Document:

Form of Second Amended and Restated Agreement of Limited Partnership

 Exhibit 10.1 
 FORM OF 
 SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 HUDSON PACIFIC PROPERTIES, L.P. 

a Maryland limited partnership 
  

 
 THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE
SKY” LAWS. 
 dated as of December [    ], 2010 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	  
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	 	24	  
			
	 Section 2.1
	    	 Formation
	  	 	24	  
	 Section 2.2
	    	 Name
	  	 	24	  
	 Section 2.3
	    	 Principal Office and Resident Agent; Principal Executive Office
	  	 	24	  
	 Section 2.4
	    	 Power of Attorney
	  	 	25	  
	 Section 2.5
	    	 Term
	  	 	26	  
		
	 ARTICLE 3 PURPOSE
	  	 	26	  
			
	 Section 3.1
	    	 Purpose and Business
	  	 	26	  
	 Section 3.2
	    	 Powers
	  	 	26	  
	 Section 3.3
	    	 Partnership Only for Purposes Specified
	  	 	27	  
	 Section 3.4
	    	 Representations and Warranties by the Partners
	  	 	27	  
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	 	30	  
			
	 Section 4.1
	    	 Capital Contributions of the Partners
	  	 	30	  
	 Section 4.2
	    	 Issuances of Additional Partnership Interests
	  	 	30	  
	 Section 4.3
	    	 Additional Funds and Capital Contributions
	  	 	31	  
	 Section 4.4
	    	 Stock Option Plans and Equity Plans
	  	 	33	  
	 Section 4.5
	    	 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan
	  	 	35	  
	 Section 4.6
	    	 No Interest; No Return
	  	 	35	  
	 Section 4.7
	    	 Conversion or Redemption of Capital Shares
	  	 	35	  
	 Section 4.8
	    	 Other Contribution Provisions
	  	 	36	  
		
	 ARTICLE 5 DISTRIBUTIONS
	  	 	36	  
			
	 Section 5.1
	    	 Requirement and Characterization of Distributions
	  	 	36	  
	 Section 5.2
	    	 Distributions in Kind
	  	 	37	  
	 Section 5.3
	    	 Amounts Withheld
	  	 	37	  
	 Section 5.4
	    	 Distributions Upon Liquidation
	  	 	37	  
	 Section 5.5
	    	 Distributions to Reflect Additional Partnership Units
	  	 	38	  
	 Section 5.6
	    	 Restricted Distributions
	  	 	38	  
		
	 ARTICLE 6 ALLOCATIONS
	  	 	38	  
			
	 Section 6.1
	    	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	38	  
	 Section 6.2
	    	 Allocations of Net Income and Net Loss
	  	 	38	  

  
 i 

							
	 Section 6.3
	    	 Additional Allocation Provisions
	  	 	41	  
	 Section 6.4
	    	 Tax Allocations
	  	 	43	  
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	44	  
			
	 Section 7.1
	    	 Management
	  	 	44	  
	 Section 7.2
	    	 Certificate of Limited Partnership
	  	 	47	  
	 Section 7.3
	    	 Restrictions on General Partner’s Authority
	  	 	48	  
	 Section 7.4
	    	 Reimbursement of the General Partner
	  	 	50	  
	 Section 7.5
	    	 Outside Activities of the General Partner
	  	 	51	  
	 Section 7.6
	    	 Transactions with Affiliates
	  	 	51	  
	 Section 7.7
	    	 Indemnification
	  	 	52	  
	 Section 7.8
	    	 Liability of the General Partner
	  	 	55	  
	 Section 7.9
	    	 Other Matters Concerning the General Partner
	  	 	56	  
	 Section 7.10
	    	 Title to Partnership Assets
	  	 	57	  
	 Section 7.11
	    	 Reliance by Third Parties
	  	 	57	  
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	58	  
			
	 Section 8.1
	    	 Limitation of Liability
	  	 	58	  
	 Section 8.2
	    	 Management of Business
	  	 	58	  
	 Section 8.3
	    	 Outside Activities of Limited Partners
	  	 	58	  
	 Section 8.4
	    	 Return of Capital
	  	 	59	  
	 Section 8.5
	    	 Rights of Limited Partners Relating to the Partnership
	  	 	59	  
	 Section 8.6
	    	 Partnership Right to Call Limited Partner Interests
	  	 	60	  
	 Section 8.7
	    	 Rights as Objecting Partner
	  	 	61	  
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	61	  
			
	 Section 9.1
	    	 Records and Accounting
	  	 	61	  
	 Section 9.2
	    	 Partnership Year
	  	 	61	  
	 Section 9.3
	    	 Reports
	  	 	61	  
		
	 ARTICLE 10 TAX MATTERS
	  	 	62	  
			
	 Section 10.1
	    	 Preparation of Tax Returns
	  	 	62	  
	 Section 10.2
	    	 Tax Elections
	  	 	62	  
	 Section 10.3
	    	 Tax Matters Partner
	  	 	62	  
	 Section 10.4
	    	 Withholding
	  	 	63	  
	 Section 10.5
	    	 Organizational Expenses
	  	 	64	  
		
	 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS
	  	 	64	  
			
	 Section 11.1
	    	 Transfer
	  	 	64	  
	 Section 11.2
	    	 Transfer of General Partner’s Partnership Interest
	  	 	65	  
	 Section 11.3
	    	 Limited Partners’ Rights to Transfer
	  	 	66	  
	 Section 11.4
	    	 Admission of Substituted Limited Partners
	  	 	69	  
	 Section 11.5
	    	 Assignees
	  	 	69	  

  
 ii 

							
	 Section 11.6
	    	 General Provisions
	  	 	70	  
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	 	71	  
			
	 Section 12.1
	    	 Admission of Successor General Partner
	  	 	71	  
	 Section 12.2
	    	 Admission of Additional Limited Partners
	  	 	72	  
	 Section 12.3
	    	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	73	  
	 Section 12.4
	    	 Limit on Number of Partners
	  	 	73	  
	 Section 12.5
	    	 Admission
	  	 	73	  
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	73	  
			
	 Section 13.1
	    	 Dissolution
	  	 	73	  
	 Section 13.2
	    	 Winding Up
	  	 	74	  
	 Section 13.3
	    	 Deemed Contribution and Distribution
	  	 	76	  
	 Section 13.4
	    	 Rights of Holders
	  	 	76	  
	 Section 13.5
	    	 Notice of Dissolution
	  	 	76	  
	 Section 13.6
	    	 Cancellation of Certificate of Limited Partnership
	  	 	77	  
	 Section 13.7
	    	 Reasonable Time for Winding-Up
	  	 	77	  
		
	 ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS
	  	 	77	  
			
	 Section 14.1
	    	 Procedures for Actions and Consents of Partners
	  	 	77	  
	 Section 14.2
	    	 Amendments
	  	 	77	  
	 Section 14.3
	    	 Meetings of the Partners
	  	 	78	  
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	 	79	  
			
	 Section 15.1
	    	 Redemption Rights of Qualifying Parties
	  	 	79	  
	 Section 15.2
	    	 Addresses and Notice
	  	 	83	  
	 Section 15.3
	    	 Titles and Captions
	  	 	83	  
	 Section 15.4
	    	 Pronouns and Plurals
	  	 	83	  
	 Section 15.5
	    	 Further Action
	  	 	83	  
	 Section 15.6
	    	 Binding Effect
	  	 	83	  
	 Section 15.7
	    	 Waiver
	  	 	83	  
	 Section 15.8
	    	 Counterparts
	  	 	84	  
	 Section 15.9
	    	 Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial
	  	 	84	  
	 Section 15.10
	    	 Entire Agreement
	  	 	84	  
	 Section 15.11
	    	 Invalidity of Provisions
	  	 	85	  
	 Section 15.12
	    	 Limitation to Preserve REIT Status
	  	 	85	  
	 Section 15.13
	    	 No Partition
	  	 	86	  
	 Section 15.14
	    	 No Third-Party Rights Created Hereby
	  	 	86	  
	 Section 15.15
	    	 No Rights as Stockholders
	  	 	86	  
		
	 ARTICLE 16 SERIES A PREFERRED UNITS
	  	 	87	  
			
	 Section 16.1
	    	 Designation and Number
	  	 	87	  

  
 iii

							
	 Section 16.2
	    	 Rank
	  	 	87	  
	 Section 16.3
	    	 Distributions
	  	 	87	  
	 Section 16.4
	    	 Liquidation Preference
	  	 	88	  
	 Section 16.5
	    	 Redemption of Series A Preferred Units
	  	 	88	  
	 Section 16.6
	    	 Conversion
	  	 	94	  
	 Section 16.7
	    	 Voting Rights
	  	 	96	  
	 Section 16.8
	    	 Provisions Effective After General Partner Fundamental Change
	  	 	97	  
	 Section 16.9
	    	 Amendments
	  	 	99	  
	 Section 16.10
	    	 Exclusion of Other Rights
	  	 	99	  
		
	 ARTICLE 17 SERIES B PREFERRED UNITS
	  	 	99	  
			
	 Section 17.1
	    	 Designation
	  	 	99	  
	 Section 17.2
	    	 Distributions
	  	 	100	  
	 Section 17.3
	    	 Liquidation Preference
	  	 	102	  
	 Section 17.4
	    	 Rank
	  	 	102	  
	 Section 17.5
	    	 Voting Rights
	  	 	102	  
	 Section 17.6
	    	 Transfer Restrictions
	  	 	102	  
	 Section 17.7
	    	 No Conversion Rights
	  	 	102	  
	 Section 17.8
	    	 No Sinking Fund
	  	 	103	  

  
 iv 

 Exhibits List 
  

					
	Exhibit A	  	 PARTNERS AND PARTNERSHIP UNITS
	  	A-1
			
	Exhibit B	  	 EXAMPLES REGARDING ADJUSTMENT FACTOR
	  	B-1
			
	Exhibit C	  	 COMMON NOTICE OF REDEMPTION
	  	C-1
			
	Exhibit D	  	 SERIES A NOTICE OF REDEMPTION
	  	D-1
			
	Exhibit E	  	 SERIES A NOTICE OF CONVERSION
	  	E-1

  
 iv 

 FORM OF 
 SECOND AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP

 OF HUDSON PACIFIC PROPERTIES, L.P. 
 THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF HUDSON PACIFIC PROPERTIES, L.P., dated as of December [    ], 2010, is made and entered into by and among,
HUDSON PACIFIC PROPERTIES, INC., a Maryland corporation, as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as limited partners, and any Additional Limited Partner that is admitted from time to time
to the Partnership and listed on Exhibit A attached hereto. 
 WHEREAS, a Certificate of Limited Partnership of the
Partnership was filed with the State Department of Assessments and Taxation of Maryland on January 15, 2010 (the “Formation Date”) and the initial general partner and limited partners of the Partnership entered into an
original agreement of limited partnership of the Partnership effective as of January 15, 2010 (the “Original Partnership Agreement”); 
 WHEREAS, the Original Partnership Agreement was amended and restated by that certain Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29,
2010 (the “First Amended and Restated Partnership Agreement”), by and among the General Partner and the limited partners of the Partnership, in connection with the initial public offering of the General Partner’s common
stock; 
 WHEREAS, pursuant to Section 7.3.C(10), the Partnership Agreement may be amended by the General Partner to
reflect the issuance of additional Partnership Interests pursuant to Sections 4.2, 5.5 and 6.2.D and to set forth the designations, rights, powers, duties and preferences of the holders of any additional Partnership Interests issued pursuant to
Section 4.2; and 
 WHEREAS, the General Partner and the Partnership believe it is desirable and in the best interest of
the Partnership to amend and restate the First Amended and Restated Partnership Agreement as set forth herein. 
 NOW,
THEREFORE, BE IT RESOLVED, that the General Partner, on its own behalf and as attorney-in-fact for the Limited Partners, hereby amends and restates the First Amended and Restated Partnership Agreement as follows: 

ARTICLE 1 

DEFINED TERMS 
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement: 

“Act” means the Maryland Revised Uniform Limited Partnership Act, Title 10 of the Corporations and Associations
Article of the Annotated Code of Maryland, as it may be amended from time to time, and any successor to such statute. 

  
 1 

 “Actions” has the meaning set forth in Section 7.7 hereof.

 “Additional Funds” has the meaning set forth in Section 4.3.A hereof. 

“Additional Limited Partner” means a Person who is admitted to the Partnership as a limited partner pursuant to
the Act and Section 4.2 and Section 12.2 hereof and who is shown as such on the books and records of the Partnership. 

“Adjusted Capital Account” means, with respect to any Partner, the balance in such Partner’s Capital Account
as of the end of the relevant Partnership Year or other applicable period, after giving effect to the following adjustments: 
 (i) increase such Capital Account by any amounts that such Partner is obligated to restore pursuant to this Agreement upon liquidation of such Partner’s Partnership Interest or that such Person is
deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) decrease such Capital Account by the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6). 
 The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions
of Regulations
 Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such
Partner’s Adjusted Capital Account as of the end of the relevant Partnership Year or other applicable period. 

“Adjusted Leverage Ratio” has the meaning set forth in Section 16.8.C hereof. 

“Adjusted Net Income” means for each Partnership Year or other applicable period, an amount equal to the
Partnership's Net Income or Net Loss for such year or other period (other than any Net Income or Net Loss or items thereof allocated with respect to such year or other period prior to the allocation of Adjusted Net Income), computed without regard
to the items set forth below; provided, that if the Adjusted Net Income for such year or other period is a negative number (i.e., a net loss), then the Adjusted Net Income for that year or other period shall be treated as if it were
zero: 
 (a) Depreciation; and 
 (b) Net gain or loss realized in connection with the actual or hypothetical sale of any or all of the assets of the Partnership, including but not limited to net gain or loss treated as realized in
connection with an adjustment to the Gross Asset Value of the Partnership’s assets as set forth in the definition of “Gross Asset Value.” 
 “Adjustment Factor” means 1.0; provided, however, that in the event that: 

  
 2 

 (i) the General Partner (a) declares or pays a dividend on its outstanding REIT Shares
in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (b) splits or subdivides its outstanding REIT Shares or (c) effects a reverse stock split or otherwise combines its outstanding REIT
Shares into a smaller number of REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (1) the numerator of which shall be the number of REIT Shares issued and outstanding
on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and
(2) the denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination;

 (ii) the General Partner distributes any rights, options or warrants to all holders of its REIT Shares to subscribe for or to
purchase or to otherwise acquire REIT Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares (other than REIT Shares issuable pursuant to a Qualified DRIP / COPP), at a price per share less than the
Value of a REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights or, if later, the time such Distributed Rights become exercisable, the
Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date (or, if later, the date such
Distributed Rights become exercisable) plus the maximum number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number of REIT Shares issued and outstanding on the record date (or, if later,
the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights times the minimum purchase price per REIT Share under such
Distributed Rights and (2) the denominator of which is the Value of a REIT Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided, however, that, if any such
Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced maximum number of REIT Shares or any change in
the minimum purchase price for the purposes of the above fraction; and 
 (iii) the General Partner shall, by dividend or
otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (i) or (ii) above), which evidences of indebtedness
or assets relate to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor in effect
immediately prior to the close of business as of the record date by a fraction (a) the numerator of which shall be such Value of a REIT Share as of the record date and (b) the denominator of which shall be the Value of a REIT Share as of
the record date less the then fair market value (as determined by the General Partner, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one REIT Share. 

  
 3 

 Notwithstanding the foregoing, no adjustments to the Adjustment Factor will be made for any
class of Limited Partnership Interests to the extent that the Partnership makes or effects any correlative distribution or payment to all of the Limited Partners of such class, or effects any correlative split or reverse split in respect of its
Limited Partnership Interests. Any adjustments to the Adjustment Factor shall become effective immediately after such event, retroactive to the record date, if any, for such event. For illustrative purposes, examples of adjustments to the Adjustment
Factor are set forth on Exhibit B attached hereto. 
 “Affiliate” means, with respect to any
Person, any Person directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
 “Agreement” means this Second Amended and Restated
Limited Partnership Agreement of Hudson Pacific Properties, L.P., as now or hereafter amended, restated, modified, supplemented or replaced. 
 “Applicable Percentage” means, as applicable, (i) the proportion of a Common Tendering Party’s Tendered Common Units that will be acquired by the General Partner for REIT
Shares in accordance with Section 15.1 to the Tendering Party’s Tendered Common Units, or (ii) the proportion of a Series A Tendering Party’s Tendered Series A Units that will be acquired by the General Partner for REIT Shares in
accordance with Section 16.5 to the Tendering Party’s Tendered Series A Units. 
 “Applicable
Rate” means 6.25% per annum. 
 “Appraisal” means, with respect to any assets, the
written opinion of an independent third party experienced in the valuation of similar assets, selected by the General Partner in good faith. Such opinion may be in the form of an opinion by such independent third party that the value for such
property or asset as set by the General Partner is fair, from a financial point of view, to the Partnership. 

“Assignee” means a Person to whom one or more Partnership Units have been Transferred in a manner permitted under
this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 hereof. 
 “Available Cash” means, with respect to any period for which such calculation is being made, 

(i) the sum, without duplication, of: 

(1) the Partnership’s Net Income or Net Loss (as the case may be) for such period, 

(2) Depreciation and all other noncash charges to the extent deducted in determining Net Income or Net Loss for such
period, 

  
 4 

 (3) the amount of any reduction in reserves of the Partnership referred to
in clause (ii)(6) below (including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary), 
 (4) the excess, if any, of the net cash proceeds from the sale, exchange, disposition, financing or refinancing of Partnership property for such period over the gain (or loss, as the case may be)
recognized from such sale, exchange, disposition, financing or refinancing during such period (excluding Terminating Capital Transactions), and 
 (5) all other cash received (including amounts previously accrued as Net Income and amounts of deferred income) or any net amounts borrowed by the Partnership for such period that was not included in
determining Net Income or Net Loss for such period; 
 (ii) less the sum, without duplication, of: 

(1) all principal debt payments made during such period by the Partnership, 

(2) capital expenditures made by the Partnership during such period, 

(3) investments in any entity (including loans made thereto) to the extent that such investments are not otherwise
described in clause (ii)(1) or clause (ii)(2) above, 
 (4) all other expenditures and payments not deducted
in determining Net Income or Net Loss for such period (including amounts paid in respect of expenses previously accrued), 
 (5) any amount included in determining Net Income or Net Loss for such period that was not received by the Partnership during such period, 

(6) the amount of any increase in reserves (including, without limitation, working capital reserves) established during
such period that the General Partner determines are necessary or appropriate in its sole and absolute discretion, 
 (7) any amount distributed or paid in redemption of any Limited Partner Interest or Partnership Units, including, without limitation, any Common Unit Cash Amount or Series A Cash Amount paid, and

 (8) the amount of any working capital accounts and other cash or similar balances which the General Partner
determines to be necessary or appropriate in its sole and absolute discretion. 
 Notwithstanding the foregoing, Available Cash shall not
include (a) any cash received or reductions in reserves, or take into account any disbursements made, or reserves established, 

  
 5 

 
after dissolution and the commencement of the liquidation and winding up of the Partnership or (b) any Capital Contributions, whenever received or any payments, expenditures or investments
made with such Capital Contributions. 
 “Board of Directors” means the Board of Directors of the
General Partner. 
 “Business Combination” has the meaning set forth in Section 16.6.C(1) hereto.

 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in The
City of New York, New York or Los Angeles, California are authorized by law to close except that, for purposes of Article 17, the term “Business Day” means any day, other than a Saturday or a Sunday, which is not a day on which banking
institutions in New York, New York are authorized or required by law, regulation or executive order to close. 

“Capital Account” means, with respect to any Partner, the capital account maintained by the General Partner for
such Partner on the Partnership’s books and records in accordance with the following provisions: 
 (i) To each
Partner’s Capital Account, there shall be added such Partner’s Capital Contributions, such Partner’s distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to
Section 6.3 hereof, and the amount of any Partnership liabilities assumed by such Partner or that are secured by any property distributed to such Partner. 
 (ii) From each Partner’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of any Partnership property distributed to such Partner pursuant to any provision of
this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to Section 6.3 hereof, and the amount of any liabilities of such Partner assumed by the
Partnership or that are secured by any property contributed by such Partner to the Partnership. 
 (iii) In the event any
interest in the Partnership is Transferred in accordance with the terms of this Agreement (which Transfer does not result in the termination of the Partnership for Federal income tax purposes), the transferee shall succeed to the Capital Account of
the transferor to the extent that it relates to the Transferred interest. 
 (iv) In determining the amount of any liability for
purposes of subsections (i) and (ii) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(v) The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations promulgated
under Section 704 of the Code, and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall determine that it is necessary or prudent to modify the manner in which the Capital Accounts are
maintained in order to comply with such Regulations, the General Partner may make such modification, provided that such modification is not likely to have any material effect on the amounts distributable to any Partner pursuant to Article 13 hereof
upon the dissolution of 

  
 6 

 
the Partnership. The General Partner may, in its sole discretion, (a) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners
and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (b) make any appropriate modifications in the event
that unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 
 “Capital Contribution” means, with respect to any Partner, the amount of money and the initial Gross Asset Value of any Contributed Property that such Partner contributes or is
deemed to contribute to the Partnership pursuant to Article 4 hereof. 
 “Capital Share” means a share
of any class or series of stock of the General Partner now or hereafter authorized other than a REIT Share. 

“Certificate” means the Certificate of Limited Partnership of the Partnership filed with the SDAT, as amended
from time to time in accordance with the terms hereof and the Act. 
 “Charity” means an entity
described in Section 501(c)(3) of the Code or any trust all the beneficiaries of which are such entities. 

“Charter” means the charter of the General Partner, within the meaning of Section 1-101(e) of the Maryland
General Corporation Law. 
 “Closing Price” has the meaning set forth in the definition of
“Value.” 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time
to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future
law. 
 “Common Limited Partner” means any Limited Partner that is a Holder of Common Units, including
any Substituted Common Limited Partner, in its capacity as such. 
 “Common Redemption” has the meaning
set forth in Section 15.1.A hereof. 
 “Common Redemption Right” has the meaning set forth in
Section 15.1.A hereto. 
 “Common Tendering Party” has the meaning set forth in Section 15.1.A
hereof. 
 “Common Unit” means a fractional, undivided share of the Partnership Interests of all
Partners issued pursuant to Sections 4.1 and 4.2 hereof, but does not include any Preferred Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than a Common Unit; provided,
however, that the General Partner Interest and the Limited Partner Interests shall have the differences in rights and privileges as specified in this Agreement. 
 “Common Unit Cash Amount” means an amount of cash equal to the product of (i) the Value of a REIT Share and (ii) the Common Unit REIT Shares Amount determined as of the
applicable Valuation Date. 

  
 7 

 “Common Unit Notice of Redemption” means the Common Unit Notice of
Redemption substantially in the form of Exhibit C attached to this Agreement. 
 “Common Unit REIT Shares
Amount” means a number of REIT Shares equal to the product of (a) the number of Tendered Common Units and (b) the Adjustment Factor; provided, however, that, in the event that the General Partner
issues to all holders of REIT Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the General Partner’s stockholders to subscribe for or purchase REIT Shares, or any other securities
or property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on the date of the Common Unit Notice of Redemption and ending on the day immediately preceding the
Specified Redemption Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the Common Unit REIT Shares Amount shall also include such Rights that a holder of that number of REIT Shares would be entitled to
receive, expressed, where relevant hereunder, in a number of REIT Shares determined by the General Partner in good faith. 

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Partner given in
accordance with Article 14 hereof. 
 “Consent of the Common Limited Partners” means the Consent of
a Majority in Interest of the Common Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each
Common Limited Partner in its sole and absolute discretion. 
 “Consent of the Limited Partners” means
the Consent of a Majority in Interest of the Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld
by each Limited Partner in its sole and absolute discretion. 
 “Consent of the Partners” means the
Consent of the General Partner and the Consent of a Majority in Interest of the Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this
Agreement, may be given or withheld by the General Partner or the Limited Partners in their sole and absolute discretion; provided, however, that if any such action affects only certain classes or series of Partnership
Units, “Consent of the Partners” means the Consent of the General Partner and the Consent of a Majority in Interest of the affected classes or series of Partnership Units. 

“Consent of the Series A Limited Partners” means the Consent of a Majority in Interest of the Series A Limited
Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each Series A Limited Partner in its sole and
absolute discretion. 
 “Contributed Property” means each Property or other asset, in such form as may
be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a “new” partnership pursuant to Code Section 708). 

  
 8 

 “Controlled Entity” means, as to any Partner, (a) any
corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Partner or such Partner’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Partner or such
Partner’s Family Members or Affiliates are the sole beneficiaries, (c) any partnership of which such Partner or its Affiliates are the managing partners and in which such Partner, such Partner’s Family Members or Affiliates hold
partnership interests representing at least twenty-five percent (25%) of such partnership’s capital and profits and (d) any limited liability company of which such Partner or its Affiliates are the managers and in which such Partner,
such Partner’s Family Members or Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. 

“Cut-Off Date” means (i) in the case of a Common Unit Notice of Redemption, the fifth (5th) Business
Day after the General Partner’s receipt of such notice, or (ii) in the case of a Series A Notice of Redemption, the tenth (10th) Business Day after the General Partner’s receipt of such notice. 

“Debt” means, as to any Person, as of any date of determination: (i) all indebtedness of such Person for
borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar
instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person,
to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted
accounting principles, should be capitalized. 
 “Depreciation” means, for each Partnership Year or
other applicable period, an amount equal to the Federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs
from its adjusted basis for Federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the Federal income tax depreciation, amortization
or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the Federal income tax depreciation, amortization or other cost recovery deduction for
such year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

“Disregarded Entity” means, with respect to any Person, (i) any “qualified REIT subsidiary”
(within the meaning of Code Section 856(i)(2)) of such Person, (ii) any entity treated as a disregarded entity for Federal income tax purposes with respect to such Person, or (iii) any grantor trust if the sole owner of the assets of
such trust for Federal income tax purposes is such Person. 
 “Distributed Right” has the meaning set
forth in the definition of “Adjustment Factor.” 

  
 9 

 “Equity Plan” means any stock or equity purchase plan, restricted
stock or equity plan or other similar equity compensation plan now or hereafter adopted by the Partnership or the General Partner, including the Plans. 
 “Equity Requirement” has the meaning set forth in Section 16.8.B hereof. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder and any successor statute thereto. 

“Event” has the meaning set forth in Section 16.7.B(3). 

“Family Members” means, as to a Person that is an individual, such Person’s spouse, ancestors, descendants
(whether by blood or by adoption or step-descendants by marriage), brothers and sisters, nieces and nephews and inter vivos or testamentary trusts of which only such Person and his or her spouse, ancestors, descendants (whether by blood or by
adoption or step-descendants by marriage), brothers and sisters and nieces and nephews are beneficiaries. 
 “50%
Leverage Ratio” has the meaning set forth in Section 16.8.C(1) hereof. 
 “Final
Adjustment” has the meaning set forth in Section 10.3.B(2) hereof. 
 “First Amended and Restated
Partnership Agreement” has the meaning set forth in the Recitals hereof. 
 “Flow-Through
Partners” has the meaning set forth in Section 3.4.C hereof. 
 “Flow-Through Entity”
has the meaning set forth in Section 3.4.C hereof. 
 “Formation Date” has the meaning set forth in
the Recitals hereof. 
 “Fourteen-Month Period” means (a) as to an Original Limited Partner or any
successor-in-interest of an Original Limited Partner that is a Qualifying Common Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of the date of this Agreement and (b) as to any other Qualifying
Common Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of such Qualifying Common Party’s first becoming a Holder of Common Units; provided, however, that the General
Partner may, in its sole and absolute discretion, by written agreement with a Qualifying Common Party, shorten or lengthen the first Fourteen-Month Period to a period of shorter or longer than fourteen (14) months with respect to a Qualifying
Common Party other than an Original Limited Partner or a successor-in-interest of an Original Limited Partner. 

“Funding Debt” means any Debt incurred by or on behalf of the General Partner for the purpose of providing funds
to the Partnership. 
 “General Partner” means Hudson Pacific Properties, Inc. and its successors and
assigns, in each case, that is admitted from time to time to the Partnership as a general partner pursuant to 

  
 10 

 the Act and this Agreement and is listed as a general partner on Exhibit A, as such Exhibit A
may be amended from time to time, in such Person’s capacity as a general partner of the Partnership. 
 “General
Partner Affiliate” means any Affiliates of the General Partner, each of which shall be designated as a “General Partner Affiliate” on Exhibit A attached hereto, as amended from time to time, and shown as such in the
books and records of the Partnership. 
 “General Partner Fundamental Change” means a Termination
Transaction as a result of which no class of stock of the General Partner continues to be Publicly Traded and/or the Common Units are no longer exchangeable at the General Partner’s election for any Publicly Traded stock of the General Partner.

 “General Partner Interest” means the entire Partnership Interest held by a General Partner hereof,
which Partnership Interest may be expressed as a number of Common Units, Preferred Units or any other Partnership Units. 

“General Partner Loan” has the meaning set forth in Section 4.3.D hereof. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for Federal income tax
purposes, except as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall
be the gross fair market value of such asset on the date of contribution, as determined by the General Partner and agreed to by the contributing Person. 
 (b) The Gross Asset Values of all Partnership assets immediately prior to the occurrence of any event described in clauses (i) through (v) below shall be adjusted to equal their respective gross
fair market values, as determined by the General Partner using such reasonable method of valuation as it may adopt, as of the following times: 
 (i) the acquisition of an additional interest in the Partnership (other than in connection with the execution of this Agreement but including, without limitation, acquisitions pursuant to Section 4.2
hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.2 hereof) by a new or existing Partner in exchange for more than a de minimis Capital Contribution, if the General Partner reasonably determines
that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 
 (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as consideration for an interest in the Partnership if the General Partner reasonably
determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 
 (iii) the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

  
 11 

 (iv) the grant of an interest in the Partnership (other than a de minimis interest)
as consideration for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity or in anticipation of becoming a Partner of the
Partnership, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; and 

(v) at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations
Sections 1.704-1(b) and 1.704-2, including, without limitation, if the General Partner so determines, upon the conversion of any Series A Preferred Units into Common Units, provided that in connection with such adjustment, the Gross Asset
Value of the Partnership’s assets shall be determined by taking into account the Value of REIT Shares used for purposes of such conversion. 
 (c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such asset on the date of distribution, as determined by the distributee and the General
Partner; provided, however, that if the distributee is the General Partner or if the distributee and the General Partner cannot agree on such a determination, such gross fair market value shall be determined by Appraisal.

 (d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the General Partner reasonably determines that an adjustment
pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 

(e) If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to subsection (a), subsection (b) or
subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 

“Hart-Scott-Rodino Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 “Holder” means either (a) a Partner or (b) an Assignee owning a Partnership Unit.

 “Incapacity” or “Incapacitated” means: (i) as to any Partner who is an
individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a corporation or limited liability
company, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Partner that is a partnership, the dissolution and commencement of winding up of the partnership;
(iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust that is a Partner, the termination of the trust (but not the substitution
of a 

  
 12 

 
new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner
commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or
insolvent, or a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the
benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause
(b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking
liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment
without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated
within ninety (90) days after the expiration of any such stay. 
 “Indemnitee” means (i) any
Person subject to a claim or demand, or made a party or threatened to be made a party to a proceeding, by reason of its status as (a) the General Partner or (b) a director of the General Partner or an officer or employee of the Partnership
or the General Partner and (ii) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability),
in its sole and absolute discretion. 
 “IRS” means the United States Internal Revenue Service.

 “Junior Units” means any Partnership Unit representing any class or series of Partnership Interest
ranking, as to distributions, or rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, junior to Series A Preferred Units. 
 “Legal Requirements” has the meaning set forth in Section 7.3.C(7) hereof. 
 “Leverage Ratio” has the meaning set forth in Section 16.8.C(4) hereof. 
 “Limited Partner” means any Person that is admitted from time to time to the Partnership as a limited partner pursuant to the Act and this Agreement and is listed as a limited
partner on Exhibit A attached hereto, as such Exhibit A may be amended from time to time, including any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a limited partner of the Partnership.
Limited Partners may be Common Limited Partners, Series A Limited Partners or any other class or group of Partners that is designated or defined herein. 
 “Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the Partnership Interests of all Limited Partners
and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the

  
 13 

 
terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Common Units, Preferred Units or other Partnership Units. 

“Liquidating Event” has the meaning set forth in Section 13.1 hereof. 

“Liquidator” has the meaning set forth in Section 13.2.A hereof. 

“Majority in Interest of the Common Limited Partners” means Common Limited Partners (other than any Common
Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage
Interests of all such Common Limited Partners entitled to Consent to or withhold Consent from a proposed action. 

“Majority in Interest of the Limited Partners” means Limited Partners (other than any Limited Partner fifty
percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all such
Limited Partners entitled to Consent to or withhold Consent from a proposed action. For purposes of calculating Percentage Interests in connection with this definition, the Series A Limited Partners will be deemed to have effected a Series A
Conversion immediately prior to the record date for the applicable vote or Consent. 
 “Majority in Interest of the
Partners” means Partners holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Partners entitled to Consent to or withhold Consent from a proposed
action. For purposes of calculating Percentage Interests in connection with this definition, the Series A Limited Partners will be deemed to have effected a Series A Conversion immediately prior to the record date for the applicable vote or Consent.

 “Majority in Interest of the Series A Limited Partners” means Series A Limited Partners (other than
any Series A Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate
Percentage Interests of all such Series A Limited Partners entitled to Consent to or withhold Consent from a proposed action. 

“Market Price” has the meaning set forth in the definition of “Value.” 

“Maryland Courts” has the meaning set forth in Section 15.9.B hereof. 

“Maximum Leverage Restriction” has the meaning set forth in Section 16.8.C(4) hereof. 

“Net Income” or “Net Loss” means, for each Partnership Year or other applicable period,
an amount equal to the Partnership’s taxable income or loss for such year or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

  
 14 

 (a) Any income of the Partnership that is exempt from Federal income tax and not otherwise
taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the case may be) such taxable income (or loss); 

(b) Any expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as a Code

Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net
Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 
 (c) In the event the
Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection (c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the
disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) Gain or loss resulting from any disposition
of property with respect to which gain or loss is recognized for Federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs
from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization and other cost recovery deductions that would
otherwise be taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year or other applicable period; 
 (f) To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as
an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss;

 (g) Notwithstanding any other provision of this definition of “Net Income” or “Net Loss,” any item that
is specially allocated pursuant to Article 6 hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated pursuant to Article
6 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or “Net Loss;” and 
 (h) To the extent any Adjusted Net Income has been allocated for a Partnership Year or other applicable period, the terms Net Income and Net Loss for that year or other period shall thereafter refer to
the remaining items of Net Income or Net Loss, as applicable. 

  
 15 

 “New Securities” means (i) any rights, options, warrants or
convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares or Preferred Shares, excluding grants under the Stock Option Plans, or (ii) any Debt issued by the General Partner that provides any of the rights
described in clause (i). 
 “Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2).

 “Optionee” means a Person to whom a stock option is granted under any Stock Option Plan. 

“Original Limited Partner” means any Person that is a Limited Partner as of the date of the closing of the
issuance of REIT Shares pursuant to the initial public offering of the General Partner. 
 “Original Partnership
Agreement” has the meaning set forth in the Recitals hereof. 
 “Ownership Limit” means the
applicable restriction or restrictions on the ownership and transfer of stock of the General Partner imposed under the Charter. 

“Parity Preferred Unit” means any class or series of Partnership Interests of the Partnership now or hereafter
issued and outstanding, which, by its terms ranks on a parity with the Series B Preferred Units with respect to distributions or rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, or both, as the context
may require. 
 “Partner” means the General Partner or a Limited Partner, and “Partners” means
the General Partner and the Limited Partners. 
 “Partner Minimum Gain” means an amount, with respect to
each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Partner Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4). 

“Partner Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(i)(1), and the
amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed and continued under the Act and pursuant to this Agreement,
and any successor thereto. 

  
 16 

 “Partnership Employee” means an employee or other service provider
of the Partnership or an employee of a Subsidiary of the Partnership, if any, acting in such capacity. 

“Partnership Equivalent Units” shall have the meaning set forth in Section 4.7.A hereof. 

“Partnership Interest” means an ownership interest in the Partnership held by either a Limited Partner or a
General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of Common Units, Preferred Units or other Partnership Units. The Partnership Interests represented by the Common
Units, the Series A Preferred Units and the Series B Preferred Units and each such type of Unit is a separate class of Partnership Interest for purposes of this Agreement. 
 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease
in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
 “Partnership Record Date” means the record date established by the General Partner for the distribution of Available Cash pursuant to Section 5.1 hereof, which record date
shall generally be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution or, as applicable, any Series B Distribution Record Date. 

“Partnership Series A Redemption Right” shall have the meaning set forth in Section 16.5.B hereof.

 “Partnership Unit” means a Common Unit, a Preferred Unit, a Performance Unit or any other partnership
unit or fractional, undivided share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.1, Section 4.2 or Section 4.3 hereof. 

“Partnership Unit Designation” shall have the meaning set forth in Section 4.2.A hereof. 

“Partnership Year” has the meaning set forth in Section 9.2 hereof. 

“Percentage Interest” means, with respect to each Partner, the fraction, expressed as a percentage, the numerator
of which is the aggregate number of Partnership Units of all classes and series, or the aggregate number of Partnership Units of any specified class or series or specified group of classes and/or series, as applicable, held by such Partner and the
denominator of which is the total number of Partnership Units of all classes and series, or the total number of Partnership Units of such specified class or series or specified group of classes and/or series, as applicable, held by all Partners.

 “Performance Unit” has the meaning set forth in Section 4.2.B hereof. 

“Permitted Transfer” has the meaning set forth in Section 11.3.A hereof. 

  
 17 

 “Person” means an individual or a corporation, partnership, trust,
unincorporated organization, association, limited liability company or other entity. 
 “Plans” means
the Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan and the Hudson Pacific Properties, Inc. Director Stock Plan. 
 “Pledge” has the meaning set forth in Section 11.3.A hereof. 
 “Preferred Distribution Shortfall” means, with respect to any outstanding Unit or other Partnership Interest that is entitled to any preference in distributions of Available Cash
pursuant to this Agreement, the aggregate amount of the required distributions for such Unit or Partnership Interest for all prior distribution periods minus the aggregate amount of the distributions made with respect to such Unit or Partnership
Interest pursuant to this Agreement. 
 “Preferred Unit” means a fractional, undivided share of the
Partnership Interests that the General Partner has authorized pursuant to Section 4.1 or Section 4.2 or Section 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or
prior to the Common Units. Preferred Units shall include, but not be limited to, Series A Preferred Units and Series B Preferred Units. 
 “Preferred Share” means a share of preferred stock of the General Partner of any class or series now or hereafter authorized that has dividend rights, or rights upon liquidation,
winding up and dissolution, that are superior or prior to the REIT Shares. 
 “Properties” means any
assets and property of the Partnership such as, but not limited to, interests in real property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited
liability companies, joint ventures or partnerships, interests in mortgages, and Debt instruments as the Partnership may hold from time to time and “Property” means any one such asset or property. 

“Publicly Traded” means having common equity securities listed or admitted to trading on any U.S. national
securities exchange. 
 “Qualified DRIP/ COPP” means a dividend reinvestment plan or a cash option
purchase plan of the General Partner that permits participants to acquire REIT Shares using the proceeds of dividends paid by the General Partner or cash of the participant, respectively; provided, however, that if such
shares are offered at a discount, such discount must (i) be designed to pass along to the stockholders of the General Partner the savings enjoyed by the General Partner in connection with the avoidance of stock issuance costs, and (ii) not
exceed 5% of the value of a REIT Share as computed under the terms of such plan. 
 “Qualified
Transferee” means an “accredited investor” as defined in Rule 501 promulgated under the Securities Act. 

“Qualifying Common Party” means (a) a Common Limited Partner, (b) an Assignee of a Common Limited
Partner, or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Common Limited Partner Interest in a Permitted Transfer; provided, however, that a Qualifying Common
Party shall not include the General Partner. 

  
 18 

 “Qualifying Series A Party” means (a) a Series A Limited
Partner, (b) an Assignee of a Series A Limited Partner, or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Series A Limited Partner Interest in a Permitted Transfer;
provided, however, that a Qualifying Series A Party shall not include the General Partner. 

“Redemption” means a Common Redemption or a Special Redemption. 

“Registered REIT Share” means any REIT Share issued by the General Partner pursuant to an effective registration
statement under the Securities Act. 
 “Regulations” means the income tax regulations under the Code,
whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.3.A(viii) hereof. 

“REIT” means a real estate investment trust qualifying under Code Section 856. 

“REIT Partner” means (a) the General Partner or any Affiliate of the General Partner to the extent such
Person has in place an election to qualify as a REIT and, (b) any Disregarded Entity with respect to any such Person. 

“REIT Payment” has the meaning set forth in Section 15.12 hereof. 

“REIT Requirements” has the meaning set forth in Section 5.1 hereof. 

“REIT Series B Preferred Share” means a share of the [    ]% Series B Cumulative Redeemable
Preferred Stock, $0.01 par value per share, of the General Partner. 
 “REIT Share” means a share of
common stock of the General Partner, $0.01 par value per share (but shall not include any series or class of the General Partner’s common stock classified after the date of this Agreement). 

“Related Party” means, with respect to any Person, any other Person to whom ownership of shares of the General
Partner’s stock by the first such Person would be attributed under Code Section 544 (as modified by Code Section 856(h)(1)(B)) or Code Section 318 (as modified by Code Section 856(d)(5)). 

“Rights” has the meaning set forth in the definition of “Common Unit REIT Shares Amount.” 

“Safe Harbors” shall have the meaning set forth in Section 11.3.C hereof. 

“SDAT” means the State Department of Assessments and Taxation of Maryland. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 

  
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 “Series A Cash Amount” means an amount per Series A Preferred Unit
equal to, as applicable, (i) in the case of a Tendered Preferred Unit, the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable Specified Series A Redemption Date, or (ii) in the
case of a Series A Preferred Unit tendered for conversion pursuant to Section 16.6.A(1), the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable Series A Conversion Date. 

“Series A Conversion” shall have the meaning set forth in Section 16.6.A(1). 

“Series A Conversion Amount” means a number of whole Common Units equal to the quotient of (a) the product
of (x) the number of Series A Preferred Units tendered for conversion pursuant to Section 16.6, multiplied by (y) the Series A Cash Amount, divided by (b) the product of (x) the Value of a REIT Share as of the
applicable Valuation Date, multiplied by (y) the Adjustment Factor. If the foregoing would result in the issuance of a fractional Common Unit, the General Partner shall pay a cash amount in lieu of issuing such fractional Common Unit in
accordance with Section 16.6.A.2. 
 “Series A Conversion Date” has the meaning set forth in
Section 16.6.B(3) hereof. 
 “Series A Conversion Right” has the meaning set forth in
Section 16.6.A(1) hereof. 
 “Series A Converting Party” has the meaning set forth in
Section 16.6.B(1) hereof. 
 “Series A Limited Partner” means Limited Partner that is the holder of
Series A Preferred Units, including any Substituted Series A Limited Partner, in its capacity as such. 
 “Series A
Notice of Conversion” means the Series A Notice of Conversion substantially in the form of Exhibit E attached to this Agreement. 
 “Series A Notice of Redemption” means the Series A Notice of Redemption substantially in the form of Exhibit D attached to this Agreement. 

“Series A Percentage Interest” means, as to a Series A Limited Partner, the percentage determined by dividing the
Series A Preferred Units owned by such Series A Limited Partner by the total number of Series A Preferred Units then outstanding, both as specified on Exhibit A attached hereto, as such Exhibit A may be modified from time to time.

 “Series A Preference” means $25.00 per Series A Preferred Unit. 

“Series A Preferred Unit” means the Partnership’s 6.25% Series A Cumulative Redeemable Convertible
Partnership Units, with the rights, priorities and preferences set forth herein. 
 “Series A Preferred Unit
Distribution Payment Date” has the meaning set forth in Section 16.3.A hereof. 
 “Series A
Priority Return” means an amount equal to 6.25% per annum, determined on the basis of a 360-day year consisting of twelve 30-day months (and for any period shorter than a 

  
 20 

 
full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the ratio of the actual number of days elapsed in such period to
ninety (90) days), cumulative to the extent not distributed for any given distribution period pursuant to Section 16.3 hereof, of the Series A Preference, commencing on the date of issuance of such Series A Preferred Units. 

“Series A Redemption” shall have the meaning set forth in Section 16.5.A(1) hereof. 

“Series A Redemption Right” shall have the meaning set forth in Section 16.5.A(1) hereof. 

“Series A REIT Shares Amount” means a number of whole Registered REIT Shares equal to the product of (a) the
number of Tendered Series A Units, multiplied by (b) the quotient of (x) the Series A Cash Amount, divided by (y) the Value of a REIT Share as of the applicable Valuation Date; provided,
however, that, in the event that the General Partner issues to all holders of REIT Shares as of a certain record date Rights, with the record date for such Rights issuance falling within the period starting on the date of the Series A
Notice of Redemption and ending on the day immediately preceding the Specified Series A Redemption Date, which Rights will not be distributed before the relevant Specified Series A Redemption Date, then the Series A REIT Shares Amount shall also
include such Rights that a holder of that number of REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of REIT Shares determined by the General Partner in good faith. If the foregoing would result in the
issuance of a fractional REIT Share, the General Partner shall pay a cash amount in lieu of issuing such fractional REIT Share in accordance with Section 16.5.A.7(vi). 
 “Series A Tendering Party” has the meaning set forth in Section 16.5 hereof. 
 “Series B Distribution Record Date,” with respect to any distribution payable on Series B Preferred Units, means the close of business on the record date fixed for the
determination of holders of record of REIT Series B Preferred Shares entitled to receive a distribution on such REIT Series B Preferred Shares. 
 “Series B Preferred Shares Original Issue Date” shall have the meaning set forth in Section 17.2.A hereof. 

“Series B Preferred Shares Terms” means the terms of the REIT Series B Preferred Shares, as
set forth in the Articles Supplementary of the General Partner for the REIT Series B Preferred Shares, accepted for record by the SDAT on December [    ], 2010, as such terms may be amended or restated or incorporated into
the Charter from time to time. 
 “Series B Preferred Units” means the Partnership’s
[    ]% Series B Cumulative Redeemable Preferred Units, with the rights, priorities and preferences set forth herein. 
 “Series B Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 17.2.A hereof. 

“Series B Priority Return” shall mean, with respect to any Series B Preferred Unit, an amount equal to
[    ]% per annum on the stated value of $25.00 of the Series B Preferred Unit 

  
 21 

 
(equivalent to the fixed annual amount of $[            ] per Series B Preferred Unit), commencing on the Series B Preferred Shares
Original Issuance Date or, if later, the first day of any distribution period during which such Series B Preferred Unit is issued, subject to adjustment as specified in Section 17.2.E. For any distribution period greater than or less than a
full distribution period, the amount of the Series B Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. For any quarterly period, the amount of the Series B Priority Return shall be
computed by dividing the applicable annual distribution rate by four. 
 “Special Redemption” has the
meaning set forth in Section 15.1.A hereof. 
 “Specified Redemption Date” means the tenth
(10th) Business Day after the receipt by the General Partner of a Common Unit Notice of Redemption; provided, however, that no Specified Redemption Date shall occur during the first Fourteen-Month Period (except
pursuant to a Special Redemption). 
 “Specified Series A Redemption Date” shall have the meaning set
forth in Section 16.5.A(1) hereof. 
 “Stock Option Plans” means any stock option plan now or
hereafter adopted by the Partnership or the General Partner. 
 “Subsidiary” means, with respect to any
Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person; provided,
however, that, with respect to the Partnership, “Subsidiary” means solely a partnership or limited liability company (taxed, for Federal income tax purposes, as a partnership or as a Disregarded Entity and not as an
association or publicly traded partnership taxable as a corporation) of which the Partnership is a member or any “taxable REIT subsidiary” of the General Partner in which the Partnership owns shares of stock, unless the ownership of shares
of stock of a corporation or other entity (other than a “taxable REIT subsidiary”) will not jeopardize the General Partner’s status as a REIT or any General Partner Affiliate's status as a “qualified REIT subsidiary” (within
the meaning of Code Section 856(i)(2)), in which event the term “Subsidiary” shall include such corporation or other entity. 
 “Substituted Common Limited Partner” means a Person who is admitted as a Common Limited Partner to the Partnership pursuant to the Act and Section 11.4 hereof. 

“Substituted Limited Partner” means (i) a Substituted Common Limited Partner, (ii) a Substituted Series
A Limited Partner or (iii) a Person who is admitted as a Limited Partner to the Partnership pursuant to the Act and any Partnership Unit Designation. 
 “Substituted Series A Limited Partner” means a Person who is admitted as a Series A Limited Partner pursuant to the Act and Section 11.4 hereof. 

“Surviving Partnership” has the meaning set forth in Section 11.2.B(ii) hereof. 

“Tax Items” has the meaning set forth in Section 6.4.A hereof. 

  
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 “Tendered Common Units” has the meaning set forth in
Section 15.1.A hereof. 
 “Tendered Series A Units” has the meaning set forth in
Section 16.5.A(1) hereof. 
 “Termination Transaction” has the meaning set forth in
Section 11.2.B hereof. 
 “Terminating Capital Transaction” means any sale or other disposition of
all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership, in any case, not in the
ordinary course of the Partnership’s business. 
 “Transfer” means any sale, assignment, bequest,
conveyance, devise, gift (outright or in trust), Pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary, involuntary or by operation of law; provided,
however, that when the term is used in Article 11 hereof, “Transfer” does not include (a) any Common Redemption or Series A Redemption by the Partnership, any Series A Conversion, or acquisition of Tendered Common
Units or Tendered Series A Units by the General Partner, pursuant to Section 15.1 or Section 16.5 hereof, as applicable, or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms
“Transferred” and “Transferring” have correlative meanings. 
 “Units Junior to the Series B
Preferred Units” means any Partnership Unit representing any class or series of Partnership Interest ranking, as to distributions and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, junior
to Series B Preferred Units. 
 “Valuation Date” means the date of receipt by the General Partner of
(i) a Common Unit Notice of Redemption pursuant to Section 15.1 herein, (ii) a Series A Notice of Redemption pursuant to Section 16.5 herein, (iii) a Series A Notice of Conversion pursuant to Section 16.6 herein or
(iv) such other date as specified herein; provided, in each case, that if such date is not a Business Day, then the Valuation Date shall be the immediately preceding Business Day. 

“Value” means, on any Valuation Date with respect to a REIT Share, the average of the daily Market Prices for ten
(10) consecutive trading days immediately preceding the Valuation Date (except that the Market Price for the trading day immediately preceding the date of exercise of a stock option under any Stock Option Plans shall be substituted for such
average of daily market prices for purposes of Section 4.4 hereof). The term “Market Price” on any date means, with respect to any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The
“Closing Price” on any date means the last sale price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares, in either case
as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the New York Stock
Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such REIT Shares are listed or admitted to trading or, if such REIT Shares are
not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, 

  
 23 

 
the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system
is no longer in use, the principal other automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker
making a market in such REIT Shares selected by the Board of Directors or, in the event that no trading price is available for such REIT Shares, the fair market value of the REIT Shares, as determined in good faith by the Board of Directors.

 In the event that the Common Unit REIT Shares Amount or the Series A REIT Shares Amount includes Rights that a holder of REIT
Shares would be entitled to receive, then the Value of such Rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

 “Vesting Date” has the meaning set forth in Section 4.4.C(2) hereof. 

ARTICLE 2 

ORGANIZATIONAL MATTERS 

Section 2.1 Formation. 
 The Partnership is a limited partnership heretofore formed and continued pursuant to the provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as
expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all
purposes. 
 Section 2.2 Name. 
 The name of the Partnership is “Hudson Pacific Properties, L.P.” The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including
the name of the General Partner or any Affiliate thereof; provided, however, that the name of the General Partner (or any Subsidiary thereof) may not include the name (or any derivative thereof) of any Limited Partner without such Limited
Partner’s prior written consent. The words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership's name where necessary for the purposes of complying with the laws
of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to
the Partners. 
 Section 2.3 Principal Office and Resident Agent; Principal Executive Office. 

The address of the principal office of the Partnership in the State of Maryland is located at c/o The Corporation Trust Incorporated, 351
West Camden Street, Baltimore, MD 21201, or such other place within the State of Maryland as the General Partner may from time to time designate, and the resident agent of the Partnership in the State of Maryland is The Corporation Trust
Incorporated, 351 West Camden Street, Baltimore, MD 21201, or such other resident of the State of Maryland as the General Partner may from time to time designate. The principal 

  
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executive office of the Partnership is located at 11601 Wilshire Blvd, Suite 1600, Los Angeles, California 90025 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 Maryland as the General Partner deems advisable. 
 Section 2.4 Power of Attorney. 
 A. Each Limited Partner and Assignee
hereby irrevocably constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and
attorney-in-fact, with full power and authority in its name, place and stead to: 
 (1) execute, swear to, seal, acknowledge,
deliver, file and record in the appropriate public offices: (a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that
the General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to
the extent provided by applicable law) in the State of Maryland and in all other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or any Liquidator deems appropriate or
necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or
necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the
General Partner or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance,
withdrawal, removal or substitution of any Partner pursuant to the terms of this Agreement or the Capital Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination, in accordance with
the terms hereof, of the rights, preferences and privileges relating to Partnership Interests; and 
 (2) execute, swear to,
acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any
vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement. 
 Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance with Section 14.2 hereof or as may be otherwise expressly
provided for in this Agreement. 
 B. The foregoing power of attorney is hereby declared to be irrevocable and a special power
coupled with an interest, in recognition of the fact that each of the Limited Partners and Assignees will be relying upon the power of the General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it
on behalf of the Partnership, 

  
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and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Person’s Partnership Units or
Partnership Interest (as the case may be) and shall extend to such Person’s heirs, successors, assigns and personal representatives. Each such Limited Partner and Assignee hereby agrees to be bound by any representation made by the General
Partner or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner and Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the General Partner
or the Liquidator, taken in good faith under such power of attorney. Each Limited Partner and Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s or
the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator (as the case may be) deems necessary to effectuate this Agreement and the purposes of the
Partnership. Notwithstanding anything else set forth in this Section 2.4.B, no Limited Partner shall incur any personal liability for any action of the General Partner or the Liquidator taken under such power of attorney. 

Section 2.5 Term. 

The term of the Partnership commenced on January 15, 2010, the date that the original Certificate was filed with the SDAT in
accordance with the Act, and shall continue indefinitely unless the Partnership is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law. 

ARTICLE 3 

PURPOSE 
 Section 3.1
Purpose and Business. 
 The purpose and nature of the Partnership is to conduct any business, enterprise or activity
permitted by or under the Act, including, without limitation, (i) to conduct the business of ownership, construction, reconstruction, development, redevelopment, alteration, improvement, maintenance, operation, sale, leasing, transfer,
encumbrance, conveyance and exchange of the Properties, (ii) to acquire and invest in any securities and/or loans relating to the Properties, (iii) to enter into any partnership, joint venture, business trust arrangement, limited liability
company or other similar arrangement to engage in any business permitted by or under the Act, or to own interests in any entity engaged in any business permitted by or under the Act, (iv) to conduct the business of providing property and asset
management and brokerage services, whether directly or through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited liability companies or similar arrangements, and (v) to do anything necessary or incidental to the
foregoing. 
 Section 3.2 Powers. 
 A. The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and
business described herein and for the protection and benefit of the Partnership including, without limitation, full power and authority, directly or through its 

  
 26 

 
ownership interest in other entities, to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by
mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop real property and lease, sell, transfer and dispose of real property. 
 B. Notwithstanding any other provision in this Agreement, the Partnership shall not take, or to refrain from taking, any action that, in the judgment of the General Partner, in its sole and absolute
discretion, (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, (ii) could subject the General Partner to any taxes under Code Section 857 or Code Section 4981 or any other related or
successor provision under the Code, or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner, its securities or the Partnership , unless, in any such case, such action (or
inaction) under clause (i), clause (ii), or clause (iii) above shall have been specifically consented to by the General Partner which consent may be given or withheld in its sole and absolute discretion. 

Section 3.3 Partnership Only for Purposes Specified. 
 The Partnership shall be a limited partnership only for the purposes specified in Section 3.1 hereof, and this Agreement shall not be deemed to create a company, venture or partnership between or
among the Partners or any other Persons with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Partner
shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or
liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such
Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 
 Section 3.4 Representations and Warranties by the Partners. 
 A. Each
Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and
covenants with (severally, and not jointly or jointly and severally with any other Person), each other Partner that (i) the consummation of the transactions contemplated by this Agreement to be performed by such Partner will not result in a
breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) if five percent
(5%) or more (by value) of the Partnership’s interests are or will be owned by such Partner within the meaning of Code Section 7704(d)(3), such Partner does not, and for so long as it is a Partner will not, own, directly or
indirectly, (a) stock of any corporation that is a tenant of (I) the General Partner or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of
which the General Partner, any Disregarded Entity with respect to the General Partner, or the Partnership is a direct or indirect member or (b)

  
 27 

 
an interest in the assets or net profits of any non-corporate tenant of (I) the General Partner or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III)
any partnership, venture, or limited liability company of which the General Partner, any Disregarded Entity with respect to the General Partner, or the Partnership is a direct or indirect member, (iii) such Partner has the legal capacity to
enter into this Agreement and perform such Partner’s obligations hereunder, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms, as such enforceability may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity and the discretion of the court before which any proceeding therefor may
be brought. Notwithstanding the foregoing, a Partner that is an individual shall not be subject to the ownership restrictions set forth in clause (ii) of the immediately preceding sentence to the extent such Partner obtains the written consent
of the General Partner prior to violating any such restrictions, which consent the General Partner may give or withhold in its sole and absolute discretion. Each Partner that is an individual shall also represent and warrant to the Partnership that
such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e). 
 B. Each Partner that is not an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a
Substituted Limited Partner) represents and warrants to, and covenants with (severally, and not jointly or jointly and severally with any other Person), each other Partner that (i) the consummation of the transactions contemplated by this
Agreement to be performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s) (as the case may be) as
required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, charter or bylaws (as the case may be) any material agreement by
which such Partner or any of such Partner’s properties or any of its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such Partner or any of
its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, (iii) if five percent (5%) or more (by value) of the Partnership’s interests are or will be owned by such Partner within the
meaning of Code Section 7704(d)(3), such Partner does not, and for so long as it is a Partner will not, own, directly or indirectly, (a) stock of any corporation that is a tenant of (I) the General Partner or any Disregarded Entity
with respect to the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of which the General Partner, any General Partner, any Disregarded Entity with respect to the General Partner, or the
Partnership is a direct or indirect member or (b) an interest in the assets or net profits of any non-corporate tenant of (I) the General Partner, or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III)
any partnership, venture or limited liability company for which the General Partner, any General Partner, any Disregarded Entity with respect to the General Partner, or the Partnership is a direct or indirect member, and (iv) this Agreement is
binding upon, and enforceable against, such Partner in accordance with its terms, as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity and the discretion of the court before which any proceeding therefor may be brought. 

  
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Notwithstanding the foregoing, a Partner that is not an individual shall not be subject to the ownership restrictions set forth in clause (iii) of the immediately preceding sentence to the
extent such Partner obtains the written consent of the General Partner prior to violating any such restrictions, which consent the General Partner may give or withhold in its sole and absolute discretion. Each Partner that is not an individual shall
also represent and warrant to the Partnership that such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e). 

C. Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming
an Additional Limited Partner or Substituted Limited Partner) represents, warrants and agrees that (i) it has acquired and continues to hold its interest in the Partnership for its own account for investment purposes only and not for the
purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under
any predetermined circumstances in violation of applicable laws, (ii) it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and that it has a
sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment, and (iii) without the consent of the General
Partner, which consent may be given or withheld in the General Partner’s sole discretion, it shall not take any action that would cause (a) the Partnership at any time to have more than 100 partners, including for these purposes as
partners those Persons (“Flow-Through Partners”) indirectly owning an interest in the Partnership through an entity treated as a partnership, Disregarded Entity or S corporation (each such entity, a “Flow-Through
Entity”), but only if substantially all of the value of such Person’s interest in the Flow-Through Entity is attributable to the Flow-Through Entity’s interest (direct or indirect) in the Partnership; or (b) the
Partnership Interest initially issued by the Partnership to such Partner or its predecessors to be held by more than three (3) partners, including as partners any Flow-Through Partners. 

D. The representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C hereof shall survive the execution and delivery
of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the
dissolution, liquidation and termination of the Partnership. 
 E. Each Partner (including, without limitation, each Additional
Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or Substituted Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield,
if any, in respect of the Partnership or the General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that projections and any other information, including, without limitation, financial and
descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

  
 29 

 F. Notwithstanding the foregoing, the General Partner may, in its sole and absolute
discretion, permit the modification of any of the representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C above as applicable to any Partner (including, without limitation any Additional Limited Partner or Substituted
Limited Partner or any transferee of either), provided that such representations and warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by such Partner or
(ii) a separate writing addressed to the Partnership and the General Partner. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS 

Section 4.1 Capital Contributions of the Partners. 
 The Partners have heretofore made Capital Contributions to the Partnership. Each Partner owns Partnership Units in the amount set forth for such Partner on Exhibit A, as the same may be amended
from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or other Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect on a
Partner’s ownership of Partnership Units. Except as provided by law or in Section 4.2, 4.3, or 10.4 hereof, the Partners shall have no obligation or, except with the prior written consent of the General Partner, right to make any
additional Capital Contributions or loans to the Partnership. 
 Section 4.2 Issuances of Additional Partnership Interests.

 Subject to Section 16.7, in the case of Series A Preferred Units, and/or the rights of any Holder of other Partnership
Units set forth in a Partnership Unit Designation: 
 A. General. 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, and to admit such Persons as
Additional Limited Partners, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner or any other Person. Without
limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units: (i) upon the conversion, redemption or exchange of any Debt, Partnership Units, or other securities issued by the
Partnership; (ii) 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, and (iii) in connection with any merger of
any other Person into the Partnership. Any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences, conversion or other rights, voting powers or rights,
restrictions, limitations as to distributions, qualifications or terms or conditions of redemption (including, without limitation, terms that may be senior or otherwise entitled to preference over existing Partnership Units) as shall be determined
by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an
amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit Designation”). 

  
 30 

 
Without limiting the generality of the foregoing, the General Partner shall have authority to specify: (a) the allocations of items of Partnership income, gain, loss, deduction and credit to
each such class or series of Partnership Interests; (b) the right of each such class or series of Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such
class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights
applicable to each such class or series of Partnership Interests. Upon the issuance of any additional Partnership Interest, the General Partner shall amend Exhibit A and the books and records of the Partnership as appropriate to reflect such
issuance. 
 B. Issuances of Performance Units. Without limiting the generality of the foregoing, the General Partner is
hereby authorized to create one or more classes or series of additional Partnership Interests, in the form of Partnership Units (each such class or series of Partnership Interests is referred to as “Performance Units”), for
issuance at any time or from time to time to directors, officers or employees of the General Partner or any Affiliate of the foregoing, and to admit such Persons as Additional Limited Partners or General Partners, for such consideration and on such
terms and conditions as shall be established by the General Partner, all without approval of any Limited Partner or any other Person. The General Partner shall determine, in its sole and absolute discretion without the approval of any Limited
Partner or any other Person, and set forth in a Partnership Unit Designation, the designations, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or distributions, qualifications or terms or
conditions of redemption of any class or series of Performance Units (including, without limitation, the extent to which the value or number of each such class or series of Performance Units is subject to adjustment based on the financial
performance of the General Partner). Upon the issuance of any class or series of Performance Units, the General Partner shall amend the Partnership Agreement, including Exhibit A and the books and records of the Partnership as appropriate to
reflect such issuance. 
 C. Issuances to the General Partner. No additional Partnership Units shall be issued to the
General Partner unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests, (ii) (a) the additional Partnership Units are (x) Common Units issued in connection
with an issuance of REIT Shares, or (y) Partnership Equivalent Units (other than Common Units) issued in connection with an issuance of Preferred Shares, New Securities or other interests in the General Partner (other than REIT Shares), and
(b) the General Partner contributes to the Partnership the cash proceeds or other consideration received in connection with the issuance of such REIT Shares, Preferred Shares, New Securities or other interests in the General Partner,
(iii) the additional Partnership Units are issued upon the conversion, redemption or exchange of Debt, Partnership Units or other securities issued by the Partnership, or (iv) the additional Partnership Units are issued pursuant to
Section 4.3.B, Section 4.3.E, Section 4.4 or Section 4.5. 
 D. No Preemptive Rights. Except as
specified in Section 4.2.C(i) hereof, no Person, including, without limitation, any Partner or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest.

 Section 4.3 Additional Funds and Capital Contributions. 

  
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 A. General. The General Partner may, at any time and from time to time, determine
that the Partnership requires additional funds (“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may
determine, in its sole and absolute discretion. Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval
of any Limited Partner or any other Person. 
 B. Additional Capital Contributions. The General Partner, on behalf of the
Partnership, may obtain any Additional Funds by accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to cause the
Partnership from time to time to issue additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the
issuance of such additional Partnership Units. 
 C. Loans by Third Parties. The General Partner, on behalf of the
Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt to any Person (other than the General Partner) upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or
exchangeable for Partnership Units or REIT Shares; provided, however, that the Partnership shall not incur any such Debt if any Partner (or any Affiliate, partner, member, stockholder, principal, director, officer,
adviser, beneficiary or trustee of any Partner) would be personally liable for the repayment of such Debt (unless such Partner or other affected Person otherwise agrees in writing). 

D. General Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to the General Partner (a “General Partner Loan”) if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment
schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner, the net proceeds of which are loaned to the Partnership to provide such Additional Funds, or (ii) such Debt is on terms and
conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if (a) any Partner (or any
Affiliate, partner, member, stockholder, principal, director, officer, adviser, beneficiary or trustee of any Partner) would be personally liable for the repayment of such Debt (unless such Partner or other affected Person otherwise agrees in
writing) or (b) a breach or violation of, or default under, the terms of such Debt would be deemed to occur by virtue of the Transfer of any Partnership Units or Partnership Interest held by any Person other than the General Partner.

 E. Issuance of Securities by the General Partner. The General Partner shall not issue any additional REIT Shares,
Capital Shares or New Securities unless the General Partner contributes the cash proceeds or other consideration received from the issuance of such additional REIT Shares, Capital Shares or New Securities (as the case may be) and from the exercise
of the rights contained in any such additional Capital Shares or New Securities to the Partnership in exchange for (x) in the case of an issuance of REIT Shares, Common Units, or (y) in the case of an issuance of Capital Shares or New
Securities, Partnership Equivalent Units; 

  
 32 

 
provided, however, that notwithstanding the foregoing, the General Partner may issue REIT Shares, Capital Shares or New Securities (a) pursuant to
Section 4.4 or Section 15.1.B hereof, (b) pursuant to a dividend or distribution (including any stock split) of REIT Shares, Capital Shares or New Securities to all of the holders of REIT Shares, Capital Shares or New Securities (as
the case may be), (c) upon a conversion, redemption or exchange of Capital Shares, (d) upon a conversion, redemption, exchange or exercise of New Securities, or (e) in connection with an acquisition of Partnership Units or a property
or other asset to be owned, directly or indirectly, by the General Partner if the General Partner determines that such acquisition is in the best interests of the Partnership; and provided, further, that in the event that
the General Partner issues REIT Shares, Capital Shares or New Securities pursuant to the foregoing clauses (c) or (d), the General Partner shall contribute to the Partnership the cash proceeds or other consideration received from such issuance
(or property acquired with such proceeds). In the event of any issuance of additional REIT Shares, Capital Shares or New Securities by the General Partner, and the contribution to the Partnership, by the General Partner, of the cash proceeds or
other consideration received from such issuance (or property acquired with such proceeds), if the cash proceeds actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount
or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount equal to the sum of the cash proceeds of such issuance plus the amount
of such underwriter’s discount and other expenses paid by the General Partner (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). 

Section 4.4 Stock Option Plans and Equity Plans. 
 A. Options Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with any Stock Option Plan, a stock option granted for stock in the General
Partner to a Person other than a Partnership Employee is duly exercised: 
 (1) The General Partner, shall, as soon as
practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the General Partner by such exercising party in connection with the exercise of such stock option. 

(2) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4.A(1) hereof, the General
Partner shall be deemed to have contributed to the Partnership as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of an additional Limited Partner Interest (expressed in and as additional Common Units),
an amount equal to the Value of a REIT Share as of the date of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. 

(3) An equitable Percentage Interest adjustment shall be made in which the General Partner shall be treated as having made a cash
contribution equal to the amount described in Section 4.4.A(2) hereof. 
 B. Options Granted to Partnership
Employees. If at any time or from time to time, in connection with any Stock Option Plan, a stock option granted for stock in the General Partner to a Partnership Employee is duly exercised: 

  
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 (1) The General Partner shall sell to the Optionee, and the Optionee shall purchase from the
General Partner, for a cash price per share equal to the Value of a REIT Share at the time of the exercise, the number of REIT Shares equal to (a) the exercise price payable by the Optionee in connection with the exercise of such stock option
divided by (b) the Value of a REIT Share at the time of such exercise. 
 (2) The General Partner shall sell to the
Partnership (or if the Optionee is an employee or other service provider of a Partnership Subsidiary, the General Partner shall sell to such Partnership Subsidiary), and the Partnership (or such subsidiary, as applicable) shall purchase from the
General Partner, a number of REIT Shares equal to (a) the number of REIT Shares as to which such stock option is being exercised less (b) the number of REIT Shares sold pursuant to Section 4.4.B(1) hereof. The purchase price per REIT
Share for such sale of REIT Shares to the Partnership (or such subsidiary) shall be the Value of a REIT Share as of the date of exercise of such stock option. 
 (3) The Partnership shall transfer to the Optionee (or if the Optionee is an employee or other service provider of a Partnership Subsidiary, the Partnership Subsidiary shall transfer to the Optionee) at
no additional cost, as additional compensation, the number of REIT Shares described in Section 4.4.B(2) hereof. 
 (4) The
General Partner shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership of an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other
withholdings) by the General Partner in connection with the exercise of such stock option. An equitable Percentage Interest adjustment shall be made as a result of such contribution. 

C. Restricted Stock Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with
any Equity Plan (other than a Stock Option Plan), any REIT Shares are issued to a Person other than a Partnership Employee in consideration for services performed for the General Partner: 

(1) The General Partner shall issue such number of REIT Shares as are to be issued to such Person in accordance with the Equity Plan; and

 (2) On the date (such date, the “Vesting Date”) that the Value of such shares is includible in
taxable income of such Person, the following events will be deemed to have occurred: (a) the General Partner shall be deemed to have contributed the Value of such REIT Shares to the Partnership as a Capital Contribution, and (b) the
Partnership shall issue to the General Partner on the Vesting Date a number of Common Units equal to the number of newly issued REIT Shares divided by the Adjustment Factor then in effect. 

D. Restricted Stock Granted to Partnership Employees. If at any time or from time to time, in connection with any Equity Plan
(other than a Stock Option Plan), any REIT Shares are issued to a Partnership Employee (including any REIT Shares that are subject to forfeiture in the event such Partnership Employee terminates his employment by the Partnership or the Partnership
Subsidiaries) in consideration for services performed for the Partnership or the Partnership Subsidiaries: 

  
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 (1) The General Partner shall issue such number of REIT Shares as are to be issued to the
Partnership Employee in accordance with the Equity Plan; 
 (2) On the Vesting Date, the following events will be deemed to have
occurred: (a) the General Partner shall be deemed to have sold such shares to the Partnership (or if the Partnership Employee is an employee or other service provider of a Partnership Subsidiary, to such Partnership Subsidiary) for a purchase
price equal to the Value of such shares, (b) the Partnership (or such Partnership Subsidiary) shall be deemed to have delivered the shares to the Partnership Employee, (c) the General Partner shall be deemed to have contributed the
purchase price to the Partnership as a Capital Contribution, and (d) in the case where the Partnership Employee is an employee of a Partnership Subsidiary, the Partnership shall be deemed to have contributed such amount to the capital of the
Partnership Subsidiary; and 
 (3) The Partnership shall issue to the General Partner on the Vesting Date a number of Common
Units equal to the number of newly issued REIT Shares divided by the Adjustment Factor then in effect in consideration for the Capital Contribution described in Section 4.4.D(2)(c) above. 

E. Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the General
Partner from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the General Partner, the Partnership or any of their Affiliates. The Partners acknowledge and agree that,
in the event that any such plan is adopted, modified or terminated by the General Partner, or for any other reason as determined by the General Partner, amendments to this Section 4.4 may become necessary or advisable, any approval or Consent
to any such amendments requested by the General Partner shall be deemed granted by the Limited Partners. 
 Section 4.5 Dividend
Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. 
 Except as may otherwise be provided in
this Article 4, all amounts received or deemed received by the General Partner in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be
utilized by the General Partner to effect open market purchases of REIT Shares, or (b) if the General Partner elects instead to issue new REIT Shares with respect to such amounts, shall be contributed by the General Partner to the Partnership
in exchange for additional Common Units. Upon such contribution, the Partnership will issue to the General Partner a number of Common Units equal in value to the product of (i) the Value as of the date of issuance of each REIT Share so issued
by the General Partner multiplied by (ii) the number of REIT Shares so issued. 
 Section 4.6 No Interest; No Return.

 No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account. Except as
provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

Section 4.7 Conversion or Redemption of Capital Shares. 

  
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 A. Conversion of Capital Shares. If, at any time, any of the Capital Shares are
converted into REIT Shares, in whole or in part, then a number of Partnership Units with preferences, conversion and other rights, restrictions (other than restrictions on transfer), limitations and rights as to distributions (including upon
liquidation, dissolution or winding up) and qualifications that are substantially the same as those of such Capital Shares (but, for the avoidance of doubt, shall not be required to have the same voting rights, redemption rights or restrictions on
transfer of such Capital Shares) (“Partnership Equivalent Units”) equal to the number of Capital Shares so converted shall automatically be converted into a number of Common Units equal to (i) the number of REIT Shares
issued upon such conversion divided by (ii) the Adjustment Factor then in effect, and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect such conversion. 

B. Redemption of Capital Shares or REIT Shares. If, at any time, any Capital Shares are redeemed (whether by exercise of a put or
call, automatically or by means of another arrangement) by the General Partner for cash, the Partnership shall, immediately prior to such redemption of Capital Shares, redeem an equal number of Partnership Equivalent Units held by the General
Partner upon the same terms and for the same price per Partnership Equivalent Unit as such Capital Shares are redeemed. If, at any time, any REIT Shares are redeemed or otherwise repurchased by the General Partner for cash pursuant to Article VI of
the Charter, the Partnership shall, immediately prior to such redemption of REIT Shares, redeem an equal number of Common Units held by the General Partner upon the same terms and for the same price per Common Unit as such REIT Shares are redeemed.

 Section 4.8 Other Contribution Provisions. 
 In the event that any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and
the affected Partner as if the Partnership had compensated such partner in cash and such Partner had contributed the cash that the Partner would have received to the capital of the Partnership. In addition, with the consent of the General Partner,
one or more Partners may enter into contribution agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership (and/or a wholly owned Subsidiary of the Partnership). 

ARTICLE 5 

DISTRIBUTIONS 

Section 5.1 Requirement and Characterization of Distributions. 
 Subject to the terms of Sections 16.3 and 17.2 and/or the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner shall cause the Partnership to
distribute quarterly all, or such portion as the General Partner may in its sole and absolute discretion determine, of Available Cash generated by the Partnership during such quarter to the Holders on the Partnership Record Date with respect to such
quarter: 
 (i) First, with respect to any Partnership Units that are entitled to any preference in distribution, in
accordance with the rights of such class(es) of Partnership Units 

  
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(and, within such class(es), among the Holders pro rata in proportion to their respective Percentage Interests in each class of Partnership Units held on such Partnership Record Date); and

 (ii) Second, with respect to any Partnership Units that are not entitled to any preference in distribution, in
accordance with the rights of such class of Partnership Units, as applicable (and, within such class, among the Holders pro rata in proportion to their respective Percentage Interests in such class of Partnership Units held on such Partnership
Record Date). 
 Distributions payable with respect to any Partnership Units that were not outstanding during the entire
quarterly period in respect of which any distribution is made, other than any Partnership Units issued to the General Partner in connection with the issuance of REIT Shares or Capital Shares by the General Partner, shall be prorated based on the
portion of the period that such Partnership Units were outstanding. Notwithstanding the foregoing, the General Partner, in its sole and absolute discretion, may cause the Partnership to distribute Available Cash to the Holders on a more or less
frequent basis than quarterly and provide for an appropriate record date. The General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the General Partner’s qualification as
a REIT, to cause the Partnership to distribute sufficient amounts to enable the General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for
qualifying as a REIT under the Code and Regulations (the “REIT Requirements”) and (b) except to the extent otherwise determined by the General Partner, eliminate any Federal income or excise tax liability of the General
Partner. 
 Section 5.2 Distributions in Kind. 
 Except as expressly provided herein, no right is given to any Holder to demand and receive property other than cash as provided in this Agreement. The General Partner may determine, in its sole and
absolute discretion, to make a distribution in kind of Partnership assets to the Holders, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6
and 10 hereof; provided, however, that the General Partner shall not make a distribution in kind to any Holder unless the Holder has been given 90 days prior written notice of such distribution. 

Section 5.3 Amounts Withheld. 
 All amounts withheld pursuant to the Code or any provisions of any state, local or non-United States tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any
Holder shall be treated as amounts paid or distributed to such Holder pursuant to Section 5.1 hereof for all purposes under this Agreement. 
 Section 5.4 Distributions Upon Liquidation. 
 Notwithstanding the other
provisions of this Article 5, net proceeds from a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders in
accordance with Section 13.2 hereof. 

  
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 Section 5.5 Distributions to Reflect Additional Partnership Units. 

In the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article 4 hereof, the General
Partner is hereby authorized to make such revisions to Articles 5, 6 and 12 hereof as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential
distributions to certain classes of Partnership Units. 
 Section 5.6 Restricted Distributions. 

Notwithstanding any provision to the contrary contained in this Agreement, neither the Partnership nor the General Partner, on behalf of
the Partnership, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 

ARTICLE 6 

ALLOCATIONS 

Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss. 

Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year as of the end of each
such year, provided, that the General Partner may in its discretion allocate Net Income and Net Loss for a shorter period as of the end of such period (and, for purposes of this Article 6, references to the term “Partnership
Year” may include such shorter periods). Except to the extent otherwise provided in this Article 6, and subject to Section 11.6.C hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation
of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

Section 6.2 Allocations of Net Income and Net Loss. 
 A. In General. Except as otherwise provided in this Article 6 and Section 11.6.C, Net Income and Net Loss allocable with respect to a class of Partnership Interests shall be allocated to each
of the Holders holding such class of Partnership Interests in accordance with their respective Percentage Interest of such class. 
 B. Net Income. Except as provided in Sections 6.2.E, 6.2.F and 6.3, Net Income (or in the case of clause (iv) or (vi) below, Adjusted Net Income) for any Partnership Year shall be
allocated in the following manner and order of priority: 
 (i) First, 100% to the General Partner in an amount equal to
the remainder, if any, of the cumulative Net Losses allocated to the General Partner pursuant to clause (v) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to the General Partner pursuant
to this clause (i) for all prior Partnership Years; 
 (ii) Second, 100% to each Holder in an amount equal to the
remainder, if any, of the cumulative Net Losses allocated to each such Holder pursuant to clause (iv) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holder pursuant to this clause
(ii) for all prior Partnership Years; 

  
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 (iii) Third, 100% to the Holders of Series A Preferred Units in an amount equal to
the remainder, if any, of the cumulative Net Losses allocated to such Holder pursuant to clause (iii) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holders pursuant to this clause
(iii) for all prior Partnership Years; 
 (iv) Fourth, 100% of the Adjusted Net Income (or Net Income to the extent
there is insufficient Adjusted Net Income) to the Holders of Series A Preferred Units in an amount equal to the excess of the cumulative Series A Priority Return to the last day of the current Partnership Year or to the date of redemption or
conversion, to the extent Series A Preferred Units are redeemed or converted during such year, over the cumulative Adjusted Net Income (or Net Income) allocated to the Holders of such units pursuant to this clause (iv) for all prior Partnership
Years; 
 (v) Fifth, 100% to the Holders of Series B Preferred Units in an amount equal to the remainder, if any, of the
cumulative Net Losses allocated to such Holder pursuant to clause (ii) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holders pursuant to this clause (v) for all prior
Partnership Years; 
 (vi) Sixth, any remaining Adjusted Net Income (or Net Income to the extent there is insufficient
Adjusted Net Income) to the Holders of Series B Preferred Units in an amount equal to the excess of the cumulative Series B Priority Return to the last day of the current Partnership Year or to the date of redemption, to the extent Series B
Preferred Units are redeemed during such year, over the cumulative Adjusted Net Income (or Net Income) allocated to the Holders of such units pursuant to this clause (vi) for all prior Partnership Years; and 

(vii) Seventh, 100% to the Holders of Common Units in accordance with their respective Percentage Interests in the Common Units.

 To the extent the allocations of Net Income set forth above in any paragraph of this Section 6.2.B are not sufficient to entirely
satisfy the allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard to such shortfall. 

C. Net Loss. Except as provided in Sections 6.2.E, 6.2.F and 6.3, Net Losses for any Partnership Year shall be allocated in the
following manner and order of priority: 
 (i) First, 100% to the Holders of Common Units in accordance
with their respective Percentage Interests in the Common Units (to the extent consistent with this clause (i)) until the Adjusted Capital Account (ignoring for this purpose any amounts a Holder is obligated to contribute to the capital of the
Partnership or is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2) and ignoring the portion of any such Holder’s Capital Account attributable to Series A Preferred Units or Series B Preferred Units) of
all such Holders is zero; 
 (ii) Second, 100% to the Holders of Series B Preferred Units, pro rata to each such
Holder’s Adjusted Capital Account (ignoring for this purpose any amounts a Holder is obligated to contribute to the capital of the Partnership or is deemed obligated to restore pursuant 

  
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to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so modified) of each such Holder is zero; 

(iii) Third, 100% to the Holders of Series A Preferred Units, pro rata to each such Holder’s Adjusted Capital Account
(ignoring for this purpose any amounts a Holder is obligated to contribute to the capital of the Partnership or is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so
modified) of each such Holder is zero; 
 (iv) Fourth, 100% to the Holders (other than the General Partner) to the extent
of, and in proportion to, the positive balance (if any) in their Adjusted Capital Accounts; and 
 (v) Fifth, 100% to the
General Partner. 
 D. Allocations to Reflect Issuance of Additional Partnership Interests. 

In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited Partner
pursuant to Section 4.2 or 4.3, the General Partner shall make such revisions to this Section 6.2 or to Section 12.2.C or 13.2.A as it determines are necessary to reflect the terms of the issuance of such additional Partnership
Interests, including making preferential allocations to certain classes of Partnership Interests, subject to Article 16 and Article 17 below and the terms of any Partnership Unit Designation with respect to Partnership Interests then outstanding.

 E. Special Allocations Regarding Preferred Units. 

Subject to Sections 6.2.F and 6.3, if any Preferred Units are redeemed pursuant to Section 4.7.B hereof (treating a full liquidation
of the General Partner’s General Partner Interest for purposes of this Section 6.2.E as including a redemption of any then outstanding Preferred Units pursuant to Section 4.7.B hereof), or Section 16.5 for the Partnership Year
that includes such redemption (and, if necessary, for subsequent Partnership Years) (a) gross income and gain (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder(s) of such
Preferred Units to the extent that the redemption amounts paid or payable with respect to the Preferred Units so redeemed (or treated as redeemed) exceeds the aggregate Capital Account balances allocable to the Preferred Units so redeemed (or
treated as redeemed) and (b) deductions and losses (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder(s) of such Preferred Units to the extent that the aggregate Capital
Account balances allocable to the Preferred Units so redeemed (or treated as redeemed) exceeds the redemption amount paid or payable with respect to the Preferred Units so redeemed (or treated as redeemed). 

F. Special Allocations Upon Liquidation. Notwithstanding any provision in this Article 6 to the contrary but subject to
Section 6.3, in the event that the Partnership disposes of all or substantially all of its assets in a transaction that will lead to a liquidation of the Partnership pursuant to Article 13 hereof, then any Net Income or Net Loss realized in
connection with such transaction and thereafter (and, in the discretion of the General Partner, constituent items of income, gain, loss and deduction) shall be specially allocated for such Partnership Year (and to the extent permitted by
Section 761(c) of the Code, for the immediately preceding Partnership 

  
 40 

 
Year) among the Holders as required so as to cause liquidating distributions pursuant to Section 13.2.A hereof to be made in the same amounts and proportions as would have resulted had such
distributions instead been made pursuant to Article 5 hereof. 
 G. Offsetting Allocations. Notwithstanding the
provisions of Sections 6.1, 6.2.B and 6.2.C, but subject to Sections 6.3 and 6.4, in the event Net Income or items thereof are being allocated to a Partner to offset prior Net Loss or items thereof which have been allocated to such Partner, the
General Partner shall attempt to allocate such offsetting Net Income or items thereof which are of the same or similar character (including without limitation Section 704(b) book items versus tax items) to the original allocations with respect
to such Partner. 
 Section 6.3 Additional Allocation Provisions. 

Notwithstanding the foregoing provisions of this Article 6: 
 A. Regulatory Allocations. 
 (i) Minimum Gain Chargeback. Except as
otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.2 hereof, or any other provision of this Article 6, if there is a net decrease in Partnership Minimum Gain during any Partnership Year,
each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under
Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in
accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.3.A(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be
interpreted consistently therewith. 
 (ii) Partner Minimum Gain Chargeback. Except as otherwise
provided in Regulations Section 1.704-2(i)(4) or in Section 6.3.A(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the
Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent
years) in an amount equal to such Holder's share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2).
This Section 6.3.A(ii) is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 

(iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year shall be
specially allocated to the Holders in accordance with their respective Percentage Interests with respect to Common Units. Any 

  
 41 

 
Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which
such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

(iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment, allocation or distribution
described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and
manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible; provided, that an allocation pursuant to this Section 6.3.A(iv) shall be
made if and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(iv) were not in the Agreement.
It is intended that this Section 6.3.A(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 (v) Gross Income Allocation. In the event that any Holder has a deficit Capital
Account at the end of any Partnership Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Partnership upon complete liquidation of such Holder's Partnership Interest (including, the
Holder’s interest in outstanding Preferred Units and other Partnership Units) and (2) the amount that such Holder is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences
of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible; provided,
that an allocation pursuant to this Section 6.3.A(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been
tentatively made as if this Section 6.3.A(v) and Section 6.3.A(iv) hereof were not in the Agreement. 
 (vi) Limitation on Allocation of Net Loss. To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss
shall be reallocated (x) first, among the other Holders of Common Units in accordance with their respective Percentage Interests with respect to Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as
determined by the General Partner, subject to the limitations of this Section 6.3.A(vi). 
 (vii)
Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its interest in the
Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially
allocated to the Holders in accordance with their interests in the Partnership in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the 

  
 42 

 
Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (viii) Curative Allocations. The allocations set forth in Sections 6.3.A(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the “Regulatory Allocations”) are
intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 hereof, the Regulatory Allocations shall be
taken into account in allocating other items of income, gain, loss and deduction among the Holders so that to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of
other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred. 

B. Allocation of Excess Nonrecourse Liabilities. For purposes of determining a Holder’s proportional share of the
“excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with
respect to Common Units, except as otherwise determined by the General Partner. 
 Section 6.4 Tax Allocations. 

A. In General. Except as otherwise provided in this Section 6.4, for income tax purposes under the Code and the Regulations,
each Partnership item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is
allocated pursuant to Sections 6.2 and 6.3 hereof. 
 B. Section 704(c) Allocations. Notwithstanding
Section 6.4.A hereof, Tax Items with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be
allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Partnership shall account for such variation under any method approved under
Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset
Value” (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as
under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner. Allocations pursuant to this Section 6.4.B are solely for purposes of Federal, state and local income taxes and shall not
affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Net Income, Net Loss, or any other items or distributions pursuant to any provision of this Agreement. 

  
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 ARTICLE 7 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
 Section 7.1 Management. 

A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right or obligation to participate in or exercise control or management power over the business and affairs of the Partnership, or any liability in
connection with the General Partner’s exercise of such control and management power. The General Partner may not be removed by the Partners, with or without cause, except with the consent of the General Partner. 

In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or that are granted to
the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, without limitation, Section 3.1, Section 3.2, and Section 7.3, shall have full and exclusive power
and authority, without the consent or approval of any Limited Partner, to do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise or direct the exercise of all of the powers of the Partnership under
the Act and this Agreement and to effectuate the purposes set forth in Section 3.1 hereof, including, without limitation: 

(1) the making of any expenditures, the lending or borrowing of money or selling of assets (including, without limitation, making
prepayments on loans and borrowing money to permit the Partnership to make distributions to the Holders in such amounts as will permit the General Partner (so long as the General Partner qualifies as a REIT) to prevent the imposition of any Federal
income tax on the General Partner (including, for this purpose, any excise tax pursuant to Code Section 4981) and to make distributions to its stockholders sufficient to permit the General Partner to maintain REIT status or otherwise to satisfy
the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust or other
lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that the General Partner deems necessary for the conduct of the activities of the Partnership; 

(2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having
jurisdiction over the business or assets of the Partnership; 
 (3) the taking of any and all acts necessary or prudent to
ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation under Code Section 7704; 
 (4) subject to Section 11.2 and Section 16.7 hereof, the acquisition, sale, transfer, exchange or other disposition of any, all or substantially all of the assets (including the goodwill) of the
Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with 

  
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any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 

(5) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the Partnership
in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on
any terms that the General Partner sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons
(including, without limitation, the General Partner and/or the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the
making of capital contributions to and equity investments in the Partnership’s Subsidiaries; 
 (6) the management,
operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement of any Property; 
 (7) the
negotiation, execution and performance of any contracts, including leases (including ground leases), easements, management agreements, rights of way and other property-related agreements, conveyances or other instruments that the General Partner
considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, governmental
authorities, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation, as applicable, out of the Partnership’s assets; 

(8) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding, management,
investment and reinvestment of cash and other assets of the Partnership, and the collection and receipt of revenues, rents and income of the Partnership; 
 (9) the selection and dismissal of employees of the Partnership (if any) or the General Partner (including, without limitation, employees having titles or offices such as “president,” “vice
president,” “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and contractors of the Partnership or the General Partner and the determination of their compensation and other terms of
employment or hiring; 
 (10) the maintenance of such insurance (including, without limitation, directors and officers
insurance) for the benefit of the Partnership and the Partners (including, without limitation, the General Partner) as the General Partner deems necessary or appropriate; 
 (11) the formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships, limited liability companies, joint ventures or other
relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in which the General Partner has an equity investment from time to
time); provided, 

  
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however, that, as long as the General Partner has determined to continue to qualify as a REIT, the Partnership will not engage in any such formation, acquisition or contribution
that would cause the General Partner to fail to qualify as a REIT; 
 (12) the control of any matters affecting the rights and
obligations of the Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the
Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative
proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

(13) the undertaking of any action in connection with the Partnership’s direct or indirect investment in any Subsidiary or any other
Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 
 (14) the
determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation as the General Partner may adopt; provided, however, that such methods are otherwise
consistent with the requirements of this Agreement; 
 (15) the enforcement of any rights against any Partner pursuant to
representations, warranties, covenants and indemnities relating to such Partner’s contribution of property or assets to the Partnership; 
 (16) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any asset or
investment held by the Partnership; 
 (17) the exercise of any of the powers of the General Partner enumerated in this
Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

(18) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the
Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (19) the making,
execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases, confessions of judgment or any other
legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

  
 46 

 (20) the issuance of additional Partnership Units in connection with Capital Contributions
by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article 4 hereof; 
 (21) an
election to dissolve the Partnership pursuant to Section 13.1.B hereof; 
 (22) the distribution of cash to acquire Common
Units held by a Common Limited Partner in connection with a Common Redemption under Section 15.1 hereof; 
 (23) the
distribution of cash to acquire Series A Preferred Units held by a Series A Limited Partner in connection with a Series A Redemption under Section 16.5 hereof; 
 (24) an election to acquire Tendered Common Units or Tendered Series A Units in exchange for REIT Shares; and 
 (25) the redemption of Series B Preferred Units. 
 B. Each of the Limited Partners
agrees that, except as provided in Section 7.3 hereof, the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of
the Partners or any other Persons, notwithstanding any other provision of the Act or any applicable law, rule or regulation. 

C. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty,
liability and other insurance on the Properties of the Partnership and (ii) liability insurance for the Indemnitees hereunder. 
 D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts as the General Partner, in its
sole and absolute discretion, deems appropriate and reasonable from time to time. 
 E. In exercising its authority under this
Agreement and subject to Section 7.8.B, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner of any action taken (or not taken) by it. The General Partner and the Partnership shall
not have liability to a Limited Partner under any circumstances as a result of any tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement.

 Section 7.2 Certificate of Limited Partnership. 
 To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do
all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Maryland and each other state, the District of Columbia or any other
jurisdiction, in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A hereof, the General Partner shall not be required, before or after filing, to deliver or mail a copy

  
 47 

 
of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be
reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the
State of Maryland and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 
 Section 7.3 Restrictions on General Partner’s Authority. 
 A.
Proscriptions. The General Partner may not take any action in contravention of this Agreement, including, without limitation: 
 (1) take any action that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise provided in this Agreement; 

(2) possess Partnership property, or assign any rights in specific Partnership property, for other than a Partnership purpose except as
otherwise provided in this Agreement, including, without limitation, Section 7.10; 
 (3) admit a Person as a Partner,
except as otherwise provided in this Agreement; 
 (4) perform any act that would subject a Limited Partner to liability as a
general partner in any jurisdiction or any other liability except as provided herein or under the Act; or 
 (5) enter into any
contract, mortgage, loan or other agreement that expressly prohibits or restricts, or that has the effect of prohibiting or restricting, (a) the General Partner or the Partnership from performing its specific obligations under Section 15.1
or Section 16.5.A hereof in full, (b) a Common Limited Partner from exercising its rights under Section 15.1 hereof to effect a Common Redemption in full or (c) a Series A Limited Partner from exercising its rights under
(x) Section 16.5.A hereof to effect a Series A Redemption in full or (y) under Section 16.6 hereof to effect a Series A Conversion, except, in the case of any of clauses (a), (b) or (c), with the written consent of any
Limited Partner affected by the prohibition or restriction. 
 B. Actions Requiring Consent of the Partners. Except as
provided in Section 7.3.C hereof, the General Partner shall not, without the prior Consent of the Partners, amend, modify or terminate this Agreement. 
 C. Amendments without Consent. Notwithstanding Sections 7.3.B and 14.2 hereof but subject to the terms of any Partnership Unit Designation with respect to Partnership Interests then
outstanding, the General Partner shall have the power, without the Consent of the Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

  
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 (1) to add to the obligations of the General Partner or surrender any right or power granted
to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners; 
 (2) to reflect the
admission, substitution or withdrawal of Partners, the Transfer of any Partnership Interest or the termination of the Partnership in accordance with this Agreement, and to amend Exhibit A in connection with such admission, substitution,
withdrawal or Transfer; 
 (3) to reflect a change that is of an inconsequential nature or does not adversely affect the Limited
Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that
will not be inconsistent with law or with the provisions of this Agreement; 
 (4) subject to Section 16.7, to set forth or
amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the Holders of any additional Partnership Interests issued pursuant
to Article 4; 
 (5) to reflect the termination of the class of Series A Preferred Units if and from the time that all of the
Series A Preferred Units shall no longer be, or be deemed to be, outstanding for any purpose; 
 (6) to reflect any change to
the designation or terms of the Series B Preferred Units as set forth in Article 17 or otherwise in this Agreement; 
 (7) to
satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a Federal or state agency or contained in Federal or state law (collectively, “Legal Requirements”);

 (8)(a) to reflect such changes as are reasonably necessary for the General Partner to maintain its status as a REIT or
to satisfy the REIT Requirements or (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner and any Disregarded Entity with respect to the General Partner; 

(9) to modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to Article 6 or the
manner in which Capital Accounts are adjusted, computed, or maintained (but in each case only to the extent otherwise provided in this Agreement); or 
 (10) the issuance of additional Partnership Interests in accordance with Section 4.2. 
 The
General Partner will provide reasonably prompt advance written notice to the Limited Partners whenever the General Partner proposes to take any of the foregoing actions under this Section 7.3.C. 

  
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 D. Actions Requiring Consent of Affected Partners. Notwithstanding
Sections 7.3.B, 7.3.C and 14.2 hereof, this Agreement shall not be amended, and no action may be taken by the General Partner, without the consent of each Partner adversely affected thereby, if such amendment or action would: (i) convert a
Limited Partner Interest in the Partnership into a General Partner Interest (except as a result of the General Partner acquiring such Partnership Interest); (ii) modify the limited liability of a Limited Partner; (iii) alter the rights of
any Partner to receive the distributions to which such Partner is entitled, pursuant to Article 5, Section 13.2.A, or Article 16 hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as permitted
pursuant to Sections 4.2, 7.3.C and Article 6 hereof); (iv) alter or modify the redemption rights, conversion rights, Common Unit Cash Amount or Common Unit REIT Shares Amount as set forth in Section 15.1, Section 16.5 and
Section 16.6 hereof, or amend or modify any related definitions; (v) alter or modify Section 11.2 hereof; (vi) remove, alter or amend the powers and restrictions related to REIT Requirements or permitting the General Partner to
avoid paying tax under Code Sections 857 or 4981 contained in Sections 3.1, 3.2, 7.1 and 7.3; (vii) reduce any Limited Partner’s rights to indemnification; (viii) create any liability of any Limited Partner not already
provided in this Agreement; or (ix) amend this Section 7.3.D. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Agreement without the consent specified therein. Any such
amendment or action consented to by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 
 Section 7.4 Reimbursement of the General Partner. 
 A. The General
Partner shall not be compensated for its services as General Partner of the Partnership except as provided in this Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which the General
Partner may be entitled in its capacity as the General Partner). 
 B. Subject to Sections 7.4.C and 15.12 hereof, the
Partnership shall be liable for, and shall reimburse the General Partner on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all sums expended in connection with the
Partnership’s business, including, without limitation, (i) expenses relating to the ownership of interests in and management and operation of, or for the benefit of, the Partnership, (ii) compensation of officers and employees,
including, without limitation, payments under future compensation plans, of the General Partner or the Partnership that may provide for stock units, or phantom stock, pursuant to which employees of the General Partner or the Partnership will receive
payments based upon dividends on or the value of REIT Shares, (iii) director or manager fees and expenses of the General Partner or its Affiliates, and (iv) all costs and expenses of the General Partner being a public company, including
costs of filings with the SEC, reports and other distributions to its stockholders; provided, however, that the amount of any reimbursement shall be reduced by any interest earned by the General Partner with respect to
bank accounts or other instruments or accounts held by it on behalf of the Partnership as permitted pursuant to Section 7.3 hereof; and, provided, further, that the General Partner shall not be reimbursed for expenses it
incurs relating to the organization of the Partnership and the General Partner or the initial public offering. Such reimbursements shall be in addition to any reimbursement of the General Partner as a result of indemnification pursuant to
Section 7.7 hereof. 

  
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 C. To the extent practicable, Partnership expenses shall be billed directly to and paid by
the Partnership and, subject to Section 15.12 hereof, if and to the extent any reimbursements to the General Partner or any of its Affiliates by the Partnership pursuant to this Section 7.4 constitute gross income to such Person (as
opposed to the repayment of advances made by such Person on behalf of the Partnership), such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions
for purposes of computing the Partners’ Capital Accounts. 
 Section 7.5 Outside Activities of the General Partner. 

The General Partner shall not, directly or indirectly, enter into or conduct any business, other than in connection with, (a) the
ownership, acquisition and disposition of Partnership Interests as the General Partner, (b) the management of the business of the Partnership, (c) the operation of the General Partner as a reporting company with a class (or classes) of
securities registered under the Exchange Act, (d) its operations as a REIT, (e) the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests related to the Partnership or its assets
or activities or the activities of the General Partner in its capacity as general partner of the Partnership, (f) financing or refinancing of any type related to the Partnership or its assets or activities, and (g) such activities as are
incidental thereto; provided, however, that, except as otherwise provided herein, any funds raised by the General Partner pursuant to the preceding clauses (e) and (g) shall be made available to the Partnership,
whether as Capital Contributions, loans or otherwise, as appropriate; and, provided, further, that the General Partner may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or
otherwise other than through the Partnership so long as the General Partner takes commercially reasonable measures to ensure that the economic benefits and burdens of such Property are otherwise vested in the Partnership, whether through assignment,
mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Partnership, the Partners shall negotiate in good faith to amend this Agreement, including, without limitation, the definition of
“Adjustment Factor,” to reflect such activities and the direct ownership of assets by the General Partner. Nothing contained herein shall be deemed to prohibit the General Partner from executing guarantees of Partnership debt. The General
Partner and all Disregarded Entities with respect to the General Partner, taken as a group, shall not own any assets or take title to assets (other than temporarily in connection with an acquisition prior to contributing such assets to the
Partnership) other than (i) interests in Disregarded Entities with respect to the General Partner, (ii) Partnership Interests as the General Partner and (iii) such cash and cash equivalents, bank accounts or similar instruments or
accounts as such group deems reasonably necessary, taking into account Section 7.1.D hereof and the requirements necessary for the General Partner to qualify as a REIT and for the General Partner to carry out its responsibilities contemplated
under this Agreement and the Charter. Any Limited Partner Interests acquired by the General Partner, whether pursuant to the exercise by a Limited Partner of its right to Redemption, or otherwise, shall be automatically converted into a General
Partner Interest comprised of an identical number of Partnership Units with the same terms as the class or series so acquired. 

Section 7.6 Transactions with Affiliates. 

  
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 A. The Partnership may lend or contribute funds to, and borrow funds from, Persons in which
the Partnership has an equity investment, and such Persons may borrow funds from, and lend or contribute funds to, the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing
authority shall not create any right or benefit in favor of any Person. 
 B. Except as provided in Section 7.5 hereof and
subject to Section 3.1 hereof, the Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such
terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, believes, in good faith, to be advisable. 
 C. Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates may sell, transfer or convey any property to, or purchase any property from, the Partnership,
directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. 
 D. The General Partner in its sole and absolute discretion and without the approval of the Partners or any of them or any other Persons, may propose and adopt (on behalf of the Partnership) employee
benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit
of the General Partner, the Partnership or any of the Partnership's Subsidiaries. 
 Section 7.7 Indemnification. 

A. To the fullest extent permitted by applicable law, the Partnership shall indemnify each Indemnitee from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including, without limitation, reasonable attorney’s fees and other reasonable legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims,
demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership (“Actions”) as set forth in this Agreement in which such Indemnitee may be involved,
or is threatened to be involved, as a party or otherwise; provided, however, that the Partnership shall not indemnify an Indemnitee (i) if the act or omission of the Indemnitee was material to the matter giving rise
to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, if the Indemnitee had reasonable cause to believe that the act or omission was unlawful; or
(iii) for any transaction for which such Indemnitee actually received an improper personal benefit in money, property or services or otherwise, in violation or breach of any provision of this Agreement; and provided,
further, that (x) no payments pursuant to this Agreement shall be made by the Partnership to indemnify or advance funds to any Indemnitee with respect to any Action initiated or brought voluntarily by such Indemnitee (and not by
way of defense) unless (I) approved or authorized by the General Partner or (II) incurred to establish or enforce such Indemnitee’s right to indemnification under this Agreement, and (y) the Partnership shall not be liable for any
expenses incurred by an Indemnitee in connection with one or more Actions or claims brought by the Partnership or involving such Indemnitee if such Indemnitee is found liable to the Partnership on any portion of any claim in any such Action.

  
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Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of
the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership,
to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. It is the intention of this Section 7.7.A that
the Partnership shall indemnify each Indemnitee to the fullest extent permitted by law and this Agreement. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the
requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation
against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject matter of such proceeding. Any indemnification pursuant
to this Section 7.7 shall be made only out of the assets of the Partnership, and neither the General Partner nor any other Holder shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the
Partnership to fund its obligations under this Section 7.7. 
 B. To the fullest extent permitted by law, expenses incurred
by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any Action shall be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the Action upon
receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.7.A has been met,
and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
 C. The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of
the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise
provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 
 D.
The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses
that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

E. Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership or the General Partner (whether as a
fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or 

  
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funding mechanism (whether such liabilities are in the form of excise taxes assessed by the IRS, penalties assessed by the U.S. Department of Labor, restitutions to such a plan or trust or other
funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this Section 7.7, unless such liabilities arise as a result of
(i) an act or omission of such Indemnitee that was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding,
an act or omission that such Indemnitee had reasonable cause to believe was unlawful, or (iii) any transaction in which such Indemnitee actually received an improper personal benefit in money, property or services or otherwise, in violation or
breach of any provision of this Agreement or applicable law. 
 F. Notwithstanding anything to the contrary in this Agreement,
in no event may an Indemnitee subject any of the Holders to personal liability by reason of the indemnification provisions set forth in this Agreement, and any such indemnification shall be satisfied solely out of the assets of the Partnership.

 G. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee
had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
 H. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any
other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the Partnership’s liability to any Indemnitee under this
Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when
such claims may arise or be asserted. 
 I. It is the intent of the parties that any amounts paid by the Partnership to the
General Partner pursuant to this Section 7.7 shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners’ Capital
Accounts. 
 J. The Partnership shall indemnify each Limited Partner and its Affiliates, their respective directors, officers,
stockholders and any other individual acting on its or their behalf, from and against any costs (including costs of defense) incurred by it as a result of any litigation or other proceeding in which any Limited Partner is named as a defendant or any
claim threatened or asserted against any Limited Partner, in either case which relates to the operations of the Partnership or any obligation assumed by the Partnership, unless such costs are the result of intentional harm or gross negligence on the
part of, or a breach of this Agreement by, such Limited Partner; provided, however, that no Partner shall have any personal liability with respect to the foregoing indemnification, any such indemnification to be satisfied
solely out of the assets of the Partnership. 

  
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 K. Any obligation or liability whatsoever of the General Partner which may arise at any time
under this Agreement or any other instrument, transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the General Partner or the Partnership only. No such obligation or liability shall be personally
binding upon, nor shall resort for the enforcement thereof be had to, any of the General Partner’s directors, stockholders, officers, employees, or agents, regardless of whether such obligation or liability is in the nature of contract, tort or
otherwise. 
 Section 7.8 Liability of the General Partner. 
 A. Notwithstanding anything to the contrary set forth in this Agreement, neither the General Partner nor any of its directors or officers shall be liable or accountable in damages or otherwise to the
Partnership, any Partners, or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission if the General Partner or such director or officer
acted in good faith. 
 B. The Limited Partners agree that: (i) the General Partner is acting for the benefit of the
Partnership, the Limited Partners and the General Partner’s stockholders collectively; (ii) the General Partner is under no obligation not to give priority to the separate interests of the General Partner or the stockholders of the General
Partner, and any action or failure to act on the part of the General Partner or its directors that gives priority to the separate interests of the General Partner or its stockholders that does not result in a violation of the contract rights of the
Limited Partners under this Agreement does not violate the duty of loyalty owed by the General Partner to the Partnership and/or its partners; and (iii) the General Partner shall not be liable to the Partnership or to any Partner for monetary
damages for losses sustained, liabilities incurred or benefits not derived by the Partnership or any Limited Partner in connection with such decisions, except for liability for the General Partner’s intentional harm or gross negligence.

 C. Subject to its obligations and duties as General Partner set forth in the Act and this Agreement, the General Partner may
exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents. The General Partner shall not be responsible for any misconduct or
negligence on the part of any such agent appointed by it in good faith. 
 D. Any amendment, modification or repeal of this
Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s and its officers’ and directors’ liability to the Partnership and the Limited Partners under
this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of
when such claims may arise or be asserted. 
 E. Notwithstanding anything herein to the contrary, except for liability for
intentional harm or gross negligence, or pursuant to any express indemnities given to the Partnership by any Partner pursuant to any other written instrument, no Partner shall have any personal liability whatsoever, to the Partnership or to the
other Partners, or for the debts or liabilities of the Partnership or the Partnership’s obligations hereunder, and the full recourse of the other Partner(s) shall be limited to the interest of that Partner in the Partnership. Without

  
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limitation of the foregoing, and except for liability for intentional harm or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than its
interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this
Agreement. This Agreement is executed by the officers of the General Partner solely as officers of the same and not in their own individual capacities. 
 F. To the extent that, under applicable law, the General Partner has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, the General Partner
shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or modify the duties and liabilities of the General
Partner under the Act or otherwise existing under applicable law, are agreed by the Partners to replace such other duties and liabilities of such General Partner. 
 G. Whenever in this Agreement the General Partner is permitted or required to make a decision in its “sole and absolute discretion,” “sole discretion” or “discretion” or
under a grant of similar authority or latitude, the General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any
interest or factors affecting the Partnership or the Partners or any of them, or (ii) in its “good faith” or under another expressed standard, the General Partner shall act under such express standard and shall not be subject to any
other or different standards imposed by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or otherwise. If any question should arise with respect to the operation of the Partnership, which is not
otherwise specifically provided for in this Agreement or the Act, or with respect to the interpretation of this Agreement, the General Partner is hereby authorized to make a final determination with respect to any such question and to interpret this
Agreement in such a manner as it shall deem, in its sole discretion, to be fair and equitable, and its determination and interpretations so made shall be final and binding on all parties. The General Partner’s “sole and absolute
discretion,” “sole discretion” and “discretion” under this Agreement shall be exercised in good faith. 

Section 7.9 Other Matters Concerning the General Partner. 
 A. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond,
debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 
 B. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and
advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within such Person’s professional or expert competence shall be
conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

  
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 C. The General Partner shall have the right, in respect of any of its powers or obligations
hereunder, to act through any of its duly authorized officers or agents and a duly appointed attorney or attorneys-in-fact (including, without limitation, officers and directors of the General Partner). Each such attorney shall, to the extent
provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty that is permitted or required to be done by the General Partner hereunder. 

D. Notwithstanding any other provision of this Agreement or any non-mandatory provision of the Act, any action of the General Partner on
behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability
of the General Partner to continue to qualify as a REIT, (ii) for the General Partner otherwise to satisfy the REIT Requirements, (iii) for the General Partner to avoid incurring any taxes under Code Section 857 or Code
Section 4981, or (iv) for any General Partner Affiliate to continue to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), is expressly authorized under this Agreement and is deemed
approved by all of the Limited Partners. 
 Section 7.10 Title to Partnership Assets. 

Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the
Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in
the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner; provided, that in all cases the General Partner shall use its reasonable
efforts to cause beneficial title to such assets to be vested, directly or indirectly, in the Partnership as soon as practicable and beneficial to the Partnership and the General Partner; and provided, further, that the
General Partner hereby declares and warrants that (i) any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner or such
nominee or Affiliate for the use and benefit of the Partnership in accordance with the provisions of this Agreement and (ii) the General Partner shall use its reasonable efforts to cause beneficial title to such assets to be vested, directly or
indirectly, in the Partnership as soon as practicable and beneficial to the Partnership and the General Partner. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which
legal title to such Partnership assets is held. 
 Section 7.11 Reliance by Third Parties. 

Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner has full power and authority, without the consent or approval of any other Partner, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the
Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited
Partner hereby waives any and all defenses 

  
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or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person
dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner or its
representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming
thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was
duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the
Partnership. 
 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.1 Limitation of
Liability. 
 No Limited Partner shall have any liability under this Agreement except as expressly provided in this Agreement
(including, without limitation, Section 10.4 hereof) or under the Act. 
 Section 8.2 Management of Business. 

No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, member, employee, partner,
agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in, or have any liability in respect of, the operations, management or control (within the meaning of the Act) of the
Partnership's business, transact any business in the Partnership's name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer,
director, member, employee, partner, agent, representative, or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the
Limited Partners or Assignees under this Agreement. 
 Section 8.3 Outside Activities of Limited Partners. 

Subject to any agreements entered into pursuant to Section 7.6 hereof and any other agreements entered into by a Limited Partner or
any of its Affiliates with the General Partner, the Partnership or a Subsidiary (including, without limitation, any employment agreement), any Limited Partner and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or
stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities that are in direct or indirect
competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee.
Subject to such agreements, none of the Limited Partners nor any other Person shall 

  
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have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner), and such Person shall
have no obligation pursuant to this Agreement, subject to Section 7.6 hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or a Subsidiary, to offer any interest in any
such business ventures to the Partnership, any Limited Partner, or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. In
deciding whether to take any actions in such capacity, the Limited Partners and their respective Affiliates shall be under no obligation to consider the separate interests of the Partnership or Subsidiary Entities and to the maximum extent permitted
by applicable law shall have no fiduciary duties or similar obligations to the Partnership or any other Partners, or to any Subsidiary Entities, and shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not
derived by the other Partners in connection with such acts except for liability for intentional harm or gross negligence. 
 Section 8.4
Return of Capital. 
 Except pursuant to the rights of Common Redemption and Series A Redemption set forth in
Section 15.1 and Section 16.5 hereof, respectively, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of
the Partnership as provided herein. Except to the extent provided in Articles 5 and 6 hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either
as to the return of Capital Contributions or as to profits, losses or distributions. 
 Section 8.5 Rights of Limited Partners Relating
to the Partnership. 
 A. In addition to other rights provided by this Agreement or by the Act, and except as limited by
Section 8.5.C hereof, (i) the General Partner shall deliver to each Limited Partner a copy of any information mailed to all of the common stockholders of the General Partner as soon as practicable after such mailing and (ii) each
Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at the Partnership’s
expense: 
 (1) to obtain a copy of the most recent annual and quarterly reports of the General Partner; 

(2) to obtain a copy of the Partnership’s Federal, state and local income tax returns for each Partnership Year; 

(3) to obtain a current list of the name and last known business, residence or mailing address of each Partner; 

(4) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with executed copies of all powers of
attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and 

  
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 (5) to obtain true and full information regarding the amount of cash and a description and
statement of any other property or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner. 

B. The Partnership shall notify any Limited Partner that is a Qualifying Common Party or Qualifying Series A Party, on request, of the
then current Adjustment Factor and any change made to the Adjustment Factor shall be set forth in the quarterly report required by Section 9.3.B hereof immediately following the date such change becomes effective. 

C. Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners (or
any of them), for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner believes to be in the nature of trade secrets or other information the
disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or the General Partner or (ii) the Partnership or the General Partner is required by law or by agreement to keep confidential.

 D. Upon written request by any Limited Partner, the General Partner shall cause the ownership of Partnership Units by such
Limited Partner to be evidenced by a certificate for units substantially the form as the General Partner may determine with respect to any class of Partnership Units issued from time to time under this Agreement. Any officer of the General Partner
may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Partnership alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by
the person claiming the certificate to be lost, destroyed, stolen or mutilated. Unless otherwise determined by an officer of the General Partner, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal
representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Partnership a bond in such sums as the General Partner may direct as indemnity against any claim that may be made against
the Partnership. 
 Section 8.6 Partnership Right to Call Limited Partner Interests. 

Notwithstanding any other provision of this Agreement, on and after the date on which the aggregate Percentage Interests of the Limited
Partners are less than one percent (1%) (treating Series A Preferred Units as converted to Common Units), the Partnership shall have the right, but not the obligation, from time to time and at any time to redeem any and all outstanding Limited
Partner Interests by treating any Limited Partner as a Common Tendering Party or Series A Tendering Party, as applicable, who has delivered a Common Unit Notice of Redemption or Series A Notice of Redemption for the amount of Common Units or Series
A Preferred Units to be specified by the General Partner, in its sole and absolute discretion, by notice to such Limited Partner that the Partnership has elected to exercise its rights under this Section 8.6. Such notice given by the General
Partner to a Limited Partner pursuant to this Section 8.6 shall be treated as if it were a Common Unit Notice of Redemption or Series A Unit Notice Redemption delivered to the General Partner by such Limited Partner. For purposes of this
Section 8.6, (a) any Limited Partner (whether or not otherwise a Qualifying Common Party or Qualifying Series A Party) may, in the General Partner's sole and absolute discretion, be treated as a Qualifying Common

  
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Party or Qualifying Series A Party that is a Common Tendering Party or Series A Tendering Party, as applicable, and (b) the provisions of Sections 15.1.F(2), 15.1.F(3), 16.5.A(7)(ii)
and 16.5.A(7)(iii) hereof shall not apply, but the remainder of Section 15.1 or 16.5 hereof shall apply, mutatis mutandis. 

Section 8.7 Rights as Objecting Partner 
 No Limited Partner and no Holder of a Partnership Interest shall be entitled to exercise any of the rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the Maryland General
Corporation Law or any successor statute in connection with a merger of the Partnership. 
 ARTICLE 9 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 Section 9.1 Records and Accounting. 
 A. The General Partner shall keep
or cause to be kept at the principal place of business of the Partnership any records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership's
business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.5.A, Section 9.3 or Article 13
hereof. Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on any information storage device, provided, that the records so maintained are convertible into clearly legible
written form within a reasonable period of time. 
 B. The books of the Partnership shall be maintained, for financial and tax
reporting purposes, on an accrual basis in accordance with generally accepted accounting principles, or on such other basis as the General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and
principles, the Partnership and the General Partner may operate with integrated or consolidated accounting records, operations and principles. 

Section 9.2 Partnership Year. 
 For purposes of this Agreement, “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year unless otherwise required by the Code. 

Section 9.3 Reports. 

A. As soon as practicable, but in no event later than one hundred five (105) days after the close of each Partnership Year, the
General Partner shall cause to be mailed to each Limited Partner of record as of the close of the Partnership Year, financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis
with the General Partner, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General
Partner. 

  
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 B. As soon as practicable, but in no event later than sixty (60) days after the close
of each calendar quarter (except the last calendar quarter of each year), the General Partner shall cause to be mailed to each Limited Partner of record as of the last day of the calendar quarter, a report containing unaudited financial statements
of the Partnership for such calendar quarter, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, and such other information as may be required by applicable law or regulation or as the
General Partner determines to be appropriate. 
 C. The General Partner shall have satisfied its obligations under
Section 9.3.A and Section 9.3.B by posting or making available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the General Partner, provided, that such reports
are able to be printed or downloaded from such website. 
 D. At the request of any Limited Partner, the General Partner shall
provide access to the books, records and workpapers upon which the reports required by this Section 9.3 are based, to the extent required by the Act. 
 ARTICLE 10 
 TAX MATTERS 

Section 10.1 Preparation of Tax Returns. 
 The General Partner shall arrange for the preparation and timely filing of all returns with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for Federal
and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by Limited Partners for Federal and state income tax and any other
tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to the Contributed Properties as is readily available to the Limited Partners, including tax basis and other relevant information,
as may be reasonably requested by the General Partner from time to time. 
 Section 10.2 Tax Elections. 

Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any
available election pursuant to the Code, including, but not limited to, the election under Code Section 754. The General Partner shall have the right to seek to revoke any such election (including, without limitation, any election under Code
Section 754) upon the General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 
 Section 10.3 Tax Matters Partner. 
 A. The General Partner shall be the
“tax matters partner” of the Partnership for Federal income tax purposes. The tax matters partner shall receive no compensation for its services. All third-party costs and expenses incurred by the tax matters partner in performing its
duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in addition to any reimbursement pursuant to Section 7.4 hereof. Nothing herein 

  
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shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder. 

B. The tax matters partner is authorized, but not required: 
 (1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income
tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters partner may expressly state
that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax
matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner (as the case may be) or (ii) who is a “notice partner” (as defined in Code Section 6231) or a member of a “notice
group” (as defined in Code Section 6223(b)(2)); 
 (2) in the event that a notice of a final administrative adjustment
at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the tax matters partner, to seek judicial review of such Final Adjustment, including the
filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership's principal
place of business is located; 
 (3) to intervene in any action brought by any other Partner for judicial review of a Final
Adjustment; 
 (4) to file a request for an administrative adjustment with the IRS at any time and, if any part of such request
is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
 (5) to enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected
by such item; and 
 (6) to take any other action on behalf of the Partners or any of them in connection with any tax audit or
judicial review proceeding to the extent permitted by applicable law or regulations. 
 The taking of any action and the incurring of any
expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General
Partner set forth in Section 7.7 hereof shall be fully applicable to the tax matters partner in its capacity as such. 
 Section 10.4
Withholding. 

  
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 Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of
or with respect to such Limited Partner any amount of Federal, state, local or foreign taxes that the General Partner determines the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited
Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Section 1441, Code Section 1442, Code Section 1445 or Code Section 1446. Any amount
withheld with respect to a Limited Partner pursuant to this Section 10.4 shall be treated as paid or distributed, as applicable, to such Limited Partner for all purposes under this Agreement. Any amount paid on behalf of or with respect to a
Limited Partner, in excess of any such withheld amount, shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within thirty (30) days after the affected Limited Partner receives
written notice from the General Partner that such payment must be made; provided, that the Limited Partner shall not be required to repay such deemed loan if either (i) the Partnership withholds such payment from a distribution
that would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the Available Cash of the Partnership that would, but for such payment,
be distributed to the Limited Partner. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street
Journal (but not higher than the maximum lawful rate) from the date such amount is due (i.e., thirty (30) days after the Limited Partner receives written notice of such amount) until such amount is paid in full. 

Section 10.5 Organizational Expenses. 
 The General Partner may cause the Partnership to elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a 180-month period as provided in Section 709 of the Code.

 ARTICLE 11 
 PARTNER TRANSFERS AND WITHDRAWALS 
 Section 11.1 Transfer. 

A. No part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal
process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 
 B. No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any Transfer or purported Transfer of a
Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio. 
 C. No Transfer
of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse
Liability, 

  
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without the consent of the General Partner in its sole and absolute discretion; provided, however, that as a condition to such consent, the lender may be required to
enter into an arrangement with the Partnership and the General Partner to redeem or exchange for the Common Unit REIT Shares Amount or Series A REIT Shares Amount, as applicable, any Partnership Units in which a security interest is held by such
lender simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code (provided, that for purpose of
calculating the Common Unit REIT Shares Amount or Series A REIT Shares Amount, as applicable, in this Section 11.1.C, “Tendered Common Units” or “Tendered Series A Units,” as applicable, shall mean all such Partnership Units
in which a security interest is held by such lender). 
 Section 11.2 Transfer of General Partner’s Partnership Interest.

 A. Except as provided in this Section 11.2 and subject to Section 16.7 below and the rights of any Holder of any
Partnership Interest set forth in a Partnership Unit Designation, the General Partner shall not voluntarily withdraw from the Partnership and shall not Transfer all or any portion of its interest in the Partnership (whether by sale, disposition,
statutory merger or consolidation, liquidation or otherwise) without the Consent of the Common Limited Partners, which may be given or withheld by each such Common Limited Partner in its sole and absolute discretion. It is a condition to any
Transfer of a Partnership Interest of a General Partner otherwise permitted hereunder (including any Transfer permitted pursuant to Section 11.2.B) that: (i) the transferee is admitted as a General Partner pursuant to Section 12.1
hereof; (ii) the transferee assumes, by operation of law or express agreement, all of the obligations of the transferor General Partner under this Agreement with respect to such Transferred Partnership Interest; and (iii) the transferee
has executed such instruments as may be necessary to effectuate such admission and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired and the
admission of such transferee as a General Partner. 
 B. Certain Transactions of the General Partner. Subject to
Section 16.7 below and the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner may not (a) merge, consolidate or otherwise combine its assets with another entity, (b) sell
all or substantially all of its assets not in the ordinary course of the Partnership’s business or (c) reclassify, recapitalize or change any outstanding shares of the General Partner’s stock or other outstanding equity interests
other than in connection with a stock split, reverse stock split, stock dividend change in par value, increase in authorized shares, designation or issuance of new classes of equity securities or any event that does not require the approval of the
General Partner’s stockholders (each, a “Termination Transaction”) unless: 
 (i) the Termination
Transaction has been approved by the Consent of the Partners and, in connection with such Termination Transaction, all of the Common Limited Partners will receive, or will have the right to elect to receive, for each Partnership Unit an amount of
cash, securities or other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one REIT Share pursuant to the terms of such
Termination Transaction; provided, that if, in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the outstanding REIT

  
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Shares, each holder of Partnership Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Partnership
Units would have received had it exercised its right to redemption pursuant to Article 15 hereof and received REIT Shares in exchange for its Partnership Units immediately prior to the expiration of such purchase, tender or exchange offer and
had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; or 
 (ii) all of the following conditions are met: (w) substantially all of the assets directly or indirectly owned by the surviving entity are owned directly or indirectly by the Partnership or another
limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the “Surviving Partnership”); (x) the Common Limited Partners
own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction;
(y) the rights, preferences and privileges of Common Limited Partners in the Surviving Partnership are at least as favorable as those in effect immediately prior to the consummation of such transaction and as those applicable to any other
limited partners or non-managing members of the Surviving Partnership (other than the Series A Limited Partners or holders of other Preferred Units); and (z) the rights of the Common Limited Partners include at least one of the following:
(a) the right to redeem their interests in the Surviving Partnership for the consideration available to such persons pursuant to Section 11.2.B(i) or (b) the right to redeem their interests in the Surviving Partnership for cash on
terms equivalent to those in effect with respect to their Common Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such
common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares. 
 C. In connection with any transaction permitted by Section 11.2.B hereof, the relative fair market values shall be reasonably determined by the General Partner as of the time of such transaction and,
to the extent applicable, shall be no less favorable to the Limited Partners than the relative values reflected in the terms of such transaction. 
 Section 11.3 Limited Partners’ Rights to Transfer. 
 A.
General. Prior to the end of the first Fourteen-Month Period, no Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without the consent of the General Partner, which consent may be withheld in its
sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without the consent of the General Partner, (i) Transfer all or part of its Partnership Interest to any Family Member, any
Charity, any Controlled Entity or any Affiliate, or, in the case of an Original Limited Partner, to such Original Limited Partner’s shareholders, members, partners or beneficiaries, as the case may be, or (ii) pledge (a
“Pledge”) all or any portion of its Partnership Interest to a lending institution that is not an Affiliate of such Limited Partner as collateral or security for a bona fide loan or other extension of credit, and, except as
provided in Section 11.1.C, Transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension of credit (any Transfer or Pledge permitted by this proviso is
hereinafter referred to as a “Permitted Transfer”). After such first Fourteen-Month Period, each Limited 

  
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Partner, and each transferee of Partnership Units or Assignee pursuant to a Permitted Transfer, shall have the right to Transfer all or any portion of its Partnership Interest to any Person
without the consent of the General Partner, subject to the provisions of Sections 11.1.C and 11.4 hereof and to satisfaction of each of the following conditions (in addition to the right of such Limited Partner or permitted transferee thereof
to continue to make Permitted Transfers without the need to satisfy clauses (i) through (v) below): 
 (i) General
Partner Right of First Refusal. The transferring Partner (or the Partner’s estate in the event of the Partner’s death) shall give written notice of the proposed Transfer to the General Partner, which notice shall state (i) the
identity and address of the proposed transferee and (ii) the amount and type of consideration proposed to be received for the Transferred Partnership Units. The General Partner shall have ten (10) Business Days upon which to give the
Transferring Partner notice of its election to acquire the Partnership Units on the terms set forth in such notice. If it so elects, it shall purchase the Partnership Units on such terms within ten (10) Business Days after giving notice of such
election; provided, however, that such closing may be deferred for up to forty-five (45) days to the extent necessary to effect compliance with the Hart-Scott-Rodino Antitrust Act, if applicable, and any other
applicable requirements of law. If it does not so elect, the Transferring Partner may Transfer such Partnership Units to a third party, on terms no more favorable to the transferee than the proposed terms, subject to the other conditions of this
Section 11.3. 
 (ii) Qualified Transferee. Any Transfer of a Partnership Interest shall be made only to a Qualified
Transferee. 
 (iii) Opinion of Counsel. The Transferor shall deliver or cause to be delivered to the General Partner an
opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of the Securities Act and the
regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred; provided, however, that the General Partner may, in its sole
discretion, waive this condition upon the request of the Transferor. If, in the opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act or would otherwise violate any Federal or state
securities laws or regulations applicable to the Partnership or the Partnership Units, the General Partner may prohibit any Transfer otherwise permitted under this Section 11.3 by a Limited Partner of Partnership Interests. 

(iv) Minimum Transfer Restriction. Any Transferring Partner must Transfer not less than the lesser of (i) five hundred
(500) Partnership Units or (ii) all of the remaining Partnership Units owned by such Transferring Partner, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion; provided,
however, that, for purposes of determining compliance with the foregoing restriction, all Partnership Units owned by Affiliates of a Limited Partner shall be considered to be owned by such Limited Partner. 

(v) Exception for Permitted Transfers. The conditions of Sections 11.3.A(i) through 11.3.A(iv) hereof shall not apply in the
case of a Permitted Transfer. 

  
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 It is a condition to any Transfer otherwise permitted hereunder (whether or not such Transfer is a Permitted
Transfer or effected during or after the first Fourteen-Month Period) that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred
Partnership Interest, and no such Transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the
transferor Partner of its obligations under this Agreement without the approval of the General Partner, in its sole and absolute discretion. Notwithstanding the foregoing, any transferee of any Transferred Partnership Interest shall be subject to
any and all restrictions on ownership or transfer of stock of the General Partner contained in the Charter that may limit or restrict such transferee’s ability to exercise its redemption rights, including, without limitation, the Ownership
Limit. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by
operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof. 
 B. Incapacity. If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all
the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such power as the Incapacitated Limited Partner possessed to Transfer all or any part of its
interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 
 C. Adverse Tax Consequences. Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the authority (but shall not be required) to take any steps it determines are
necessary or appropriate in its sole and absolute discretion to prevent the Partnership from being taxable as a corporation for Federal income tax purposes. In furtherance of the foregoing, except with the consent of the General Partner, which may
be given or withheld in its sole and absolute discretion, no Transfer by a Limited Partner of its Partnership Interests (including any redemption, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership
Units by the Partnership) may be made to or by any Person if such Transfer could (i) result in the Partnership being treated as an association taxable as a corporation; (ii) result in a termination of the Partnership under Code
Section 708; (iii) be treated as effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 and the Regulations
promulgated thereunder, or (iv) result in the Partnership being unable to qualify for one or more of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting
forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe
Harbors”). 
 D. Restrictions Not Applicable to Redemptions or Conversions. The provisions of this
Section 11.3 (other than Section 11.3.C) shall not apply to the redemption of Common Units pursuant to Section 15.1, the redemption or conversion of Series A Units pursuant to Section

  
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16.5 or 16.6 or the redemption or conversion of any other Partnership Units pursuant to the terms of any Partnership Unit Designation. 
 Section 11.4 Admission of Substituted Limited Partners. 
 A. No Limited
Partner shall have the right to substitute a transferee (including any transferees pursuant to Transfers permitted by Section 11.3 hereof) as a Limited Partner in its place. A transferee of the Partnership Interest of a Limited Partner may be
admitted as a Substituted Limited Partner only with the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The failure or refusal by the General Partner to permit a
transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Limited
Partner until and unless it furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, (ii) a
counterpart signature page to this Agreement executed by such Assignee and (iii) such other documents and instruments as may be required or advisable, in the sole and absolute discretion of the General Partner, to effect such Assignee's
admission as a Substituted Limited Partner. 
 B. Concurrently with, and as evidence of, the admission of a Substituted Limited
Partner, the General Partner shall amend Exhibit A and the books and records of the Partnership to reflect the name, address and number and class and/or series of Partnership Units of such Substituted Limited Partner and to eliminate or
adjust, if necessary, the name, address and number of Partnership Units of the predecessor of such Substituted Limited Partner. 

C. A transferee who has been admitted as a Substituted Common Limited Partner in accordance with this Article 11 shall have all the
rights and powers and be subject to all the restrictions and liabilities of a Common Limited Partner under this Agreement. 
 D.
A transferee who has been admitted as a Substituted Series A Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Series A Limited Partner under this
Agreement. 
 Section 11.5 Assignees. 
 If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 hereof as a Substituted Limited Partner, as described in
Section 11.4 hereof, or in the event that any Interest is deemed to be Transferred notwithstanding the restrictions set forth in this Article 11, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall
be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction
and credit of the Partnership attributable to the Partnership Units assigned to such transferee and the rights to Transfer the Partnership Units provided in this Article 11, but shall not be deemed to be a holder of Partnership Units for any
other purpose under this Agreement (other than as expressly provided in Section 15.1, Section 16.5 and Section 

  
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16.6 hereof), and shall not be entitled to effect a Consent or vote with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or
vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). In the event that any such transferee desires to make a further Transfer of any such Partnership Units, such Transfer shall be
subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make a Transfer of Partnership Units. 
 Section 11.6 General Provisions. 
 A. No Limited Partner may withdraw
from the Partnership other than as a result of (i) a permitted Transfer of all of such Limited Partner’s Partnership Units in accordance with this Article 11, with respect to which the transferee becomes a Substituted Limited Partner,
or (ii) pursuant to a redemption (or acquisition by the General Partner) of all of its Partnership Units pursuant to a redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation. 

B. Any Limited Partner who shall Transfer all of its Partnership Units in a Transfer (i) permitted pursuant to this Article 11
where such transferee was admitted as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to Sections 15.1 or 16.5 hereof and/or pursuant to any
Partnership Unit Designation or (iii) to the General Partner, whether or not pursuant to Section 15.1.B hereof, shall cease to be a Limited Partner. 
 C. If any Partnership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Partnership, or acquired by the General Partner pursuant to Section 15.1 or
16.5 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership Unit for such Partnership Year
shall be allocated to the transferor Partner, the Common Tendering Party or the Series A Tendering Party (as the case may be) and, in the case of a Transfer other than a redemption, to the transferee Partner, by taking into account their varying
interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the General Partner. Solely for purposes of making such
allocations, unless the General Partner decides to use another method permitted under the Code, each of such items for the calendar month in which a Transfer occurs shall be allocated to the transferee Partner and none of such items for the calendar
month in which a Transfer or a redemption occurs shall be allocated to the transferor Partner, or the Common Tendering Party or Series A Tendering Party (as the case may be), if such Transfer occurs on or before the fifteenth (15th) day of the
month, otherwise such items shall be allocated to the transferor. All distributions of Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or
redemption shall be made to the transferor Partner or the Common Tendering Party or Series A Tendering Party (as the case may be) and, in the case of a Transfer other than a redemption, all distributions of Available Cash thereafter attributable to
such Partnership Unit shall be made to the transferee Partner. 

  
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 D. Notwithstanding anything to the contrary in this Agreement and in addition to any other
restrictions on Transfer herein contained, in no event may any Transfer of a Partnership Interest by any Partner (including any redemption, any acquisition of Partnership Units by the General Partner or any other acquisition of Partnership Units by
the Partnership) be made: (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) except with the consent of the General Partner, which may be
given or withheld in its sole and absolute discretion, of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) in
the event that such Transfer could cause either the General Partner or any General Partner Affiliate to cease to comply with the REIT Requirements or to cease to qualify as a “qualified REIT subsidiary” (within the meaning of Code
Section 856(i)(2)); (v) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if such Transfer could, based on the advice of counsel to the Partnership or the General Partner,
cause a termination of the Partnership for Federal or state income tax purposes (except as a result of the redemption (or acquisition by the General Partner) of all Partnership Units held by all Limited Partners); (vi) if such Transfer could,
based on the advice of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for Federal income tax purposes (except as a result of the redemption (or acquisition by the General Partner) of all
Partnership Units held by all Limited Partners); (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in ERISA
Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) if such Transfer could, based on the advice of counsel to the Partnership or the General Partner, cause any portion of the assets of the
Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (ix) if such Transfer requires the registration of such Partnership Interest pursuant to any applicable Federal
or state securities laws; (x) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if such Transfer (1) could be treated as effectuated through an “established securities
market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and the Regulations promulgated thereunder, (2) could cause the Partnership to become a “publicly
traded partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code, (3) could be in violation of Section 3.4.C(iii), or (4) could cause the Partnership to fail one or more of the Safe Harbors;
(xi) if such Transfer causes the Partnership (as opposed to the General Partner) to become a reporting company under the Exchange Act; or (xii) if such Transfer subjects the Partnership to regulation under the Investment Company Act of
1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 
 E. Transfers pursuant to this Article 11 may only
be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 
 ARTICLE 12

 ADMISSION OF PARTNERS 
 Section 12.1 Admission of Successor General Partner. 

  
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 A successor to all of the General Partner’s General Partner Interest pursuant to
Section 11.2 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately upon such Transfer. Any such successor shall carry on the business of the
Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or
instruments as may be required to effect the admission. Upon any such Transfer, the transferee shall become the successor General Partner for all purposes herein, and shall be vested with the powers and rights of the transferor General Partner, and
shall be liable for all obligations and responsible for all duties of the General Partner. Upon any such Transfer and the admission of any such transferee as a successor General Partner, the transferor shall be relieved of its obligations under this
Agreement and shall cease to be a general partner of the Partnership without the separate Consent of the Common Limited Partners or the consent or approval of any other Partners. Concurrently with, and as evidence of, the admission of such a
successor General Partner, the General Partner shall amend Exhibit A and the books and records of the Partnership to reflect the name, address and number and class and/or series of Partnership Units of such successor General Partner.

 Section 12.2 Admission of Additional Limited Partners. 
 A. After the admission to the Partnership of the Original Limited Partners, a Person (other than an existing Partner) who makes a Capital Contribution to the Partnership in exchange for Partnership Units
and in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of
all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature page to this Agreement executed by such Person and (iii) such other
documents or instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. Concurrently with, and as evidence of, the admission of an
Additional Limited Partner, the General Partner shall amend Exhibit A and the books and records of the Partnership to reflect the name, address and number and class and/or series of Partnership Units of such Additional Limited Partner.

 B. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited
Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited Partner shall become effective on the date
upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission and the satisfaction of all the conditions set forth in Section 12.2.A. 

C. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net
Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Partnership Year shall be allocated among such Additional Limited Partner and all other Holders by taking into
account their varying interests during the Partnership Year in accordance with 

  
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Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the General Partner. Solely for purposes of making such allocations,
each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Holders including such Additional Limited Partner, in accordance with the principles described in
Section 11.6.C hereof. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner, and all
distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 
 D. Any Additional Limited Partner admitted to the Partnership that is an Affiliate of the General Partner shall be deemed to be a “General Partner Affiliate” hereunder and shall be reflected as
such on Exhibit A and the books and records of the Partnership. 
 Section 12.3 Amendment of Agreement and Certificate of Limited
Partnership. 
 For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and
appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an
amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.4 Limit on Number of Partners. 
 Unless otherwise permitted by the General Partner in its sole and absolute discretion, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would
be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange Act. 

Section 12.5 Admission. 
 A Person shall be admitted to the Partnership as a limited partner of the Partnership or a general partner of the Partnership only upon strict compliance, and not upon substantial compliance, with the
requirements set forth in this Agreement for admission to the Partnership as a Limited Partner or a General Partner. 

ARTICLE 13 

DISSOLUTION, LIQUIDATION AND TERMINATION 
 Section 13.1 Dissolution. 
 The Partnership shall not be dissolved by
the admission of Substituted Limited Partners or Additional Limited Partners, or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General
Partner shall continue the business of the Partnership without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating
Event”): 

  
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 A. an event of withdrawal as defined in Section 10-402(2) – (9) of the Act
(including, without limitation, bankruptcy), or the withdrawal in violation of this Agreement, of the last remaining General Partner unless, within ninety (90) days after the withdrawal, a Majority in Interest of the Limited Partners remaining
agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a successor General Partner; 

B. an election to dissolve the Partnership made by the General Partner in its sole and absolute discretion, with or without the Consent
of the Partners; 
 C. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

 D. any sale or other disposition of all or substantially all of the assets of the Partnership not in the ordinary course of
the Partnership’s business or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership not in the ordinary course of the Partnership’s
business; or 
 E. the redemption or other acquisition by the Partnership or the General Partner of all Partnership Units other
than Partnership Units held by the General Partner. 
 Section 13.2 Winding Up. 

A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an
orderly manner, liquidating its assets and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary to or appropriate for, the
winding up of the Partnership's business and affairs. The General Partner (or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any
Person elected by a Majority in Interest of the Limited Partners (the General Partner or such other Person being referred to herein as the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of
the Partnership and shall take full account of the Partnership's liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to
the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 
 (1) First, to the satisfaction of all of the Partnership’s debts and liabilities to creditors other than the Holders (whether by payment or the making of reasonable provision for payment
thereof); 
 (2) Second, to the satisfaction of all of the Partnership’s debts and liabilities to the General
Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.4 hereof; 

  
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 (3) Third, to the satisfaction of all of the Partnership’s debts and liabilities
to the other Holders (whether by payment or the making of reasonable provision for payment thereof); and 
 (4) Fourth,
to the Partners in accordance with their positive Capital Account balances, determined after taking into account all Capital Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs (other than
those made as a result of the liquidating distribution set forth in this Section 13.2.A(4)). 
 The General Partner shall not
receive any additional compensation for any services performed pursuant to this Article 13, other than reimbursement of its expenses as set forth in Section 7.4. 
 B. Notwithstanding the provisions of Section 13.2.A hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon
dissolution of the Partnership, the Liquidator determines that an immediate sale of part or all of the Partnership's assets would be impractical or would cause undue loss to the Holders, the Liquidator may, in its sole and absolute discretion, defer
for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership (including to those Holders as creditors) and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance
with the provisions of Section 13.2.A hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the
Liquidator, such distributions in kind are in the best interest of the Holders, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any
agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 

C. If any Holder has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations
for all taxable years, including the year during which such liquidation occurs), except as otherwise agreed to by such Holder, such Holder shall have no obligation to make any contribution to the capital of the Partnership with respect to such
deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 
 D. In the sole and absolute discretion of the General Partner or the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Holders pursuant to this Article 13 may
be: 
 (1) distributed to a trust established for the benefit of the General Partner and the Holders for the purpose of
liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership and/or
Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the General Partner, in the same proportions and amounts as would otherwise have been distributed to the
Holders pursuant to this Agreement; or 

  
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 (2) withheld or escrowed to provide a reasonable reserve for Partnership liabilities
(contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of priority set forth
in Section 13.2.A hereof as soon as practicable. 
 E. In the event of the liquidation of the Partnership in accordance
with the terms of this Agreement, the Liquidator may sell Partnership property. The liquidation of the Partnership shall not be deemed finally terminated until the Partnership shall have received cash payments in full with respect to
obligations such as notes, purchase money mortgages, installment sale contracts or other similar receivables received by the Partnership in connection with the sale of Partnership assets and all obligations of the Partnership have been satisfied or
assumed by the General Partner. The Liquidator shall continue to act to enforce all of the rights of the Partnership pursuant to any such obligations until paid in full or otherwise discharged or settled. 

Section 13.3 Deemed Contribution and Distribution. 
 Notwithstanding any other provision of this Article 13, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event
has occurred, the Partnership’s Property shall not be liquidated, the Partnership's liabilities shall not be paid or discharged and the Partnership's affairs shall not be wound up. Instead, for Federal income tax purposes the Partnership shall
be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and immediately thereafter, distributed Partnership Units to the Partners in the new partnership in accordance
with their respective Capital Accounts in liquidation of the Partnership, and the new partnership is deemed to continue the business of the Partnership. Nothing in this Section 13.3 shall be deemed to have constituted a Transfer to an Assignee
as a Substituted Limited Partner without compliance with the provisions of Section 11.4 or Section 13.3 hereof. 
 Section 13.4
Rights of Holders. 
 Except as otherwise provided in this Agreement (including Section 16.4 below) and subject to
the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, (a) each Holder shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Holder shall have the
right or power to demand or receive property other than cash from the Partnership and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations. 

Section 13.5 Notice of Dissolution. 
 In the event that a Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Partners pursuant to Section 13.1 hereof, result in a dissolution of the
Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each Holder and, in the General Partner’s sole and absolute discretion or as required by the Act, to all other parties with whom
the Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner), and the General Partner may, or, if required by the Act, shall, publish notice thereof in a newspaper 

  
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of general circulation in each place in which the Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner). 

Section 13.6 Cancellation of Certificate of Limited Partnership. 
 Upon the completion of the liquidation of the Partnership cash and property as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with
the SDAT, all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than the State of Maryland shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be
taken. 
 Section 13.7 Reasonable Time for Winding-Up. 
 A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize
any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Partners during the period of liquidation. 

ARTICLE 14 

PROCEDURES FOR ACTIONS AND CONSENTS 
 OF PARTNERS; AMENDMENTS; MEETINGS 
 Section 14.1 Procedures for Actions and
Consents of Partners. 
 The actions requiring consent or approval of Partners pursuant to this Agreement, including
Sections 7.3 and 16.7 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14. 

Section 14.2 Amendments. 
 Amendments to this Agreement may be proposed by the General Partner or by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners (for this
purpose, treating Common Units and Series A Preferred Units as fungible) and, except as set forth in Section 7.3.C and subject to Sections 7.3.D and 16.7, shall be approved by the Consent of the Partners. Following such proposal, the
General Partner shall submit to the Partners holding Partnership Interests entitled to vote thereon any proposed amendment that, pursuant to the terms of this Agreement, requires the consent, approval or vote of such Partners. The General Partner
shall seek the written consent, approval or vote of the Partners on any such proposed amendment or shall call a meeting to vote thereon and to transact any other business that the General Partner may deem appropriate. For purposes of obtaining a
written Consent, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with the General
Partner’s recommendation (if the General Partner shall have made a recommendation) with respect to the proposal; provided, however, that an action shall become effective at such time as requisite Consents are
received even if prior to such specified time. 

  
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 Section 14.3 Meetings of the Partners. 

A. Meetings of the Partners may be called by the General Partner at any time in its own discretion, and shall be called by the General
Partner upon its receipt of a written request by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners (for this purpose, treating Common Units and Series A Preferred Units as
fungible). The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners entitled to act at the meeting not less than seven (7) days nor more than sixty (60) days prior to the
date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote, consent or approval of Partners is permitted or required under this Agreement, such vote, consent or approval may be given at a meeting of Partners or
may be given in accordance with the procedure prescribed in Section 14.3.B hereof. 
 B. Any action required or permitted
to be taken at a meeting of the Partners may be taken without a meeting with the written Consent of the Partners, or such other applicable percentage or Consent as is expressly required by this Agreement for action on the matter in question,
entitled to act on such matter at such a meeting. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the applicable percentage of Partners entitled to act at the meeting. Such
consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
 C. Each Partner entitled to act at the meeting may authorize any Person or Persons to act for it by proxy on all matters in which a Partner is entitled to participate, including waiving notice of any
meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy
(or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the
Partner executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 
 D. The General
Partner may fix, in advance, a record date for determining the Partners entitled to vote at any meeting of the Partners or consent to any matter. Such date shall not be before the close of business on the day the record date is fixed and shall be
not more than ninety days nor less than five days before the date on which such meeting is to be held or consent to be given. If no record date is fixed, the record date for the determination of Partners entitled to notice of or to vote at a meeting
of the Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any action taken by the Partners without a meeting shall be the effective date of such Partner action. When a
determination of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such determination shall apply to any adjournment thereof. 

E. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to
such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may be conducted in the same manner as meetings of

  
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the General Partner’s stockholders and may be held at the same time as, and as part of, the meetings of the General Partner’s stockholders. 

ARTICLE 15 

GENERAL PROVISIONS 

Section 15.1 Redemption Rights of Qualifying Parties. 
 A. After the expiration of the applicable Fourteen-Month Period, a Qualifying Common Party shall have the right (subject to the terms and conditions set forth herein) (the “Common Redemption
Right”) to require the Partnership to redeem all or a portion of the Common Units held by a Common Tendering Party (Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common
Units”) in exchange (a “Common Redemption”) for the Common Unit Cash Amount payable on the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion, redeem
Tendered Common Units at the request of the Qualifying Common Party prior to the end of the applicable Fourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”);
provided, however, that the General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Common Redemption shall be exercised pursuant
to a Common Unit Notice of Redemption delivered to the General Partner by the Qualifying Common Party when exercising the Redemption right (the “Common Tendering Party”). The Partnership’s obligation to effect a Common
Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the General Partner notifies the Common Tendering Party that it declines to acquire some or all of the Tendered Common Units under
Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Common Redemption, the Common Unit Cash Amount shall be delivered as a certified or bank
check payable to the Common Tendering Party or, in the General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the tenth (10th) Business Day following the date on which the General Partner
receives a Common Unit Notice of Redemption from the Common Tendering Party. 
 B. Notwithstanding the provisions of
Section 15.1.A hereof, on or before the close of business on the Cut-Off Date, the General Partner may, in its sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all of the Tendered Common Units from the
Common Tendering Party in exchange for REIT Shares. If the General Partner elects to acquire some or all of the Tendered Common Units pursuant to this Section 15.1.B, the General Partner shall give written notice thereof to the Common Tendering
Party on or before the close of business on the Cut-Off Date. If the General Partner elects to acquire any of the Tendered Common Units for REIT Shares, the General Partner shall issue and deliver such REIT Shares to the Common Tendering Party
pursuant to the terms of this Section 15.1.B, in which case (1) the General Partner shall assume directly the obligation with respect thereto and shall satisfy the Common Tendering Party’s exercise of its Common Redemption Right with
respect to such Tendered Common Units and (2) such transaction shall be treated, for Federal income tax purposes, as a transfer by the Common Tendering Party of such Tendered Common Units to the General Partner in exchange for the Common Unit
REIT Shares Amount. If the General Partner so elects, on the Specified Redemption Date, the Common Tendering Party shall sell such 

  
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number of the Tendered Common Units to the General Partner in exchange for a number of REIT Shares equal to the product of the Common Unit REIT Shares Amount and the Applicable Percentage. The
Common Tendering Party shall submit (i) such information, certification or affidavit as the General Partner may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (ii) such written
representations and investment letters as reasonably necessary, in the General Partner’s view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Common Units by the General Partner pursuant to this
Section 15.1.B, the Common Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Common Units and, upon notice to the Common Tendering Party by the General Partner, given on or before
the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Common Units pursuant to this Section 15.1.B, the obligation of the Partnership to effect a Redemption of the Tendered Common
Units as to which the General Partner’s notice relates shall not accrue or arise. A number of REIT Shares equal to the product of the Common Unit REIT Shares Amount and the Applicable Percentage shall be delivered by the General Partner as duly
authorized, validly issued, fully paid and non-assessable REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit and, to the extent applicable, the Securities Act and relevant
state securities or “blue sky” laws. Neither any Common Tendering Party whose Tendered Common Units are acquired by the General Partner pursuant to this Section 15.1.B, any Partner, any Assignee nor any other interested Person shall
have any right to require or cause the General Partner to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT Shares are issued pursuant to this Section 15.1.B, with the SEC, with any state
securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar
rights granted pursuant to any other written agreement between the General Partner and any such Person. Notwithstanding any delay in such delivery, the Common Tendering Party shall be deemed the owner of such REIT Shares and Rights for all purposes,
including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. REIT Shares issued upon an acquisition of the Tendered Common Units by the General Partner pursuant to this
Section 15.1.B may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the General Partner in good faith determines to be necessary or advisable in order to ensure compliance with such
laws. 
 C. Notwithstanding the provisions of Section 15.1.A and 15.1.B hereof, the Common Tendering Parties shall have no
rights under this Agreement that would otherwise be prohibited by the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof would be in
violation of this Section 15.1.C, it shall be null and void ab initio, and the Common Tendering Party shall not acquire any rights or economic interests in REIT Shares otherwise issuable by the General Partner under Section 15.1.B
hereof or cash otherwise payable under Section 15.1.A hereof. 
 D. If the General Partner does not elect to acquire the
Tendered Common Units pursuant to Section 15.1.B hereof: 

  
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 (1) The Partnership may elect to raise funds for the payment of the Common Unit Cash Amount
either (a) by requiring that the General Partner contribute to the Partnership funds from the proceeds of a registered public offering by the General Partner of REIT Shares sufficient to purchase the Tendered Common Units or (b) from any
other sources (including, but not limited to, the sale of any Property and the incurrence of additional Debt) available to the Partnership. Any proceeds from a public offering that are in excess of the Common Unit Cash Amount shall be for the sole
benefit of the General Partner. The General Partner shall make a Capital Contribution of any such amounts to the Partnership for an additional General Partner Interest. Any such contribution shall entitle the General Partner to an equitable
Percentage Interest adjustment. 
 (2) If the Common Unit Cash Amount is not paid on or before the Specified Redemption Date,
interest shall accrue with respect to the Common Unit Cash Amount from the day after the Specified Redemption Date to and including the date on which the Common Unit Cash Amount is paid at a rate equal to the base rate on corporate loans at large
United States money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate). 
 E. Notwithstanding the provisions of Section 15.1.B hereof, the General Partner shall not, under any circumstances, elect to acquire any Tendered Common Units in exchange for REIT Shares if such
exchange would be prohibited under the Charter. 
 F. Notwithstanding anything herein to the contrary (but subject to
Section 15.1.C hereof), with respect to any Redemption (or any tender of Common Units for Redemption if the Tendered Common Units are acquired by the General Partner pursuant to Section 15.1.B hereof) pursuant to this Section 15.1:

 (1) All Common Units acquired by the General Partner pursuant to Section 15.1.B hereof shall automatically, and without
further action required, be converted into and deemed to be a General Partner Interest comprised of the same number of Common Units. 
 (2) Subject to the Ownership Limit, no Common Tendering Party may effect a Redemption for less than one thousand (1,000) Common Units or, if such Common Tendering Party holds (as a Common Limited
Partner or, economically, as an Assignee) less than one thousand (1,000) Common Units, all of the Common Units held by such Common Tendering Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute
discretion. 
 (3) If (i) a Common Tendering Party surrenders its Tendered Common Units during the period after the
Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (ii) the General
Partner elects to acquire any of such Tendered Common Units in exchange for REIT Shares pursuant to Section 15.1.B, such Common Tendering Party shall pay to the General Partner on the Specified Redemption Date an amount in cash equal to the
portion of the Partnership distribution in respect of the Tendered Common Units exchanged for REIT Shares, insofar as such distribution relates to the same 

  
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period for which such Common Tendering Party would receive a distribution in respect of such REIT Shares. 
 (4) The consummation of such Redemption (or an acquisition of Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof, as the case may be) shall be subject to the expiration or
termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Act. 
 (5) The Common Tendering Party shall
continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Common Units subject to any Redemption, and be treated as a Common Limited Partner or an Assignee, as applicable, with respect to such
Common Units for all purposes of this Agreement, until such Common Units are either paid for by the Partnership pursuant to Section 15.1.A hereof or transferred to the General Partner and paid for, by the issuance of the REIT Shares, pursuant
to Section 15.1.B hereof on the Specified Redemption Date. Until a Specified Redemption Date and an acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof, the Common Tendering Party shall have no
rights as a stockholder of the General Partner with respect to the REIT Shares issuable in connection with such acquisition. 

G. In connection with an exercise of the Common Redemption Right pursuant to this Section 15.1, except as otherwise agreed by the
General Partner, in its sole and absolute discretion, the Common Tendering Party shall submit the following to the General Partner, in addition to the Common Unit Notice of Redemption: 

(1) A written affidavit, dated the same date as the Common Unit Notice of Redemption, (a) disclosing the actual and constructive
ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Common Tendering Party and (ii) to the best of their knowledge any Related Party and (b) representing that, after giving
effect to the Redemption or an acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof, neither the Common Tendering Party nor to the best of their knowledge any Related Party will own REIT Shares in
violation of the Ownership Limit; 
 (2) A written representation that neither the Common Tendering Party nor to the best of
their knowledge any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption or an acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof on the
Specified Redemption Date; and 
 (3) An undertaking to certify, at and as a condition to the closing of (i) the Redemption
or (ii) the acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Common
Tendering Party and to the best of their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 15.1.G(1) or (b) after giving effect to the Redemption or an acquisition of the Tendered
Common Units by the General Partner pursuant to Section 15.1.B hereof, neither the Common Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in violation of the Ownership Limit. 

  
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 (4) In connection with any Special Redemption, the General Partner shall have the right to
receive an opinion of counsel reasonably satisfactory to it to the effect that the proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the
Special Redemption, the issuance and sale of the Tendered Common Units to the Common Tendering Party or the issuance and sale of REIT Shares to the Common Tendering Party pursuant to Section 15.1.B of this Agreement. 

Section 15.2 Addresses and Notice. 
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person
or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy, facsimile, electronic mail or commercial courier service) to the Partner, or Assignee at the address set forth in
Exhibit A or Exhibit B (as applicable) or such other address of which the Partner shall notify the General Partner in accordance with this Section 15.2. 
 Section 15.3 Titles and Captions. 
 All article or section titles or
captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references
to “Articles” or “Sections” are to Articles and Sections of this Agreement. 
 Section 15.4 Pronouns and
Plurals. 
 Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 15.5
Further Action. 
 The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 15.6 Binding Effect.

 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives and permitted assigns. 
 Section 15.7 Waiver. 

A. No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement
or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

  
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 B. The restrictions, conditions and other limitations on the rights and benefits of the
Limited Partners contained in this Agreement, and the duties, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership,
may be waived or relinquished by the General Partner, in its sole and absolute discretion, on behalf of the Partnership in one or more instances from time to time and at any time; provided, however, that any such waiver
or relinquishment may not be made if it would have the effect of (i) creating liability for any other Limited Partner, (ii) causing the Partnership to cease to qualify as a limited partnership, (iii) reducing the amount of cash
otherwise distributable to the Limited Partners (other than any such reduction that affects all of the Limited Partners holding the same class or series of Partnership Units on a uniform or pro rata basis, if approved by a Majority in Interest of
the Partners holding such class or series of Partnership Units), (iv) resulting in the classification of the Partnership as an association or publicly traded partnership taxable as a corporation or (v) violating the Securities Act, the
Exchange Act or any state “blue sky” or other securities laws; and provided, further, that any waiver relating to compliance with the Ownership Limit or other restrictions in the Charter shall be made and shall
be effective only as provided in the Charter. 
 Section 15.8 Counterparts. 

This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto,
notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 

Section 15.9 Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial. 

A. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Maryland, without regard to
the principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act, the provisions of this Agreement shall control and take precedence. 

B. Each Partner hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Maryland
(collectively, the “Maryland Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such
dispute, (ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Maryland Courts, that its property is exempt
or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner’s last known address as set forth in the Partnership’s books and records, and
(iv) irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 
 Section 15.10 Entire Agreement. 

  
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 This Agreement contains all of the understandings and agreements between and among the
Partners with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding the immediately preceding sentence, the Partners hereby acknowledge and agree
that the General Partner, without the approval of any Limited Partner, may enter into side letters or similar written agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of
such Limited Partner to the Partnership, affecting the terms hereof, as negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms,
conditions or provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 

Section 15.11 Invalidity of Provisions. 
 If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be
affected thereby. 
 Section 15.12 Limitation to Preserve REIT Status. 

Notwithstanding anything else in this Agreement, to the extent that the amount to be paid, credited, distributed or reimbursed by the
Partnership to any REIT Partner or its officers, directors, employees or agents, whether as a reimbursement, fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the REIT Partner for purposes of Code
Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision of this Agreement, the amount of such REIT Payments, as selected by the General Partner in its discretion from among items of potential distribution,
reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the REIT Payments, as so reduced, for or with respect to such REIT Partner shall not exceed the lesser of: 

(i) an amount equal to the excess, if any, of (a) four and nine-tenths percent (4.9%) of the REIT Partner’s total gross
income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over (b) the amount of gross income (within the meaning of Code
Section 856(c)(2)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the amount of any REIT Payments); or 

(ii) an amount equal to the excess, if any, of (a) twenty-four percent (24%) of the REIT Partner’s total gross income (but
excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income (within the meaning of Code
Section 856(c)(3)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments);

  
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provided, however, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the General Partner, as a condition precedent,
obtains an opinion of tax counsel that the receipt of such excess amounts should not adversely affect the REIT Partner’s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Partnership Year as a consequence of
the limitations set forth in this Section 15.12, such REIT Payments shall carry over and shall be treated as arising in the following Partnership Year if such carry over does not adversely affect the REIT Partner’s ability to qualify as a
REIT, provided, however, that any such REIT Payment shall not be carried over more than three Partnership Years, and any such remaining payments shall no longer be due and payable. The purpose of the limitations contained in
this Section 15.12 is to prevent any REIT Partner from failing to qualify as a REIT under the Code by reason of such REIT Partner’s share of items, including distributions, reimbursements, fees, expenses or indemnities, receivable directly
or indirectly from the Partnership, and this Section 15.12 shall be interpreted and applied to effectuate such purpose. 

Section 15.13 No Partition. 
 No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute
any proceeding at law or in equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the
parties hereto and their successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of the Partners and their respective successors-in-interest shall be subject to the
limitations and restrictions as set forth in this Agreement. 
 Section 15.14 No Third-Party Rights Created Hereby. 

The provisions of this Agreement are solely for the purpose of defining the interests of the Holders, inter se; and no other
person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto including, without limitation, a creditor of the Partnership or any Partner or other third party having dealings with the
Partnership) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Partnership shall have
the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or obligations of the Partners herein
set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or obligations be sold, transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners. 

Section 15.15 No Rights as Stockholders. 
 Nothing contained in this Agreement shall be construed as conferring upon the Holders of Partnership Units any rights whatsoever as stockholders of the General Partner, including without limitation any
right to receive dividends or other distributions made to stockholders of 

  
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the General Partner or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or any other matter.

 ARTICLE 16 
 SERIES A PREFERRED UNITS 
 Section 16.1 Designation and Number. 

A series of Partnership Units in the Partnership designated as the “Series A Cumulative Redeemable Convertible Preferred Units”
(the “Series A Preferred Units”) is hereby established. The number of Series A Preferred Units shall be 499,014. 

Section 16.2 Rank. 

Notwithstanding any provision of the Agreement (except Section 13.2.A(4)), including any amendments made thereto after the date
hereof, and unless the Consent of the Series A Limited Partners is obtained, the parties hereto intend that the Series A Preferred Units shall, with respect to rights to the payment of distributions in accordance with Section 16.3 and the
distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the General Partner, rank senior to all Junior Units; provided, however, that to the extent there is any conflict between this Section 16.2 and
Section 13.2.A(4), Section 13.2.A(4) shall govern. 
 Section 16.3 Distributions. 

A. Payment of Distributions. In accordance with Section 5.1, Holders of Series A Units shall be entitled to receive, when, as
and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series A Priority Return. Such distributions shall be cumulative, shall accrue from
the original date of issuance of such Series A Preferred Units and will be payable (i) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not
calendar quarters) in arrears, on or before the last calendar day of March, June, September and December of each year, commencing on the first of such dates to occur after the original date of issuance, and, (ii) in the event of a redemption or
conversion of Series A Preferred Units, and solely with respect to the redeemed or converted Series A Preferred Units, as applicable, on the redemption or conversion date (each, a “Series A Preferred Unit Distribution Payment
Date”). If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day
(and without any interest or other payment in respect of any such delay). 
 B. Distributions Cumulative. Distributions
on the Series A Preferred Units that are due but unpaid will accumulate and compound quarterly, on the applicable Series A Preferred Unit Distribution Payment Date after each calendar quarter, at the Applicable Rate, whether or not there is
sufficient Available Cash for such distributions and whether or not such distributions are authorized. 
 C. Priority as to
Distributions. If any Series A Preferred Units are outstanding, if and so long as the Partnership is in arrears with regard to the payment of any distributions for 

  
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any past quarterly period upon any outstanding Series A Preferred Units or has failed to pay when due the Series A Cash Amount or deliver when due Registered REIT Shares upon the redemption of
any Tendered Series A Preferred Units, (A) no distributions shall be authorized and paid or set apart for payment, nor shall any other distribution be authorized or made, upon any Junior Units unless distributions sufficient to make up such
arrearage shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment or such Tendered Series A Preferred Units are redeemed, as applicable, and (B) no Junior
Units shall be redeemed, purchased or otherwise acquired for any consideration (nor any moneys be paid to or made available for a sinking fund for the redemption of any such Junior Units) by the Partnership or the General Partner or any of its
Affiliates (except, in each case, for (x) the redemption of Common Units or Partnership Equivalent Units from the General Partner pursuant to Section 4.7.B, (y) any acquisition by the General Partner of Tendered Common Units in
exchange for REIT Shares in accordance with Section 15.1 or (z) by conversion into or exchange for Junior Units or REIT Shares with no cash distributed in connection therewith). 
 Section 16.4 Liquidation Preference. 
 A. The parties hereto intend
that, upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, before any distribution or payment shall be made whether in cash or in kind to any current or future Junior Unit Holder in respect of
its Junior Units and notwithstanding anything in this Agreement to the contrary (except Section 13.2.A(4)), the Holders of Series A Units shall be entitled to receive and be paid in cash out of the assets of the Partnership legally available
for distribution to the Partners pursuant to this Agreement an amount equal to the Series A Preference of the outstanding Series A Preferred Units plus any accrued and unpaid Series A Priority Return. 

B. In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the legally
available assets of the Partnership are insufficient to pay the full amount of the Series A Preference on all outstanding Series A Preferred Units plus any accrued and unpaid Series A Priority Return, then such assets shall be allocated among the
Series A Limited Partners in proportion to the Series A Percentage Interests. 
 C. After the payment to the Holders of Series A
Preferred Units of full preferential amounts provided for in this Section 16.4, the Holders of Series A Preferred Units as such shall have no right or claim to any of the remaining assets of the General Partner. 

D. Notwithstanding anything to the contrary in this Section 16.4, to the extent there is any conflict between the provisions of this
Section 16.4 and Section 13.2.A(4), Section 13.2.A(4) shall govern. 
 Section 16.5 Redemption of Series A Preferred
Units. 
 A. Redemption at Series A Limited Partners’ Option. 

(1) After the 3-year anniversary of the date of this Agreement, each Qualifying Series A Party shall have the right (subject to the terms
and conditions set forth in this Section 16.5) (the “Series A Redemption Right”) to require the Partnership to redeem all or 

  
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a portion of the Series A Preferred Units held by such Series A Tendering Party (Preferred Units that have in fact been tendered for redemption being hereafter referred to as “Tendered
Series A Units”) in exchange (a “Series A Redemption”) for an amount per unit equal to the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable
Specified Series A Redemption Date (the “Series A Cash Amount”). Any Series A Redemption shall be exercised pursuant to a Series A Notice of Redemption delivered to the General Partner by the Qualifying Series A Party (the
“Series A Tendering Party”) at least thirty (30) Business Days prior to the last day of the calendar quarter in which the Series A Tendering Party is exercising its Series A Redemption Right. The Partnership’s
obligation to effect a Series A Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the General Partner notifies the Series A Tendering Party that it declines to acquire some or all of
the Tendered Series A Units under Section 16.5.A.2 hereof following receipt of a Series A Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Series A Redemption, the Series A Cash Amount shall be
delivered as a certified or bank check payable to the Series A Tendering Party or, in the General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before 5:00 p.m. Pacific time on the last Business Day
of such calendar quarter (the “Specified Series A Redemption Date”), after giving effect to the distributions paid on such date. A Qualifying Series A Party may exercise the Series A Redemption Right once per calendar quarter
with respect to part or all of the Series A Preferred Units that it owns, as selected by the Qualifying Series A Party. Notwithstanding anything to the contrary contained in this Section 16.5, the Partnership, in its sole discretion, may redeem
the Tendered Series A Units set forth in a Series A Notice of Redemption at any time after receipt of such notice. The General Partner shall use commercially reasonable efforts to ensure that any amounts paid in redemption of Tendered Series A Units
under this Agreement shall be paid out of any Available Cash remaining after any accrued but previously unpaid amounts described in Section 16.3 shall have been distributed to all of the Series A Limited Partners entitled to such amounts.

 (2) Notwithstanding the provisions of Section 16.5.A.1 hereof, on or before the close of business on the Cut-Off Date,
the General Partner may, in its sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all of the Tendered Series A Units from the Series A Tendering Party in exchange for Registered REIT Shares. If the General
Partner elects to acquire some or all of the Tendered Series A Units pursuant to this Section 16.5.A.2, the General Partner shall give written notice thereof to the Series A Tendering Party on or before the close of business on the Cut-Off
Date. If the General Partner elects to acquire any of the Tendered Series A Units for Registered REIT Shares, the General Partner shall issue and deliver such Registered REIT Shares to the Series A Tendering Party pursuant to the terms of this
Section 16.5.A.2, in which case (1) the General Partner shall assume directly the obligation with respect thereto and shall satisfy the Series A Tendering Party’s exercise of its Series A Redemption Right with respect to such Tendered
Series A Units and (2) such transaction shall be treated, for Federal income tax purposes, as a transfer by the Series A Tendering Party of such Tendered Series A Units to the General Partner in exchange for the Series A REIT Shares Amount. If
the General Partner so elects, on the Specified Series A Redemption Date, the Series A Tendering Party shall sell such number of the Tendered Series A Units to the General Partner in exchange for a number of Registered REIT Shares equal to the
product of the Series A REIT Shares Amount and the Applicable Percentage. The Series A Tendering Party shall submit (i) such information, certification or affidavit as the General Partner

  
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may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (ii) such written representations and investment letters as reasonably necessary,
in the General Partner’s view, to effect compliance with the Securities Act (including the requirements of any form of registration statement used to issue such Registered REIT Shares). In the event of a purchase of the Tendered Series A Units
by the General Partner pursuant to this Section 16.5.A.2, the Series A Tendering Party shall no longer have the right to cause the Partnership to effect a Series A Redemption of such Tendered Series A Units and, upon notice to the Series A
Tendering Party by the General Partner, given on or before the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Series A Units pursuant to this Section 16.5.A.2, the obligation
of the Partnership to effect a Series A Redemption of the Tendered Series A Units as to which the General Partner’s notice relates shall not accrue or arise. A number of Registered REIT Shares equal to the product of the Applicable Percentage
and the Series A REIT Shares Amount, if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable Registered REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance
or restriction, other than the Ownership Limit. Apart from the requirement that any REIT Shares issued pursuant to this Section 16.5.A.2 must be Registered REIT Shares, neither any Series A Tendering Party whose Tendered Series A Units are
acquired by the General Partner pursuant to this Section 16.5.A.2, any Partner, any Assignee nor any other interested Person shall have any right to require or cause the General Partner to register, qualify or list any REIT Shares owned or held
by such Person, whether or not such REIT Shares are issued pursuant to this Section 16.5.A.2, with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange;
provided, however, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement between the General Partner and any such Person. Subject to
Section 16.5.A.5 below, but otherwise notwithstanding any other delay in such delivery, the Series A Tendering Party shall be deemed the owner of such REIT Shares and Rights for all purposes, including, without limitation, rights to vote or
consent, receive dividends, and exercise rights, as of the Specified Series A Redemption Date. 
 (3) Notwithstanding the
provisions of Section 16.5.A.1 and 16.5.A.2 hereof, the Series A Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited by the Ownership Limit. To the extent that any attempted Series A Redemption or
acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof would be in violation of this Section 16.5.A.3, it shall be null and void ab initio, and the Series A Tendering Party shall not
acquire any rights or economic interests in REIT Shares otherwise issuable by the General Partner under Section 16.5.A.2 hereof or cash otherwise payable under Section 16.5.A.1 hereof. 

(4) If the General Partner does not elect to acquire the Tendered Series A Units pursuant to Section 16.5.A.2 hereof: 

(i) The Partnership may elect to raise funds for the payment of the Series A Cash Amount either (a) by requiring that the General
Partner contribute to the Partnership funds from the proceeds of a registered public offering by the General Partner of REIT Shares sufficient to purchase the Tendered Series A Units or (b) from any other sources (including, but not limited to,
the sale of any Property and the incurrence of additional Debt) 

  
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available to the Partnership. Any proceeds from a public offering that are in excess of the Series A Cash Amount shall be for the sole benefit of the General Partner. The General Partner shall
make a Capital Contribution of any such amounts to the Partnership for an additional General Partner Interest. Any such contribution shall entitle the General Partner to an equitable Percentage Interest adjustment. 

(ii) If the Series A Cash Amount is not paid on or before the Specified Series A Redemption Date, interest shall accrue with respect to
the Series A Cash Amount from the day after the Specified Series A Redemption Date to and including the date on which the Series A Cash Amount is paid at a rate equal to the greater of (x) the base rate on corporate loans at large United States
money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate) and (y) the Applicable Rate. 
 (5) Notwithstanding anything to the contrary in this Section 16.5.A: 
 (i)
If (x) the Board of Directors determines that the filing of a registration statement covering the issuance of Registered REIT Shares or the use of any related prospectus would be materially detrimental to the General Partner because such action
would require the disclosure of material information that the General Partner has a bona fide business purpose for preserving as confidential or the disclosure of which would materially impede the General Partner’s ability to consummate a
significant transaction or (y) as of an applicable Specified Series A Redemption Date a registration statement under the Securities Act is not then effective, then in either case the General Partner shall be entitled to delay the Specified
Series A Redemption Date for a period of up to forty-five (45) consecutive days by delivering written notice thereof to the Series A Tendering Party not less than five (5) Business Days prior to the then-applicable Specified Series A
Redemption Date; provided, however, that (A) the General Partner shall not be entitled to exercise such right with respect to a particular Qualifying Series A Party more than two (2) times in any twenty-four
month period, (B) more than once with respect to any particular Preferred Tendered Units or (C) less than 30 days after a Specified Series A Redemption Date that was delayed in respect of a particular Qualifying Series A Party pursuant to
this paragraph. 
 (ii) If the General Partner is unable to deliver Registered REIT Shares on the Specified Series A Redemption
Date (after giving effect to any delay thereto in accordance with the foregoing), then the General Partner shall be required to purchase for cash on the Specified Series A Redemption Date any Tendered Series A Units that it had previously elected to
acquire for Registered REIT Shares, such purchase price to be based upon the Series A Cash Amount used in calculating the applicable Series A REIT Shares Amount. If such purchase price is not paid on or before the Specified Redemption Date (after
giving effect to any delay thereto in accordance with the foregoing), such purchase price shall accrue interest in a manner consistent with Section 16.5.A.4(ii), mutatis mutandis. 

(6) Notwithstanding the provisions of Section 16.5.A.2 hereof, the General Partner shall not, under any circumstances, elect to
acquire any Tendered Series A Units in exchange for Registered REIT Shares if such exchange would be prohibited under the Charter. 

  
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 (7) Notwithstanding anything herein to the contrary (but subject to Section 16.5.A.3
hereof), with respect to any Series A Redemption (or any tender of Series A Preferred Units for redemption if the Tendered Series A Units are acquired by the General Partner pursuant to Section 16.5.A.2 hereof) pursuant to this
Section 16.5: 
 (i) All Series A Preferred Units acquired by the General Partner pursuant to Section 16.5.A.2 hereof
shall automatically, and without further action required, be converted into and deemed to be a General Partner Interest comprised of a number of Common Units equal to the number REIT Shares issued in respect of such acquisition. 

(ii) Subject to the Ownership Limit, no Series A Tendering Party may effect a Series A Redemption for less than one thousand
(1,000) Series A Preferred Units or, if such Series A Tendering Party holds (as a Series A Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Series A Preferred Units, all of the Series A Preferred Units held
by such Series A Tendering Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion. 
 (iii) If (a) a Series A Tendering Party surrenders its Tendered Series A Units during the period after the Partnership Record Date with respect to a distribution and before the record date
established by the General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (b) the General Partner elects to acquire any of such Tendered Series A Units in exchange for
Registered REIT Shares pursuant to Section 16.5.A.2, such Series A Tendering Party shall pay to the General Partner on the Specified Series A Redemption Date an amount in cash equal to the portion of the Partnership distribution in respect of
the Tendered Series A Units exchanged for Registered REIT Shares, insofar as such distribution relates to the same period for which such Series A Tendering Party would receive a distribution in respect of such Registered REIT Shares. 

(iv) The consummation of such Series A Redemption (or an acquisition of Tendered Series A Units by the General Partner pursuant to
Section 16.5.A.2 hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Act. 
 (v) The Series A Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Series A Preferred Units subject to any Series A
Redemption, and be treated as a Series A Limited Partner or an Assignee, as applicable, with respect to such Series A Preferred Units for all purposes of this Agreement, until such Preferred Units are either paid for by the Partnership pursuant to
Section 16.5.A.1 hereof or transferred to the General Partner and paid for, by the issuance of the Registered REIT Shares or otherwise, on the Specified Series A Redemption Date. Until a Specified Series A Redemption Date and an acquisition of
the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, the Series A Tendering Party shall have no rights as a stockholder of the General Partner with respect to the Registered REIT Shares issuable in connection
with such acquisition. 
 (vi) No fractional Registered REIT Shares shall be issued upon the redemption of any Tendered Series
A Units. If the redemption of any Tendered Series A Units 

  
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otherwise would result in the issuance of a fractional Registered REIT Shares, the General Partner shall pay a cash amount in lieu of issuing such fractional Registered REIT Shares in an amount
equal to such fractional interest multiplied by the Value of a REIT Share used in determining the Series A REIT Shares Amount. 

(8) In connection with an exercise of redemption rights pursuant to this Section 16.5, except as otherwise agreed by the General
Partner, in its sole and absolute discretion, the Series A Tendering Party shall submit the following to the General Partner, in addition to the Series A Notice of Redemption: 

(i) A written affidavit, dated the same date as the Series A Notice of Redemption, (a) disclosing the actual and constructive
ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Series A Tendering Party and (ii) to the best of their knowledge any Related Party and (b) representing that, after giving effect
to the Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, neither the Series A Tendering Party nor to the best of their knowledge any Related Party will own REIT
Shares in violation of the Ownership Limit; 
 (ii) A written representation that neither the Series A Tendering Party nor to
the best of their knowledge any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to
Section 16.5.A.2 hereof on the Specified Series A Redemption Date; and 
 (iii) An undertaking to certify, at and as a
condition to the closing of (i) the Series A Redemption or (ii) the acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof on the Specified Series A Redemption Date, that either
(a) the actual and constructive ownership of REIT Shares by the Series A Tendering Party and to the best of their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 16.5.A(8)(i) or
(b) after giving effect to the Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, neither the Series A Tendering Party nor to the best of their knowledge any
Related Party shall own REIT Shares in violation of the Ownership Limit. 
 B. Redemption at Partnership’s Option.
In connection with or after any General Partner Fundamental Change, the Partnership shall have the right, in its sole discretion (the “Partnership Series A Redemption Right”), to redeem all or any portion of the Series A
Preferred Units held by any Holder thereof at a redemption price, to be paid in cash, per unit equal to the Series A Cash Amount. The Partnership Series A Redemption Right shall be exercised pursuant to a notice of redemption delivered to the
applicable Holder by the General Partner (i) if in connection with a General Partner Fundamental Change, at least five (5) Business Days, but not more than forty-five (45) Business Days, prior to the consummation of the applicable
General Partner Fundamental Change or (ii) if after a General Partner Fundamental Change, at least thirty (30) Business Days prior to the date set forth in the notice of redemption on which the Partnership will exercise its Partnership
Series A Redemption Right. In the case of a notice of redemption delivered in connection with a General Partner Fundamental Change, such notice of redemption may be conditioned on the consummation of such General Partner

  
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Fundamental Change; any other exercise of the Partnership Series A Redemption Right shall be irrevocable. Such Preferred Unit Redemption shall occur on the date specified in the notice of
redemption, which shall in no event be prior to the consummation of a General Partner Fundamental Change. For the sake of clarity, the General Partner may exercise the Partnership Series A Redemption Right from time to time after the consummation of
any General Partner Fundamental Change. The General Partner shall use commercially reasonable efforts to ensure that any amounts paid in redemption of Series A Preferred Units under this Agreement shall be paid out of any Available Cash remaining
after any accrued but previously unpaid amounts described in Section 16.3 shall have been distributed to all of the Series A Limited Partners entitled to such amounts. 
 C. Redemption Generally. Each Series A Limited Partner or other Holder of Series A Preferred Units covenants and agrees with the General Partner that all Partnership Units delivered for redemption
shall be delivered to the Partnership free and clear of all liens and, notwithstanding anything herein contained to the contrary, the Partnership shall not be under any obligation to acquire Partnership Units which are or may be subject to any
liens. Each Series A Limited Partner and other Holder of Series A Preferred Units further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership, such
Series A Limited Partner or Holder shall assume and pay such transfer tax. 
 Section 16.6 Conversion. 

A. Series A Conversion Right. 
 (1) After the 3-year anniversary of the date of this Agreement and from time to time thereafter, each Qualifying Series A Party shall have the right to convert all or any portion of its Series A Preferred
Units to Common Units (a “Series A Conversion”), subject to the terms and provisions of this Section 16.6 (the “Series A Conversion Right”). Upon a Qualifying Series A Party’s election to
exercise the Series A Conversion Right, the Series A Preferred Units for which the Series A Conversion Right is exercised shall be converted into a number of Common Units equal to the Series A Conversion Amount. Notwithstanding anything to the
contrary in this Agreement, the General Partner may, at its option, elect to pay on the applicable Series A Conversion Date all or any portion of any distributions accrued on the Series A Preferred Units tendered for conversion through the Series A
Conversion Date, in which event the Series A Cash Amount used in determining the Series A Conversion Amount shall not include the amount of such distributions. 
 (2) No fractional Common Units shall be issued upon the conversion of any Series A Preferred Units. If the conversion of any Series A Preferred Units otherwise would result in the issuance of a fractional
Common Unit, the General Partner shall pay a cash amount in lieu of issuing such fractional Common Unit in an amount equal to (a) such fractional interest multiplied by (b) the product of (x) the Value of a REIT Share used in
determining the Series A Conversion Amount and (y) the Adjustment Factor used in determining the Series A Conversion Amount. 
 (3) The Series A Converting Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Series A Preferred Units subject to

  
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any Series A Conversion, and be treated as a Series A Limited Partner or an Assignee, as applicable, with respect to such Series A Preferred Units for all purposes of this Agreement, until such
Series A Preferred Units have been converted into Common Units on the applicable Series A Conversion Date. Until such conversion on such Series A Conversion Date, the Series A Converting Party shall have no rights as a Limited Partner with respect
to the Common Units issuable in connection with such conversion. 
 B. Series A Conversion Right Procedures. 

(1) Any Series A Conversion shall be exercised pursuant to a Series A Notice of Conversion delivered to the General Partner by the
applicable Qualifying Series A Party (the “Series A Converting Party”). 
 (2) As promptly as
practicable after the receipt of the Series A Notice of Conversion, the General Partner shall issue and shall deliver or cause to be issued and delivered to such Holder (A) a number of Common Units equal to the Series A Conversion Amount, such
Common Units to be duly authorized and validly issued in accordance with this Agreement and free of any pledge, lien, encumbrance or restriction, other than as set forth in this Agreement or under the Securities Act and relevant state securities or
“blue sky” laws, (B) payment of accrued distributions through the Series A Conversion Date if the General Partner elects to pay such distributions pursuant to Section 16.6.A.1 and (C) cash for any fractional Common Unit in
accordance with Section 16.6.A.2. 
 (3) Each Series A Conversion shall be deemed to have been made at the close of
business on the date that the General Partner receives the Series A Notice of Conversion or, if such date is not a Business Day, the close of business on the next Business Day (the “Series A Conversion Date”), so that the
rights of the Holder thereof as to the Series A Preferred Units being converted shall cease except for the right to receive the Common Units and, if applicable, the other items set forth in Section 16.6.B.2, and the Qualifying Series A Party
entitled to receive Common Units shall be treated for all purposes as having become the Holder of those Common Units at that time. If such Holder was a Series A Limited Partner prior to such Series A Conversion, then such Series A Limited Partner
shall thereafter be a Limited Partner in respect of such Common Units. If such Holder was an Assignee prior to such Series A Conversion, then such Assignee shall thereafter be an Assignee in respect of such Common Units. 

(4) No Series A Converting Party may effect a Series A Conversion for less than one thousand (1,000) Series A Preferred Units or, if
such Series A Converting Party holds (as a Series A Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Series A Preferred Units, all of the Series A Preferred Units held by such Series A Converting Party, unless,
in each case, otherwise agreed to by the General Partner in its sole and absolute discretion. 
 C. Effect of Business
Combinations. 
 (1) In the case of any (i) any recapitalization, reclassification or change of outstanding Common Units
(other than changes resulting from a subdivision or combination), (ii) a consolidation, merger or combination involving the Partnership, (iii) a sale, conveyance or 

  
 95 

 
lease to another corporation or entity of all or substantially all of the Partnership’s property and assets (other than to one or more of the General Partner’s subsidiaries) or
(iv) an exchange of substantially all Common Units for securities of another entity (each of the foregoing, a “Business Combination”), in each case, as a result of which Holders of Common Units are entitled to receive
securities, other property or assets (including cash or any combination thereof) with respect to or in exchange for Common Units, a Qualifying Series A Party shall be entitled thereafter to convert its Series A Preferred Units into the kind and
amount of securities or other property or assets (including cash or any combination thereof) which the Qualifying Series A Party would have owned or been entitled to receive upon such Business Combination as if such Qualifying Series A Party had
converted its Series A Preferred Units immediately prior to the consummation thereof. In the event that Holders of Common Units have the opportunity to elect the form of consideration to be received in such Business Combination, the General Partner
shall make adequate provision whereby each Holder of Series A Preferred Units shall have a reasonable opportunity to determine the form of consideration into which all of such Holder’s Series A Preferred Units shall be convertible from and
after the effective date of such Business Combination. 
 (2) The General Partner shall provide notice of the opportunity to
determine the form of such consideration by posting such notice to the General Partner’s transfer agent. If the effective date of a Business Combination is delayed beyond the initially anticipated effective date, the Holders of Series A
Preferred Units shall be given the opportunity to make subsequent similar determinations in regard to such delayed effective date. None of the foregoing provisions shall affect the right of a Qualifying Series A Party to convert its Series A
Preferred Units into Common Units prior to the effective date of such Business Combination. 
 Section 16.7 Voting Rights.

 A. General. Except as required by any non-waivable provision of the law of the State of Maryland or as expressly set
forth Sections 7.3.B, 7.3.D, 13.1.A, 14.2, 15.7.B and this Section 16.7, the Series A Limited Partners shall have no voting rights whatsoever on any matter relating to the Partnership, whether under the Act, at law, in equity or otherwise, and
the Consent of the Series A Limited Partners shall not be required for the taking of any action by the Partnership or the General Partner, regardless of the effect that such action may have upon the rights, preferences or privileges of the Series A
Preferred Units. 
 B. Additional Consent Rights. So long as any Series A Preferred Units remain outstanding, the Consent
of the Series A Limited Partners will be required to: 
 (1) Authorize, designate or issue any class or series of Partnership
Interests ranking pari passu with or senior to the Series A Preferred Units with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership; 

(2) Increase the authorized or issued amount of Series A Preferred Units; 

(3) Amend, alter or repeal the provisions of this Article 16, whether by merger, consolidation, transfer or conveyance of all or
substantially all of the Partnership’s assets or 

  
 96 

 
otherwise (an “Event”), so as to materially and adversely affect any right, preference or privilege of the Series A Preferred Units; provided,
however, that, with respect to any Event (and subject to clause (4) immediately below, if applicable), so long as the Series A Preferred Units remain outstanding with the terms thereof materially unchanged, taking into account
that, upon the occurrence of an Event, the Partnership may not be the surviving entity and the surviving entity may not be a limited partnership, the occurrence of such Event shall not be deemed to materially and adversely affect such rights,
preferences or privileges of Series A Preferred Units, and in such case no Consent of the Series A Limited Partners shall be required with respect to the occurrence of any such Event; or 

(4) Effect any General Partner Fundamental Change, provided, however, that, with respect to any General
Partner Fundamental Change (and subject to clause (3) immediately above, if applicable), so long as the provisions of Section 16.8, or substantially identical provisions thereto set forth in the organizational documents of any Surviving
Partnership, shall be effective after the consummation of such General Partner Fundamental Change, no Consent of the Series A Limited Partners shall be required with respect to such General Partner Fundamental Change. 

Section 16.8 Provisions Effective After General Partner Fundamental Change. 
 The following provisions shall become effective only upon consummation of a General Partner Fundamental Change, and then only and for so long as any Series A Preferred Units shall remain outstanding:

 A. Minimum Tax Distributions. From and after the date a General Partner Fundamental Change is consummated, if the
amount distributed to each Series A Limited Partner pursuant to Section 5.1 and Section 16.3 with respect to any Partnership Year is less than an amount equal to (i) the amount of taxable income allocated to such Series A Limited
Partner pursuant to Article 6 multiplied by (ii) 40%, then the Partnership shall make distributions not later than the Series A Preferred Unit Distribution Payment Date in March of the year following the Partnership Year to which such
distributions relate in an amount equal to the product of clause (i) and (ii) above reduced by the aggregate amount of distributions made to such Series A Limited Partner under Section 5.1 and Section 16.3 with respect to such
Partnership Year. Distributions required by this Section 16.8.A shall be made without regard to the availability of Available Cash. If the Partnership does not have sufficient Available Cash to fund the distribution required by this
Section 16.8.A, the General Partner shall, subject to the other limitations of this Agreement, take such action as may be necessary to create sufficient funds to permit such distribution. Any distributions made pursuant to this
Section 16.8.A shall be treated as having been made by the Partnership pursuant to Section 5.1 and Section 16.3 for all purposes hereunder. 
 B. Minimum Equity Requirement. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A Preferred Units are thereafter outstanding, at any time and from
time to time, the General Partner, in its capacity as general partner and/or as a limited partner of the Partnership, and its Affiliates shall own an aggregate of at least 33% of the equity in the Partnership through the ownership of Junior Units
(the “Equity Requirement”), with the equity in the Partnership being valued based on the excess of the Gross Asset Value over Indebtedness and taking into account the Series A Preference as equity. If any

  
 97 

 
Series A Preferred Unit owned by a Qualifying Series A Party is redeemed pursuant to Section 16.5, the General Partner will have the right to reduce its ownership of the equity in the
Partnership to a minimum of 33% of such equity based upon the criteria set forth in the preceding sentence after such redemption, by making distributions (in cash or in-kind) to redeem a portion of its Junior Units, so long as such distributions are
in compliance with Section 5.1 and Section 16.3 and the first sentence of this Section 16.8.B. 
 C. Leverage
Restrictions. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A Preferred Units are thereafter outstanding: 
 (1) The Partnership shall not incur additional Indebtedness if its Leverage Ratio exceeds 50% (the “50% Leverage Ratio”). 

(2) The Partnership’s Leverage Ratio shall not exceed 60% at any time; provided, however, that if the
Partnership’s Leverage Ratio exceeds 60%, it shall have a period of 180 days to cause its Leverage Ratio to fall below 60%. 
 (3) Notwithstanding the foregoing, (i) in the event of any redemption or conversion of any Series A Preferred Units pursuant to Sections 16.5 or 16.6 of this Agreement, whether such redemption or
conversion occurs before or after the consummation of the General Partner Fundamental Change pursuant to which this Section 16.8.C becomes effective, the Partnership shall have the right to increase its Indebtedness by an amount equal to the
amount by which the aggregate Series A Preference has been reduced relative to the amount thereof as of the original issuance date of the Series A Preferred Units, so long as the Adjusted Leverage Ratio does not, as a result of such incurrence of
Indebtedness, exceed 83%, and (ii) the Partnership shall have the right to increase its Indebtedness above the 50% Leverage Ratio to the extent, and only to the extent, necessary to satisfy the Partnership’s obligations to provide
opportunities to Series A Limited Partners to guaranty Partnership Indebtedness or otherwise provide debt protection pursuant to agreements between the Partnership and the various Series A Limited Partners (but only if such obligation is not able to
be satisfied through guaranties of the Partnership’s Indebtedness that would not require the Partnership to increase its Indebtedness above the amount that would violate the 50% Leverage Ratio). 

(4) As used in this Article 16, (i) “Leverage Ratio” means the ratio of the sum of the total Indebtedness of
the Partnership and its consolidated Subsidiaries to the Partnership’s and its consolidated Subsidiaries’ Gross Asset Value, (ii) “Adjusted Leverage Ratio” means the ratio of
(x) the sum of the total Indebtedness of the Partnership and its consolidated Subsidiaries plus the Series A Preference with respect to all of the then-outstanding Series A Preferred Units to (y) the Partnership’s and its consolidated
Subsidiaries’ Gross Asset Value, and (iii) “Maximum Leverage Restriction” means the restrictions on the Partnership’s Leverage Ratio and Adjusted Leverage Ratio set forth in this Section 16.8.C.

 D. Certain Remedies For Violations by the General Partner. If the Partnership is in violation of the Maximum Leverage
Restriction following the cure period set forth in Section 16.8.C.3 above, or the General Partner is in violation of the Equity Requirement, Series A Limited Partners holding at least 10% of the then-outstanding Series A Preferred Units shall
have the right to demand specific performance, including the right to demand the contribution of 

  
 98 

 
additional equity to the Partnership by the General Partner. No amounts may be distributed to the General Partner or any of its Affiliates pursuant to Section 5.1 and Section 16.3
during any period in which the General Partner is in violation of the Equity Requirement. 
 E. Provision of Certain
Financial Information. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A Preferred Units are thereafter outstanding, the Partnership shall provide quarterly unaudited financial statements and
annual audited financial statements prepared by a nationally recognized independent accounting firm to the Series A Limited Partners which shall be in such detail as to allow the Series A Limited Partners to determine compliance with the Equity
Requirement and the Maximum Leverage Restriction. The Partnership shall arrange for a nationally recognized independent accounting firm to compile financial data necessary to support compliance with the Equity Requirement and the Maximum Leverage
Restriction and shall include the results of such accounting firm’s review in the annual financial reports delivered to the Series A Limited Partners. Additionally, the General Partner will certify to the Series A Limited Partners on a
quarterly basis that it is in compliance with the Equity Requirement and that the Partnership is not in violation of the Maximum Leverage Restriction. 
 F. Termination. This Section 16.8 shall terminate immediately after such time as no Series A Preferred Units shall remain outstanding. Upon any such termination, this Section 16.8 shall
be null, void and shall not affect in any way whatsoever the business or operations of the Partnership, the interpretation of this Agreement or the rights or obligations of any Person. 
 Section 16.9 Amendments. 
 Notwithstanding anything to the contrary in this
Agreement, all or any portion of this Article 16 may be amended with the Consent of the Series A Limited Partners and without the consent or approval of any other Partners. 
 Section 16.10 Exclusion of Other Rights. 
 The Series A Limited Partners
shall have no preferences, conversion or other rights, voting powers, restrictions, rights or limitations as to distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Agreement and any agreement
or side letter entered into by the Partnership and any direct or indirect owner of the General Partner relating to the rights of the Series A Limited Partners on or after the date hereof, including, without limitation, any preferences, conversion or
other rights, voting powers, restrictions, rights or limitations as to distributions, qualifications or terms or conditions of redemption provided to the Common Limited Partners and not expressly provided to the Series A Limited Partners.

 ARTICLE 17 
 SERIES B PREFERRED UNITS 
 Section 17.1 Designation. 

A series of Partnership Units in the Partnership designated as the “[    ]% Series B Cumulative Redeemable
Preferred Units” (the “Series B Preferred Units”) is hereby established. 

  
 99 

 Section 17.2 Distributions. 

A. Payment of Distributions. Subject to the rights of Holders of Series A Preferred Units as to the payment of distributions, in
accordance with Section 5.1, the General Partner, as holder of the Series B Preferred Units, will be entitled to receive, when, as and if authorized by the General Partner, out of Available Cash, cumulative cash distributions per Series B
Preferred Unit in an amount equal to the Series B Priority Return accrued thereon, at the applicable rate, in accordance with this Section 17.2. Such distributions shall accrue and be cumulative from and including the first date on which any
REIT Series B Preferred Shares are issued (the “Series B Preferred Shares Original Issue Date”) and will be payable at the then applicable rate (each a “Series B Preferred Unit Distribution Payment
Date”) (i) for the period from the Series B Preferred Shares Original Issue Date to December 31, 2010, on or about December 31, 2010, (ii) except as provided in clause (iii), for each quarterly distribution period
thereafter, quarterly in equal amounts in arrears on or about the last calendar day of each March, June, September and December, commencing on or about March 31, 2011, and (iii) to the extent that any Series B Preferred Unit is redeemed
pursuant to Section 4.7.B after a Series B Distribution Record Date with respect to any distribution and before the payment date (determined in accordance with clause (i) or (ii)) of such distribution, in the event of a redemption of any
Series B Preferred Unit, on the redemption date of such Unit; provided however, if any Series B Preferred Unit Distribution Payment Date is not a Business Day, then the distribution which would otherwise be payable on such date shall be paid on the
next succeeding Business Day with the same force and effect as if paid on such Series B Preferred Unit Distribution Payment Date, and no interest or other sum shall accrue on the amount so payable from such Series B Preferred Unit Distribution
Payment Date to such next succeeding Business Day. Distributions will be payable on Series B Preferred Units outstanding at the close of business on the applicable Series B Distribution Record Date. Each distribution is payable to holders of record
of outstanding Series B Preferred Units as of the applicable Series B Distribution Record Date or date of redemption of such Series B Preferred Unit, as applicable. Notwithstanding any provision to the contrary contained herein, the distribution
payable on each Series B Preferred Unit outstanding on any Series B Distribution Record Date shall be equal to the distribution paid with respect to each other Series B Preferred Unit that is outstanding on such date. 

B. Distributions Cumulative. Distributions on the Series B Preferred Units will be cumulative from and including the Series B
Preferred Shares Original Issuance Date, or, with respect to the special distribution right referred to in Section 17.2.E below, from, and including, the first date on which the dividend rate payable on the REIT Series B Preferred Shares is
increased in accordance with the Series B Preferred Shares Terms. Distributions will accumulate from the Series B Preferred Shares Original Issuance Date or the most recent Series B Preferred Unit Distribution Payment Date to which accrued
distributions have been paid, whether or not the terms and provisions set forth in Section 17.2.D hereof at any time prohibit the current payment of distributions, whether or not the Partnership has Available Cash or earnings and whether or not
such distributions are authorized. 
 C. Restrictions on Distributions. No distributions on the Series B Preferred Units
shall be authorized, declared, paid or set apart for payment at such time as the terms and provisions of any agreement of the General Partner, including any agreement relating to its indebtedness, prohibits the authorization, declaration, payment or
setting apart for payment of 

  
 100

 
dividends on the REIT Series B Preferred Shares or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder,
or if such declaration or payment shall be restricted or prohibited by law. 
 D. Priority as to Distributions. 

 (1) So long as any Series B Preferred Units are outstanding, no distributions, except as described in the
immediately following sentence, shall be declared, paid or set apart for payment on any class or series of Parity Preferred Units for any period unless full cumulative distributions have been declared and paid or are contemporaneously declared and
paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series B Preferred Units for all prior distribution periods. When distributions are not paid in full or a sum sufficient for such payment is not set
apart, as aforesaid, all dividends authorized and declared upon the Series B Preferred Units and all distributions authorized and declared upon any class or series of Parity Preferred Units shall be authorized and declared ratably in proportion to
the respective amounts of distributions accumulated and unpaid on the Series B Preferred Units and such Parity Preferred Units. 
 (2) So long as any Series B Preferred Units are outstanding, no distributions (other than distributions paid solely in Units Junior to the Series B Preferred Units or in options, warrants or rights to
subscribe for or purchase any Units Junior to the Series B Preferred Units) shall be declared or paid or set apart for payment with respect to any Units Junior to the Series B Preferred Units, nor shall any Units Junior to the Series B Preferred
Units be redeemed, purchased or otherwise acquired for any consideration, or any monies be paid to or made available for a sinking fund for the redemption of any such Units, by the Partnership, directly or indirectly (other than a redemption,
purchase or other acquisition of Common Units made for purposes of and in compliance with requirements of an employee incentive or benefit plan of the General Partner, the Partnership or any subsidiary thereof, a conversion into or exchange for
Units Junior to the Series B Preferred Units or options, warrants or rights to subscribe for or purchase Units Junior to the Series B Preferred Units or a purchase or redemption pursuant to Section 4.7.B), unless in each case full cumulative
dividends on all outstanding shares of Series B Preferred Units for all past dividend periods shall have been paid or set apart for payment. 
 (3) If full cumulative distributions on the Series B Preferred Units for all past periods have not been declared and paid or declared and set apart for payment, except pursuant to Section 4.7.B, the
Partnership may not purchase, redeem or otherwise acquire Series B Preferred Units in part or any Parity Preferred Units other than in exchange for Units Junior to the Series B Preferred Units or Parity Preferred Units or in exchange for options,
warrants or rights to subscribe for or purchase any Units Junior to the Series B Preferred Units or Parity Preferred Units. 

E. Special Distribution Rate. If, at any time, and for such period of time as, the dividend rate payable on the REIT Series B
Preferred Shares is increased in accordance with the Series B Preferred Shares Terms, the Series B Priority Return shall be increased to [    ]% per 

  
 101

 
annum on the stated value of $25.00 per Series B Preferred Unit (equivalent to the fixed annual amount of $[        ] per Series B Preferred Unit).

 F. No Further Rights. Notwithstanding anything in this Section 17.2, after full cumulative distributions on the
outstanding Series B Preferred Units have been paid with respect to a distribution period, the General Partner, as holder of the Series B Preferred Units, will not be entitled to any further distributions with respect to that distribution period.
Any distribution payment made on the Series B Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such Series B Preferred Units which remains payable. 

Section 17.3 Liquidation Preference 
 A. Distributions. Upon any liquidation, dissolution or winding up of the affairs of the Partnership, voluntary or involuntary, distributions on the Series B Preferred Units shall be made in
accordance with Article 13 hereof. 
 B. No Further Rights. After payment of the full amount of the liquidating
distributions to which they are entitled, the General Partner, as holder of the Series B Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

C. Consolidation, Merger or Certain Other Transactions. The consolidation or merger of the Partnership with one or more entities
or a sale or transfer of all or substantially all of the Partnership’s assets shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Partnership. 

Section 17.4 Rank 

The Series B Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution
or winding up of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units, now or hereafter issued and outstanding, the terms of which provide that such Partnership Units rank, as to distribution rights and upon
liquidation, dissolution or winding up, junior to the Series B Preferred Units; (ii) on a parity with all Parity Preferred Units; and (iii) junior to the Series A Preferred Units and any other class or series of Partnership Units the terms
of which specifically provide that such Partnership Units shall rank senior to the Series B Preferred Units. 
 Section 17.5 Voting
Rights 
 The General Partner shall not have any voting or consent rights in respect of its partnership interest represented
by the Series B Preferred Units. 
 Section 17.6 Transfer Restrictions 

The Series B Preferred Units shall not be transferable except upon the redemption thereof in accordance with Section 4.7.B or to a
successor General Partner in accordance with Section 11.2. 
 Section 17.7 No Conversion Rights 

  
 102

 The Series B Preferred Units shall not be convertible into any other class or series of
Partnership Interest or any other property of the Partnership. 
 Section 17.8 No Sinking Fund 

No sinking fund shall be established for the retirement or redemption of Series B Preferred Units. 

[Remainder of Page Left Blank Intentionally] 

  
 103

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

  

			
	GENERAL PARTNER:
	
	 HUDSON PACIFIC PROPERTIES, INC.,
 a Maryland corporation

		
	By:	 	  

		 	Name:
		 	Its:
	
	LIMITED PARTNERS:
	
	 HUDSON PACIFIC PROPERTIES, INC.,
 a Maryland corporation, as attorney-in-fact for
 the limited partners listed on Exhibit A
hereto.

		
	By:	 	  

		 	Name:
		 	Its:

  
 104

 As of December [    ], 2010 

EXHIBIT A 
 PARTNERS AND PARTNERSHIP UNITS 
  

			
	Name and Address of Partners	  	Partnership Units (Type and Amount)
		
	 	  	 
	General Partner:	  	
		
	 Hudson Pacific Properties, Inc.
 11601 Wilshire Boulevard, Suite 1600
 Los Angeles, California 90025

 
	  	22,217,096 Common Units
	Common Limited Partners:	  	
		
	Victor J. Coleman	  	402,907 Common Units
		
	Howard S. Stern	  	216,949 Common Units
		
	Farallon Capital Partners, L.P.	  	1,813,518 Common Units
		
	Glenborough Fund XIV, L.P.	  	155,878 Common Units
		
	NFG Limited Partnership	  	18,076 Common Units
		
	Keely Sellers	  	3,429 Common Units
		
	 Ross Holding & Management Company

 
	  	184 Common Units
	 TOTAL:
  
	  	24,828,037 Common Units
	Series A Limited Partners:	  	
		
	Glenborough Fund XIV, L.P.	  	11,948 Series A Preferred Units
		
	Raymond G. Azar and Eleanor K. Azar	  	1,026 Series A Preferred Units
		
	Robert Batinovich, Trustee, Robert Batinovich Trust	  	80,000 Series A Preferred Units
		
	Jeannine F. Cella	  	120 Series A Preferred Units
		
	 Jeri E. Eaton

 
	  	7,664 Series A Preferred Units

  
 A-1

  

			
	Terry L. Eaton	  	6,804 Series A Preferred Units
		
	Julie L. Gurnik	  	36,830 Series A Preferred Units
		
	Robin S. Lauth	  	237,268 Series A Preferred Units
		
	Lawrence B. Palmer	  	6,723 Series A Preferred Units
		
	 Russell D. Richardson

 
	  	110,631 Series A Preferred Units
	 TOTAL:
  
	  	499,014 Series A Preferred Units
	General Partner:	  	 
		
	 Hudson Pacific Properties, Inc.

11601 Wilshire Boulevard, Suite 1600
 Los
Angeles, California 90025
  
	  	[            ] Series B Preferred Units
	 TOTAL:

 
	  	[            ] Series B Preferred
Units

  
 2 

 EXHIBIT B 

EXAMPLES REGARDING ADJUSTMENT FACTOR 
 For purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on [            ] is 1.0 and
(b) on [            ] (the “Partnership Record Date” for purposes of these examples), prior to the events described in the examples, there are 100 REIT Shares issued
and outstanding. 
 Example 1 

On the Partnership Record Date, the General Partner declares a dividend on its outstanding REIT Shares in REIT Shares. The amount of the dividend is one
REIT Share paid in respect of each REIT Share owned. Pursuant to Paragraph (i) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the stock
dividend is declared, as follows: 
 1.0 * 200/100 = 2.0 
 Accordingly, the Adjustment Factor after the stock dividend is declared is 2.0. 
 Example 2

 On the Partnership Record Date, the General Partner distributes options to purchase REIT Shares to all holders of its REIT Shares. The
amount of the distribution is one option to acquire one REIT Share in respect of each REIT Share owned. The strike price is $4.00 a share. The Value of a REIT Share on the Partnership Record Date is $5.00 per share. Pursuant to Paragraph
(ii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the options are distributed, as follows: 

1.0 * (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111 
 Accordingly, the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the retroactive adjustment specified in Paragraph (ii) of
the definition of “Adjustment Factor” shall apply. 
 Example 3 
 On the Partnership Record Date, the General Partner distributes assets to all holders of its REIT Shares. The amount of the distribution is one asset with a fair market value (as determined by the General
Partner) of $1.00 in respect of each REIT Share owned. It is also assumed that the assets do not relate to assets received by the General Partner pursuant to a pro rata distribution by the Partnership. The Value of a REIT Share on the Partnership
Record Date is $5.00 a share. Pursuant to Paragraph (iii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the assets are distributed, as
follows: 
 1.0 * $5.00/($5.00 - $1.00) = 1.25 
 Accordingly, the Adjustment Factor after the assets are distributed is 1.25. 

  
 B-1

 EXHIBIT C 

COMMON UNIT NOTICE OF REDEMPTION 
 To:         Hudson Pacific Properties, Inc. 
  

			
		
	 
	  	
		
	 
	  	
		
	 
	  	

 The undersigned Common Limited Partner or Assignee hereby irrevocably tenders for redemption
[    ] Common Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as amended
(the “Agreement”), and the Common Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee: 
 (a) undertakes (i) to surrender such Common Units and any certificate therefor at the closing of the Common Redemption and (ii) to furnish to the General Partner, prior to the Specified
Redemption Date, the documentation, instruments and information required under Section 15.1.G of the Agreement; 
 (b) directs that the certified check representing the Common Unit Cash Amount, or the Common Unit REIT Shares Amount, as applicable, deliverable upon the closing of such Redemption be delivered to the
address specified below; 
 (c) represents, warrants, certifies and agrees that: 

(i) the undersigned Common Limited Partner or Assignee is a Qualifying Common Party, 

(ii) the undersigned Common Limited Partner or Assignee has, and at the closing of the Common Redemption will have, good,
marketable and unencumbered title to such Common Units, free and clear of the rights or interests of any other person or entity, 
 (iii) the undersigned Common Limited Partner or Assignee has, and at the closing of the Common Redemption will have, the full right, power and authority to tender and surrender such Common Units as
provided herein, and 
 (iv) the undersigned Common Limited Partner or Assignee has obtained the consent or
approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and 
 (d) acknowledges that he will continue to own such Common Units until and unless either (1) such Common Units are acquired by the General Partner pursuant to Section 15.1.B of the Agreement or
(2) such redemption transaction closes. 

  
 C-1

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

							
	Dated:                     	 		 		 	Name of Common Limited Partner or Assignee:
				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Signature of Common Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City)         (State)         (Zip Code)
				
		 		 		 	Signature Guaranteed by:
				
	Issue Check Payable to:	 		 		 	  

				
		 		 		 	  

	Please insert social security or identifying number:	 		 		 	
		 		 		 	  

  
 C-2

 EXHIBIT D 

SERIES A NOTICE OF REDEMPTION 
 To:         Hudson Pacific Properties, Inc. 
  

			
		
	 
	  	
		
	 
	  	
		
	 
	  	

 The undersigned Series A Limited Partner or Assignee hereby irrevocably tenders for redemption
[    ] Series A Preferred Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as
amended (the “Agreement”), and the Series A Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee: 
 (a) undertakes (i) to surrender such Series A Preferred Units and any certificate therefor at the closing of the Series A Redemption and (ii) to furnish to the General Partner, prior to the
Specified Series A Redemption Date, the documentation, instruments and information required under Section 16.5.A(8) of the Agreement; 
 (b) directs that the certified check representing the Series A Cash Amount, or the Series A REIT Shares Amount, as applicable, deliverable upon the closing of such Redemption be delivered to the address
specified below; 
 (c) represents, warrants, certifies and agrees that: 

(i) the undersigned Series A Limited Partner or Assignee is a Qualifying Series A Party, 

(ii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Redemption will have,
good, marketable and unencumbered title to such Series A Preferred Units, free and clear of the rights or interests of any other person or entity, 
 (iii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Redemption will have, the full right, power and authority to tender and surrender such Series A Preferred
Units as provided herein, and 
 (iv) the undersigned Series A Limited Partner or Assignee has obtained the
consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and 
 (d) acknowledges that he will continue to own such Series A Preferred Units until and unless either (1) such Series A Preferred Units are acquired by the General

  
 D-1

 
Partner pursuant to Section 16.5.A.2 of the Agreement or (2) such redemption transaction closes. 
 All capitalized terms used herein and not otherwise defined shall have the same meaning ascribed to them respectively in the Agreement. 

 

							
	Dated:
                            	 		 		 	Name of Series A Limited Partner or Assignee:
				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Signature of Series A Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City)         (State)         (Zip Code)
				
		 		 		 	Signature Guaranteed by:
				
	Issue Check Payable to:	 		 		 	  

				
		 		 		 	  

	Please insert social security or identifying number:	 		 		 	
		 		 		 	  

  
 D-2

 EXHIBIT E 

SERIES A NOTICE OF CONVERSION 
  

	To:	Hudson Pacific Properties, Inc. 

  

			
		
	 
	  	
		
	 
	  	
		
	 
	  	

 The undersigned Series A Limited Partner or Assignee hereby irrevocably exercises its right to
convert [            ] Series A Preferred Units in Hudson Pacific Properties, L.P. to Common Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership
of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as amended (the “Agreement”), and the Series A Conversion Right referred to therein. The undersigned Series A Limited Partner or Assignee: 

(a) undertakes (i) to surrender such Series A Preferred Units and any certificate therefor at the closing of the
Series A Conversion; 
 (b) directs that the Common Units and any certificate therefor and any payment made
pursuant to Section 16.6.A(2) of the Agreement, deliverable upon the closing of such Series A Conversion be delivered to the address specified below; 
 (c) represents, warrants, certifies and agrees that: 
 (i) the
undersigned Series A Limited Partner or Assignee is a Qualifying Series A Party, 
 (ii) the undersigned Common
Limited Partner or Assignee has, and at the closing of the Series A Conversion will have, good, marketable and unencumbered title to such Series A Preferred Units, free and clear of the rights or interests of any other person or entity, 

(iii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Conversion will have,
the full right, power and authority to tender and surrender such Series A Preferred Units as provided herein, and 
 (iv) the undersigned Series A Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and

 (d) acknowledges that he will continue to own such Series A Preferred Units until and unless such conversion
transaction closes. 

  
 E-1

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

							
	Dated:                         	 		 		 	Name of Series A Limited Partner or Assignee:
				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Signature of Series A Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City)        (State)        (Zip Code)
				
		 		 		 	Signature Guaranteed by:
				
		 		 		 	  

				
	Issue Common Units (and Check Payable, if applicable) to:	 		 		 	  

				
	Please insert social security or identifying number:	 		 		 	  

  
 E-2Hudson Pacific Properties, Inc. Director Stock Plan

 EXHIBIT 10.17 
 HUDSON PACIFIC PROPERTIES, INC. 
 DIRECTOR STOCK PLAN 

Hudson Pacific Properties, Inc., a Maryland corporation (the “Company”), hereby adopts this Hudson Pacific Properties,
Inc. Director Stock Plan (the “Plan”). The Plan is established to allow non-employee directors to increase their respective equity interests in the Company by electing to have a portion of their annual compensation that would
otherwise be payable in cash applied instead to the purchase of shares of the Company’s common stock, delivered currently or on a deferred basis. This Plan is intended to constitute a plan that merely permits directors to purchase shares from
the Company at fair market value under NASDAQ Listing Rule 5635(c) and NYSE Listed Company Manual Section 303A.08, and consequently is intended to be exempt from the NASDAQ and NYSE rules regarding shareholder approval of “equity
compensation plans”. 
 ARTICLE I 
 DEFINITIONS 
 Whenever the following terms are used in the Plan, they shall
have the meaning specified below unless the context clearly indicates to the contrary. The masculine pronoun shall include the feminine and neuter and the singular shall include the plural, where the context so indicates. 

“Board” shall mean the Board of Directors of the Company. 

“Change in Control Event” has the meaning provided in Section 2.3(d) below. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Committee” shall mean the Compensation Committee of the Board (or another committee or a subcommittee of the Board
assuming the functions of the Committee under the Plan). The Committee shall consist solely of two or more Directors appointed by and holding office at the pleasure of the Board, each of whom is intended to qualify as a “non-employee
director” as defined by Rule 16b-3 of the Exchange Act or any successor rule. 
 “Common Stock” shall mean
the common stock of the Company, par value $0.01 per share. 
 “Company” shall mean Hudson Pacific Properties,
Inc., a Maryland corporation. 
 “Deferred Stock” shall mean Common Stock issued under the Plan on a deferred
basis that constitutes, or provides for, a deferral of compensation subject to Section 409A(a) of the Code. 

“Director” shall mean a member of the Board who is not an Employee. 

“Director Compensation” shall mean the amount of fixed cash compensation payable to a Director as determined by the
Board from time to time for each Plan Year, including any annual retainer fee and compensation for services rendered as a member of a committee of the Board or as a chairperson of such committee. For the avoidance of doubt, Director Compensation
does not include, for purposes of this Plan, amounts that are payable by their terms to a Director in any medium other than cash, including without limitation, any Director fees payable by their terms in shares of Common Stock. 

 “Distribution Date” has the meaning provided in Section 2.3(h) below.

 “Effective Date” shall mean the date the Plan is adopted by the Board. 

“Employee” shall mean any officer or other employee (as defined in accordance with Section 3401(c) of the Code and
the regulations and revenue rulings thereunder) of the Company, including any subsidiary or affiliate thereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Fair Market Value” shall mean, as of any given date, the value of a share of Common Stock determined as follows: 

(a) if the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the NASDAQ Global
Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a share of Common Stock
as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Common Stock on the date in question, the closing sales price for a share of Common Stock on the last preceding date for which such quotation
exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
 (b) if the
Common Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high
bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Common Stock on such date, the high bid and low asked prices for a share of Common Stock on the last preceding date for which such information
exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
 (c) if the
Common Stock is neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be the fair market value of the Common
Stock established by the Committee in good faith. 
 “IPO Date” shall mean the date on which the Company made
its first public offering of its Common Stock to the general public pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act of 1933, as amended. 

  
 2 

 “Plan” shall mean this Hudson Pacific Properties, Inc. Director Stock Plan,
as amended from time to time. 
 “Plan Year” shall mean a calendar year or, with respect to the year in which
the Effective Date occurs, the portion of such calendar year occurring from and after the IPO Date . 
 “Section
409A” means Section 409A of the Code (and any successor provision thereto) and the Treasury Regulations and other official guidance promulgated thereunder. 
 “Separation from Service” has the meaning provided in Section 2.3(d) below. 
 “Stock Deferral Election” has the meaning provided in Section 2.3(b) below. 
 “Stock Payment Election” has the meaning provided in Section 2.2(a) below. 
 ARTICLE II 
 ISSUANCE OF SHARES 

Section 2.1—Authorization to Issue Common Stock 
 (a) The Company is authorized to issue shares of Common Stock under the Plan in payment of Director Compensation otherwise payable in cash to any Director who elects to receive such shares of Common Stock
in accordance with Section 2.2 or 2.3 below. 
 (b) The shares of Common Stock issuable under the Plan may be either
previously authorized but unissued shares or shares purchased in the open market. 
 Section 2.2 – Election to Receive
Director Compensation in the Form of Common Stock (Stock Payment Elections) 
 (a) General; Timing of Elections. A
Director may elect to apply all or a portion of the total Director Compensation otherwise payable in cash to him or her towards the acquisition of shares of Common Stock on the date(s) on which such Director Compensation would otherwise be paid in
cash (a “Stock Payment Election”). Stock Payment Elections shall be made by delivering to the Committee (or its designee) an election form (which may be in paper or electronic format) prescribed by the Committee from time to time,
no later than the last business day of the second month of the calendar quarter in which such Director Compensation is earned, or such later date as the Committee may, in its sole discretion, determine. Each Stock Payment Election shall specify
whether such election (i) applies with respect to a limited period or (ii) will continue in effect unless and until terminated by the Director in accordance with Section 2.2(b) below. If a Director does not make a timely Stock Payment
Election with respect to any Director Compensation, such amounts shall be paid in cash on the date on which such Director Compensation would otherwise be payable to the Director absent any election. 

  
 3 

 (b) Revocability of Elections. A Director may revoke a Stock Payment Election made in
accordance with Section 2.2(a) above by notifying the Committee of such revocation in writing no later than the last business day of the second month of the calendar quarter in which such Director Compensation is earned, or such later date as
the Committee may, in its sole discretion, determine. Any such revocation may apply to all or a portion of the Director Compensation otherwise payable in shares of Common Stock pursuant to a Stock Payment Election. 

(c) Payment in Shares. Each Director who delivers a timely Stock Payment Election with respect to all or a portion of the Director
Compensation in accordance with Section 2.2(a) above shall automatically be issued, on the date(s) on which the Director Compensation subject to such election would otherwise be payable in cash, a number of shares of Common Stock equal to the
quotient obtained by dividing (i) the portion of the Director Compensation with respect to which such Director has made a Stock Payment Election under Section 2.2(a) above, by (ii) the Fair Market Value of a share of Common Stock on
the date that such Director Compensation would otherwise be payable in cash; provided, that any fractional share of Common Stock shall be paid in cash. 
 Section 2.3 – Election to Receive Director Compensation in the Form of Deferred Stock (Stock Deferral Elections) 

(a) General. For Director Compensation earned in Plan Year 2011 or any Plan Year beginning thereafter, a Director may irrevocably
elect to apply all or a portion of the total Director Compensation otherwise payable in cash to him or her for such Plan Year towards the acquisition of Deferred Stock. The election to receive, and payment of, Deferred Stock shall satisfy the
requirements of this Section 2.3 and of Section 409A, to the extent applicable. 
 (b) Initial Deferral
Elections. Any initial deferral election with respect to Deferred Stock (together with any subsequent deferral election under Section 2.3(c) below, a “Stock Deferral Election”) shall satisfy the requirements of
Section 409A, to the extent applicable and, except as otherwise set forth in this Section 2.3(b), any initial Stock Deferral Election with respect to Director Compensation for services performed during a given Plan Year shall be made not
later than the last day of the immediately preceding Plan Year, or at such other time as may be determined by the Committee, in its sole discretion, in accordance with the requirements of Section 409A. Notwithstanding the foregoing, in the case
of the first year in which a Director becomes eligible to participate in the Plan, an initial Stock Deferral Election may be made within thirty (30) days after the date the Director first so becomes eligible to participate in the Plan, as
provided under Section 409A, and may be made only with respect to Director Compensation payable for services to be performed during or after the period commencing on the first day of the first full calendar quarter immediately following the
date of such initial Stock Deferral Election. 
 (c) Subsequent Deferral Elections. Directors may elect to further defer
the distribution or payment of Deferred Stock under the Plan pursuant to a subsequent Stock Deferral Election. Any subsequent Stock Deferral Election that is made with respect to Deferred Stock after such time as the initial Stock Deferral Election
described in Section 2.3(b) becomes irrevocable and that provides for a delay in a distribution or payment of any Deferred Stock must satisfy the requirements of Section 409A, and: 

  
 4 

 (i) such subsequent Stock Deferral Election may not take effect until at least twelve
(12) months after the date on which the election is made; 
 (ii) in the case of a subsequent Stock Deferral Election that
relates to a distribution or payment not described in Section 2.3(d)(i)(2), (3) or (6), the first payment with respect to such election may be deferred for a period of not less than five (5) years from the date such distribution or
payment otherwise would have been made; and 
 (iii) in the case of a subsequent Stock Deferral Election that relates to a
distribution or payment described in Section 2.3(d)(i)(4), such election may not be made less than twelve (12) months prior to the date the payment is scheduled to be made or, in the case of installment payments that are treated as a
single payment under Section 409A, not less than twelve (12) months prior to the date of the first scheduled distribution or payment under Section 2.3(d)(i)(4). 
 (d) Permitted Distribution Events. 
 (i) Subject to Section 2.3(d)(ii)
below, any Deferred Stock shall be distributed as provided in the terms of the applicable Stock Deferral Election made in accordance with Sections 2.3(b) and (c) above, Section 2.3(h) below and the requirements of Section 409A, which
shall not provide in any event for distribution earlier than: 
 (1) the Director’s separation from service
(a “Separation from Service”), 
 (2) the Director’s disability, 

(3) the Director’s death, 
 (4) a specified time (or pursuant to a fixed schedule) specified under the applicable deferral election, 
 (5) a change in control event (a “Change in Control Event”), or 
 (6) the occurrence of an unforeseeable emergency with respect to the Director. 

(ii) In the case of a Director who is a “specified employee”, the requirement of Section 2.3(d)(i)(1) above shall be met
only if the distributions with respect to the Deferred Stock may not be made before the date which is six (6) months after the Director’s separation from service (or, if earlier, the date of the Director’s death). 

(iii) The requirement of Section 2.3(d)(i)(6) above shall be met only if, as determined under Section 409A, the amounts
distributed with respect to the unforeseeable emergency do not exceed the amounts reasonably necessary to satisfy such unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking
into account the extent to which such unforeseeable emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Director’s assets (to the extent the liquidation of such assets would
not itself cause severe financial hardship). 

  
 5 

 (iv) For purposes of the Plan, the terms specified in Section 2.3(d)(i)(1) –
(6) above shall have the respective meanings ascribed to them under Section 409A. 
 (e) Stock Deferral Election
Timing; Revocability. Each Stock Deferral Election under this Section 2.3 shall be made by delivering to the Committee (or its designee) an election form (which may be in paper or electronic format) prescribed by the Committee from time to
time, which shall specify (without limitation), (i) the portion of Director Compensation to be deferred, and (ii) any applicable fixed distribution date and number of annual installment payments (in each case, if any). Any such election
that has not been revoked in a writing submitted to the Committee (or its designee) on or prior to the last day on which such election could validly be made under the terms of the Plan and Section 409A shall be irrevocable with respect to the
Director Compensation subject to such election as of the first day on which such election could no longer validly be made under the terms of the Plan and Section 409A. If a Director does not make a timely initial Stock Deferral Election
pursuant to this Section 2.3 for a given Plan Year (or portion thereof) prior to the commencement of such Plan Year (or such later date as may be permitted under the Plan for newly eligible Directors), the Director shall receive the Director
Compensation payable for such Plan Year (or portion thereof) in the form of non-deferred cash (or shares of Common Stock if a Stock Payment Election instead applies to such Director Compensation) on the date on which such Director Compensation would
otherwise be payable to the Director absent any Stock Deferral Election. 
 (f) Prohibition on Acceleration. The time or
schedule of any distribution or payment of any Deferred Stock shall not be accelerated, except as otherwise permitted under Section 409A, including without limitation, Treasury Regulation 1.409A-3(j). 

(g) Crediting of Deferred Stock Units. Each Director who delivers an effective and timely initial Stock Deferral Election with
respect to all or a portion of the Director Compensation payable for a Plan Year in accordance with Section 2.3(a) above shall, on the date(s) on which such Director Compensation would otherwise be payable in cash, be credited in a bookkeeping
account maintained by the Company a number of deferred stock units equal to the quotient obtained by dividing (i) the portion of the Director Compensation with respect to which such Director has made such election hereunder, by (ii) the
Fair Market Value of a share of Common Stock on the date that such Director Compensation would otherwise be payable in cash. The Company may, in its sole discretion, create one or more subaccounts under any such bookkeeping account to reflect
deferred stock units whose underlying shares of Common Stock may be subject to different distribution schedules or otherwise as necessary or convenient to the administration of the Plan (such bookkeeping accounts, together with any subaccounts
thereunder, the “Accounts”). Neither this Plan nor any bookkeeping account established hereunder shall hold any shares of Common Stock or give any Director or any beneficiary thereof any right, interest or claim in any particular
assets of the Company, other than that of a general, unsecured creditor. 

  
 6 

 (h) Distribution of Shares. Subject to the following sentence, shares of Deferred
Stock underlying deferred stock units held in a Director’s Account shall be distributed in a single lump-sum distribution upon the earliest to occur of: (i) the Director’s Separation from Service; (ii) the occurrence of a Change
in Control Event; (iii) to the extent so elected by the Director in accordance with the Plan and Section 409A of the Code, a fixed date or series of up to five (5) substantially equal annual installments beginning on a fixed date and
specified by the Director in the Stock Deferral Election applicable to such shares; and (iv) the occurrence of the Director’s death or disability (within the meaning of Section 409A of the Code) (any such date, a “Distribution
Date”). To the extent that any fractional shares of Deferred Stock become distributable on a Distribution Date, such fractional shares shall be distributed in cash based on the Fair Market Value. Notwithstanding anything in this Plan or any
Stock Deferral Election form to the contrary, with respect to any Director who is a “specified employee” at the time of such Director’s Separation from Service, the distribution of such Director’s Account upon such Separation
from Service shall, to the extent that such distribution upon a Separation from Service would be a prohibited distribution under Section 409A(a)(2)(b)(i) of the Code, be delayed until the date which is six (6) months and one (1) day
after the date on which such Separation from Service occurs (or, if earlier, the date of the Director’s death). To the extent that any Director elects to receive distributions as annual installments in accordance herewith, each installment
shall be treated as a separate payment for all purposes under Section 409A. 
 (i) Dividend Equivalents. Each
deferred stock unit credited to a Director’s Account shall carry with it a right to receive dividend equivalents in respect of the share of Common Stock underlying such deferred stock unit. Dividend equivalents shall be paid to Directors in
cash on the Company’s applicable dividend payment date based on the number of deferred stock units held in the Director’s Account on the applicable Company record date. The dividend equivalent right associated with a deferred stock unit
shall remain outstanding until the delivery to the Director of the share of Stock underlying such deferred stock unit. 
 (j)
Carryover of Stock Deferral Elections. Each initial Stock Deferral Election with respect to Director Compensation shall specify whether the election will apply only to Director Compensation payable for services to be performed during the
particular Plan Year (or portion thereof) with respect to which it is initially made or whether such election shall also carry over to any subsequent Plan Year(s) during which the individual continues to serve as a Director, unless and until
terminated. 
 Section 2.4 – Amount of Director Compensation With Respect to Which Elections May be Made 

The Committee may, in its sole discretion, from time to time establish the minimum and/or maximum amount(s) of Director Compensation with
respect to which an election may be made pursuant to Section 2.2 or Section 2.3 hereof. 

  
 7 

 Section 2.5—Tax Withholding 

The Company shall have the authority and the right to deduct or withhold, or require the Director to remit to the Company, an amount
sufficient to satisfy federal, state, local and foreign taxes required by law to be withheld with respect to any taxable event concerning the Director arising as a result of the Plan. 

ARTICLE III 

ADMINISTRATION 

Section 3.1 - Duties and Powers of the Committee 
 It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and to adopt such rules
for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. Notwithstanding the foregoing, the Board may, in its sole discretion, at any time and from time to time
exercise any and all rights and duties of the Committee under the Plan except with respect to matters which are required to be determined in the sole discretion of the Committee under Rule 16b-3 under the Exchange Act or any successor rule, or
Section 162(m) of the Code, or any regulations or rules issued thereunder, or the rules or regulations of any securities exchange or automated quotation system on which the Common Stock is listed, quoted or traded. 

Section 3.2 - Expenses; Professional Assistance; Good Faith Actions 
 All expenses and liabilities incurred by members of the Committee in connection with the administration of the Plan shall be borne by the Company. The Committee may employ attorneys, consultants,
accountants, appraisers, brokers or other persons. The Committee, the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and
determinations made by the Committee in good faith shall be final and binding upon the Company, all Directors to whom shares of Common Stock are issued and all other interested persons. No member of the Committee shall be personally liable for any
action, determination or interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully protected by the Company in respect to any such action, determination or interpretation. 

ARTICLE IV 

OTHER PROVISIONS 

Section 4.1 – Effective Date 
 The Plan shall be effective as of the Effective Date. No election under Article II shall be effective with respect to Director Compensation payable for services performed prior to the IPO Date.

  
 8 

 Section 4.2—Conditions to Issuance of Shares 

(d) Notwithstanding anything herein to the contrary, the Company shall issue or deliver certificates or record the issuance of
uncertificated shares of Common Stock covered by an effective registration statement or applicable exemption from registration, unless the Committee determines, with advice of counsel, that the issuance of such shares is not in compliance with all
applicable laws, regulations of governmental authorities or, if applicable, the requirements of any exchange on which the shares of Common Stock are listed or traded. In addition to the terms and conditions provided herein, the Committee may require
that a Director make such reasonable covenants, agreements and representations as the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations or requirements. 

(e) All Common Stock certificates delivered pursuant to the Plan and all uncertificated shares are subject to any stop-transfer orders
and other restrictions as the Committee deems necessary or advisable to comply with federal, state or foreign securities or other laws, rules and regulations and the rules of any securities exchange or automated quotation system on which the Common
Stock is listed, quoted or traded. The Committee may place legends on any Common Stock certificate or book entry account statement to reference restrictions applicable to the Common Stock. 

(f) The Committee shall have the right to require any Director to comply with any timing or other restrictions with respect to any
election and/or payment under the Plan, including a window-period limitation, as may be imposed in the sole discretion of the Committee. 
 (g) No fractional shares of Common Stock shall be issued under the Plan. 
 (h)
Notwithstanding any other provision of the Plan, unless otherwise determined by the Committee (which determination may be made, in the sole discretion of the Committee, at the request of a Director) and/or required by any applicable law, rule or
regulation, the Company’s transfer agent or any depository for such shares, the Company shall not deliver to any Director certificates representing shares of Common Stock issued in connection with any issuance and instead the issuance and
transfer of such uncertificated shares of Common Stock shall be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
 Section 4.3—Compliance with Laws 
 The Plan and the
issuance and delivery of shares of Common Stock and the payment of money under the Plan are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including, without limitation, state, federal and
foreign securities law and margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered
under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure
compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan and any agreements entered into under the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

  
 9 

 Section 4.4 – Changes in Capitalization 

In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization,
other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of the Company’s stock, the Committee shall make equitable adjustments, if any, to reflect such change with
respect to (i) the kind of shares that may be issued under the Plan and (ii) the number and kind of shares (or other securities or property) underlying deferred stock units held in Director Accounts. 

Section 4.5 – No Rights as Stockholder 
 The right to receive Common Stock or Deferred Stock under the Plan shall not entitle any person to any rights as a stockholder with respect to such Common Stock or Deferred Stock unless and until such
shares of Common Stock have been issued to such Participant. 
 Section 4.6 - Amendment, Suspension or Termination of the Plan

 The Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to
time by the Committee. 
 Section 4.7 - Governing Law 
 The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the State of Maryland without regard to conflicts of laws thereof. 

Section 4.8 - Titles 
 Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan. 
 *            *            *         
   * 
 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of Hudson Pacific
Properties, Inc. on September 22 , 2010. 
 Executed on this 22nd day of September , 2010. 

 

	
	
	/s/ Howard S. Stern
	 Howard S. Stern      

Secretary                  

  
 10

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