Document:

Document

Exhibit 10.1

STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into as of September 20, 2022, by and among HF Sinclair Corporation, a Delaware corporation (the “Company”), on the one hand, and REH Company (the “Selling Stockholder”), on the other hand.
Recitals 
WHEREAS, the Selling Stockholder beneficially owns an aggregate of 52,721,836 shares of the Company’s outstanding common stock, par value $0.01 per share (the “Common Stock”), constituting approximately 25.58% of the outstanding Common Stock; and
WHEREAS, the Selling Stockholder desires to sell to the Company, and the Company desires to repurchase from the Selling Stockholder, an aggregate of 2,453,385 shares of Common Stock (the “Shares”) at a price of $50.95 per Share, for an aggregate price of $124,999,966 for the Shares (such aggregate purchase price, the “Purchase Price”), upon the terms and subject to the conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agree as follows:
Agreement
1.Repurchase.
(a)Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, the Company hereby agrees to purchase from the Selling Stockholder, and the Selling Stockholder hereby agrees to sell, convey, assign, transfer and deliver, or cause to be delivered, to the Company, the Shares for an aggregate purchase price equal to the Purchase Price, free and clear of any and all mortgages, pledges, encumbrances, liens, security interests, options, charges, claims, deeds of trust, deeds to secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or other agreements or claims of any kind or nature whatsoever, other than restrictions on transfer under applicable securities laws (collectively, “Liens”).
(b)Closing. Subject to the terms and conditions of this Agreement and the delivery of the deliverables contemplated by Section 1(c) of this Agreement, the closing of the purchase and sale of the Shares contemplated hereby (the “Closing”) will take place on or around the third business day following the date hereof, at a time and place mutually agreed by the parties.
(c)Closing Deliveries and Actions. 
(i)At the Closing, the Selling Stockholder shall (A) provide an instruction letter to the Company’s transfer agent directing the transfer agent to transfer the Shares to one or more accounts designated by the Company, sufficient to convey to the Company good, valid and marketable title in and to the Shares, free and clear of any and all Liens and (B) deliver to the Company a properly completed and duly executed IRS Form W-9 (or other applicable IRS tax form).

(ii)At the Closing, the Company shall (A) deliver to the Selling Stockholder by wire transfer to the account to be designated by the Selling Stockholder (such account to be designated by the Selling Stockholder in writing concurrently with or promptly after the execution and delivery of this Agreement) immediately available funds in U.S. dollars in an amount equal to the Purchase Price and (B) provide an instruction letter to the Company’s transfer agent directing the transfer agent to transfer the Shares to one or more accounts designated by the Company.
(d)Conditions of the Selling Stockholder’s Obligations at Closing. The obligation of the Selling Stockholder to sell the Shares is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:
(i)    The representations and warranties contained in Section 3 shall be true and correct in all respects as of the Closing.
(ii)    The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before the Closing.
(iii)There shall be no pending suit, action or proceeding by any federal, state, local or foreign court, administrative agency or governmental or regulatory authority or body (each, an “Authority”) to which the Company or any of its properties is subject, seeking to challenge, restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement.
(e)Conditions of the Company’s Obligations at Closing. The obligation of the Company to purchase the Shares is subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:
(i)The representations and warranties contained in Section 2 shall be true and correct in all respects as of the Closing.
(ii)The Selling Stockholder shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Selling Stockholder on or before the Closing.
(iii)There shall be no pending suit, action or proceeding by any Authority to which the Company or any of its properties is subject, seeking to challenge, restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement.
(f)Withholding Rights.  The Company shall be entitled to deduct and withhold from the Purchase Price such amounts as it may be required to deduct and withhold with respect to the making of such payment under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law; provided that, so long as the Selling Stockholder delivers a IRS Form W-9 pursuant to Section 1(c)(i) confirming the Selling Stockholder is exempt from backup withholding, the parties agree that no deduction or withholding is required with respect to any amounts payable to the Selling Stockholder pursuant to this Agreement.  To the extent that amounts are so withheld by the Company and paid over to 
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the applicable Authority, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Selling Stockholder.
2.Representations of the Company. The Company represents and warrants to the Selling Stockholder that, as of the date hereof and at the Closing:
(a)    The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
(b)    The Company has the full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
(c)    This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings may be brought. Inasmuch as the transactions contemplated by this Agreement would be an Interested Transaction with a Related Person as such terms are defined in the Company’s Related Party Transaction Policy, the Audit Committee of the Company has approved this Agreement and the transactions contemplated hereby and the Company has otherwise taken all other actions necessary to approve and effect this Agreement that are necessitated as a result of this Agreement involving an Interested Transaction. 

(d)    The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under the Amended and Restated Certificate of Incorporation or Amended and Restated By-Laws of the Company, any law, rule or regulation or any agreement, lease, mortgage, note, bond, indenture, license or other document or undertaking to which the Company is a party or by which the Company or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ, injunction or decree of any Authority to which the Company or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would have, or reasonably be expected to have, a material adverse effect on the consolidated financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole, or materially impact the Company’s ability to consummate the transactions contemplated by this Agreement (a “Material Adverse Effect”); and no consent, approval, authorization, order, registration or qualification of or with any such Authority is required for the consummation by the Company of the transactions contemplated by this Agreement, except such consents, approvals, authorizations and orders as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(e)    The Company acknowledges that it has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Selling Stockholder, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Company in this Agreement.
(f)    No agent, broker, financial advisor, or other intermediary acting on behalf of the Company is, or will be, entitled to, any broker’s commission, finder’s fees, or similar 
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payment from any of the parties, or from any affiliate of any of the parties, in connection with the transactions contemplated by this Agreement. 
3.Representations of the Selling Stockholder . The Selling Stockholder represents and warrants to the Company that, as of the date hereof and at the Closing:
(a)    The Selling Stockholder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.
(b)    The Selling Stockholder has the full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
(c)    This Agreement has been duly and validly authorized, executed and delivered by the Selling Stockholder, and constitutes a legal, valid and binding obligation of the Selling Stockholder, enforceable in accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings may be brought.
(d)    The sale of the Shares to be sold by the Selling Stockholder hereunder and the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under the governing organizational documents of the Selling Stockholder, any law, rule or regulation, or any agreement, lease, mortgage, note, bond, indenture, license or other document or undertaking, to which the Selling Stockholder is a party or by which the Selling Stockholder or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ, injunction or decree of any Authority to which the Selling Stockholder or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would affect the validity of the Shares to be sold by the Selling Stockholder or reasonably be expected to materially impact the Selling Stockholder’s ability to perform its obligations under this Agreement; and no consent, approval, authorization, order, registration or qualification of or with any such Authority is required for the performance by the Selling Stockholder of its obligations under this Agreement and the consummation by the Selling Stockholder of the transactions contemplated by this Agreement in connection with the Shares to be sold by the Selling Stockholder hereunder, except such consents, approvals, authorizations and orders as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Selling Stockholder’s ability to consummate the transactions contemplated by this Agreement.
(e)    The transfer of Shares made by the Selling Stockholder at the Closing will be valid and binding obligations of the Selling Stockholder, enforceable in accordance with their respective terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings may be brought, and will vest in the Company good, valid and marketable title to all Shares purchased by the Company, free and clear of any and all Liens. 
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(f)    The Selling Stockholder (either alone or together with its advisors) has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the sale of the Shares and it has made an independent decision to sell the Shares to the Company based on the Selling Stockholder’s knowledge about the Company and its business and other information available to the Selling Stockholder. The Selling Stockholder has received all of the information concerning the business and financial condition of the Company that the Selling Stockholder considers necessary or appropriate for making an informed decision whether to enter into, execute and deliver this Agreement and perform the obligations set forth herein. The Selling Stockholder hereby represents and warrants that it has had an opportunity to ask questions and receive answers from the Company as the Selling Stockholder has requested. The Selling Stockholder acknowledges that it has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Company, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Selling Stockholder in this Agreement. The Selling Stockholder acknowledges that the Company and its affiliates, officers and directors may possess material non-public information not known to such Seller regarding or relating to the Company, including information concerning the business, financial condition, results of operations or prospects of the Company. The Selling Stockholder has carefully reviewed the Company’s filings with U.S. Securities and Exchange Commission, and hereby confirms that the Selling Stockholder is relying on no other information, whether delivered by the Company or any other person, in making its decision to sell the Shares. 
(g)With respect to legal, tax, accounting, financial and other considerations involved in the transactions contemplated by this Agreement, including the sale of the Shares, the Selling Stockholder is not relying on the Company (or any agent or representative thereof). The Selling Stockholder has carefully considered and, to the extent it believes such discussion is necessary, discussed with professional legal, tax, accounting, financial and other advisors the suitability of the transactions contemplated by this Agreement, including the sale of the Shares.
(h)No agent, broker, financial advisor, or other intermediary acting on behalf of the Selling Stockholder is, or will be, entitled to, any broker’s commission, finder’s fees, or similar payment from any of the parties, or from any affiliate of any of the parties, in connection with the transactions contemplated by this Agreement. 
4.Stock Transfer or Similar Taxes.  The Selling Stockholder shall be responsible for the payment of any stock transfer or similar taxes in connection with the transaction contemplated by this Agreement.
5.Publicity. Prior to the six-month anniversary of the Closing, the Selling Stockholder agrees that it shall not, and that it shall cause its affiliates and representatives not to, publish, release or file any press release or other public statement or announcement relating to the transactions contemplated by this Agreement without prior written consent of the Company; provided, however, that nothing in this Section 5 shall restrict the ability of the Selling Stockholder (i) to file a Form 4 or an amendment to its Schedule 13D, in each case relating to the transactions contemplated by this Agreement, without further review or consent from the Company, (ii) to take any other action required by law, or (iii) to make any public statement or announcement if the Company has publicly disclosed the transactions contemplated hereby, including, without limitation, in any document filed or furnished to the Securities and Exchange Commission (the “SEC”) in accordance with the Securities Exchange Act of 1934, as amended, or the rules and regulations of the SEC promulgated thereunder; provided, further, that the Selling Stockholder and its affiliates and representatives shall provide the Company and its counsel a meaningful opportunity to review and comment on any such press release or other public statement or announcement relating to the transactions contemplated by this Agreement.
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6.Notices. All notices, requests, claims, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail (return receipt requested and postage prepaid), sent via a nationally recognized overnight courier, or sent via email (receipt of which is confirmed) to the recipient. Such notices, demands and other communications shall be sent as follows:
If to the Selling Stockholder:
REH Company
550 East South Temple
Salt Lake City, Utah 84102
Attention: General Counsel
Email: [___________]
If to the Company:
HF Sinclair Corp.
2828 N. Harwood, Suite 1300
Dallas, Texas 75201
Attention: Chief Executive Officer
Email:  [___________] 
with a copy (which shall not constitute notice):
HF Sinclair Corp.
2828 N. Harwood, Suite 1300
Dallas, Texas 75201
Attention: General Counsel
Email:  [___________]
or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
7.Miscellaneous.
(a)    Survival of Representations and Warranties. All representations and warranties contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby until the expiration of the applicable statute of limitations.
(b)    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
(c)    Complete Agreement. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Selling Stockholder with respect to the subject matter hereof.
(d)    Counterparts. This Agreement may be executed by any one or more of the parties hereto in counterparts, each of which shall be deemed to be an original, but all such 
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counterparts shall together constitute one and the same instrument. This Agreement, and any and all agreements and instruments executed and delivered in accordance herewith, to the extent signed and delivered by means of facsimile or other electronic format or signature (including email, “pdf,” “tif,” “jpg,” DocuSign and Adobe Sign), shall be treated in all manner and respects and for all purposes as an original signature and an original agreement or instrument and shall be considered to have the same legal effect, validity and enforceability as if it were the original signed version thereof delivered in person.
(e)     Further Assurances. Subject to the other terms of this Agreement, the parties hereto agree to execute and deliver such other instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, from time to time, to effectuate the transactions contemplated by this Agreement.
(f)    Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by either party without the prior written consent of the other party. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Selling Stockholder and the Company and their respective successors and assigns.
(g)    No Third Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and permitted assigns.
(h)    Governing Law. THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. The Company and the Selling Stockholder each agrees that any suit or proceeding arising in respect of this Agreement will be tried exclusively in the Delaware Court of Chancery in and for New Castle County, but in the event that such court does not have subject matter jurisdiction, the United States District Court for the District of Delaware, and the Company and the Selling Stockholder each agrees to submit to the jurisdiction of, and to venue in, such courts.
(i)Waiver of Jury Trial. The Company and the Selling Stockholder each hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
(j)Mutuality of Drafting. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of the Agreement.
(k)Remedies. Each of the parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance or other injunctive relief in order to enforce, or prevent any violations of, the provisions of this Agreement.
(l)Amendment and Waiver. No modification of or amendment to this Agreement shall be effective unless in a writing signed by the parties to this Agreement, and no 
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waiver of any rights under this Agreement shall be effective unless in a writing signed by the waiving party.
(m)Expenses. Each of the Company and the Selling Stockholder shall bear its own costs and expenses in connection with the drafting, negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.
[Signatures appear on the following page.]
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IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date first written above.
COMPANY:
HF SINCLAIR CORPORATION
By:    /s/ Michael C. Jennings    
Name:    Michael C. Jennings
Title:    Chief Executive Officer
SELLING STOCKHOLDER:
REH COMPANY
By:    /s/ Ross B. Matthews    
Name:    Ross B. Matthews
Title:    Chief Operating Officer

[Signature Page to Stock Purchase Agreement]Exhibit 10.1

 

THIRTEENTH AMENDMENT TO THE

SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP OF

BLUEROCK RESIDENTIAL HOLDINGS, L.P. 

 

September 22, 2022

 

Pursuant to Section 4.02 and
Article XI of the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., as amended (the
 “Partnership Agreement”), with the approval of the General Partner and the consent of a Two Thirds Majority (other
than the General Partner or any Subsidiary of the General Partner), and in connection with (i) the Separation, including, without limitation,
the Redemption and Exchange, the contribution of the General Partner’s interests in the Partnership to Bluerock Homes Trust, Inc.,
a Maryland corporation (“Bluerock Homes”), a newly formed subsidiary of Bluerock Residential Growth REIT, Inc., a Maryland
corporation (“BRG”), the withdrawal of BRG as General Partner and the admission of Bluerock Homes as the substitute
General Partner, and (ii) the Distribution, the Partnership Agreement is hereby amended and supplemented (as applicable), effective as
of the effective time of the Separation Transfer (unless (a) it is expressly provided herein that an amendment set forth herein shall
be effective as of a different time, then effective as of such time, or (b) an amendment set forth herein is necessary for the interpretation
of another amendment or provision set forth herein) as set forth in this Thirteenth Amendment to the Partnership Agreement (this “Amendment”):

 

1.             Defined
Terms.

 

(a)              
Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Partnership Agreement.

 

(b)              
The following definitions are hereby added to Article 1 of the Partnership Agreement:

 

“C-Common Unit”
means a Partnership Unit that is designated as a C-Common Unit pursuant to Article XV.

 

“Class C REIT Share”
means one share of the Class C Common Stock, par value $0.01 per share, of the General Partner (or Successor Entity, as the case may be).

 

“Class C Rights”
means the rights, options, warrants or convertible or exchangeable securities entitling the holders of Class C REIT Shares to subscribe
for or purchase additional Class C REIT Shares, or any other securities or property.

 

“C-LTIP Unit”
means an LTIP Unit that is designated as a C-LTIP Unit pursuant to Article XIV.

 

“Distribution”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Distribution Effective
Time” has the meaning of “Effective Time” set forth in the Separation and Distribution Agreement.

 

“New LLC”
means Badger HoldCo LLC, a Delaware limited liability company.

 

     

     

    

 

“Redemption and Exchange”
has the meaning set forth in Section 5.04.

 

“Separation”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Separation and Distribution
Agreement” means that certain Separation and Distribution Agreement, in substantially the form filed as Exhibit 2.1 to Amendment
No. 2 to the Registration Statement on Form 10 of Bluerock Homes Trust, Inc., filed with the U.S. Securities and Exchange Commission on
August 31, 2022, to be entered into by and among BRG, New LLC, the Partnership, Bluerock Homes and Badger Parent LLC, a Delaware limited
liability company, as amended, modified or supplemented from time to time.

 

“Separation Issuance”
means any issuance of REIT Shares by Bluerock Homes to BRG in connection with the Separation and the Distribution, including, without
limitation, the Separation Transfer.

 

“Separation Transfer”
means the transfer by BRG of the General Partnership Interest and its Limited Partnership Interests in the Partnership to Bluerock Homes
in connection with the Separation.

 

“Split Ratio”
means a number equal to (x) the number of REIT Shares outstanding as of the Distribution Effective Time (after giving effect to the Distribution)
divided by (y) the number of Common Units held by the General Partner as of immediately prior to the Separation Transfer (after
giving effect to the Redemption and Exchange).

 

“Unit Split”
has the meaning set forth in Section 4.11(a).

 

“Unvested C-LTIP
Units” means all C-LTIP Units other than Vested C-LTIP Units.

 

“Vested C-LTIP Units”
means those C-LTIP Units that have vested under the terms of a Vesting Agreement.

 

(c)              
The following definitions in Article 1 of the Partnership Agreement are hereby deleted in their entirety and replaced with the
following, respectively:

 

“Cash Amount”
means an amount of cash per Common Unit equal to the Value of the REIT Shares Amount for the applicable class of Common Units on the date
of receipt by the Partnership and the General Partner of a Notice of Redemption.

 

“Charter”
means the articles of incorporation of the General Partner, as amended, modified, supplemented or restated from time to time.

 

“Common Unit”
means a Partnership Unit which is designated as a Common Unit of the Partnership, including, without limitation, any C-Common Unit.

 

“LTIP Unit”
means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in
Section 4.04 and elsewhere in this Agreement in respect of holders of LTIP Units, including, without limitation, any Class A Performance
LTIP Unit and any C-LTIP Unit. The allocation of LTIP Units among the Partners shall be set forth on Exhibit A, as it may be amended or
restated from time to time.

 

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“Management Agreement”
means (a) prior to the Distribution, that certain Management Agreement, dated as of October 28, 2021, by and among the General Partner,
the Partnership and the Manager, and (b) following the Distribution, that certain Management Agreement, dated on or about October 5, 2022
by and among the General Partner, the Partnership and the Manager.

 

“Manager”
means (a) prior to the Distribution, Bluerock REIT Operator, LLC, a Delaware limited liability company, and (b) following the Distribution,
Bluerock Homes Manager, LLC, Delaware limited liability company.

 

“Percentage Interest”
means the percentage determined by dividing the number of Common Units of a Partner by the sum of the number of Common Units of all Partners,
treating LTIP Units (including, without limitation, Class A Performance LTIP Units and C-LTIP Units), in accordance with Sections 4.04(a)
and 13.02 hereof, as Common Units for this purpose, except as provided in Section 13.02(d) hereof.

 

“REIT Share”
means one share of common stock, par value $0.01 per share, of the General Partner (or Successor Entity, as the case may be), including
without limitation the General Partner’s Class A REIT Shares, the General Partner’s Class C REIT Shares and shares of the
General Partner’s Class B common stock.

 

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

 

“Vesting Agreement”
means each or any, as the context implies, agreement or instrument, other than this Agreement, entered into by an LTIP Unitholder (including,
without limitation, a Class A Performance LTIP Unitholder or C-LTIP Unitholder) upon an acceptance of an award of LTIP Units (including,
without limitation, Class A Performance LTIP Units or C-LTIP Units) under the Equity Incentive Plan.

 

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2.             Registered Office and Agent; Principal Office. Section 2.03 of the Partnership Agreement is hereby deleted in its entirety
and the following new Section 2.03 is inserted in its place:

 

2.03              Registered Office
and Agent; Principal Office. The address of the registered office of the Partnership in the State of Delaware is located at 160
Greentree Drive, Suite 101, Dover, 19904 and the registered agent for service of process on the Partnership in the State of Delaware at
such registered office is National Registered Agents, Inc., a Delaware corporation. The principal office of the Partnership is located
at 1345 Avenue of the Americas, 32nd Floor New York, NY 10105, or such other place as the General Partner may from time to time designate
by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware
as the General Partner deems necessary or desirable.

 

3.             Issuances of Additional Partnership Units. Section 4.02(a) of the Partnership Agreement is hereby deleted in its entirety
and the following new Section 4.02(a) is inserted in its place (in each case effective as of immediately prior to the record date for
the Distribution):

 

(a)            Issuances of Additional Partnership Units.

 

(i)                
General. As of the effective date of this Agreement, the Partnership shall have two classes of Partnership Units, entitled
 “Common Units” and “LTIP Units.” The General Partner is hereby authorized to cause the Partnership
to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose at any time or from time to time
to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be
established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. The General
Partner’s determination that consideration is adequate shall be conclusive insofar as the adequacy of consideration relates to whether
the Partnership Units are validly issued and fully paid. Any additional Partnership Units issued thereby may be issued in one or more
classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other
special rights, powers and duties, including rights, powers and duties senior to the then-outstanding Partnership Units held by the Limited
Partners, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited
Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction
and credit to each such class or series of Partnership Units; (ii) the right of each such class or series of Partnership Units to share
in Partnership distributions; and (iii) the rights of each such class or series of Partnership Units upon dissolution and liquidation
of the Partnership; provided, however, that no additional Partnership Units shall be issued to the General Partner (or any direct or indirect
wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings) unless:

 

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

 

    4

     

    

 

(2) (A) the additional
Partnership Units are issued in connection with an issuance of REIT Shares of or other interests in the General Partner pursuant to a
taxable share dividend declared by the General Partner, which shares or interests have designations, preferences and other rights, all
such that the economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership
Units issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) by the Partnership in accordance
with this Section 4.02, (B) if the General Partner allows the holders of its REIT Shares to elect whether to receive such dividend in
REIT Shares, other interests of the General Partner or cash, the Partnership will give the Limited Partners (excluding the General Partner
or any direct or indirect Subsidiary of the General Partner) the same election to elect to receive (I) Partnership Units or cash or, (II)
at the election of the General Partner, REIT Shares or cash, and (C) if the Partnership issues additional Partnership Units pursuant to
this Section 4.02(a)(i)(2), then an amount of income equal to the value of the Partnership Units received will be allocated to those holders
of Common Units that elect to receive additional Partnership Units;

 

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

 

(4) Common Units are
issued to all Partners owning Common Units or LTIP Units in proportion to their respective Percentage Interests; or

 

(5) such Partnership
Units are issued pursuant to Section 4.11.

 

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

 

(ii)             
Upon Issuance of Additional Securities. The General Partner shall not issue any additional REIT Shares or Rights (other
than (A) REIT Shares and Rights issued in connection with an exchange pursuant to Section 8.04, (B) Class A REIT Shares and Rights issued
upon a conversion in accordance with Section 5.2.6 of the Charter, (C) REIT Shares and Rights issued in a taxable share dividend as described
in Section 4.02(a)(i)(2), or (D) REIT Shares and Rights issued pursuant to a Separation Issuance) (collectively, “Additional
Securities”) other than to all holders of REIT Shares, unless (x) the General Partner shall cause the Partnership to issue
to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings)
Partnership Units or Rights having designations, preferences and other rights, all such that the economic interests are substantially
similar to those of the Additional Securities (provided that this clause (x) shall not apply in the case of any issuance of Additional
Securities that occurs following the record date for the Distribution and prior to the Distribution Effective Time (except to the extent
any proceeds from such issuance are contributed to the Partnership)), and (y) the General Partner (or any direct or indirect wholly owned
Subsidiary of the General Partner, including without limitation REIT Holdings) contributes the proceeds from the issuance of such Additional
Securities and from any exercise of Rights contained in such Additional Securities to the Partnership; provided, however, that the General
Partner is allowed to issue Additional Securities in connection with an acquisition of Property to be held directly by the General Partner,
but if and only if, such direct acquisition and issuance of Additional Securities have been approved by a majority of the Independent
Directors. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair
market value, and the General Partner is authorized to cause the Partnership to issue to the General Partner (or any direct or indirect
wholly owned Subsidiary of the General Partner) corresponding Partnership Units, so long as (x) the General Partner concludes in good
faith that such issuance is in the best interests of the General Partner and the Partnership and (y) the General Partner (or any direct
or indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings) contributes all proceeds from
such issuance to the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant
to a share purchase plan providing for purchases of REIT Shares at a discount from fair market value or pursuant to share awards, including
share 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 restricted or other share awards approved by the Board of Directors. For example, in the event the General
Partner issues REIT Shares for a cash purchase price and the General Partner (or any direct or indirect wholly owned Subsidiary of the
General Partner, including without limitation REIT Holdings) contributes all of the proceeds of such issuance to the Partnership as required
hereunder, the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without limitation
REIT Holdings) shall be issued a number of additional Partnership Units equal to the product of (A) the number of such REIT Shares issued
by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and
the denominator of which is the Conversion Factor in effect on the date of such contribution.

 

    5

     

    

 

4.             LTIP Units. Section 4.04(a) of the Partnership Agreement is hereby deleted in its entirety and the following new Section
4.04(a) is inserted in its place (in each case effective as of immediately prior to the Redemption and Exchange):

 

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

 

(i)                
If an Adjustment Event occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one
conversion and economic equivalence ratio between Common Units and LTIP Units. The following shall be “Adjustment Events”:
(A) the Partnership makes a distribution on all outstanding Common Units in Partnership Units, (B) the Partnership subdivides the outstanding
Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units, or (C) the Partnership
issues any Partnership Units in exchange for its outstanding Common Units by way of a reclassification or recapitalization of its Common
Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes
into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following
shall not be Adjustment Events: (w) the issuance of Partnership Units in a financing, reorganization, acquisition or other similar business
Common Unit Transaction, (x) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment
plan, (y) the issuance of any Partnership Units to the General Partner in respect of a capital contribution to the Partnership of proceeds
from the sale of Additional Securities by the General Partner or (z) the Redemption and Exchange. If the Partnership takes an action affecting
the Common Units other than actions specifically described above as “Adjustment Events” and in the opinion of the General
Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the General
Partner shall have the right to make such adjustment to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan,
in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances.
If an adjustment is made to the LTIP Units, as herein provided, the Partnership shall promptly file in the books and records of the Partnership
an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate
shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the
Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of
such adjustment; and

 

    6

     

    

 

(ii)             
The LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for
that purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Common Unit (the “Common
Partnership Unit Distribution”), paid to holders of Common Units on such Partnership Record Date established by the General
Partner with respect to such distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall
be authorized, declared or paid on Common Units, unless equal distributions have been or contemporaneously are authorized, declared and
paid on the LTIP Units.

 

5.             Conversion
of LTIP Units.

 

(a)           Section
4.05(a) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 4.05(a) is inserted in its place:

 

(a)            Subject to the provisions of this section, an LTIP Unitholder shall have the right (the “Conversion Right”),
at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Units; provided, however, that
a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less than
one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. In any such conversion, Vested C-LTIP Units shall be
converted into C-Common Units and all other Vested LTIP Units shall be converted into Common Units that are not C-Common Units. LTIP Unitholders
shall not have the right to convert Unvested LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that
when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested
LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting
and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such condition.
The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Units. In all cases, the conversion
of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in this Section 4.05.

 

    7

     

    

 

(b)           Section
4.05(b) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 4.05(b) is inserted in its place:

 

(b)           A
holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Common Units, giving effect
to all adjustments (if any) made pursuant to Section 4.04. In any such conversion, Vested C-LTIP Units shall be converted into C-Common
Units and all other Vested LTIP Units shall be converted into Common Units that are not C-Common Units. Notwithstanding the foregoing,
in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance
of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Common Unit Economic Balance,
in each case as determined as of the effective date of conversion (the “Capital Account Limitation”); it being understood
that, in the case of the conversion of C-LTIP Units, a holder’s Capital Account Limitation shall be determined by reference to
such holder’s C-LTIP Units and not any other LTIP Units, and, in the case of the conversion of other LTIP Units (other than C-LTIP
Units), a holder’s Capital Account Limitation shall be determined by reference to such holder’s other LTIP Units and not
any C-LTIP Units. To exercise such LTIP Unitholder’s Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion
Notice”) substantially in the form attached as Exhibit D to the Partnership (with a copy to the General Partner) not
less than ten nor more than 60 days before a date (the “Conversion Date”) specified in such Conversion Notice; provided,
however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Common Unit Transaction (as
defined in Section 4.05(f)) at least thirty (30) days before the effective date of such Common Unit Transaction, then LTIP Unitholders
shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth day after such notice from the General Partner
of a Common Unit Transaction or (y) the third business day immediately preceding the effective date of such Common Unit Transaction.
A Conversion Notice shall be provided in the manner provided in Section 12.01. Each LTIP Unitholder covenants and agrees that all Vested
LTIP Units to be converted pursuant to this Section 4.05(b) shall be free and clear of all liens. Notwithstanding anything herein to
the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.04(a) relating to those Common Units that
will be issued to such holder upon conversion of such LTIP Units into Common Units in advance of the Conversion Date; provided,
however, that the redemption of such Common Units by the Partnership shall in no event take place until after the Conversion Date.
For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if such LTIP Unitholder
so wishes, the Common Units into which such LTIP Unitholder’s Vested LTIP Units will be converted can be redeemed by the Partnership
simultaneously with such conversion, with the further consequence that, if the General Partner elects to assume the Partnership’s
redemption obligation with respect to such Common Units under Section 8.04(b) by delivering to such holder Class A REIT Shares or Class
C REIT Shares, as applicable, rather than cash, then such holder can have such Class A REIT Shares or Class C REIT Shares, as applicable,
issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Common Units. The General Partner and
LTIP Unitholder shall reasonably cooperate with each other to coordinate the timing of the events described in the foregoing sentence.

 

    8

     

    

 

(c)           Section
4.05(c) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 4.05(c) is inserted in its place:

 

(c)            The
Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by an LTIP Unitholder
to be converted (a “Forced Conversion”) into an equal number of Common Units, giving effect to all adjustments (if
any) made pursuant to Section 4.04; provided, however, that the Partnership may not cause Forced Conversion of any LTIP Units that would
not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.05(b). In a Forced Conversion,
C-LTIP Units shall be converted to C-Common Units. To exercise its right of Forced Conversion, the Partnership shall deliver a notice
(a “Forced Conversion Notice”) in the form attached as Exhibit E to the applicable LTIP Unitholder not less
than ten nor more than sixty (60) days before the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice
shall be provided in the manner provided in Section 12.01.

 

6.             Unit
Split. Effective as of immediately prior to the Separation Transfer, Article IV of the Partnership Agreement is hereby amended to
include the following as Section 4.11 of the Partnership Agreement:

 

4.11                  Unit
Split. 

 

(a)            Initial
Unit Split. Effective as of immediately prior to the Separation Transfer, each Common Unit and LTIP Unit outstanding as of immediately
prior to the Separation Transfer (after giving effect to the Redemption and Exchange) shall be split (the “Unit Split”),
such that each such Common Unit or LTIP Unit shall be converted into a number of Common Units or LTIP Units, as applicable, equal to
the Split Ratio, and Exhibit A shall be updated accordingly (it being understood that the Unit Split shall result, as of immediately
following the Distribution Effective Time, in a 1:1 ratio between the aggregate outstanding Common Units held by the General Partner
and the aggregate outstanding REIT Shares. Notwithstanding anything in this Agreement to the contrary (including Section 4.02), following
the record date for the Distribution until the Distribution Effective Time, (i) the Partnership shall have no obligation to issue Common
Units in connection with the issuance of REIT Shares, and (ii) the fact that the number of outstanding Common Units held by the General
Partner does not equal the number of outstanding REIT Shares shall not be deemed a violation of this Agreement.

 

(b)          
Additional Unit Splits. The General Partner may from time to time, in its sole discretion and without the consent of any
other Partner, cause the Partnership to split, subdivide, reverse split, combine or reclassify any or all of the Common Units in order
to maintain a 1:1 correspondence of the number of outstanding Common Units held by the General Partner and the number of outstanding REIT
Shares. In connection therewith, the General Partner shall update Exhibit A hereto to reflect the outstanding Common Units following any
such action.

 

    9

    

    

 

7.             Allocation
of Profit and Loss. Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01
is inserted in its place:

 

5.01             Allocation of Profits
and Losses. 

 

(a)            Profit.
After giving effect to the special allocations set forth in Section 5.01(c), (d), and (e) hereof, Profit of the Partnership for each
fiscal year of the Partnership shall be allocated to the Partners in accordance with their respective Percentage Interests.

 

(b)            Loss. After giving effect to the special allocations set forth in Section 5.01(c), (d), and (e) hereof, Loss of the Partnership
for each fiscal year of the Partnership shall be allocated to the Partners in accordance with their respective Percentage Interests.

 

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

 

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

 

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

 

    10

     

    

 

 

(f)               
Special Allocations Regarding LTIP Units. Notwithstanding the provisions of Sections 5.01(a) and (b) hereof, Liquidating
Gains shall first be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their
ownership of LTIP Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For this
purpose, “Liquidating Gains” means net capital gains realized in connection with the actual or hypothetical sale of
all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with
an adjustment to the value of Partnership assets under Section 704(b) of the Code. The “Economic Capital Account Balance”
of the LTIP Unitholders will be equal to their respective Capital Account balance to the extent attributable to their ownership of LTIP
Units; it being understood that a holder’s Economic Capital Account Balance with respect to such holder’s C-LTIP Units shall
be determined by reference to such holder’s C-LTIP Units and not any other LTIP Units, and a holder’s Economic Capital Account
Balance with respect to such other LTIP Units shall be determined by reference to such holder’s other LTIP Units and not any C-LTIP
Units. Similarly, the “Common Unit Economic Balance” shall mean (i) the Capital Account balance of the General Partner,
plus the amount of the General Partner’s share of any Partner Nonrecourse Debt Minimum Gain or Partnership Minimum Gain, in either
case to the extent attributable to the General Partner’s direct or indirect ownership of Common Units and computed on a hypothetical
basis after taking into account all allocations through the date on which any allocation is made under this Section 5.01(f), divided
by (ii) the number of Common Units directly or indirectly owned by the General Partner. Any such allocations shall be made among the
LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 5.01(f). The parties agree that the
intent of this Section 5.01(f) is to make the Capital Account balance associated with each LTIP Unit be economically equivalent to the
Capital Account balance associated with Common Units directly or indirectly owned by the General Partner (on a per-Unit basis).

 

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

 

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

 

    11

    

    

 

(i)                 Profits
Interests. LTIP Units are intended to constitute “profits interests” within the meaning of Internal Revenue Service Revenue
Procedure 93-27, 1993-2 C.B. 343, and Revenue Procedure 2001-43, 2001-2 C.B. 191, or any future Internal Revenue Service guidance or
other authority that supplements or supersedes the foregoing Revenue Procedures. For any Fiscal Year in which distributions are actually
made to holders of LTIP Units, after all other allocations have been tentatively made pursuant to this Section 5.01, if necessary to
cause the Capital Accounts relating to any LTIP Units to be equal (immediately before such distributions and so as to avoid negative
Capital Accounts) to the amounts distributed to the holders of the LTIP Units, the General Partner, in its discretion, may allocate appropriate
items of gross income that are accrued and realized following the issuance of the relevant LTIP Units to the holders of such LTIP Units.
If there are insufficient items of gross income to be allocated to the holders of the LTIP Units, then such distributions shall, to the
extent of such excess, be treated as “guaranteed payments” within the meaning of Section 707(c) of the Code.

 

(j)                Special
Tax Allocations. Items of income, gain, loss, expense or credit resulting from a Covered Audit Adjustment shall be allocated to the
Partners in accordance with the applicable provisions of the Partnership Audit Tax Rules.

 

8.              Distributions.
Section 5.04 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.04 is inserted in its place
(in each case effective as of immediately prior to the Redemption and Exchange):

 

5.04            No
Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions
by the Partnership; provided, however, notwithstanding anything in this Agreement to the contrary, the General Partner is expressly authorized,
in its sole discretion, to declare and cause the Partnership to make a non-pro rata distribution, with no other Partners receiving any
portion of such distribution, to the General Partner of 100% of the Partnership’s ownership interests in New LLC in exchange for
a redemption of all of the Preferred Units held by the General Partner and 25,210,092 Common Units held by the General Partner or a subsidiary
of the General Partner (and the General Partner shall not be required to redeem or cancel any of its capital stock in connection with
such redemption of Partnership Units held by the General Partner or a subsidiary of the General Partner) (the “Redemption and
Exchange”).

 

    12

    

    

 

9.             
Common Unit Redemption Right.

 

(a)            Section
8.04(a) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 8.04(a) is inserted in its place:

 

(a)               
Subject to Sections 8.04(b), (c), (d), (e) and (f) and the provisions of any agreements between the Partnership and one or more
Limited Partners with respect to Common Units (including any LTIP Units that are converted into Common Units) held by them, each Limited
Partner (other than the General Partner or any Subsidiary of the General Partner), shall have the right (the “Common Unit 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 equal to and in the form of the Common Redemption Amount to be paid by the Partnership, provided
that such Common Units (or the LTIP Units converted into such Common Units) shall have been outstanding for at least one year (or
such lesser time as determined by the General Partner in its sole and absolute discretion), and subject to any restriction agreed to
in writing between the Redeeming Limited Partner and the Partnership or General Partner. The Common Unit Redemption Right shall be exercised
pursuant to a Notice of Exercise of Redemption Right in the form attached hereto as Exhibit B delivered to the Partnership (with
a copy to the General Partner) by the Limited Partner who is exercising the Common Unit Redemption Right (the “Redeeming Limited
Partner”); provided, however, that the Partnership shall, in its sole and absolute discretion, have the option, (i) with respect
to a redemption of C-Common Units, to deliver either the Cash Amount or the REIT Shares Amount applicable to C-Common Units, or (ii)
with respect to a redemption of any Common Units other than C-Common Units, to deliver either the Cash Amount or the REIT Shares Amount
applicable to Common Units other than C-Common Units; provided, further, that the Partnership shall not be obligated to satisfy such
Common Unit Redemption Right if the General Partner elects to purchase the Common Units subject to the Notice of Redemption; and provided,
further, that, subject to the terms of any agreement between the General Partner and a Limited Partner with respect to Common Units (or
any LTIP Units converted into such Common Units) held by such Limited Partner, no Limited Partner may deliver more than two Notices of
Redemption during each calendar year. A Limited Partner may not exercise the Common Unit Redemption Right for less than one thousand
(1,000) Common Units of the applicable class or, if such Limited Partner holds less than one thousand (1,000) Common Units of the applicable
class, all of the Common Units of the applicable class held by such Limited Partner. The Redeeming Limited Partner shall have no right,
with respect to any Common Units so redeemed, to receive any distribution paid with respect to Common Units if the record date for such
distribution is on or after the Specified Redemption Date.

 

(b)            Section
8.04(b) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 8.04(b) is inserted in its place:

 

(b)              
Notwithstanding the provisions of Section 8.04(a), a Limited Partner that exercises the Common Unit Redemption Right shall be deemed
to have offered to sell the Common Units described in the Notice of Redemption to the General Partner, and the General Partner may, in
its sole and absolute discretion, elect to purchase directly and acquire such Common Units by paying to the Redeeming Limited Partner
either the Cash Amount or the applicable REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion),
on the Specified Redemption Date, whereupon the General Partner shall acquire the Common Units offered for redemption by the Redeeming
Limited Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. If the General Partner shall
elect to exercise its right to purchase Common Units under this Section 8.04(b) with respect to a Notice of Redemption, it shall so notify
the Redeeming Limited Partner within five Business Days after the receipt by the General Partner of such Notice of Redemption. If the
General Partner shall exercise its right to purchase Common Units with respect to the exercise of a Common Unit Redemption Right, the
Partnership shall have no obligation to pay any amount to the Redeeming Limited Partner with respect to such Redeeming Limited Partner’s
exercise of such Common Unit Redemption Right, and each of the Redeeming Limited Partner, the Partnership and the General Partner shall
treat the transaction between the General Partner and the Redeeming Limited Partner for federal income tax purposes as a sale of the Redeeming
Limited Partner’s Common Units to the General Partner. Each Redeeming Limited Partner agrees to execute such documents as the General
Partner may reasonably require in connection with the issuance of Class A REIT Shares or Class C REIT Shares, as applicable, upon exercise
of the Common Unit Redemption Right.

 

    13

    

    

 

(c)            Section
8.04(c) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 8.04(c) is inserted in its place:

 

(c)              
Notwithstanding the provisions of Section 8.04(a) and 8.04(b), a Limited Partner shall not be entitled to exercise the Common Unit
Redemption Right if the delivery of Class A REIT Shares or Class C REIT Shares, as applicable, to such Limited Partner on the Specified
Redemption Date by the General Partner pursuant to Section 8.04(b) (regardless of whether or not the General Partner would in fact exercise
its rights under Section 8.04(b)) would (i) result in such Limited Partner or any other Person (as defined in the Charter) owning, directly
or indirectly, REIT Shares in excess of the Share Ownership Limit or any Excepted Holder Limit and calculated in accordance therewith,
except as provided in the Charter, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any
rules of attribution), (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the
Code, (iv) cause the General Partner to own, actually or constructively, 10% or more of the ownership interests in a tenant (other than
a TRS) of the General Partner’s, the Partnership’s or a Subsidiary Partnership’s real property, within the meaning of
Section 856(d)(2)(B) of the Code, (v) otherwise cause the General Partner to fail to qualify as a REIT under the Code or (vi) cause the
acquisition of REIT Shares by such Limited Partner to be “integrated” with any other distribution of REIT Shares or Common
Units for purposes of complying with the registration provisions of the Securities Act. The General Partner, in its sole and absolute
discretion, may waive the restriction on redemption set forth in this Section 8.04(c).

 

10.            Registration.

 

(a)            Section
8.05(a) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 8.05(a) is inserted in its place:

 

(a)              
Registration of the REIT Shares. One year following the date of this Agreement, or as soon as is practicable thereafter,
the General Partner shall file with the Commission a continuous offering registration statement under Rule 415 of the Securities Act
(a “Registration Statement”), or any similar rule that may be adopted by the Commission, on appropriate form as determined
by the General Partner, covering the resale of Class A REIT Shares issuable upon redemption of the Common Units or LTIP Units held by
the Limited Partners as of the date of this Agreement, or their respective transferees and assigns (collectively, “Qualifying
Limited Partners”), other than the Class A REIT Shares covered by a separate registration statement under the Securities Act,
including without limitation a registration statement on Form S-8 (“Initial Redemption Shares”). In connection therewith,
the General Partner will:

 

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

 

(2)        register
or qualify the Redemption Shares covered by a Registration Statement under the securities or blue sky laws of such jurisdictions within
the United States as required by law, and do such other reasonable acts and things as may be required of it to enable such holders to
consummate the sale or other disposition in such jurisdictions of the Initial Redemption Shares; provided, however, that
the General Partner shall not be required to (i) qualify as a foreign corporation or consent to a general or unlimited service or process
in any jurisdictions in which it would not otherwise be required to be qualified or so consent or (ii) qualify as a dealer in securities;
and

 

    14

    

    

 

(3)        otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection with a Registration
Statement.

 

The General Partner agrees
to supplement or make amendments to the Registration Statement, if required by the rules, regulations or instructions applicable to the
registration form utilized by the General Partner or by the Securities Act or rules and regulations thereunder for a Registration Statement.
The General Partner further agrees that it shall, in its discretion, either (i) amend or supplement the Registration Statement filed with
respect to the Initial Redemption Shares (the “Initial Registration Statement”) to cover the resale of any Class A
REIT Shares issuable upon redemption of Common Units or LTIP Units issued by the Partnership to the Qualifying Limited Partners after
the Initial Registration Statement is declared effective, other than those Units covered by another registration statement under the Securities
Act, including without limitation a registration statement on Form S-8 (“Subsequent Redemption Shares” and collectively
with the Initial Redemption Shares, “Redemption Shares”); or (ii) file a new Registration Statement covering any Subsequent
Redemption Shares. In connection with and as a condition to the General Partner’s obligations with respect to the filing of the
Registration Statement pursuant to this Section 8.05, each Limited Partner agrees with the General Partner that:

 

(w)        it
will provide in a timely manner to the General Partner such information with respect to the Limited Partner as reasonably required to
complete a Registration Statement, including without limitation the information required by Item 507 of Regulation S-K promulgated under
the Securities Act, and file the Registration Statement and to have the Registration Statement declared effective by the Commission and
cleared by the Financial Industry Regulatory Authority (if required), and take such other acts as otherwise required to comply with applicable
securities laws and regulations;

 

(x)        it
will not offer or sell its Redemption Shares until (A) such Redemption Shares have been included in a Registration Statement and (B) it
has received notice that the Registration Statement covering such Redemption Shares, or any post-effective amendment thereto, has been
declared effective by the Commission, such notice to have been satisfied by the posting by the Commission on www.sec.gov of a notice
of effectiveness;

 

(y)        if
the General Partner determines in its good faith judgment, after consultation with counsel, that the use of a Registration Statement,
including any pre- or post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require
the disclosure of important information that the General Partner has a bona fide business purpose for preserving as confidential
or the disclosure of which, in the judgment of the General Partner, would impede the General Partner’s ability to consummate a significant
transaction, upon written notice of such determination by the General Partner (which notice shall be deemed sufficient if given through
the issuance of a press release or filing with the Commission and, if such notice is not publicly distributed, the Limited Partner agrees
to keep the subject information confidential and acknowledges that such information may constitute material non-public information subject
to the applicable restrictions under securities laws), the rights of each Limited Partner to offer, sell or distribute its Redemption
Shares pursuant to such Registration Statement or prospectus or to require the General Partner to take action with respect to the registration
or sale of any Redemption Shares pursuant to a Registration Statement (including any action contemplated by this Section 8.05) will be
suspended until the date upon which the General Partner notifies such Limited Partner in writing (which notice shall be deemed sufficient
if given through the issuance of a press release or filing with the Commission and, if such notice is not publicly distributed, the Limited
Partner agrees to keep the subject information confidential and acknowledges that such information may constitute material non-public
information subject to the applicable restrictions under securities laws) that suspension of such rights for the grounds set forth in
this paragraph is no longer necessary; provided, however, that the General Partner may not suspend such rights for an aggregate
period of more than 180 days in any 12-month period; and

 

    15

    

    

 

(z)        in
the case of the registration of any underwritten equity offering proposed by the General Partner (other than any registration by the General
Partner on Form S-8, or a successor or substantially similar form, of an employee share option, share purchase or compensation plan or
of securities issued or issuable pursuant to any such plan), each Limited Partner will agree, (i) if requested in writing by the General
Partner, managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of any REIT Shares
or Redemption Shares (or any option or right to acquire REIT Shares or Redemption Shares) during the period commencing on the tenth day
prior to the expected effective date (which date shall be stated in such notice) of the registration statement covering such underwritten
primary equity offering or, if such offering shall be a “take-down” from an effective shelf registration statement, the tenth
day prior to the expected commencement date (which date shall be stated in such notice) of such offering and ending on the date specified
by such General Partner, managing underwriter, or underwriters administering such offering in such written request to the Limited Partners
and (ii) to keep all information regarding any such offering, including without limitation the existence, timing, pricing and terms of
any such offering, confidential until such time as the General Partner makes such information public; provided, however,
that no Limited Partner shall be required to agree not to effect any offer, sale or distribution of its Redemption Shares for a period
of time that is longer than the greater of 90 days or the period of time for which any senior executive of the General Partner is required
so to agree in connection with such offering. Nothing in this paragraph shall be read to limit the ability of any Limited Partner to redeem
its Common Units in accordance with the terms of this Agreement.

 

(b)       Section
8.05(b) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 8.05(b) is inserted in its place:

 

(b)              
Listing on Securities Exchange. If the General Partner lists or maintains the listing of Class A REIT Shares on any
securities exchange or national market system, it shall, at its expense and as necessary to permit the registration and sale of the Redemption
Shares hereunder, list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares.

 

11.             
Designation of C-LTIP Units. The Partnership Agreement is hereby amended to include the following as Article XIV of the
Partnership Agreement:

 

Article XIV

C-LTIP Units

 

14.01        Designation
and Number. A new series of Partnership Units, designated the C-LTIP Units (the “C-LTIP Units”), is hereby
established. The number of authorized C-LTIP Units shall be 10,000,000.

 

14.02        Special
Provisions. C-LTIP Units shall be subject to the following special provisions:

 

(a)              
Vesting Agreements. C-LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture
and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified
by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting
Agreement or by the Equity Incentive Plan, if applicable. C-LTIP Units that have vested under the terms of a Vesting Agreement are referred
to as “Vested C-LTIP Units”; all other C-LTIP Units shall be treated as “Unvested C-LTIP Units.”

 

    16

    

    

 

(i)                
Each C-LTIP Unit that has become a Vested C-LTIP Unit shall be treated in the same manner as a Vested LTIP Unit that has no separate
C-LTIP Unit designation with all the rights, privileges and obligations attendant thereto and all references to Vested LTIP Units herein
shall refer equally to Vested C-LTIP Units, except as expressly provided otherwise in this Agreement and except that Vested C-LTIP
Units shall only be convertible into C-Common Units (and no other Vested LTIP Units may be converted into C-Common Units), as set forth
in Section 4.05 of this Agreement. During such time as any C-LTIP Unit has not become a Vested C-LTIP Unit, each such C-LTIP Unit shall
be treated in the same manner as an Unvested LTIP Unit, and all references to an Unvested LTIP Unit herein shall refer equally to such
C-LTIP Unit.

 

(b)              
Forfeiture. Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting
Agreement as resulting in either the right of the Partnership or the General Partner to repurchase C-LTIP Units at a specified purchase
price or some other forfeiture of any C-LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase
or forfeiture in accordance with the applicable Vesting Agreement, the relevant C-LTIP Units shall immediately, and without any further
action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration
or other payment shall be due with respect to any C-LTIP Units that have been forfeited, other than any distributions declared with respect
to a Partnership Record Date before the effective date of the forfeiture. In connection with any repurchase or forfeiture of C-LTIP Units,
the balance of the portion of the Capital Account of the C-LTIP Unitholder that is attributable to all of his or her C-LTIP Units shall
be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 5.01(g) of this Agreement, calculated
with respect to the C-LTIP Unitholder’s remaining C-LTIP Units, if any.

 

(c)              
Allocations. C-LTIP Unitholders shall be entitled to certain special allocations of gain under Section 5.01(g) of this Agreement.

 

(d)              
Redemption. The Common Unit Redemption Right provided to Limited Partners under Section 8.04 of this Agreement shall not
apply with respect to C-LTIP Units unless and until they are converted to C-Common Units as provided in Section 4.05 of this Agreement.

 

(e)              
Conversion to C-Common Units. Vested C-LTIP Units are eligible to be converted into C-Common Units in accordance with Section
4.05 of this Agreement.

 

(f)               
Voting. C-LTIP Unitholders shall have the same voting rights as other LTIP Unitholders, with the C-LTIP Units voting as
a single class with the Common Units and having one vote per C-LTIP Unit.

 

    17

    

    

 

12.           
Designation of C-Common Units. The Partnership Agreement is hereby amended to include the following as Article XV of the
Partnership Agreement:

 

Article XV

C-Common Units

 

15.01        Designation
and Number. A new series of Partnership Units, designated the C-Common Units (the “C-Common Units”),
is hereby established. The number of authorized C-Common Units shall be 187,500,000.

 

15.02        Terms.
Each C-Common Unit shall be treated in the same manner as a Common Unit that has no separate C-Common Unit designation with all of the
rights, privileges and obligations attendant thereto and all references to Common Units herein shall refer equally to C-Common Units,
expect as expressly provided otherwise in this Agreement and except that only C-Common Units shall be redeemable for Class C REIT Shares
(at the Partnership’s option) (and no other Common Units shall be redeemable for Class C REIT Shares), as set forth in Section 8.04
of this Agreement.

 

15.03        Rank.      The
C-Common Units will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership,
rank (a) on a parity with the Common Units and any other class or series of Common Units issued by the Partnership expressly
designated as ranking on a parity with the C-Common Units as to distribution rights and rights upon liquidation, dissolution or
winding up of the Partnership; and (b) junior to any class or series of Preferred Units issued by the Partnership expressly
designated as ranking senior to the Common Units with respect to distribution rights and rights upon liquidation, dissolution or
winding up of the Partnership. The C-Common Units will also rank junior in right or payment to the Partnership’s existing and
future indebtedness.

 

15.04        Distributions.
The holders of C-Common Units shall be entitled to receive distributions at such times as distributions are made with respect to the Common
Units pursuant to Section 5.02 of this Agreement.

 

15.05        Voting
Rights. The holders of C-Common Units shall have the same voting rights as the holders of other Common Units, with the C-Common Units
voting as a single class with the Common Units and have one vote per C-Common Unit.

 

15.06        Redemption.
The C-Common Units shall be redeemable as set forth in Section 8.04 of this Agreement.

 

13.           
Exhibits.

 

(a)               
Exhibit A. Exhibit A to the Partnership Agreement shall have the form of the Form of Exhibit A attached hereto.

 

(b)              
Exhibit B. Exhibit B to the Partnership Agreement is hereby deleted in its entirety and the new Exhibit B attached hereto
is inserted in its place.

 

(c)              
Exhibit D. Exhibit D to the Partnership Agreement is hereby deleted in its entirety and the new Exhibit D attached hereto
is inserted in its place.

 

(d)              
Exhibit E. Exhibit E to the Partnership Agreement is hereby deleted in its entirety and the new Exhibit E attached hereto
is inserted in its place.

 

    18

    

    

 

14.           
Preferred Unit Amendments. The First Amendment to the Partnership Agreement, dated October 21, 2015, the Second Amendment
to the Partnership Agreement, dated December 21, 2015, the Third Amendment to the Partnership Agreement, dated March 1, 2016, the Fourth
Amendment to the Partnership Agreement, dated March 29, 2016, the Fifth Amendment to the Partnership Agreement, dated July 15, 2016, the
Sixth Amendment to the Partnership Agreement, dated October 11, 2016, the Seventh Amendment to the Partnership Agreement, dated July 21,
2017, the Ninth Amendment to the Partnership Agreement, dated November 15, 2017, the Eleventh Amendment to the Partnership Agreement,
dated November 16, 2018, and the Twelfth Amendment to the Partnership Agreement, dated November 19, 2019, shall have no further force
and effect upon the consummation of the Redemption and Exchange.

 

15.           
Consent. By execution of this Amendment or separate written consents hereto, a Majority in Interest hereby consents for
all purposes of the Partnership Agreement to the transfer by BRG of the General Partnership Interest to Bluerock Homes in the Separation
prior to the Distribution, the withdrawal of BRG as General Partner of the Partnership and the admission of Bluerock Homes as substitute
General Partner of the Partnership (the “Substitution”), and the continuation of the business of the Partnership, in each
case in accordance with the Partnership Agreement. For the avoidance of doubt, the Partnership Agreement shall be construed to provide
that notwithstanding Section 17-401(b) of the Act, the Substitution does not require the consent of each partner of the Partnership, and
the approvals contemplated by this Section 15, together with the other actions required by Section 7.02 of the Partnership Agreement,
shall meet all of the requirements of the Act for the admission of Bluerock Homes as substitute General Partner of the Partnership in
connection with the Substitution.

 

Exceptas modified herein,
all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner
hereby ratifies and confirms. For the avoidance of doubt, this Amendment and the Substitution, separately or taken together, do not modify
or cause any loss of the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware and all
other applicable jurisdictions, and all such limitations on the liability of the Limited Partners are hereby preserved.

 

[Signature Page Follows]

 

    19

    

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Amendment as of the date first set forth above.

 

	 	GENERAL PARTNER:

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	 	a Maryland corporation

 

	 	By:	/s/ Jordan B. Ruddy

	 	Name:	Jordan B. Ruddy
		Title:	Chief Operating Officer and President

 

[Signature page for Thirteenth Amendment –
September 22, 2022]

    

    

    

 

 

FORM OF EXHIBIT A

(As of [                   ])

 

	Partner	Cash

 Contribution	Agreed

 Value of

 Capital

 Contribution	Common

 Units	LTIP Units	C-Common

 Units	C-LTIP

 Units	Percentage

 Interest
	General Partner: 
	 	 	 	 	 	 	 	 
	Limited Partners: 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Totals 	 	 	 	 	 	 	 

 

    

     

    

 

EXHIBIT B

NOTICE OF EXERCISE OF COMMON UNIT REDEMPTION
RIGHT

 

In accordance with Section 8.04
of the Agreement of Limited Partnership (the “Agreement”) of Bluerock Residential Holdings, L.P., the undersigned hereby irrevocably
(i) presents for redemption                     
[Common] [C-Common] Units in Bluerock Residential Holdings, L.P. in accordance with the terms of the Agreement and the Common Unit Redemption
Right referred to in Section 8.04 thereof, (ii) surrenders such [Common] [C-Common] Units and all right, title and interest
therein and (iii) directs that the Cash Amount or applicable REIT Shares Amount (as defined in the Agreement) as determined by the
General Partner deliverable upon exercise of the Common Unit Redemption Right be delivered to the address specified below, and if [Class
A] [Class C] REIT Shares (as defined in the Agreement) are to be delivered, such [Class A] [Class C] REIT Shares be registered or placed
in the name(s) and at the address(es) specified below.

 

Dated:                      ,
___

Name of Limited
Partner:

	 	 	 
	 	 	 
	 	 	(Signature of Limited Partner)
	 	 	 
	 	 	 
	 	 	(Mailing Address)
	 	 	 
	 	 	 
	 	 	(City) (State) (Zip Code)
	 	 	 
	 	 	Signature Guaranteed by:
	 	 	 

If REIT Shares are to be issued, issue to:

Please insert social security or identifying number:

Name:

 

    

     

    

 

EXHIBIT D 

 

NOTICE OF ELECTION BY PARTNER TO CONVERT

[LTIP] [C-LTIP] UNITS INTO [COMMON] [C-COMMON] UNITS

 

The
undersigned holder of [LTIP] [C-LTIP] Units hereby irrevocably (i) elects to convert the number of [LTIP] [C-LTIP] Units in Bluerock
Residential Holdings, L.P. (the “Partnership”) set forth below into [Common] [C-Common] Units in accordance with the terms
of the Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any cash in lieu of [Common] [C-Common]
Units that may be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants,
and certifies that the undersigned (a) has title to such [LTIP] [C-LTIP] Units, free and clear of the rights or interests of any
other person or entity other than the Partnership; (b) has the full right, power, and authority to cause the conversion of such [LTIP]
[C-LTIP] Units as provided herein; and (c) has obtained the consent to or approval of all persons or entities, if any, having the
right to consent or approve such conversion.

 

Name of Holder:

(Please Print: Exact Name as Registered with Partnership)    

 

Number of [LTIP] [C-LTIP] Units to be Converted:

 

Date of this Notice:

 

(Signature of Holder: Sign Exact Name as Registered
with Partnership)

 

(Street Address)

 

	(City)	(State)

	 	(Zip Code)	 

Signature
Guaranteed by:

 

    

     

    

 

EXHIBIT E

 

NOTICE OF ELECTION BY PARTNERSHIP TO FORCE
CONVERSION OF

[LTIP] [C-LTIP] UNITS INTO [COMMON] [C-COMMON] UNITS

 

Bluerock Residential Holdings,
L.P. (the “Partnership”) hereby irrevocably elects to cause the number of [LTIP] [C-LTIP] Units held by the holder of [LTIP]
[C-LTIP] Units set forth below to be converted into [Common] [C-Common] Units in accordance with the terms of the Agreement of Limited
Partnership of the Partnership, as amended.

 

Name of Holder:

(Please Print: Exact Name as Registered with Partnership)    

 

Number of [LTIP] [C-LTIP] Units to be Converted:

 

Date of this Notice:

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