Document:

EXHIBIT 10.1

  
 Exhibit 10.1

  
 AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1 - DEFINED TERMS
	  	1
		
	 ARTICLE 2 - ORGANIZATIONAL MATTERS
	  	13
	 Section 2.1
	  	 Formation and Continuation
	  	13
	 Section 2.2
	  	 Name
	  	13
	 Section 2.3
	  	 Registered Office and Agent; Principal Office
	  	13
	 Section 2.4
	  	 Power of Attorney
	  	13
	 Section 2.5
	  	 Term
	  	15
		
	 ARTICLE 3 - PURPOSE
	  	15
	 Section 3.1
	  	 Purpose and Business
	  	15
	 Section 3.2
	  	 Powers
	  	15
		
	 ARTICLE 4 - CAPITAL CONTRIBUTIONS
	  	15
	 Section 4.1
	  	 Capital Contributions of the Partners
	  	15
	 Section 4.2
	  	 Future Issuances of Additional Partnership Interests
	  	16
	 Section 4.3
	  	 Contribution of Proceeds of Issuance of REIT Shares
	  	18
	 Section 4.4
	  	 Other Contribution Provisions
	  	18
	 Section 4.5
	  	 No Preemptive Rights
	  	18
	 Section 4.6
	  	 No Interest on Capital
	  	18
		
	 ARTICLE 5 - DISTRIBUTIONS
	  	18
	 Section 5.1
	  	 Requirement and Characterization of Distributions
	  	18
	 Section 5.2
	  	 Amounts Withheld
	  	19
	 Section 5.3
	  	 Distributions Upon Liquidation
	  	20
	 Section 5.4
	  	 Revisions to Reflect Issuance of Additional Partnership Interests
	  	20
		
	 ARTICLE 6 - ALLOCATIONS
	  	20
	 Section 6.1
	  	 Allocations For Capital Account Purposes
	  	20
		
	 ARTICLE 7 - MANAGEMENT AND OPERATIONS OF BUSINESS
	  	21
	 Section 7.1
	  	 Management
	  	21
	 Section 7.2
	  	 Certificate of Limited Partnership
	  	25
	 Section 7.3
	  	 Restrictions on General Partner Authority
	  	26
	 Section 7.4
	  	 Reimbursement of the General Partner and the Company; DRIPs and Repurchase Programs
	  	26
	 Section 7.5
	  	 Outside Activities of the General Partner
	  	28
	 Section 7.6
	  	 Contracts with Affiliates
	  	28
	 Section 7.7
	  	 Indemnification
	  	28
	 Section 7.8
	  	 Liability of the General Partner
	  	30
	 Section 7.9
	  	 Other Matters Concerning the General Partner
	  	31
	 Section 7.10
	  	 Title to Partnership Assets
	  	32
	 Section 7.11
	  	 Reliance by Third Parties
	  	32

  

 i 

					
	 ARTICLE 8 - RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	33
	 Section 8.1
	  	 Limitation of Liability
	  	33
	 Section 8.2
	  	 Management of Business
	  	33
	 Section 8.3
	  	 Outside Activities of Limited Partners
	  	33
	 Section 8.4
	  	 Return of Capital
	  	33
	 Section 8.5
	  	 Rights of Limited Partners Relating to the Partnership
	  	34
	 Section 8.6
	  	 Redemption Right
	  	34
		
	 ARTICLE 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	36
	 Section 9.1
	  	 Records and Accounting
	  	36
	 Section 9.2
	  	 Taxable Year and Fiscal Year
	  	37
	 Section 9.3
	  	 Reports
	  	37
		
	 ARTICLE 10 - TAX MATTERS
	  	37
	 Section 10.1
	  	 Preparation of Tax Returns
	  	37
	 Section 10.2
	  	 Tax Elections
	  	37
	 Section 10.3
	  	 Tax Matters Partner
	  	37
	 Section 10.4
	  	 Organizational Expenses
	  	39
	 Section 10.5
	  	 Withholding
	  	39
		
	 ARTICLE 11 - TRANSFERS AND WITHDRAWALS
	  	40
	 Section 11.1
	  	 Transfer
	  	40
	 Section 11.2
	  	 Transfer of the Company’s General Partner Interest and Limited Partner Interest; Extraordinary Transactions
	  	40
	 Section 11.3
	  	 Limited Partners’ Rights to Transfer
	  	41
	 Section 11.4
	  	 Substituted Limited Partners
	  	43
	 Section 11.5
	  	 Assignees
	  	43
	 Section 11.6
	  	 General Provisions
	  	43
		
	 ARTICLE 12 - ADMISSION OF PARTNERS
	  	44
	 Section 12.1
	  	 Admission of Successor General Partner
	  	44
	 Section 12.2
	  	 Admission of Additional Limited Partners
	  	44
	 Section 12.3
	  	 Amendment of Agreement and Certificate of Limited Partnership
	  	45
		
	 ARTICLE 13 - DISSOLUTION, LIQUIDATION AND TERMINATION
	  	45
	 Section 13.1
	  	 Dissolution
	  	45
	 Section 13.2
	  	 Winding Up
	  	46
	 Section 13.3
	  	 Compliance with Timing Requirements of Regulations
	  	48
	 Section 13.4
	  	 Rights of Limited Partners
	  	48
	 Section 13.5
	  	 Notice of Dissolution
	  	48
	 Section 13.6
	  	 Termination of Partnership and Cancellation of Certificate of Limited Partnership
	  	49
	 Section 13.7
	  	 Reasonable Time for Winding-Up
	  	49
	 Section 13.8
	  	 Waiver of Partition
	  	49
	 Section 13.9
	  	 Liability of Liquidator
	  	49

  

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	 ARTICLE 14 - AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	49
	 Section 14.1
	  	 Amendments
	  	49
	 Section 14.2
	  	 Meetings of the Partners
	  	51
		
	 ARTICLE 15 - ARBITRATION OF DISPUTES
	  	51
		
	 ARTICLE 16 - GENERAL PROVISIONS
	  	52
	 Section 16.1
	  	 Addresses and Notice
	  	52
	 Section 16.2
	  	 Titles and Captions
	  	52
	 Section 16.3
	  	 Pronouns and Plurals
	  	53
	 Section 16.4
	  	 Further Action
	  	53
	 Section 16.5
	  	 Binding Effect
	  	53
	 Section 16.6
	  	 Creditors
	  	53
	 Section 16.7
	  	 Waiver
	  	53
	 Section 16.8
	  	 Counterparts
	  	53
	 Section 16.9
	  	 Applicable Law
	  	53
	 Section 16.10
	  	 Invalidity of Provisions
	  	53
	 Section 16.11
	  	 No Rights as Shareholders
	  	54
	 Section 16.12
	  	 Entire Agreement
	  	54

  

 iii 

 EXHIBITS 
  

					
	 Exhibit A
	  	-	    	 Partners Contributions and Partnership Interests

	 Exhibit B
	  	-	    	 Capital Account Maintenance

	 Exhibit C
	  	-	    	 Special Allocation Rules

	 Exhibit D
	  	-	    	 Notice of Redemption

  

 iv 

  
 AGREEMENT OF LIMITED
PARTNERSHIP 
 OF 
 DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP 
  
 THIS AGREEMENT OF LIMITED PARTNERSHIP, dated as of June 4, 2004 (this “Agreement”), is entered into by and between DiamondRock Hospitality Company (the “Company”), a Maryland corporation, as the General
Partner of DiamondRock Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”), and DiamondRock Hospitality, LLC, a Delaware limited liability company, as the initial Limited Partner of the Partnership
(the “Initial Limited Partner”), together with any other Persons who become Partners of the Partnership as provided herein. 
  
 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 on May 26, 2004; 
  
 WHEREAS, effective as of the date of
admission of any other Persons who become Partners of the Partnership as provided herein, DiamondRock Hospitality, LLC as the Initial Limited Partner intends to withdraw as a limited partner of the Partnership and the Partnership intends to redeem
the Limited Partner Interests held by such Initial Limited Partner for nominal consideration; 
  
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree
as follows: 
  
 ARTICLE 1 - DEFINED TERMS 
  
 The following definitions shall be for all purposes, unless otherwise clearly
indicated to the contrary, applied to the terms used in this Agreement. 
  
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended, supplemented or restated from time to time, and any successor to such statute. 
  
 “Additional Limited Partner” means a Person admitted to the
Partnership as a Limited Partner pursuant to Sections 4.2 and 12.2 hereof and who is shown as such on the books and records of the Partnership. 
  
 “Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Partnership taxable year (i)
increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and
(ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of
Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
  

 1 

 “Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit
balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Partnership taxable year. 
  
 “Adjusted Property” means any property, the Carrying Value of which has been adjusted pursuant to Exhibit B hereof. Once an
Adjusted Property is deemed contributed to the Partnership for federal income tax purposes upon a termination thereof pursuant to Section 708 of the Code, such property shall thereafter constitute a Contributed Property until the Carrying Value of
such property is further adjusted pursuant to Exhibit B hereof. 
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person. For purposes of this definition, “control,” when used
with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. No officer, director or shareholder of the General Partner shall be considered an Affiliate of the General Partner solely as a result of serving in such capacity or being a
shareholder of the General Partner. 
  
 “Agreed
Value” means (i) in the case of any Contributed Property as of the time of its contribution to the Partnership, the 704(c) Value of such property, reduced by any liabilities either assumed by the Partnership upon such contribution or to
which such property is subject when contributed, and (ii) in the case of any property distributed to a Partner by the Partnership, the Partnership’s Carrying Value of such property at the time such property is distributed, reduced by any
indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time of distribution as determined under Section 752 of the Code and the Regulations thereunder. The aggregate Agreed Value of any
Contributed Property contributed or deemed contributed by each Partner is as set forth on Exhibit A. 
  
 “Agreement” means this Agreement of Limited Partnership, as it may be amended, supplemented or restated from time to time, including by
way of adoption of a Certificate of Designations, including any exhibits attached hereto. 
  
 “Arbitrator” has the meaning set forth in Article 15 hereof. 
  
 “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. 
  
 “Assignee” means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in
Section 11.5. 
  

 2 

 “Available Cash” means, with respect to any period for which such calculation is being
made, (i) the sum of: 
  
 (a) the
Partnership’s Net Income or Net Loss, as the case may be, for such period (without regard to adjustments resulting from allocations described in Sections 1.A through 1.E of Exhibit C); 
  
 (b) Depreciation and all other noncash charges deducted in
determining Net Income or Net Loss for such period; 
  
 (c) the amount of any reduction in the reserves of the Partnership referred to in clause (ii)(f) below (including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary);

  
 (d) the excess of proceeds from the sale,
exchange, disposition, or refinancing of Partnership property for such period over the gain recognized from such sale, exchange, disposition, or refinancing during such period (excluding Terminating Capital Transactions); and 
  
 (e) all other cash received by the Partnership for such
period that was not included in determining Net Income or Net Loss for such period. 
  
 (ii) less the sum of: 
  
 (a)all interest, principal and other debt payments made by the Partnership during such period but not included in determining Net Income or Net Loss for such period; 
  
 (b) capital expenditures made by the Partnership during such period; 
  
 (c) investments made by the Partnership during such period
in any entity (including loans made thereto) to the extent that such investments are not otherwise described in clause (ii)(a) or (ii)(b); 
  
 (d) all other expenditures and payments not deducted in determining Net Income or Net Loss for such period; 
  
 (e) any amount included in determining Net Income or Net
Loss for such period that was not received by the Partnership during such period; 
  
 (f) the amount of any increase in reserves of the Partnership during such period which the General Partner determines to be necessary or
appropriate in its sole and absolute discretion; and 
  
 (g) the amount of any working capital accounts and other cash or similar balances which the General Partner determines to be necessary or appropriate, in its sole and absolute discretion. 
  
 Notwithstanding the foregoing, Available Cash shall not include any cash
received or reductions in reserves, or take into account any disbursements made or reserves established, after commencement of the dissolution and liquidation of the Partnership. 
  

 3 

 “Book-Tax Disparities” means, with respect to any item of Contributed Property or
Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner’s
share of the Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Exhibit B and the
hypothetical balance of such Partner’s Capital Account computed as if it had been maintained strictly in accordance with federal income tax accounting principles. 
  
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in Bethesda,
Maryland are authorized or required by law to close. 
  
 “Capital Account” means the Capital Account maintained for a Partner pursuant to Exhibit B hereof. 
  
 “Capital Contribution” means, with respect to any Partner, any cash, cash equivalents and the Agreed Value of Contributed Property which
such Partner contributes or is deemed to contribute to the Partnership pursuant to Sections 4.1, 4.2, 4.3 or 4.4 hereof. 
  
 “Carrying Value” means (i) with respect to a Contributed Property or Adjusted Property, the 704(c) Value of such property, reduced (but
not below zero) by all Depreciation with respect to such Contributed Property or Adjusted Property, as the case may be, charged to the Partners’ Capital Accounts following the contribution of or adjustment with respect to such property; and
(ii) with respect to any other Partnership property, the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time to time in accordance with
Exhibit B hereof, and to reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General Partner. 
  
 “Cash Amount” means an amount of cash equal to the Value on
the Valuation Date of the REIT Shares Amount. 
  
 “Certificate of Designations” means an amendment to this Agreement that sets forth the designations, rights, powers, duties and preferences of holders of any Partnership Interests issued pursuant to Section 4.2.A, which
amendment is in the form of a certificate signed by the General Partner and appended to this Agreement. A Certificate of Designations is not the exclusive manner in which such an amendment may be effected. The General Partner may adopt a Certificate
of Designations without the consent of the Limited Partners to the extent permitted pursuant to Section 14.1.B hereof. 
  
 “Certificate of Limited Partnership” means the Certificate of Limited Partnership relating to the Partnership filed in the office of the
Secretary of State of the State of Delaware, as amended from time to time in accordance with the terms hereof and the Act. 
  
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations
thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any succeeding law. 
  

 4 

 “Common Unit” means a Partnership Unit which is designated as a Common Unit and which
has the rights, preferences and other privileges designated herein in respect of Common Unitholders. The allocation of Common Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time. 
  
 “Common Unitholder” means a Partner that holds Common Units.

  
 “Company” means DiamondRock Hospitality
Company, a Maryland corporation, or its successor, as the case may be. 
  
 “Company Debt Securities” has the meaning set forth in Section 4.2.C of this Agreement. 
  
 “Consent” means the consent or approval of a proposed action by a Partner given in accordance with Section 14.2 hereof. 
  
 “Contributed Property” means each property or other asset,
in such form as may be permitted by the Act (but excluding cash), contributed or deemed contributed to the Partnership (including deemed contributions to the Partnership on reconstitution thereof pursuant to Section 708 of the Code). Once the
Carrying Value of a Contributed Property is adjusted pursuant to Exhibit B hereof, such property shall no longer constitute a Contributed Property for purposes of Exhibit B hereof, but shall be deemed an Adjusted Property for such
purposes. 
  
 “Conversion Factor” means 1.0,
provided that in the event that the Company (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares; (ii) subdivides its
outstanding REIT Shares or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of
REIT Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purpose that such dividend, distribution, subdivision or combination has occurred as of such time), and the
denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination. 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, if a Notice of Redemption is given prior to such a record date and the Specified
Redemption Date is after such a record date, then the adjustment to the Conversion Factor shall, with respect to such Redeeming Partner, be retroactive to the date of such Notice of Redemption, provided that such dividend,
distribution, subdivision or combination occurs as of the effective date of such event). It is intended that adjustments to the Conversion Factor are to be made in order to avoid unintended dilution or anti-dilution as a result of transactions in
which REIT Shares are issued, redeemed or exchanged without a corresponding issuance, redemption or exchange of Common Units or of Preferred Units that are convertible into Common Units. If, prior to a Specified Redemption Date, Rights (other than
Rights issued pursuant to an employee benefit plan or other compensation arrangement) were issued and have expired, and such Rights were issued with an exercise price that, together with the purchase price for such Rights, was below fair market
value in relation to the security or other property to be acquired upon the exercise of such Rights, and such Rights were issued to all holders of outstanding REIT Shares 

  

 5 

 
or the General Partner cannot in good faith represent that the issuance of such Rights benefited the Limited Partners, then the Conversion Factor applicable
upon a Notice of Redemption shall be equitably adjusted in a manner consistent with anti-dilution provisions in warrants and other instruments in the case of such a below market issuance or exercise price. A similar equitable adjustment to protect
the value of Common Units shall be made in all events if any Rights issued under a “Shareholder Rights Plan” became exercisable and expired prior to a Specified Redemption Date. 
  
 “Depreciation” means, for each taxable year or other period, an amount equal to the federal income tax
depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization, or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such
beginning Carrying Value using any reasonable method selected by the General Partner. 
  
 “Distribution Period” has the meaning set forth in Section 5.1.B hereof. 
  
 “Extraordinary Transaction” means, with respect to the Company, the occurrence of one or more of the following events: (i) a merger
(including a triangular merger), consolidation or other combination with or into another Person (other than in connection with a change in the Company’s state of incorporation or organizational form); (ii) the direct or indirect sale, lease,
exchange or other transfer of all or substantially all of its assets in one transaction or a series of related transactions; (iii) any reclassification, recapitalization or change of its outstanding equity interests (other than a change in par
value, or from par value to no par value, or as a result of a split, dividend or similar subdivision); or (iv) the adoption of any plan of liquidation or dissolution of the Company (whether or not in compliance with the provisions of this
Agreement). 
  
 “Filing Date” has the meaning set
forth in Article 15 hereof. 
  
 “Full Distribution
Period” has the meaning set forth in Section 5.1.B hereof. 
  
 “General Partner” means the Company, in its capacity as the general partner of the Partnership, or any Person who becomes a successor general partner of the Partnership. 
  
 “General Partner Interest” means a Partnership Interest held
by the General Partner, in its capacity as general partner. A General Partner Interest may be expressed as a number of Partnership Units. 
  
 “IRS” means the Internal Revenue Service, which administers the internal revenue laws of the United States. 
  
 “Incapacity” or “Incapacitated” means, (i)
as to any natural person which is a Partner, death, total physical disability or entry by a court of competent jurisdiction of an order 

  

 6 

 
adjudicating him or her incompetent to manage his or her Person or estate; (ii) as to any corporation which is a Partner, the filing of a certificate of
dissolution, or its equivalent, for the corporation or the revocation of its certificate of incorporation; (iii) as to any partnership or limited liability company which is a Partner, the dissolution and commencement of winding up of the partnership
or the limited liability company; (iv) as to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust which is a Partner, the termination of the trust
(but not the substitution of a new trustee) or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding
seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect; (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any
bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner; (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors; (d) the Partner files an answer or
other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above; (e) the Partner seeks, consents to or acquiesces in the appointment of a
trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties; (f) any proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency
or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof; (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator
has not been vacated or stayed within ninety (90) days of such appointment; or (h) an appointment referred to in clause (g) which has been stayed is not vacated within ninety (90) days after the expiration of any such stay. 
  
 “Indemnitee” means (i) any Person made a party to a
proceeding by reason of his, her or its status as (a) the Company (b) the General Partner or (c) a director or officer of the Company, the General Partner or the Partnership 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 (whether before or after the event giving rise to potential liability), 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 manger of any Property. 
  
 “IPO Event” means an initial public offering of equity interests in the Company pursuant to an effective registration statement under the Securities Act of 1933, as amended, involving the sale of an
aggregate of [$50,000,000] or more of equity interests in the Company, whether involving a primary offering or a combined primary and secondary offering, pursuant to which such equity interests become listed on a U.S. national securities exchange or
any national securities association or any national exchange. 
  
 “Limited Partner” means any Person (including the Company) named as a Limited Partner on Exhibit A attached hereto, as such Exhibit may be amended from time to time, or any Substituted Limited Partner or Additional
Limited Partner, in such Person’s capacity as a Limited Partner of the Partnership. 
  

 7 

 “Limited Partner Interest” means a Partnership Interest of a Limited Partner in the
Partnership representing a fractional part of the Partnership Interests of all Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled, as provided in this Agreement, together with all
obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership Units. 
  
 “Liquidating Event” has the meaning set forth in Section 13.1.A hereof. 
  
 “Liquidator” has the meaning set forth in Section 13.2.A
hereof. 
  
 “Net Income” means, for any taxable
period, the excess, if any, of the Partnership’s items of income and gain for such taxable period over the Partnership’s items of loss and deduction for such taxable period. The items included in the calculation of Net Income shall be
determined in accordance with federal income tax accounting principles, subject to the specific adjustments provided for on Exhibit B. If an item of income, gain, loss or deduction that has been included in the initial computation of Net
Income is subjected to the special allocation rules in Exhibit C, Net Income or the resulting Net Loss, whichever the case may be, shall be recomputed without regard to such item. 
  
 “Net Loss” means, for any taxable period, the excess, if any, of the Partnership’s items of loss and
deduction for such taxable period over the Partnership’s items of income and gain for such taxable period. The items included in the calculation of Net Loss shall be determined in accordance with federal income tax accounting principles,
subject to the specific adjustments provided for on Exhibit B. If an item of income, gain, loss or deduction that has been included in the initial computation of Net Loss is subjected to the special allocation rules in Exhibit C, Net
Loss or the resulting Net Income, whichever the case may be, shall be recomputed without regard to such item. 
  
 “Newly Issued Unit” has the meaning set forth in Section 5.1 hereof. 
  
 “New Securities” has the meaning set forth in Section 4.2.B hereof. 
  
 “Nonrecourse Built-in Gain” means, with respect to any
Contributed Properties or Adjusted Properties that are subject to a mortgage or negative pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 2.B of Exhibit C if
such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration. 
  
 “Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a
Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 
  
 “Nonrecourse Liability” has the meaning set forth in Regulations Section 1.752-1(a)(2). 
  
 “Notice of Redemption” means the Notice of Redemption
substantially in the form of Exhibit D to this Agreement. 
  

 8 

 “Partner” means a General Partner or a Limited Partner, and “Partners”
means the General Partner and the Limited Partners collectively. 
  
 “Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability,
determined in accordance with Regulations Section 1.704-2(i)(3). 
  
 “Partner Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4). 
  
 “Partner Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse
Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 
  
 “Partnership Debt Securities” has the meaning set forth in Section 4.2.C of this Agreement. 
  
 “Partnership Interest” means an ownership interest in the
Partnership representing a Capital Contribution 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. 
  

“Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain,
as well as any net increase or decrease in a Partnership Minimum Gain, for a Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
  
 “Partnership Record Date” means the record date established by the General Partner for (i) the distribution
of Available Cash with respect to Common Units pursuant to Section 5.1 hereof, which record date shall, unless otherwise determined by the General Partner, be the same as the record date established by the Company for a distribution to its common
shareholders of some of all of its portion of such distribution, or (ii) if applicable, determining the Partners entitled to vote on or consent to any proposed action for which the consent or approval of the Partners is sought pursuant to Section
14.2 hereof. 
  
 “Partnership Unit” or
“Unit” means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.1, 4.2, 4.3 and 4.4 (and includes any class or series of Preferred Units established after the date hereof). The
number of Partnership Units outstanding and (in the case of Common Units) the Percentage Interest in the Partnership represented by such Partnership Units are set forth on Exhibit A attached hereto, as such Exhibit may be amended from time to
time. The ownership of Partnership Units shall be evidenced by such form of certificate for Units as the General Partner adopts from time to time unless the General Partner determines that the Partnership Units shall be uncertificated securities.

  

 9 

 “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar
year. 
  
 “Percentage Interest” means, as to a
Partner, its percentage interest as a Common Unitholder determined by dividing the Common Units owned by such Partner by the total number of Common Units then outstanding and as specified on Exhibit A attached hereto, as such Exhibit may be
amended from time to time. 
  
 “Person” means a
natural person, corporation, partnership (whether general or limited), limited liability company, trust, estate, unincorporated organization, association, custodian, nominee or any other individual or entity in its own or any representative
capacity. 
  
 “Preferred Unit” means a limited
partnership interest (of any series), other than a Common Unit, represented by a fractional, undivided share of the Partnership Interests of all Partners issued hereunder and which is designated as a “Preferred Unit” (or as a particular
class or series of Preferred Units) herein and which has the rights, preferences and other privileges designated herein (including by way of a Certificate of Designations) in respect of a Preferred Unitholder. The allocation of Preferred Units among
the Partners shall be set forth on Exhibit A, as may be amended from time to time. 
  
 “Preferred Unitholder” means a Limited Partner that holds Preferred Units (of any class or series). 
  
 “Property” means any property or other investment in which the Partnership holds an ownership interest. 
  
 “Qualified REIT Subsidiary” means any Subsidiary of the
General Partner that is a “qualified REIT subsidiary” within the meaning of Section 856(i) of the Code. 
  
 “Redeeming Partner” has the meaning set forth in Section 8.6.A hereof. 
  
 “Redemption Amount” means either the Cash Amount or the REIT Shares Amount, as determined by the Company,
in its sole and absolute discretion. A Redeeming Partner shall have no right, without the Company’s consent, which consent may be given or withheld in the Company’s sole and absolute discretion, to receive the Redemption Amount in the form
of the REIT Shares Amount. 
  
 “Redemption Right”
has the meaning set forth in Section 8.6.A hereof. 
  
 “Regulations” means the Federal Income Tax Regulations promulgated under the Code, as such regulations may be amended from time to time (including any corresponding provisions of succeeding regulations). 
  
 “REIT” means a real estate investment trust under Sections
856 through 860 of the Code. 
  
 “REIT Share”
means (i) a share of common stock of the Company or (ii) a common equity security for which the Common Unitholders have the right to exchange their Common 

  

 10 

 
Unit equivalent interests in the Surviving Partnership pursuant to an Extraordinary Transaction permitted by Section 11.2B(2). 
  
 “REIT Shares Amount” means a number of REIT Shares equal to
the product of (x) the number of Common Units offered for redemption by a Redeeming Partner multiplied by (y) the Conversion Factor in effect on the date of receipt by the Partnership of a Notice of Redemption, provided that, in the
event the Company has previously issued to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase REIT Shares, or any other securities or property
(collectively, “Rights”), and the Rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include that number of Rights that were issuable to a holder of the REIT Shares Amount or REIT Shares
on the applicable record date relating to the issuance of such Rights. 
  
 “Residual Gain” or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of
Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 2.B(1)(a) or 2.B(2)(a) of Exhibit C to eliminate Book-Tax Disparities. 
  
 “Rights” has the meaning set forth in the definition of
“REIT Shares Amount.” 
  
 “704(c)
Value” of any Contributed Property means the fair market value of such property or other consideration at the time of contribution, as determined by the General Partner using such reasonable method of valuation as it may adopt. Subject to
Exhibit B hereof, the General Partner shall, in its sole and absolute discretion, use such method as it deems reasonable and appropriate to allocate the aggregate of the 704(c) Values of Contributed Properties in a single or integrated
transaction among the separate properties on a basis proportional to their respective fair market values. 
  
 “Specified Redemption Date” means the tenth (10th) Business Day after receipt by the Partnership (with a copy to the Company) of a
Notice of Redemption; provided that if the Company combines its outstanding REIT Shares, no Specified Redemption Date shall occur after the record date of such combination of REIT Shares and prior to the effective date of such
combination. 
  
 “Subsidiary” means, with respect
to any Person, any corporation, partnership 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. 
  
 “Substituted Limited Partner” means a Person who is admitted
as a Limited Partner to the Partnership pursuant to Section 11.4 hereof. 
  
 “Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in
the sale or other disposition of all or substantially all of the assets of the Partnership. 
  

 11 

 “Unrealized Gain” attributable to any item of Partnership property means, as of any date
of determination, the excess, if any, of (i) the fair market value of such property (as determined under Exhibit B hereof) as of such date over (ii) the Carrying Value of such property (prior to any adjustment to be made pursuant to
Exhibit B hereof) as of such date. 
  
 “Unrealized
Loss” attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the Carrying Value of such property (prior to any adjustment to be made pursuant to Exhibit B hereof) as of
such date over (ii) the fair market value of such property (as determined under Exhibit B hereof) as of such date. 
  
 “Valuation Date” means the date of receipt by the Partnership of a Notice of Redemption or, if such date is not a Business Day, the first
Business Day thereafter. 
  
 “Value” means, with
respect to a REIT Share, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the Valuation Date. The market price for each such trading day shall be: (i) if the REIT Shares are listed or admitted to
trading on any national securities exchange or the NASDAQ National Market System, the closing price on such day as reported by such national securities exchange or the NASDAQ National Market System, or if no such sale takes place on such day, the
average of the closing bid and asked prices on such day; (ii) if the REIT Shares are not listed or admitted to trading on any national securities exchange or the NASDAQ National Market System, the last reported sale price on such day or, if no sale
takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner; (iii) if the REIT Shares are not listed or admitted to trading on any national
securities exchange or the NASDAQ National Market System and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation
source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question)
for which prices have been so reported; or (iv) if none of the conditions set forth in clauses (i), (ii), or (iii) is met then, unless the holder of the REIT Shares or Units and the General Partner otherwise agree, with respect to a REIT Share per
Common Unit offered for redemption, the amount that a holder of one Common Unit would receive if each of the assets of the Partnership were sold for its fair market value on the Specified Redemption Date, the Partnership were to pay all of its
outstanding liabilities, and the remaining proceeds were to be distributed to the Partners in accordance with the terms of this Agreement. Such Value shall be determined by the General Partner, acting in good faith and based upon a commercially
reasonable estimate of the amount that would be realized by the Partnership if each asset of the Partnership (and each asset of each partnership, limited liability company, trust, joint venture or other entity in which the Partnership owns a direct
or indirect interest) were sold to an unrelated purchaser in an arms’ length transaction where neither the purchaser nor the seller were under any economic compulsion to enter into the transaction (without regard to any discount in value as a
result of the Partnership’s minority interest in any property or any illiquidity of the Partnership’s interest in any property). In the event the REIT Shares Amount includes 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, provided that the Value of any rights issued pursuant to a “Shareholder Rights
Plan” shall be 

  

 12 

 
deemed to have no value unless a “triggering event” shall have occurred (i.e., if the Rights issued pursuant thereto are no longer
“attached” to the REIT Shares and are able to trade independently). 
  
 ARTICLE 2 - ORGANIZATIONAL MATTERS 
  
 Section 2.1 Formation and Continuation 
  
 The Partnership was formed as a limited partnership organized pursuant to the provisions of the Act by the filing of the Certificate of Limited Partnership with the Delaware Secretary of State on May 26, 2004. Except
as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for
all purposes. 
  
 Section 2.2 Name 
  
 The name of the Partnership is DiamondRock Hospitality Limited Partnership.
The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,”
“Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion
may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 
  
 Section 2.3 Registered Office and Agent; Principal Office 
  
 The address of the registered office of the Partnership in the State of
Delaware and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The principal
business office of the Partnership shall be 10400 Fernwood Road, Bethesda, Maryland, 20817. The General Partner may from time to time designate in its sole and absolute discretion another registered agent or another location for the registered
office or principal place of business, and shall provide the Limited Partners with notice of such change promptly following its effective date. The Partnership may maintain offices at such other place or places within or outside the State of
Delaware as the General Partner deems advisable. 
  
 Section 2.4
Power of Attorney 
  
 A. Each Limited
Partner and each Assignee hereby constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and
lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 
  
 (1) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other
instruments (including, 

  

 13 

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

 14 

 Section 2.5 Term 
  
 The term of the Partnership commenced on May 26, 2004 and shall continue until December 31, 2104, unless the Partnership is
dissolved sooner pursuant to the provisions of Article 13 or as otherwise provided by law. 
  
 ARTICLE 3 - PURPOSE 
  
 Section 3.1 Purpose and Business 
  
 The purpose
and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act; provided, however, that such business shall be limited
to and conducted in such a manner as to permit the Company at all times to be qualified as a REIT, unless the Company is not qualified or ceases to qualify as a REIT for any reason or reasons other than the conduct of the business of the
Partnership; (ii) to enter into any partnership, joint venture, limited liability company or other similar arrangement to engage in any of the foregoing or to own interests in any entity engaged, directly or indirectly, in any of the foregoing; and
(iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the Company’s right, in its sole discretion, to cease qualifying as a REIT, the Partners acknowledge that the Company’s
status as a REIT inures to the benefit of all of the Partners and not solely the General Partner or its Affiliates. 
  
 Section 3.2 Powers 
  
 The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance
and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter
into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness whether or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop real property, and lease, sell,
transfer and dispose of real property; provided, however, that the Partnership shall not take, or omit to take, any action which, in the judgment of the General Partner, in its sole and absolute discretion, (i) could adversely affect
the ability of the Company to achieve or maintain qualification as a REIT; (ii) could subject the Company to any additional taxes under Section 857 or Section 4981 of the Code or (iii) could violate any law or regulation of any governmental body or
agency having jurisdiction over the Company or its securities, unless any such action (or inaction) under the foregoing clauses (i), (ii) or (iii) shall have been specifically consented to by the Company in writing. 
  
 ARTICLE 4 - CAPITAL CONTRIBUTIONS 
  
 Section 4.1 Capital Contributions of the Partners 
  
 A. The Partners shall make Capital Contributions to the
Partnership, shall own Partnership Units in the amounts set forth on Exhibit A, and have Percentage Interests as set forth on Exhibit A, which number of Partnership Units and Percentage Interests shall be adjusted 

  

 15 

 
from time to time on Exhibit A by the General Partner to the extent necessary to accurately reflect the issuance of additional Partnership Units, the
redemption of Partnership Units, additional Capital Contributions and similar events having an effect on a Partner’s Percentage Interest occurring after the date hereof in accordance with the terms of this Agreement. 
  
 B. A number of Common Units held by the General Partner
equal to one percent (1%) of all outstanding Common Units shall be deemed to be the General Partner Partnership Units and shall be the General Partner Interest. All other Partnership Units held by the General Partner shall be deemed to be Limited
Partner Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership. 
  
 C. To the extent the Partnership acquires any property (or an indirect interest therein) by the merger of any other Person into the
Partnership or with or into a Subsidiary of the Partnership in a triangular merger, Persons who receive Partnership Interests in exchange for their interests in the Person merging into the Partnership or with or into a Subsidiary of the Partnership
shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement (or if not so provided, as determined by the General Partner in its sole discretion) and as set forth on Exhibit A, as
amended to reflect such deemed Capital Contributions. 
  
 D. Except as provided in Sections 4.2, 4.3, 10.5, and 13.3, the Partners shall have no obligation to make any additional Capital Contributions or loans to the Partnership. 
  
 Section 4.2 Future Issuances of Additional Partnership Interests 
  
 A. The General Partner is hereby authorized, in its sole and
absolute discretion and without the approval of the Limited Partners, to cause the Partnership from time to time to issue to the Partners (including the General Partner and its Affiliates) or other Persons (including, without limitation, in
connection with the contribution of cash and other property to the Partnership) additional Partnership Units or other Partnership Interests in one or more classes, or in one or more series of any of such classes, with such designations, preferences,
and relative, participating, optional, or other special rights, powers and duties all as shall be determined by the General Partner in its sole and absolute discretion subject to Delaware law, including, without limitation, (i) rights, powers, and
duties senior to one or more classes or series of Partnership Interests and any other Common Units outstanding or thereafter issued; (ii) the rights to an allocation of items of Partnership income, gain, loss, deduction, and credit to each such
class or series of Partnership Interests; (iii) the rights of each such class or series of Partnership Interests to share in Partnership distributions; and (iv) the rights of each such class or series of Partnership Interests upon dissolution and
liquidation of the Partnership; provided that no such additional Partnership Units or other Partnership Interests shall be issued to the General Partner or the Company or any direct or indirect wholly-owned Subsidiary of the Company,
unless either (a)(1) the additional Partnership Interests are issued in connection with the grant, award or issuance of REIT Shares or other equity interests in the Company, which REIT Shares or other equity interests have designations, preferences
and other rights such that the economic interests attributable to such REIT Shares or other equity interests are substantially identical 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 

  

 16 

 
Company (as appropriate) in accordance with this Section 4.2.A, and (2) the Company shall, directly or indirectly, make a Capital Contribution to the
Partnership in an amount equal to any net proceeds raised in connection with such issuance, (b) the additional Partnership Interests are issued in exchange for property owned by the Company (or any direct or indirect wholly-owned Subsidiary of 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 (c) the additional Partnership Interests are issued to all Partners in proportion to their respective
Percentage Interests. In addition, the General Partner may acquire Partnership Units from other Partners pursuant to this Agreement. 
  
 B. From and after the date hereof, the Company shall not issue any additional REIT Shares (other than REIT Shares issued pursuant to
Section 8.6) or rights, options, warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares (collectively “New Securities”) other than to all holders of REIT Shares unless (i)
the General Partner shall cause the Partnership to issue to the Company (directly or to the Company’s wholly-owned Subsidiaries) 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 identical to those of the New Securities and (ii) the Company directly or indirectly contributes to the Partnership the proceeds from the
issuance of such New Securities and from the exercise of rights contained in such New Securities, provided, however, that the Company is allowed to issue New Securities in connection with an acquisition of a property to be held
directly by the Company (or through a wholly-owned Subsidiary), but if and only if, such direct acquisition and issuance of New Securities have been approved and determined to be in the best interests of the Company and the Partnership by a majority
of Independent Directors. Without limiting the foregoing, the Company is expressly authorized to issue New Securities for no tangible value or for less than fair market value, and the General Partner is expressly authorized to cause the Partnership
to issue to the Company corresponding Partnership Interests, so long as (a) the General Partner concludes in good faith that such issuance is in the interests of the Company and the Partnership (for example, and not by way of limitation, the
issuance of REIT Shares and corresponding Units pursuant to an employee stock purchase plan providing for employee grants or purchases of REIT Shares or employee stock options that have an exercise price that is less than the fair market value of
the REIT Shares, either at the time of issuance or at the time of exercise) and (b) the Company contributes all proceeds, if any, from such issuance and exercise to the Partnership. 
  
 C. In the event that the Company issues debt securities (“Company Debt Securities”), the
General Partner is hereby authorized (but is not required), in its sole and absolute discretion and without the approval of the Limited Partners, to cause the Partnership to issue either debt securities (“Partnership Debt
Securities”) or Preferred Units to the General Partner or the Company (or any wholly-owned Subsidiary of the Company) with substantially similar terms as the Company Debt Securities, provided, however, that in the event that
the Partnership issues any such Partnership Debt Securities or Preferred Units, (a) the Company shall directly or indirectly contribute to the Partnership the proceeds from the corresponding Company Debt Securities and (b) any such Partnership Debt
Securities shall contain such terms as the General Partner determines are necessary or advisable for such Partnership Debt Securities to be treated as “real estate assets” for purposes of Code Section 856(c)(4)(A). 
  

 17 

 D. In the event that the Partnership issues Partnership Interests pursuant to Section
4.2.A or Section 4.2.C, the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners) including, but not limited to, the revisions described in Section 5.4, Section 6.1 and
Section 8.6 hereof, as it deems necessary to reflect the issuance of such additional Partnership Interests and the special rights, powers, and duties associated therewith. 
  
 Section 4.3 Contribution of Proceeds of Issuance of REIT Shares 
  
 In connection with any issuance of New Securities or Company Debt Securities
as described in Section 4.2, if the proceeds actually received 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, then
the Company shall be deemed to have made a Capital Contribution to the Partnership (directly or through wholly-owned Subsidiaries) in the amount equal to the sum of the net proceeds of such issuance plus the amount of such underwriter’s
discount and other expenses paid by the Company (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). In the case of employee acquisitions of New Securities at a discount from
fair market value or for no value in connection with a grant of New Securities, the amount of such discount representing compensation to the employee, as determined by the General Partner, shall be treated as an expense of the issuance of such New
Securities. 
  
 Section 4.4 Other Contribution Provisions

  
 If any Partner is admitted to the Partnership and is given a
positive Capital Account balance in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership as if the Partnership had compensated such Partner in cash, and such Partner had contributed such cash to the
capital of the Partnership. 
  
 Section 4.5 No Preemptive
Rights 
  
 Except to the extent expressly granted by the
Partnership pursuant to another agreement, no Person shall have any preemptive, preferential or other similar right with respect to (i) Capital Contributions or loans to the Partnership or (ii) the issuance or sale of any Partnership Units or other
Partnership Interests. 
  
 Section 4.6 No Interest on
Capital 
  
 No Partner shall be entitled to interest on its
Capital Contributions or its Capital Account. Except as provided herein or by law, no Partner shall have any right to withdraw any part of its Capital Account or to demand or receive the return of its Capital Contributions. 
  
 ARTICLE 5 - DISTRIBUTIONS 
  
 Section 5.1 Requirement and Characterization of Distributions

  
 A. Subject to the rights and preferences of
any outstanding class or series of Preferred Units expressly provided for in an agreement (including a Certificate of Designations), 

  

 18 

 
and except as provided in Section 5.1.B, the General Partner shall distribute at least quarterly an amount equal to one hundred percent (100%) of Available
Cash, or such lesser amount as the General Partner may in its sole and absolute discretion determine, generated by the Partnership during such quarter or shorter period to the Common Unitholders who are Partners on the Partnership Record Date with
respect to such quarter or shorter period in accordance with their respective Percentage Interests on such Partnership Record Date; provided that in no event may a Partner receive a distribution of Available Cash with respect to a
Common Unit if such Partner is entitled to receive a distribution out of such Available Cash with respect to a REIT Share for which such Common Unit has been exchanged or redeemed and such distribution shall instead be made to the Company. The
General Partner shall take such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the Company’s qualification as a REIT, to cause the Partnership to distribute Available Cash (i) to permit the
Company to satisfy the requirements for qualifying as a REIT under the Code, including applicable shareholder distribution requirements and (ii) except to the extent otherwise determined by the General Partner, to minimize any federal income or
excise tax liability of the Company. Unless otherwise expressly provided for herein or in an agreement (including a Certificate of Designations) at the time a new class of Partnership Interests is created in accordance with Article 4 hereof, no
Partnership Interest shall be entitled to a distribution in preference to any other Partnership Interest. 
  
 B. Notwithstanding the provisions of Section 5.1.A above or any other provision of this Agreement, if for any quarter or shorter period
with respect to which a distribution is to be made (a “Distribution Period”), a “Newly Issued Unit” (as such term is defined below) is outstanding on the Partnership Record Date for such Distribution Period, there shall
not be distributed in respect of such Newly Issued Unit the amount (the “Full Distribution Amount”) that would otherwise be distributed in respect of such Newly Issued Unit in accordance with Section 5.1.A. Rather, the General
Partner shall cause to be distributed with respect to each such Newly Issued Unit an amount equal to the Full Distribution Amount multiplied by a fraction, the numerator of which equals the number of days such Newly Issued Unit has been outstanding
during the Distribution Period and the denominator of which equals the total number of days in such Distribution Period. Any Available Cash not distributed to the holders of Units by operation of this Section 5.1.B shall be retained by the
Partnership and applied as the General Partner shall determine. The General Partner may, in its sole discretion, with respect to any distribution, waive the application of this Section 5.1.B such that a Newly Issued Unit shall receive the Full
Distribution Amount (or any greater amount than would otherwise be received under this Section 5.1.B but not in excess of the Full Distribution Amount). For purposes of this Section 5.1.B, the term “Newly Issued Unit” shall mean, with
respect to any Distribution Period, a Common Unit issued during such Distribution Period, except that the term “Newly Issued Unit” shall not include (i) a Common Unit issued to the Company as a result of the contribution by it of proceeds
from the issuance of New Securities (as contemplated by Sections 4.2 and 4.3) or (ii) (unless otherwise provided by the General Partner) any Common Units issued in connection with a split on or unit dividend of the Common Units. 
  
 Section 5.2 Amounts Withheld 
  
 A. All amounts withheld pursuant to the Code or any
provisions of any state or local tax law and Section 10.5 hereof with respect to any allocation, payment or distribution to 

  

 19 

 
the Partners or Assignees shall be treated as amounts distributed to the Partners or Assignees pursuant to Section 5.1 for all purposes under this Agreement.

  
 B. In the event that proceeds to the
Partnership are reduced on account of taxes withheld at the source or the Partnership incurs a tax liability and such taxes (or a portion thereof) are imposed on or with respect to one or more, but not all, of the Partners in the Partnership or if
the rate of tax varies depending on the attributes of specific Partners or to whom the corresponding income is allocated, the amount of the reduction in the Partnership’s net proceeds shall be borne by and apportioned among the relevant
Partners and treated as if it were paid by the Partnership as a withholding obligation with respect to such Partners in accordance with such apportionment. 
  
 Section 5.3 Distributions Upon Liquidation 
  
 Proceeds from a Terminating Capital Transaction and any other cash received or reductions in reserves made after commencement of the liquidation of the
Partnership shall be distributed to the Partners in accordance with Section 13.2. 
  
 Section 5.4 Revisions to Reflect Issuance of Additional Partnership Interests 
  
 In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Article 4
hereof, the General Partner shall make such revisions to this Article 5 as it deems necessary to reflect the issuance of such additional Partnership Interests and any special rights, duties or powers with respect thereto. Such revisions shall not
require the consent or approval of any other Partner. 
  
 ARTICLE 6 - ALLOCATIONS 
  
 Section 6.1
Allocations For Capital Account Purposes 
  
 For purposes
of maintaining the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s items of income, gain, loss and deduction (computed in accordance with Exhibit B hereof) shall be allocated among the
Partners in each taxable year (or portion thereof) as provided herein below. 
  
 A. After taking into account the provisions of Section 6.1.B below and subject to the special allocations set forth in Section 1 of Exhibit C attached hereto, Net Income shall be allocated: 
  
 (1) First, to the Partners in the same ratio and reverse
order as Net Loss was allocated to such Partners pursuant to Sections 6.1.B(2) and (3) for all fiscal years until the aggregate amount allocated to such Partners pursuant to such provisions of Section 6.1.B equals the aggregate amount allocated
pursuant to this Section 6.1.A(1); and 
  
 (2)
Thereafter, Net Income shall be allocated to the Partners in accordance with their respective Percentage Interests. 
  

 20 

 B. After giving effect to the special allocations set forth in Section 1 of Exhibit
C attached hereto, Net Losses shall be allocated to the Partners in the following order: 
  
 (1) First, in the same ratio and reverse order as Net Income was allocated to the Partners pursuant to the provisions of Section 6.1.A(2)
for all fiscal years until the aggregate amount of Net Income previously allocated to such Partners pursuant to such provisions of Section 6.1.A(2) equals the aggregate amount of Net Loss allocated to such Partners pursuant to this Section 6.1.B(1);

  
 (2) Second, to the Partners, in proportion to
their Percentage Interests until each Partner’s Adjusted Capital Account balance has been reduced to zero; 
  
 (3) Third, 100% to the General Partner. 
  
 C. The allocation provisions set forth in this Section 6.1 shall be adjusted as necessary to give effect to the provisions of Section
5.2.B. 
  
 D. In the event that the Partnership
issues additional Partnership Interests pursuant to Article 4 hereof, the General Partner shall make such revisions to this Section 6.1 as it determines are necessary to reflect the terms of the issuance of such additional Partnership Interests,
including making preferential allocations to certain classes of Partnership Interests. Such revisions shall not require the consent or approval of any other Partner. 
  
 E. If any amounts are required to be deducted from, or are not included in, the Capital Account of the
Company (or any direct or indirect wholly-owned Subsidiary of the Company) pursuant to Section 7.4.E, the General Partner may make such special allocations as it determines are necessary or appropriate so that, to the maximum extent possible, the
Capital Account of each Partner equals the Capital Account it would have had if (i) the adjustments pursuant to Section 7.4.E had not been made and (ii) the expenses, fees or other costs giving rise to such adjustments were properly treated for
purposes of the Treasury Regulations under Code Section 704(b) as expenses, fees or other costs of the Partnership. 
  
 ARTICLE 7 - MANAGEMENT AND OPERATIONS OF BUSINESS 
  
 Section 7.1 Management 
  
 A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by
the Limited Partners with or without cause. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement,
the General Partner, subject to Section 7.3 hereof, shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to
effectuate the purposes set forth in Section 3.1 hereof (subject to the provision in Section 3.2 hereof), including, without limitation: 
  
 (1) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and
borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit the Company (so long as the Company qualifies as a REIT) to minimize the payment of any federal income tax (including, for this purpose,
any excise tax pursuant to Section 4981 of the Code and to make distributions to its shareholders in amounts sufficient to permit the Company to maintain REIT status), the assumption or guaranty of, or other contracting for, indebtedness and other
liabilities, the issuance of evidence of indebtedness (including the securing of the same by deed, mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any other obligations it deems necessary
for the conduct of the activities of the Partnership; 
  

 21 

 (2) the making of tax, regulatory and other filings, or rendering of periodic or other
reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership, the registration of any class of securities of the Partnership under the Securities Exchange Act of 1934, as amended, and the listing of
any debt securities of the Partnership on any exchange; 
  
 (3) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege, or
subscription right or other right available in connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership with or into another entity on such terms as the General Partner deems proper (all
of the foregoing subject to any prior approval only to the extent required by Section 7.3 hereof); 
  
 (4) the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of
this Agreement and on any terms the General Partner deems proper, including, without limitation, the financing of the conduct of the operations of the Company, the Partnership or any Subsidiary of the Company and/or the Partnership, the lending of
funds to other Persons (including, without limitation, the Company or any Subsidiary of the Company and/or the Partnership) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity
investment, and the making of capital contributions to any of its Subsidiaries; 
  
 (5) the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements
owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or indirect equity investment; 
  
 (6) the negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner considers
useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel,
other professional advisors and other 

  

 22 

 
agents and the payment of their expenses and compensation out of the Partnership’s assets; 
  
 (7) the distribution of Partnership cash or other
Partnership assets in accordance with this Agreement; 
  
 (8) the holding, managing, investing and reinvesting of cash and other assets of the Partnership; 
  
 (9) the collection and receipt of revenues and income of the Partnership; 
  
 (10) the establishment of one or more divisions of the Partnership, the selection and dismissal of employees
of the Partnership (including, without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer” of the Partnership), and agents, outside attorneys, accountants,
consultants and contractors of the Partnership, and the determination of their compensation and other terms of employment or hiring including waivers of conflicts of interest and the payment of their expenses and compensation out of the
Partnership’s assets; 
  
 (11) the
maintenance of such insurance for the benefit of the Partnership, the Partners and directors and officers thereof as it deems necessary or appropriate; 
  
 (12) the formation of, or acquisition of an interest in, and the contribution of property to, any other corporations, limited or general
partnerships, joint ventures or other entities or 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 investment from time to time), provided that, as long as the Company has determined to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that would cause the Company
to fail to qualify as a REIT; 
  
 (13) the
control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of, any claim, cause of action, liability, debt
or damages, due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute resolution, and the representation of the Partnership in all suits or
legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

 
 (14) the undertaking of any action in connection with the
Partnership’s direct or indirect investment in its Subsidiaries or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons, incurring indebtedness on behalf of, or guarantying the
obligations of, any such Persons); 
  

 23 

 (15) the determination of the fair market value of any Partnership property distributed
in kind using such reasonable method of valuation as the General Partner may adopt; 
  
 (16) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership; 
  
 (17) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any
Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 
  
 (18) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any
Person in which the Partnership does not have an interest pursuant to contractual or other arrangements with such Person; 
  
 (19) the making, execution and delivery of any and all deeds, leases, notes, mortgages, deeds of trust, security agreements, conveyances,
contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate, in the judgment of the General Partner, for the accomplishment of any of the powers of the General Partner
enumerated in this Agreement; 
  
 (20) the
maintenance of the Partnership’s books and records; 
  
 (21) the issuance of additional Partnership Units, as appropriate, in connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article 4 hereof;

  
 (22) the distribution of cash to acquire
Partnership Units held by a Limited Partner in connection with a Limited Partner’s exercise of its Redemption Right under Section 8.6 hereof; 
  
 (23) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly
traded partnership” for purposes of Section 7704 of the Code, including but not limited to imposing restrictions on transfers and restrictions on redemptions; and 
  
 (24) to take such other action, execute, acknowledge, swear to or deliver such other documents and
instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent
with allowing the Company at all times to qualify as a REIT unless the Company voluntarily terminates its REIT status) and to possess and enjoy all the rights and powers of a general partner as provided by the Act. 
  
 B. 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 

  

 24 

 
the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provision of this Agreement (except as provided in
Section 7.3), the Act or any applicable law, rule or regulation, to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the Partnership of any
agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of any duty
stated or implied by law or equity. 
  
 C. At all
times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain at any and all times working capital accounts and other cash or similar balances in such amounts as the General Partner, in its sole and
absolute discretion, deems appropriate and reasonable from time to time, including upon liquidation of the Partnership under Article 13. 
  
 D. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty,
liability and other insurance on the properties of the Partnership, (ii) liability insurance for the Indemnities hereunder and (iii) such other insurance as the General Partner, in its sole and absolute discretion, determines to be necessary.

  
 E. In exercising its authority under this
Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner of any action taken by it. The General Partner and the Partnership shall not have liability to a Limited Partner under any
circumstances, as a result of an income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement. 
  
 Section 7.2 Certificate of Limited Partnership 
  
 The General Partner has previously filed the Certificate of Limited
Partnership with the Secretary of State of the State of Delaware as required by the Act. To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to
and restatements of the Certificate of Limited Partnership and do all of the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware
and each other state, or the District of Columbia, in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A(4) hereof, the General Partner shall not be required, before or after filing, to deliver or
mail a copy of the Certificate of Limited Partnership or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary
or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and any other state, or the District of Columbia,
in which the Partnership may elect to do business or own property. 
  

 25 

 Section 7.3 Restrictions on General Partner Authority 
  
 A. The General Partner may not take any action in
contravention of an express prohibition or limitation of this Agreement without the written Consent of Limited Partners holding a majority of the Common Units of the Limited Partners (including Limited Partner Units held by the Company or its
Affiliates), or such other percentage of the Limited Partners as may be specifically provided for under a provision of this Agreement. 
  
 B. Except as provided in Article 13, the General Partner may not directly or indirectly, cause the Partnership to sell, exchange, transfer
or otherwise dispose of all or substantially all of the Partnership’s assets in a single transaction or a series of related transactions (including by way of merger (including a triangular merger), consolidation or other combination with any
other Persons except (i) if such merger, sale or other transaction is in connection with an Extraordinary Transaction permitted under Section 11.2.B hereof or (ii) with the Consent of the Limited Partners holding a majority of the Common Units of
the Limited Partners (excluding Limited Partner Units held by the Company or its Affiliates). 
  
 Section 7.4 Reimbursement of the General Partner and the Company; DRIPs and Repurchase Programs 
  
 A. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as the General Partner of the Partnership. 
  
 B. The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s
organization, the ownership of its assets and its operations. The General Partner shall be reimbursed on a monthly basis, or such other basis as it may determine in its sole and absolute discretion, for all expenses that it incurs relating to the
ownership and operation of, or for the benefit of, the Partnership (including, without limitation, (i) expenses relating to the operation of the Company and to the management and administration of any Subsidiary of the Company, the Partnership or
Affiliates of the Partnership, such as auditing expenses and filing fees, (ii) compensation of the Company’s officers and employees including, without limitation, payments under the Company’s employee benefit plans that provide for stock
units, or other phantom stock, pursuant to which employees of the General Partner will receive payments based upon dividends on or the value of REIT Shares, (iii) director fees and expenses and (iv) all costs and expenses of being a public company,
including costs of filings with the Securities and Exchange Commission, reports and other distributions to its shareholders); provided that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with
respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such expenses of the General Partner are deemed to be for the benefit of the Partnership. Such reimbursement shall
be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.7 hereof. 
  
 C. In the event that the Company shall elect to purchase from its shareholders REIT Shares in connection with a share repurchase or
similar program or for the purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program 

  

 26 

 
or equity purchase plan adopted by the Company, any employee stock purchase plan adopted by the Company, or any similar obligation or arrangement undertaken
by the Company in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the Company for such REIT Shares and any other expenses incurred by the Company in connection with such purchase shall be considered expenses of
the Partnership and shall be advanced to the Company or reimbursed to the Company, subject to the conditions that: (i) if such REIT Shares subsequently are sold by the Company, the Company shall pay to the Partnership any proceeds received by the
Company for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program, provided that a transfer of REIT Shares for Partnership Units pursuant to Section 8.6 would not
be considered a sale for such purposes) and (ii) if such REIT Shares are not retransferred by the Company within thirty (30) days after the purchase thereof, or the Company otherwise determines not to retransfer such REIT Shares, the Company, as
General Partner, shall cause the Partnership to redeem a number of Common Units held by the Company, as a Limited Partner, equal to the quotient obtained by dividing the number of such REIT Shares by the Conversion Factor (in which case such
advancement or reimbursement of Partnership expenses shall be treated as having been made as a distribution in redemption of such number of Units held by the Company). 
  
 D. Subject to Section 7.4.E, if and to the extent any reimbursement made pursuant to this Section 7.4 is
determined for federal income tax purposes not to constitute a payment of expenses to the Partnership, the amount so determined shall constitute a guaranteed payment with respect to capital 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 a distribution for purposes of computing the Partners’ Capital Accounts. 
  
 E. Notwithstanding any provision in this Agreement to the contrary, if the Partnership pays or reimburses
(directly or indirectly, including by reason of giving the General Partner or the Company or any direct or indirect wholly-owned Subsidiary of the Company Capital Account credit in excess of actual Capital Contributions made by the General Partner
or the Company or any direct or indirect wholly-owned Subsidiary of the Company) fees, expenses or other costs pursuant to Section 7.4.B, Section 7.7 and/or Section 4.3, and if failure to treat such payment or reimbursement as a distribution to the
General Partner, the Company or any wholly-owned Subsidiary of the Company (as appropriate) would cause the Company to recognize income that is not described in Code Section 856(c)(3) in excess of 5% of the Company’s gross income (excluding net
income from prohibited transactions within the meaning of Code Section 857(b)(6)) or would otherwise cause the Company to fail to qualify as a REIT, then such payment or reimbursement (or portion thereof) shall be treated as a distribution to the
General Partner, the Company or direct or indirect wholly-owned Subsidiary of the Company (as appropriate) for purposes of this Agreement. The Capital Account of the General Partner, the Company or any direct or indirect wholly-owned Subsidiary of
the Company (as appropriate) shall be reduced by such direct or indirect payment or reimbursement (or a portion thereof) in the same manner as an actual distribution to the General Partner, the Company, or any direct or indirect wholly-owned
Subsidiary of the Company (as appropriate). To the extent treated as distributions, such fees, expenses or other costs shall not be taken into account as Partnership fees, expenses or costs for the purposes of this Agreement. This 7.4.E, in
conjunction with Section 6.1.E, is intended to prevent direct or indirect reimbursements or payments under Section 7.4.B and/or Section 4.3 from giving rise to a violation of the Company’s REIT requirements 

  

 27 

 
while at the same time preserving to the extent possible the parties’ intended economic arrangement and shall be interpreted and applied consistent with
such intent. 
  
 Section 7.5 Outside Activities of the General
Partner 
  
 The General Partner shall not directly or
indirectly enter into or conduct any business other than in connection with the ownership, acquisition and disposition of Partnership Interests and the management of the business of the Partnership, and such activities as are incidental thereto. The
General Partner and any Affiliates of the General Partner may acquire Limited Partner Interests and shall be entitled to exercise all rights of a Limited Partner relating to such Limited Partner Interests. 
  
 Section 7.6 Contracts with Affiliates 
  
 A. The Partnership may lend or contribute funds or other
assets to any Subsidiary or other Persons in which it has an 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. 
  
 B. Except as provided in Section 7.5, the Partnership may transfer assets to joint ventures, other partnerships, corporations or other
business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, in its sole and absolute discretion, believes are advisable.

  
 C. Except as expressly permitted by this
Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are determined by the
General Partner in good faith to be fair and reasonable. 
  
 D. The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt, on behalf of the Partnership, employee benefit plans, stock option plans, and
similar plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, any Subsidiary of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit
of the Partnership, the General Partner, or any Subsidiary of the Partnership. 
  
 E. The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a right of first opportunity
arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are advisable. 
  
 Section 7.7 Indemnification 
  
 A. To the fullest extent permitted by Delaware law, the
Partnership shall indemnify each Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including, without limitation, attorneys fees and other legal fees and 

  

 28 

 
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 or the Company as set forth in this Agreement, in which such 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. Without limitation, the foregoing indemnity shall
extend to any liability of any Indemnitee, pursuant to a loan guaranty (except a guaranty by a Limited Partner of nonrecourse indebtedness of the Partnership or as otherwise provided in any such loan guaranty) or otherwise for any indebtedness of
the Partnership or any Subsidiary of the Partnership (including without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and
empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. The termination
of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction of an Indemnitee or
upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, creates a rebuttable presumption that such Indemnitee acted in a manner contrary to that specified in
this Section 7.7.A. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the
Partnership, or otherwise provide funds, to enable the Partnership to fund its obligations under this Section 7.7. 
  
 B. Reasonable expenses incurred by an Indemnitee or expected to be incurred by an Indemnitee shall be paid or reimbursed by the
Partnership in advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative made or threatened against an Indemnitee 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 Section 7.7.A has been met and (ii) a written undertaking by or on behalf of the
Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
  
 C. The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a written agreement pursuant to
which such Indemnitee is indemnified. 
  
 D. The
Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be
incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership 

  

 29 

 
would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
  
 E. For purposes of this Section 7.7, the Partnership shall
be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or
beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of Section 7.7; and actions taken or omitted by the Indemnitee with
respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best
interests of the Partnership. 
  
 F. In no event
may an Indemnitee subject any of the Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
  
 G. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee had an interest in
the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
  
 H. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their employees, officers, directors, trustees, heirs,
successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in
any way affect the Partnership’s liability to any Indemnitee under this Section 7.7, as in effect immediately prior to such amendment, modification, or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  
 I. Subject to Section 7.4.E, if and to the extent any payments to the General Partner pursuant to this section 7.7 constitute gross income
to the General Partner (as opposed to the repayment of advances made 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. 
  
 Section 7.8 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, any Partners or any Assignees 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 unless the General Partner acted in bad faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not derived. 
  

 30 

 B. The Limited Partners expressly acknowledge that, the General Partner is acting on
behalf of the Partnership and the shareholders of the Company collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners in deciding whether to cause the Partnership to take (or decline
to take) any actions (including, as stated in Section 7.1.E, the tax consequences to the Limited Partners or Assignees), and that the General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits
not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 
  
 C. Subject to its obligations and duties as General Partner set forth in Section 7.1.A hereof, the General Partner may exercise any of the
powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent
appointed by the General Partner in good faith. 
  
 D. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s and its officers’ and directors’
liability to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to
such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  
 Section 7.9 Other Matters Concerning the General Partner 
  

A. The General Partner may rely and shall be protected in acting, or refraining from acting, upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 
  
 B. The General Partner may consult with legal counsel,
accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such
Persons as to matters which such General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion.

  
 C. The General Partner shall have the right,
in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers and duly appointed attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have
full power and authority to do and perform all and every act and duty which is permitted or required to be done by the General Partner hereunder. 
  
 D. Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or
any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such 

  

 31 

 
action or omission is necessary or advisable in order (i) to protect the ability of the Company to continue to qualify as a REIT, or (ii) to minimize taxes
incurred by the Company under Section 857 or Section 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
  
 Section 7.10 Title to Partnership Assets 
  
 Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned
by the Partnership as an entity, and no 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 or such nominee or Affiliate 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 if failure to so vest such title would have a
material adverse effect on the Partnership. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 
  
 Section 7.11 Reliance by Third Parties 
  
 Notwithstanding anything to the contrary in this Agreement, any Person
dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all assets of the
Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership and such Person shall be entitled to deal with the General Partner as if the General Partner were the
Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate or disaffirm any action of the General
Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or
expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence
in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect; (ii) the Person executing and
delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and
provisions of this Agreement and is binding upon the Partnership. 
  

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 ARTICLE 8 - RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
  
 Section 8.1 Limitation of Liability 
  
 The Limited Partners shall have no liability under this Agreement except as
expressly provided in this Agreement, including Section 10.5 hereof, or under the Act. 
  
 Section 8.2 Management of Business 
  
 No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates,
in their capacity as such) shall take part in the operation, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or
otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in
their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 
  
 Section 8.3 Outside Activities of Limited Partners 
  
 Subject to any agreements entered into pursuant to Section 7.6.E hereof and any other agreements entered into by a Limited Partner or its Affiliates with
the Partnership or any of its Subsidiaries, any Limited Partner (other than the Company) and any officer, director, employee, agent, trustee, Affiliate or shareholder of any Limited Partner shall be entitled to and may have business interests and
engage in business activities in addition to those relating to the Partnership, including business interests and activities that are in direct competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the
Partnership nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. None of the Limited Partners (other than the Company) nor any other Person shall have any rights by virtue of
this Agreement or the Partnership relationship established hereby in any business ventures of any other Person and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures to the
Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 
  
 Section 8.4 Return of Capital 
  
 Except pursuant to the Redemption Right set forth in Section 8.6, no Limited
Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. Except to the extent provided by
Exhibit C hereof or as otherwise expressly provided in this Agreement, or any Certificate of Designations, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee, either as to the return of Capital
Contributions or as to profits, losses or distributions. 
  

 33 

 Section 8.5 Rights of Limited Partners Relating to the Partnership 
  
 A. In addition to the other rights provided by this
Agreement or by the Act, and except as limited by Section 8.5.C hereof, each Limited Partner shall have the right, for a business purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon
written demand with a statement of the purpose of such demand and at such Limited Partner’s own expense (including such copying and administrative charges as the General Partner may establish from time to time): 
  
 (1) to obtain a copy of the most recent annual and quarterly
reports filed with the Securities and Exchange Commission by the Company pursuant to the Securities Exchange Act of 1934, as amended; 
  
 (2) to obtain a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year; 
  
 (3) to obtain a current list of the name and last known
business, residence or mailing address of each Partner; 
  
 (4) to obtain a copy of this Agreement and the Certificate of Limited Partnership and all amendments thereto, together with executed copies of all powers of attorney pursuant to which this Agreement, the Certificate
of Limited Partnership and all amendments thereto have been executed; and 
  
 (5) to obtain true and full information regarding the amount of cash and a description and statement of any other property or services contributed by each Partner and which each Partner has agreed to contribute in the
future, and the date on which each became a Partner. 
  
 B. The Partnership shall notify each Limited Partner, upon request, of the then current Conversion Factor and the REIT Shares Amount per Common Unit and, with reasonable detail, how the same was determined. 
  
 C. Notwithstanding any other provision of this Section 8.5,
the General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner reasonably believes to
be in the nature of trade secrets or other information, the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business or (ii) the Partnership is
required by law or by agreements with an unaffiliated third party to keep confidential. 
  
 Section 8.6 Redemption Right 
  
 A. Subject to Sections 8.6.B and 8.6.C hereof and the provisions of any agreements between the Partnership and one or more Limited Partners, at any time following an IPO Event and after the first anniversary date of
the issuance of a Partnership Unit to a Limited Partner pursuant to Article 4 hereof (or such other date as may be mutually agreed upon by the General Partner and a Limited Partner), each Limited Partner (other than the Company or its 

  

 34 

 
wholly-owned Subsidiaries) shall have the right (the “Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date
all or a portion of the Common Units held by such Limited Partner at a redemption price per Common Unit equal to and in the form of the Cash Amount to be paid by 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 Partner”); provided, however, that the Partnership shall not be
obligated to satisfy such Redemption Right if the Company elects to purchase the Common Units subject to the Notice of Redemption pursuant to Section 8.6.B. A Limited Partner may not exercise the Redemption Right for less than one thousand (1,000)
Common Units or, if such Limited Partner holds less than one thousand (1,000) Common Units, all of the Common Units held by such Partner. The Redeeming Partner shall have no right, with respect to any Common Units so redeemed, to receive any
distributions paid on or after the Specified Redemption Date. The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 8.6, and such Limited Partner shall be deemed to have assigned such rights to
such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by an Assignee on behalf of a Limited Partner, the Cash Amount shall be paid by the Partnership directly to such
Assignee and not to such Limited Partner. 
  
 B.
Notwithstanding the provisions of Section 8.6.A, upon an election by a Limited Partner to exercise the Redemption Right, the Company may, in its sole and absolute discretion (subject to the limitations on ownership and transfer of REIT Shares set
forth in the Articles of Incorporation of the Company), elect to assume directly and satisfy a Redemption Right by paying to the Redeeming Partner either the Cash Amount or the REIT Shares Amount, as the Company determines in its sole and absolute
discretion whereupon the Company shall acquire the Common Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. If the Company shall elect to exercise its
right to purchase Common Units under this Section 8.6.B with respect to a Notice of Redemption, it shall so notify the Redeeming Partner within five (5) Business Days after the receipt by it of such Notice of Redemption. Unless the Company shall
exercise its right to purchase Common Units from the Redeeming Partner pursuant to this Section 8.6.B, the Company shall not have any obligation to the Redeeming Partner or the Partnership with respect to the Redeeming Partner’s exercise of the
Redemption Right. In the event the Company shall exercise its right to purchase Common Units with respect to the exercise of a Redemption Right in the manner described in the first sentence of this Section 8.6.B, the Partnership shall have no
obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner’s exercise of such Redemption Right, and each of the Redeeming Partner, the Partnership, and the Company shall treat the transaction between the
Company and the Redeeming Partner, for federal income tax purposes, as a sale of the Redeeming Partner’s Common Units to the Company. Each Redeeming Partner agrees to execute such documents as the Company may reasonably require in connection
with the issuance of REIT Shares upon exercise of the Redemption Right. 
  
 C. Notwithstanding the provisions of Section 8.6.A and Section 8.6.B, a Partner shall not be entitled to exercise the Redemption Right pursuant to Section 8.6.A if the delivery of REIT Shares to such Partner on the
Specified Redemption Date by the Company pursuant to Section 8.6.B (regardless of whether or not the Company would in fact exercise its 

  

 35 

 
rights under Section 8.6.B) would be prohibited under the Articles of Incorporation of the Company or prohibited under applicable federal or state securities
laws or regulations. 
  
 D. If, pursuant to
Section 8.6.B, the Company elects to pay the Redeeming Partner the Redemption Amount in the form of REIT Shares, the total number of REIT Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Common Units shall be
the applicable REIT Shares Amount. If this amount is not a whole number of REIT Shares, the Redeeming Partner shall be paid (i) that number of REIT Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash which
the Company determines, in its reasonable discretion, to represent the fair value of the remaining fractional REIT Share which would otherwise be payable to the Redeeming Partner. 
  
 E. All Common Units delivered for redemption shall be delivered to the Partnership or the Company, as the
case may be, free and clear of all liens and encumbrances, and notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Common Units which are or may be
subject to liens. If any state or local property transfer tax is payable as a result of the transfer of Common Units to the Partnership or the General Partner pursuant to the Redemption Right, the Redeeming Partner shall assume and pay such transfer
tax. 
  
 F. In the event that the Partnership
issues additional Partnership Interests pursuant to Section 4.2.A hereof, the General Partner shall make such revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such additional Partnership Interests (including
setting forth any restrictions on the exercise of the Redemption Right with respect to such Partnership Interests). 
  
 ARTICLE 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS 
  
 Section 9.1 Records and Accounting 
  
 The General Partner shall keep or cause to be kept at the principal office of the Partnership those records and documents required to be maintained by the
Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists
and copies of documents required to be provided pursuant to Section 9.3 hereof. Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of, punch cards, magnetic tape,
photographs, micrographics or any other information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be
maintained for financial reporting purposes in accordance with generally accepted accounting principles or such other basis as the General Partner determines to be necessary or appropriate. Sufficient records shall be maintained to adjust the
financial reporting books to report taxable income to taxing authorities. 
  

 36 

 Section 9.2 Taxable Year and Fiscal Year 
  
 The taxable year of the Partnership shall be the shall be the calendar year
unless otherwise required by the Code. The fiscal year of the Partnership shall be the same as its taxable year. 
  
 Section 9.3 Reports 
  
 A. As soon as practicable, but in no event later than the date on which the Company mails its annual report to its shareholders, the
General Partner shall cause to be mailed to each Limited Partner, as of the close of the Partnership Year, an annual report containing financial statements of the Partnership, or of the Company if such statements are prepared solely on a
consolidated basis with the Company, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the
General Partner. 
  
 B. As soon as practicable,
the General Partner shall cause to be mailed to each Limited Partner, a report containing unaudited financial statements of the Partnership, or of the Company, if such statements are prepared solely on a consolidated basis with the Company, and such
other information as may be required by applicable law or regulation, or as the General Partner determines to be appropriate. 
  
 ARTICLE 10 - TAX MATTERS 
  
 Section 10.1 Preparation of Tax Returns 
  
 The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items
required of the Partnership for federal and state income tax purposes and shall use reasonable efforts to furnish, within ninety (90) days of the close of each Partnership Year, the tax information reasonably required by Limited Partners for federal
and state income tax reporting purposes. 
  
 Section 10.2 Tax
Elections 
  
 Except as otherwise provided herein, the
General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code. The General Partner shall have the right to seek to revoke any tax election it makes upon the General Partner’s
determination, in its sole and absolute discretion, that such revocation is in the best interests of the Partners. 
  
 Section 10.3 Tax Matters Partner 
  
 A. The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. Pursuant to
Section 6230(e) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name, address, taxpayer identification number,
and profit interest of each of the Limited Partners and the Assignees; provided, 

  

 37 

 
however, that such information is provided to the Partnership by the Limited Partners and the Assignees. 
  
 B. The tax matters partner is authorized, but not required:

  
 (1) to enter into any settlement with the IRS
with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax
audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such
settlement agreement shall not bind any Partner (a) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement
agreement on behalf of such Partner; or (b) who is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 
  
 (2) in the event that a notice of a final administrative
adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including
the filing of a petition for readjustment with the Tax Court or the filing of a complaint for refund with the United States Claims Court or the District Court of the United States for the district in which the Partnership’s principal place of
business is located; 
  
 (3) to intervene in any
action brought by any other Partner for judicial review of a final adjustment; 
  
 (4) to file a request for an administrative adjustment with the IRS and, if any part of such request is not allowed by the IRS, to file an
appropriate pleading (petition or complaint) for judicial review with respect to such request; 
  
 (5) to enter into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item required to be
taken account of by a Partner for tax purposes, or an item affected by such item; and 
  
 (6) to take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial review proceeding
to the extent permitted by applicable law or regulations. 
  
 The
taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the
provisions relating to indemnification of the General Partner set forth in Section 7.7 of this Agreement shall be fully applicable to the tax matters partner in its capacity as such. 
  

 38 

 C. The tax matters partner shall receive no compensation for its services. All
third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership. Nothing herein shall be construed to restrict the Partnership
from engaging an accounting or law firm to assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 
  
 Section 10.4 Organizational Expenses 
  
 The Partnership shall elect to deduct expenses, if any, incurred by it in
organizing the Partnership ratably over a sixty (60) month period as provided in Section 709 of the Code. 
  
 Section 10.5 Withholding 
  
 Each Limited Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with respect to, such Limited Partner any amount of
federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including,
without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, or 1446 of the Code. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a loan by the Partnership
to such Limited Partner, which loan shall be repaid by such Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from a distribution which
would otherwise be made to the Limited Partner, (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be
distributed to the Limited Partner or (iii) treatment as a loan would jeopardize the Company’s status as a REIT (in which case the payment shall be satisfied out of future distributions to the Limited Partner). Any amounts withheld pursuant to
the foregoing clauses (i), (ii) or (iii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner’s
Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. In the event that a Limited Partner fails to pay any amounts owed to the Partnership
pursuant to this Section 10.5 when due, the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have loaned such
amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner. Without limitation, in such event the General Partner shall have the right to receive distributions
that would otherwise be distributable to such defaulting Limited Partner until such time as such loan, together with all interest thereon, has been paid in full, and any such distributions so received by the General Partner shall be treated as
having been distributed to the defaulting Limited Partner and immediately paid by the defaulting Limited Partner to the General Partner in repayment of such loan. Any amounts payable by a Limited Partner hereunder shall bear interest at the lesser
of (A) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, plus four (4) percentage points, or (B) the maximum lawful rate of interest on such
obligation, such interest to accrue from the date 

  

 39 

 
such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the
Partnership or the General Partner shall request in order to (i) perfect or enforce the security interest created hereunder and (ii) cause any loan arising hereunder to be treated as a real estate asset for purposes of Section 856(c)(4)(A) of the
Code. 
  
 ARTICLE 11 - TRANSFERS AND WITHDRAWALS 

 
 Section 11.1 Transfer 
  
 A. The term “transfer,” when used in this Article
11 with respect to a Partnership Unit, shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest to another Person or by which a Limited Partner purports to assign all
or any part of its Limited Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by operation of law or otherwise. The term “transfer”
when used in this Article 11 does not include any redemption of Partnership Interests by the Partnership from a Limited Partner or any acquisition of Partnership Units from a Limited Partner by the Company pursuant to Section 8.6. No part of the
interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in
this Agreement or consented to in writing by the General Partner. 
  
 B. No Partnership Interest may be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any transfer or purported transfer of a Partnership Interest not
made in accordance with this Article 11 shall be null and void. 
  
 Section 11.2 Transfer of the Company’s General Partner Interest and Limited Partner Interest; Extraordinary Transactions 
  
 A. The General Partner may not transfer any of its General Partner Interest or withdraw as General Partner, and the Company may not,
directly or through its wholly-owned Subsidiaries, transfer any of its Limited Partner Interest or engage in an Extraordinary Transaction, except, in any such case, (i) if such Extraordinary Transaction, or such withdrawal or transfer, is pursuant
to an Extraordinary Transaction that is permitted under Section 11.2.B, (ii) if Limited Partners holding a majority of the Common Units of the Limited Partners (excluding Limited Partner Units held by the Company or its Affiliates) Consent to such
withdrawal or transfer or Extraordinary Transaction or (iii) if such transfer is to an entity that is wholly-owned by the Company (directly or indirectly) and is a Qualified REIT Subsidiary under Section 856(i) of the Code or disregarded as an
entity separate from the Company for federal income tax purposes. 
  

 40 

 B. The General Partner and the Company are permitted to engage (and cause the Partnership
to participate) in the following transactions without the approval or vote of the Limited Partners: 
  
 (1) an Extraordinary Transaction in connection with which all Limited Partners either will receive, or will have the right to elect to
receive, for each Common Unit an amount of cash, securities, or other property at least as equal in value to the product of (x) the REIT Shares Amount multiplied by (y) the greatest amount of cash, securities or other property paid to a holder of
one REIT Share in consideration of one such REIT Share pursuant to the terms of the Extraordinary Transaction during the period from and after the date on which the Extraordinary Transaction is consummated; provided that, if, in
connection with the Extraordinary Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the outstanding REIT Shares, each holder of Common Units shall receive, or shall have the right to elect to
receive, the greatest amount of cash, securities, or other property which such holder would have received had it exercised its Redemption Right (as set forth in Section 8.6) and received REIT Shares in exchange for its Common Units immediately prior
to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Extraordinary Transaction shall have been consummated; and 
  
 (2) an Extraordinary Transaction if: (a) immediately after
such Extraordinary Transaction, substantially all of the assets directly or indirectly owned by the surviving entity, other than Common Units held by the General Partner, are owned directly or indirectly by the Partnership or another limited
partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the “Surviving Partnership”); (b) the rights, preferences and privileges of the
Common Unitholders in the Surviving Partnership are at least as favorable as those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving
Partnership (who have, in either case, the rights of a “common” equity holder); and (c) such rights of the Common Unitholders include the right to exchange their Common Unit equivalent interests in the Surviving Partnership for at least
one of: (x) the consideration available to such Common Unitholders pursuant to Section 11.2.B(1) or (y) if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such common equity securities, with
an exchange ratio based on the relative fair market value of such securities (as determined pursuant to Section 11.2.C) and the REIT Shares. 
  
 C. In connection with any transaction permitted by Section 11.2.B, the relative fair market values shall be reasonably determined by the
General Partner as of the time of such transaction and, to the extent applicable, shall be no less favorable to the Limited Partners than the relative values reflected in the terms of such transaction. 
  
 Section 11.3 Limited Partners’ Rights to Transfer 
  
 A. Subject to the provisions of Sections 11.3.B, 11.3.D,
11.3.E, and 11.4 or in connection with the exercise of a Redemption Right pursuant to Section 8.6, a Limited Partner (other than the Company) may not transfer, all or any portion of its Partnership Interest, or any of such Limited Partner’s
economic rights as a Limited Partner without the prior written consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and 

  

 41 

 
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.
If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all of the rights of a Limited Partner, but not more rights than those
enjoyed by other Limited Partners, for the purpose of settling or managing the estate and such power as the Incapacitated Limited Partner possessed to transfer all or any part of his or its Partnership Interest. The Incapacity of a Limited Partner,
in and of itself, shall not dissolve or terminate the Partnership. 
  
 C. Without limiting the foregoing, the General Partner may prohibit any transfer by a Limited Partner of its Partnership Units if, in the opinion of legal counsel to the Partnership, such transfer would require filing
of a registration statement under the Securities Act of 1933, as amended, or would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units. 
  
 D. No transfer by a Limited Partner of its Partnership Units
(including a redemption or exchange pursuant to Section 8.6) may be made to any Person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation; (ii) such
transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code; (iii) such transfer would cause the Partnership to
become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(c) of the Code); (iv) such
transfer would, in the opinion of legal counsel for the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101; (v) such
transfer would subject the Partnership to be regulated under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; or (vi) in the opinion of legal counsel for
the Partnership, such transfer likely would jeopardize the Company’s ability to qualify as a REIT currently or in the future or would subject the Company to any additional taxes under Section 857 or Section 4981 of the Code. 
  
 E. No transfer of any Partnership Units may be made to a
lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner, which
consent may be given or withheld by the General Partner in its sole and absolute discretion; provided that as a condition to such consent the lender may be required to enter into an arrangement with the Partnership and the General
Partner to redeem for the Cash Amount any Partnership Units in which a security interest is held by such lender simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating
liabilities to such lender under Section 752 of the Code. 
  

 42 

 Section 11.4 Substituted Limited Partners 
  
 A. No Limited Partner shall have the right to substitute a
transferee as a Limited Partner in his place. The General Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which
consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to
any cause of action against the Partnership or any Partner. 
  
 B. A transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited
Partner under this Agreement. The admission of any transferee as a Substituted Limited Partner shall be conducted upon the transferee executing and delivering to the Partnership an acceptance of all the terms and conditions of this Agreement and
such other documents or instruments as may be required to effect the admission. 
  
 C. Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect the name, address,
number of Partnership Units and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner. 
  
 Section 11.5 Assignees 
  
 If the General Partner, in its sole and absolute discretion, does not consent
to the admission of any permitted transferee as a Substituted Limited Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be deemed to have had assigned to it, and
shall be entitled to receive distributions from the Partnership and the share of Net Income, Net Losses and any other items, gain, loss deduction and credit of the Partnership attributable to the Partnership Units assigned to such transferee, but
except as otherwise provided in Section 8.6.A hereof shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited
Partners for a vote (such Partnership Units being deemed to have been voted on such matter in the same proportion as all other Partnership Units held by Limited Partners are voted). In the event any such transferee desires to make a further
assignment of any such Partnership Units, such transferee shall be subject to all of the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. 

 
 Section 11.6 General Provisions 
  
 A. No Limited Partner may withdraw from the Partnership
other than as a result of a permitted transfer of all of such Limited Partner’s Partnership Units in accordance with this Article 11 or pursuant to redemption of all of its Partnership Units under Section 8.6. 
  
 B. Any Limited Partner who shall transfer all of its
Partnership Units in a transfer permitted pursuant to this Article 11 shall cease to be a Limited Partner upon the admission of all Assignees of such Partnership Units as Substitute Limited Partners. Similarly, 

  

 43 

 
any Limited Partner who shall transfer all of its Partnership Units pursuant to a redemption of all of its Partnership Units under Section 8.6 shall cease to
be a Limited Partner. 
  
 C. Transfers pursuant
to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 
  
 D. If any Partnership Interest is transferred or assigned during any quarterly segment of the Partnership’s fiscal year in compliance
with the provisions of this Article 11 or redeemed or transferred pursuant to Section 8.6 on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such interest for
such Partnership Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the
interim closing of the books method or such other method (or combination of methods) selected by the General Partner. Solely for purposes of making such allocations, each of such items for the calendar month in which the transfer or assignment
occurs shall be allocated to the transferee Partner, and none of such items for the calendar month in which a redemption occurs shall be allocated to the Redeeming Partner; provided, however, that the General Partner may adopt such
other conventions relating to allocations in connection with transfers, assignments or redemptions as it determines are necessary or appropriate. All distributions of Available Cash attributable to such Partnership Unit with respect to which the
Partnership Record Date is before the date of such transfer, assignment, or redemption shall be made to the transferor Partner or the Redeeming Partner, as the case may be, and in the case of a transfer or assignment other than a redemption, all
distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee Partner. 
  
 ARTICLE 12 - ADMISSION OF PARTNERS 
  
 Section 12.1 Admission of Successor General Partner 
  
 A successor to all of the General Partner Interest pursuant to Section 11.2 hereof who is proposed to be admitted as a successor General Partner shall be
admitted to the Partnership as the General Partner, effective upon such transfer. Any such transferee shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner
executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. In the case of such admission on any day other than
the first day of a Partnership Year, all items attributable to the General Partner Interest for such Partnership Year shall be allocated between the transferring General Partner and such successor as provided in Section 11.6.D hereof. 
  
 Section 12.2 Admission of Additional Limited Partners 
  
 A. After the date hereof, a Person who makes a Capital
Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General
Partner of all of the terms and conditions of this 

  

 44 

 
Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof and (ii) such other documents or instruments as may be required
in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 
  
 B. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited Partner without the
written consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the
name of such Person is recorded on the books and records of the Partnership, following the written consent of the General Partner to such admission. 
  
 C. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net
Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall be allocated among such Additional Limited Partner and all other Partners and Assignees by taking into account their
varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using any convention permitted by law and selected by the General Partner. Solely for purposes of making such allocations, each such item for the calendar
month in which an admission of any Additional Limited Partner occurs shall be allocated among all of the Partners and Assignees, including such Additional Limited Partner; provided, however, that the General Partner may adopt such
other conventions relating to allocations to Additional Limited Partners as it determines are necessary or appropriate. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall
be made solely to Partners and Assignees, other than the Additional Limited Partner, and, subject to Section 5.2.B, all distributions of Available Cash thereafter shall be made to all of the Partners and Assignees pursuant to Section 5.1, including
such Additional Limited Partner. 
  
 Section 12.3 Amendment of
Agreement and Certificate of Limited Partnership 
  
 For the
admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement
(including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof.

  
 ARTICLE 13 - DISSOLUTION, LIQUIDATION AND TERMINATION

  
 Section 13.1 Dissolution 
  
 A. The Partnership shall not be dissolved by the admission
of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall
continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, only upon the first to occur of any of the following (each, a “Liquidating Event”): 
  
 (1) the expiration of its term as provided in Section 2.5
hereof; 
  

 45 

 (2) an event of withdrawal of the General Partner, as defined in the Act (other than an
event of bankruptcy), unless, within ninety (90) days after such event of withdrawal a “majority in interest” (as defined below) of the remaining Partners agree in writing to continue the business of the Partnership and to the appointment,
effective as of the date of withdrawal, of a successor General Partner; 
  
 (3) from and after the date of this Agreement through December 31, 2054, an election to dissolve the Partnership made by the General Partner with the Consent of Partners holding ninety percent (90%) of the outstanding
Limited Partner Units (including Limited Partner Units held by the Company); 
  
 (4) on or after January 1, 2055, an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion; 
  
 (5) entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

  
 (6) the sale of all or substantially all of
the assets and properties of the Partnership; or 
  
 (7) a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate
jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to the entry of such order or judgment all of the remaining Partners agree in writing to
continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner. 
  
 B. As used in this Article 13, a “majority in interest” shall refer to Partners (excluding the
General Partner) who hold more than fifty percent (50%) of the outstanding Percentage Interests not held by the General Partner. 
  
 Section 13.2 Winding Up 
  
 A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an
orderly manner, liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business
and affairs. The General Partner, or, in the event there is no remaining General Partner, any Person elected by a majority in interest of the Limited Partners (the General Partner or such other Person being referred to herein as the
“Liquidator”), shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as
promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include shares of common stock in the Company) shall be applied and distributed in the following
order: 
  
 (1) First, to the payment and
discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners; 
  

 46 

 (2) Second, to the payment and discharge of all of the Partnership’s debts and
liabilities to the General Partner; 
  
 (3)
Third, to the payment and discharge of all of the Partnership’s debts and liabilities to the other Partners; 
  
 (4) Fourth, to the holders of Partnership Interests that are entitled to any preference in distribution upon liquidation in accordance
with the rights of any such class or series of Partnership Interests (and, within each class or series, to each holder thereof pro rata in proportion to its respective Percentage Interests in such class); and 
  
 (5) The balance, if any, to the General Partner and Limited
Partners in accordance with their Capital Accounts, after giving effect to all contributions, distributions, and allocations for all periods. 
  
 The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13. 
  
 B. Notwithstanding the provisions of Section 13.2.A hereof
which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the
Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy
liabilities of the Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A hereof, undivided interests in such
Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and
shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall
determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
  
 C. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the General Partner and
Limited Partners pursuant to this Article 13 may be: 
  
 (1) distributed to a trust established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen
liabilities or obligations of the Partnership or the General Partner arising out of or in connection with the Partnership. The assets of any such trust shall be distributed to the General Partner and Limited Partners from time to time, in the
reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Partnership would 

  

 47 

 
otherwise have been distributed to the General Partner and Limited Partners pursuant to this Agreement; or 
  
 (2) withheld or escrowed to provide a reasonable reserve for
Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the General Partner and Limited
Partners in the manner and order of priority set forth in Section 13.2.A as soon as practicable. 
  
 Section 13.3 Compliance with Timing Requirements of Regulations 
  
 In the event the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g),
distributions shall be made pursuant to this Article 13 to the General Partner and Limited Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). 
  
 If at such time as the Partnership (or the General Partner’s interest
therein) is “liquidated” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g), the General Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for
all taxable years or portions thereof, including the year during which such liquidation occurs), the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero in compliance with
Treasury Regulations Section 1.704-1(b)(2)(ii)(b)(3). If at such time as the Partnership (or any Limited Partner’s interest therein) is “liquidated” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g) any Limited
Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years or portions thereof, including the year during which such liquidation occurs), no such Limited
Partner shall have any obligation to make any contribution to the capital of the Partnership with respect to such deficit and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purposes whatsoever,
except to the extent otherwise agreed to by such Partner and the General Partner. Any contribution required of a Partner hereunder shall be made on or before the later of (i) the end of the Partnership Year in which the interest of such Partner is
liquidated or (ii) the ninetieth (90th) day following the date of such liquidation. 
  
 Section 13.4 Rights of Limited Partners 
  
 Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions and shall have no right or power to demand or receive
property other than cash from the Partnership. Except as otherwise provided in this Agreement, no Limited Partner shall have priority over any other Partner as to the return of its Capital Contributions, distributions, or allocations. 
  
 Section 13.5 Notice of Dissolution 
  
 In the event a Liquidating Event occurs or an event occurs that would, but
for the provisions of an election or objection by one or more Partners pursuant to Section 13.1, result in a dissolution of the Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each of the
Partners. 
  

 48 

 Section 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership

  
 Upon the completion of the liquidation of the
Partnership’s assets, as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed, and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than
the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken. 
  
 Section 13.7 Reasonable Time for Winding-Up 
  
 A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to
Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 
  
 Section 13.8 Waiver of Partition 
  
 Each Partner hereby waives any right to partition of the Partnership
property. 
  
 Section 13.9 Liability of Liquidator

  
 Any Liquidator shall be indemnified and held harmless by the
Partnership in the same manner and to the same degree as an Indemnitee may be indemnified pursuant to Section 7.7 hereof. 
  
 ARTICLE 14 - AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 
  

Section 14.1 Amendments 
  
 A. Amendments to this Agreement may only be proposed by the General Partner. Following such proposal, the General Partner shall submit any
proposed amendment to the Limited Partners. The General Partner shall seek the written consent of the Partners on the proposed amendment or shall call a meeting to vote thereon and to transact any other business that it may deem appropriate. For
purposes of obtaining a written consent, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a vote which is consistent with
the General Partner’s recommendation with respect to the proposal. Except as provided in Section 13.1.C(3), 14.1.B, 14.1.C or 14.1.D, a proposed amendment shall be adopted and be effective as an amendment hereto if it is approved by the General
Partner and it receives the Consent of Limited Partners holding a majority of the Common Units held by Limited Partners (including Limited Partner Units held by the Company or its Affiliates); provided that an action shall become
effective at such time as the requisite consents are received by the General Partner even if prior to such specified time. 
  

 49 

 B. Notwithstanding Section 14.1.A, the General Partner shall have the power, without the
consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 
  
 (1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of
the General Partner for the benefit of the Limited Partners; 
  
 (2) to reflect the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement (which may be effected through the replacement of Exhibit A with an amended Exhibit
A); 
  
 (3) to set forth and reflect in the
Agreement the designations, rights, powers, duties, and preferences of the holders of any additional Partnership Interests issued pursuant to Section 4.2.A hereof; 
  
 (4) to reflect a change that is of an inconsequential nature and does not adversely affect the Limited
Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that
will not be inconsistent with law or with the provisions of this Agreement; and 
  
 (5) to satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a federal
or state agency or contained in federal or state law. 
  
 The General Partner
shall provide written notice to the Limited Partners when any action under this Section 14.1.B is taken in the next regular communication to the Limited Partners. 
  
 C. Notwithstanding Section 14.1.A and 14.1.B hereof, this Agreement shall not be amended without the Consent
of each Partner adversely affected if such amendment would (i) convert a Limited Partner’s interest in the Partnership into a General Partner Interest; (ii) modify the limited liability of a Limited Partner in a manner adverse to such Limited
Partner; (iii) alter rights of the Partner (except in connection with the issuance of additional Partnership Interests and the relative rights, powers and duties incident thereto) to receive distributions pursuant to Article 5 or Article 13 or the
allocations specified in Article 6 (except as permitted pursuant to Section 4.2 and Section 14.1.B(3) hereof); (iv) alter or modify the Redemption Right and REIT Shares Amount as set forth in Sections 8.6 and 11.2.B, and the related definitions, in
a manner adverse to such Partner; (v) cause the termination of the Partnership prior to the time set forth in Sections 2.5 or 13.1 or (vi) amend this Section 14.1.C. Further, no amendment may alter the restrictions on the General Partner’s
authority set forth in Section 7.3.B without the Consent specified in that section. 
  
 D. Notwithstanding Section 14.1.A or Section 14.1.B hereof, the General Partner shall not (except in connection with amendments made to
reflect the issuance of additional Partnership Interests and the relative rights, powers and duties incident thereto) amend Sections 4.2.A, 7.5, 7.6, 11.2 or 14.2 without the Consent of Limited Partners holding a majority of the Common Units held by
Limited Partners, excluding Limited Partner Units held by the Company or its Affiliates. 
  

 50 

 Section 14.2 Meetings of the Partners 
  
 A. Meetings of the Partners may only be called by the
General Partner. The request shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the date of such meeting. Partners
may vote in person or by proxy at such meeting. Whenever the vote or Consent of the Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of the Partners or may be given in accordance with the
procedure prescribed in Section 14.1.A hereof. Except as otherwise expressly provided in this Agreement, the Consent of holders of a majority of the Common Units held by Limited Partners (including Limited Partnership Common Units held by the
Company) shall control. 
  
 B. Any action
required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Common Units of the Partners (or such other percentage as is
expressly required by this Agreement). Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of a majority of the Common Units of the Partners (or such other percentage as is expressly
required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
  
 C. Each Limited Partner may authorize any Person or Persons
to act for him by proxy on all matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his
attorney-in-fact. A proxy may be granted in writing, by means of electronic transmission or as otherwise permitted by applicable law. No proxy shall be valid after the expiration of twelve (12) months from the date thereof unless otherwise provided
in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the Limited Partner executing such proxy.

  
 D. Each meeting of the Partners shall be
conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. Without limitation, meetings of Partners
may be conducted in the same manner as meetings of the shareholders of the Company and may be held at the same time, and as part of, meetings of the shareholders of the Company. 
  
 ARTICLE 15 - ARBITRATION OF DISPUTES 
  
 Notwithstanding anything to the contrary contained in this Agreement, all claims, disputes and controversies between the
parties hereto (including, without limitation, any claims, disputes and controversies between the Partnership and any one or more of the Partners and any claims, disputes and controversies among any two or more Partners ) arising out of or in
connection with this Agreement or the Partnership created hereby, relating to the validity, construction, performance, breach, enforcement or termination thereof, or otherwise arising out of or relating to this Agreement, the management of the
Partnership, or the acts or omissions of 

  

 51 

 
the General Partner that are not resolved by mutual agreement shall be resolved solely and exclusively by binding arbitration to be conducted before JAMS,
Inc. in Bethesda, Maryland before a single arbitrator (the “Arbitrator”). 
  
 The parties covenant and agree that the arbitration shall commence within ninety (90) days of the date on which a written demand for arbitration is filed by any party hereto (the “Filing Date”). The
Arbitrator’s decision and award shall be made and delivered within one hundred and eighty (180) days of the Filing Date. The Arbitrator’s decision shall be binding and conclusive on all parties. The parties understand and agree that the
Arbitrator shall not have power to award damages in excess of actual compensatory damages and the Arbitrator shall not multiply actual damages or award punitive damages or any other damages that are specifically excluded under this Agreement, each
party hereby irrevocably waiving any claim to such damages. 
  
 Each of the parties hereto irrevocably and unconditionally consents to the exclusive jurisdiction of JAMS, Inc. to all matters within the scope of this Article 15 and that they will participate in the arbitration in good faith. The parties
hereto further consent to the jurisdiction of the courts of the State of Delaware for the purposes of enforcing the arbitration provisions of this Article 15. Each party further irrevocably waives any objection to proceeding before JAMS, Inc. based
upon lack of personal jurisdiction or to the laying of venue and further irrevocably and unconditionally waives and agrees not to make a claim in any court that arbitration before JAMS, Inc. has been brought in an inconvenient forum. Each of the
parties hereto hereby consents to service of process by registered mail at the address to which notices are to be given. Each of the parties hereto agrees that its submission to jurisdiction and its consent to service of process by mail is made for
the express benefit of the other parties hereto. The provisions of this Article 15 shall survive the dissolution of the Partnership. Nothing contained herein shall be deemed to give the Arbitrator any authority, power, or right to alter, change,
amend, modify, add to, or subtract from any of the provisions of this Agreement. 
  
 ARTICLE 16 - GENERAL PROVISIONS 
  
 Section 16.1 Addresses and Notice 
  
 Any notice,
demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by certified first class United States
mail, return receipt requested, nationally recognized overnight delivery service or facsimile transmission (with receipt confirmed) to the Partner or Assignee at the address set forth on Exhibit A or such other address of which the Partner
shall notify the General Partner in writing. 
  
 Section 16.2
Titles and Captions 
  
 All article or section titles or
captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references
to “Articles” and “Sections” are to Articles and Sections of this Agreement. 
  

 52 

 Section 16.3 Pronouns and Plurals 
  
 Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
  
 Section 16.4 Further Action 
  
 The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to
achieve the purposes of this Agreement. 
  
 Section 16.5
Binding Effect 
  
 Subject to the terms set forth herein,
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
  
 Section 16.6 Creditors 
  
 Other than as expressly set forth herein with respect to the Indemnitees, none of the provisions of this Agreement shall be for the benefit of, or shall
be enforceable by, any creditor of the Partnership. 
  
 Section
16.7 Waiver 
  
 No failure by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.

  
 Section 16.8 Counterparts 
  
 This Agreement may be executed in counterparts, all of which together shall
constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto. 
  
 Section 16.9 Applicable Law 
  
 This Agreement shall be construed and enforced in accordance with and
governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. 
  
 Section 16.10 Invalidity of Provisions 
  
 If any provision of this Agreement shall to any extent be held void or unenforceable (as to duration, scope, activity, subject or otherwise) by a court of
competent jurisdiction, such provision shall be deemed to be modified so as to constitute a provision conforming as nearly as 

  

 53 

 
possible to the original provision while still remaining valid and enforceable. In such event, the remainder of this Agreement (or the application of such
provision to persons or circumstances other than those in respect of which it is deemed to be void or unenforceable) shall not be affected thereby. Each other provision of this Agreement, unless specifically conditioned upon the voided aspect of
such provision, shall remain valid and enforceable to the fullest extent permitted by law; any other provisions of this Agreement that are specifically conditioned on the voided aspect of such invalid provision shall also be deemed to be modified so
as to constitute a provision conforming as nearly as possible to the original provision while still remaining valid and enforceable to the fullest extent permitted by law. 
  
 Section 16.11 No Rights as Shareholders 
  
 Nothing contained in this Agreement shall be construed as conferring upon the holders of Partnership Units any rights
whatsoever as shareholders of the Company, including without limitation, any right to receive dividends or other distributions made to shareholders or to vote or consent or to receive notice as shareholders in respect of any meeting of shareholders
for the election of directors of the Company or any other matter. 
  
 Section 16.12 Entire Agreement 
  
 This Agreement
contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes the Prior Agreement, any other prior written or oral understandings or agreements among them with respect thereto.

  
 [Signature Page Follows] 
  

 54 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement of Limited Partnership as of the date
first written above. 
  

					
	GENERAL PARTNER:
	
	DiamondRock Hospitality Company
		
	By:	 	 /s/ Michael D. Schecter

	 	 	 Name:
	 	 Michael D. Schecter

	 	 	 Title:
	 	 General Counsel

	
	LIMITED PARTNER:
	
	DiamondRock Hospitality, LLC
	By:	 	 DiamondRock Hospitality Company,
 its sole Member

		
	By:	 	 /s/ Michael D. Schecter

	 	 	 Name:
	 	 Michael D. Schecter

	 	 	 Title:
	 	 General Counsel

  

  
 FORM OF LIMITED PARTNER
SIGNATURE PAGE 
 FOR PARTNERS ADMITTED AFTER JUNE         , 2004 
  
 The undersigned, desiring to become one of the within named Limited Partners
of DiamondRock Hospitality Limited Partnership, hereby becomes a party to the Agreement of Limited Partnership of DiamondRock Hospitality Limited Partnership by and among DiamondRock Hospitality Company and such Limited Partners, dated as of June
        , 2004, as amended. The undersigned agrees that this signature page may be attached to any counterpart of said Agreement of Limited Partnership. 
  

									
	 Signature Line for Limited Partner:
	 	 	 	 [Name]

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

	 	 	 	 	 	 	 	 	 Date:

			
	 Address of Limited Partner:
	 	 	 	 
			
	 	 	 	 	 

  

  
 Exhibit A 

 
 Partners Contributions and Partnership Interests 
  

 A-1 

  
 Exhibit B 

 
 Capital Account Maintenance 
  

 B-1 

  
 Exhibit C 

 
 Special Allocation Rules 
  

 C-1 

  
 Exhibit D 

 
 Notice of Redemption 
  

 D-1EXHIBIT 10.2

  
 Exhibit 10.2

  
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of July 7, 2004, by and among DIAMONDROCK HOSPITALITY COMPANY, a Maryland corporation (the “Company”), DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Partnership”), and FRIEDMAN, BILLINGS, RAMSEY & CO., INC., a Delaware corporation (“FBR”) and the HOLDERS (as defined below). 
  
 THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions: 
  
 A. The Company, the Partnership and FBR entered into that certain
Purchase/Placement Agreement dated as of June 29, 2004 (the “Purchase Agreement”) in connection with the offering and sale (the “Offering”) of an aggregate of up to 21,000,000 shares of common stock, par value $0.01
per share, of the Company (“Common Stock”), including up to 3,150,000 shares of Common Stock that may be issued pursuant to an additional allotment option granted to FBR (the aggregate of up to 21,000,000 shares, together with the
3,000,000 shares purchased by Marriott Hotel Services, Inc. concurrently with the Offering, the “Shares”). 
  
 B. In order to induce the investors who are purchasing the Common Stock in the Offering to purchase such Common Stock and FBR to enter into the Purchase
Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to the Holders and such investors have, by separate instrument, agreed to be bound by the terms and provisions hereof. 
  
 C. The execution and delivery of this Agreement is a condition to the closing
of the transactions contemplated by the Purchase Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows: 
  
 1. Definitions. As used in this Agreement, the
following terms have the following meanings: 
  
 Additional
Shares: Shares (as defined below) or other securities issued in respect of the Shares by reason of or in connection with any share dividend, share distribution, share split, or similar issuance. 
  
 Agreement: As defined in the preamble hereof. 
  
 Affiliate: As to any specified Person, (i) any Person that directly,
or indirectly through one or more intermediaries or relationships, controls or is controlled by, or is under common control with, the specified Person, (ii) any executive officer, director, trustee, managing member, general partner or Person in a
similar capacity of the specified Person and (iii) any legal entity for which the specified Person acts as an executive officer, director, trustee, managing member, 

  

 1 

 
general partner or Person in a similar capacity. For 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 through one or more intermediaries or relationships, of the power to direct or cause the
direction of the management and policies of such Person, whether by contract, through the ownership of voting securities, partnership or member interests or other equity interests or otherwise. An indirect relationship includes, but is not limited
to, circumstances in which a Person’s spouse, children, parents, siblings or mother-, father-, sister- or brother-in-law is or has been associated with a Person. 
  
 Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in New York, New York are authorized or obligated by applicable law, regulation or executive order to close. 
  
 Closing Time: July 7, 2004, or such other time or such other date as FBR and the Company may agree. 
  
 Commission: The Securities and Exchange Commission. 
  
 Common Stock: As defined in recital A hereof. 
  
 Company: As defined in the preamble hereof, and any successor thereto.

  
 Controlling Person. As defined in Section 6(a) hereof.

  
 End of Suspension Notice: As defined in Section 5(b)
hereof. 
  
 Exchange Act: The Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated by the Commission thereunder. 
  
 Executive Officers: The Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Executive Vice President and Chief Financial Officer and the General Counsel (collectively, the
“Executive Officers”). 
  
 FBR: As defined
in the preamble hereof, and any successor thereto. 
  
 Holder: Each record owner of any Registrable Shares from time to time. 
  
 Indemnified Party: As defined in Section 6(c) hereof. 
  
 Indemnifying Party: As defined in Section 6(c) hereof. 
  
 IPO Registration Statement: As defined in Section 2(b) hereof. 
  
 Liabilities: As defined in Section 6(a) hereof. 
  
 Mandatory Shelf Registration Statement: As defined in Section 2(a) hereof. 
  

 2 

 NASD: The National Association of Securities Dealers, Inc. 
  
 Offering: As defined in recital A hereof. 
  
 Partnership: As defined in the preamble hereof, and any successor
thereto. 
  
 Person: An individual, partnership,
corporation, trust, limited liability company, unincorporated organization, government or agency or political subdivision thereof, or any other legal entity. 
  
 Proceeding: An action (including a class action), claim, suit, demand, arbitration or other proceeding (including without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 
  
 Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and supplements
to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 
  
 Purchase Agreement: As defined in recital A hereof, as amended from time to time in accordance with the terms
thereof. 
  
 Purchaser Indemnitee: As defined in Section
6(a) hereof. 
  
 Registrable Shares: Each of the Shares and
any Additional Shares, upon original issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder, until, in the case of any such Shares or Additional Shares, as
applicable, the earliest to occur of: 
  
 (i) the
date on which such Shares have been sold pursuant to a Registration Statement or sold, transferred or otherwise disposed of pursuant to Rule 144; 
  
 (ii) the date on which, in the opinion of counsel to the Company, such Shares not held by Affiliates of the Company are eligible for sale
without registration under the Securities Act pursuant to subparagraph (k) of Rule 144; or 
  
 (iii) the second annual anniversary of the initial effective date of the Mandatory Shelf Registration Statement (subject to extension
pursuant to Section 5(c)). 
  
 Registration Expenses: Any
and all expenses of the Company or the Partnership incident to the Company’s or Partnership’s performance of or compliance with this Agreement, including, without limitation: (i) all Commission, securities exchange, NASD or other
registration, listing, inclusion and filing fees, (ii) all fees and expenses incurred in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing
fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of the NASD), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, duplicating, printing, delivering 

  

 3 

 
and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, agreements among
underwriters, securities sales agreements, certificates and any other documents relating to the performance of the Company and the Partnership under, and compliance by the Company and the Partnership with, this Agreement, (iv) all fees and expenses
incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange or national quotation system pursuant to Section 4(n) of this Agreement or otherwise, (v) the fees and disbursements of counsel for the
Company and the Partnership and of the independent public accountants of the Company and the Partnership (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such
performance), and the reasonable fees and disbursements of one counsel (as selected by FBR) for the selling Holders to review any Registration Statement, and (vi) any fees and disbursements customarily paid or otherwise negotiated for payment by
issuers in connection with issues and sales of securities (including the fees and expenses of any experts retained by the Company and the Partnership in connection with any Registration Statement), provided, however, that Registration
Expenses shall exclude brokers’ or underwriters’ discounts and commissions and transfer taxes or transfer fees, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and disbursements of any counsel to
the Holders other than as provided for in subparagraph (v) above. 
  
 Registration Statement: Any Shelf Registration Statement or the IPO Registration Statement (that covers the resale of any Registrable Shares), including the Prospectus, amendments and supplements to such registration statement or
Prospectus, including pre-and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement. 
  
 Rule 144: Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 144A: Rule 144A promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 158: Rule 158 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 415: Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 424: Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  

 4 

 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission
thereunder. 
  
 Shares: As defined in recital A hereof.

  
 Shelf Registration Statement: The Mandatory Shelf
Registration Statement or any Subsequent Shelf Registration Statement. 
  
 Subsequent Shelf Registration Statement: As defined in Section 2(c) hereof. 
  
 Suspension Event: As defined in Section 5(b) hereof. 
  
 Suspension Notice: As defined in Section 5(b) hereof. 
  
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for reoffering to the public. 
  
 2. Registration Rights. 
  
 (a) Mandatory Shelf Registration. The Company agrees to file with the Commission as soon as practicable, but in no event later than nine (9) months
from the date hereof, a Shelf Registration Statement on Form S-11 or such other form under the Securities Act then available to the Company providing for the resale pursuant to Rule 415 from time to time by the Holders of all of the Registrable
Shares (including for the avoidance of doubt any Additional Shares that are issued prior to the effectiveness of such shelf registration statement) (such registration statement, including the Prospectus, amendments and supplements to such
registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement, the
“Mandatory Shelf Registration Statement”). The Company shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as promptly as practicable following such filing,
but in no event later than six (6) months after the date of such filing (subject to extension pursuant to Section 2(b)(iv)). Such commercially reasonable efforts shall include, without limitation, responding to any comments issued by the staff of
the Commission with respect to any Registration Statement and filing any related amendment to such Registration Statement as soon as reasonably practicable after receipt of such comments. Any Shelf Registration Statement shall provide for the resale
from time to time and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers, a sale through brokers or agents, or sale over the Internet) by the
Holders of any and all Registrable Shares. 
  
 (b) IPO
Registration. If the Company proposes to file a registration statement on Form S-11 or such other form under the Securities Act providing for the initial public offering of shares of Common Stock (such registration statement, including the
Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective 

  

 5 

 
amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration
statement, the “IPO Registration Statement”), the Company will notify, in writing, each Holder of the filing, within five (5) Business Days after such filing, and afford each Holder an opportunity to include in such IPO Registration
Statement all or any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in any such IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within twenty (20) Business Days
after receipt of the above-described written notice by the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in such IPO Registration Statement.
Any election by any Holder to include any Registrable Shares in such IPO Registration Statement will not affect the inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO
Registration Statement; provided, however, that at such time of sale, the Company shall have the right to remove from the Shelf Registration Statement the Registrable Shares sold pursuant to the IPO Registration Statement. 
  
 (i) Right to Terminate IPO Registration. At any time,
the Company shall have the right to terminate or withdraw any IPO Registration Statement referred to in this Section 2(b) whether or not any Holder has elected to include Registrable Shares in such registration; provided, however, that the
Company must provide each Holder that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice of such termination. Furthermore, in the event the IPO Registration Statement is not declared effective by the
Commission within ninety (90) Business Days following delivery by the Company of notice to the Holders of their initial opportunity to include all or any part of the Registrable Shares then held by such Holders in the IPO Registration Statement, the
Company shall promptly provide a new written notice to all Holders giving them another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder desiring to include in any such IPO Registration
Statement all or part of the Registrable Shares held by such Holder shall, within ten (10) Business Days after receipt of the above-described written notice by the Company, so notify the Company in writing, and in such notice shall inform the
Company of the number of Registrable Shares such Holder wishes to include in such IPO Registration Statement. Any election by any Holder to include any Registrable Shares in such IPO Registration Statement will not affect the inclusion of such
Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO Registration Statement; provided, however, that at such time of sale, the Company shall have the right to remove from the Shelf
Registration Statement the Registrable Shares sold pursuant to the IPO Registration Statement. 
  
 (ii) Underwriting. The Company shall give written notice to the Holders who elected to be included in the IPO Registration
Statement of the managing underwriters for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder’s Registrable Shares to be included in any IPO Registration Statement pursuant to this Section 2(b)
shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Shares in the Underwritten Offering to the extent provided herein. All Holders proposing to distribute their
Registrable Shares through such Underwritten Offering shall enter into an underwriting agreement in customary form with the managing underwriters selected by the Company for such underwriting and complete and 

  

 6 

 
execute, as reasonably requested as to scope and form, any questionnaires, powers of attorney, indemnities, lock-up agreements, securities escrow agreements
and other documents reasonably required under the terms of such underwriting, and furnish to the Company such information in writing as the Company may reasonably request for inclusion in the IPO Registration Statement; provided, however,
that no Holder shall be required to make any representations or warranties to or agreements (including indemnities) with the Company or the underwriters other than representations, warranties or agreements (including indemnities) as are
customary and reasonably requested by the underwriters with the understanding that the foregoing shall be several, not joint and several, and no such agreement (including indemnities) shall require any Holder to be liable for an amount in excess of
the net proceeds received by such Holder through such Underwritten Offering. Notwithstanding any other provision of this Agreement, if at any time the managing underwriters and the Company mutually agree that marketing factors require a limitation
on the number of shares to be included, then the managing underwriters may exclude shares (including Registrable Shares) from the IPO Registration Statement and the Underwritten Offering and any Shares included in the IPO Registration Statement and
the Underwritten Offering shall be allocated, first, to the Company, and second, to each of the Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement on a pro rata basis based on the total number
of Registrable Shares then requested for inclusion by each such Holder. If any Holder disapproves of the terms of any Underwritten Offering that is undertaken in compliance with the terms hereof, such Holder may elect to withdraw therefrom by
written notice to the Company and the underwriter, delivered no later than sixty (60) days after the initial filing date of the IPO Registration Statement. Any Registrable Shares excluded or withdrawn from such Underwritten Offering shall be
excluded and withdrawn from the IPO Registration Statement. 
  
 (iii) Hold-Back Agreement. By electing to include Registrable Shares in the IPO Registration Statement, if any, the Holder shall be deemed to have agreed not to effect any sale or distribution of securities of
the Company of the same or similar class or classes of the securities included in the Registration Statement or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A
under the Securities Act, during such periods as reasonably and customarily requested by the managing underwriter (but in no event for a period longer than sixty (60) days following the effective date of the IPO Registration Statement) and provided
that each of the executive officers and directors of the Company that hold shares of Common Stock of the Company or securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company are subject to restrictions at
least as burdensome as those applicable to the Holders for not less than the entire time period required of the Holders hereunder. 
  
 (iv) Shelf Registration Not Impacted by IPO Registration Statement. The Company’s obligation to file and use its commercially
reasonable efforts to cause to become and keep effective any Shelf Registration Statement shall not be affected by the filing or effectiveness of the IPO Registration Statement; provided, however, if the Company files an IPO Registration
Statement after the Company files the Mandatory Shelf Registration Statement but before the effective date of the Mandatory Shelf Registration Statement, the Company shall have the right to defer causing the Commission to declare the Mandatory Shelf
Registration Statement effective until up to sixty (60) days after the closing date of any Underwritten Offering effected pursuant to the IPO Registration Statement. 
  

 7 

 (c) Subsequent Shelf Registration for Additional Shares Issued after Effectiveness of the Mandatory
Shelf Registration Statement. If any Additional Shares are issued or distributed to Holders after the effectiveness of the Mandatory Shelf Registration Statement, or such Additional Shares were otherwise not included in a prior Shelf
Registration Statement, then the Company shall as soon as practicable, but in no event later than sixty (60) days after the issuance of such Additional Shares, file an additional shelf registration statement (such registration statement, including
the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any,
in such registration statement, a “Subsequent Shelf Registration Statement”) covering such Additional Shares on behalf of the Holders thereof in the same manner, and subject to the same provisions in this Agreement as the Mandatory
Shelf Registration Statement, provided that the provisions of Section 2(a), 2(b), 9 or 10(a) hereof will not apply to any such Subsequent Shelf Registration Statement. 
  
 (d) Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable
Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all discounts
and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement and any other expense of the Holders not allocated to the Company pursuant
to this Agreement relating to the sale or disposition of such Holder’s Registrable Shares pursuant to any Registration Statement. 
  
 3. Rules 144 and 144A Reporting. 
  
 With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Shares to the
public without registration, the Company agrees to, until such date as no Holder owns any Registrable Shares: 
  
 (a) at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the
general public, make and keep public information available, as those terms are understood and defined in Rule 144(c) under the Securities Act; 
  
 (b) use its best efforts to timely file with the Commission all reports and other documents required to be filed by the Company under the Securities Act
and the Exchange Act (at any time after it has become subject to such reporting requirements); 
  
 (c) if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, make available other information as required by, and so long as necessary to permit sales of
Registrable Shares pursuant to, Rule 144 and Rule 144A; and 
  
 (d) furnish to any Holder promptly upon request a written statement by the Company as to its compliance in all material respects with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the
first Registration Statement filed by the 

  

 8 

 
Company for an offering of its securities to the general public) and of the Securities Act and the Exchange Act (at any time after it has become subject to
the reporting requirements of the Exchange Act), a copy of the most recent annual and quarterly report(s) of the Company, and such other reports, documents or shareholder communications of the Company, and take such further actions consistent with
this Section, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration. 
  
 4. Registration Procedures. 
  
 In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially
reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under the Securities Act to permit the public resale of such Registrable Shares by the Holder or Holders in accordance with the Holders’ intended
method or methods of resale and distribution, and the Company (and, with respect to Sections 4(k) and 4(l) hereof, the Partnership) shall, without limitation: 
  

(a) prepare and file with the Commission, as specified in this Agreement, a Shelf Registration Statement, which Shelf Registration Statement shall
comply as to form with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith, and use its commercially reasonable efforts to cause such Registration Statement to become
effective, as specified in this Agreement, and to remain effective, subject to Section 5 hereof, until the date on which no Holders hold Registrable Shares; provided, however, that the Company shall not be required to cause any IPO
Registration Statement to become effective if it elects to terminate or withdraw the IPO Registration Statement pursuant to Section 2(b)(i) hereof and the Holders have been so notified; provided, further, that if the Company has an effective
Shelf Registration Statement on Form S-11 under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement under the Securities Act, the Company may, upon twenty (20) Business Days’ prior written
notice to all Holders of Registrable Shares, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf
Registration Statement is declared effective, de-register such shares under the previous Registration Statement or transfer filing fees from the previous Registration Statement (such transfer pursuant to Rule 429) unless any Holder of Registrable
Shares registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the Company notice that such a registration under a new Registration Statement and de-registration of the initial
Shelf Registration Statement would materially interfere with its distribution of Registrable Shares already in progress, in which case the Company shall delay the effectiveness of the short-form Shelf Registration Statement and de-registration for a
period of not less than thirty (30) Business Days from the date that the Company receives the notice from a Holder requesting a delay; 
  
 (b) subject to Section 4(i) hereof, (i) prepare and file with the Commission such amendments and post-effective amendments to each such Shelf Registration
Statement as may be necessary to keep such Shelf Registration Statement effective for the period described in Section 4(a) hereof, (ii) cause each Prospectus contained therein to be supplemented by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 or any similar 

  

 9 

 
rule that may be adopted under the Securities Act, and (iii) comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by each Shelf Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 
  
 (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and
any amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company consents, subject to Section 5, to the use of such
Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 
  
 (d) use its commercially reasonable efforts to (i) register or qualify, or obtain exemption from registration or
qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such domestic United States jurisdictions as
FBR or any Holder covered by a Registration Statement shall reasonably request in writing, (ii) keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective
pursuant to Section 4(a) and (iii) do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder;
provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this
Section 4(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 
  
 (e) use its commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and approved by such
other domestic state or local governmental agencies or authorities in the United States, if any, as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 
  
 (f) notify FBR and each Holder with Registrable Shares covered by a
Registration Statement promptly and, if requested by FBR or by any such Holder, promptly confirm such advice in writing at the address determined in accordance with Section 10(c), (i) when such Registration Statement has become effective and when
any post- effective amendments thereto become effective or upon the filing of a supplement to any prospectus, (ii) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of such
Registration Statement or the initiation of any Proceedings for that purpose, (iii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or related
Prospectus or for additional information, and (iv) of any reason, including, but not limited to, the happening of any event during the period such Registration Statement is effective as a result of which such Registration Statement or the related
Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading or, in the
case of the Prospectus, contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the 

  

 10 

 
circumstances under which they were made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Registration
Statement and the Prospectus until the requisite changes have been made); 
  
 (g) during the period of time referred to in Section 4(a) above, use its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use
or effectiveness of a Shelf Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 
  
 (h) provide to FBR and its counsel within three (3) Business Days of receipt
by the Company or its counsel, copies of any material correspondence with or from the Commission or its staff with respect to a Registration Statement; and upon request, furnish to each requesting Holder with Registrable Shares covered by a
Registration Statement, without charge, at least one (1) conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested); 
  
 (i) except as provided in Section 5, upon the
occurrence of any event contemplated by Section 4(f)(iv) hereof, use its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Shelf Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and, upon request and without charge, promptly furnish to each requesting Holder a
reasonable number of copies of each such supplement or post-effective amendment; 
  
 (j) if requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with an Underwritten Offering, (i) promptly incorporate in a prospectus supplement or
post-effective amendment such material information as the representative of the underwriters, if any, or such Holders indicate in writing relates to them or otherwise reasonably request in writing be included therein and (ii) make all required
filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received written notification of the matters to be incorporated in such prospectus supplement or post-effective amendment;

  
 (k) in the case of an Underwritten Offering, use its
commercially reasonable efforts to furnish or cause to be furnished to each Holder of Registrable Shares covered by such Registration Statement and the underwriters a signed counterpart, addressed to the underwriters, of: (i) an opinion of counsel
for the Company, dated the date of each closing under the underwriting agreement, covering the matters customarily covered in opinions delivered to underwriters in underwritten public offerings of securities and such other matters as the
underwriters may reasonably request; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have
certified the Company’s financial statements 

  

 11 

 
included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included
therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial
matters as such Holder and the underwriters may reasonably request and customarily obtained by underwriters in underwritten offerings; 
  
 (l) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form, provided that the
terms of such underwriting agreement are reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration
Statement and, in the case of an Underwritten Offering, make representations, warranties and agreements (including indemnities) to the Holders of Registrable Shares covered by such Registration Statement and to the underwriters in such form and
scope as are customarily made by issuers to underwriters and Holders in underwritten offerings and confirm the same in writing to the extent customary if and when requested; 
  
 (m) in connection with an Underwritten Offering, make available for inspection by one representative appointed by the
Holders of a majority of the Registrable Shares and the representative of any underwriters participating in any disposition pursuant to a Registration Statement and any counsel and accounting firm retained by the Holders and underwriters,
respectively, during normal business hours and upon reasonable notice, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors, employees and agents of the Company to
supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records, documents or
information that the Company determines, in good faith, to be confidential and notifies such representative of the Holders, representative of the underwriters, counsel thereto or accountants thereto are confidential shall not be disclosed by the
representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or
Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the
public; provided, further, that to the extent practicable, the foregoing inspection and information gathering shall be coordinated on behalf of the Holders and the other parties entitled thereto by one counsel designated by and on behalf of
the Holders and the other parties. 
  
 (n) use its commercially
reasonable efforts to qualify for, and list or include all Registrable Shares on, the New York Stock Exchange or the Nasdaq National Market as soon as practicable (including, without limitation, seeking to cure in the Company’s listing or
inclusion application any deficiencies cited by the exchange or market) and thereafter use commercially reasonable efforts to maintain such listing; 
  
 (o) prepare and timely file all documents, reports and certifications required by the Securities Act and the Exchange Act at all times beginning from the
date the Company is first 

  

 12 

 
subject to such filing, reporting or certification requirements through the date no Holders hold Registrable Shares; 
  
 (p) provide a CUSIP number for all Registrable Shares, not later than the
effective date of the Registration Statement; 
  
 (q) (i)
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and, as applicable, the New York Stock Exchange, Nasdaq National Market or other listing standard, and (ii) make generally
available to its stockholders, as soon as reasonably practicable, earnings statements covering at least twelve (12) months beginning after the effective date of the Registration Statement that satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 (or any similar rule promulgated under the Securities Act ) thereunder, no later than thirty-five (35) days after the end of each fiscal quarter occurring after the first anniversary of the effective date of the
Registration Statement (unless such fiscal quarter is the last fiscal quarter of the Company’s fiscal year, in which case such earnings statement shall be delivered no later than sixty (60) days after such fiscal quarter occurring after the
first anniversary of the effective date of the Registration Statement); 
  
 (r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement from and after a date not later than the effective date of such Registration Statement; 
  
 (s) in connection with any sale or transfer of the Registrable Shares
(whether or not pursuant to a Registration Statement) that will result in the security being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by the Company’s Charter) and to enable such Registrable Shares
to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may reasonably request at least three (3) Business Days prior to any sale of the Registrable Shares; and 
  
 (t) upon effectiveness of the first Registration Statement filed by the
Company, the Company will take such actions and make such filings as are necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or as soon as practicable following the effectiveness of the Registration
Statement. 
  
 The Company may require the Holders to furnish to
the Company such information regarding the proposed distribution by such Holder as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares and no Holder shall be
entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such reasonable information to the Company. Any Holder that
sells Registrable Shares pursuant to a Registration Statement or as a selling stockholder pursuant to an Underwritten Offering shall be required to be named as a selling stockholder in the related prospectus and to deliver a prospectus to
purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the 

  

 13 

 
information previously furnished by such Holder not misleading and each Holder shall have at least five (5) Business Days after receipt of any Registration
Statement to review the Registration Statement with respect to the accuracy of the information provided by such Holder and to provide comments thereon to the Company or its counsel. The designated counsel, if any, for the Holders shall, on behalf of
the Holders, have at least ten (10) Business Days after receipt of any Registration Statement to review the Registration Statement and to provide comments thereon to the Company or its counsel prior to the time it is filed with the Commission.

  
 Each Holder agrees that, upon receipt of any notice from the
Company of the occurrence of any event of the kind described in Section 4(f)(ii), 4(f)(iii) or 4(f)(iv) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s
receipt of copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the reasonable expense of the Company) all copies in its possession, other than permanent file copies then in
such Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
  
 5. Black-Out Period. 
  
 (a) Subject to the provisions of this Section 5 and a good faith determination by a majority of the independent members of the Board of Directors of the
Company that it is in compliance with the terms hereof and that is in the best interests of the Company to suspend the use of the Registration Statement (and the filings with any international, federal or state securities commissions), the Company,
by written notice to FBR and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is necessary and advisable (but in no event for
more than an aggregate of ninety (90) days in any rolling twelve (12)-month period commencing on the Closing Time or more than thirty (30) days in any rolling ninety (90)-day period, and no more than six (6) separate times in any rolling twenty-four
(24)-month period) if any of the following events shall occur: (i) a majority of the independent members of the Board of Directors of the Company in good faith determine that (A) the offer or sale of any Registrable Shares would materially impede,
delay or interfere with any material proposed acquisition, merger, tender offer, business combination, corporate reorganization, consolidation, debt or equity financing or other similar material transaction involving the Company, (B) after the
advice of counsel, sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) disclosure would have a material
adverse effect on the Company or the Company’s ability to consummate such transaction in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to
promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (ii) the majority of the independent members of the Board of Directors of the Company shall have determined in good faith, after the advice of
counsel, that it is required by law, rule or regulation to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of
(1) including in the Registration Statement any Prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the Prospectus included in the Registration Statement any facts or events arising after the effective date of the

  

 14 

 
Registration Statement (or of the most-recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the
information set forth therein; or (3) including in the Prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such
information. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a
post-effective basis or to take such action as is necessary to permit resumed use of the Registration Statement as soon as possible. 
  
 (b) In the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension Event”), the Company
shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such suspension shall continue only for so
long as the Suspension Event or its effect is continuing and the Company is using its commercially reasonable efforts and taking all reasonable steps to terminate suspension of the use of the Registration Statement as promptly as possible. The
Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after receiving a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined
below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the Registrable Shares at the
time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further notice to such effect (an “End of Suspension
Notice”) from the Company, which End of Suspension Notice shall be given by the Company to FBR and the Holders in the manner described above promptly following the conclusion of any Suspension Event and its effect. 
  
 (c) Notwithstanding any provision herein to the contrary, if the Company
shall give a Suspension Notice pursuant to this Section 5 with respect to any Registration Statement, the Company agrees that it shall extend the period of time during which such Registration Statement shall be maintained effective pursuant to this
Agreement by the number of days during the period from the date of the giving of a Suspension Notice to and including the date when Holders shall have received an End of Suspension Notice and copies of the supplemented or amended Prospectus
necessary to resume sales, with respect to each Suspension Event; provided such period of time shall not be extended beyond the date that Shares are no longer Registrable Shares. 
  
 6. Indemnification and Contribution. 
  
 (a) The Company and the Partnership, jointly and severally, agree to indemnify and hold harmless (i) FBR and each Holder, (ii) each Person, if any, who
controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), any of the foregoing (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling
Person”), and (iii) the respective officers, directors, partners, members, managers, employees, representatives and agents of FBR and each Holder or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) may hereinafter
be referred to as a “Purchaser  

  

 15 

 
Indemnitee”) from and against any and all losses, damages, judgments, Proceedings, reasonable out-of- pocket expenses, and other liabilities
(collectively, the “Liabilities”), including, without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any Proceeding by any governmental agency or body, commenced
or threatened, including to the extent hereinafter provided, the reasonable fees and expenses of outside counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Company shall have furnished to such Purchaser Indemnitee any amendments or supplements
thereto), or any preliminary Prospectus or any other document prepared by the Company used to sell the Registrable Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, except to the extent such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission made
in reliance upon and in conformity with information relating to any Purchaser Indemnitee furnished to the Company or any underwriter in writing by such Purchaser Indemnitee expressly for use therein, or (ii) any untrue statement contained in or
omission from a preliminary Prospectus if a copy of the Prospectus (as then amended or supplemented, if the Company shall have furnished to or on behalf of the Holder participating in the distribution relating to the relevant Registration Statement
any amendments or supplements thereto) was not sent or given by or on behalf of such Holder to the Person asserting any such Liabilities who purchased Shares, if such Prospectus (or Prospectus as amended or supplemented) is required by law to be
sent or given at or prior to the written confirmation of the sale of such Shares to such Person and the untrue statement contained in or omission from such preliminary Prospectus was corrected in the Prospectus (or the Prospectus as amended or
supplemented if the Company shall have furnished any amendments or supplements thereto). The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee.

  
 (b) In connection with any Registration Statement in which a
Holder is participating and as a condition to such participation, such Holder agrees, severally and not jointly, to indemnify and hold harmless the Company and the Partnership, each Person who controls the Company within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Exchange Act and the respective partners, directors, officers, members, representatives, employees and agents of the Company, the Partnership and each such Person to the same extent as the foregoing
indemnity from the Company and the Partnership to each Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with information relating
to such Purchaser Indemnitee furnished to the Company in writing by such Purchaser Indemnitee expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary Prospectus. The liability of any
Purchaser Indemnitee pursuant to this paragraph shall in no event exceed the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares giving rise to such obligations. 
  
 (c) If any Proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party, or if more 

  

 16 

 
than one Indemnified Party, the “Indemnified Parties”) shall promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying Party”), in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may have under this Section 6, except to the extent the Indemnifying
Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, shall assume the defense of such Proceeding and retain counsel chosen by the Indemnifying Party and approved by the Indemnified Party, which approval shall
not be unreasonably withheld, to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such
Proceeding. Notwithstanding the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the Proceeding to assume the defense and engage counsel
approved by the Indemnified Party as hereinabove provided, (iii) the Indemnifying Party and its counsel do not pursue in a reasonable manner the defense of such Proceeding, (iv) such Indemnified Party shall have been reasonably advised by counsel
that, either (x) there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or such affiliate of the Indemnifying Party or (y) a conflict may exist between such
Indemnified Party and the Indemnifying Party or such affiliate of the Indemnifying Party, then the Indemnifying Party shall not have the right to assume nor direct the defense of such Proceeding on behalf of such Indemnified Party, it being
understood, however, that the Indemnifying Party shall not, in connection with any one such Proceeding or separate but substantially similar or related Proceedings arising out of the same general allegations or circumstances, be liable for the fees
and expenses of more than one (1) separate firm of attorneys (in addition to any local counsel), for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of Registrable Shares sold
by all such Indemnified Parties (excluding Registrable Shares sold by the Company to its Affiliates) and any such separate firm for the Company, the Partnership, the directors, the officers and such control Persons of the Company and the Partnership
as shall be designated in writing by the Company. The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed, but if settled with
such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any loss or liability resulting from such settlement or judgment. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is a party or the subject thereof and indemnity could have been sought hereunder by such
Indemnified Party, unless (i) such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding in a form satisfactory to the Indemnified Party and (ii) does not
include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 
  
 (d) If the indemnification provided for in paragraphs (a) and (b) of this Section 6 is for any reason held to be unavailable to an Indemnified Party in
respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such 

  

 17 

 
paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result
of such Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Parties and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Company and the
Partnership, on the one hand, and any Purchaser Indemnitees, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or the Partnership, on the one hand, or by such Purchaser Indemnitees, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. 
  
 (e) The parties agree that
it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation (even if such Indemnified Parties 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 paragraph 6(d) above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in paragraph 6(d) shall be deemed to include, subject to the
limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such Proceeding. Notwithstanding the provisions of this Section 6, in no event shall a
Purchaser Indemnitee be required to contribute any amount in excess of the amount by which proceeds (net of any discounts or commissions) received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that
such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 6, each Person, if any, who controls (within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Exchange Act) FBR or a Holder shall have the same rights to contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act) the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any Proceeding against such party in
respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties
from whom contribution may be sought from any obligation it or they may have under this Section 6 or otherwise, except to the extent that any party is actually and materially prejudiced by the failure to give notice. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  
 (f) The indemnity and contribution agreements contained in this Section 6 will be in addition to any liability which the
Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 6 are several in proportion to the respective number of Shares sold by each of
the Purchaser Indemnitees hereunder and not joint. 
  

 18 

 7. Market Stand-off Agreement. 
  
 Each Holder hereby agrees that it shall not, to the extent requested in writing by the Company or an underwriter of
securities of the Company, directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or
transfer any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company then owned by such Holder (other than to donees or partners of
the Holder who agree to be similarly bound) within sixty (60) days following either (x) the effective date of the IPO Registration Statement of the Company filed under the Securities Act or (y) the date of an Underwritten Offering by the Company
pursuant to a shelf registration statement of the Company filed under the Securities Act; provided, however, that: 
  
 (a) with respect to the up to 60-day restriction that follows the effective date of the IPO Registration Statement, such agreement shall not be applicable
to Registrable Shares sold pursuant to such IPO Registration Statement; 
  
 (b) all executive officers and directors of the Company then holding shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company shall enter into similar agreements for not
less than the entire time period required of the Holders hereunder; and 
  
 (c) the Holders shall be allowed any concession or proportionate release allowed to any executive officer or director that entered into similar agreements. 
  
 In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the
certificates representing the securities subject to this Section 7 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and the securities of every other Person subject to the
foregoing restriction) until the end of such period. 
  
 8. Termination of the
Company’s Obligations. 
  
 The Company shall have no
further obligations pursuant to this Agreement at such time as no Registrable Shares are outstanding, provided, however, that the Company’s obligations under Sections 6 and 10 of this Agreement shall remain in full force and effect
following such time. 
  
 9. Limitations on Subsequent Registration Rights.

  
 From and after the date of this Agreement, the Company shall
not, without the prior written consent of the Holders (other than Affiliates of the Company) of a majority of the then outstanding Registrable Shares (excluding Registrable Shares held by Affiliates of the Company), enter into any agreement with any
holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to include such securities in the IPO Registration Statement, if any, filed pursuant to the terms hereof, unless under the terms of such
agreement, such holder or prospective holder may include such securities in any such 

  

 19 

 
registration only to the extent that the inclusion of such Holder’s securities will not reduce the amount of Registrable Shares of the Holders included
in the IPO Registration Statement. 
  
 10. Miscellaneous. 
  
 (a) Remedies. If (i) the Company does not initially file the Mandatory
Shelf Registration Statement with the Commission on or prior to nine (9) months from the date hereof, (ii) the Company does not cause such Mandatory Shelf Registration Statement to be declared effective by the Commission on or prior to six (6)
months after the initial date of filing such Mandatory Shelf Registration Statement (subject to extension pursuant to Section 2(b)(iv)), (iii) the Company fails to comply with its obligations set forth in Sections 2 and 4 to file, when and as
required, any documents or other materials necessary to effect, or maintain the effectiveness of, any Shelf Registration Statement or (iv) the Board of Directors of the Company determines to direct, or the Holders are otherwise required, to suspend
sales of Registrable Shares under any effective Registration Statement for more than ninety (90) days during any rolling twelve (12)-month period commencing on the Closing Time, for more than thirty (30)-days during any rolling ninety (90)-day
period or more than six (6) separate times in any rolling twenty-four (24)-month period, then (A) each of the Executive Officers shall forfeit, and shall not be entitled to receive from the Company, that portion of such Executive Officer’s
annual cash incentive bonus that may become payable to such Executive Officer equal to the pro rata share of such bonus based on the number of days in the period of time during such calendar year that the Company has not complied with such
obligations and the total amount of such bonus payable for the entire calendar year, and (B) for each day during any period that the Company has not complied with such obligations, each Executive Officer shall forfeit that amount of such Executive
Officer’s shares of restricted stock equal to 2% of all of such Executive Officer’s shares of restricted stock granted to such Executive Officer by the Company pursuant to the Company’s 2004 Stock Option and Incentive Plan;
provided, however, that in no event shall the forfeiture provided for in this Section 10(a) apply at any time when the Company has endeavored in good faith to file the Shelf Registration Statement or to cause the Mandatory Shelf Registration
Statement to be declared effective by the Commission within the time period specified in clause (ii) of this Section 10(a) but is unable to make such filing or to cause the Shelf Registration Statement to be declared effective as of such date as a
result of circumstances outside the reasonable control of the Company; provided, further, that with respect to any forfeiture of shares of restricted stock nine (9) months from the date hereof, the Company shall have an additional two
Business Days grace period to file the Shelf Registration Statement before any forfeiture shall be required hereunder; and provided, further, that if, at the end of the time period specified in clause (ii) of this Section 10(a), the
Registration Statement or the Prospectus included therein, if declared effective at such time, would contain an untrue statement of any material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, the Company shall have an additional twenty (20) Business Days grace period to cause the Shelf Registration Statement to be declared effective before any
forfeiture shall be required hereunder. The provisions set forth in this Section 10(a) shall not limit the remedies of any party hereto with respect to the breach of any provisions of this Agreement. 
  
 (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or 

  

 20 

 
consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less
than fifty percent (50%) of the then outstanding Registrable Shares; provided, however, that for purposes of this Agreement, Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be
outstanding. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of any other Holder may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in
accordance with the provisions of the immediately preceding sentence. 
  
 (c) Notices. All notices and other communications, provided for or permitted hereunder shall be made in writing by delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt
requested, or by telegram 
  
 (i) if to a Holder,
at the most current address given by the transfer agent and registrar of the Shares to the Company; and 
  
 (ii) if to the Company or the Partnership, at the offices of the Company at 10400 Fernwood Road, Bethesda, Maryland 20817, Attention:
General Counsel, (fax (301) 644-7945), with a copy to Goodwin Procter LLP, Exchange Place, Boston, Massachusetts 02109, Attention: Gilbert C. Menna, P.C. (fax (617) 523-1231). 
  
 Receipt of any notice sent pursuant to this Agreement shall be deemed to occur five (5) days after mailing by the party giving such notice.
The Company shall cause the transfer agent to use commercially reasonable efforts to maintain current addresses of the Holders. 
  
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
parties hereto including the Holders. The Company agrees that the Holders shall be parties to the agreements made hereunder and shall be entitled to the benefits and subject to the obligations hereof, and the Company and each Holder shall have the
right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder. The Company may assign its rights and obligations hereunder to any successor of the Company’s business
involving a transaction approved by the Company’s stockholders in accordance with applicable law, or with the prior written consent of Holders (other than Affiliates of the Company) of a majority of the then outstanding Registrable Shares.

  
 (e) Stock Legend. In addition to any other legend that
may appear on the stock certificates evidencing the Registrable Shares, for so long as any Shares remain Registrable Shares each stock certificate evidencing such Registrable Shares shall contain a legend to the following effect: “THE SHARES
EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE BENEFITS OF A CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED JULY 7, 2004”. 
  

 21 

 (f) REIT Qualification. For so long as any Registrable Shares are outstanding, the Company shall
use its reasonable best efforts to take such actions as are necessary or appropriate to qualify the Company as a REIT and shall not take any action to revoke or otherwise terminate the Company’s REIT election pursuant to Section 856(g) of the
Code. 
  
 (g) Counterparts. This Agreement may be executed
in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF
LAWS RULES). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR ANY OTHER NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK IN
RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM
THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Entire Agreement. This Agreement, together with the Purchase
Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein and therein. 
  
 (k) Registrable Shares Held by the
Company or its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Shares is required hereunder, 

  

 22 

 
Registrable Shares held by the Company or its Affiliates shall not be counted in determining the number of then outstanding Registrable Shares or in the
number of Registrable Shares providing such consent or approval. 
  
 (l) Survival. This Agreement is intended to survive the consummation of the transactions contemplated by the Purchase Agreement. The indemnification and contribution obligations under Section 6 of this Agreement shall survive the
termination of the Company’s obligations under Section 2 of this Agreement. 
  
 (m) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the provisions of this Agreement. All references made in this Agreement to
“Section” refer to such Section of this Agreement, unless expressly stated otherwise. 
  
 (n) Attorneys’ Fees. In any Proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted
as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 
  
 [Signatures on the Following Page] 
  

 23 

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

  

					
	DIAMONDROCK HOSPITALITY COMPANY
		
	By:	 	 /s/ Michael D. Schecter

	 	 	 Name:
	 	 Michael D. Schecter

	 	 	 Title:
	 	 General Counsel and Secretary

	
	DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP
		
	 	 	By: DiamondRock Hospitality Company, its General Partner
		
	By:	 	 /s/ Michael D. Schecter

	 	 	 Name:
	 	 Michael D. Schecter

	 	 	 Title:
	 	 General Counsel and Secretary

	
	FRIEDMAN, BILLINGS, RAMSEY & CO., INC.
		
	By:	 	 /s/ James R. Kleeblatt

	 	 	 Name:
	 	 James R. Kleeblatt

	 	 	 Title:
	 	 Senior Managing Director

  

 24

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