
	 

	 	8.02 Power of Attorney
	 	 	36	 
	 

	 	8.03 Limitation on Liability of Limited Partners
	 	 	36	 
	 

	 	8.04 Redemption Right
	 	 	36	 
	 

	 	8.05 Registration
	 	 	39	 
	 
	 	 	 	 	 	 
	ARTICLE IX TRANSFERS OF PARTNERSHIP INTERESTS	 	 	42	 
	 

	 	9.01 Purchase for Investment
	 	 	42	 
	 

	 	9.02 Restrictions on Transfer of Partnership Interests
	 	 	42	 
	 

	 	9.03 Admission of Substitute Limited Partner
	 	 	43	 
	 

	 	9.04 Rights of Assignees of Partnership Interests
	 	 	44	 
	 

	 	9.05 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited
Partner
	 	 	45	 
	 

	 	9.06 Joint Ownership of Interests
	 	 	45	 
	 
	 	 	 	 	 	 
	ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	 	 	45	 
	 

	 	10.01 Books and Records
	 	 	45	 
	 

	 	10.02 Custody of Partnership Funds; Bank Accounts
	 	 	46	 
	 

	 	10.03 Fiscal and Taxable Year
	 	 	46	 
	 

	 	10.04 Annual Tax Information and Report
	 	 	46	 
	 

	 	10.05 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	 	 	46	 
	 

	 	10.06 Reports to Limited Partners
	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE XI AMENDMENT OF AGREEMENT; MERGER	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE XII GENERAL PROVISIONS	 	 	48	 
	 

	 	12.01 Notices
	 	 	48	 
	 

	 	12.02 Survival of Rights
	 	 	48	 
	 

	 	12.03 Additional Documents
	 	 	48	 
	 

	 	12.04 Severability
	 	 	48	 
	 

	 	12.05 Entire Agreement
	 	 	48	 
	 

	 	12.06 Pronouns and Plurals
	 	 	48	 
	 

	 	12.07 Headings
	 	 	48	 
	 

	 	12.08 Counterparts
	 	 	48	 
	 

	 	12.09 Governing Law
	 	 	48	 

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EXHIBITS

EXHIBIT A — Partners, Capital Contributions and Percentage Interests

EXHIBIT B — Notice of Exercise of Redemption Right

EXHIBIT C — Certification of Non-Foreign Status

EXHIBIT D — Notice of Election by Partner to Convert LTIP Units into OP Units

EXHIBIT E — Notice of Election by Partnership to Force Conversion of LTIP Units into OP
Units

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AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

ASSET CAPITAL PARTNERS, L.P.

     This Amended and Restated Agreement of Limited Partnership of Asset Capital Partners, L.P. is
made and entered into this 30th day of June, 2005 by and among Asset Capital Partners, L.P. (the
“Partnership”), Asset Capital Corporation, Inc., a Maryland corporation (the “Company”) and ACC GP,
LLC, a Delaware limited liability company and currently the sole general partner of the Partnership
(the “General Partner”), as well as the other limited partners who from time to time execute this
Agreement or counterparts hereof as limited partners.

RECITALS:

          WHEREAS, the Partnership was formed as a limited partnership under the laws of the State of
Delaware, pursuant to a Certificate of Limited Partnership filed with the Secretary of State of the
State of Delaware effective as of April 14, 2005 and an Agreement of Limited Partnership entered
into as of June 21st, 2005;

          WHEREAS, the parties desire to amend the Agreement of Limited Partnership and restate it in
its entirety as set forth in this Agreement.

AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing, the mutual covenants of the parties hereto,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Agreement of Limited Partnership shall be amended
and restated as follows:

ARTICLE I

DEFINED TERMS

     The following defined terms used in this Agreement shall have the meanings specified below:

     “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from
time to time.

     “Additional Funds” has the meaning set forth in Section 4.03 hereof.

     “Additional Securities” means any additional Common Shares (other than Common Shares issued in
connection with an exchange pursuant to Section 8.04 hereof) or rights, options,

 

 

warrants or convertible or exchangeable securities containing the right to subscribe for or
purchase Common Shares, as set forth in Section 4.02(a)(ii).

     “Adjustment Event” has the meaning set forth in Section 4.04(a) hereof.

     “Administrative Expenses” means (i) all administrative and operating costs and expenses
incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner or
the Company, including any salaries or other payments to directors, officers or employees of the
General Partner or the Company, and any accounting and legal expenses of the General Partner or the
Company, which expenses, the Partners have agreed, are expenses of the Partnership and not the
General Partner or the Company, and (iii) to the extent not included in clauses (i) or (ii) above,
Company Expenses; provided, however, that Administrative Expenses shall not include
any administrative costs and expenses incurred by the General Partner or the Company that are
attributable to Properties or partnership interests in a Subsidiary Partnership that are owned by
the General Partner or the Company or other than through its ownership interest in the Partnership.

     “Affiliate” means, (i) any Person that, directly or indirectly, controls or is controlled by
or is under common control with such Person, (ii) any other Person that owns, beneficially,
directly or indirectly, 10% or more of the outstanding capital stock, shares or equity interests of
such Person, or (iii) any officer, director, employee, partner, member, manager or trustee of such
Person or any Person controlling, controlled by or under common control with such Person (excluding
trustees and persons serving in similar capacities who are not otherwise an Affiliate of such
Person). For the purposes of this definition, “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”), as used with respect to any Person, shall
mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, through the ownership of voting securities or partnership
interests or otherwise.

     “Agreed Value” means the fair market value of a Partner’s non-cash Capital Contribution (net
of assumed liabilities) as of the date of contribution as agreed to by such Partner and the General
Partner. The names and addresses of the Partners, number of Partnership Units issued to each
Partner, and the Agreed Value of non-cash Capital Contributions as of the date of contribution is
set forth on Exhibit A.

     “Agreement” means this First Amended and Restated Agreement of Limited Partnership.

     “Articles of Incorporation” means the Articles of Incorporation of the Company filed with the
Maryland State Department of Assessments and Taxation, as amended or restated from time to time.

     “Board of Directors” means the Board of Directors of the Company.

     “Capital Account” has the meaning provided in Section 4.04 hereof.

     “Capital Account Limitation” has the meaning set forth in Section 4.05(b) hereof.

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     “Capital Contribution” means the total amount of cash, cash equivalents, and the Agreed Value
of any Property or other asset contributed or agreed to be contributed, as the context requires, to
the Partnership by each Partner pursuant to the terms of the Agreement. Any reference to the
Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor
holder of the Partnership Interest of such Partner.

     “Cash Amount” means an amount of cash per OP Unit equal to the Value of the Common Shares
Amount on the date of receipt by the Partnership and the Company of a Notice of Redemption.

     “Certificate” means any instrument or document that is required under the laws of the State of
Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and
sworn to by the Partners of the Partnership (either by themselves or pursuant to the
power-of-attorney granted to the General Partner in Section 8.02 hereof) and filed for recording in
the appropriate public offices within the State of Delaware or such other jurisdiction to perfect
or maintain the Partnership as a limited partnership, to effect the admission, withdrawal or
substitution of any Partner of the Partnership, or to protect the limited liability of the Limited
Partners as limited partners under the laws of the State of Delaware or such other jurisdiction.

     “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time
to time. Reference to any particular provision of the Code shall mean that provision in the Code
at the date hereof and any successor provision of the Code.

     “Commission” means the U.S. Securities and Exchange Commission.

     “Common Share” means one share of common stock, $.001 par value, of the Company.

     “Common Shares Amount” means a number of Common Shares equal to the product of the number of
OP Units offered for redemption by a Redeeming Limited Partner, multiplied by the Conversion Factor
as adjusted to and including the Specified Redemption Date; provided that in the event the
Company issues to all holders of Common Shares rights, options, warrants or convertible or
exchangeable securities entitling the stockholders to subscribe for or purchase Common Shares, or
any other securities or property (collectively, the “rights”), and the rights have not expired at
the Specified Redemption Date, then the Common Shares Amount shall also include the rights issuable
to a holder of the Common Shares Amount on the record date fixed for purposes of determining the
holders of Common Shares entitled to rights.

     “Company” means Asset Capital Corporation, Inc., a Maryland corporation.

     “Company Expenses” means (i) costs and expenses relating to the formation and continuity of
existence and operation of the Company and any Subsidiaries thereof (which Subsidiaries shall, for
purposes hereof, be included within the definition of Company), including taxes, fees and
assessments associated therewith, any and all costs, expenses or fees payable to any director,
officer or employee of the Company, (ii) costs and expenses relating to any public offering and
registration, or private offering, of securities by the Company and all statements, reports, fees
and expenses incidental thereto, including, without limitation, underwriting discounts and selling
commissions applicable to any such offering of securities, and any costs and expenses associated
with any claims made by any holders of such securities or any

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underwriters or placement agents thereof, (iii) costs and expenses associated with any
repurchase of any securities by the Company, (iv) costs and expenses associated with the
preparation and filing of any periodic or other reports and communications by the Company under
federal, state or local laws or regulations, including filings with the Commission, (v) costs and
expenses associated with compliance by the Company with laws, rules and regulations promulgated by
any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses
associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for
compensation for the employees of the Company, (vii) costs and expenses incurred by the Company
relating to any issuing or redemption of Partnership Interests and (viii) all other operating or
administrative costs of the Company or any subsidiary, including the General Partner, incurred in
the ordinary course of its business on behalf of or in connection with the Partnership.

     “Constituent Person” has the meaning set forth in Section 4.05(f) hereof.

     “Conversion Date” has the meaning set forth in Section 4.05(b) hereof.

     “Conversion Factor” means 1.0, provided that in the event that the Company (i)
declares or pays a dividend on its outstanding Common Shares in Common Shares or makes a
distribution to all holders of its outstanding Common Shares in Common Shares, (ii) subdivides its
outstanding Common Shares or (iii) combines its outstanding Common Shares into a smaller number of
Common Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a
fraction, the numerator of which shall be the number of Common 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 Common Shares (determined without the above
assumption) issued and outstanding on such date and, provided further, that in the
event that an entity other than an Affiliate of the Company shall become general partner pursuant
to any merger, consolidation or combination of the Company with or into another entity (the
“Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor
by the number of shares of the Successor Entity into which one Common Share is converted pursuant
to such merger, consolidation or combination, determined as of the date of such merger,
consolidation or combination. Any adjustment to the Conversion Factor shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for such
event; provided, however, that if the Company and the Partnership receive a Notice
of Redemption after the record date, but prior to the effective date of such dividend,
distribution, subdivision or combination, the Conversion Factor shall be determined as if the
Company and the Partnership had received the Notice of Redemption immediately prior to the record
date for such dividend, distribution, subdivision or combination.

     “Conversion Notice” has the meaning set forth in Section 4.05(b) hereof.

     “Conversion Right” has the meaning set forth in Section 4.05(a) hereof.

     “Defaulting Limited Partner” has the meaning set forth in Section 5.02(c) hereof.

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     “Distributable Amount” has the meaning set forth in Section 5.02(c) hereof.

     “Economic Capital Account Balances” has the meaning set forth in Section 5.01(g) hereof.

     “Equity Incentive Plan” means any equity incentive plan hereafter adopted by the Partnership
or the Company, including the Company’s 2005 equity incentive plan.

     “Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such
Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any
jurisdiction (except if such petition is contested by such Person and has been dismissed within 90
days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing
by such Person of a petition or application to accomplish the same or for the appointment of a
receiver or a trustee for such Person or a substantial part of his assets; commencement of any
proceedings relating to such Person as a debtor under any other reorganization, arrangement,
insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or
hereinafter in effect, either by such Person or by another, provided that if such
proceeding is commenced by another, such Person indicates his approval of such proceeding, consents
thereto or acquiesces therein, or such proceeding is contested by such Person and has not been
finally dismissed within 90 days.

     “Forced Conversion” has the meaning set forth in Section 4.05(c) hereof.

     “Forced Conversion Notice” has the meaning set forth in Section 4.05(c) hereof.

     “General Partner” means ACC GP, LLC and any Person who becomes a substitute or additional
General Partner as provided herein, and any of their successors as General Partner.

     “General Partnership Interest” means a Partnership Interest held by the General Partner that
is a general partnership interest.

     “General Partner Loan” has the meaning set forth in Section 5.02(c) hereof.

     “Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as the
Company, the General Partner or a director, officer or employee of the Company, the Partnership or
the General Partner, and (ii) such other Persons (including Affiliates of the Company, General
Partner or the Partnership) as the General Partner may designate from time to time, in its sole and
absolute discretion.

     “Independent Director” means a person who is not an officer or employee of the Company or an
Affiliate or a lessee or manager of any Property.

     “Limited Partner” means any Person named as a Limited Partner on Exhibit A attached
hereto, and any Person who becomes a Substitute or Additional Limited Partner, in such Person’s
capacity as a Limited Partner in the Partnership.

     “Limited Partnership Interest” means the ownership interest of a Limited Partner in the
Partnership at any particular time, including the right of such Limited Partner to any and all

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benefits to which such Limited Partner may be entitled as provided in this Agreement and in
the Act, together with the obligations of such Limited Partner to comply with all the provisions of
this Agreement and of such Act.

     “Liquidating Gains” has the meaning set forth in Section 5.01(g) hereof.

     “LTIP Unit” means a Partnership Unit which is designated as an LTIP Unit and which has the
rights, preferences and other privileges designated in Section 4.04 hereof and elsewhere in this
Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners
shall be set forth on Exhibit A, as may be amended from time to time.

     “LTIP Unitholder” means a Partner that holds LTIP Units.

     “Loss” has the meaning provided in Section 5.01(h) hereof.

     “Notice of Redemption” means the Notice of Exercise of Redemption Right substantially in the
form attached as Exhibit B hereto.

     “NYSE” means the New York Stock Exchange.

     “Offer” has the meaning set forth in Section 7.01(c) hereof.

     “OP Unit” means an undivided, fractional share of the Partnership Interests of all Partners
issued pursuant to Sections 4.01 and 4.02 hereof, but does not include any LTIP Unit or any other
Partnership Unit designated as being other than an OP Unit.

     “OP Unit Economic Balance” has the meaning set forth in Section 5.01(g).

     “OP Unit Transaction” has the meaning set forth in Section 4.05(f) hereof.

     “Original Agreement” has the meaning set forth in the Recitals.

     “Partner” means any General Partner or Limited Partner.

     “Partner Nonrecourse Debt Minimum Gain” has the meaning set forth in Regulations Section
1.704-2(i). A Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in
accordance with Regulations Section 1.704-2(i)(5).

     “Partnership Interest” means an ownership interest in the Partnership held by either a Limited
Partner or the General Partner and includes any and all benefits to which the holder of such a
Partnership Interest may be entitled as provided in this Agreement, together with all obligations
of such Person to comply with the terms and provisions of this Agreement. A Partnership Interest
may be expressed as a number of Partnership Units, LTIP Units or other Partnership Units.

     “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(d). In
accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is
determined by first computing, for each Partnership nonrecourse liability, any gain the

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Partnership would realize if it disposed of the property subject to that liability for no
consideration other than full satisfaction of the liability, and then aggregating the separately
computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance
with Regulations Section 1.704-2(g)(1).

     “Partnership Record Date” means the record date established by the General Partner for the
distribution of cash pursuant to Section 5.02 hereof, which record date shall be the same as the
record date established by the Company for a distribution to its stockholders of some or all of its
portion of such distribution received through the General Partner.

     “Partnership Unit” means an OP Unit, an LTIP Unit or any other fractional, undivided share of
the Partnership Interests of all Partners issued hereunder. The allocation of Partnership Units
among the Partners shall be as set forth on Exhibit A, as may be amended from time to time.

     “Partnership Unit Distribution” has the meaning set forth in Section 4.04(a) hereof.

     “Percentage Interest” means the percentage ownership interest in the Partnership of each
Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of
Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth
on Exhibit A, as may be amended from time to time.

     “Person” means any individual, partnership, corporation, limited liability company, joint
venture, trust or other entity.

     “Profit” has the meaning provided in Section 5.01(h) hereof.

     “Property” means any property or other investment in which the Partnership holds an ownership
interest.

     “Redemption Amount” means either the Cash Amount or the Common Shares Amount, as selected by
the Partnership or as directed by the General Partner pursuant to Section 8.04(b) hereof.

     “Redemption Right” has the meaning provided in Section 8.04(a) hereof.

     “Redeeming Limited Partner” has the meaning provided in Section 8.04(a) hereof.

     “Regulations” means the Federal Income Tax Regulations issued under the Code, as amended and
as hereafter amended from time to time. Reference to any particular provision of the Regulations
shall mean that provision of the Regulations on the date hereof and any successor provision of the
Regulations.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Service” means the Internal Revenue Service.

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     “Specified Redemption Date” means the first business day of the month that is at least 60
calendar days after the receipt by the Partnership of a Notice of Redemption.

     “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company 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 in which the
Company, a Subsidiary of the Company or the Partnership owns a partnership interest.

     “Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner
pursuant to Section 9.03 hereof.

     “Successor Entity” has the meaning provided in the definition of “Conversion Factor” contained
herein.

     “Surviving General Partner” has the meaning set forth in Section 7.01(d) hereof.

     “Trading Day” means a day on which the principal national securities exchange on which a
security is listed or admitted to trading is open for the transaction of business or, if a security
is not listed or admitted to trading on any national securities exchange, shall mean any day other
than a Saturday, a Sunday or a day on which banking institutions in the State of New York are
authorized or obligated by law or executive order to close.

     “Transaction” has the meaning set forth in Section 7.01(c) hereof.

     “Transfer” has the meaning set forth in Section 9.02(a) hereof.

     “Unvested LTIP Units” has the meaning set forth in Section 4.04(c) hereof.

     “Value” means, with respect to any security, the average of the daily market price of such
security for the ten consecutive Trading Days immediately preceding the date of such valuation.
The market price for each such Trading Day shall be: (i) if the security is listed or admitted to
trading on the NYSE or any securities exchange, the last reported sale price, regular way, on such
day, or if no such sale takes place on such day, the average of the closing bid and asked prices,
regular way, on such day, (ii) if the security is not listed or admitted to trading on the NYSE or
any securities exchange, the last reported sale price on such day or, if no sale takes place on
such day, the average of the closing bid and asked prices on such day, as reported by a reliable
quotation source designated by the General Partner, or (iii) if the security is not listed or
admitted to trading on the NYSE or on any securities exchange and no such last reported sale price
or closing bid and asked prices are available, the average of the reported high bid and low asked
prices on such day, as reported by a reliable quotation source designated by the General Partner,
or if there shall be no bid and asked prices on such day, the average of the high bid and low asked
prices, as so reported, on the most recent day (not more than ten 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 days prior to the date in question, the value of the
security shall be determined by the General Partner acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate. In the
event the security

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includes any additional rights, then the value of such rights shall be determined by the
General Partner acting in good faith on the basis of such quotations and other information as it
considers, in its reasonable judgment, appropriate.

     “Vested LTIP Units” has the meaning set forth in Section 4.04(c) hereof.

     “Vesting Agreement” means each or any, as the context implies, Equity Incentive Plan entered
into by an LTIP Unitholder upon acceptance of an award of LTIP Units under an Equity Incentive
Plan.

     “Withheld Amount” has the meaning set forth in Section 5.02(c) hereof.

ARTICLE II

FORMATION OF PARTNERSHIP

     2.01 Continuation. The Partners hereby agree to continue the Partnership pursuant to
the Act and upon the terms and conditions set forth in this Agreement.

     2.02 Name, Office and Registered Agent. The name of the Partnership is Asset Capital
Partners, L.P. The specified office and place of business of the Partnership shall be 7315
Wisconsin Avenue, Suite 205 East, Bethesda, Maryland 20814. The General Partner may at any time
change the location of such office, provided the General Partner gives notice to the
Partners of any such change. The name of the Partnership’s registered agent is The Corporation
Trust Incorporated whose business address is 1209 Orange Street, Wilmington, New Castle County,
Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any
notice that is served on it as registered agent.

     2.03 Partners.

          (a) The General Partner of the Partnership is ACC GP, LLC, a Delaware limited liability
company. Its principal place of business is the same as that of the Partnership.

          (b) The Limited Partners are those Persons identified as Limited Partners on Exhibit
A hereto, as amended from time to time.

     2.04 Term and Dissolution.

          (a) The Partnership’s existence shall be perpetual, except that the Partnership shall be
dissolved upon the first to occur of any of the following events:

          (i) The occurrence of an Event of Bankruptcy as to the General Partner or the
dissolution, death, removal or withdrawal of the General Partner unless the business of the
Partnership is continued pursuant to Section 7.03(b) hereof; provided that if
the General Partner is on the date of such occurrence a partnership, the dissolution of the
General Partner as a result of the dissolution, death, withdrawal, removal or Event of
Bankruptcy of a partner in such partnership shall not be an event of dissolution of the
Partnership if the business of the General Partner is continued by the remaining partner or

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partners, either alone or with additional partners, and the General Partner and such partners
comply with any other applicable requirements of this Agreement;

          (ii) The passage of 90 days after the sale or other disposition of all or
substantially all of the assets of the Partnership (provided that if the
Partnership receives an installment obligation as consideration for such sale or other
disposition, the Partnership shall continue, unless sooner dissolved under the provisions of
this Agreement, until such time as such note or notes are paid in full);

          (iii) The redemption of all Limited Partnership Interests; or

          (iv) The election by the General Partner in its capacity as the sole General Partner
that the Partnership should be dissolved.

          (b) Upon dissolution of the Partnership (unless the business of the Partnership is
continued pursuant to Section 7.03(b) hereof), the General Partner (or its trustee, receiver,
successor or legal representative) shall amend or cancel the Certificate and liquidate the
Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.05
hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer
liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute
the assets to the Partners in kind.

     2.05 Filing of Certificate and Perfection of Limited Partnership. The General Partner
shall execute, acknowledge, record and file at the expense of the Partnership the Certificate and
any and all amendments thereto and all requisite fictitious name statements and notices in such
places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited
partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in
which the Partnership conducts business.

     2.06 Certificates Describing Partnership Units. At the request of a Limited Partner,
the General Partner, at its option, may issue a certificate summarizing the terms of such Limited
Partner’s interest in the Partnership, including the number of Partnership Units owned and the
Percentage Interest represented by such Partnership Units as of the date of such certificate. Any
such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall
not be negotiable and (iii) shall bear a legend to the following effect:

     This certificate is not negotiable. The Partnership Units represented by
this certificate are governed by and transferable only in accordance with
the provisions of the Agreement of Limited Partnership of Asset Capital
Partners, L.P., as amended from time to time.

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ARTICLE III

BUSINESS OF THE PARTNERSHIP

     The purpose and nature of the business to be conducted by the Partnership is (i) to conduct
any business that may be lawfully conducted by a limited partnership organized pursuant to the Act,
(ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of
the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii)
to do anything necessary or incidental to the foregoing. The General Partner shall also be
empowered to do any and all acts and things necessary or prudent to ensure that the Partnership
will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of
Section 7704 of the Code.

ARTICLE IV

CAPITAL CONTRIBUTIONS AND ACCOUNTS

     4.01 Capital Contributions. The General Partner and the Limited Partners have made
capital contributions to the Partnership in exchange for the Partnership Interests set forth
opposite their names on Exhibit A, as amended from time to time.

     4.02 Additional Capital Contributions and Issuances of Additional Partnership
Interests. Except as provided in this Section 4.02 or in Section 4.03, the Partners shall have
no right or obligation to make any additional Capital Contributions or loans to the Partnership.
The General Partner or the Company may contribute additional capital to the Partnership,
from time to time, and receive additional Partnership Interests in respect thereof, in the manner
contemplated in this Section 4.02.

          (a) Issuances of Additional Partnership Interests.

               (i) General. As of the effective date of this Agreement, the Partnership
shall have two classes of Partnership Units, entitled “OP Units” and “LTIP Units.” The General
Partner is hereby authorized to cause the Partnership to issue such additional Partnership
Interests in the form of Partnership Units for any Partnership purpose at any time or from
time to time to the Partners (including the General Partner and the Company) or to other
Persons for such consideration and on such terms and conditions as shall be established by the
General Partner in its sole and absolute discretion, all without the approval of any Limited
Partners. 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 fully paid. Any additional Partnership Interests issued
thereby may be issued in one or more classes, or one or more series of any of such classes,
with such designations, preferences and relative, participating, optional or other special
rights, powers and duties, including rights, powers and duties senior to Limited Partnership
Interests, all as shall be determined by the General Partner in its sole and absolute
discretion and without the approval of any Limited Partner, subject to Delaware law,
including, without limitation, (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each

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such class or series of Partnership Interests; (ii) the right of
each such class or series of Partnership Interests to share in Partnership distributions; and
(iii) the rights of each such class or series of Partnership Interests upon dissolution and
liquidation of the Partnership; provided, however, that no additional
Partnership Interests shall be issued to the General Partner or the Company (or any direct or
indirect wholly-owned Subsidiary of the General Partner or the Company) unless:

          (1) (A) the additional Partnership Interests are issued in connection with an
issuance of Common Shares or other interests in the Company, which Common Shares or
other interests have designations, preferences and other rights, all such that the
economic interests are substantially similar to the designations, preferences and other
rights of the additional Partnership Interests issued to the General Partner or the
Company (or any direct or indirect wholly-owned Subsidiary of the General Partner or the
Company) by the Partnership in accordance with this Section 4.02 and (B) the General
Partner or the Company (or any direct or indirect wholly-owned Subsidiary of the General
Partner or the Company) shall make a Capital Contribution to the Partnership in an
amount equal to the cash consideration received by the General Partner or the Company
from the issuance of such shares of stock of or other interests in the General Partner
or the Company;

          (2) the additional Partnership Interests are issued in exchange for property
owned by the General Partner or the Company (or any direct or indirect wholly-owned
Subsidiary of the General Partner or the Company) with a fair market value, as
determined by the General Partner, in good faith, equal to the value of the Partnership
Interests; or

          (3) the additional Partnership Interests are issued to all Partners in
proportion to their respective Percentage Interests.

Without limiting the foregoing, the General Partner is expressly authorized (other than in the
case of an issuance under clause 2 above) to cause the Partnership to issue Partnership Units
for less than fair market value, so long as the General Partner concludes in good faith that
such issuance is in the best interests of the General Partner and the Partnership.

     (ii) Upon Issuance of Additional Securities. The Company shall not issue any
additional Common Shares (other than Common Shares issued in connection with an exchange
pursuant to Section 8.04 hereof) or rights, options, warrants or convertible or exchangeable
securities containing the right to subscribe for or purchase Common Shares (collectively,
“Additional Securities”) other than to all holders of Common Shares, unless (A) the General
Partner shall cause the Partnership to issue to the Company Partnership Interests or rights,
options, warrants or convertible or exchangeable securities of the Partnership having
designations, preferences and other rights, all such that the economic interests are
substantially similar to those of the Additional Securities, and (B) the Company contributes
the proceeds from the issuance of such Additional Securities and from any exercise of rights
contained in such Additional Securities to the Partnership; provided, however,
that the Company is allowed to issue

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Additional Securities in connection with an acquisition
of a property to be held directly by the Company, but if and only if, such direct acquisition
and issuance of Additional Securities have been approved and determined to be in the best
interests of the Company and the Partnership by a majority of the Independent Directors.
Without limiting the foregoing, the Company is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership
to issue to the Company corresponding Partnership Interests, so long as (x) the General
Partner concludes in good faith that such issuance is in the best interests of the General
Partner and the Partnership and (y) the Company contributes all proceeds from such issuance
to the Partnership, including without limitation, the issuance of Common Shares and
corresponding Partnership Units pursuant to a share purchase plan providing for purchases of
Common Shares at a discount from fair market value or employee stock options that have an
exercise price that is less than the fair market value of the Common Shares, either at the
time of issuance or at the time of exercise, or restricted or other stock awards. For
example, in the event the Company issues Common Shares for a cash purchase price and the
Company contributes all of the proceeds of such issuance to the Partnership as required
hereunder, the Company shall be issued a number of additional Partnership Units equal to the
product of (A) the number of such Common Shares issued by the Company, the proceeds of which
were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the
denominator of which is the Conversion Factor in effect on the date of such contribution.

               (b) Certain Contributions of Proceeds of Issuance of Common Shares. In connection
with any and all issuances of Common Shares, the Company shall make Capital Contributions to the
Partnership of the proceeds therefrom, provided that if the proceeds actually
received and contributed by the Company 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, which shall be Company Expenses hereunder), then the Company shall make a Capital
Contribution of such net proceeds to the Partnership but shall receive additional
Partnership Units with a value equal to the aggregate amount of the gross proceeds of such
issuance pursuant to Section 4.02(a) hereof. Upon any such Capital Contribution by the Company,
the Company’s Capital Account shall be increased pursuant to Section 4.04 hereof by the amount of
the gross proceeds of the issuance.

               (c) If the Company shall repurchase shares of any class of the Company’s capital stock,
all costs incurred in connection with such repurchase shall be reimbursed to the Company by the
Partnership pursuant to Section 6.05 hereof and the General Partner shall cause the Partnership to
redeem an equivalent number of Partnership Interests of the appropriate class held by the Company
(which, in the case of Common Shares, shall be a number equal to the quotient of the number of such
Common Shares divided by the Conversion Factor) in the manner provided in Section 6.10.

     4.03 Additional Funding. If the General Partner determines that it is in the best
interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for
any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds
from outside borrowings, or (ii) elect to have the General Partner, the Company or any of their
Affiliates provide such Additional Funds to the Partnership through loans or otherwise. Subject

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to the provisions of Section 6.05, no person shall have any preemptive, preferential or similar right
or rights to subscribe for or acquire any Partnership Interests except as set forth in this
Article.

     4.04 LTIP Units.

          (a) Issuance of LTIP Units. The General Partner may from time to time issue LTIP
Units to Persons who provide services to the Partnership, for such 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 4.04 and the special provisions of Sections 5.01(g) and
4.05, LTIP Units shall be treated as OP Units, with all of the rights, privileges and obligations
attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP
Units shall be treated as OP Unitholders and LTIP Units shall be treated as OP Units. In
particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP
Units and OP Units for conversion, distribution and other purposes, including without limitation
complying with the following procedures:

          (i) If an Adjustment Event (as defined below) 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 OP Units and LTIP Units. The following shall be Adjustment
Events: (A) the Partnership makes a distribution on all outstanding OP Units in Partnership
Units, (B) the Partnership subdivides the outstanding OP Units into a greater number of units
or combines the outstanding OP Units into a smaller number of units, or (C) the Partnership
issues any Partnership Units in exchange for its outstanding OP Units by way of a
reclassification or recapitalization of its OP Units. If more than one Adjustment Event
occurs, the adjustment to the LTIP Units need 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 OP Unit 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 Company in respect of a capital contribution to the
Partnership of proceeds from the sale of securities by the Company. If the Partnership takes
an action affecting the OP 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/or by any Equity Incentive Plan, in such manner and at such time as the
General Partner, in its sole discretion, may determine to be 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 of such certificate, the Partnership shall mail a
notice to each LTIP

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Unitholder setting forth the adjustment to his or her LTIP Units and the
effective date of such adjustment; and

          (ii) The LTIP Unitholders shall, 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 OP Unit (the
“Partnership Unit Distribution”), paid to holders of OP Units on such Partnership Record Date
established by the General Partner with respect to such distribution. So long as any LTIP
Units are outstanding, no distributions (whether in cash or in kind) shall be authorized,
declared or paid on OP Units, unless equal distributions have been or contemporaneously are
authorized, declared and paid on the LTIP Units.

     (b) Priority. Subject to the provisions of this Section 4.04 and the special
provisions of Sections 5.01(g) and 4.05, the LTIP Units shall rank pari passu with the OP Units as
to the payment of regular and special periodic or other distributions and, to the extent an LTIP
Unitholder has a positive Capital Account and in accordance with Section 5.05(a), distribution of
assets upon liquidation, dissolution or winding up. As to the payment of distributions and as to
distribution of assets upon liquidation, dissolution or winding up, any class or series of
Partnership Units or Partnership Interests which by its terms specifies that it shall rank junior
to, on a parity with, or senior to the OP Units shall also rank junior to, or pari passu with, or
senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, an
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 OP Units are entitled to transfer their OP Units pursuant to
Article IX.

     (c) Special Provisions. LTIP Units shall be subject to the following special
provisions:

          (i) 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 Equity Incentive
Plan, if applicable. LTIP Units 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.”

          (ii) Forfeiture. Unless otherwise specified in the Vesting Agreement, upon
the occurrence of any event specified in a Vesting Agreement 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 in accordance with the applicable
Vesting Agreement, 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 Vesting Agreement, 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

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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 5.01(g),
calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

     (iii) Allocations. LTIP Unitholders shall be entitled to certain special
allocations of gain under Section 5.01(g).

     (iv) Redemption. The Redemption Right provided to Limited Partners under
Section 8.04 shall not apply with respect to LTIP Units unless and until they are converted to
OP Units as provided in clause (v) below and Section 4.05.

     (v) Conversion To OP Units. Vested LTIP Units are eligible to be converted
into OP Units under Section 4.05.

     (d) Voting. LTIP Unitholders shall (a) have the same voting rights as a holder of
OP Units, with the LTIP Units voting as a single class with the OP Units and having one vote per
LTIP Unit; and (b) 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 this 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 OP
Units; but subject, in any event, to the following provisions:

     (i) With respect to any OP Unit Transaction, so long as the LTIP Units are treated in
accordance with Section 4.05(f) hereof, the consummation of such OP Unit 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 any class or series of
Partnership Interest including without limitation additional OP 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 OP Units.

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     4.05 Conversion of LTIP Units.

          (a) An LTIP Unitholder shall have the right (the “Conversion Right”), at his or her
option, at any time to convert all or a portion of his or her Vested LTIP Units into OP Units;
provided, however, that a holder may not exercise the Conversion Right for less than 1,000 Vested
LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units
held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into
OP Units until they become Vested LTIP Units; provided, however, that when an 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. The General Partner shall have the right at any time to cause a conversion of Vested
LTIP Units into OP Units. In all cases, the conversion of any LTIP Units into OP Units shall be
subject to the conditions and procedures set forth in this Section 4.05.

          (b) A holder of Vested LTIP Units may convert such Units into an equal number of fully
paid and non-assessable OP Units, giving effect to all adjustments (if any) made pursuant to
Section 4.04. Notwithstanding the foregoing, in no event may a holder of 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 its ownership of LTIP Units, divided by (y) the OP 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, an LTIP Unitholder shall deliver a
notice (a “Conversion Notice”) in the form attached as Exhibit D 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 OP Unit Transaction (as
defined below in 4.05(f)) at least 30 days prior to the effective date of such OP Unit Transaction,
then LTIP Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x)
the 10th day after such notice from the General Partner of a OP Unit Transaction or (y) the third
business day immediately preceding the effective date of such OP Unit Transaction. A Conversion
Notice shall be provided in the manner provided in Section 12.01. Each LTIP Unitholder covenants
and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section
4.05(b) shall be free and clear of all liens. Notwithstanding anything herein to the contrary, a
holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.04(a) hereof relating
to those OP Units that will be issued to such holder upon conversion of such LTIP Units into OP
Units in advance of the Conversion Date; provided, however, that the redemption of such OP Units by
the Partnership shall in no event take place until after the Conversion Date. For clarity, it is
noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if he
or she so wishes, the OP Units into which his or her Vested LTIP Units will be converted can be
redeemed by the Partnership simultaneously with such conversion, with the further consequence that,
if the Company elects to assume the Partnership’s redemption obligation with respect to such OP
Units under Section 8.04(b) hereof by delivering to such holder Common Shares rather than cash,
then such holder can have such

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Common Shares issued to him or her simultaneously with the
conversion of his or her Vested LTIP Units into OP Units. The General Partner shall reasonably
cooperate with an 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 an LTIP Unitholder to be converted (a “Forced Conversion”)
into an equal number of OP Units, giving effect to all adjustments (if any) made pursuant to
Section 4.04; 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 4.05(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 E to the applicable LTIP Unitholder not less than 10 nor more than 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 12.01.

          (d) A conversion of Vested LTIP Units for which the holder 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 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 OP
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 OP Units and remaining LTIP Units, if any, held by
such person immediately after such conversion. The Assignee of any Limited Partner pursuant to
Article IX hereof may exercise the rights of such Limited Partner pursuant to this Section 4.05 and
such Limited Partner shall be bound by the exercise of such rights by the Assignee.

          (e) For purposes of making future allocations under Section 5.01(g) 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 OP Unit
Economic Balance.

          (f) If the Partnership or the General Partner shall be a party to any OP Unit Transaction
(including without limitation a merger, consolidation, unit exchange, self tender offer for all or
substantially all OP Units or other business combination or reorganization, or sale of all or
substantially all of the Partnership’s assets, but excluding any OP Unit Transaction which
constitutes an Adjustment Event) in each case as a result of which OP Units shall be exchanged for
or converted into the right, or the holders of such Units 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 “OP Unit Transaction”), then the General Partner shall, immediately prior to the OP
Unit 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 OP Unit Transaction or that would occur in connection with the OP Unit
Transaction if the assets of the Partnership were sold at the OP Unit Transaction price or, if
applicable, at a value determined by the General Partner in good faith

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using the value attributed
to the Partnership Units in the context of the OP Unit Transaction (in which case the Conversion
Date shall be the effective date of the OP Unit Transaction).

          In anticipation of such Forced Conversion and the consummation of the OP Unit
Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP
Unitholder to be afforded the right to receive in connection with such OP Unit Transaction in
consideration for the OP 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 OP Unit Transaction by a holder of the same number of OP Units, assuming such
holder of OP Units 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 of OP Units have the opportunity to elect the form or type of consideration to be
received upon consummation of the OP Unit Transaction, prior to such OP Unit 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 OP Units in connection with such OP Unit
Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its
transferees) shall receive upon conversion of each LTIP Unit held him or her (or by any of his or
her transferees) the same kind and amount of consideration that a holder of a OP Unit would receive
if such OP Unit holder failed to make such an election.

          Subject to the rights of the Partnership, the General Partner and the Parent under any Vesting
Agreement and any Equity Incentive Plan, the Partnership shall use commercially reasonable effort
to cause the terms of any OP Unit Transaction to be consistent with the provisions of this Section
4.05(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 OP Units in
connection with the OP Unit Transaction that will (i) contain provisions enabling the holders of
LTIP Units that remain outstanding after such OP Unit Transaction to convert their LTIP Units into
securities as comparable as reasonably possible under the circumstances to the OP Units and (ii)
preserve as far as reasonably possible under the circumstances the distribution, special
allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP
Unitholders.

     4.06 Capital Accounts. A separate capital account (a “Capital Account”) shall be
established and maintained for each Partner in accordance with Regulations Section
1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership Interest in
exchange for more than a de minimis Capital Contribution, (ii) the Partnership
distributes to a Partner more than a de minimis amount of Partnership property as
consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of
Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a new or existing partner is granted more than a
de minimis Partnership Interest as consideration for the provision of services to
or for the benefit of the Partnership, the General Partner shall revalue the property of the
Partnership to its fair market value (as determined by the General Partner, in its sole and
absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with
Regulations Section 1.704-1(b)(2)(iv)(f); provided that the issuance of any LTIP Unit shall be
deemed to require a revaluation pursuant to

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this Section 4.06 of the Capital Accounts of the
existing Partners. When the Partnership’s property is revalued by the General Partner, the Capital
Accounts of the Partners shall be adjusted in accordance with Regulations Sections
1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to
reflect the manner in which the unrealized gain or loss inherent in such property (that has not
been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant
to Section 5.01 if there were a taxable disposition of such property for its fair market value (as
determined by the General Partner, in its sole and absolute discretion, and taking into account
Section 7701(g) of the Code) on the date of the revaluation.

     4.07 Percentage Interests. If the number of outstanding Partnership Units increases
or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the
General Partner effective as of the effective date of each such increase or decrease to a
percentage equal to the number of Partnership Units held by such Partner divided by the aggregate
number of Partnership Units outstanding after giving effect to such increase or decrease. If the
Partners’ Percentage Interests are adjusted pursuant to this Section 4.07, the Profits and Losses
for the taxable year in which the adjustment occurs shall be allocated between the part of the year
ending on the day when the Partnership’s property is revalued by the General Partner and the part
of the year beginning on the following day either (i) as if the taxable year had ended on the date
of the adjustment or (ii) based on the number of days in each part. The General Partner, in its
sole and absolute discretion, shall determine which method shall be used to allocate Profits and
Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses
for the earlier part of the year shall be based on the Percentage Interests before adjustment, and
the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage
Interests.

     4.08 No Interest on Contributions. No Partner shall be entitled to interest on its
Capital Contribution.

     4.09 Return of Capital Contributions. No Partner shall be entitled to withdraw any
part of its Capital Contribution or its Capital Account or to receive any distribution from the
Partnership, except as specifically provided in this Agreement. Except as otherwise provided
herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such
Partner’s Capital Contribution for so long as the Partnership continues in existence.

     4.10 No Third Party Beneficiary. No creditor or other third party having dealings
with the Partnership shall have the right to enforce the right or obligation of any Partner to make
Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in
equity, it being understood and agreed that the provisions of this Agreement shall be solely for
the benefit of, and may be enforced solely by, the parties hereto and their respective successors
and assigns. None of the rights or obligations of the Partners herein set forth to make Capital
Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any
purpose by any creditor or other third party, nor may such rights or obligations be sold,
transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure
any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the
intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return
of money or other property in violation of the Act. However, if any court of competent
jurisdiction

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holds that, notwithstanding the provisions of this Agreement, any Limited Partner is
obligated to return such money or property, such obligation shall be the obligation of such Limited
Partner and not of the General Partner. Without limiting the generality of the foregoing, a
deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an
asset or property of the Partnership.

ARTICLE V

PROFITS AND LOSSES; DISTRIBUTIONS

     5.01 Allocation of Profit and Loss.

          (a) Profit. Profit of the Partnership for each taxable year of the Partnership
shall be allocated to the Partners in accordance with their respective Percentage Interests.

          (b) Loss. Loss of the Partnership for each taxable year of the Partnership shall
be allocated to the Partners in accordance with their respective Percentage Interests.

          (c) Minimum Gain Chargeback. Notwithstanding any provision to the contrary, (i)
any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations
Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage
Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the
meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the
“economic risk of loss” of such deduction in accordance with Regulations Section 1.704-2(i)(1),
(iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations
Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth
in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall be allocated
among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules
contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner
Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any
Partnership taxable year, then, subject to the exceptions set forth in Regulations Section
1.704(2)(g), items of gain and income shall be allocated among the Partners in accordance with
Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section
1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of
the nonrecourse liabilities of the Partnership within the meaning of Regulations Section
1.752-3(a)(3) shall be such Partner’s Percentage Interest.

          (d) Qualified Income Offset. If a Partner receives in any taxable year an
adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations
Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital
Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner
Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and
1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary,
later taxable years) items of income and gain in an amount and manner sufficient to eliminate such
deficit Capital Account balance as quickly as possible as provided in Regulations Section
1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in
accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-

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1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the
income or gain previously allocated to such Partner under this Section 5.01(d).

          (e) Capital Account Deficits. Loss shall not be allocated to a Limited Partner to
the extent that such allocation would cause a deficit in such Partner’s Capital Account (after
reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and
(6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse
Debt Minimum Gain. Any Loss in excess of that limitation shall be allocated to the General
Partner. After the occurrence of an allocation of Loss to the General Partner in accordance with
this Section 5.01(e), to the extent permitted by Regulations Section 1.704-1(b), Profit shall be
allocated to such Partner in an amount necessary to offset the Loss previously allocated to each
Partner under this Section 5.01(e).

          (f) Allocations Between Transferor and Transferee. If a Partner transfers any
part or all of its Partnership Interest, the distributive shares of the various items of Profit and
Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated
between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year
had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that
each was a Partner without regard to the results of Partnership activities in the respective
portions of such fiscal year in which the transferor and the transferee were Partners. The General
Partner, in its sole and absolute discretion, shall determine which method shall be used to
allocate the distributive shares of the various items of Profit and Loss between the transferor and
the transferee Partner.

          (g) Special Allocations Regarding LTIP Units. Notwithstanding the provisions of
Section 5.01(a) & (b) above, Liquidating Gains shall first be allocated to the LTIP Unitholders
until their Economic Capital Account Balances, to the extent attributable to their ownership of
LTIP Units, are equal to (i) the OP Unit Economic Balance, multiplied by (ii) the number of their
LTIP Units; provided that no such Liquidating Gains will be allocated with respect to any
particular LTIP Unit unless and to the extent that the OP Unit Economic Balance exceeds the OP Unit
Economic Balance in existence at the time such LTIP Unit was issued. For this purpose, “Liquidating
Gains” means 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 realized in connection with an adjustment to the value of Partnership assets under Section
704(b) of the Code. The “Economic Capital Account Balances” of the LTIP Unit holders will be equal
to their Capital Account balances to the extent attributable to their ownership of LTIP Units.
Similarly, the “OP 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 OP
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 5.01(g), divided by (ii) the number of the
General Partner’s OP 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 5.01(g). The parties
agree that the intent of this Section 5.01(g) is to make the Capital Account balance associated
with each LTIP Unit to be economically equivalent to the Capital Account balance associated with
the General Partner’s OP Units (on a per-Unit

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basis), but only if and to the extent that the
Capital Account balance associated with the General Partner’s OP Units has increased on a per-Unit
basis since the issuance of the relevant LTIP Unit.

          (h) Definition of Profit and Loss. “Profit” and “Loss” and any items of income,
gain, expense or loss referred to in this Agreement shall be determined in accordance with federal
income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that
Profit and Loss shall not include items of income, gain and expense that are specially allocated
pursuant to Sections 5.01(c), 5.01(d) or 5.01(e). All allocations of income, Profit, gain, Loss
and expense (and all items contained therein) for federal income tax purposes shall be identical to
all allocations of such items set forth in this Section 5.01, except as otherwise required by
Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The Partnership shall use the
traditional method for allocating items of income, gain and expense as required by Section 704(c)
of the Code with respect to the properties acquired by the Partnership in connection with the
Offering. With respect to other properties acquired by the Partnership, the General Partner shall
have the authority to elect the method to be used by the Partnership for allocating items of
income, gain and expense as required by Section 704(c) of the Code with respect to such properties,
and such election shall be binding on all Partners.

     5.02 Distribution of Cash.

          (a) Subject to Section 5.02(c) hereof, the Partnership shall distribute cash at such times
and in such amounts as are determined by the General Partner in its sole and absolute discretion,
to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or
other distribution period) in accordance with their respective Percentage Interests on the
Partnership Record Date.

          (b) If a new or existing Partner acquires an additional Partnership Interest in exchange
for a Capital Contribution on any date other than a Partnership Record Date, the cash distribution
attributable to such additional Partnership Interest relating to the Partnership Record Date next
following the issuance of such additional Partnership Interest shall be reduced in the proportion
of (i) the number of days that such additional Partnership Interest is held by such Partner to (ii)
the number of days between such Partnership Record Date and the immediately preceding Partnership
Record Date.

          (c) Notwithstanding any other provision of this Agreement, the General Partner is
authorized to take any action that it determines to be necessary or appropriate to cause the
Partnership to comply with any withholding requirements established under the Code or any other
federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445
and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to
any taxing authority any amount resulting from the allocation or distribution of income to a
Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner (the
“Distributable Amount”) equals or exceeds the amount required to be withheld by the Partnership
(the “Withheld Amount”), the entire Distributable Amount shall be treated as a distribution of cash
to such Partner, or (ii) if the Distributable Amount is less than the Withheld Amount, the excess
of the Withheld Amount over the Distributable Amount shall be treated as a loan (a “Partnership
Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a
taxing authority.

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A Partnership Loan shall be repaid upon the demand of the Partnership or,
alternatively, through withholding by the Partnership with respect to subsequent distributions to
the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited
Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan
within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner,
the General Partner, in its sole and absolute discretion, may elect to make the payment to the
Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment,
the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the
Defaulting Limited Partner in the amount of the payment made by the General Partner and shall
succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to
that amount. Without limitation, the General Partner shall have the right to receive any
distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner
until such time as the General Partner Loan has been paid in full, and any such distributions so
received by the General Partner shall be treated as having been received by the Defaulting Limited
Partner and immediately paid to the General Partner.

     Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section
5.02(c) shall bear interest at the lesser of (i) 300 basis points above the base rate on corporate
loans at large United States money center commercial banks, as published from time to time in
The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation,
such interest to accrue from the date the Partnership or the General Partner, as applicable, is
deemed to extend the loan until such loan is repaid in full.

          (d) In no event may a Partner receive a distribution of cash with respect to a Partnership
Unit if such Partner is entitled to receive a cash dividend as the holder of record of a Common
Share for which all or part of such Partnership Unit has been or will be redeemed.

     5.03 No Right to Distributions in Kind. No Partner shall be entitled to demand
property other than cash in connection with any distributions by the Partnership.

     5.04 Limitations on Return of Capital Contributions. Notwithstanding any of the
provisions of this Article V, no Partner shall have the right to receive, and the General Partner
shall not have the right to make, a distribution that includes a return of all or part of a
Partner’s Capital Contributions, unless after giving effect to the return of a Capital
Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for
the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s
assets.

     5.05 Distributions Upon Liquidation.

          (a) Upon liquidation of the Partnership, after payment of, or adequate provision for,
debts and obligations of the Partnership, including any Partner loans, any remaining assets of the
Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with
their respective positive Capital Account balances.

          (b) For purposes of Section 5.05(a), the Capital Account of each Partner shall be determined after
the following adjustments: (i) all adjustments made in accordance with Sections 5.01 and 5.02
resulting from Partnership operations and from all sales and dispositions

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of all or any part of the Partnership’s assets; and (ii) allocating to the General Partner and
the Company the amount of income or gain, if any, necessary to increase the Capital Accounts of the
General Partner and the Company, respectively, so that their Capital Account Per Unit equals the
Capital Account Per Unit of the other Partners.

          (c) Any distributions pursuant to this Section 5.05 shall be made by the end of the
Partnership’s taxable year in which the liquidation occurs (or, if later, within 90 days after the
date of the liquidation). To the extent deemed advisable by the General Partner, appropriate
arrangements (including the use of a liquidating trust) may be made to assure that adequate funds
are available to pay any contingent debts or obligations.

     5.06 Substantial Economic Effect. It is the intent of the Partners that the
allocations of Profit and Loss under the Agreement have substantial economic effect (or be
consistent with the Partners’ interests in the Partnership in the case of the allocation of losses
attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted
by the Regulations promulgated pursuant thereto. Article V and other relevant provisions of this
Agreement shall be interpreted in a manner consistent with such intent.

ARTICLE VI

RIGHTS, OBLIGATIONS AND

POWERS OF THE GENERAL PARTNER

     6.01 Management of the Partnership.

          (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have
full, complete and exclusive discretion to manage and control the business of the Partnership for
the purposes herein stated, and shall make all decisions affecting the business and assets of the
Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of
the General Partner shall include, without limitation, the authority to take the following actions
on behalf of the Partnership:

               (i) to acquire, purchase, own, operate, lease and dispose of any real property and any
other property or assets including, but not limited to, notes and mortgages that the General
Partner determines are necessary or appropriate in the business of the Partnership;

               (ii) to construct buildings and make other improvements on the properties owned or
leased by the Partnership;

               (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests
or any securities (including secured and unsecured debt obligations of the Partnership, debt
obligations of the Partnership convertible into any class or series of Partnership
Interests, or options, rights, warrants or appreciation rights relating to any Partnership
Interests) of the Partnership;

               (iv) to borrow or lend money for the Partnership, issue or receive evidences of
indebtedness in connection therewith, refinance, increase the amount of,

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modify, amend or change the terms of, or extend the time for the payment of, any such
indebtedness, and secure indebtedness by mortgage, deed of trust, pledge or other lien on
the Partnership’s assets;

               (v) to pay, either directly or by reimbursement, for all operating costs and general
administrative expenses of the Partnership to third parties or to the General Partner or its
Affiliates;

               (vi) to guarantee or become a co-maker of indebtedness of any Subsidiary of the Company
or the Partnership, refinance, increase the amount of, modify, amend or change the terms of,
or extend the time for the payment of, any such guarantee or indebtedness, and secure such
guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the
Partnership’s assets;

               (vii) to use assets of the Partnership (including, without limitation, cash on hand)
for any purpose consistent with this Agreement, including, without limitation, payment,
either directly or by reimbursement, of all operating costs and general and administrative
expenses of the General Partner, the Company, the Partnership or any Subsidiary of any of
them as set forth in this Agreement;

               (viii) to lease all or any portion of any of the Partnership’s assets, whether or not
the terms of such leases extend beyond the termination date of the Partnership and whether
or not any portion of the Partnership’s assets so leased are to be occupied by the lessee,
or, in turn, subleased in whole or in part to others, for such consideration and on such
terms as the General Partner may determine;

               (ix) to prosecute, defend, arbitrate or compromise any and all claims or liabilities in
favor of or against the Partnership, on such terms and in such manner as the General Partner
may reasonably determine, and similarly to prosecute, settle or defend litigation with
respect to the Partners, the Partnership or the Partnership’s assets;

               (x) to file applications, communicate and otherwise deal with any and all governmental
agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any
other aspect of the Partnership business;

               (xi) to make or revoke any election permitted or required of the Partnership by any
taxing authority;

               (xii) to maintain such insurance coverage for public liability, fire and casualty, and
any and all other insurance for the protection of the Partnership, for the conservation of
Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in
such amounts and such types, as it shall determine from time to time;

               (xiii) to determine whether or not to apply any insurance proceeds for any property to
the restoration of such property or to distribute the same;

               (xiv) to establish one or more divisions of the Partnership, to hire and dismiss
employees of the Partnership or any division of the Partnership, and to retain

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legal counsel, accountants, consultants, real estate brokers and such other persons as
the General Partner may deem necessary or appropriate in connection with the Partnership
business and to pay therefor such reasonable remuneration as the General Partner may deem
reasonable and proper;

               (xv) to retain other services of any kind or nature in connection with the Partnership
business, and to pay therefor such remuneration as the General Partner may deem reasonable
and proper;

               (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to
any of the rights, powers and authority conferred upon the General Partner;

               (xvii) to maintain accurate accounting records and to file promptly all federal, state
and local income tax returns on behalf of the Partnership;

               (xviii) to distribute Partnership cash or other Partnership assets in accordance with
this Agreement;

               (xix) to form or acquire an interest in, and contribute property to, any further
limited or general partnerships, joint ventures or other relationships that it deems
desirable (including, without limitation, the acquisition of interests in, and the
contributions of property to, its Subsidiaries and any other Person in which it has an
equity interest from time to time);

               (xx) to establish Partnership reserves for working capital, capital expenditures,
contingent liabilities or any other valid Partnership purpose;

               (xxi) to merge, consolidate or combine the Partnership with or into another person;

               (xxii) to do any and all acts and things necessary or prudent to ensure that the
Partnership will not be classified as a “publicly traded partnership” taxable as a
corporation under Section 7704 of the Code; and

               (xxiii) to take such other action, execute, acknowledge, swear to or deliver such other
documents and instruments, and perform any and all other acts that the General Partner deems
necessary or appropriate for the formation, continuation and conduct of the business and
affairs of the Partnership and to possess and enjoy all of the rights and powers of a
general partner as provided by the Act.

               Except as otherwise provided herein, 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. The execution, delivery and performance by the General Partner of the above
mentioned agreements and transactions shall not constitute a breach of any duty under this
Agreement or implied in law or equity.

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          (b) Except as otherwise provided herein, to the extent the duties of the General Partner
require expenditures of funds to be paid to third parties, the General Partner shall not have any
obligations hereunder except to the extent that Partnership funds are reasonably available to it
for the performance of such duties, and nothing herein contained shall be deemed to authorize or
require the General Partner, in its capacity as such, to expend its individual funds for payment to
third parties or to undertake any individual liability or obligation on behalf of the Partnership,
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, except to the extent otherwise expressly agreed to by such Partner
and the Partnership.

     6.02 Delegation of Authority. The General Partner may delegate any or all of its
powers, rights and obligations hereunder and may appoint, employ, contract or otherwise deal with
any Person for the transaction of the business of the Partnership, which Person may, under
supervision of the General Partner, perform any acts or services for the Partnership as the General
Partner may approve.

     6.03 Indemnification and Exculpation of Indemnitees.

          (a) The Partnership shall indemnify an Indemnitee to the fullest extent permitted by
applicable law from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other
amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal,
administrative or investigative, that relate to the operations of the Partnership as set forth in
this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party
or otherwise, unless it is established 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 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. 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 6.03(a).
The termination of any proceeding by conviction or upon a plea of nolo contendere or its
equivalent, or an 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
6.03(a). Any indemnification pursuant to this Section 6.03 shall be made only out of the assets of
the Partnership.

          (b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an
Indemnitee who is a party to a proceeding 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 6.03 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.

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          (c) The indemnification provided by this Section 6.03 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.

          (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 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 6.03, the Partnership shall be deemed to have requested an
Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its
duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan
or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect
to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of
this Section 6.03; 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 that
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
6.03 solely 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 6.03 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.

          (i) Any amendment, modification or repeal of this Section 6.03 or any provision hereof shall
be prospective only and shall not in any way affect the indemnification of an Indemnitee by the
Partnership under this Section 6.03 as in effect immediately prior to such amendment, modification
or repeal with respect to matters occurring, in whole or in part, prior to such amendment,
modification or repeal, regardless of when claims relating to such matters may arise or be
asserted.

          (j) If and to the extent any reimbursements to the General Partner pursuant to this section
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 Section 707(c) of the Code, 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.

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     6.04 Liability of the General Partner.

          (a) Notwithstanding anything to the contrary set forth in this Agreement, none of the General
Partner, the Company, nor any of their directors, officers, agents or employees shall be liable for
monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred or
benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or
omission if the General Partner acted in good faith. The General Partner shall not be in breach of
any duty that the General Partner may owe to the Limited Partners or the Partnership or any other
Persons under this Agreement or of any duty stated or implied by law or equity provided the General
Partner, acting in good faith, abides by the terms of this Agreement.

          (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of
the Partnership, the Partners and the Company’s stockholders collectively, that the General Partner
is under no obligation to consider the separate interests of the Limited Partners (including,
without limitation, the tax consequences to Limited Partners or the tax consequences to some, but
not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline
to take) any actions. In the event of a conflict between the interests of the stockholders of the
Company on one hand and the Limited Partners on the other, the General Partner shall endeavor in
good faith to resolve the conflict in a manner not adverse to either the stockholders of the
Company or the Limited Partners; provided, however, that for so long as the Company
owns a controlling interest in the Partnership, any such conflict that the General Partner, in its
sole and absolute discretion, determines cannot be resolved in a manner not adverse to either the
stockholders of the Company or the Limited Partners shall be resolved in favor of the stockholders
of the Company. The General Partner shall not be liable for monetary damages for losses sustained,
liabilities incurred or benefits not derived by Limited Partners in connection with such decisions.

          (c) Subject to its obligations and duties as General Partner set forth in Section 6.01 hereof,
the General Partner may exercise any of the powers granted to it under this Agreement and perform
any of the duties imposed upon it hereunder either directly or by or through its agents. The
General Partner shall not be responsible for any misconduct or negligence on the part of any such
agent appointed by it in good faith.

          (d) Any amendment, modification or repeal of this Section 6.04 or any provision hereof shall
be prospective only and shall not in any way affect the limitations on the General Partner’s or any
of its officer’s, director’s, agent’s or employee’s liability to the Partnership and the Limited
Partners under this Section 6.04 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 claims relating to such matters
may arise or be asserted.

     6.05 Partnership Obligations.

          (a) Except as provided in this Section 6.05 and elsewhere in this Agreement (including the
provisions of Articles V and VI regarding distributions, payments and allocations

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to which it may be entitled), the General Partner shall not be compensated for its services as
general partner of the Partnership.

          (b) All Administrative Expenses shall be obligations of the Partnership, and each of the
General Partner and the Company shall be entitled to reimbursement by the Partnership for any
expenditure (including Administrative Expenses) incurred by it on behalf of the Partnership that
shall be made other than out of the funds of the Partnership.

     6.06 Outside Activities. Subject to Section 6.08 hereof, the articles of
incorporation of the company, the limited liability company agreement of the General Partner and
any agreements entered into by the General Partner, the Company or any of their respective
Affiliates with the Partnership, any Subsidiary or any officer, director, employee, agent, trustee,
Affiliate or stockholder of the Company, the General Partner and the Company 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 substantially similar or identical to
those of the Partnership. None of the Partnership, the Limited Partners nor any other Person shall
have any rights by virtue of this Agreement or the partnership relationship established hereby in
any such business ventures, interests or activities, and the General Partner and the Company shall
have no obligation pursuant to this Agreement to offer any interest in any such business ventures,
interests and activities to the Partnership or any Limited Partner, even if such opportunity is of
a character that, if presented to the Partnership or any Limited Partner, could be taken by such
Person.

     6.07 Employment or Retention of Affiliates.

          (a) Any Affiliate of the General Partner may be employed or retained by the Partnership and
may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of
goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any
compensation, price or other payment therefor that the General Partner determines to be fair and
reasonable.

          (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it
has an equity investment, and such Persons may borrow funds from the Partnership, on terms and
conditions established in the sole and absolute discretion of the General Partner. The foregoing
authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

          (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or
other business entities in which it is or thereby becomes a participant upon such terms and subject
to such conditions as the General Partner deems are consistent with this Agreement and applicable
law.

     6.08 General Partner Activities. The General Partner and the Company agree that,
generally, all business activities of the General Partner and the Company, including activities
pertaining to the acquisition, development or ownership of a commercial office property or other
property, shall be conducted through the Partnership or one or more Subsidiaries of the
Partnership; provided, however, that the General Partner or the Company may make a
direct

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acquisition or undertake a business activity directly if such acquisition is made in
connection with the issuance of Additional Securities and such acquisition and issuance or the
business activity has been approved by a majority of the Independent Directors.

     6.09 Title to Partnership Assets. Title to Partnership assets, whether real, personal
or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an
entity, and no Partner, individually or collectively, shall have any ownership interest in such
Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be
held in the name of the Partnership, the General Partner or one or more nominees, as the General
Partner may determine, including Affiliates of the General Partner. The General Partner hereby
declares and warrants that any Partnership assets for which legal title is held in the name of the
General Partner or any nominee or Affiliate of the General Partner shall be held by the General
Partner for the use and benefit of the Partnership in accordance with the provisions of this
Agreement; provided, however, that the General Partner shall use its best efforts
to cause beneficial and record title to such assets to be vested in the Partnership as soon as
reasonably practicable. All Partnership assets shall be recorded as the property of the
Partnership in its books and records, irrespective of the name in which legal title to such
Partnership assets is held.

     6.10 Redemption of General Partner Partnership Units. In the event the Company
redeems or repurchases any Company Shares, then the General Partner shall cause the Partnership to
purchase from the Company a number of Partnership Units as determined based on the application of
the Conversion Factor on the same terms that the Company redeemed such Company Shares.

ARTICLE VII

CHANGES IN THE COMPANY OR THE GENERAL PARTNER

     7.01 Transfer of the General Partner’s Partnership Interest.

          (a) Except as provided in Section 4.02 or Section 6.10 hereof, neither the General Partner nor
the Company shall transfer all or any portion of its Partnership Interest or withdraw as General
Partner except as provided in or in connection with a transaction contemplated by Section 7.01(c),
(d) or (e).

          (b) The General Partner agrees that its Percentage Interest will at all times be in the
aggregate at least 1%.

          (c) Except as otherwise provided in Section 7.01(d) hereof, the Company shall not engage in
any merger, consolidation or other combination with or into another Person or sale of all or
substantially all of its assets (other than in connection with a change in the Company’s state of
incorporation or organizational form), in each case which results in a change of control of the
Company (a “Transaction”), unless at least one of the following conditions is met:

               (i) the consent of Limited Partners (other than the Company or any Subsidiary of the
Company) holding more than 50% of the Percentage Interests of the

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Limited Partners (other than those held by the Company or any Subsidiary of the
Company) is obtained; or

               (ii) as a result of such Transaction all Limited Partners will receive, or have the
right to elect to receive, for each Partnership Unit an amount of cash, securities or other
property equal in value to the product of the Conversion Factor and the greatest amount of
cash, securities or other property paid in the Transaction to a holder of one Common Share
in consideration of one Common Share, provided that if, in connection with
the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and
accepted by the holders of more than 50% of the outstanding Common Shares, each holder of
Partnership Units shall be given the option to exchange its Partnership Units for the
greatest amount of cash, securities or other property that a Limited Partner would have
received had it (A) exercised its Redemption Right and (B) sold, tendered or exchanged
pursuant to the Offer the Common Shares received upon exercise of the Redemption Right
immediately prior to the expiration of the Offer; or

               (iii) the General Partner or the Company is the surviving entity in the Transaction and
either (A) the holders of Common Shares do not receive cash, securities or other property in
the Transaction or (B) all Limited Partners (other than the Company or any Subsidiary of the
Company) receive for each Partnership Unit an amount of cash, securities or other property
having a value (expressed as an amount per Common Share) that is no less than the product of
the Conversion Factor and the greatest amount of cash, securities or other property
(expressed as an amount per Common Share) received in the Transaction by any holder of
Common Shares.

          (d) Notwithstanding Section 7.01(c), the General Partner or the Company may merge with or into
or consolidate with another entity if immediately after such merger or consolidation (i)
substantially all of the assets of the successor or surviving entity (the “Survivor”), other than
Partnership Units held by the General Partner or the Company, are contributed, directly or
indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a
fair market value equal to the value of the assets so contributed as determined by the Survivor in
good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner
and the Company hereunder. Upon such contribution and assumption, the Survivor shall have the
right and duty to amend this Agreement as set forth in this Section 7.01(d). The Survivor shall in
good faith arrive at a new method for the calculation of the Cash Amount, the Common Shares Amount
and Conversion Factor for a Partnership Unit after any such merger or consolidation so as to
approximate the existing method for such calculation as closely as reasonably possible. Such
calculation shall take into account, among other things, the kind and amount of securities, cash
and other property that was receivable upon such merger or consolidation by a holder of Common
Shares or options, warrants or other rights relating thereto, and which a holder of Partnership
Units could have acquired had such Partnership Units been exchanged immediately prior to such
merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such
method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments
provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify
the definition of Common Shares and make such amendments to Section 8.04 hereof so as to
approximate the existing rights and obligations set forth in Section 8.04 as closely as reasonably
possible. The

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above provisions of this Section 7.01(d) shall similarly apply to successive mergers or
consolidations permitted hereunder.

          (e) Notwithstanding anything in this Article VII,

               (i) the General Partner may transfer all or any portion of its General Partnership
Interest to (A) the Company or (B) any direct or indirect Subsidiary of the Company and,
following a transfer of all of its General Partnership Interest, may withdraw as General
Partner; and

               (ii) the General Partner or the Company may engage in a transaction required by law or
by the rules of any national securities exchange on which the Common Shares are listed.

     7.02 Admission of a Substitute or Additional General Partner. A Person shall be
admitted as a substitute or additional General Partner of the Partnership only if the following
terms and conditions are satisfied:

          (a) the Person to be admitted as a substitute or additional General Partner shall have
accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a
counterpart thereof and such other documents or instruments as may be required or appropriate in
order to effect the admission of such Person as a General Partner, and a certificate evidencing the
admission of such Person as a General Partner shall have been filed for recordation and all other
actions required by Section 2.06 hereof in connection with such admission shall have been
performed;

          (b) if the Person to be admitted as a substitute or additional General Partner is a
corporation or a partnership, it shall have provided the Partnership with evidence satisfactory to
counsel for the Partnership of such Person’s authority to become a General Partner and to be bound
by the terms and provisions of this Agreement; and

          (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from
other counsel as may be necessary) that the admission of the Person to be admitted as a substitute
or additional General Partner is in conformity with the Act, that none of the actions taken in
connection with the admission of such Person as a substitute or additional General Partner will
cause (i) the Partnership to be classified other than as a partnership for federal income tax
purposes, or (ii) the loss of any Limited Partner’s limited liability.

     7.03 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner.

          (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on
the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy
as to, or removal of a partner in, such partnership shall not be deemed to be a dissolution of such
General Partner if the business of such General Partner is continued by the remaining partner or
partners), the Partnership shall be dissolved and terminated unless the Partnership is continued
pursuant to Section 7.03(b) hereof. The merger of a General Partner

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with or into any entity that is admitted as a substitute or successor General Partner pursuant
to Section 7.02 hereof shall not be deemed to be the withdrawal, dissolution or removal of the
General Partner.

          (b) Following the occurrence of an Event of Bankruptcy as to a General Partner or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on
the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy
as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such
General Partner if the business of such General Partner is continued by the remaining partner or
partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the
business of the Partnership for the balance of the term specified in Section 2.05 hereof by
selecting, subject to Section 7.02 hereof and any other provisions of this Agreement, a substitute
General Partner by consent of a majority in interest of the Limited Partners. If the Limited
Partners elect to continue the business of the Partnership and admit a substitute General Partner,
the relationship with the Partners and of any Person who has acquired an interest of a Partner in
the Partnership shall be governed by this Agreement.

     7.04 Removal of a General Partner.

          (a) The Limited Partners may not remove the General Partner, with or without cause.

          (b) If the Limited Partners elect to admit a General Partner and the Partnership is continued
pursuant to Section 7.03 hereof, such General Partner shall promptly transfer and assign its
General Partnership Interest in the Partnership to the substitute General Partner approved by a
majority in interest of the Limited Partners in accordance with Section 7.03(b) hereof and
otherwise admitted to the Partnership in accordance with Section 7.02 hereof. At the time of
assignment, the removed General Partner shall be entitled to receive from the substitute General
Partner the fair market value of the General Partnership Interest of such removed General Partner.
Such fair market value shall be determined by an appraiser mutually agreed upon by the removed
General Partner and a majority in interest of the Limited Partners (excluding the Company or any
Subsidiary of the Company) within 10 days following the removal of the General Partner. In the
event that the parties are unable to agree upon an appraiser, the removed General Partner and a
majority in interest of the Limited Partners (excluding the Company or any Subsidiary of the
Company) each shall select an appraiser. Each such appraiser shall complete an appraisal of the
fair market value of the removed General Partner’s General Partnership Interest within 30 days of
the removed General Partner’s removal, and the fair market value of the removed General Partner’s
General Partnership Interest shall be the average of the two appraisals; provided,
however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the
amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the
removed General Partner, shall select a third appraiser who shall complete an appraisal of the fair
market value of the removed General Partner’s General Partnership Interest no later than 60 days
after the removal of the removed General Partner. In such case, the fair market value of the
removed General Partner’s General Partnership Interest shall be the average of the two appraisals
closest in value. The cost of all such appraisals shall be borne by the Partnership.

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          (c) The General Partnership Interest of a removed General Partner, during the time after
renewal until transfer under Section 7.04(b), shall be converted to that of a special Limited
Partner; provided, however, such removed General Partner shall not have any rights
to participate in the management and affairs of the Partnership, and shall not be entitled to any
portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or
payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall
receive and be entitled only to retain distributions or allocations of such items that it would
have been entitled to receive in its capacity as General Partner, until the transfer is effective
pursuant to Section 7.04(b).

          (d) All Partners shall have given and hereby do give such consents, shall take such actions
and shall execute such documents as shall be legally necessary and sufficient to effect all the
foregoing provisions of this Section.

ARTICLE VIII

RIGHTS AND OBLIGATIONS

OF THE LIMITED PARTNERS

     8.01 Management of the Partnership. The Limited Partners shall not participate in the
management or control of Partnership business nor shall they transact any business for the
Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being
vested solely and exclusively in the General Partner.

     8.02 Power of Attorney. Subject to Section 8.03, each Limited Partner hereby
irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each
Limited Partner and in its name, place and stead, and for its use and benefit, to sign,
acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all
documents, certificates and instruments as may be deemed necessary or desirable by the General
Partner to carry out fully the provisions of this Agreement and the Act in accordance with their
terms, including amendments hereto, which power of attorney is coupled with an interest and shall
survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the
Limited Partner of any part or all of its Partnership Interest.

     8.03 Limitation on Liability of Limited Partners. No Limited Partner shall be liable
for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall
be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when
due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as
otherwise required by the Act, be required to make any further Capital Contributions or other
payments or lend any funds to the Partnership.

     8.04 Redemption Right.

     (a) Subject to Sections 8.04(b), 8.04(c), 8.04(d), 8.04(e) and 8.04(f) and the provisions of
any agreements between the Partnership and one or more Limited Partners with respect to OP Units
(including any LTIP Units that are converted into OP Units) held by them, each Limited Partner,
other than the Company, shall have the right (the “Redemption Right”) to

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require the Partnership to redeem on a Specified Redemption Date all or a portion of the OP
Units held by such Limited Partner at a redemption price equal to and in the form of the Redemption
Amount to be paid by the Partnership, provided that such OP Units shall have been
outstanding for at least one year (or such lesser time as determined by the General Partner in its
sole and absolute discretion), and subject to any restriction agreed to in writing between the
Redeeming Limited Partner and the General Partner, the Company or the Partnership. The Redemption
Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a
copy to the Company) by the Limited Partner who is exercising the Redemption Right (the “Redeeming
Limited Partner”); provided, further, that the Partnership shall, in its sole and
absolute discretion, have the option to deliver either the Cash Amount or the Common Shares Amount;
provided, further, that the Partnership shall not be obligated to satisfy such
Redemption Right if the Company elects to purchase the OP Units subject to the Notice of
Redemption; and provided, further, that no Limited Partner may deliver more than
two Notices of Redemption during each calendar year. Subject to the immediately succeeding
sentence, a Limited Partner may not, without the consent of the General Partner and the Company,
exercise the Redemption Right for less than 1,000 OP Units. If a Limited Partner holds less than
1,000 OP Units, such Limited Partner may, without the consent of the General Partner or the
Company, exercise the Redemption Right for all of the OP Units held by such Partner. The Redeeming
Limited Partner shall have no right, with respect to any OP Units so redeemed, to receive any
distribution paid with respect to OP Units if the record date for such distribution is on or after
the Specified Redemption Date.

          (b) Notwithstanding the provisions of Section 8.04(a), a Limited Partner that exercises the
Redemption Right shall be deemed to have offered to sell the OP Units described in the Notice of
Redemption to the Company, and the Company may, in its sole and absolute discretion, elect to
purchase directly and acquire such OP Units by paying to the Redeeming Limited Partner either the
Cash Amount or the Common Shares Amount, as elected by the Company (in its sole and absolute
discretion), on the Specified Redemption Date, whereupon the Company shall acquire the OP Units
offered for redemption by the Redeeming Limited Partner and shall be treated for all purposes of
this Agreement as the owner of such OP Units. If the Company shall elect to exercise its right to
purchase OP Units under this Section 8.04(b) with respect to a Notice of Redemption, it shall so
notify the Redeeming Limited Partner within five Business Days after the receipt by the Company of
such Notice of Redemption.

     In the event the Company shall exercise its right to purchase OP Units with respect to the
exercise of a Redemption Right, the Partnership shall have no obligation to pay any amount to the
Redeeming Limited Partner with respect to such Redeeming Limited Partner’s exercise of such
Redemption Right, and each of the Redeeming Limited Partner, the Partnership and the Company shall
treat the transaction between the Company and the Redeeming Limited Partner for federal income tax
purposes as a sale of the Redeeming Limited Partner’s OP Units to the Company. Each Redeeming
Limited Partner agrees to execute such documents as the Company may reasonably require in
connection with the issuance of Common Shares upon exercise of the Redemption Right.

          (c) Notwithstanding the provisions of Section 8.04(a) and 8.04(b), a Limited Partner shall not
be entitled to exercise the Redemption Right if the delivery of Common Shares to such Partner on
the Specified Redemption Date by the Company pursuant to Section 8.04(b)

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(regardless of whether or not the Company would in fact exercise its rights under Section
8.04(b)) would cause the acquisition of Common Shares by such Partner to be “integrated” with any
other distribution of Common Shares or OP Units for purposes of complying with the registration
provisions of the Securities Act. The General Partner, in its sole and absolute discretion, may
waive the restriction on redemption set forth in this Section 8.04(c).

          The consummation of any redemption in exchange for Common Shares shall be subject to the
expiration or termination of any waiting period under applicable law.

          (d) Any Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04
shall be paid on the Specified Redemption Date; provided, however, that the General
Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 90
days to the extent required for the Company to cause additional Common Shares to be issued to
provide financing to be used to make such payment of the Cash Amount. Notwithstanding the
foregoing, the General Partner agrees to use its best efforts to cause the closing of the
acquisition of redeemed OP Units hereunder to occur as quickly as reasonably possible.

          (e) Notwithstanding any other provision of this Agreement, the General Partner or the Company
is authorized to take any action that it determines to be necessary or appropriate to cause the
Partnership to comply with any withholding requirements established under the Code or any other
federal, state or local law that apply upon a Redeeming Limited Partner’s exercise of the
Redemption Right. If a Redeeming Limited Partner believes that it is exempt from such withholding
upon the exercise of the Redemption Right, such Partner must furnish the General Partner or the
Company with a FIRPTA Certificate in the form attached hereto as Exhibit C. If the
Partnership, the Company or the General Partner is required to withhold and pay over to any taxing
authority any amount upon a Redeeming Limited Partner’s exercise of the Redemption Right and if the
Redemption Amount equals or exceeds the Withheld Amount, the Withheld Amount shall be treated as an
amount received by such Partner in redemption of its OP Units. If, however, the Redemption Amount
is less than the Withheld Amount, the Redeeming Limited Partner shall not receive any portion of
the Redemption Amount, the Redemption Amount shall be treated as an amount received by such Partner
in redemption of its OP Units, and the Partner shall contribute the excess of the Withheld Amount
over the Redemption Amount to the Partnership before the Partnership is required to pay over such
excess to a taxing authority.

          (f) Notwithstanding any other provision of this Agreement, the General Partner shall place
appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights
as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded
partnership” taxable as a corporation under section 7704 of the Code. If and when the General
Partner or the Company determines that imposing such restrictions is necessary, the General Partner
or the Company shall give prompt written notice thereof (a “Restriction Notice”) to each of the
Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the
Partnership that states that, in the opinion of such counsel, restrictions are necessary in order
to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of the
Code.

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     8.05 Registration. Subject to the terms of any agreement between the General Partner,
the Company or the Partnership and one or more Limited Partners with respect to OP Units held by
them:

          (a) Shelf Registration of the Common Stock. The Company agrees to file with the
Commission, within sixty (60) days following the date when the Company becomes eligible to use a
Registration Statement on Form S-3, a shelf registration statement under Rule 415 of the Securities
Act (a “Registration Statement”), or any similar rule that may be adopted by the Commission,
covering (i) the issuance of the Common Shares issuable upon redemption of the OP Units
(“Redemption Shares”) and/or (ii) the resale by the holder of the Redemption Shares; provided,
however, that only two such Registration Statements may occur each year. In connection therewith,
the Company will:

               (i) use its commercially reasonable efforts to have such Registration Statement
declared effective;

               (ii) 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;

               (iii) 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
Company 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

               (iv) otherwise use its best efforts to comply with all applicable rules and regulations
of the Commission.

     The Company 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 Company or by the Securities Act or rules and regulations thereunder for such Registration
Statement. The Company will use reasonable efforts to keep any Registration Statement effective
for two (2) years form the date of the effectiveness of such Registration Statement. Each Limited
Partner agrees to furnish the Company, upon request, such information with respect to the Limited
Partner as may be required to complete and file the Registration Statement. The Company may delay
the filing or amendment of any Registration Statement, or if already effective, suspend the
effectiveness of any Registration Statement, for a reasonable length of time, but not more than 105
days in any consecutive twelve (12) month period.

          (b) Listing on Securities Exchange. If the Company shall list or maintain the listing
of any Common 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,

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list thereon, maintain and, when necessary, increase such listing to include such Redemption
Shares.

          (c) Registration Not Required. Notwithstanding the foregoing, the Company shall not
be required to file or maintain the effectiveness of a registration statement relating to
Redemption Shares after the first date upon which, in the opinion of counsel to the Company, 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.

          (d) Allocation of Expenses. 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, the Company or the Partnership, which fees and expenses shall be
for the amount 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, none of the Partnership, the General Partner nor the Company
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, the General Partner and the Company are not permitted to pay.

          (e) Indemnification.

               (i) The Company 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 Company 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 Company by the Limited
Partner of the holder for use in the Registration Statement. The Company and each officer,
director and controlling person of the Company 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 Company by the Limited Partner or the holder for use
in the Registration Statement.

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               (ii) Promptly upon receipt by a party indemnified under this Section 8.05(e) of notice
of the commencement of any action against such indemnified party in respect of which
indemnity may be sought against any indemnifying party under this Section 8.05(e), 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
8.05(e) 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 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.

          (f) Contribution.

               (i) If for any reason the indemnification provisions contemplated by Section 8.05(e)
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 8.05(f), 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 8.05(f), 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.

- 41 -

 

               (ii) The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8.05(f) 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.

               (iii) The contribution provided for in this Section 8.05(f) 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.

ARTICLE IX

TRANSFERS OF PARTNERSHIP INTERESTS

     9.01 Purchase for Investment.

          (a) Each Limited Partner hereby represents and warrants to the General Partner and to the
Partnership that (i) the acquisition of its Partnership Interests and Partnership Units is made as
a principal for its account for investment purposes only and not with a view to the resale or
distribution of such Partnership Interest or Partnership Units, (ii) the Limited Partner
understands and agrees that its acquisition of Partnership Interests and Partnership Units are
being made in reliance on an exemption from registration under the Securities Act, and (iii) the
Limited Partner is an “accredited investor” as that term may be defined pursuant to the rules and
regulations of the Securities and Exchange Commission from time to time.

          (b) Subject to the provisions of Section 9.02, each Limited Partner agrees that it will not
sell, assign or otherwise transfer his Partnership Interest or Partnership Units or any fraction
thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person
who does not make the representations and warranties to the General Partner and the Partnership set
forth in Section 9.01(a) above.

     9.02 Restrictions on Transfer of Partnership Interests.

          (a) Subject to the provisions of Sections 9.02(b), (c) and (d), no Limited Partner may offer,
sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Partnership
Interest or Partnership Units, or any of such Limited Partner’s economic rights as a Limited
Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively,
a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld
in its sole and absolute discretion. The General Partner may require, as a condition of any
Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in
connection therewith.

          (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted
Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c)
below or a Transfer pursuant to Section 9.05 below) of all of his Partnership Units

-42-

 

pursuant to
this Article IX or pursuant to a redemption of all of his OP Units pursuant to Section 8.04. Upon
the permitted Transfer or redemption of all of a Limited Partner’s Partnership Units, such Limited
Partner shall cease to be a Limited Partner.

          (c) Subject to Sections 9.02(d) and (e) below, a Limited Partner may Transfer, with the
consent of the General Partner, all or a portion of his Partnership Units to (i) a parent or
parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or
brother or sister, or a trust created by such Limited Partner for the benefit of such Limited
Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a
trustee, (ii) a corporation, partnership or limited liability company controlled by a Person or
Persons named in (i) above or (iii) if the Limited Partner is an entity, its beneficial owners.

          (d) No Limited Partner may effect a Transfer of its Partnership Interest or Partnership Units,
in whole or in part, if, in the opinion of legal counsel for the Partnership, such proposed
Transfer would require the registration of the Partnership Interest or Partnership Units under the
Securities Act or would otherwise violate any applicable federal or state securities or blue sky
law (including investment suitability standards).

          (e) No Transfer by a Limited Partner of its Partnership Interest or Partnership Units, in
whole or in part, may be made to any Person if in the opinion of legal counsel for the Partnership,
the transfer would result in the Partnership’s being treated as a publicly traded partnership
taxable as a corporation, or an association taxable as a corporation.

          (f) Any purported Transfer in contravention of any of the provisions of this Article IX shall
be void ab initio and ineffectual and shall not be binding upon, or recognized by, the General
Partner or the Partnership.

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

     9.03 Admission of Substitute Limited Partner.

          (a) Subject to the other provisions of this Article IX, an assignee of the Partnership
Interest of a Limited Partner (which shall be understood to include any purchaser, transferee,
donee or other recipient of any disposition of such Partnership Interest) or Partnership Units
shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the
General Partner, which consent may be given or withheld by the General Partner in its sole and
absolute discretion, and upon the satisfactory completion of the following:

               (i) The assignee shall have accepted and agreed to be bound by the terms and provisions
of this Agreement by executing a counterpart or an amendment thereof, including a revised
Exhibit A, and such other documents or instruments as the
General Partner may require in order to effect the admission of such Person as a
Limited Partner.

-43-

 

               (ii) To the extent required, an amended Certificate evidencing the admission of such
Person as a Limited Partner shall have been signed, acknowledged and filed for record in
accordance with the Act.

               (iii) The assignee shall have delivered a letter containing the representation set
forth in Section 9.01(a) hereof and the agreement set forth in Section 9.01(b) hereof.

               (iv) If the assignee is a corporation, partnership or trust, the assignee shall have
provided the General Partner with evidence satisfactory to counsel for the Partnership of
the assignee’s authority to become a Limited Partner under the terms and provisions of this
Agreement.

               (v) The assignee shall have executed a power of attorney containing the terms and
provisions set forth in Section 8.02 hereof.

               (vi) The assignee shall have paid all legal fees and other expenses of the Partnership
and the General Partner and filing and publication costs in connection with its substitution
as a Limited Partner.

               (vii) The assignee shall have obtained the prior written consent of the General Partner
to its admission as a Substitute Limited Partner, which consent may be given or denied in
the exercise of the General Partner’s sole and absolute discretion.

          (b) For the purpose of allocating Profits and Losses and distributing cash received by the
Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the
records of the Partnership as, a Partner upon the filing of the Certificate described in Section
9.03(a)(ii) hereof or, if no such filing is required, the later of the date specified in the
transfer documents or the date on which the General Partner has received all necessary instruments
of transfer and substitution.

          (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited
Partner by preparing the documentation required by this Section and making all official filings and
publications. The Partnership shall take all such action as promptly as practicable after the
satisfaction of the conditions in this Article IX to the admission of such Person as a Limited
Partner of the Partnership.

          (d) The General Partner’s failure or refusal to permit a transferee of any such interests to
become a Substitute Limited Partner shall not give rise to any cause of action against the
Partnership or any partner.

     9.04 Rights of Assignees of Partnership Interests.

          (a) Subject to the provisions of Sections 9.01 and 9.02 hereof, except as required by
operation of law, the Partnership shall not be obligated for any purposes whatsoever
to recognize the assignment by any Limited Partner of its Partnership Interest or Partnership
Units until the Partnership has received notice thereof.

-44-

 

          (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Partnership
Interest or Partnership Units, but does not become a Substitute Limited Partner and desires to make
a further assignment of such Partnership Interest or Partnership Units, shall be subject to all the
provisions of this Article IX to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Partnership Interest or Partnership Units.

     9.05 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner.
The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or
a final adjudication that a Limited Partner is incompetent (which term shall include, but not be
limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the
business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is
entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his
executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee,
guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling
or managing his estate property and such power as the bankrupt, deceased or incompetent Limited
Partner possessed to assign all or any part of his Partnership Interest and to join with the
assignee in satisfying conditions precedent to the admission of the assignee as a Substitute
Limited Partner.

     9.06 Joint Ownership of Interests. A Partnership Interest may be acquired by two
individuals as joint tenants with right of survivorship, provided that such
individuals either are married or are related and share the same home as tenants in common. The
written consent or vote of both owners of any such jointly held Partnership Interest shall be
required to constitute the action of the owners of such Partnership Interest; provided,
however, that the written consent of only one joint owner will be required if the
Partnership has been provided with evidence satisfactory to the counsel for the Partnership that
the actions of a single joint owner can bind both owners under the applicable laws of the state of
residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a
joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by
the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the
death of one of the owners of a jointly-held Partnership Interest until it shall have received
notice of such death. Upon notice to the General Partner from either owner, the General Partner
shall cause the Partnership Interest to be divided into two equal Partnership Interests, which
shall thereafter be owned separately by each of the former owners.

ARTICLE X

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

     10.01 Books and Records. At all times during the continuance of the Partnership, the
Partners shall keep or cause to be kept at the Partnership’s specified office true and complete
books of account in accordance with generally accepted accounting principles, including: (a) a
current list of the full name and last known business address of each Partner, (b) a copy of the
Certificate of Limited Partnership and all certificates of amendment thereto, (c) copies of the

Partnership’s federal, state and local income tax returns and reports, (d) copies of this
Agreement and any financial statements of the Partnership for the three most recent years and (e)
all documents and information required under the Act. Any Partner or its duly authorized

-45-

 

representative, upon paying the costs of collection, duplication and mailing, shall be entitled to
inspect or copy such records during ordinary business hours.

     10.02 Custody of Partnership Funds; Bank Accounts.

          (a) All funds of the Partnership not otherwise invested shall be deposited in one or more
accounts maintained in such banking or brokerage institutions as the General Partner shall
determine, and withdrawals shall be made only on such signature or signatures as the General
Partner may, from time to time, determine.

          (b) All deposits and other funds not needed in the operation of the business of the
Partnership may be invested by the General Partner in investment grade instruments (or investment
companies whose portfolio consists primarily thereof), government obligations, certificates of
deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall
not be commingled with the funds of any other Person except for such commingling as may necessarily
result from an investment in those investment companies permitted by this Section 10.02(b).

     10.03 Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be
the calendar year.

     10.04 Annual Tax Information and Report. Within 75 days after the end of each fiscal
year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner
at any time during such year the tax information necessary to file such Limited Partner’s
individual tax returns as shall be reasonably required by law.

     10.05 Tax Matters Partner; Tax Elections; Special Basis Adjustments.

          (a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning
of Section 6231(a)(7) of the Code. As Tax Matters Partner, the General Partner shall have the
right and obligation to take all actions authorized and required, respectively, by the Code for the
Tax Matters Partner. The General Partner shall have the right to retain professional assistance in
respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees
incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall
constitute Partnership expenses. In the event the General Partner receives notice of a final
Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i)
file a court petition for judicial review of such final adjustment within the period provided under
Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on
the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such
period, that describes the General Partner’s reasons for determining not to file such a petition.

          (b) All elections required or permitted to be made by the Partnership under the Code or any
applicable state or local tax law shall be made by the General Partner in its sole and absolute
discretion.

          (c) In the event of a transfer of all or any part of the Partnership Interest of any Partner,
the Partnership, at the option of the General Partner, may elect pursuant to

-46-

 

Section 754 of the
Code to adjust the basis of the Properties. Notwithstanding anything contained in Article V of
this Agreement, any adjustments made pursuant to Section 754 shall affect only the successor in
interest to the transferring Partner and in no event shall be taken into account in establishing,
maintaining or computing Capital Accounts for the other Partners for any purpose under this
Agreement. Each Partner will furnish the Partnership with all information necessary to give effect
to such election.

     
10.06 Reports to Limited Partners.

          
(a) If the Company is required to furnish an annual report to its stockholders containing
financial statements of the Company, the Company will, at the same time and in the same manner,
furnish such annual report to each Limited Partner. The annual financial statements shall be
audited by accountants selected by the Company.

          
(b) Any Partner shall further have the right to a private audit of the books and records of
the Partnership, provided such audit is made for Partnership purposes, at the expense of
the Partner desiring it and is made during normal business hours.

ARTICLE XI

AMENDMENT OF AGREEMENT; MERGER

     The General Partner’s consent shall be required for any amendment to this Agreement. The
General Partner, without the consent of the Limited Partners, may amend this Agreement in any
respect; provided, however, that the following amendments shall require the consent
of Limited Partners (other than the Company or any Subsidiary of the Company) holding more than 50%
of the Percentage Interests of the Limited Partners (other than those held by the Company or any
Subsidiary of the Company):

          (a) any amendment affecting the operation of the Conversion Factor or the Redemption Right
(except as otherwise provided herein) in a manner adverse to the Limited Partners;

          (b) any amendment that would adversely affect the rights of the Limited Partners to receive
the distributions payable to them hereunder, other than with respect to the issuance of additional
Partnership Units pursuant to Section 4.02 hereof;

          (c) any amendment that would alter the Partnership’s allocations of Profit and Loss to the
Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant
to Section 4.02 hereof;

          (d) any amendment that would impose on the Limited Partners any obligation to make additional
Capital Contributions to the Partnership; or

          (e) any amendment to this Article XI.

     The General Partner, without the consent of the Limited Partners, may (i) merge or consolidate
the Partnership with or into any other domestic or foreign partnership, limited

-47-

 

partnership,
limited liability company or corporation in a transaction pursuant to Section 7.01(c) and (d)
hereof, or (ii) sell any, all or substantially all of the assets of the Partnership and may amend
this Agreement in connection with any such transaction.

ARTICLE
XII

GENERAL PROVISIONS

     12.01 Notices. All communications required or permitted under this Agreement shall be
in writing and shall be deemed to have been given when delivered personally or upon deposit in the
United States mail, registered, postage prepaid return receipt requested, to the Partners at the
addresses set forth in Exhibit A attached hereto; provided, however, that
any Partner may specify a different address by notifying the General Partner in writing of such
different address. Notices to the Partnership shall be delivered at or mailed to its specified
office.

     12.02 Survival of Rights. Subject to the provisions hereof limiting transfers, this
Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and
their respective legal representatives, successors, transferees and assigns.

     12.03 Additional Documents. Each Partner agrees to perform all further acts and
execute, swear to, acknowledge and deliver all further documents that may be reasonable, necessary,
appropriate or desirable to carry out the provisions of this Agreement or the Act.

     12.04 Severability. If any provision of this Agreement shall be declared illegal,
invalid or unenforceable in any jurisdiction, then such provision shall be deemed to be severable
from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity
or unenforceability shall not affect the remainder hereof.

     12.05 Entire Agreement. This Agreement and exhibits attached hereto constitute the
entire Agreement of the Partners and supersede all prior written agreements and prior and
contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof.

     12.06 Pronouns and Plurals. When the context in which words are used in the Agreement
indicates that such is the intent, words in the singular number shall include the plural and the
masculine gender shall include the neuter or female gender as the context may require.

     12.07 Headings. The Article headings or sections in this Agreement are for convenience
only and shall not be used in construing the scope of this Agreement or any particular Article.

     12.08 Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original copy and all of which together shall constitute one and the
same instrument binding on all parties hereto, notwithstanding that all parties shall not have
signed the same counterpart.

     12.09 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware.

-48-

 

     IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Amended
and Restated Agreement of Limited Partnership, all as of the 30th day of June, 2005.

	 	 	 	 	 	 	 
	 	 	PARTNERSHIP:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSET CAPITAL PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	ACC GP, LLC,	 	 
	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William B. LeBlanc III	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III	 	 
	 

	 	Title:
	 	President and Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GENERAL PARTNER:	 	 
	 
	 	 	 	 	 	 
	 	 	ACC GP, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William B. LeBlanc III	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III	 	 
	 

	 	Title:
	 	President and Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	LIMITED PARTNERS:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSET CAPITAL CORPORATION, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William B. LeBlanc III
 

	 	 
	 

	 	Name:
	 	William B. LeBlanc, III	 	 
	 

	 	Title:
	 	President and Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Kenneth M. Houle	 	 
	 	 	 	 	 
	 	 	Name: Kenneth M. Houle	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Barry E. Johnson	 	 
	 	 	 	 	 
	 	 	Name: Barry E. Johnson	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ William P. Ciorletti	 	 
	 	 	 	 	 
	 	 	Name: William P. Ciorletti	 	 

-49-

 

	 	 	 	 	 	 	 
	 	 	/s/ Brian K. Fields	 	 
	 	 	 	 	 
	 	 	Name: Brian K. Fields	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ William T. Gordon	 	 
	 	 	 	 	 
	 	 	Name: William T. Gordon	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Robert S. Smith	 	 
	 	 	 	 	 
	 	 	Name: Robert S. Smith	 	 

-50-exv10w2

 

Exhibit 10.2

ASSET CAPITAL CORPORATION, INC.

2005 EQUITY INCENTIVE PLAN

 

 

			
	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	Section	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Article I
	 	DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	1.01.
	 	Acquiring Person	 	 	1	 
	1.02.
	 	Affiliate	 	 	1	 
	1.03.
	 	Agreement	 	 	1	 
	1.04.
	 	Associate	 	 	1	 
	1.05.
	 	Board	 	 	1	 
	1.06.
	 	Change in Control	 	 	1	 
	1.07.
	 	Code	 	 	2	 
	1.08.
	 	Committee	 	 	2	 
	1.09.
	 	Common Stock	 	 	3	 
	1.10.
	 	Company	 	 	3	 
	1.11.
	 	Continuing Director	 	 	3	 
	1.12.
	 	Control Change Date	 	 	3	 
	1.13.
	 	Corresponding SAR	 	 	3	 
	1.14.
	 	Dividend Equivalent Right	 	 	3	 
	1.15.
	 	Effective Date	 	 	3	 
	1.16.
	 	Exchange Act	 	 	4	 
	1.17.
	 	Fair Market Value	 	 	4	 
	1.18.
	 	Initial Value	 	 	4	 
	1.19.
	 	Operating Partnership	 	 	4	 
	1.20.
	 	Option	 	 	4	 
	1.21.
	 	Other Equity-Based Award	 	 	4	 
	1.22.
	 	Participant	 	 	4	 
	1.23.
	 	Performance Shares	 	 	5	 
	1.24.
	 	Person	 	 	5	 
	1.25.
	 	Plan	 	 	5	 
	1.26.
	 	Private Placement	 	 	5	 
	1.27.
	 	Related Entity	 	 	5	 
	1.28.
	 	SAR	 	 	5	 
	1.29.
	 	Securities Act	 	 	6	 
	1.30.
	 	Stock Award	 	 	6	 
	1.31.
	 	Ten Percent Shareholder	 	 	6	 
	 
	 	 	 	 	 	 
	Article II
	 	PURPOSES	 	 	7	 
	 
	 	 	 	 	 	 
	Article III
	 	ADMINISTRATION	 	 	8	 
	 
	 	 	 	 	 	 
	Article IV
	 	ELIGIBILITY	 	 	9	 
	 
	 	 	 	 	 	 
	Article V
	 	COMMON STOCK SUBJECT TO PLAN	 	 	10	 
	 
	 	 	 	 	 	 
	5.01.
	 	Common Stock Issued	 	 	10	 
	5.02.
	 	Aggregate Limit	 	 	10	 
	5.03.
	 	Reallocation of Shares	 	 	10	 

-i-

 

 

			
	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

	 	 	 	 	 	 	 
	Article VI
	 	OPTIONS	 	 	11	 
	 
	 	 	 	 	 	 
	6.01.
	 	Award	 	 	11	 
	6.02.
	 	Option Price	 	 	11	 
	6.03.
	 	Maximum Option Period	 	 	11	 
	6.04.
	 	Nontransferability	 	 	11	 
	6.05.
	 	Transferable Options	 	 	12	 
	6.06.
	 	Employee Status	 	 	12	 
	6.07.
	 	Exercise	 	 	12	 
	6.08.
	 	Payment	 	 	12	 
	6.09.
	 	Change in Control	 	 	13	 
	6.10.
	 	Stockholder Rights	 	 	13	 
	6.11.
	 	Disposition of Shares	 	 	13	 
	 
	 	 	 	 	 	 
	Article VII
	 	SARS	 	 	14	 
	 
	 	 	 	 	 	 
	7.01.
	 	Award	 	 	14	 
	7.02.
	 	Maximum SAR Period	 	 	14	 
	7.03.
	 	Nontransferability	 	 	14	 
	7.04.
	 	Transferable SARs	 	 	14	 
	7.05.
	 	Exercise	 	 	15	 
	7.06.
	 	Change in Control	 	 	15	 
	7.07.
	 	Employee Status	 	 	15	 
	7.08.
	 	Settlement	 	 	15	 
	7.09.
	 	Stockholder Rights	 	 	15	 
	 
	 	 	 	 	 	 
	Article VIII
	 	STOCK AWARDS	 	 	17	 
	 
	 	 	 	 	 	 
	8.01.
	 	Award	 	 	17	 
	8.02.
	 	Vesting	 	 	17	 
	8.03.
	 	Employee Status	 	 	17	 
	8.04.
	 	Change in Control	 	 	17	 
	8.05.
	 	Stockholder Rights	 	 	17	 
	 
	 	 	 	 	 	 
	Article IX
	 	PERFORMANCE SHARE AWARDS	 	 	19	 
	 
	 	 	 	 	 	 
	9.01.
	 	Award	 	 	19	 
	9.02.
	 	Earning the Award	 	 	19	 
	9.03.
	 	Payment	 	 	19	 
	9.04.
	 	Stockholder Rights	 	 	19	 
	9.05.
	 	Nontransferability	 	 	19	 
	9.06.
	 	Transferable Performance Shares	 	 	20	 
	9.07.
	 	Employee Status	 	 	20	 
	9.08.
	 	Change in Control	 	 	20	 
	 
	 	 	 	 	 	 
	Article X
	 	OTHER EQUITY—BASED AWARDS	 	 	21	 
	 
	 	 	 	 	 	 
	10.01.
	 	Award	 	 	21	 
	10.02.
	 	Terms and Conditions	 	 	21	 
	10.03.
	 	Payment or Settlement	 	 	21	 
	10.04.
	 	Change in Control	 	 	21	 
	10.05.
	 	Employee Status	 	 	22	 

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

	 	 	 	 	 	 	 
	10.06.
	 	Stockholder Rights	 	 	22	 
	 
	 	 	 	 	 	 
	Article XI
	 	ADJUSTMENT UPON CHANGE IN COMMON STOCK	 	 	23	 
	 
	 	 	 	 	 	 
	Article XII
	 	COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES	 	 	24	 
	 
	 	 	 	 	 	 
	Article XIII
	 	GENERAL PROVISIONS	 	 	25	 
	 
	 	 	 	 	 	 
	13.01.
	 	Effect on Employment and Service	 	 	25	 
	13.02.
	 	Unfunded Plan	 	 	25	 
	13.03.
	 	Rules of Construction	 	 	25	 
	13.04.
	 	Withholding Taxes	 	 	25	 
	13.05.
	 	Dividends and Dividend Equivalents	 	 	26	 
	 
	 	 	 	 	 	 
	Article XIV
	 	LIMITATION ON BENEFITS	 	 	27	 
	 
	 	 	 	 	 	 
	14.01.
	 	Impact of Change in Control	 	 	27	 
	14.02.
	 	Assumption Upon Change in Control	 	 	27	 
	14.03.
	 	Cash-Out Upon Change in Control	 	 	27	 
	14.04.
	 	Limitation of Benefits	 	 	27	 
	 
	 	 	 	 	 	 
	Article XV
	 	AMENDMENT	 	 	30	 
	 
	 	 	 	 	 	 
	Article XVI
	 	DURATION OF PLAN	 	 	31	 
	 
	 	 	 	 	 	 
	Article XVII
	 	EFFECTIVE DATE OF PLAN	 	 	32	 
	 
	 	 	 	 	 	 

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE I

DEFINITIONS

1.01. Acquiring Person

     Acquiring Person means that a Person, considered alone or as part of a “group” within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, is or becomes
directly or indirectly the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
securities representing at least fifty percent (50%) of either (A) the combined voting power of the
Company’s then outstanding securities or (B) the then outstanding Common Stock of the Company (in
either case other than as a result of an acquisition of securities directly from the Company).

1.02. Affiliate

     Affiliate means any “subsidiary” or “parent” corporation (as such terms are defined in Section
424 of the Code) of the Company.

1.03. Agreement

     Agreement means a written agreement (including any amendment or supplement thereto) between
the Company and a Participant specifying the terms and conditions of a Stock Award, an award of
Performance Shares, an Option, SAR or Other Equity-Based Award granted to such Participant.

1.04. Associate

     Associate, with respect to any Person, is defined in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act. An Associate does not include the Company or a majority-owned
subsidiary of the Company.

1.05. Board

     Board means the Board of Directors of the Company.

1.06. Change in Control

     “Change in Control” means (i) a Person is or becomes an Acquiring Person; provided, however,
that in no event shall a Change in Control be deemed to have occurred upon an initial public
offering or a subsequent public offering of the Common Stock under the Securities Act; (ii) holders
of the securities of the Company entitled to vote thereon approve any agreement with a Person (or,
if such approval is not required by applicable law and is not solicited by the Company, the closing
of such an agreement) that involves the sale, lease, exchange or other transfer (in one transaction
or a series of transactions contemplated or arranged by any party as a

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

single plan) of all or substantially all of the Company’s total assets on a consolidated
basis, as reported in the Company’s consolidated financial statements, other than a sale or
disposition by the Company of all or substantially all of the Company’s assets to an entity at
least 50% (fifty percent) of the combined voting power of the voting securities of which are owned
by Persons in substantially the same proportion as their ownership of the Company immediately prior
to such sale; (iii) holders of the securities of the Company entitled to vote thereon approve a
transaction (or, if such approval is not required by applicable law and is not solicited by the
Company, the closing of such a transaction) pursuant to which the Company will undergo a merger,
consolidation, or statutory share exchange with a Person, regardless of whether the Company is
intended to be the surviving or resulting entity after the merger, consolidation, or statutory
share exchange, other than a transaction that results in the voting securities of the Company
carrying the right to vote in elections of persons to the Board outstanding immediately prior to
the closing of the transaction continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least 50% (fifty percent) of the
Company’s voting securities carrying the right to vote in elections of persons to the Company’s
Board, or such securities of such surviving entity or its ultimate parent corporation, if any,
outstanding immediately after the closing of such transaction; (iv) the Continuing Directors cease
for any reason to constitute a majority of the Board; (v) holders of the securities of the Company
entitled to vote thereon approve a plan of complete liquidation of the Company or an agreement for
the liquidation by the Company of all or substantially all of the Company’s assets (or, if such
approval is not required by applicable law and is not solicited by the Company, the commencement of
actions constituting such a plan or the closing of such an agreement); or (vi) the Board adopts a
resolution to the effect that, in its judgment, as a consequence of any one or more transactions or
events or series of transactions or events, a Change in Control of the Company has effectively
occurred. The Board shall be entitled to exercise its sole and absolute discretion in exercising
its judgment and in the adoption of such resolution, whether or not any such transaction(s) or
event(s) might be deemed, individually or collectively, to satisfy any of the criteria set forth in
subparagraphs (i) through (v) above.

1.07. Code

     Code means the Internal Revenue Code of 1986, and any amendments thereto.

1.08. Committee

     Committee means the Compensation Committee of the Board. During any period in which awards
under this Plan are subject to Section 16 of the Exchange Act, the Compensation Committee will be
comprised of at least two members who are non-employee directors under Rule 16b-3 under the
Exchange Act. During any period in which the Company is subject to Code section 162(m), the
Compensation Committee will be comprised of members who are outside directors under Code section
162(m). No action of the Compensation Committee will be invalidated because any member of the
Compensation Committee fails to satisfy the non-employee director or outside director requirements
of Rule 16b-3 or Code section 162(m),

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

respectively. The Board or a committee appointed by the Board shall serve as the Committee
during any period in which there is no Compensation Committee.

1.09. Common Stock

     Common Stock means the common stock, par value $0.001 per share, of the Company.

1.10. Company

     Company means Asset Capital Corporation, Inc., a Maryland corporation.

1.11. Continuing Director

     Continuing Director means any member of the Board, while a member of the Board and (i) who was
a member of the Board on the Effective Date or (ii) whose nomination for or election to the Board
was recommended or approved by a majority of the Continuing Directors.

1.12. Control Change Date

     Control Change Date means the date on which a Change in Control occurs. If a Change in
Control occurs on account of a series of transactions, the “Control Change Date” is the date of the
last of such transactions.

1.13. Corresponding SAR

     Corresponding SAR means an SAR that is granted in relation to a particular Option and that can
be exercised only upon the surrender to the Company, unexercised, of that portion of the Option to
which the SAR relates.

1.14. Dividend Equivalent Right

     Dividend Equivalent Right means the right, subject to the terms and conditions prescribed by
the Committee, of a Participant to receive (or have credited) cash, stock or other property in
amounts equivalent to the cash, stock or other property dividends declared on shares of Common
Stock with respect to the specified shares of Common Stock (“Dividend Equivalents”) subject to an
Option, SAR, an Other Equity-Based Award or a Performance Share award, as determined by the
Committee, in its sole discretion. The Committee may provide that such Dividend Equivalents (if
any) shall be deemed to have been reinvested in additional shares of Common Stock or otherwise
reinvested.

1.15. Effective Date

     Effective Date has the meaning set forth in Article XVII of this Plan.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

1.16. Exchange Act

     Exchange Act means the Securities Exchange Act of 1934, as amended.

1.17. Fair Market Value

     Fair Market Value means, on any given date, the reported “closing” price of a share of Common
Stock on the principal exchange on which the Common Stock is listed for trading. If, on any given
date, the Common Stock is not listed for trading on an exchange, then Fair Market Value shall be
determined by the Committee using any reasonable method in good faith.

1.18. Initial Value

     Initial Value means, with respect to a Corresponding SAR, the option price per share of the
related Option and, with respect to an SAR granted independently of an Option, the price per share
of Common Stock as determined by the Committee on the date of grant; provided, however, that the
price shall not be less than the Fair Market Value on the date of grant.

1.19. Operating Partnership

     Operating Partnership means Asset Capital Partners, L.P.

1.20. Option

     Option means a stock option that entitles the holder to purchase from the Company a stated
number of shares of Common Stock at the price set forth in an Agreement.

1.21. Other Equity-Based Award

     Other Equity-Based Award means any award other than an Option, SAR, a Performance Share Award
or a Stock Award which, subject to such terms and conditions as may be prescribed by the Committee,
entitles a Participant to receive shares of Common Stock or rights or units valued in whole or in
part by reference to, or otherwise based on, shares of Common Stock (including SARs or securities
convertible into shares of Common Stock) or other equity interests including interests in the
Operating Partnership.

1.22. Participant

     Participant means an employee of the Company or an Affiliate, a member of the Board, or a
person or entity that provides significant services to the Company or an Affiliate and who
satisfies the requirements of Article IV and is selected by the Committee to receive an award of
Performance Shares, Stock Award, Option, SAR, Other Equity-Based Award or a combination thereof.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

1.23. Performance Shares

     Performance Shares means an award, in the amount determined by the Committee, stated with
reference to a specified number of shares of Common Stock, that in accordance with the terms of an
Agreement entitles the holder to receive a payment for each specified share equal to the Fair
Market Value of Common Stock on the date of payment or such other amount as provided in the
Agreement.

1.24. Person

     “Person” means any human being, firm, corporation, partnership, or other entity. “Person”
also includes any human being, firm, corporation, partnership, or other entity as defined in
sections 13(d)(3) and 14(d)(2) of the Exchange Act. The term “Person” does not include the Company
or any Related Entity, and the term Person does not include any employee-benefit plan maintained by
the Company or any Related Entity, or any person or entity organized, appointed, or established by
the Company or any Related Entity for or pursuant to the terms of any such employee-benefit plan,
unless the Board determines that such an employee-benefit plan or such person or entity is a
“Person.”

1.25. Plan

     Plan means this Asset Capital Corporation, Inc. 2005 Equity Incentive Plan.

1.26. Private Placement

     Private Placement means the offering of shares of the Company’s common stock pursuant to Rule
144A, Regulation S and Regulation D of the Securities Act pursuant to the Offering Memorandum dated
June 24, 2005.

1.27. Related Entity

     Related Entity means any entity that is part of a controlled group of corporations or is under
common control with the Company within the meaning of Sections 1563(a), 414(b) or 414(c) of the
Code.

1.28. SAR

     SAR means a stock appreciation right that in accordance with the terms of an Agreement
entitles the holder to receive, with respect to each share of Common Stock encompassed by the
exercise of the SAR, the excess, if any, of the Fair market Value at the time of exercise over the
Initial Value. References to “SARs” include both Corresponding SARs and SARs granted independently
of Options, unless the context requires otherwise.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

1.29. Securities Act

     Securities Act means the Securities Act of 1933, as amended.

1.30. Stock Award

     Stock Award means shares of Common Stock awarded to a Participant under Article VIII.

1.31. Ten Percent Shareholder

     Ten Percent Shareholder means any individual owning more than ten percent (10%) of the total
combined voting power of all classes of stock of the Company or of a Related Entity. An individual
shall be considered to own any voting stock owned (directly or indirectly) by or for his or her
brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own
proportionately any voting stock owned (directly or indirectly) by or for a corporation,
partnership, estate or trust of which such individual is a shareholder, partner or beneficiary.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE II

PURPOSES

     The Plan is intended to assist the Company and its Affiliates in recruiting and retaining
individuals and other service providers with ability and initiative by enabling such persons or
entities to participate in the future success of the Company and its Affiliates and to associate
their interests with those of the Company and its stockholders. The Plan is intended to permit the
grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and
Options not so qualifying, and the grant of SARs, Stock Awards, Performance Shares, and Other
Equity-Based Awards in accordance with the Plan and any procedures that may be established by the
Committee. No Option that is intended to be an incentive stock option shall be invalid for failure
to qualify as an incentive stock option. The proceeds received by the Company from the sale of
shares of Common Stock pursuant to this Plan shall be used for general corporate purposes.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE III

ADMINISTRATION

     The Plan shall be administered by the Committee. The Committee shall have authority to grant
SARs, Stock Awards, Performance Shares, Options and Other Equity-Based Awards upon such terms (not
inconsistent with the provisions of this Plan), as the Committee may consider appropriate. Such
terms may include conditions (in addition to those contained in this Plan), on the exercisability
of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock
Award, an award of Performance Shares or an Other Equity-Based Award. Notwithstanding any such
conditions, the Committee may, in its discretion, accelerate the time at which any Option or SAR
may be exercised, or the time at which a Stock Award or Other Equity-Based Award may become
transferable or nonforfeitable or the time at which an Other Equity-Based Award or an award of
Performance Shares may be settled. In addition, the Committee shall have complete authority to
interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and
rescind rules and regulations pertaining to the administration of the Plan; and to make all other
determinations necessary or advisable for the administration of this Plan. The express grant in
the Plan of any specific power to the Committee shall not be construed as limiting any power or
authority of the Committee. Any decision made, or action taken, by the Committee in connection
with the administration of this Plan shall be final and conclusive. The members of the Committee
shall not be liable for any act done in good faith with respect to this Plan or any Agreement,
Option, SAR, Stock Award, Other Equity-Based Award or award of Performance Shares. All expenses of
administering this Plan shall be borne by the Company.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE IV

ELIGIBILITY

     Any employee of the Company or an Affiliate (including a corporation that becomes an Affiliate
after the adoption of this Plan) and any member of the Board is eligible to participate in this
Plan. In addition, any other person or entity that provides significant services to the Company or
an Affiliate is eligible to participate in this Plan if the Committee, in its sole discretion,
determines that the participation of such person or entity is in the best interest of the Company.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE V

COMMON STOCK SUBJECT TO PLAN

5.01. Common Stock Issued

     Upon the award of shares of Common Stock pursuant to a Stock Award, an Other Equity-Based
Award or in settlement of an award of Performance Shares, the Company may deliver to the
Participant shares of Common Stock from its treasury shares or from its authorized but unissued
Common Stock. Upon the exercise of any Option, SAR or Other Equity-Based Award denominated in
shares of Common Stock, the Company may deliver to the Participant (or the Participant’s broker if
the Participant so directs), shares of Common Stock from its treasury shares or from its authorized
but unissued Common Stock.

5.02. Aggregate Limit

     (a) The maximum aggregate number of shares of Common Stock that may be issued under this Plan
pursuant to the exercise of Options and SARs, the grant of Stock Awards or Other Equity-Based
Awards and the settlement of Performance Shares is equal to the sum of 37,263 shares plus 3% of any
shares issued pursuant to the exercise of the initial purchaser’s additional allotment option in
connection with the Private Placement on or before the Effective Date. The maximum aggregate
number of shares of Common Stock that may be issued under this Plan pursuant to the exercise of
SARs, the grant of Stock Awards or Other Equity-Based Awards and the settlement of Performance
Shares shall be increased by an amount equal to 3% of the number of shares issued and sold in
connection with an initial public offering of the Common Stock. Other Equity-Based Awards covering
Operating Partnership units that are convertible (directly or indirectly) into Common Stock shall
reduce the maximum aggregate number of shares of Common Stock that may be issued under this Plan on
a one-for-one basis, i.e., each such unit shall be treated as an award of Common Stock.

     (b) The maximum number of shares of Common Stock that may be issued under this Plan in
accordance with Section 5.02(a) shall be subject to adjustment as provided in Article XI.

5.03. Reallocation of Shares

     If (i) any award or grant under the Plan expires or is terminated without having been
exercised or paid (whether in cash or Common Stock) or (ii) any shares of Common Stock are tendered
by a Participant to pay the exercise price of, or are withheld or delivered to satisfy tax
obligations in respect of, any award or grant under this Plan, then any shares of Common Stock
covered by such lapsed, cancelled, expired or settled portion of such award or grant and any such
withheld or tendered shares of Common Stock shall be available for the grant of other Options,
SARs, Stock Awards, Other Equity-Based Awards and settlement of Performance Shares under this Plan.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE VI

OPTIONS

6.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an Option is to be granted and will specify the number of shares of Common Stock covered by
such awards.

6.02. Option Price

     The price per share of Common Stock purchased on the exercise of an Option shall be determined
by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date
the Option is granted if the Option is intended to be an incentive stock option. Notwithstanding
the preceding sentence, the price per share for Common Stock purchased on the exercise of any
Option that is an incentive stock option granted to an individual who is a Ten Percent Shareholder
on the date such option is granted, shall not be less than one hundred ten percent (110%) of the
Fair Market Value on the date the Option is granted. Except as provided in Article XI, the price
per share of an outstanding Option may not be reduced (by amendment, cancellation and new grant or
otherwise) without the approval of shareholders.

6.03. Maximum Option Period

     The maximum period in which an Option may be exercised shall be determined by the Committee on
the date of grant, except that no Option shall be exercisable after the expiration of ten years
from the date such Option was granted. In the case of an incentive stock option granted to a
Participant who is a Ten Percent Shareholder on the date of grant, such Option shall not be
exercisable after the expiration of five years from the date of grant. The terms of any
Option may provide that it is exercisable for a period less than such maximum period.

6.04. Nontransferability

     Except as provided in Section 6.05, each Option granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. In the event of any
transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR
that relates to such Option must be transferred to the same person or persons or entity or
entities. Except as provided in Section 6.05, during the lifetime of the Participant to whom the
Option is granted, the Option may be exercised only by the Participant. No right or interest of a
Participant in any Option shall be liable for, or subject to, any lien, obligation, or liability of
such Participant.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

6.05. Transferable Options

     Section 6.04 to the contrary notwithstanding, if the Agreement provides, an Option that is not
an incentive stock option may be transferred by a Participant to the Participant’s children,
grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an
Option transferred pursuant to this Section shall be bound by the same terms and conditions that
governed the Option during the period that it was held by the Participant; provided, however, that
such transferee may not transfer the Option except by will or the laws of descent and distribution.
In the event of any transfer of an Option (by the Participant or his transferee), the Option and
any Corresponding SAR that relates to such Option must be transferred to the same person or persons
or entity or entities.

6.06. Employee Status

     For purposes of determining the applicability of Section 422 of the Code (relating to
incentive stock options), or in the event that the terms of any Option provide that it may be
exercised only during employment or continued service or within a specified period of time after
termination of employment or continued service, the Committee may decide to what extent leaves of
absence for governmental or military service, illness, temporary disability, or other reasons shall
not be deemed interruptions of continuous employment or service.

6.07. Exercise

     Subject to the provisions of this Plan and the applicable Agreement, an Option may be
exercised in whole at any time or in part from time to time at such times and in compliance with
such requirements as the Committee shall determine; provided, however, that incentive stock options
(granted under the Plan and all plans of the Company and its Affiliates) may not be first
exercisable in a calendar year for shares of Common Stock having a Fair Market Value (determined as
of the date an Option is granted) exceeding $100,000. An Option granted under this Plan may be
exercised with respect to any number of whole shares less than the full number for which the Option
could be exercised. A partial exercise of an Option shall not affect the right to exercise the
Option from time to time in accordance with this Plan and the applicable Agreement with respect to
the remaining shares subject to the Option. The exercise of an Option shall result in the
termination of any Corresponding SAR to the extent of the number of shares with respect to which
the Option is exercised.

6.08. Payment

     Subject to rules established by the Committee and unless otherwise provided in an Agreement,
payment of all or part of the Option price may be made in cash, certified check, by tendering
shares of Common Stock (which, if acquired from the Company, have been held by the Participant for
at least six months) or by a broker-assisted cashless exercise. If shares of

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

Common Stock are used to pay all or part of the Option price, the sum of the cash and cash
equivalent and the Fair Market Value (determined as of the day preceding the date of exercise) of
the shares surrendered must not be less than the Option price of the shares for which the Option is
being exercised.

6.09. Change in Control

     Section 6.07 to the contrary notwithstanding, the Committee shall have the authority to cause
any or all of the Options outstanding as of any Control Change Date to become fully exercisable on
and after such Control Change Date.

6.10. Stockholder Rights

     No Participant shall have any rights as a stockholder with respect to shares subject to an
Option until the date of exercise of such Option. Notwithstanding the foregoing, the Committee may
provide in an Agreement that the holder of an Option is entitled to Dividend Equivalents during the
period beginning on the date of the award and ending on the date the Option is exercised.

6.11. Disposition of Shares

     A Participant shall notify the Company of any sale or other disposition of shares of Common
Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition
occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of
shares of Common Stock to the Participant. Such notice shall be in writing and directed to the
Secretary of the Company.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE VII

SARS

7.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom SARs are to be granted and will specify the number of shares of Common Stock covered by
such awards. No Participant may be granted Corresponding SARs (under the Plan and all plans of the
Company and its Affiliates) that are related to incentive stock options which are first exercisable
in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined
as of the date the related Option is granted) that exceeds $100,000. To the extent that SARs
granted under this Plan would be treated as “deferred compensation” pursuant to Section 409A of the
Code, the terms and conditions governing such SARs shall be designed to satisfy Section 409A of the
Code and to allow the Participant to avoid the “additional tax” pursuant to Section 409A of the
Code.

7.02. Maximum SAR Period

     The term of each SAR shall be determined by the Committee on the date of grant, except that no
SAR shall have a term of more than ten years from the date of grant. In the case of a
Corresponding SAR that is related to an incentive stock option and is granted to a Participant who
is a Ten Percent Shareholder on the date of grant, such Corresponding SAR shall not be exercisable
after the expiration of five years from the date of grant. The terms of any SAR may provide that it
has a term that is less than such maximum period.

7.03. Nontransferability

     Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable
except by will or by the laws of descent and distribution. In the event of any such transfer, a
Corresponding SAR and the related Option must be transferred to the same person or persons or
entity or entities. Except as provided in Section 7.04, during the lifetime of the Participant to
whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of
a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of
such Participant.

7.04. Transferable SARs

     Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than a
Corresponding SAR that is related to an incentive stock option, may be transferred by a Participant
to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such
family members or a partnership in which such family members are the only partners, on such terms
and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time
to time. The holder of an SAR transferred pursuant to this Section shall be bound by the same
terms and conditions that governed the SAR during the period that it was held

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

by the Participant; provided, however, that such transferee may not transfer the SAR except by
will or the laws of descent and distribution. In the event of any transfer of a Corresponding SAR
(by the Participant or his transferee), the Corresponding SAR and the related Option must be
transferred to the same person or person or entity or entities.

7.05. Exercise

     Subject to the provisions of this Plan and the applicable Agreement, an SAR may be exercised
in whole at any time or in part from time to time at such times and in compliance with such
requirements as the Committee shall determine; provided, however, that a Corresponding SAR that is
related to an incentive stock option may be exercised only to the extent that the related Option is
exercisable and only when the Fair Market Value exceeds the option price of the related Option. An
SAR granted under this Plan may be exercised with respect to any number of whole shares less than
the full number for which the SAR could be exercised. A partial exercise of an SAR shall not
affect the right to exercise the SAR from time to time in accordance with this Plan and the
applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of a
Corresponding SAR shall result in the termination of the related Option to the extent of the number
of shares with respect to which the SAR is exercised.

7.06. Change in Control

     Section 7.05 to the contrary notwithstanding, the Committee shall have the authority to cause
any or all of the SARs outstanding as of any Control Change Date to become fully exercisable on and
after such Control Change Date.

7.07. Employee Status

     If the terms of any SAR provide that it may be exercised only during employment or continued
service or within a specified period of time after termination of employment or continued service,
the Committee may decide to what extent leaves of absence for governmental or military service,
illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

7.08. Settlement

     At the Committee’s discretion, the amount payable as a result of the exercise of an SAR may be
settled in cash, shares of Common Stock, or a combination of cash and Common Stock. No fractional
share will be deliverable upon the exercise of an SAR but a cash payment will be made in lieu
thereof.

7.09. Stockholder Rights

     No Participant shall, as a result of receiving an SAR, have any rights as a stockholder of the
Company or any Affiliate until the date that the SAR is exercised and then only to the extent

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	 	2005 EQUITY INCENTIVE PLAN

that the SAR is settled by the issuance of Common Stock. Notwithstanding the foregoing, the
Committee may provide in an Agreement that the holder of an SAR is entitled to Dividend Equivalents
during the period beginning on the date of the award and ending on the date the SAR is exercised.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE VIII

STOCK AWARDS

8.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom a Stock Award is to be made and will specify the number of shares of Common Stock covered
by such awards.

8.02. Vesting

     The Committee, on the date of the award, may prescribe that a Participant’s rights in a Stock
Award shall be forfeitable or otherwise restricted for a period of time or subject to such
conditions as may be set forth in the Agreement. By way of example and not of limitation, the
Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or
otherwise restricted subject to the attainment of objectives stated with reference to the
Company’s, an Affiliate’s or a business unit’s attainment of objectives stated with respect to
performance criteria established by the Committee.

8.03. Employee Status

     In the event that the terms of any Stock Award provide that shares may become transferable and
nonforfeitable thereunder only after completion of a specified period of employment or continuous
service, the Committee may decide in each case to what extent leaves of absence for governmental or
military service, illness, temporary disability, or other reasons shall not be deemed interruptions
of continuous employment or service.

8.04. Change in Control

     Sections 8.02 and 8.03 to the contrary notwithstanding, all of the Stock Awards outstanding as
of any Control Change Date shall be nonforfeitable and transferable on and after such Control
Change Date.

8.05. Stockholder Rights

     Unless otherwise specified in accordance with the applicable Agreement, while the shares of
Common Stock granted pursuant to the Stock Award may be forfeited or are nontransferable, a
Participant will have all rights of a stockholder with respect to a Stock Award, including the
right to receive dividends and vote the shares; provided, however, that during such period (i) a
Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares
granted pursuant to a Stock Award, (ii) the Company shall retain custody of the certificates
evidencing shares granted pursuant to a Stock Award, and (iii) the Participant will deliver to the
Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

set forth in the preceding sentence shall not apply after the shares granted under the Stock
Award are transferable and are no longer forfeitable.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE IX

PERFORMANCE SHARE AWARDS

9.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an award of Performance Shares is to be made and will specify the number of shares of
Common Stock covered by such awards.

9.02. Earning the Award

     The Committee, on the date of the grant of an award, shall prescribe that the Performance
Shares will be earned, and the Participant will be entitled to receive payment pursuant to the
award of Performance Shares, only upon the satisfaction of performance objectives and such other
criteria as may be prescribed by the Committee.

9.03. Payment

     In the discretion of the Committee (or in the discretion of the Participant if provided in the
applicable Agreement), the amount payable when an award of Performance Shares is earned may be
settled in cash, by the issuance of shares of Common Stock, or a combination thereof. A fractional
share of Common Stock shall not be deliverable when an award of Performance Shares is earned, but a
cash payment will be made in lieu thereof. Performance Awards may be paid in a lump sum or in
installments following the close of the performance measuring period or, in accordance with
procedures established by the Committee, on a deferred basis.

9.04. Stockholder Rights

     A Participant, as a result of receiving an award of Performance Shares, shall not have any
rights as a stockholder until, and then only to the extent that, the award of Performance Shares is
earned and settled in shares of Common Stock. After an award of Performance Shares is earned and
settled in shares, a Participant will have all the rights of a stockholder as described in Section
8.05. Notwithstanding the foregoing, the Committee may provide in an Agreement that the holder of
an award of Performance Shares is entitled to Dividend Equivalents beginning on the date of the
award and ending on the date the Performance Shares are earned and settled.

9.05. Nontransferability

     Except as provided in Section 9.06, Performance Shares granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. No right or interest of
a Participant in any Performance Shares shall be liable for, or subject to, any lien, obligation,
or liability of such Participant.

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	 	2005 EQUITY INCENTIVE PLAN

9.06. Transferable Performance Shares

     Section 9.05 to the contrary notwithstanding, if the Agreement provides, an award of
Performance Shares may be transferred by a Participant to the Participant’s children,
grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of
Performance Shares transferred pursuant to this Section shall be bound by the same terms and
conditions that governed the Performance Shares during the period that they were held by the
Participant; provided, however that such transferee may not transfer Performance Shares except by
will or the laws of descent and distribution.

9.07. Employee Status

     In the event that the terms of any Performance Share award provide that no payment will be
made unless the Participant completes a stated period of employment or continued service, the
Committee may decide to what extent leaves of absence for government or military service, illness,
temporary disability, or other reasons shall not be deemed interruptions of continuous employment
or service.

9.08. Change in Control

     Section 9.02 to the contrary notwithstanding, on and after a Control Change Date, all
outstanding Performance Share awards shall be earned in full as of any Control Change Date and
shall be settled with nonforfeitable and transferable shares of Common Stock.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE X

OTHER EQUITY–BASED AWARDS

10.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an Other Equity-Based Award is to be made and will specify the number of shares of Common
Stock or other equity interests (including interests in the Operating Partnership) covered by such
awards. To the extent that an Other Equity-Based Award granted under this Plan would be treated as
“deferred compensation” pursuant to Section 409A of the Code, the terms and conditions governing
such Other Equity-Based Award shall be designed to satisfy Section 409A of the Code and to allow
the Participant to avoid the “additional tax” pursuant to Section 409A of the Code.

10.02. Terms and Conditions

     The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and
conditions which govern the award; provided, however, that the terms and conditions of an Other
Equity-Based Award that is an SAR shall be consistent with the terms and conditions set forth in
Article VII. The terms and conditions of an Other Equity-Based Award may prescribe that a
Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable or
otherwise restricted for a period of time or subject to such other conditions as may be determined
by the Committee, in its discretion and set forth in the Agreement. Other Equity-Based Awards may
be granted to Participants, either alone or in addition to other awards granted under the Plan, and
Other Stock-Based Awards may be granted in the settlement of other Awards granted under the Plan.

10.03. Payment or Settlement

     Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on,
shares of Common Stock, shall be payable or settled in shares of Common Stock, cash or a
combination of Common Stock and cash, as determined by the Committee in its discretion. Other
Equity-Based Awards denominated as equity interests other than shares of Common Stock may be paid
or settled in shares or units of such equity interests or cash or a combination of both as
determined by the Committee in its discretion.

10.04. Change in Control

     Section 10.02 to the contrary notwithstanding, the Committee shall have the authority to cause
any or all of the Other Equity-Based Awards outstanding as of any Control Change Date to be earned
in full, nonforfeitable and transferable on and after such Control Change Date.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

10.05. Employee Status

     If the terms of any Other Equity-Based Award provides that it may be earned or exercised only
during employment or continued service or within a specified period of time after termination of
employment or continued service, the Committee may decide to what extent leaves of absence for
governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service.

10.06. Stockholder Rights

     A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights
as a stockholder until, and then only to the extent that, the Other Equity-Based Award is earned
and settled in shares of Common Stock.

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	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XI

ADJUSTMENT UPON CHANGE IN COMMON STOCK

     The maximum number of shares as to which Options, SARs, Performance Shares, Stock Awards and
Other Equity-Based Awards may be granted and the terms of outstanding Stock Awards, Options, SARs,
Performance Shares and Other Equity-Based Awards; shall be adjusted as the Board shall determine to
be equitably required in the event that (i) the Company (a) effects one or more stock dividends,
stock split-ups, subdivisions or consolidations of shares or (b) engages in a transaction to which
Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the
Board necessitates such action. Any determination made under this Article XI by the Board shall be
final and conclusive.

     The issuance by the Company of stock of any class, or securities convertible into stock of any
class, for cash or property, or for labor or services, either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of stock or obligations of the
Company convertible into such stock or other securities, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the maximum number of shares as to which Options,
SARs, Performance Shares, Stock Awards and Other Equity-Based Awards may be granted or the terms of
outstanding Stock Awards, Options, SARs, Performance Shares or Other Equity-Based Awards.

     The Committee may make Stock Awards and may grant Options, SARs, Performance Shares or Other
Equity-Based Awards in substitution for performance shares, phantom shares, stock awards, stock
options, stock appreciation rights, or similar awards held by an individual who becomes an employee
of the Company or an Affiliate in connection with a transaction described in the first paragraph of
this Article XI. Notwithstanding any provision of the Plan (other than the limitation of Section
5.02), the terms of such substituted Stock Awards, SARs, Other Equity-Based Awards, Options or
Performance Shares shall be as the Committee, in its discretion, determines is appropriate.

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	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

     No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no
certificates for shares of Common Stock shall be delivered, and no payment shall be made under this
Plan except in compliance with all applicable federal and state laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a
party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed.
The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any
stock certificate issued to evidence shares of Common Stock when a Stock Award is granted, a
Performance Share or Other Equity-Based Award is settled or for which an Option or SAR is exercised
may bear such legends and statements as the Committee may deem advisable to assure compliance with
federal and state laws and regulations. No Option or SAR shall be exercisable, no Stock Award or
Performance Share shall be granted, no shares of Common Stock shall be issued, no certificate for
shares of Common Stock shall be delivered, and no payment shall be made under this Plan until the
Company has obtained such consent or approval as the Committee may deem advisable from regulatory
bodies having jurisdiction over such matters.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XIII

GENERAL PROVISIONS

13.01. Effect on Employment and Service

     Neither the adoption of this Plan, its operation, nor any documents describing or referring to
this Plan (or any part thereof), shall confer upon any individual or entity any right to continue
in the employ or service of the Company or an Affiliate or in any way affect any right and power of
the Company or an Affiliate to terminate the employment or service of any individual or entity at
any time with or without assigning a reason therefor.

13.02. Unfunded Plan

     This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be
required to segregate any assets that may at any time be represented by grants under this Plan.
Any liability of the Company to any person with respect to any grant under this Plan shall be based
solely upon any contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on,
any property of the Company.

13.03. Rules of Construction

     Headings are given to the articles and sections of this Plan solely as a convenience to
facilitate reference. The reference to any statute, regulation, or other provision of law shall be
construed to refer to any amendment to or successor of such provision of law.

13.04. Withholding Taxes

     Each Participant shall be responsible for satisfying any income and employment tax withholding
obligations attributable to participation in the Plan. Unless otherwise provided by the Agreement,
any such withholding tax obligations may be satisfied in cash (including from any cash payable in
settlement of an award of Performance Shares, SARs or Other Equity-Based Award) or a cash
equivalent acceptable to the Committee. Any withholding tax obligations also may be satisfied (a)
by surrendering to the Company shares of Common Stock previously acquired by the Participant;
provided, that if such shares were acquired from the Company they have been held by the Participant
for at least six months; (b) by authorizing the Company to withhold or reduce the number of shares
of Common Stock otherwise issuable to the Participant upon the exercise of an Option or SAR, the
settlement of a Performance Share award or an Other Equity-Based Award (if applicable) or the grant
or vesting of a Stock Award; or (c) by any other method as may be approved by the Committee. If
shares of Common Stock are used to pay all or part of such withholding tax obligation, the Fair
Market Value of the shares surrendered, withheld or reduced shall be determined as of the day the
tax liability arises.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

13.05. Dividends and Dividend Equivalents

     At the discretion of the Committee, a grant of an Option, SAR or Performance Shares may
include Dividend Equivalent rights, payable in cash or shares of Common Stock on a current or
deferred basis. All Dividend Equivalents which are not paid currently may, at the Committee’s
discretion, accrue interest, be reinvested in additional shares of Common Stock and paid if, when,
and to the extent that the underlying awards are earned and paid. The total number of shares of
Common Stock available for grant under the Plan shall not be reduced on account of any Dividend
Equivalents that are reinvested and credited as additional Stock Awards, Performance Share awards,
SARs or Other Equity-Based Awards, as applicable.

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	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XIV

LIMITATION ON BENEFITS

14.01. Impact of Change in Control.

     Upon a Change in Control, the Committee may, in its discretion, cause (i) outstanding Options
and SARs to become fully exercisable thereafter, (ii) outstanding Stock Awards to become
transferable and nonforfeitable thereafter and (iii) outstanding Performance Units and Other
Equity-Based Awards to become earned in their entirety.

14.02. Assumption Upon Change in Control.

     In the event of a Change in Control the Committee, in its discretion and without the need for
a Participant’s consent, may provide that an outstanding Option, SAR, Stock Award, Performance Unit
or Other Equity-Based Award shall be assumed by, or a substitute award granted by, the surviving
entity in the Change in Control. Such assumed or substituted award shall be of the same type of
award as the original Option, SAR, Stock Award, Performance Unit or Other Equity-Based Award being
assumed or substituted. The assumed or substituted award shall have a value, as of the Control
Change Date, that is substantially equal to the value of the original award (or the difference
between the Fair Market Value and the option price or Initial Value in the case of Options and
SARs) as the Committee determines is equitably required and such other terms and conditions as may
be prescribed by the Committee.

14.03. Cash-Out Upon Change in Control.

     In the event of a Change in Control the Committee, in its discretion and without the need of a
Participant’s consent, may provide that each Option, SAR, Stock Award and Performance Share award
and Other Equity-Based Award shall be cancelled in exchange for a payment. The payment may be in
cash, shares of Common Stock or other securities or consideration received by stockholders in the
Change in Control transaction. The amount of the payment shall be an amount that is substantially
equal to (i) the amount by which the price per share received by stockholders in the Change in
Control exceeds the Option price or Initial Value in the case of an Option and SAR, or (ii) the
price per share received by stockholders for each share of Common Stock subject to a Stock Award,
Performance Share award or Other Equity-Based Award or (iii) the value of the other securities or
property in which the Performance Share or Other Equity-Based award is denominated.

14.04. Limitation of Benefits

     The benefits that a Participant may be entitled to receive under this Plan and other benefits
that a Participant is entitled to receive under other plans, agreements and arrangements (which,
together with the benefits provided under this Plan, are referred to as “Payments”), may constitute
Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Article
XI, the Parachute Payments will be reduced if, and only to the extent that, a reduction

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

will allow a Participant to receive a greater Net After Tax Amount than a Participant would
receive absent a reduction.

     The Accounting Firm (as defined below) will first determine the amount of any Parachute
Payments that are payable to a Participant. The Accounting Firm also will determine the Net After
Tax Amount attributable to the Participant’s total Parachute Payments.

     The Accounting Firm will next determine the largest amount of Payments that may be made to the
Participant without subjecting the Participant to tax under Code Section 4999 (the “Capped
Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable
to the Capped Payments.

     The Participant will receive the total Parachute Payments or the Capped Payments, whichever
provides the Participant with the higher Net After Tax Amount. If the Participant will receive the
Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any
noncash benefits under this Plan or any other plan, agreement or arrangement (with the source of
the reduction to be directed by the Participant) and then by reducing the amount of any cash
benefits under this Plan or any other plan, agreement or arrangement (with the source of the
reduction to be directed by the Participant). The Accounting Firm will notify the Participant and
the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and
will send the Participant and the Company a copy of its detailed calculations supporting that
determination.

     As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time
that the Accounting Firm makes its determinations under this Article XIV, it is possible that
amounts will have been paid or distributed to the Participant that should not have been paid or
distributed under this Article XIV (“Overpayments”), or that additional amounts should be paid or
distributed to the Participant under this Article XIV (“Underpayments”). If the Accounting Firm
determines, based on either the assertion of a deficiency by the Internal Revenue Service against
the Company or the Participant, which assertion the Accounting Firm believes has a high probability
of success or controlling precedent or substantial authority, that an Overpayment has been made,
the Participant must repay to the Company, without interest; provided, however, that no loan will
be deemed to have been made and no amount will be payable by the Participant to the Company unless,
and then only to the extent that, the deemed loan and payment would either reduce the amount on
which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed
under Code Section 4999. If the Accounting Firm determines, based upon controlling precedent or
substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the
Participant and the Company of that determination and the amount of that Underpayment will be paid
to the Participant promptly by the Company.

     For purposes of this Article XIV, the term “Accounting Firm” means the independent accounting
firm engaged by the Company immediately before the Control Change Date. For purposes of this
Article XIV, the term “Net After Tax Amount” means the amount of any

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections
1, 3101(b) and 4999 and any State or local income taxes applicable to the Participant on the date
of payment. The determination of the Net After Tax Amount shall be made using the highest combined
effective rate imposed by the foregoing taxes on income of the same character as the Parachute
Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this
Article XIV, the term “Parachute Payment” means a payment that is described in Code Section
280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or
proposed thereunder.

     Notwithstanding any other provision of this Article XIV, the limitations and provisions of
this Article XIV shall not apply to any Participant who, pursuant to an agreement with the Company
or the terms of another plan maintained by the Company, is entitled to indemnification for any
liability that the Participant may incur under Code Section 4999.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XV

AMENDMENT

     The Board may amend or terminate this Plan at any time; provided, however, that no amendment
may adversely impair the rights of Participants with respect to outstanding awards. In addition,
an amendment will be contingent on approval of the Company’s stockholders, to the extent that the
absence of such approval would cause the Plan to fail to comply with any applicable legal
requirement or the rules of any exchange on which the Common Stock is listed.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XVI

DURATION OF PLAN

     No Stock Award, Performance Share Award, Option, SAR or Other Equity-Based Award may be
granted under this Plan after the tenth anniversary of the date that the Plan is adopted by the
Board of Directors. Stock Awards, Performance Share awards, Options, SARs and Other Equity-Based
Awards granted before such date shall remain valid in accordance with their terms.

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	ASSET CAPITAL CORPORATION, INC.
	 	2005 EQUITY INCENTIVE PLAN

ARTICLE XVII

EFFECTIVE DATE OF PLAN

     Options, Stock Awards, Performance Shares and Other Equity-Based Awards may be granted
under this Plan on and after the Effective Date, provided that, this Plan shall not be effective
unless approved by a majority of the stockholders of Common Stock entitled to vote and present or
represented by properly executed and delivered proxies at a duly held stockholders’ meeting at
which a quorum is present or by unanimous consent of the stockholders, within twelve months of the
Effective Date. The Effective Date is the date on which the Private Placement is completed.

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