Document:

Form of US Federal Properties Trust, Inc. 2010 Long Term Incentive Plan

 Exhibit 10.4 

US FEDERAL PROPERTIES TRUST, INC. 

2010 LONG TERM INCENTIVE PLAN 

1. Purpose and Effective Date. 

(a) The purpose of the US Federal Properties Trust, Inc. 2010 Long Term Incentive Plan (the “Plan”) is to further the long-term
stability and financial success of US Federal Properties Trust, Inc., a Maryland corporation (the “Company”), by attracting and retaining personnel, including employees, directors, and consultants for the Company and its Subsidiaries,
through the use of equity incentives. The Company believes that an ownership interest in the Company will stimulate the efforts of those persons upon whose judgment, interest and efforts the Company and its Subsidiaries are and will be largely
dependent for the successful conduct of their respective businesses and will further align those persons’ interests with the interests of the Company’s stockholders. 

(b) The Plan was adopted by the Board of Directors of the Company on
                    , 2010, and shall become effective on
                    , 2010 subject to the approval of the Plan by the Company’s stockholders. 

2. Definitions. 
 In
addition to other terms defined herein, the terms as used herein shall have the following meanings: 
 (a) Act. The
Securities Exchange Act of 1934, as amended. 
 (b) Applicable Withholding Taxes. The aggregate amount of federal, state
and local income and payroll taxes that the Company or any Subsidiary is required to withhold (based on the minimum applicable statutory withholding rates) in connection with any exercise of an Option or Stock Appreciation Right, the grant, lapse of
restrictions or payment with respect to an Award under the Plan. 
 (c) Award. The award of an Option, Restricted Stock,
Stock Appreciation Right Other Equity-Based Award or Cash Incentive Award under the Plan. 
 (d) Board. The Board of
Directors of the Company. 
 (e) Cash Incentive Award. The award of a right to receive a payment of cash, determined on
an individual basis or as an allocation of an incentive pool (or Company Stock having a value equivalent to the cash otherwise payable) that is contingent on the achievement of performance objectives established by the Committee. 

(f) Cause. As defined in a written agreement between an employee and the Company or any of its Subsidiaries that is in effect at
the time of termination of the employee. If there is no such agreement that defines the term, Cause shall mean: 
 (i) any
material breach of a representation, warranty or covenant by the employee of a material term or obligation of his or her employment agreement (if any), or any other agreement between the employee and the Company or any of its Subsidiaries, including
without limitation material failure to perform a substantial portion of his or her duties and responsibilities thereunder, which breach is not cured within ten (10) days after written notice thereof by the Company or any Subsidiary to the
employee specifically describing such alleged breach; 

 (ii) any material violation by the employee of a written directive from the Board or the
officer or other supervisory personnel of the Company or any Subsidiary to whom such employee reports which is not due to the Disability of the employee; 

(iii) commission by the employee of a (A) felony, (B) crime of moral turpitude or (C) misdemeanor involving fraud, breach
of trust or misappropriation, whether or not the commission of such felony, crime or misdemeanor is in connection with the business of the Company or any Subsidiary; or 

(iv) gross incompetence, gross negligence, or gross or willful misconduct in office or breach of a fiduciary duty owed to the Company or
any Subsidiary. 
 (g) Change in Control. The occurrence after the date of adoption of this Plan by the Board of any of
the following events: 
 (i) The consummation of the acquisition by any person (as such term is defined in Section 13(d) or
14(d) of the Securities Exchange Act of 1934, as amended) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of fifty percent (50%) or more of the combined voting power of the then outstanding voting
securities of the Company; 
 (ii) Within any twelve (12) month period, the individuals who are members of the Board at the
beginning of such period cease for any reason to constitute a majority of the Board, unless the election, or nomination for election by the stockholders, of any new director was approved by a vote of a majority of the Board, and such new director
shall, for purposes of this Agreement, be considered as a member of the Board; or 
 (iii) The consummation of: (A) a
merger or consolidation if Company stockholders immediately before such merger or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the
then outstanding voting securities of the entity resulting from such merger or consolidation in substantially the same proportion to each other as their ownership of the combined voting power of the voting securities of the Company outstanding
immediately before such merger or consolidation; or (B) a complete liquidation or dissolution or an agreement for the sale or other disposition of fifty percent (50%) or more of the total assets of the Company. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur if any of the foregoing transactions occurs with a
subsidiary or affiliate of the Company. 
  

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 If a Change in Control constitutes a payment event with respect to any Award that provides
for the deferral of compensation and is subject to Section 409A of the Code, no payment will be made under that Award on account of a Change in Control unless the event described in (i), (ii) or (iii) above, as applicable, constitutes
“change in the ownership or effective control” of the Company or “a change in the ownership of a substantial portion of the assets” of the Company under Treasury Regulation Section 1.409A-3(i)(5). 

(h) Code. The Internal Revenue Code of 1986, as amended and any rules, regulations and guidance promulgated thereunder, as
modified from time to time. 
 (i) Committee. The Committee appointed by the Board to administer the Plan, or if no such
Committee has been appointed, the Board. 
 (j) Company. US Federal Properties Trust, Inc., a Maryland corporation.

 (k) Company Stock. The Company’s common stock, $0.01 par value per share. If the par value of the Company Stock
is changed, or in the event of a change in the capital structure of the Company (as provided in Section 15 below), the shares resulting from such a change shall be deemed to be Company Stock within the meaning of the Plan. 

(l) Consultant. An individual rendering services to the Company or any Subsidiary who is not an “employee” for purposes
of employment tax withholding under the Code. 
 (m) Date of Grant. The effective date of an Award granted by the
Committee. 
 (n) Disability or Disabled. As to an Incentive Stock Option, a Disability within the meaning of Code
Section 22(e)(3). As to all other Awards, the terms “Disability” or “Disabled” shall have the meaning ascribed to such term or terms in the agreement or instrument approved by the committee to evidence such Award.

 (o) Fair Market Value. 

(i) If the Company Stock is (A) listed on any established stock exchange, (B) traded in the NASDAQ system, or
(C) otherwise traded in the national over-the-counter securities market, then its Fair Market Value shall be the per share price reported as the last trade for such stock on the applicable date, as reported by such exchange, NASDAQ or by a
market maker for the Company Stock in the national over-the-counter securities market, as the case may be; or, if there are no trades of Company Stock so reported on the applicable date, then the Fair Market Value for purposes of the particular
Award shall be the per share price so reported on the next preceding trading day on which there was a trade on such exchange, as reported over NASDAQ or as reported by a market maker of the Company’s Stock in the national over-the-counter
securities market, as the case may be. 
 (ii) If the Company Stock is not publicly traded, the Fair Market Value shall be
determined in good faith by the Committee, using any reasonable method. 
  

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 (p) Insider. A person subject to Section 16(b) of the Securities Exchange Act of
1934. 
 (q) Incentive Stock Option. An Option intended to meet the requirements of, and qualify for favorable federal
income tax treatment under, Code Section 422. 
 (r) Limitation Amount. An amount equal to $100,000.00. 

(s) LTIP Unit. An “LTIP Unit” as defined in the Operating Partnership’s partnership agreement, as amended from time
to time. An LTIP Unit granted under this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that partnership agreement, subject to the terms and conditions of the applicable LTIP Unit
Award Agreement and that partnership agreement. 
 (t) Nonstatutory Stock Option. An Option that does not meet the
requirements of Code Section 422, or that is otherwise not intended to be an Incentive Stock Option and is so designated. 

(u) Operating Partnership. US Federal Properties Partnership, LP, a Delaware limited partnership. 

(v) Option. A right to purchase Company Stock granted under the Plan, at a price determined in accordance with the Plan.

 (w) Other Equity-Based Award. Any Award, other than an Option, Stock Appreciation Right, Cash Incentive Award or
Restricted Stock which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive Company Stock or rights or units (which may be settled in Company Stock, cash or a combination thereof) valued in
whole or in part by reference to, or otherwise based on, Company Stock (including securities convertible into Company Stock) or other equity interests including LTIP Units. 

(x) Participant. Any person who is granted an Award under the Plan. 

(y) Restricted Stock. Company Stock awarded upon the terms and subject to the restrictions set forth in Section 8 below.

 (z) Rule 16b-3. Rule 16b-3 promulgated under the Act, including any corresponding subsequent rule or any amendments to
Rule 16b-3 enacted after the effective date of the Plan. 
 (aa) 10% Stockholder. A person who owns, directly or
indirectly, stock possessing more than 10% of the total combined voting power of all voting securities of the Company, or any parent or Subsidiary. Indirect ownership of such voting securities shall be determined in accordance with Code
Section 424(d). 
 (bb) Stock Appreciation Rights. An Award, the value of which is based upon an increase in the
Fair Market Value of the Company Stock on the Date of Grant and a date specified in or determinable in accordance with the agreement or instrument approved by the Committee to evidence such Award. 

 

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 (cc) Subsidiary or Subsidiaries. The Operating Partnership or any affiliated
corporation or other business entity in which the Company owns voting securities possessing at least fifty percent (50%) of the combined voting power of all classes of voting securities of such affiliated corporation or entity. 

3. General. 
 (a)
Awards. Awards of Options, Restricted Stock, Stock Appreciation Rights, Other Equity-Based Awards or Cash Incentive Awards may be granted under the Plan. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock
Options; provided, however, that Incentive Stock options may only be granted to employees of the Company or its Subsidiaries. 

(b) Dividend Equivalents. Any Award under the Plan may provide the Participant with the right to receive dividend payments or
dividend equivalent payments with respect to shares of Company Stock subject to the Award, which payments may be either made currently or credited to an account for the Participant, may be settled in cash or Company Stock and may be subject to
restrictions similar to the underlying Award. 
 (c) Repricing of Awards. Except for adjustments pursuant to
Section 15 (relating to the adjustment of shares), and reductions of the exercise price approved by the Company’s stockholders, the exercise price for any outstanding Option or Stock Appreciation Right may not be decreased after the date
of grant nor may an outstanding Option or Stock Appreciation Right granted under the Plan be surrendered to the Company as consideration for the grant of a replacement Option or Stock Appreciation Right with a lower exercise price. 

(d) No Rights to Specific Assets. Neither a Participant nor any other person shall by reason of participation in the Plan
acquire any right in or title to any assets, funds or property of the Company or any Subsidiary whatsoever, including any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside in
anticipation of a liability under the Plan. A Participant shall have only a contractual right to the Stock or amounts, if any, payable or distributable under the Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained
in the Plan shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. 

(e) No Contractual Right to Employment or Future Awards. The Plan does not constitute a contract of employment, and selection as a
Participant will not give any participating employee the right to be retained in the employ of the Company or any Subsidiary or any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of
the Plan. No individual shall have the right to be selected to receive an Award under this Plan, or, having been so selected, to receive a future Award under this Plan. 
  

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 (f) No Rights as a Stockholder. Except as otherwise provided in the Plan, no Award
under the Plan shall confer upon the holder thereof any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights. 

4. Company Stock. 
 (a)
Subject to Section 15, there shall be reserved for issuance under the Plan an aggregate of 1,000,000 shares of Company Stock, which may include authorized, but unissued, shares. To the extent any shares of Company Stock covered by an Award
(including Other Equity Awards), under the Plan are forfeited or are not delivered to a Participant or beneficiary because the Award is forfeited, canceled or settled in cash, or if any shares of Company Stock are not delivered because the shares
are used to satisfy the Applicable Withholding Taxes, such shares shall not be deemed to have been delivered, or issued, for purposes of determining the maximum number of shares of Company Stock available for issuance under the Plan and such shares
shall again become eligible for issuance under the Plan. Other Equity-Based Awards that are LTIP Units shall reduce the number of shares of Company Stock that may be issued under this plan on a one-for-one basis, i.e., each such LTIP Unit
shall be treated as an Award of a share of Company Stock. With respect to Stock Appreciation Rights that are settled in Company Stock, only actual shares delivered shall be counted for purposes of these limitations. If the exercise price of any
Option granted under the Plan is satisfied by tendering shares of Company Stock to the Company (whether by actual delivery or attestation, and whether or not such surrendered shares were acquired pursuant to any Award granted under the Plan), only
the number of shares of Company Stock issued net of the shares of Company Stock tendered shall be deemed delivered for purposes of determining the maximum number of shares available for issuance under the Plan. 

(b) Subject to adjustment as provided in Section 15, no more than an aggregate of 1,000,000 shares of Company Stock may be issued
pursuant to the exercise of Incentive Stock Options granted under the Plan (including shares issued pursuant to the exercise of Incentive Stock Options that are the subject of disqualifying dispositions within the meaning of Sections 421, 422 and
423 of the Code). 
 5. Eligibility. Any employee of, director of, or Consultant to, the Company or any Subsidiary who, in the judgment
of the Committee, has contributed, or can be expected to contribute, to the profits or growth of the Company or any such Subsidiary is eligible to become a Participant. The Committee shall have the power and complete discretion, as provided in
Section 17, to select eligible Participants and to determine for each Participant the terms, conditions and nature of the Award and the number of shares of Company Stock to be allocated to, or ascribed to, the Award; provided, however,
that any Award made to a member of the Committee must be approved by the Board. 
 6. Stock Options. 

(a) Whenever the Committee deems it appropriate to grant Options, the Options shall be evidenced by a stock option agreement between the
Company and the Participant, which shall be subject to the applicable provisions of this Plan and to such other provisions as the Committee may determine. Such agreement shall be given to the Participant and shall state the number of

  

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shares of Company Stock for which Options are granted, the exercise price per share, whether the Options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the
grant and exercise of the Options are subject. 
 (b) The Committee shall establish the exercise price of Options, provided,
however, that (i) the exercise price of an Option shall be not less than 100% of the Fair Market Value of the shares of Company Stock to which the Award pertains on the Date of Grant, or (ii) in the case of an Incentive Stock Option
granted to a Participant who is a 10% Stockholder, not less than 110% of the Fair Market Value of such shares on the Date of Grant. 

(c) Subject to subsection (d) below, Options may be exercised in whole or in part at such times as may be specified by the Committee
in the Participant’s stock option agreement. The Committee may impose such vesting conditions and other requirements as the Committee deems appropriate, and the Committee may include such provisions regarding a Change in Control as the
Committee deems appropriate. 
 (d) The Committee shall establish the term of each Option in the Participant’s stock option
agreement. The term of an Option shall not be longer than ten (10) years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Stockholder shall not have a term in excess of five (5) years. No Option may be
exercised after the expiration of its term or, except as set forth in the Participant’s stock option agreement, after the termination of the Participant’s employment or service. The Committee shall set forth in the Participant’s stock
option agreement when, and under what circumstances, an Option may be exercised after termination of the Participant’s employment or service. The Committee, in its sole discretion, may amend a previously granted Incentive Stock Option to
provide for more liberal exercise provisions; provided however that if the Incentive Stock Option as amended no longer meets the requirements of Code Section 422, and, as a result the Option no longer qualifies for favorable federal income tax
treatment under Code Section 422, the amendment shall not become effective without the written consent of the Participant. 

(e) By its terms, an Incentive Stock Option shall be exercisable in any calendar year only to the extent that the aggregate Fair Market
Value (determined at the Date of Grant) of the Company Stock with respect to which Incentive Stock Options are exercisable by the Participant for the first time during the calendar year does not exceed the Limitation Amount. Incentive Stock Options
granted under the Plan and all other plans of the Company or any Subsidiary shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded. The Board may impose such conditions as it deems appropriate in an Incentive
Stock Option agreement to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the excess Options will be treated as Nonstatutory Stock Options to the
extent permitted by law. 
 (f) If a Participant’s employment or services is terminated by the Company for Cause, the
Participant’s Options, whether vested or unvested, shall terminate as of the date of the termination of employment or service. 
  

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 (g) Upon exercise of an Option that is awarded in connection with Stock Appreciation Rights
and surrender of the related portion of the underlying Stock Appreciation Right, the Stock Appreciation Right, to the extent surrendered, shall not thereafter be exercisable. 

7. Method of Exercise of Options. 

(a) Options may be exercised by giving written notice of the exercise to the Company, stating the number of shares the Participant has
elected to purchase under the Option. Such notice shall be effective only if accompanied by payment of the exercise price in full in cash or, subject to limitations imposed by applicable law, by such other means as the Committee may from time to
time permit, including: (i) by tendering, either actually or by attestation, shares of Company Stock acceptable to the Committee, and valued at Fair Market Value on the date of exercise; (ii) by irrevocably authorizing a third party,
acceptable to the Committee, to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any
Applicable Withholding Taxes resulting from such exercise; (iii) payment through a net exercise such that, without the payment of any funds, the Participant may exercise the Option and receive the net number of shares of Company Stock equal in
value to (A) the number of shares of Company Stock as to which the option is being exercised, multiplied by (B) a fraction, the numerator of which is the Fair Market Value (on such date as is determined by the Committee) less the exercise
price, and the denominator of which is such Fair Market Value (the number of net shares of Company Stock to be received shall be rounded down to the nearest whole number of shares of Company Stock); (iv) by personal, certified or cashiers’
check; (v) by other property deemed acceptable by the Committee; or (vi) by any combination thereof. 
 (b) The
Company may place on any certificate representing Company Stock issued upon the exercise of an Option any legend deemed desirable by the Company’s counsel to comply with federal or state securities laws. The Company may require of the
Participant a customary indication of his or her investment intent. A Participant shall not possess stockholder rights with respect to shares of Company Stock subject to an Option until the Participant has exercised the Option and made any required
payment, including payment of Applicable Withholding Taxes, and the Company has issued a certificate for the shares of Company Stock acquired. 

8. Restricted Stock Awards. 

(a) Whenever the Committee deems it appropriate to grant a Restricted Stock Award, notice shall be given to the Participant stating the
number of shares of Restricted Stock for which the Award is granted, the Date of Grant, and the terms and conditions to which the Award is subject. Certificates representing the shares pertaining to a Restricted Stock Award shall be issued in the
name of the Participant, subject to the restrictions imposed by the Plan and the Committee. A Restricted Stock Award may be made by the Committee in its discretion without cash consideration. 

(b) The Committee may place such restrictions on the transferability and vesting of Restricted Stock as the Committee deems appropriate,
including, but not limited to, restrictions relating to continued employment or service with the Company or its Subsidiaries or financial or 

 

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other performance goals. Without limiting the foregoing, the Committee may provide performance or Change in Control vesting acceleration parameters under which all, or a portion, of the
Restricted Stock will vest on the Company’s achievement of established performance objectives. Restricted Stock may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered until the restrictions on such
shares shall have lapsed or shall have been removed pursuant to subsection 8(c). 
 (c) As to each Restricted Stock Award
the Committee shall establish the terms and conditions upon which the restrictions set forth in subsection 8(b) shall lapse. Such terms and conditions may include, without limitation, the passage of time, the meeting of performance goals, the
lapsing of such restrictions as a result of the Disability, death or retirement of the Participant, or the occurrence of a Change in Control. 

(d) A Participant shall hold shares of Restricted Stock subject to the restrictions set forth in the Award agreement pertaining thereto
and in the Plan. In other respects, the Participant shall have all the rights of a stockholder with respect to the shares of Restricted Stock, including, but not limited to, the right to receive all cash dividends and other distributions paid
thereon. Certificates representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant’s Award agreement. If stock dividends are declared on Restricted Stock or other distributions are
made in respect thereof, such stock dividends or other distributions may, in the discretion of the Committee as reflected in the applicable Award agreement, be subject to the same restrictions as the underlying shares of Restricted Stock.

 9. Stock Appreciation Rights. 

(a) Whenever the Committee deems it appropriate, Stock Appreciation Rights may be granted in connection with all or any part of an Option
or in a separate Award. 
 (b) The following provisions apply to all Stock Appreciation Rights that are not granted in
connection with Options: 
 (i) Stock Appreciation Rights shall entitle the participant, upon exercise of all or any part of the
Stock Appreciation Rights, to receive in exchange from the Company an amount in cash or shares of Company Stock (as provided in the applicable Stock Appreciation Right agreement) equal to the excess of (A) the Fair Market Value on the SAR
exercise date of the shares of Company Stock to which the Stock Appreciation Right appertains over (B) the Fair Market Value of the Company Stock to which the Stock Appreciation Right appertains on the Date of Grant (sometimes referred to
herein as the exercise price). In the Stock Appreciation Rights Agreement the Committee may prescribe that the participant will be entitled to receive a lesser amount upon exercise of the Stock Appreciation Rights (e.g., the exercise price
may be set at a value greater than the Fair Market Value on the date of grant or the aggregate spread between the date of grant and the date of exercise may be subject to a limit). 

(ii) A Stock Appreciation Right may only be exercised or paid at a time when the Fair Market Value of the Company Stock covered by the
Stock Appreciation Right exceeds the Fair Market Value of the Company Stock on the Date of Grant of the Stock Appreciation Right. 
  

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 (c) The following provisions apply to all Stock Appreciation Rights that are awarded in
connection with Options: 
 (i) Stock Appreciation Rights that are awarded in connection with Options shall entitle the
participant to exercise all or any part of the Stock Appreciation Rights, and in connection therewith to surrender to the Company unexercised that portion of the underlying Option relating to the same number of shares of Company Stock as is covered
by the Stock Appreciation Rights (or the portion of the Stock Appreciation Rights so exercised) and to receive in exchange from the Company an amount in cash or shares of Company Stock (as provided in the applicable Stock Appreciation Right
agreement) equal to the excess of (A) the Fair Market Value on the date of exercise of the Company Stock covered by the surrendered portion of the underlying Option over (B) the exercise price of the Company Stock covered by the
surrendered portion of the underlying Option. The Committee may prescribe that the participant will be entitled to receive a lesser amount upon exercise of the Stock Appreciation Right. 

(ii) Upon the exercise of a Stock Appreciation Right that is awarded in connection with Options and surrender of the related portion of
the underlying Option, the Option, to the extent surrendered, shall not thereafter be exercisable. 
 (iii) Subject to any
further conditions upon exercise imposed by the Committee, a Stock Appreciation Right issued in tandem with an Option shall be exercisable only to the extent that the related Option is exercisable. 

(iv) A Stock Appreciation Right awarded in connection with Options may only be exercised at a time when the Fair Market Value of the
Company Stock covered by the Stock Appreciation Right exceeds the exercise price of the Company Stock covered by the underlying Option. 

(d) The manner in which the Company’s obligation arising upon the exercise of a Stock Appreciation Right shall be paid shall be
determined by the Committee and shall be set forth in the Stock Appreciation Rights agreement or in the Option agreement or the related Stock Appreciation Rights agreement, if the Stock Appreciation Rights in question are being awarded in connection
with Options. The Committee may provide for payment in Company Stock or cash, or a combination of Company Stock and cash, or the Committee may reserve the right to determine the manner of payment at the time the Stock Appreciation Right is
exercised. Shares of Company Stock issued upon the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. 

10. Other Equity-Based Awards. 

(a) Whenever the Committee deems it appropriate to grant an Other Equity-Based Award, notice shall be given to the Participant stating
the number of shares of Company Stock or other equity interests (including LTIP Units) for which the Award is granted, the Date of Grant, 

 

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and the terms and conditions to which the Award is subject; provided, however, that the grant of LTIP Units must satisfy the requirements of the partnership agreement of the Operating
Partnership as in effect on the Date of Grant. Certificates representing any shares of Company Stock or other equity interests (including LTIP Units) granted as Other-Stock Based Award shall be issued in the name of the Participant, subject to the
restrictions imposed by the Plan, the Committee and, if applicable, the partnership agreement of the Operating Partnership. 

(b) The Committee may place such restrictions on the transferability and vesting of Other Equity-Based Awards as the Committee deems
appropriate, including, but not limited to, restrictions relating to continued employment or service or financial or other performance goals. Without limiting the foregoing, the Committee may provide performance or Change in Control vesting
acceleration parameters under which all, or a portion of, the Other Equity-Based Award will vest on the Company’s achievement of established performance objectives. Other Equity-Based Awards may not be sold, assigned, transferred, disposed of,
pledged, hypothecated or otherwise encumbered until the restrictions on the Other Equity-Based Award shall have lapsed or shall have been removed pursuant to subsection 10(c). 

(c) As to each Other Equity-Based Award the Committee shall establish the terms and conditions upon which the restrictions, if any, on
transferability set forth in subsection 10(b) shall lapse. Such terms and conditions may include, without limitation, the passage of time, the meeting of performance goals, the lapsing of such restrictions as a result of the Disability, death or
retirement of the Participant, or the occurrence of a Change in Control. 
 (d) A Participant shall hold the Other Equity-Based
Award subject to the restrictions set forth in the Award agreement. A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the extent that, the Other Equity-Based Award
is earned and settled in Company Stock or Company Stock is issued with respect to the grant of the Other Equity-Based Award, in which case the Participant shall have all the rights of a stockholder with respect to such shares of Company Stock,
including, but not limited to, the right to receive all cash dividends and other distributions paid thereon. Certificates representing shares of Company Stock issued with respect to the grant of an Other Equity-Based Award shall bear a legend
referring to the restrictions set forth in the Plan, the Participant’s Award agreement and, if applicable, the partnership agreement of the Operating Partnership. If stock dividends are declared on Company Stock issued with respect to an Other
Equity-Based Award, such stock dividends may, in the discretion of the Committee as reflected in the applicable Award agreement, be subject to the same restrictions as the underlying shares of Company Stock subject to the Other Equity-Based Award.

 (e) Other Equity-Based Awards valued in whole or in party by reference to, or otherwise based on, Company Stock, shall be
payable or settled in shares of Company Stock, cash or a combination of Company Stock and cash, as determined by the Committee in its discretion; provided, however, that any shares of Company Stock that are issued on account of the conversion
of LTIP Units into Company Stock shall not be issued under the Plan (i.e., the grant of the LTIP Unit shall reduce the number of shares of Company Stock issuable under this Plan but the issuance of Company Stock upon the conversion of LTIP
Units shall not further reduce the number of shares of Company Stock issuable under this Plan). Other Equity-Based Awards 
  

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denominated as equity interest other than shares of Company Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the
Committee in its discretion. 
 11. Cash Incentive Awards. 

(a) Whenever the Committee deems it appropriate to grant a Cash Incentive Award, notice shall be given to the Participant stating the
cash value (stated in terms of Company Stock equivalents or absolute dollar values) for which the Award is granted, the Date of Grant, and the terms and conditions to which the Award is subject. 

(b) The Committee may place any such restrictions and vesting requirements as the Committee deems appropriate, including, but not limited
to, restrictions relating to continued employment or service with the Company or its Subsidiaries or the attainment of financial or other performance goals. Without limiting the foregoing, the Committee may provide performance or Change in Control
vesting acceleration parameters under which all, or a portion, of the Cash Incentive Award will vest. Cash Incentive Awards may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered. 

12. Applicable Withholding Taxes. Each Participant shall agree, as a condition of receiving an Award, to pay to the Company, or make arrangements
satisfactory to the Company regarding the payment of, all Applicable Withholding Taxes with respect to the Award. Until the Applicable Withholding Taxes have been paid or arrangements satisfactory to the Company have been made, no stock certificates
(or, in the case of Restricted Stock, no stock certificates free of a restrictive legend) shall be issued to the Participant and no payments in respect of Stock Appreciation rights that have been exercised and otherwise would be payable to the
Participant. As an alternative to making a cash payment to the Company to satisfy Applicable Withholding Tax obligations, the Committee may establish procedures permitting the Participant to elect to (a) deliver shares of Company Stock at the
time beneficially and of record owned by the Participant, or (b) if the applicable withholding taxes are arising in connection with the recognition of income with respect to an Award, deliver to the Company or have the Company retain that
number of shares of Company Stock that would satisfy all or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by the Committee to avoid a charge to earnings for
financial accounting purposes and if the company or any Subsidiary is registered under the Act or otherwise subject to rules under the Act that apply to short swing profits in the stock by Insiders in accordance with Rule 16b-3. 

13. Nontransferability of Awards. 

(a) In general, Awards, by their terms, shall not be transferable by the Participant except by will or by the laws of descent and
distribution or except as described below. Options shall be exercisable, during the Participant’s lifetime, only by the Participant or by his guardian or legal representative. 

(b) Notwithstanding the provisions of subsection 13(a) and subject to federal and state securities laws, the Committee may grant Stock
Appreciation Rights (other than Stock 
  

 12 

 
Appreciation Rights granted in relationship to an Incentive Stock Option) or Nonstatutory Stock Options that permit, or amend outstanding Nonstatutory Stock Options to permit, a Participant to
transfer such Stock Appreciation Rights or Options to one or more immediate family members, to a trust for the benefit of immediate family members, or to a partnership, limited liability company, or other entity, the only partners, members, or
interest-holders of which are among the Participant’s immediate family members. Consideration may not be paid for such transfer. The transferee shall be subject to all conditions applicable to the Stock Appreciation Right or Nonstatutory Stock
Option prior to its transfer. The agreement granting the Stock Appreciation Right or Nonstatutory Stock Option shall set forth the transfer conditions and restrictions. The Committee may impose on any transferable Option and on stock issued upon the
exercise of an Option such limitations and conditions as the Committee deems appropriate. Options and related Stock Appreciation Rights must be transferred to the same transferee and the transferee may not transfer such Options or Stock Appreciation
Rights (except by will or the laws of descent and distribution). 
 14. Termination, Modification, Change. If not sooner terminated by
the Board, this Plan shall terminate at the close of business on                           , 2020. No Awards shall
be made under the Plan after its termination. The Board may terminate the Plan or may amend the Plan in such respects as it shall deem advisable; provided, that, unless authorized by the holders of Company Stock, no change shall be made that
(a) increases the total number of shares of Company Stock reserved for issuance pursuant to Awards granted under the Plan (except pursuant to Section 15), in the aggregate or as Incentive Stock Options, (b) expands the class of
persons eligible to receive Awards, (c) materially increases the benefits accruing to Participants under the Plan, (d) re-prices an Option or Stock Appreciation Right, as provided in Section 3(c), or (e) otherwise requires
stockholder approval under the rules of a domestic exchange on which Stock is traded. Notwithstanding any provision in this Plan or any Award agreement to the contrary, the Committee may amend the Plan or an Award agreement, to take effect
retroactively or otherwise, as deemed necessary or advisable for the purpose of (i) ensuring compliance with Rule 16b-3, if applicable, (ii) conforming the Plan or the Award agreement to any present or future law relating to plans of this
or similar nature (including, but not limited to, Code Section 409A), or (iii) causing Incentive Stock Options to meet the requirements of the Code and regulations thereunder. Except as provided in the preceding sentence, a termination or
amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant’s rights under an Award previously granted to him. By accepting an award under this Plan, each Participant agrees and consents to any
amendment made pursuant to this Section 14 to any Award granted under this Plan without further consideration or action. 
 15. Change
in Capital Structure. 
 (a) The maximum number of shares of Company Stock as to which Options, Restricted Stock, Stock
Appreciation Rights and Other Equity-Based Awards may be granted and the terms of outstanding Awards (including, but not limited to, the number and kind of securities subject to an Award and any exercise price) shall be adjusted as the Board
determines is required to proportionately and uniformly reflect such transaction in the event that the Company (i) effects one or more nonreciprocal transactions between the Company and its stockholders such as a share dividend, extra-ordinary
cash dividend, share split-up, subdivision or consolidation of shares of 
  

 13 

 
Company Stock that affects the number or kind of Company Stock (or other securities of the Company) and causes a change in the Fair Market Value of the Company Stock subject to outstanding Awards
or (ii) engages in a merger, consolidation, reorganization, spinoff or other transaction to which Section 424 of the Code applies. Any determination made under this Section 15 by the Board shall be nondiscretionary, final and
conclusive. 
 (b) The issuance by the Company of shares of Company Stock or securities convertible into shares of Company
Stock, for cash or property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares of Company Stock or other securities, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the maximum number of shares of Company Stock to which Options, Restricted Stock, Stock Appreciation Rights and Other Equity-Based Awards may be granted or the terms of outstanding Awards. 

16 Change in Control. Subject to the terms of the applicable Award Agreement, in the event of a Change in Control, the Committee, without the
consent of the Participant, may take such actions with respect to Awards as the Committee deems necessary or appropriate. These actions may include, but shall not be limited to, the following: 

(a) Providing for the acceleration of the vesting schedule relating to the exercise or realization of the Award so that the Award may be
exercised or realized in full on or before a date initially fixed by the Committee; 
 (b) Providing for the purchase or
settlement of any such Award by the Company for any amount of cash equal to the amount which could have been obtained upon the exercise of such Award or realization of a Participant’s rights had such Award been currently exercisable or payable;

 (c) Making adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control;
provided, however, that, such adjustments shall be made so that both (i) the aggregate intrinsic value of an Award immediately after the adjustment is not less than or greater than the Award’s aggregate intrinsic value before the Award
(other than a lesser intrinsic value due to the fact that the adjusted Award covers a whole number of shares or units and disregards any fractional share or unit that would have resulted from the adjustment) and (ii) the ratio of any exercise
price per share to the market value per share is not reduced; or 
 (d) Causing any such Award then outstanding to be assumed,
or new rights substituted therefor, by the acquiring or surviving corporation or other business entity, regardless of how organized in such Change in Control; provided, however, that such assumed or new rights shall provide that (i) the
aggregate intrinsic value of an Award immediately after the assumption or grant of the new right is not less than or greater than the Award’s intrinsic value before the assumption or grant of the new rights (other than a lesser
intrinsic value due to the fact that the assumed or new rights cover a whole number of shares or units and not a fractional share or unit and (ii) the ratio of any exercise price per share to the market value per share is not reduced.

  

 14 

 17. Administration of the Plan. 

(a) The Plan shall be administered by the Committee. The Committee shall have the authority to impose such limitations or conditions upon
an Award as the Committee deems appropriate to achieve the objectives of the Award and the Plan. Without limiting the generality of the foregoing and in addition to the powers set forth elsewhere in the Plan, the Committee shall have the power and
complete discretion to determine (i) which eligible persons shall receive an Award and the nature of the Award, (ii) the number of shares of Company Stock to be covered by each Award, (iii) whether Options shall be Incentive Stock
Options or Nonstatutory Stock Options, (iv) the Fair Market Value of Company Stock, (v) the time or times when an Award shall be granted, (vi) whether an Award shall become vested over a period of time, according to a
performance-based or other vesting schedule or otherwise, and when it shall be fully vested, (vii) the terms and conditions under which restrictions imposed upon an Award shall lapse, (viii) whether a Change in Control exists,
(ix) factors relevant to the satisfaction, termination or lapse of restrictions on Restricted Stock, Stock Appreciation Rights, Options, Other Equity-Based Awards or Cash Incentive Awards, (x) when Options or Stock Appreciation Rights may
be exercised, (xi) whether to approve a Participant’s election with respect to Applicable Withholding Taxes, (xii) conditions relating to the length of time before disposition of Company Stock received in connection with an Award is
permitted, (xiii) notice provisions relating to the sale of Company Stock acquired under the Plan, and (xiv) any additional requirements relating to Awards that the Committee deems necessary or appropriate. Notwithstanding the foregoing,
no “tandem stock options” (where two stock options are issued together and the exercise of one option affects the right to exercise the other option) may be issued in connection with Incentive Stock Options. 

(b) In addition to, and not as a limitation upon, the provisions of Section 13 hereof, the Committee shall have the power to amend
the terms of previously granted Awards so long as the terms as amended are consistent with the terms of the Plan and, where applicable, consistent with the qualification of an Option as an Incentive Stock Option. The consent of the Participant must
be obtained with respect to any amendment that would adversely affect the Participant’s rights under the Award, except that such consent shall not be required if such amendment is for the purpose of complying with Rule 16b-3 or any requirement
of the Code applicable to the Award. 
 (c) The Committee may adopt rules and regulations for carrying out the Plan. The
Committee shall have the express discretionary authority to construe and interpret the Plan and the Award agreements, to resolve any ambiguities, to define any terms, and to make any other determinations required by the Plan or an Award agreement.
The interpretation and construction of any provisions of the Plan or an Award agreement by the Committee shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not incur any liability for
any action taken in good faith in reliance upon the advice of counsel. 
  

 15 

 (d) A majority of the members of the Committee shall constitute a quorum, and all actions of
the Committee shall be taken by a majority of the members present. Any action may be taken by a written instrument signed by all of the members, and any action so taken shall be fully effective as if it had been taken at a meeting. 

(e) Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or the Plan, or as necessary to comply
with the exemptive provisions of Rule 16b-3 promulgated under the Exchange Act, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any person or persons selected by it, including: (i) delegating to a committee of one or more members of the Board who are not “outside directors” within the meaning of Code Section 162(m), the
authority to grant Awards under the Plan to eligible persons who are either: (1) not then “covered employees,” within the meaning of Code Section 162(m) and are not expected to be “covered employees” at the time of
recognition of income resulting from such Award; (2) not persons with respect to whom the Company wishes to comply with Code Section 162(m), or (3) if Code Section 162(m) would not otherwise be applicable to such Award or
Participant; and/or (ii) delegating to a committee of one or more members of the Board who are not “non-employee directors,” within the meaning of Rule 16b-3, the authority to grant Awards under the Plan to eligible persons who
are not then subject to Section 16 of the Exchange Act. The acts of such delegates shall be treated hereunder as acts of the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and
responsibilities and any Awards so granted. Any such allocation or delegation may be revoked by the Committee at any time. 
 18. Delivery of
Shares. Delivery of shares of Company Stock or other amounts under the Plan shall be subject to the following: 
 (a)
Compliance with Applicable Laws. Notwithstanding any other provision of the Plan, the Company shall have no obligation to deliver any shares of Company Stock or make any other distribution of benefits under the Plan unless such delivery or
distribution complies with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity. 

(b) Certificates. To the extent that the Plan provides for the issuance of shares of Company Stock, the issuance may be effected
on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 
 19. Compliance
with Code Section 409A. 
 Notwithstanding anything to the contrary contained herein, to the extent applicable, this
Plan is intended to comply with Section 409A of the Code, and the Committee shall interpret and administer the Plan in accordance therewith. In addition, any provision, including without limitation any definition in this Plan that is determined
to violate the requirements of Section 409A of the Code shall be void and without effect and any provision, including without limitation any definition that is required to appear in this Plan document under Section 409A of the Code that is
not expressly set forth shall be deemed to be set forth herein, and the Plan shall be administered in all respects as if such provisions 

 

 16 

 
were expressly set forth herein. In addition, to, and not as a limitation upon the other provisions of this Section 19, the timing of certain payment of benefits provided for under this Plan
shall be revised as necessary for compliance with Section 409A of the Code. 
 20. Notice. Unless otherwise provided in an Award
Agreement, all written notices and all other written communications to the Company provided for in the Plan, or any Award agreement, shall be delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid
(provided that international mail shall be sent via overnight or two-day delivery), or sent by facsimile or prepaid overnight courier to the Company at the address set forth below: 

US Federal Properties Trust, Inc. 

4705 Central Street 

Kansas City, MO 64112 

Fax: (816) 950-1441 

Such notices, demands, claims and other communications shall be deemed given: 

(a)                      
                  in the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery; 

(b)                      
                  in the case of certified or registered U.S. mail, five (5) days after deposit in the U.S. mail; or 

(c)                      
                  in the case of facsimile, the date upon which the transmitting party received confirmation of receipt by facsimile, telephone or otherwise;

 provided, however, that in no event shall any such communications be deemed to be given later than the date they are
actually received, provided they are actually received. In the event a communication is not received, it shall only be deemed received upon the showing of an original of the applicable receipt, registration or confirmation from the applicable
delivery service provider. Communications that are to be delivered by the U.S. mail or by overnight service to the Company shall be directed to the attention of the Company’s senior human resource officer and Corporate Secretary. 

21. Indemnification. 

To the fullest extent permitted by law, each person who is or shall have been a member of the Committee, or of the Board, or an officer
of the Company to whom authority was delegated in accordance with Section 17(e), or an employee of the Company shall be indemnified and held harmless by the Company against and from any loss (including amounts paid in settlement), cost,
liability or expense (including reasonable attorneys’ fees) that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which
he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of
any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she

  

 17 

 
undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by
statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless. 
 22. Interpretation and Governing Law. The terms of this Plan and Awards
granted pursuant to the Plan shall be governed, construed and administered in accordance with the laws of the State of Maryland, without reference to principles of conflict of law, except as superceded by federal law. The Plan and Awards are subject
to all present and future applicable provisions of the Code and, to the extent applicable in accordance with the Plan, they are subject to all present and future rulings of the United States Securities and Exchange Commission with respect to
Rule 16b-3. If any provision of the Plan or an Award conflicts with any such Code provision or ruling, the Committee shall cause the Plan to be amended, and shall modify any agreement theretofore executed in connection with an Award, so as to
comply or, if for any reason amendments cannot be so made, that provisions of the Plan or any such agreement in such conflict shall be deemed to be, and shall be, void and of no effect. 

[Remainder of Page Intentionally Left Blank] 
  

 18 

 IN WITNESS WHEREOF, the Company has caused this Plan to be adopted this      day
of                     , 2010. 
  

			
	 US FEDERAL PROPERTIES TRUST, INC.

		
	By:	 	  

	Name:	 	  

	Its:	 	  

 

 19 

 I:\Rob Kaplan\SRS Government Reit\Corporate Governance Documents\2010 Equity Incentive Plan -
USFPT.FINAL.DOC 
  

 20Form of Tax Protection Agreement

 Exhibit 10.12 

TAX PROTECTION AGREEMENT 

THIS TAX PROTECTION AGREEMENT (this “Agreement”) is made and entered into as of
            , 2010 by and among US FEDERAL PROPERTIES TRUST, INC., a Maryland corporation (the “REIT”), US FEDERAL PROPERTIES PARTNERSHIP, L.P., a Delaware limited
partnership (the “Partnership”), CMB Development, LLC, a Missouri limited liability company, RDB, LLC, a Missouri limited liability company, Daniel K. Carr Revocable Trust u/a dated June 1, 2006, and D’Jac, LLC, a Kansas limited
liability company (each a “Protected Partner” and collectively the “Protected Partners”). 
 WHEREAS, each
Protected Partner, pursuant to that certain Contribution Agreement, dated May 12, 2010 (the “Contribution Agreement”), is contributing his LLC Interests (as defined in the Contribution Agreement) to the Partnership in exchange for
common partnership units of limited partnership interest in the Partnership (“Units”) and cash; 
 WHEREAS, it is
intended for federal income tax purposes that the contributions will be treated as an “assets over form” merger, as prescribed by Treasury Regulations Sections 1.708-1(c)(3)(i) and 1.708-1(c)(4); 

WHEREAS, in consideration for the agreement of the Protected Partners to make the contributions, the parties desire to enter into this
Agreement regarding certain tax matters as set forth herein; and 
 WHEREAS, the REIT and the Partnership desire to evidence
their agreement regarding amounts that may be payable as a result of certain actions being taken by the Partnership regarding the disposition of certain of the contributed assets and certain debt obligations of the Partnership and its subsidiaries.

 NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements
contained herein and in the Contribution Agreement, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

To the extent not otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in the
Partnership Agreement (as defined below). 
 “Annual Gain Amount” means for each Gain Limitation Year an amount
equal to the product of 10% multiplied by the initial aggregate amount of the Protected Gain for all Protected Partners as set forth in Schedule 2.1(b); provided, however, that the Annual Gain Amount for the Tax Protection Period
ending December 31, 2010, will be prorated based on the number of days from the Closing Date until the end of such Gain Limitation Year. 

“Annual Gain Limitation” has the meaning set forth in Section 2.2. 

“Closing Date” means the date on which each Merger will be effective. 

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

“Consent” means the prior written consent to do the act or thing for which the consent is required or solicited, which
consent may be executed by a duly authorized officer or agent of the party granting such consent. 
 “Cumulative
Recognized Protected Gain” means, for any Gain Limitation Year, the amount equal to the sum of the Protected Gain recognized by a Protected Partner in such Gain Limitation Year with respect to the Gain Limitation Properties, plus the
Protected Gain recognized by such Protected Partner in all preceding Gain Limitation Years with respect to the Gain Limitation Properties. 

“Cumulative Unadjusted Protected Gain” means, for any Gain Limitation Year, an amount equal to the Cumulative Recognized
Protected Gain for a Protected Partner with respect to the Gain Limitation Properties, minus the Prior Adjusted Protected Gain for such Protected Partner with respect to the Gain Limitation Properties. 

“Deficit Restoration Obligation” or “DRO” means a written obligation by a Protected Partner to restore
part or all of its deficit capital account in the Partnership upon the occurrence of certain events. 
 “Excess
Protected Gain” means for a Gain Limitation Year, the amount by which the Protected Gain recognized by the Protected Partners, as a group, with respect to such Gain Limitation Year with respect to the Gain Limitation Properties exceeds the
Annual Gain Limitation for such Gain Limitation Year. 
 “Gain Limitation Carry-forward” means, for any Gain
Limitation Year, the amount by which: 
  

	 	(A)	the sum of Annual Gain Amounts for all preceding Gain Limitation Years; 

exceeds 
  

	 	(B)	the aggregate Protected Gain recognized by the Protected Partners, as a group, with respect to the Gain Limitation Properties with respect to all preceding Gain
Limitation Years. 

 “Gain Limitation Property” means (i) each of the properties identified
on Schedule 2.1(b) hereto as a Gain Limitation Property; (ii) any other properties or assets hereafter acquired by the Partnership or any direct or indirect interest owned by the Partnership in any entity that owns an interest in a Gain
Limitation Property, if the disposition of that interest would result in the recognition of Protected Gain by a Protected Partner; and (iii) any other property that the Partnership directly or indirectly receives that is in whole or in part a
“substituted basis property” as defined in Section 7701(a)(42) of the Code with respect to a Gain Limitation Property. 

“Gain Limitation Year” means a taxable year of the Partnership ending on or before the expiration of the Tax Protection
Period. 
  

 2 

 “Guaranteed Amount” means the aggregate amount of each Guaranteed Debt that
is guaranteed at any time by Partner Guarantors. 
 “Guaranteed Debt” means any loans incurred (or assumed) by
the Partnership or any of its subsidiaries that are guaranteed by Partner Guarantors at any time after the Closing Date pursuant to Article 3 hereof. 

“Indirect Owner” means, in the case of a Protected Partner that is an entity that is classified as a partnership,
disregarded entity or subchapter S corporation for federal income tax purposes, any person owning an equity interest in such Protected Partner, and in the case of any Indirect Owner that itself is an entity that is classified as a partnership,
disregarded entity or subchapter S corporation for federal income tax purposes, any person owning an equity interest in such entity. 

“Minimum Liability Amount” means, for each Protected Partner, the amount set forth next to such Protected Partner’s
name on Schedule 3.1 hereto. 
 “Nonrecourse Liability” has the meaning set forth in Treasury Regulations
§ 1.752-1(a)(2). 
 “Partner Guarantors” means those Protected Partners who have guaranteed any
portion of the Guaranteed Debt. 
 “Partnership” means US Federal Properties Partnership, LP, a Delaware
limited partnership. 
 “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership
of the Partnership, dated as of September     , 2010, as amended, and as the same may be further amended in accordance with the terms thereof. 

“Prior Adjusted Protected Gain” for any Gain Limitation Year, the amount of Cumulative Recognized Protected Gain of a
Protected Partner with respect to which reimbursement payments would have been made to such Protected Partner under Article 4 hereof (computed in accordance with the principles set forth in the parenthetical in the first paragraph of
Section 2.1), not taking into account the limitation therein based upon the actual gain recognized by such Protected Partner. 

“Protected Gain” shall mean the gain that would be allocable to and recognized by a Protected Partner under
Section 704(c) of the Code in the event of the sale of a Gain Limitation Property in a fully taxable transaction (excluding its corresponding share of “book gain,” if any). The initial amount of Protected Gain with respect to each
Protected Partner shall be determined as if the Partnership sold each Gain Limitation Property in a fully taxable transaction on the Closing Date for consideration equal to the Section 704(c) Value of such Gain Limitation Property on the
Closing Date, and is set forth on Schedule 2.1(b) hereto. Gain that would be allocated to a Protected Partner upon a sale of a Gain Limitation Property that is “book gain” (for example, any gain attributable to appreciation in the
actual value of the Gain Limitation Property following the Closing Date or any gain resulting from reductions in the “book value” of the Gain Limitation Property following the Closing Date) shall not be

  

 3 

 
considered Protected Gain. (As used in this definition, “book gain” is any gain that would not be required under Section 704(c) of the Code and the applicable regulations to be
specially allocated to the Protected Partners, but rather would be allocated to all partners in the Partnership, including the REIT, in accordance with their respective economic interests in the Partnership.) 

“Protected Partner” means those persons set forth as Protected Partners on Schedule 2.1(a), and any person who acquires
Units from a Protected Partner in a transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted basis, as determined for federal income tax purposes, is determined in whole or in part by
reference to the adjusted basis of a Protected Partner in such Units. 
 “Qualified Guarantee” has the meaning
set forth in Section 3.2. 
 “Qualified Guarantee Indebtedness” has the meaning set forth in
Section 3.2. 
 “Section 704(c) Value” means the fair market value of any Gain Limitation Property as of
the Closing Date, as determined by the Partnership and as set forth next to each Gain Limitation Property on Schedule 2.1 hereto. The Partnership shall initially carry the Gain Limitation Property on its books at a value equal to the
Section 704(c) Value as set forth above. 
 “Subsidiary” means any entity in which the Partnership owns a
direct or indirect interest that owns a Gain Limitation Property on the Closing Date, after giving effect to the Mergers, or that thereafter is a successor to the Partnership’s direct or indirect interests in a Gain Limitation Property.

 “Tax Protection Period” means the period commencing on the Closing Date and ending at 12:01 AM on
January 1, 2021; provided, however, that with respect to a Protected Partner, the Tax Protection Period shall terminate at such time as such Protected Partner has disposed of 50% or more of the Units received, directly or
indirectly, in the Mergers by such Protected Partner in a taxable transaction. 
 “Total Unadjusted Protected
Gain” means, for any Gain Limitation Year, the sum of the Cumulative Unadjusted Protected Gain amounts for all Protected Partners with respect to the Gain Limitation Properties. 

“Unadjusted Protected Gain Percentage” means, for any Gain Limitation Year, the percentage obtained by dividing such
Protected Partner’s Cumulative Unadjusted Protected Gain by the Total Unadjusted Protected Gain for such Gain Limitation Year and multiplying such quotient by 100. 

“Units” means units of limited partnership interest of the Partnership, as described in the Partnership Agreement.

  

 4 

 ARTICLE 2 

RESTRICTIONS ON DISPOSITIONS OF 

GAIN LIMITATION PROPERTIES 

2.1 Restrictions on Disposition of Gain Limitation Properties. 

(a) The Partnership agrees for the benefit of each Protected Partner, for the term of the Tax Protection Period, not to directly or
indirectly sell, exchange, transfer, or otherwise dispose of a Gain Limitation Property or any interest therein, without regard to whether such disposition is voluntary or involuntary, in a transaction that would cause the Protected Partners in the
aggregate to recognize any Protected Gain in excess of the Annual Gain Limitation. (For purposes of this Article 2, the Protected Gain recognized by each of the Protected Partners shall be deemed equal to the gain that would have been recognized
without giving effect to any adjustment in basis that results with respect to the indirect interest of such Protected Partner in such Gain Limitation Property, it being intended that the Annual Gain Limitation and the related definitions are to be
applied to the Protected Partners as a group before giving effect to basis adjustments. For example, and as an illustration only, if a Protected Partner who would have recognized $1,500,000 of gain with respect to the sale of a Gain Limitation
Property has died, the Annual Gain Limitation and the related definitions shall still be computed and applied as if such gain were recognized by such Protected Partner, notwithstanding the adjustment to tax basis that occurs with respect to such
Protected Partner’s indirect interest in the Gain Limitation Property that occurs upon the death of such Protected Partner.) 

Without limiting the foregoing, the term “sale, exchange, transfer or disposition” by the Partnership shall be deemed to
include, and the prohibition shall extend to: 
  

	 	(a)	any direct or indirect disposition by any direct or indirect Subsidiary of any Gain Limitation Property or any interest therein; 

 

	 	(b)	any direct or indirect disposition by the Partnership of any Gain Limitation Property (or any direct or indirect interest therein) that is subject to
Section 704(c)(1)(B) of the Code and the Treasury Regulations thereunder; and 

  

	 	(c)	any distribution by the Partnership to a Protected Partner that is subject to Section 737 of the Code and the Treasury Regulations thereunder;

 Without limiting the foregoing, a disposition shall include any transfer, voluntary or involuntary, by the
Partnership or any Subsidiary in a foreclosure proceeding, pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding. 

Notwithstanding the foregoing, this Section 2.1 shall not apply to a voluntary, actual disposition by a Protected Partner of Units
in connection with a merger or consolidation of the Partnership pursuant to which (1) the Protected Partner is offered either cash or property treated as cash pursuant to Section 731 of the Code (“Cash Consideration”) or
partnership interests and the receipt of such partnership interests would not result in the recognition of gain for federal income tax purposes by the Protected Partner (“Partnership Interest Consideration”); (2) the Protected Partner
has the right to elect to receive solely Partnership Interest Consideration in exchange for his Units and the continuing partnership has agreed in writing to assume the obligations of the Partnership under this Agreement; (3) no Protected Gain
is recognized by the Partnership as a result of any partner of the Partnership receiving Cash Consideration; and (4) the Protected Partner elects or is deemed to elect to receive Cash Consideration. 

 

 5 

 (b) Notwithstanding the restriction set forth in this Section 2.1, the Partnership and
any Subsidiary may dispose of any Gain Limitation Property (or any interest therein) if such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or
other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or
into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain
to any Protected Partner with respect to any of the Units; provided, however, that: 
 (i) in the
case of a Section 1031 like-kind exchange, if such exchange is with a “related party” within the meaning of Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party of the Gain Limitation Property
or any other transaction prior to the expiration of the two (2) year period following such exchange that would cause Section 1031(f)(1) to apply with respect to such Gain Limitation Property (including by reason of the application of
Section 1031(f)(4)) shall be considered a violation of this Section 2.1 by the Partnership; and 
 (ii)
in the event that at the time of the exchange or other disposition the Protected Property is secured, directly or indirectly, by indebtedness that is guaranteed by a Protected Partner (or for which a Protected Partner otherwise has personal
liability) and that is not then in default and the transferee is not a Subsidiary of the Partnership that both is more than 50% owned, directly or indirectly by the Partnership and is and will continue to be under the legal control of the
Partnership (which shall include a partnership or limited liability company in which the Partnership or a wholly owned subsidiary of the Partnership is the sole managing general partner or sole managing member, as applicable), (a) either
(I) such indebtedness shall be repaid in full or (II) the Partnership shall obtain from the lenders with respect to such indebtedness a full and complete release of liability for each of the Protected Partners that has guaranteed, or otherwise
has liability for, such indebtedness, and (b) if such indebtedness is a Guaranteed Debt and the Tax Protection Period shall not have expired, the Partnership shall comply with its covenants set forth in Article 3 below with respect to such
Guaranteed Debt and the Partner Guarantors that are considered to have liability for such Guaranteed Debt (determined under Section 3.4 treating such events as a repayment of the Guaranteed Debt). 

2.2 Annual Gain Limitation. For each Gain Limitation Year, the Annual Gain Limitation will be the sum of the Annual Gain Amount,
plus the Gain Limitation Carry-forward. 
 2.3 Allocation of Excess Protected Gain among Protected Partners. For each
Gain Limitation Year, the Excess Protected Gain (computed in accordance with the principles set forth in the parenthetical in the first paragraph of Section 2.1) will be allocated among Protected Partners in proportion to their Unadjusted
Protected Gain Percentages (computed in accordance with the principles set forth in the parenthetical in the first paragraph of Section 2.1) for purposes of determining the amount of Protected Gain recognized by a Protected Partner that is
subject to reimbursement pursuant to Article 4 hereof (for purpose of Article 4, the calculations of gain 
  

 6 

 
recognized by a Protected Partner and the reimbursement required shall be based upon the actual gain recognized by such Protected Partner without regard to the principles set forth in the
parenthetical in the first paragraph of Section 2.1). Specifically, for each Gain Limitation Year, the amount of Protected Gain for which a Protected Partner may be reimbursed under Article 4 hereof will equal the product of (a) the
Protected Partner’s Unadjusted Protected Gain Percentage (computed in accordance with the principles set forth in the parenthetical in the first paragraph of Section 2.1), multiplied by (b) the Excess Protected Gain for such
Gain Limitation Year (computed in accordance with the principles set forth in the parenthetical in the first paragraph of Section 2.1); provided, however, that no Protected Partner shall be considered for this purpose to have recognized
an amount of Protected Gain for a Gain Limitation Year that exceeds the Protected Gain actually recognized by such Protected Partner with respect to such Gain Limitation Year (computed in accordance with the principles set forth in the parenthetical
in the first paragraph of Section 2.1), and provided further, that the Protected Gain for which other Protected Partners are entitled to reimbursement shall be increased by the portion of the Excess Protected Gain for such year not
allocated to Protected Partners by reason of the immediately preceding limitation (with such allocation to be in accordance with the Protected Gain recognized by the Protected Partners not subject to such limitation). Schedule 2.3 hereto sets
forth an example that illustrates the application of this Section 2.3. 
 ARTICLE 3 

ALLOCATION OF LIABILITIES AND GUARANTEE OPPORTUNITY AND DEFICIT 

RESTORATION OBLIGATIONS 

3.1 Minimum Liability Allocation. During the Tax Protection Period, the Partnership will offer to each Protected Partner the
opportunity either (i) to enter into Qualified Guarantees of Qualified Guarantee Indebtedness or (ii) to enter into a Deficit Restoration Obligation, in such amount or amounts so as to cause the amount of partnership liabilities allocated
to such Protected Partner for purposes of Section 752 of the Code to be not less than such Protected Partner’s Minimum Liability Amount and to cause the amount of partnership liabilities with respect to which such Protected Partner will be
considered to be “at risk” for purposes of Section 465 of the Code to be not less than such Protected Partner’s Minimum Liability Amount, as provided in this Article 3. In order to minimize the need for Protected Partners to
enter into Qualified Guarantees or DROs, the Partnership will use the optional method under Treasury Regulations Section 1.752-3(a)(3) to allocate Nonrecourse Liabilities considered secured by a Gain Limitation Property to the Protected
Partners to the extent that the “built-in gain” with respect to those properties exceeds the amount of the Nonrecourse Liabilities considered secured by such Gain Limitation Property allocated to the Protected Partners under Treasury
Regulations Section 1.752-3(a)(2). 
 3.2 Qualified Guarantee Indebtedness and Qualified Guarantee; Treatment of
Qualified Guarantee Indebtedness as Guaranteed Debt. In order for an offer by the Partnership of an opportunity to guarantee indebtedness to satisfy the requirements of this Article 3, (1) the indebtedness to be guaranteed must satisfy all
of the conditions set forth in this Section 3.2 (indebtedness satisfying all such conditions is referred to as “Qualified Guarantee Indebtedness”); (2) the guarantee by the Partner Guarantors must be pursuant to a Guarantee

  

 7 

 
Agreement substantially in the form attached hereto as Schedule 3.7 that satisfies the conditions set forth in Sections 3.2(i) and (iii) (a “Qualified Guarantee”);
(3) the amount of debt required to be guaranteed by the Partner Guarantor must not exceed the portion of the Guaranteed Amount for which a replacement guarantee is being offered and (4) the debt to be guaranteed must be considered
indebtedness of the Partnership for purposes of determining the adjusted tax basis of the interests of partners in the Partnership in their partnership interests. If, and to the extent that, a Partner Guarantor elects to guarantee Qualified
Guarantee Indebtedness pursuant to an offer made in accordance with this Article 3, such indebtedness thereafter shall be considered a Guaranteed Debt and subject to all of this Article 3. The conditions that must be satisfied at all times with
respect to any additional or replacement Guaranteed Debt offered pursuant to this Article 3 hereof and the guarantees with respect thereto are as follows: 
  

	 	(i)	each such guarantee shall be a “bottom dollar guarantee” in that the lender for the Guaranteed Debt is required to pursue all other collateral and security
for the Guaranteed Debt (other than any “bottom dollar guarantees” permitted pursuant to this clause (i) and/or Section 3.3 below) prior to seeking to collect on such a guarantee, and the lender shall have recourse against the
guarantee only if, and solely to the extent that, the total amount recovered by the lender with respect to the Guaranteed Debt after the lender has exhausted its remedies as set forth above is less than the aggregate of the Guaranteed Amounts with
respect to such Guaranteed Debt (plus the aggregate amounts of any other guarantees (x) that are in effect with respect to such Guaranteed Debt at the time the guarantees pursuant to this Article 3 are entered into, or (y) that are entered
into after the date the guarantees pursuant to this Article 4 are entered into with respect to such Guaranteed Debt and that comply with Section 3.5 below, but only to the extent that, in either case, such guarantees are “bottom dollar
guarantees” with respect to the Guaranteed Debt), and the maximum aggregate liability of each Partner Guarantor for all Guaranteed Debt shall be limited to the amount actually guaranteed by such Partner Guarantor; 

 

	 	(ii)	 the fair market value of the collateral against which the lender has recourse pursuant to the Guaranteed Debt, determined as of the time the guarantee
is entered into (an independent appraisal relied upon by the lender in making the loan shall be conclusive evidence of such fair market value when the guarantee is being entered into in connection with the closing of such loan), shall not be less
than 150% of the sum of (x) the aggregate of the Guaranteed Amounts with respect to such Guaranteed Debt, plus (y) the dollar amount of any other indebtedness that is senior to or pari passu with the Guaranteed Debt and as to which the
lender thereunder has recourse against property that is collateral of the Guaranteed Debt, plus (z) the aggregate amounts of any other guarantees (A) that are in effect with respect to such Guaranteed Debt at the time the

  

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guarantees pursuant to this Article 3 are entered into with respect to such Guaranteed Debt and that comply with Section 3(e) below, but only to the extent that such guarantees are
“bottom dollar guarantees with respect to the Guaranteed Debt); 

  

	 	(iii)	(A) the executed guarantee must be delivered to the lender and (B) (i) the execution of the guarantee by the Partner Guarantors must be acknowledged by the
lender as an inducement to it to make a new loan, to continue an existing loan (which continuation is not otherwise required), or to grant a material consent under an existing loan (which consent is not otherwise required to be granted) or,
alternatively, (ii) the guarantee otherwise must be enforceable under the laws of the state governing the loan and in which the property securing the loan is located or in which the lender has a significant place of business (with any bona fide
branch or office of the lender through which the loan is made, negotiated, or administered being deemed a “significant place of business” for the purposes hereof); 

 

	 	(iv)	as to each Partner Guarantor that is executing a guarantee pursuant to this Agreement, there must be no other Person that would be considered to “bear the economic
risk of loss,” within the meaning of Treasury Regulation § 1.752-2, or would be considered to be “at risk” for purposes of Section 465(b) with respect to that portion of such debt for which such Partner Guarantor is
being made liable for purposes of satisfying the Partnership’s obligations to such Partner Guarantor under this Article 3; 

  

	 	(v)	the obligor with respect to the Guaranteed Debt is the Partnership or an entity which is and will continue to be under the legal control of the Partnership (which shall
include a partnership or limited liability company in which the Partnership or a wholly-owned subsidiary of the Partnership is the sole managing general partner or sole managing member, as applicable). 

3.3 Covenant With Respect to Guaranteed Debt Collateral. The Partnership covenants with the Partner Guarantors with respect to the
Guaranteed Debt that (A) it will comply with the requirements set forth in Section 2.2(b)(ii) upon any disposition of any collateral for a Guaranteed Debt, whether during or following the Tax Protection Period, and (B) it will not at
any time, whether during or following the Tax Protection Period, pledge the collateral with respect to a Guaranteed Debt to secure any other indebtedness (unless such other indebtedness is, by its terms, subordinate in all respects to the Guaranteed
Debt for which such collateral is security) or otherwise voluntarily dispose of or reduce the amount of such collateral unless either (i) after giving effect thereto the conditions in Section 3.2(ii) would continue to be satisfied with
respect to the Guaranteed Debt and the Guaranteed Debt otherwise would continue to be Qualified Guarantee Indebtedness, or (ii) the Partnership (A) obtains from the lender with respect to the original Guaranteed Debt a full and complete
release of any Partner Guarantor 
  

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unless the Partner Guarantor expressly requests that it not be released, and (B) if the Tax Protection Period has not expired, offers to each Partner Guarantor with respect to such original
Guaranteed Debt, not less than 30 days prior to such pledge or disposition, the opportunity either (1) to enter into a Qualified Guarantee of other the Partnership indebtedness that constitutes Qualified Guarantee Indebtedness (with such
replacement indebtedness thereafter being considered a Guaranteed Debt and subject to this Article 3) in an amount equal to the amount of such original Guaranteed Debt that was guaranteed by such Partner Guarantor or (2) to enter into a
DRO in the amount of the original Guaranteed Debt that was guaranteed by such Partner Guarantor. 
 3.4 Repayment or
Refinancing of Guaranteed Debt. The Partnership shall not, at any time during the Tax Protection Period applicable to a Partner Guarantor, repay or refinance all or any portion of any Guaranteed Debt unless (i) after taking into account
such repayment, each Partner Guarantor would be entitled to include in its basis for its Units an amount of Guaranteed Debt equal to its Minimum Liability Amount, or (ii) alternatively, the Partnership, not less than 30 days prior to such
repayment or refinancing, offers to the applicable Partner Guarantors the opportunity either (A) to enter into a Qualified Guarantee with respect to other Qualified Guarantee Indebtedness, or (B) to enter into a DRO, in either case in an
amount sufficient so that, taking into account such guarantees of such other Qualified Guarantee Indebtedness, as applicable, each Partner Guarantor who guarantees such other Qualified Guarantee Indebtedness or enters into a DRO in the amount
specified by the Partnership would be entitled to include in its adjusted tax basis for its Units debt equal to the Minimum Liability Amount for such Partner Guarantor. 

3.5 Limitation on Additional Guarantees With Respect to Debt Secured by Collateral for Guaranteed Debt. The Partnership shall not
offer the opportunity or make available to any person or entity other than a Protected Partner a guarantee of any Guaranteed Debt or other debt that is secured, directly or indirectly, by any collateral for Guaranteed Debt unless (i) such debt
by its terms is subordinate in all respects to the Guaranteed Debt or, if such other guarantees are of the Guaranteed Debt itself, such guarantees by their terms must be paid in full before the lender can have recourse to the Partner Guarantors
(i.e., the first dollar amount of recovery by the applicable lenders must be applied to the Guaranteed Amount); provided that the foregoing shall not apply with respect to additional guarantees of Guaranteed Debt so long as the conditions set
forth in Sections 3.2(ii) would be satisfied immediately after the implementation of such additional guarantee (determined in the case of Section 3.2(ii), based upon the fair market value of the collateral for such Guaranteed Debt at the time
the additional guarantee is entered into and adding the amount of such additional guarantee(s) to the sum of the applicable Guaranteed Amounts plus any other preexisting “bottom dollar guarantee” previously permitted pursuant to this
Section 3.5 or Sections 3.2(i) and (ii) above, for purposes of making the computation provided for in Section 3.2(ii)), and (ii) and such other guarantees do not have the effect of reducing the amount of the Guaranteed Debt that
is includible by any Partner Guarantor in its adjusted tax basis for its Units pursuant to Treasury Regulation § 1.752-2. 

3.6 Process. Whenever the Partnership is required under this Article 3 to offer to one or more of the Partner Guarantors an
opportunity either to guarantee Qualified Guarantee Indebtedness or enter into a DRO, the Partnership shall be considered to have satisfied its obligation if the other conditions in this Article 3 are satisfied and, not less than thirty
(30) days 
  

 10 

 
prior to the date that such guarantee would be required to be executed in order to satisfy this Article 3, the Partnership sends by first class mail, return receipt requested, to the last known
address of each such Partner Guarantor (as reflected in the records of the Partnership) the Guarantee Agreement or DRO, as applicable, to be executed (which in the case of Guarantee Agreement shall be substantially in the form of Schedule 3.7
hereto, with such changes thereto as are necessary to reflect the relevant facts) and a brief letter explaining the relevant circumstances (including, as applicable, that the offer is being made pursuant to this Article 3, the circumstances giving
rise to the offer, a brief summary of the terms of the Qualified Guarantee Indebtedness to be guaranteed, a brief description of the collateral for the Qualified Guarantee Indebtedness, a statement of the amount to be guaranteed, the address to
which the executed Guarantee Agreement or DRO, as applicable, must be sent and the date by which it must be received, and a statement to the effect that, if the Protected Partner fails to execute and return such Agreement within the time period
specified, the Partner Guarantor thereafter would lose its rights under this Article 3 with respect to the amount of debt that the Partnership is required to offer to be guaranteed or made available for the DRO, and depending upon the Partner
Guarantor’s circumstances and other circumstances related to the Partnership, the Partner Guarantor could be required to recognize taxable gain as a result thereof, either currently or prior to the expiration of the Tax Protection Period, that
otherwise would have been deferred). If a notice is properly sent in accordance with this procedure, the Partnership shall have not responsibility as a result of the failure of a Partner Guarantor either to receive such notice or to respond thereto
within the specified time period. 
 3.7 Presumption as to Schedule 3.7. The form of the Guarantee Agreement attached
hereto as Schedule 3.7 shall be conclusively presumed to satisfy the conditions set forth in Section 3.2(i) and to have caused the Guaranteed Debt to be considered allocable to the Guarantor Partner who enters into such Guarantee
Agreement pursuant to Treasury Regulation § 1.752-2 and Section 465 of the Code so long as all of the following conditions are met with respect such Guaranteed Debt: 

 

	 	(i)	there are no other guarantees in effect with respect to such Guaranteed Debt (other than the guarantees contemporaneously being entered into by the Partner Guarantors
pursuant to this Article 3); 

  

	 	(ii)	the collateral securing such Guaranteed Debt is not, and shall not thereafter become, collateral for any other indebtedness that is senior to or pari passu with such
Guaranteed Debt; 

  

	 	(iii)	no additional guarantees with respect to such Guaranteed Debt will be entered into during the applicable Tax Protection Period pursuant to the proviso set forth
in Section 3.3; 

  

	 	(iv)	the lender with respect to such Guaranteed Debt is not the Partnership, any Subsidiary or other entity in which the Partnership owns a direct or indirect interest, the
REIT, any other partner in the Partnership, or any person related to any partner in the Partnership as determined for purposes of Treasury Regulation § 1.752-2 or any person that would be considered a “related party” as
determined for purposes of Section 465 of the Code; and 

  

 11 

	 	(v)	none of the REIT, nor any other partner in the Partnership, nor any person related to any partner in the Partnership as determined for purposes of Treasury Regulation
§ 1.752-2 shall have provided, or shall thereafter provide, collateral for, or otherwise shall have entered into, or shall thereafter enter into, a relationship that would cause such person or entity to be considered to bear the risk of
loss with respect to such Guaranteed Debt, as determined for purposes of Treasury Regulation § 1.752-2 or that would cause such entity to be considered “at risk” with respect to such Guaranteed Debt, as determined for purposes of
Section 465 of the Code. 

 3.8 Deficit Restoration Obligation. The Partnership will maintain an
amount of indebtedness of the Partnership that would be considered “recourse” indebtedness (taking into account all of the facts and circumstances related to the indebtedness, the Partnership and the General Partner) equal to or greater
than the sum of the amounts subject to a DRO of all Protected Partners and other partners in the Partnership. The deficit restoration obligation shall be conclusively presumed to cause the Protected Partner to be allocated an amount of liabilities
equal to the DRO Amount of such Protected Partner for purposes of Sections 465 and 752 of the Code, provided that (1) the Partnership maintains an amount of debt that is considered “recourse” indebtedness (determined for
purposes of Section 752 of the Code and taking into account all of the facts and circumstances related to the indebtedness, the Partnership and the General Partner) equal to the aggregate DRO Amounts of all partners of the Partnership and
(2) all other terms and conditions of the Partnership Agreement with respect to such deficit restoration obligation are met. 

3.9 Additional Guarantee and DRO Opportunities. Without limiting any of the other obligations of the Partnership under this
Agreement, from and after the expiration of the Tax Protection Period, the Partnership shall, upon a request from a Protected Partner, use commercially reasonable efforts to permit such Protected Partner to enter into an agreement with the
Partnership to bear the economic risk of loss as to a portion of the Partnership’s recourse indebtedness by undertaking an obligation to restore a portion of its negative capital account balance upon liquidation of such Protected Partner’s
interest in the Partnership and/or to bear financial liability under a Guarantee Agreement substantially in the form of Schedule 3.7 hereto for indebtedness that would be considered Qualifying Guarantee Indebtedness under Section 3.2
hereof, if such Protected Partner shall provide information from its professional tax advisor satisfactory to the Partnership showing that, in the absence of such agreement, such Protected Partner likely would not be allocated from the Partnership
sufficient indebtedness under Section 752 of the Code and the at-risk provisions under Section 465 of the Code to avoid the recognition of gain (other than gain required to be recognized by reason of actual cash distributions from the
Partnership). The Partnership and its professional tax advisors shall cooperate in good faith with such Protected Partner and its professional tax advisors to provide such information regarding the allocation of the Partnership liabilities and the
nature of such liabilities as is reasonably necessary in order to determine the Protected Partner’s adjusted tax basis in its Units and at-risk amount. If the Partnership permits a Protected Partner to enter into

  

 12 

 
an agreement under this Section 3.9, the Partnership shall be under no further obligation with respect thereto, and the Partnership shall not be required to indemnify such Protected Partner
for any damage incurred, in connection with or as a result of such agreement or the indebtedness, including without limitation a refinancing or prepayment thereof or taking any of the other actions required by Article 3 hereof with respect to
Qualified Indebtedness. 
 ARTICLE 4 

REMEDIES FOR BREACH 

4.1 Monetary Damages. In the event that the Partnership breaches its obligations set forth in Article 2, Article 3, or Article 6
with respect to a Protected Partner the Protected Partner’s sole right shall be to receive from the Partnership, and the Partnership shall pay to such Protected Partner as damages, an amount equal to: 

 

	 	(a)	in the case of a violation of Articles 3 or 6, the aggregate federal, state and local income taxes incurred by the Protected Partner or an Indirect Owner as a result of
the income or gain allocated to, or otherwise recognized by, such Protected Partner with respect to its Units by reason of such breach; 

  

	 	(b)	in the case of a violation of Article 2, the aggregate federal state, and local income taxes incurred by the Protected Partner or an Indirect Owner with respect the
Excess Protected Gain incurred with respect to the Gain Limitation Property that is allocable to such Protected Partner under the Partnership Agreement and Section 2.3 hereof (computed without regard to the principles set forth in the
parenthetical in the first paragraph of Section 2.1); 

 plus in the case of either (a) or (b), an amount
equal to the aggregate federal, state, and local income taxes payable by the Protected Partner or an Indirect Owner as a result of the receipt of any payment required under this Section 4.1. 

For purposes of computing the amount of federal, state, and local income taxes required to be paid by a Protected Partner (or Indirect
Owner), (i) any deduction for state income taxes payable as a result thereof actually allowed in computing federal income taxes shall be taken into account, and (ii) a Protected Partner’s (or Indirect Owner’s) tax liability shall
be computed using the highest federal, state and local marginal income tax rates that would be applicable to such Protected Partner’s (or Indirect Owner’s) taxable income (taking into account the character and type of such income or gain)
for the year with respect to which the taxes must be paid, without regard to any deductions, losses or credits that may be available to such Protected Partner (or Indirect Owner) that would reduce or offset its actual taxable income or actual tax
liability if such deductions, losses or credits could be utilized by the Protected Partner (or Indirect Owner) to offset other income, gain or taxes of the Protected Partner(or Indirect Owner), either in the current year, in earlier years, or in
later years). 
 4.2 Process for Determining Damages. If the Partnership has breached or violated any of the covenants
set forth in Article 2, Article 3, or Article 6 (or a Protected Partner asserts that the Partnership has breached or violated any of the covenants set forth in Article 2, Article 3, 

 

 13 

 
or Article 6), the Partnership and the Protected Partner (or Indirect Owner) agree to negotiate in good faith to resolve any disagreements regarding any such breach or violation and the amount of
damages, if any, payable to such Protected Partner (or Indirect Owner) under Section 4.1 (and to the extent applicable, Sections 4.4). If any such disagreement cannot be resolved by the Partnership and such Protected Partner (or Indirect Owner)
within sixty (60) days after the receipt of notice from the Partnership of such breach and the amount of income to be recognized by reason thereof (or, if applicable, receipt by the Partnership of an assertion by a Protected Partner that the
Partnership has breached or violated any of the covenants set forth in Article 2, Article 3, or Article 6), the Partnership and the Protected Partner shall jointly retain a nationally recognized independent public accounting firm (“an
Accounting Firm”) to act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement (including, without limitation, whether a breach of any of the covenants set forth Article 2, Article 3, or Article 6, has
occurred and, if so, the amount of damages to which the Protected Partner is entitled as a result thereof, determined as set forth in Section 4.1 (and to the extent applicable, Section 4.4). All determinations made by the Accounting Firm
with respect to the resolution of any breach or violation of any of the covenants set forth in Article 2, Article 3, or Article 6 and the amount of damages payable to the Protected Partner under Section 4.1 (and to the extent applicable,
Section 4.4) shall be final, conclusive and binding on the Partnership and the Protected Partner. The fees and expenses of any Accounting Firm incurred in connection with any such determination shall be shared equally by the Partnership and the
Protected Partner, provided that if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than five percent (5%) higher than the amount proposed by the Partnership to be owed to such
Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection with any such determination shall be paid by the Partnership and if the amount determined
by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than five percent (5%) less than the amount proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the
Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection with any such determination shall be paid by the Protected Partner. 

4.3 Required Notices; Time for Payment. In the event that there has been a breach of Article 2, Article 3, or Article 6 the
Partnership shall provide to the Protected Partner notice of the transaction or event giving rise to such breach not later than at such time as the Partnership provides to the Protected Partners the Schedule K-1’s to the Partnership’s
federal income tax return as required in accordance with Section 7.3 below. All payments required under this Article 4 to any Protected Partner shall be made to such Protected Partner on or before April 15 of the year following the year in
which the gain recognition event giving rise to such payment took place; provided that, if the Protected Partner is required to make estimated tax payments that would include such gain, the Partnership shall make a payment to the Protected
Partner on or before the due date for such estimated tax payment and such payment from the partnership shall be in an amount that corresponds to the amount of the estimated tax being paid by such Protected Partner at such time. In the event of a
payment required after the date required pursuant to this Section 4.3, interest shall accrue on the aggregate amount required to be paid from such date to the date of actual payment at a rate equal to the “prime rate” of interest, as
published in the Wall Street Journal (or if no longer published there, as announced by Citibank) effective as of the date the payment is required to be made. 
  

 14 

 4.4 Additional Damages for Breaches of Section 2.1(b)(ii), Section 3.2 and/or
Section 3.3. Notwithstanding any of the foregoing in this Article 4, in the event that the Partnership should breach any of its covenants set forth in Section 2.1(b)(ii), Section 3.2, and/or Sections 3.3 (i) and/or
(ii) and a Protected Partner (or Indirect Owner) is required to make a payment in respect of such indebtedness that it would not have had to make if such breach had not occurred (an “Excess Payment”), then, in addition to the damages
provided for in the other Sections of this Article 4, the Partnership shall pay to such Protected Partner (or Indirect Owner) an amount equal to the sum of (i) the Excess Payment plus (ii) the aggregate federal, state and local income
taxes, if any, computed or set forth in Section 4.1, required to be paid by such Protected Partner (or Indirect Owner) by reason of Section 4.4 becoming operative (for example, because the breach by the Partnership and this
Section 4.4 caused all or any portion of the indebtedness in question no longer to be considered debt includible in basis by the affected Protected Partner pursuant to Treasury Regulations § 1.752-2(a)), plus (iii) an amount
equal to the aggregate federal, state and local income taxes required to be paid by the Protected Partner (or Indirect Owner) (computed as set forth in Section 4.1) as a result of any payment required under this Section 4.4. 

ARTICLE 5 

SECTION 704(C) METHOD AND ALLOCATIONS 

5.1 Application of “Traditional Method.” Notwithstanding any provision of the Partnership Agreement, the Partnership
shall use the “traditional method” under Regulations § 1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code with respect to the properties contributed to the Partnership in connection with the
initial public offering of the REIT’s shares of common stock. 
 ARTICLE 6 

ALLOCATIONS OF LIABILITIES PURSUANT TO REGULATIONS UNDER 

SECTION 752 

6.1 Allocation Methods to be Followed. Except as provided in Section 6.2, all tax returns prepared by the Partnership with
respect to the Protected Period (and to the extent arrangements have been entered into pursuant to Section 3.9, for so long thereafter as such arrangements are in effect) that allocate liabilities of the Partnership for purposes of
Section 752 and the Treasury Regulations thereunder shall treat each Partner Guarantor as being allocated for federal income tax purposes an amount of recourse debt (in addition to any nonrecourse debt otherwise allocable to such Partner
Guarantor in accordance with the Partnership Agreement and Treasury Regulations § 1.752-3 and any other recourse liabilities allocable to such Partner Guarantor by reason of guarantees of indebtedness or DROs entered into pursuant other
agreements with the Partnership) pursuant to Treasury Regulation § 1.752-2 equal to such Partner Guarantor’s Guaranteed Amount, and the Partnership and the REIT shall not, during or with respect to the Tax Protection Period, take any
contrary or inconsistent position in any federal or state income tax returns (including, without limitation, information returns, such as Forms K-1, provided to partners in the Partnership and returns of Subsidiaries of the Partnership) or any
dealings involving the Internal Revenue Service (including, without limitation, any audit, administrative appeal or any judicial proceeding involving the income tax returns of the Partnership or the tax treatment of any holder of partnership
interests the Partnership). 
  

 15 

 6.2 Exception to Required Allocation Method. Notwithstanding the provisions of this
Agreement, the Partnership shall not be required to make allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners as set forth in this Agreement if and to the extent that the Partnership determines in good
faith that it may not be more likely than not that such allocations will be respected; provided that the Partnership shall provide to each Protected Partner (or in the event of their death or disability, their executor, guardian or custodian,
as applicable), notice of such determination and if, within forty-five (45) days after the receipt thereof, the Partnership is provided an opinion of a law firm recognized as expert in such matters or a nationally recognized public accounting
firm to the effect that it is more likely than not that such allocations will be respected, the Partnership shall continue to make allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners as set forth in
this Agreement; provided further that if there shall have been a judicial determination in a proceeding to which the Partnership is a party and as to which the General Partners have been allowed to participate as and to the extent
contemplated in Article 6 to the effect that such allocations are not correct, Section 6.1 shall not apply unless the matter is being appealed to an applicable court of appeals, the requirements of Section 7.2 shall have been satisfied in
connection therewith, and the opinion described above from counsel or accountants engaged by a Protected Partner shall have been provided. In no event shall this Section 6.2 be construed to relieve the Partnership for liability arising from a
failure by the Partnership to comply with one or more of the provisions of Article 3 of this Agreement. 
 6.3 Cooperation in
the Event of a Change. If a change in the Partnership’s allocations of Guaranteed Debt or other recourse debt of the Partnership to the Protected Partners is required by reason of circumstances described in Section 6.2, the Partnership
and its professional tax advisors shall cooperate in good faith with each Protected Partner (or in the event of their death or disability, their executor, guardian or custodian, as applicable) and their professional tax advisors to develop
alternative allocation arrangements and/or other mechanisms that protect the federal income tax positions of the Protected Partners in the manner contemplated by the allocations of Guaranteed Debt or other recourse debt of the Partnership to the
Protected Partners as set forth in this Agreement. 
 ARTICLE 7 

TAX PROCEEDINGS 

7.1 Notice of Tax Audits. If any claim, demand, assessment (including a notice of proposed assessment) or other assertion is made
with respect to taxes against the Protected Partners or the Partnership the calculation of which involves a matter covered in this Agreement that could result in tax liability to a Protected Partner (“Tax Claim”) or if the REIT or the
Partnership receives any notice from any jurisdiction with respect to any current or future audit, examination, investigation or other proceeding (“Tax Proceeding”) involving the Protected Partners or the Partnership or that otherwise
could involve a matter covered in this Agreement and would reasonably be expected to directly or indirectly affect the Protected Partners in an adverse manner, then the REIT or the Partnership, as applicable shall promptly notify the Protected
Partners of such Tax Claim or Tax Proceeding. 
  

 16 

 7.2 Control of Tax Proceedings. The REIT, as the general partner of the Partnership
shall have the right to control the defense, settlement or compromise of any Proceeding or Tax Claim; provided, however, that the REIT shall not consent to the entry of any judgment or enter into any settlement with respect to such Tax
Claim or Tax Proceeding that would result in tax liability to one or more Protected Partners without the prior written consent of the affected Protected Partners (unless, and only to the extent, that any taxes required to be paid by the Protected
Partners as a result thereof would be required to be reimbursed by the Partnership and the REIT under Article 4 and the Partnership and the REIT agree in connection with such settlement or consent, to make such required payments); provided
further that the Partnership shall keep the Protected Partners informed of the progress thereof to the extent that such Proceeding or Tax Claim would reasonably be expected to directly or indirectly affect the Protected Partners in an adverse
manner. 
 7.3 Timing of Tax Returns; Periodic Tax Information. The Partnership shall cause to be delivered to each
Protected Partner, as soon as reasonably practicable each year, the Forms K-1 that the Partnership is required to deliver to such Protected Partners with respect to the prior taxable year. In addition, the Partnership agrees to provide to the
Protected Partners, upon request, an estimate of the taxable income expected to be allocable for a specified taxable year from the Partnership to each Protected Partner and the entities that they control, provided that such estimates shall
not be required to be provided more frequently than once each calendar quarter. 
 ARTICLE 8 

AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS; 

APPROVAL OF CERTAIN TRANSACTIONS 

8.1 Amendment. This Agreement may not be amended, directly or indirectly (including by reason of a merger between either the
Partnership or the REIT and another entity) except by a written instrument signed by the REIT, the Partnership, and each of the Protected Partners to be subject to such amendment-. 

8.2 Waiver. Notwithstanding the foregoing, upon written request by the Partnership, each Protected Partner, in its sole
discretion, may waive the payment of any damages that is otherwise payable to such Protected Partner pursuant to Article 4 hereof. Such a waiver shall be effective only if obtained in writing from the affected Protected Partner. 

ARTICLE 9 

MISCELLANEOUS 

9.1 Additional Actions and Documents. Each of the parties hereto hereby agrees to take or cause to be taken such further actions,
to execute, deliver, and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the purposes, terms and conditions
of this Agreement. 
  

 17 

 9.2 Assignment. No party hereto shall assign its or his rights or obligations under
this Agreement, in whole or in part, except by operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary to the terms hereof shall be null and void and of no force and effect. 

9.3 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Protected Partners and
their respective successors and permitted assigns, whether so expressed or not. This Agreement shall be binding upon the REIT, the Partnership, and any entity that is a direct or indirect successor, whether by merger, transfer, spin-off or
otherwise, to all or substantially all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of this sentence), provided that none of the foregoing shall result in the
release of liability of the REIT and the Partnership hereunder. The REIT and the Partnership covenant with and for the benefit of the Protected Partners not to undertake any transfer of all or substantially all of the assets of either entity
(whether by merger, transfer, spin-off or otherwise) unless the transferee has acknowledged in writing and agreed in writing to be bound by this Agreement, provided that the foregoing shall not be deemed to permit any transaction otherwise
prohibited by this Agreement. 
 9.4 Modification; Waiver. No failure or delay on the part of any party hereto in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and not exclusive of any rights or remedies which they would otherwise have. No modification or waiver of any
provision of this Agreement, nor consent to any departure by any party therefrom, shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

9.5 Representations and Warranties Regarding Authority; Noncontravention. Each of the REIT and the Partnership has the requisite
corporate or other (as the case may be) power and authority to enter into this Agreement and to perform its respective obligations hereunder. The execution and delivery of this Agreement by each of the REIT and the Partnership and the performance of
each of its respective obligations hereunder have been duly authorized by all necessary trust, partnership, or other (as the case may be) action on the part of each of the REIT and the Partnership. This Agreement has been duly executed and delivered
by each of the REIT and the Partnership and constitutes a valid and binding obligation of each of the REIT and the Partnership, enforceable against each of the REIT and the Partnership in accordance with its terms, except as such enforcement may be
limited by (i) applicable bankruptcy or insolvency laws (or other laws affecting creditors’ rights generally) or (ii) general principles of equity. The execution and delivery of this Agreement by each of the REIT and the Partnership
do not, and the performance by each of its respective obligations hereunder will not, conflict with, or result in any violation of (i) the Partnership Agreement or (ii) any other agreement applicable to the REIT and/or the Partnership,
other than, in the case of clause (ii), any such conflicts or violations that would not materially adversely affect the performance by the Partnership and the REIT of their obligations hereunder. 

 

 18 

 9.6 Captions. The Article and Section headings contained in this Agreement are
inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

9.7 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have
been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following
addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier number specified below: 

 

	 	(i)	if to the Partnership or the REIT, to: 

US Federal Properties Trust, Inc. 

4705 Central Street 

Kansas City, MO 64112 

Attention: Mr. Kevin Kelly 

Facsimile:
                     
  

	 	(i)	if to a Protected Partner, to the address on file with the Partnership. 

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or
sent. Each notice, demand, request, or communication which shall be hand delivered, sent, mailed, telecopied or telexed in the manner described above, or which shall be delivered to a telegraph company, shall be deemed sufficiently given, served,
sent, received or delivered for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a telecopy or telex) the answerback being deemed conclusive, but not exclusive,
evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 
 9.8
Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 

9.9 Governing Law. The interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by
the laws of the State of Delaware, without regard to the choice of law provisions thereof. 
 9.10 Consent to Jurisdiction;
Enforceability. 
 9.10.1 This Agreement and the duties and obligations of the parties hereunder shall be enforceable
against any of the parties in the courts of the State of Delaware. For such purpose, each party hereto and the Protected Partners hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of
this Agreement may be heard and determined in any of such courts. 
  

 19 

 9.10.2 Each party hereto hereby irrevocably agrees that a final judgment of any of the
courts specified above in any action or proceeding relating to this Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

9.11 Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any respect, such part
shall be ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 

9.12 Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing party in any dispute arising
hereunder shall bear and pay the costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving such dispute. 

9.13 Enforcement by Protected Partners. The Protected Partners are the beneficiaries of this Agreement and shall be able to
enforce this Agreement as they were parties to this Agreement. 
  

 20 

 IN WITNESS WHEREOF, the REIT, the Partnership and the Protected Parties have caused this
Agreement to be signed by their respective officers, general partners, or delegates thereunto duly authorized all as of the date first written above. 
  

							
	US FEDERAL PROPERTIES TRUST, INC.,
	a Maryland corporation
			
		 	By:	 	  

		 	 Name:
	 	Richard D. Baier
		 	 Title:
	 	Chief Executive Officer
	
	US FEDERAL PROPERTIES PARTNERSHIP, LP,
	a Delaware limited partnership
			
		 	 By:
	 	US Federal Properties Trust, Inc.,
		 		 	a Maryland corporation,
		 		 	its General Partner
				
		 		 	By:	 	  

		 		 		 	Name: Richard D. Baier
		 		 		 	Title: Chief Executive Officer

  

					
	CMB DEVELOPMENT, LLC
	a Missouri limited liability company
			
		 	By:	 	  

		 	 Name: Cathleen M. Bair

		 	 Title: Manager

		 	Tax ID #:
	
	RDB, LLC
	a Missouri limited liability company
			
		 	By:	 	  

		 	 Name: Richard Bair

		 	 Title: Manager

		 	 Tax ID #:

	
	DANIEL K. CARR REVOCABLE TRUST U/A DATED JUNE 1, 2006
			
		 	 By:
	 	  

		 	 Name: Daniel K. Carr

		 	 Title: Trustee

		 	 Tax ID #:

  

 21 

					
	D’JAC, LLC
	a Kansas limited liability company
			
		 	 By:
	 	  

		 	 Name: David A. Wysocki

		 	 Title: Member

		 	 Tax ID #:

  

 22 

 SCHEDULES AND EXHIBITS TO THE TAX PROTECTION AGREEMENT 

 

			
	Schedule 2.1(a)	 	List of Protected Partners
	Schedule 2.1(b)	 	Gain Limitation Properties and Estimated Initial Protected Gain for Protected Partners
	Schedule 2.3	 	Example Illustrating the Provisions of Section 2.3 of the Agreement Relating to Allocation of Annual Gain Limitation Among Protected Partners
	Schedule 3.1	 	Minimum Liability Amount
	Schedule 3.7	 	Form of Guarantee Agreement

  

 23 

 Schedule 2.1(a) 

List of Protected Partners 

CMB Development, LLC 
 RDB, LLC 

Daniel K. Carr Revocable Trust u/a June 1, 2006 

D’Jac, LLC 
  

 24 

 Schedule 2.1(b) */ 

Gain Limitation Properties and 

Estimated Initial Protected Gain for Protected Partners as a Group 

 

			
	 Name of Protected Property
	  	Initial Protected Gain (Aggregate)
	 Federal Bureau of Investigation Field Office

6061 Gate Parkway
 Jacksonville,
Florida
	  	[$1,933,116]
	 Department of Homeland Security Offices

12445 East Coley Avenue
 Centennial, Colorado

	  	[$3,344,226]
	 Federal Courthouse
 125 West
Central Avenue
 Great Falls, Montana
	  	[$2,107,394]
	 Department of Homeland Security Offices

2987 South Decker Lake Drive
 Salt Lake City,
Utah
	  	[$4,171,300]
	 TOTAL
	  	[$11,556,036]

  

 25 

 Schedule 2.3 

Example Illustrating the Provisions of Section 2.3 of the Agreement Relating to Allocation of Annual 

Gain Limitation Among Protected Partners 

In Gain Limitation Year 1 (GLY 1), Protected Partner A and Protected Partner B each recognize $1.5 million of Protected Gain, Protected Partner C
recognizes $2 million of Protected Gain and Protected Partner D recognizes $3 million of Protected Gain, resulting in a total of $8 million in Protected Gain. The Annual Gain Limitation for GLY 1 is $4 million. Accordingly, A, B, C, and D, as a
group, are entitled to reimbursement under Article 4 of the Agreement with respect to $4 million of Protected Gain, allocated among them in the following amounts: A $750,000; B: $750,000; C: $1,000,000; and D: $1,500,000. 

In GLY 2, no Protected Gain is recognized by any Protected Partners. 

In GLY 3, the Annual Gain Limitation is $8 million (because it includes a Gain Limitation Carry-forward of $4 million from GLY 2). A recognizes $500,000
of Protected Gain, B recognizes $6 million and C and D each recognize no Protected Gain. No Protected Partners are entitled to reimbursement under Article 4 of the Agreement with respect to GLY 3 (since the total Protected Gain recognized in GLY3
– $6.5 million – is $1.5 million less than the Annual Gain Limitation for GLY 3). 
 In GLY 4, the Annual Gain Limitation is $5.5
million (including the Gain Limitation Carry-forward of $1.5 million from GLY 3). Each of A, B, C and D recognize $2.5 million of Protected Gain, resulting in a total of $10 million in Protected Gain. Accordingly, the Protected Gain for each
Protected Partner for GLY 4 for which such Partner is entitled to reimbursement under Article 4 of the Agreement is as follows: 
  

																						
	 Protected

Partner
	  	Current
GLY
Protected

Gain
Recognized	  	Current
GLY
Annual

Gain
Limitation	  	Cumulative
Recognized
Protected
Gain	  	Prior
Adjusted
Protected
Gain	  	Cumulative
Unadjusted
Protected
Gain	  	Unadjusted
Protected
Gain
Percentage	 	 	Current GLY
Protected Gain
Subject to
Reimbursement
Under Article 
4
	 A
	  	$	2,500,000	  	 	N/A	  	$	4,500,000	  	$	750,000	  	$	3,750,000	  	18.3	% 	 	$	823,500
	 B
	  	$	2,500,000	  	 	N/A	  	$	10,000,000	  	$	750,000	  	$	9,250,000	  	45.1	% 	 	$	2,029,500
	 C
	  	$	2,500,000	  	 	N/A	  	$	4,500,000	  	$	1,000,000	  	$	3,500,000	  	17.1	% 	 	$	769,500
	 D
	  	$	2,500,000	  	 	N/A	  	$	5,500,000	  	$	1,500,000	  	$	4,000,000	  	19.5	% 	 	$	877,500
	 Total
	  	$	10,000,000	  	$	5,500,000	  	$	24,500,000	  	$	4,000,000	  	$	20,500,000	  	100	% 	 	$	4,500,000

 In GLY 5, no Protected Gain is
recognized. 
 In GLY 6, A and B each recognize $6 million of Protected Gain, C recognizes $200,000 of Protected Gain and D recognized no
Protected Gain, resulting in a total of $12.2 million in Protected Gain. The Annual Gain Limitation is $8 million (because it includes a Gain Limitation Carry-forward of $4 million from GLY 5). 

 

																						
	 Protected

Partner
	  	Current
GLY
Protected

Gain
Recognized	  	Current
GLY
Annual

Gain
Limitation	  	Cumulative
Recognized
Protected
Gain	  	Prior
Adjusted
Protected
Gain	  	Cumulative
Unadjusted
Protected
Gain	  	Unadjusted
Protected
Gain
Percentage	 	 	Current GLY
Protected Gain
Subject to
Reimbursement
Under Article 
4
	 A
	  	$	6,000,000	  	 	N/A	  	$	10,500,000	  	$	1,573,500	  	$	8,926,500	  	31.6	% 	 	$	1,687,700
	 B
	  	$	6,000,000	  	 	N/A	  	$	16,000,000	  	$	2,779,500	  	$	13,220,500	  	46.9	% 	 	$	2,321,300
	 C
	  	$	200,000	  	 	N/A	  	$	4,700,000	  	$	1,769,500	  	$	2,930,500	  	10.4	% 	 	$	200,000
	 D
	  	$	0	  	 	N/A	  	$	5,500,000	  	$	2,377,500	  	$	3,122,500	  	11.1	% 	 	$	0
	 Total
	  	$	12,200,000	  	$	8,000,000	  	$	36,700,000	  	$	8,500,000	  	$	28,200,000	  	100	% 	 	$	4,200,000

 Because C and D would have been allocated more Excess Protected Gain than they actually recognized for
federal income tax purposes during GLY 6, the difference between the amount actually recognized by C and D and the amounts they would be allocated based on the Unadjusted Protected Gain Percentage are reallocated to A and B based on the portion of
the Excess Protected Gain actually recognized by them during GLY 6. 
 In GLY 7, no Protected Gain is recognized, and B dies. 

In GLY 8, each of A, C and D recognizes $5 million of Protected Gain and, if he had not died, B also would have recognized $5 million of Protected Gain.
Due to the basis adjustment that occurred on his death, B’s heirs did not actually recognize this gain. The Annual Gain Limitation is $8 million (because it includes a Gain Limitation Carry-forward of $4 million from GLY 7). 

 

																						
	 Protected

Partner
	  	Current
GLY
Protected

Gain
Recognized	  	Current
GLY
Annual

Gain
Limitation	  	Cumulative
Recognized
Protected
Gain	  	Prior
Adjusted
Protected
Gain
	  	Cumulative
Unadjusted
Protected
Gain	  	Unadjusted
Protected
Gain
Percentage	 	 	Current GLY
Protected Gain
Subject to
Reimbursement
Under Article 4
	 A
	  	$	5,000,000	  	 	N/A	  	$	15,500,000	  	$	3,573,500	  	$	11,926,500	  	27.1	% 	 	$	3,252,000
	 B
	  	$	5,000,000	  	 	N/A	  	$	21,000,000	  	$	4,779,500	  	$	16,220,500	  	36.9	% 	 	$	0
	 C
	  	$	5,000,000	  	 	N/A	  	$	9,700,000	  	$	1,969,500	  	$	7,730,500	  	17.6	% 	 	$	2,112,000
	 D
	  	$	5,000,000	  	 	N/A	  	$	10,500,000	  	$	2,377,500	  	$	8,122,500	  	18.4	% 	 	$	2,208,000
	 Total
	  	$	20,000,000	  	$	8,000,000	  	$	56,700,000	  	$	12,700,000	  	$	44,000,000	  	100	% 	 	$	7,572,000

 Because of B’s death, the
amount of Protected Gain allocable to him under the principles of Article 2 of the Tax Protection Agreement ($4,428,000) is not actually recognized and therefore is not subject to reimbursement under Article 4. The amount of Protected Gain that
otherwise would have been allocated to B is not reallocated to A, C or D. 
 Comment: The calculations of Unadjusted Protected
Gain Percentage are made based upon the principles set forth in the parenthetical in the first paragraph of Section 2.1, to the effect that the Protected Gain recognized by each of the Protected Partners shall be deemed equal to the gain that
would have been recognized without giving effect to any adjustment in basis that results with respect to the indirect interest of such Protected Partner in such Protected Property, it being intended that the Annual Gain Limitation and the related
definitions are to be applied to the Protected Partners as a group before giving effect to basis adjustments. 
  

 27 

 Schedule 3.1 

Minimum Liability Amount 
  

			
	 Protected Partner
	 	 Minimum Liability Amount **/

	 CMB Development, LLC
	 	[$116,470]
	 RDB, LLC
	 	[$1,120,292]
	 Daniel K. Carr Revocable Trust u/a June 1, 2006
	 	[$713,573]
	 D’JAC, LLC
	 	[$48,640]
	 TOTAL
	 	[$1,998,975]

  

	**/	The estimated “negative tax capital account” of a Partner in the Partnership on the closing date of the IPO as determined by the Partnership in its sole
discretion. 

 Schedule 3.7 

Form of
Guaranty 1/ 

GUARANTEE 
  

 

	1/
	 This Form of the Guarantee Agreement is for Guaranteed Debt where the following conditions all are applicable: 

 

	 	(i)	there are no other guarantees in effect with respect to such Guaranteed Debt; 

 

	 	(ii)	the collateral securing such Guaranteed Debt is not collateral for any other indebtedness that is senior to or pari passu with such Guaranteed Debt;

  

	 	(iii)	no additional guarantees with respect to such Guaranteed Debt will be entered into during the applicable Tax Protection Period pursuant to the proviso set forth
in Section 3.5; 

  

	 	(iv)	the lender with respect to such Guaranteed Debt is not the Partnership, any Subsidiary or other entity in which the Partnership owns a direct or indirect interest, the
REIT, any other partner in the Partnership, or any person related to any partner in the Partnership as determined for purposes of Treasury Regulation § 1.752-2; and 

 

	 	(v)	none of the REIT, nor any other partner in the Partnership, nor any person related to any partner in the Partnership as determined for purposes of Treasury Regulation
§ 1.752-2 shall have provided, or shall thereafter provide, collateral for, or otherwise shall have entered, or thereafter shall enter, into a relationship that would cause such person or entity to be considered to bear risk of loss with
respect to such Guaranteed Debt, as determined for purposes of Treasury Regulation § 1.752-2. 

 If, and
to the extent that, one or more of these conditions is not applicable, appropriate changes to the attached Form of Guaranty will be required in order to cause the various conditions set forth in Article 3 of the Tax Protection Agreement to be
satisfied. 

 This Guarantee is made and entered into as of the      day of
             2010, by the persons listed on Exhibit A annexed hereto (the “Guarantors”) for the benefit of the Lender set forth on Exhibit
B annexed hereto and made a part hereof (the “Lender,” which term shall include any person or entity who hereafter holds the Note (as defined below) in accordance with the terms thereof). 

RECITALS 

WHEREAS, the Lender has loaned to the borrower set forth on Exhibit B (the “Borrower”) the amount
set forth opposite such Lender’s name on Exhibit B, which loan (i) is evidenced by the promissory note described on Exhibit C hereto (the “Note”), (ii) has a current outstanding
balance in the amount set forth on Exhibit B annexed hereto, and (iii) is secured by a mortgage or deed of trust on the collateral described on Exhibit D annexed hereto (the “Deed of Trust,”
with the property and other assets securing such Deed of Trust referred to as the “Collateral”); 

WHEREAS, the Borrower is either US Federal Properties Partnership, LP, a Delaware limited partnership (the
“Partnership”) or a subsidiary of the Partnership in which the Partnership owns a 98% or greater interest in the Partnership; 

WHEREAS, the Guarantors are limited partners in the Partnership; and 

WHEREAS, the Guarantors are executing and delivering this Guarantee to guarantee a portion of the Borrower’s payments with respect
to the Note, subject to and otherwise in accordance with the terms and conditions hereinafter set forth. 
 NOW THEREFORE, in
consideration of the foregoing recitals and facts and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, each of the Guarantors hereby agree as follows: 

1. Guarantee and Performance of Payment. 

(a) The Guarantors hereby irrevocably and unconditionally guarantee the collection by the Lender of, and hereby agree to pay to the
Lender upon demand (following (1) foreclosure of the Deed of Trust, exercise of the powers of sale thereunder and/or acceptance by the Lender of a deed to the Collateral in lieu of foreclosure, and (2) the exhaustion of the exercise of any
and all remedies available to the Lender against the Borrower, including, without limitation, realizing upon the assets of the Borrower other than the Collateral against which the Lender may have recourse), an amount equal to the excess, if any, of
the Guaranteed Amount set forth on Exhibit B over the Lender Proceeds (as hereinafter defined) (which excess is referred to as the “Aggregate Guarantee Liability”). The amounts payable by each Guarantor in respect of the
guarantee obligations hereunder shall be in the same proportion as the dollar amounts listed next to such Guarantor’s name on Exhibit A attached hereto bears to the total Guaranteed Amount set forth on Exhibit A,
provided that, notwithstanding anything to the contrary contained in this Guarantee, each Guarantor’s aggregate obligation under this Guarantee shall be limited to the dollar amount set forth on Exhibit A attached hereto
next to such Guarantor’s name. The Guarantors’ obligations as set forth in this paragraph 1(a) are hereinafter referred to as the “Guaranteed Obligations.” 

 (b) For the purposes of this Guarantee, the term “Lender Proceeds”
shall mean the aggregate of (i) the Foreclosure Proceeds (as hereinafter defined) plus (ii) all amounts collected by the Lender from the Borrower (other than payments of principal, interest or other amounts required to be paid by the
Borrower to Lender under the terms of the Note that are paid by the Borrower to the Lender at a time when no default has occurred under the Note and is continuing) or realized by the Lender from the sale of assets of the Borrower other than the
Collateral. 
 (c) For the purposes of this Guarantee, the term “Foreclosure Proceeds” shall have the
applicable meaning set forth below with respect to the Collateral: 
  

	 	1.	If at least one bona fide third party unrelated to the Lender (and including, without limitation, any of the Guarantors) bids for such Collateral at a sale thereof,
conducted upon foreclosure of the related Deed of Trust or exercise of the power of sale thereunder, Foreclosure Proceeds shall mean the highest amount bid for such Collateral by the party that acquires title thereto (directly or through a nominee)
at or pursuant to such sale. For the purposes of determining such highest bid, amounts bid for the Collateral by the Lender shall be taken into account notwithstanding the fact that such bids may constitute credit bids which offset against the
amount due to the Lender under the Note. 

  

	 	2.	If there is no such unrelated third-party at such sale of the Collateral so that the only bidder at such sale is the Lender or its designee, the Foreclosure Proceeds
shall be deemed to be fair market value (the “Fair Market Value”) of the Collateral as of the date of the foreclosure sale, as such Fair Market Value shall be mutually agreed upon by the Lender and the Guarantor or determined
pursuant to subparagraph 1(d). 

  

	 	3.	If the Lender receives and accepts a deed to the Collateral in lieu of foreclosure in partial satisfaction of the Borrower’s obligations under the Note, the
Foreclosure Proceeds shall be deemed to be the Fair Market Value of such Collateral as of the date of delivery of the deed-in-lieu of foreclosure, as such Fair Market Value shall be mutually agreed upon by the Lender and the Guarantor or determined
pursuant to subparagraph 1(d). 

 (d) Fair Market Value of the Collateral (or any item thereof) shall be the price
at which a willing seller not compelled to sell would sell such Collateral, and a willing buyer not compelled to buy would purchase such Collateral, free and clear of all mortgages but subject to all leases and reciprocal easements and operating
agreements. If the Lender and the Guarantor are unable to agree upon the Fair Market Value of any Collateral in accordance with subparagraphs 1(c)2. or 3. above, as applicable, within twenty (20) days after the date of the foreclosure sale or
the delivery of the deed-in-lieu of foreclosure, as applicable, relating to such Collateral, either party may have the Fair Market Value of such Collateral determined by appraisal by appointing an appraiser having the qualifications set forth below
to determine the same and by notifying the other party of such appointment within twenty (20) days after the expiration of such twenty (20) day period. If the other party shall fail to notify the first party, within twenty (20) days
after its receipt of notice of the appointment by the first party, of the appointment by the other party of an appraiser having the qualifications set forth below, the 

 
appraiser appointed by the first party shall alone make the determination of such Fair Market Value. Appraisers appointed by the parties shall be members of the Appraisal Institute (MAI) and
shall have at least ten years’ experience in the valuation of properties similar to the Collateral being valued in the greater metropolitan area in which such Collateral is located. If each party shall appoint an appraiser having the aforesaid
qualifications and if such appraisers cannot, within thirty (30) days after the appointment of the second appraiser, agree upon the determination hereinabove required, then they shall select a third appraiser which third appraiser shall have
the aforesaid qualifications, and if they fail so to do within forty (40) days after the appointment of the second appraiser they shall notify the parties hereto, and either party shall thereafter have the right, on notice to the other, to
apply for the appointment of a third appraiser to the chapter of the American Arbitration Association or its successor organization located in the metropolitan area in which the Collateral is located or to which the Collateral is proximate or if no
such chapter is located in such metropolitan area, in the metropolitan area closest to the Collateral in which such a chapter is located. Each appraiser shall render its decision as to the Fair Market Value of the Collateral in question within
thirty (30) days after the appointment of the third appraiser and shall furnish a copy thereof to the Lender and the Guarantor. The Fair Market Value of the Collateral shall then be calculated as the average of (i) the Fair Market Value
determined by the third appraiser and (ii) whichever of the Fair Market Values determined by the first two appraisers is closer to the Fair Market Value determined by the third appraiser; provided, however, that if the Fair Market
Value determined by the third appraiser is higher or lower than both Fair Market Values determined by the first two appraisers, such Fair Market Value determined by the third appraiser shall be disregarded and the Fair Market Value of the Collateral
shall then be calculated as the average of the Fair Market Value determined by the first two appraisers. The Fair Market Value of a Property, as so determined, shall be binding and conclusive upon the Lender and the Guarantors. Guarantors shall bear
the cost of its own appraiser and, subject to subparagraph 1(e), shall bear all reasonable costs of appointing, and the expenses of, any other appraiser appointed pursuant to this subparagraph (1)(d). 

(e) Notwithstanding anything in the preceding subparagraphs of this paragraph 1, (i) in no event shall the aggregate amount
required to be paid pursuant to this Guarantee by the Guarantors as a group with respect to all defaults under the Note and the Deed of Trust securing the obligations thereunder exceed the Guaranteed Amount set forth on Exhibit B
hereto, and (ii) the aggregate obligation of each Guarantor hereunder with respect to the Guaranteed Obligation shall be limited to the lesser of (I) the product of (w) the Individual Guarantee Percentage for such Guarantor set
forth on Exhibit A hereto multiplied by (x) the Guaranteed Amount, or (II) the product of (y) such Guarantor’s Individual Guarantee Percentage multiplied by (z) the Aggregate Guarantee Liability. 

(f) In confirmation of the foregoing, and without limitation, the Lender must first exhaust all of its rights and remedies against all
property of the Borrower as to which the Lender has (or may have) a right of recourse, including, without limitation, the institution and prosecution to completion of appropriate foreclosure proceedings under the Deed of Trust, before exercising any
right or remedy or making any claim, under this Guarantee. 
 (g) The obligations under this Guarantee shall be personal to each
Guarantor and shall not be affected by any transfer of all or any part of a Guarantor’s interests in the Partnership; provided, however, that if a Guarantor has disposed of all of its equity interests in

 
the Partnership, the obligations of such Guarantor under this Guarantee shall terminate 12 months after the date of such disposition (the “Termination Date”) provided (i) the
Guarantor notifies the Lender that it is terminating its obligations under this Guarantee as of the Termination Date and (ii) the fair market value of the Collateral exceeds the outstanding balance of the Note, including accrued and unpaid
interest, as of the Termination Date. Further, no Guarantor shall have the right to recover from the Borrower any amounts such Guarantor pays pursuant to this Guarantee (except and only to the extent that the amount paid to the Lender by such
Guarantor exceeds the amount required to be paid by such Guarantor under the terms of this Guarantee). 
 (h) The obligations of
any Guarantor who is an individual as a Guarantor hereunder shall terminate with respect to such Guarantor one week after the death of such Guarantor if, as a result of the death of such Guarantor, all property held by the Guarantor on the date of
death would have a basis for federal income tax purposes equal to the fair market value of such property on such date (unless a later date were to be elected by the executor of the Guarantor’s estate in accordance with the applicable provisions
of the Internal Revenue Code). 
 2. Intent to Benefit Lender. This Guarantee is expressly for the benefit of the Lender.
The Guarantors intend that the Lender shall have the right to enforce the obligations of the Guarantors hereunder separately and independently of the Borrower, subject to the provisions of paragraph 1 hereof, without any requirement whatsoever of
resort by the Lender to any other party. The Lender’s rights to enforce the obligations of the Guarantors hereunder are material elements of this Guarantee. This Guarantee shall not be modified, amended or terminated (other than as specifically
provided herein) without the written consent of the Lender. The Borrower shall furnish a copy of this Guarantee to the Lender contemporaneously with its execution. 

3. Waivers. Each Guarantor intends to bear the ultimate economic responsibility for the payment hereof of the Guaranteed
Obligations to the extent set forth in Paragraph 1 above. Pursuant to such intent: 
 (a) Except as expressly set forth in
Paragraph 1 above, each Guarantor expressly waives any right (pursuant to any law, rule, arrangement or relationship) to compel the Lender, or any subsequent holder of the Note or any beneficiary of the Deed of Trust to sue or enforce payment
thereof or pursue any other remedy in the power of the Borrower, the Lender or any subsequent holder of the Note or any beneficiary of the Deed of Trust whatsoever, and failure of the Borrower or the Lender or any subsequent holder of the Note or
any beneficiary of the Deed of Trust to do so shall not exonerate, release or discharge a Guarantor from its absolute unconditional obligations under this Guarantee. Each Guarantor hereby binds and obligates itself, and its permitted successors and
assignees, for performance of the Guaranteed Obligations according to the terms hereof, whether or not the Guaranteed Obligations or any portion thereof are valid now or hereafter enforceable against the Borrower or shall have been incurred in
compliance with any of the conditions applicable thereto, subject, however, in all respects to the Guarantee Limit and the other limitations set forth in paragraph 1. 

(b) Each Guarantor expressly waives any right (pursuant to any law, rule, arrangement, or relationship) to compel any other person
(including, but not limited to, the Borrower, the Partnership, any subsidiary of the Partnership or the Borrower, or any other 

 
partner or affiliate of the Partnership or the Borrower) to reimburse or indemnify such Guarantor for all or any portion of amounts paid by such Guarantor pursuant to this Guarantee to the extent
such amounts do not exceed the amounts required to be paid by such Guarantor pursuant to paragraph 1 hereof (taking into account the limitations set forth therein). 

(c) Except as expressly set forth in Paragraph 1 above, if and only to the extent that the Borrower has made similar waivers under the
Note or the Deed of Trust, each Guarantor expressly waives: (i) the defense of the statute of limitations in any action hereunder or for the collection or performance of the Note or the Deed of Trust; (ii) any defense that may arise by
reason of: the incapacity, or lack of authority of the Borrower, the revocation or repudiation hereof by such Guarantor, the revocation or repudiation of the Note or the Deed of Trust by the Borrower, the failure of the Lender to file or enforce a
claim against the estate (either in administration, bankruptcy or any other proceeding) of the Borrower; the unenforceability in whole or in part of the Note, the Deed of Trust or any other document or instrument related thereto; the Lender’s
election, in any proceeding by or against the Borrower under the federal Bankruptcy Code, of the application of Section 1111(b)(2) of the federal Bankruptcy Code; or any borrowing or grant of a security interest under Section 364 of the
federal Bankruptcy Code; (iii) presentment, demand for payment, protest, notice of discharge, notice of acceptance of this Guarantee or occurrence of, or any default in connection with, the Note or the Deed of Trust, and indulgences and notices
of any other kind whatsoever, including, without limitation, notice of the disposition of any collateral for the Note; (iv) any defense based upon an election of remedies (including, if available, an election to proceed by non-judicial
foreclosure) or other action or omission by the Lender or any other person or entity which destroys or otherwise impairs any indemnification, contribution or subrogation rights of such Guarantor or the right of such Guarantor, if any, to proceed
against the Borrower for reimbursement, or any combination thereof; (v) subject to Paragraph 4 below, any defense based upon any taking, modification or release of any collateral or guarantees for the Note, or any failure to create or perfect
any security interest in, or the taking of or failure to take any other action with respect to any collateral securing payment or performance of the Note; (vi) any rights or defenses based upon any right to offset or claimed offset by such
Guarantor against any indebtedness or obligation now or hereafter owed to such Guarantor by the Borrower; or (vii) any rights or defenses based upon any rights or defenses of the Borrower to the Note or the Deed of Trust (including, without
limitation, the failure or value of consideration, any statute of limitations, accord and satisfaction, and the insolvency of the Borrower); it being intended, except as expressly set forth in Paragraph 1 above, that such Guarantor shall remain
liable hereunder, to the extent set forth herein, notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable discharge of any of such Guarantor or of the Borrower. 

4. Amendment of Note and Deed of Trust. Without in any manner limiting the generality of the foregoing, the Lender or any
subsequent holder of the Note or beneficiary of the Deed of Trust may, from time to time, without notice to or consent of the Guarantors, agree to any amendment, waiver, modification or alteration of the Note or the Deed of Trust relating to the
Borrower and its rights and obligations thereunder (including, without limitation, renewal, waiver or variation of the maturity of the indebtedness evidenced by the Note, increase or reduction of the rate of interest payable under the Note, release,
substitution or addition of any Guarantor or endorser and acceptance or release of any security for the Note), it being understood and agreed by the Lender, however, that the Guarantor’s obligations hereunder are

 
subject, in all events, to the limitations set forth in Paragraph 1; provided that (i) in the event that the Lender consents to the release of any Collateral securing the Note
pursuant to the Deed of Trust, the Guaranteed Amount shall be reduced by the Fair Market Value of such Collateral on the date of such release (determined as set forth in Section 1(d)); and (ii) upon any material change to the Note or the
Deed of Trust, including, without limitation, the maturity date or the interest rate of the Note, or upon any release or substitution of any Collateral securing the Note, within thirty (30) days of any Guarantor’s receipt of actual notice
of such event, subject to the following sentence, such Guarantor may elect to terminate such Guarantor’s obligations under this Guarantee by written notice to the Lender. Such termination shall take effect on the 31st day following such actual
notice, provided that no default under the Guaranteed Obligation has occurred and is then continuing. 
 5.
Termination of Guarantee. Subject to Paragraph 4, this Guarantee is irrevocable as to any and all of the Guaranteed Obligations. 

6. Independent Obligations. Except as expressly set forth in Paragraph 1, the obligations of each Guarantor hereunder are
independent of the obligations of the Borrower, and a separate action or actions may be brought by a Lender against the Guarantors, whether or not actions are brought against the Borrower. Each Guarantor expressly waives any and all rights of
subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such Guarantor may now or hereafter have against the Borrower, or any other person directly or contingently liable for the payment or performance of the Note
and the Deed of Trust arising from the existence or performance of this Guarantee (including, but not limited to, the Partnership, DuPont Fabros Technology, Inc., or any other partner of the Partnership) (except and only to the extent that a
Guarantor makes a payment to the Lender in excess of the amount required to be paid under paragraph 1 and the limitations set forth therein). 

7. Understanding With Respect to Waivers. Each Guarantor warrants and represents that each of the waivers set forth above are made
with full knowledge of their significance and consequences, and that under the circumstances, the waivers are reasonable and not contrary to public policy or law. If any of said waivers are determined to be contrary to any applicable law or public
policy, such waiver shall be effective only to the maximum extent permitted by law. 
 8. No Assignment. No Guarantor
shall be entitled to assign his or her rights or obligations under this Guarantee to any other person without the written consent of the Lender. 

9. Entire Agreement. The parties agree that this Guarantee contains the entire understanding and agreement between them with
respect to the subject matter hereof and cannot be amended, modified or superseded, except by an agreement in writing signed by the parties. 

10. Notices. Any notice given pursuant to this Guarantee shall be in writing and shall be deemed given when delivered personally,
or sent by registered or certified mail, postage prepaid, as follows: 
 If to the Partnership: 

US Federal Properties Partnership, L.P. 

4705 Central Street 

Kansas City, MO 64112 

Attention: Mr. Kevin Kelly 

Facsimile:
                     

 or to such other address with respect to which notice is subsequently provided in the manner set forth
above; and 
 If to a Guarantor, to the address set forth on Exhibit A hereto, or to such other address with
respect to which notice is subsequently provided in the manner set forth above. 
 11. Applicable Law. This Guarantee
shall be governed by, interpreted under and construed in accordance with the laws of the State of Delaware without reference to its choice of law provisions. 

12. Consent to Jurisdiction; Enforceability 

(a) This Guarantee and the duties and obligations of the parties hereto shall be enforceable against each Guarantor in the courts of the
State of Delaware. For such purpose, each Guarantor hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Guarantee may be heard and determined in any of such courts. 

(b) Each Guarantor hereby irrevocably agrees that a final judgment of any of the courts specified above in any action or proceeding
relating to this Guarantee shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

13. Condition of Borrower. Each Guarantor is fully aware of the financial condition of the Borrower and is executing and
delivering this Guarantee based solely upon its own independent investigation of all matters pertinent hereto and is not relying in any manner upon any representation or statement of the Lender or the Borrower. Each Guarantor represents and warrants
that it is in a position to obtain, and hereby assumes full responsibility for obtaining, any additional information concerning the Borrower’s financial conditions and any other matter pertinent hereto as it may desire, and it is not relying
upon or expecting the Lender to furnish to it any information now or hereafter in the Lender’s possession concerning the same. By executing this Guarantee, each Guarantor knowingly accepts the full range of risks encompassed within a contract
of this type, which risks it acknowledges. 
 14. Expenses. Each Guarantor agrees that, promptly after receiving
Lender’s notice therefor, such Guarantor shall reimburse Lender, subject to the limitation set forth in subparagraph 1(e) and to the extent that such reimbursement is not made by Borrower, for all reasonable expenses (including, without
limitation, reasonable attorneys fees and disbursements) incurred by Lender in connection with the collection of the Guaranteed Obligations or any portion thereof or with the enforcement of this Guarantee. 

 IN WITNESS WHEREOF, the undersigned Guarantors set forth on Exhibit A hereto
have executed this Guarantee as of the date first set forth above. 
  

			
	 GUARANTORS SET FORTH ON

EXHIBIT A HERETO:

		
	By:	 	  

		
	By:	 	  

		
	By:	 	  

		
	By:	 	  

		
	By:	 	  

 Exhibit A to Guarantee 

 

					
	 Name and Address of Partner Guarantors
	  	Guaranteed Amount	  	 
			
	 Guarantors, as a group
	  	$	  	
			
	 Individual Guarantors:
	  		  	Individual

Guarantee

Percentage

 Exhibit B to Guarantee 

 

									
	 Name of Lender
	 	 Name of Borrower
	 	 Date of and

Principal Amount

of Loan
	 	 Debt Balance as of

    /    /    
	 	 Guaranteed

Amount

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Exhibit C to Guarantee 

Summary of Principal Terms of Note [or attach copy of Note] 

 Exhibit D to Guarantee 

Identification of Deed of Trust and 

Brief Summary Description of Collateral 
  

 14

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