Document:

Exhibit 10.1

 EXHIBIT 10.1 
 PURCHASE AND SALE AGREEMENT 
 THIS PURCHASE AND SALE AGREEMENT (this
“Agreement”) is executed by and between those various entities listed on Schedule “D” attached hereto and make a part hereof by reference (collectively the “Seller”), and SSTI Acquisitions,
LLC, a Delaware limited liability company (“Purchaser”). 
 In consideration of the mutual covenants and
representations herein contained, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
 1. 
 PURCHASE AND SALE 

1.1.     Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller hereby agrees to
sell and convey to Purchaser, and Purchaser hereby agrees to purchase from Seller, all of the following described property (herein collectively called the “Property”): 

(a)     Land. (i) That certain tract of land located at 4105 George Busbee Pkwy, Kennesaw, GA 30144,
being more particularly described on Exhibit “A-1” attached hereto and made a part hereof (herein, “Parcel One”), (ii) that other certain tract of land located at 52 Andrew Bailey Rd, Sharpsburg, GA
30277, being more particularly described on Exhibit “A-2” attached hereto and made a part hereof (herein, “Parcel Two”), (iii) that other certain tract of land located at 2801 North Berkeley Lake Rd,
Duluth, GA 30096, being more particularly described on Exhibit “A-3” attached hereto and made a part hereof (herein, “Parcel Three”), (iv) that other certain tract of land located at 1790 Peachtree
Industrial Blvd, Duluth, GA 30097, being more particularly described on Exhibit “A-4” attached hereto and made a part hereof (herein, “Parcel Four”), (v) that other certain tract of land located at 3357
Breckinridge Blvd, Duluth, GA 30097, being more particularly described on Exhibit “A-5” attached hereto and made a part hereof (herein, “Parcel Five”), (vi) that other certain tract of land located at
1897 West Oak Pkwy, Marietta, GA 30062, being more particularly described on Exhibit “A-6” attached hereto and made a part hereof (herein, “Parcel Six”), (vii) that other certain tract of land located at
3720 Tramore Pointe Pkwy, Austell, GA 30106, being more particularly described on Exhibit “A-7” attached hereto and made a part hereof (herein, “Parcel Seven”), (viii) that other certain tract of land
located at 6780 Roswell Rd, Sandy Springs, GA 30328, being more particularly described on Exhibit “A-8” attached hereto and made a part hereof (herein, “Parcel Eight”), (ix) that other certain tract of
land located at 2340 S. Cobb Pkwy, Smyrna, GA 30080, being more particularly described on Exhibit “A-9” attached hereto and made a part hereof (herein, “Parcel Nine”), (x) that other certain tract of
land located at 3564 Lawrenceville Hwy, Lawrenceville, GA 30044, being more particularly described on Exhibit “A-10” attached hereto and made a part hereof (herein, “Parcel Ten”), (xi) that other certain
tract of land located at 790 Monument Rd, Jacksonville, FL 32225, being more particularly described on Exhibit “A-11” attached hereto and made a part hereof (herein, “Parcel Eleven”), and (xii) that
other certain tract of land located at 5550 Timuquana Rd, Jacksonville, FL 32210, being more particularly described on Exhibit “A-12” attached hereto and made a part hereof (herein, “Parcel Twelve” and
together with Parcel One thru Parcel Eleven, herein collectively called the “Land”). 

  
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 (b)     Easements. All easements, if any, benefiting the Land or
the Improvements (as defined in Section 1.1(d) of this Agreement). 
 (c)     Rights and
Appurtenances. All rights and appurtenances pertaining to the Land, including any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way. 
 (d)     Improvements. (i) All improvements and related amenities in and on Parcel One, comprising approximately 78,230 net rentable square feet of storage space and 663
rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel One Improvements”), (ii) all improvements and related amenities in and on Parcel Two, comprising approximately 92,040 net
rentable square feet of storage space and 699 rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel Two Improvements”), (iii) all improvements and related amenities in and on
Parcel Three, comprising approximately 81,648 net rentable square feet of storage space and 642 rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel Three Improvements”),
(iv) all improvements and related amenities in and on Parcel Four, comprising approximately 83,288 net rentable square feet of storage space and 702 rental units, and being commonly known as “Homeland Self Storage” (herein, the
“Parcel Four Improvements”), (v) all improvements and related amenities in and on Parcel Five, comprising approximately 82,575 net rentable square feet of storage space and 634 rental units, and being commonly known as
“Homeland Self Storage” (herein, the “Parcel Five Improvements”), (vi) all improvements and related amenities in and on Parcel Six, comprising approximately 73,375 net rentable square feet of storage space and
636 rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel Six Improvements”), (vii) all improvements and related amenities in and on Parcel Seven, comprising approximately
77,650 net rentable square feet of storage space and 591 rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel Seven Improvements”), (viii) all improvements and related
amenities in and on Parcel Eight, comprising approximately 93,830 net rentable square feet of storage space and 885 rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel Eight
Improvements”), (ix) all improvements and related amenities in and on Parcel Nine, comprising approximately 65,692 net rentable square feet of storage space and 525 rental units, and being commonly known as “Homeland Self
Storage” (herein, the “Parcel Nine Improvements”), (x) all improvements and related amenities in and on Parcel Ten, comprising approximately 89,700 net rentable square feet of storage space and 685 rental units, and
being commonly known as “Homeland Self Storage” (herein, the “Parcel Ten Improvements”), (xi) all improvements and related amenities in and on Parcel Eleven, comprising approximately 82,800 net rentable square
feet of storage space and 694 rental units, and being commonly known as “Homeland Self Storage” (herein, the “Parcel Eleven Improvements”), and (xii) all improvements and related amenities in and on Parcel
Twelve, comprising approximately 71,375 net rentable square feet of storage space and 525 rental units, and also being commonly known as “Homeland Self Storage” (herein, the “Parcel Twelve Improvements”, and
together with the Parcel One Improvements thru Parcel Eleven Improvements, herein collectively called the “Improvements”). 
 (e)     Leases. Seller’s interest under (i) all written leases, occupancy agreements and rental agreements (collectively, the “Leases”) for
rental units in the Property, including all tenant leasing files, together with all tenant security deposits held by Seller on the 

  
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Closing Date (as defined in Section 6.1 of this Agreement), and (ii) all cellular tower leases and billboard leases relating to the Property, if any, as more particularly
described on Schedule “B” attached hereto and incorporated herein (the “Additional Leases”). 

(f)     Tangible Personal Property. All appliances, fixtures, equipment, machinery, furniture, carpet, drapes
and other items of personal property owned by Seller and located on or about the Land and the Improvements (the “Tangible Personal Property”), including, without limitation, those items of personal property set forth on
Exhibit “D” attached hereto, and further including all on-site moving trucks, if any, listed on Exhibit “D” hereto (herein collectively, the “Motor Vehicles”). 

(g)     Contracts. Seller’s interest (to the extent the same is assignable) under the
“Contracts” (as defined below), other than the “Rejected Contracts” (as defined below). 

(h)     Intangible Property. All intangible property (the “Intangible Property”)
owned by Seller and pertaining to the Land, the Improvements, or the Tangible Personal Property, including, without limitation, (i) all “yellow page” advertisements, (ii) all transferable utility contracts, (iii) all
transferable telephone exchange numbers, including the telephone numbers and the telecopy numbers set forth on Exhibit “H” attached hereto, (iv) all plans and specifications, (v) all licenses, permits, engineering plans and
landscape plans, (vi) all assignable warranties and guarantees relating to the Property or any part thereof, (vii) all internet websites and other internet related property rights owned by Seller and/or any affiliate thereof and relating
to the Property, including the domain name www.homelandselfstorage.com, and (viii) all of Seller’s right, title and interest in and to the trade name “Homeland Self Storage”. 

2. 
 PURCHASE
PRICE 
 2.1.     Purchase Price. The purchase price (the “Purchase
Price”) for the Property shall be the sum of Eighty Four Million and no/100 Dollars ($84,000,000.00), subject to prorations and adjustments as set forth in this Agreement, and shall be paid by Purchaser to Seller at the Closing by wire
transfer of immediately available funds to the Escrow Agent on the Closing Date in accordance with wire transfer instructions to be provided by the Escrow Agent. The Purchase Price shall be allocated among the projects comprising the Property, as
set forth on Schedule “C” attached hereto and incorporated herein. The Purchase Price may be allocated among the parties comprising Seller in such manner as they deem fit, however Purchaser shall be fully protected in paying the Purchase
Price into escrow in accordance with the foregoing terms of this Section 2.1, and Purchaser shall have no obligation whatsoever with respect to any allocation of the Purchase Price among the parties comprising Seller. 

3. 
 EARNEST
MONEY 
 3.1.     Earnest Money. Purchaser shall deliver to First American Title Insurance
Company, Attn: Amanda C. Vickers, 2750 Chancellorsville Drive, Tallahassee, Florida, 32312 (herein referred to as “Escrow Agent” and/or “Title Company”), within three (3) business days

  
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after the “Effective Date” (as defined below), an earnest money deposit (the “Deposit”) in the amount of One Million Two Hundred Thousand and no/100 Dollars
($1,200,000.00). The Deposit, together with all interest accrued thereon, is herein collectively called the “Earnest Money”. The Deposit shall be invested by the Escrow Agent in an FDIC-insured, interest-bearing account as
Purchaser shall direct, subject to the Escrow Agent documents set forth on Schedule “E” attached hereto. If the sale of the Property is consummated under this Agreement, the Earnest Money shall be paid to Seller and applied as a credit
against the Purchase Price at Closing. If Purchaser terminates this Agreement in accordance with any right to terminate granted to Purchaser by the terms of this Agreement, the Earnest Money shall be returned to Purchaser, and neither party hereto
shall have any further obligations under this Agreement except for such obligations which by their terms expressly survive the termination of this Agreement (the “Surviving Obligations”). The Deposit shall be allocated among
the properties comprising the Property, as set forth on Schedule “C” attached hereto and incorporated herein. 
 4.

 CONDITIONS TO CLOSING 
 4.1.     Seller’s Obligations. Seller shall deliver to Purchaser (at Seller’s expense), within three (3) business days after the Effective Date, true, correct,
complete and legible copies of all of the due diligence items listed on Schedule “A” attached hereto and incorporated herein with respect to the Property (collectively, the “Due Diligence Items”). Seller shall
provide Purchaser with written notice at such time as Seller determines that all Due Diligence Items have been delivered to Purchaser (the “Due Diligence Delivery Notice”). Within two (2) business days following
Purchaser’s receipt of the Due Diligence Delivery Notice, Purchaser shall confirm in writing to Seller, if such be the case, that all required Due Diligence Deliveries have been received by Purchaser, in which event the date that Purchaser
receives the Due Diligence Delivery Notice shall be deemed to be the “Due Diligence Receipt Date” (herein so called) for all purposes of this Agreement. In the event, however, that Purchaser determines that it has not been provided with
all of the Due Diligence Items, then Purchaser shall provide Seller with written notice thereof (the “Missing Due Diligence Notice”), within two (2) business days following Purchaser’s receipt of the Due Diligence
Delivery Notice, enumerating with specificity in such notice which Due Diligence Items have not been provided by Seller (the “Missing Due Diligence Items”). Within two (2) business days following Seller’s receipt of
the Missing Due Diligence Notice, Seller shall provide Purchaser with the Missing Due Diligence Items, together with written notice confirming such delivery (the “Missing Due Diligence Delivery Notice”). Within two
(2) business days following Purchaser’s receipt of the Missing Due Diligence Delivery Notice, accompanied by all missing Due Diligence Items, Purchaser shall confirm in writing to Seller that Purchaser has received all required Due
Diligence Items, in which event the date that Purchaser receives the Missing Due Diligence Delivery Notice, accompanied by all missing Due Diligence Items, shall be deemed to be the Due Diligence Receipt Date for all purposes of this Agreement.
Notwithstanding the foregoing or anything to the contrary contained in this Agreement, Purchaser may request additional information, documentation or materials concerning the Property from Seller at any time after the Effective Date, and Seller
agrees to use commercially reasonable efforts to provide such additional information, documentation or materials to Purchaser, at no cost or expense to Seller, provided it is within Seller’s possession or under its control, and further provided
that the delivery or non-delivery of any such item shall in no manner extend the Approval Period. Notwithstanding the foregoing provisions of this Section 

  
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4.1, should Seller (i) fail to timely deliver the Due Diligence Delivery Notice to Purchaser, as required above, or (ii) fail to timely deliver the Missing Due Diligence Delivery
Notice and/or the Missing Due Diligence Items to Purchaser, as required above, then the Due Diligence Receipt Date shall not occur until Purchaser so acknowledges in writing, and until such time as Purchaser so acknowledges the occurrence of the Due
Diligence Receipt Date, Purchaser shall be entitled to terminate this Agreement upon written notice to Seller, whereupon this Agreement automatically shall terminate, the Earnest Money shall be returned by Escrow Agent to Purchaser, without the
consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further obligations hereunder except for the Surviving Obligations. 

4.1.1     Approval Period. During the period commencing on the date that Purchaser certifies to Seller in
writing that it has received all of the Due Diligence Items in Seller’s possession, but in no event later than three (3) business days following the Effective Date, and expiring at 5:00 p.m. Central Time on the sixtieth (60th) day after the Effective Date (the “Approval
Period”) [the Seller and Purchaser acknowledging that the Approval Period can be only a maximum of sixty three (63) days from the Effective Date], the following matters shall be conditions precedent to Purchaser’s obligations
under this Agreement: 
 (a)     Purchaser’s being satisfied in Purchaser’s sole discretion that
the Property is suitable for Purchaser’s intended use; and 
 (b)     Purchaser’s being
satisfied, in Purchaser’s sole discretion, with all of the Due Diligence Items. 
 Purchaser may (but shall not be
obligated to) terminate this Agreement by delivering written notice of such termination to Seller at any time prior to the expiration of the Approval Period, if, in Purchaser’s sole and absolute discretion, Purchaser decides not to consummate
the purchase of the Property contemplated hereby. In such event, this Agreement will terminate as of the date of such notice, and neither party shall have any further obligation hereunder except for the Surviving Obligations. If, in Purchaser’s
sole and absolute discretion, Purchaser determines that it desires to consummate the purchase of the Property contemplated hereby, then Purchaser will give written notice thereof (the “Closing Notice”) to Seller, prior to the
expiration of the Approval Period. In the event that Purchaser provides Seller with the Closing Notice, then Purchaser will be deemed to have waived its termination rights under this Section 4.1.1, and the parties will proceed to
Closing, subject to all other terms and conditions of this Agreement. If Purchaser does not give Seller the Closing Notice prior to the expiration of the Approval Period and has not previously terminated this Agreement by written notice to Seller,
then this Agreement automatically shall terminate upon the expiration of the Approval Period, and, in such event, neither party shall have any further obligation hereunder except for the Surviving Obligations. In either of such events terminating
this Agreement, immediately following written request from Purchaser to the Escrow Agent, the Escrow Agent shall return all of the Earnest Money to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary
instructions which might be provided by Seller. 
 4.1.2     Title Commitments. Seller shall convey
good and marketable title to the Property to Purchaser at Closing, subject only to the “Permitted Encumbrances” (defined below). 

  
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Within five (5) business days following the Effective Date, Seller shall obtain, at its sole cost and expense, and deliver to Purchaser, a title commitment for each of the projects
comprising the Property (collectively, the “Title Commitments”) for an ALTA Owner’s Policy of Title Insurance for each such project(collectively, the “Title Policies”), issued by the Title
Company, insuring good and marketable fee simple title to the Property, together with legible copies of all exceptions listed therein. Purchaser shall have a period of thirty (30) business days following its receipt of the Title Commitments,
legible copies of all exceptions listed therein and the “Surveys” (defined below), to deliver to Seller a written notice of Purchaser’s objections to title for each parcel described in Section 1.1(a) herein (the
“Parcel”) comprising a portion of the Property (individually, a “Title Objection Letter”). Seller shall have the right, but not the obligation, to cure Purchaser’s objections to title; subject,
however, to Seller’s obligation to remove all “Monetary Liens” (as defined below) by Closing. Seller shall notify Purchaser in writing within five (5) days following Seller’s receipt of a Title Objection Letter concerning
which title objections, if any, Seller has agreed to cure. In the event that Seller does not undertake to cure all of the objections in each such Title Objection Letter to Purchaser’s sole satisfaction (or does not timely respond to any such
Title Objection Letter), then each project comprising the Property with respect to which Seller has not agreed to cure all of Purchaser’s title objections shall be herein referred to as a “Title Objection Property”. Purchaser shall
have the right for five (5) days after receipt of Seller’s response to each Title Objection Letter relating to a Title Objection Property (or five (5) days following the expiration of the period within which Seller was to so respond)
to either (i) waive any such title objection in writing and proceed to Closing (in which event such waived title objection shall be deemed to be a “Permitted Encumbrance”, as defined below), or (ii) terminate this Agreement upon
written notice to Seller with respect to such Title Objection Property (or Title Objection Properties, as the case may be), whereupon (a) the allocable portion of the Deposit for such Title Objection Property (or Title Objection Properties, as
the case may be) with respect to which this Agreement is being terminated, as set forth on Schedule “C” attached hereto (together with all interest accrued thereon), shall be refunded to Purchaser, without the consent or joinder of Seller
being required and notwithstanding any contrary instructions which might be provided by Seller, (b) the parties shall proceed to Closing with respect to the remainder of the Property, with the Purchase Price being reduced by the portion of the
Purchase Price allocable to such Title Objection Property (or Title Objection Properties, as the case may be) with respect to which this Agreement is being terminated, as set forth on Schedule “C” attached hereto, and (c) neither
party shall have any further right or obligation hereunder with respect to such Title Objection Property (or Title Objection Properties, as the case may be) with respect to which this Agreement is being terminated, other than the Surviving
Obligations relating thereto. All exceptions set forth in Schedule B of the Title Commitments which are not objected to by Purchaser (including matters initially objected to by Purchaser which objections are subsequently waived in writing) are
herein collectively called the “Permitted Encumbrances”. In the event that any update to any of the Title Commitments indicates the existence of any liens, encumbrances or other defects or exceptions (the
“Unacceptable Encumbrances”) which are not shown in the initial Title Commitments and that are unacceptable to Purchaser, Purchaser shall within five (5) days after receipt of any such update to such Title Commitment
notify Seller in writing of its objection to any such Unacceptable Encumbrance (the “Unacceptable Encumbrance Notice”). Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to take any
steps or bring any action or proceeding or otherwise to incur any expense whatsoever to 

  
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 eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to
Closing, eliminate by paying, bonding around or otherwise discharging in a manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through or under Seller, and (ii) any mortgages, deeds of trust, deeds to secure
debt, mechanics’ liens or monetary judgments that appear on any of the Title Commitments (“Monetary Liens”). In the event Seller is unable, unwilling or for any reason fails to eliminate or modify all of the Unacceptable
Encumbrances to the sole satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence), Purchaser may terminate this Agreement as to the Title
Objection Property in question by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller’s written notice to Purchaser of Seller’s intent to not cure
one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement with respect to a Title Objection
Property (or Title Objection Properties, as the case may be) pursuant to the immediately preceding sentence, (x) the allocable portion of the Deposit for such Title Objection Property (or Title Objection Properties, as the case may be) with
respect to which this Agreement is being terminated, as set forth on Schedule “C” attached hereto (together with all interest accrued thereon), shall be refunded to Purchaser, without the consent or joinder of Seller being required and
notwithstanding any contrary instructions which might be provided by Seller, (y) the parties shall proceed to Closing with respect to the remainder of the Property, with the Purchase Price being reduced by the portion of the Purchase Price
allocable to the applicable Title Objection Property (or Title Objection Properties, as the case may be) with respect to which this Agreement is being terminated, as set forth on Schedule “C” attached hereto, and (z) neither party
shall have any further right or obligation hereunder with respect to the applicable Title Objection Property (or Title Objection Properties, as the case may be) with respect to which this Agreement is being terminated, other than the Surviving
Obligations relating thereto. 
 4.1.3     Surveys. Seller shall obtain and deliver to Purchaser
within fifteen (15) business days of the Effective Date, at Seller’s sole cost and expense, a current, as-built survey prepared by a registered surveyor acceptable to Purchaser for each Parcel comprising the Property (collectively, the
“Survey”), which may be an update of the existing surveys delivered by Seller to Purchaser pursuant to Section 4.1 above. Seller shall order all such surveys within seven (7) days following the Effective
Date. 
 4.1.4     Contracts. Purchaser shall notify Seller prior to the expiration of the Approval
Period which of the “Contracts” (as defined below) Purchaser will require Seller to cancel at Closing (the “Rejected Contracts”), and Seller hereby agrees to cancel same not later than Closing. However, if any of
the Contracts are not terminable upon thirty (30) days notice or less, and without payment of a fee or penalty, then Purchaser agrees to assume such Contracts at Closing, provided they are assignable. Any Contracts which are not assignable
shall be the sole responsibility of Seller, shall be cancelled by Seller on or before Closing, and Seller shall and hereby agrees to indemnify Purchaser from any and all liability relating thereto, which indemnification obligation expressly shall
survive Closing. 
 4.2.     Inspection. During the Approval Period, at any time and from time to
time during normal business hours (and thereafter through the Closing Date), upon forty eight (48) hours 

  
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prior notice to Seller, which may be verbal, Purchaser may inspect, test, and survey: (a) the Property and any and all portions thereof, including physical and mechanical inspections,
(b) all financial and other records pertaining to the operation of the Property, including, but not limited to, all books, records, documents, accounting and management reports of Seller, and (c) originals of all Leases and Contracts.
Notwithstanding the foregoing, Purchaser must obtain Seller’s prior written approval of the scope and method of any environmental testing or investigation (other than a Phase I environmental site assessment, which shall require no consent or
approval of any kind), prior to Purchaser’s commencement of such inspections or testing. Seller shall cooperate in good faith with Purchaser, Purchaser’s agents and independent contractors in connection with all such inspections, tests and
surveys, including obtaining all necessary tenant consents and/or providing adequate notice to tenants regarding Purchaser’s entry into leased areas on the Property, and making available during normal business hours all relevant personnel to
answer any questions which Purchaser may have regarding the Property. Purchaser, at Purchaser’s sole expense, shall repair any and all damage resulting from any of the tests, studies, inspections and investigations performed by or on behalf of
Purchaser pursuant to this Section 4.2, and Purchaser shall indemnify, defend and hold Seller harmless from and against all claims for bodily injury or property damage which may be asserted against Seller arising out of the tests,
studies, inspections and investigations performed by Purchaser hereunder, which obligation of indemnification shall survive the Closing or termination of this Agreement. Prior to any entry onto the Property by Purchaser or any of its agents,
Purchaser shall furnish Seller with evidence that Purchaser maintains a policy of general liability insurance providing premises/operations coverage included under the per occurrence/general aggregate coverage, having a combined single limit
liability of not less than $1,000,000, naming Seller as an additional insured. 
 4.3.    
Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that (a) Purchaser has the full right, power and authority, without the joinder of any other person or entity, to enter into, execute and
deliver this Agreement and to perform all duties and obligations imposed on Purchaser under this Agreement, and (b) neither the execution nor the delivery of this Agreement, nor the consummation of the purchase and sale contemplated hereby, nor
the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions, or provisions of any agreement or instrument to which Purchaser is a party or by which
Purchaser or any of its assets is bound. Purchaser’s representations and warranties set forth in this Section 4.3 shall survive the Closing or termination of this Agreement. 

4.4.     Seller’s Representations and Warranties. 

(a)     Seller represents and warrants to Purchaser that: 

(i)     Seller has the full right, power, and authority, without the joinder of any other person or entity, to enter
into, execute and deliver this Agreement, and to perform all duties and obligations imposed on Seller under this Agreement, 

(ii)     neither the execution nor the delivery of this Agreement, nor the consummation of the purchase and sale
contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the 

  
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breach of any of the terms, conditions, or provisions of any agreement or instrument to which Seller is a party or by which Seller or any of Seller’s assets is bound, 

(iii)     there is no existing or pending (or to Seller’s knowledge threatened) litigation affecting Seller or
the Property, 
 (iv)     Seller has no knowledge of, and has not received any written notice of, any
violation of any governmental requirements (including “Environmental Requirements”, as defined below) concerning the Property, which have not been remedied, 
 (v)     Seller has no knowledge of, and has not received, with respect to the Property, written notice from any governmental authority regarding, any change to the zoning
classification, any condemnation proceedings or proceedings to widen or realign any street or highway adjacent to the Property or that otherwise affects the Land or the Improvements, 

(vi)     the list of contracts attached hereto as Exhibit “E” (the
“Contracts”), is a true, correct and complete list of all service contracts, equipment leases and/or maintenance agreements affecting the Property, and there are no other such agreements affecting the Property, 

(vii)     Seller is not a “foreign person” within the meaning of Sections 1445 and 7701 of the Internal
Revenue Code of 1986, as amended, 
 (viii)     except for those tenants in possession of the Property
under written leases for space in the Property, as shown on the rent rolls attached hereto as Exhibit “F” (collectively, the “Rent Rolls”), there are no parties in possession of, or claiming any possession
to, any portion of the Property, 
 (ix)     at Closing there will be no unpaid bills or claims in
connection with any repair of the Property by or on behalf of Seller that could result in the filing of a lien against the Property, 
 (x)     the Rent Rolls (which are effective as of the date indicated thereon), and as the same shall be updated and recertified at Closing by Seller, are and shall be true, correct and
complete in all material respects and no concessions, discounts or other periods of free or discounted rent have been given other than those reflected on such Rent Rolls, 
 (xi)     the financial statements delivered by Seller to Purchaser pursuant to Section 4.1 hereof, and all other information delivered by Seller to Purchaser pursuant to
Section 4.1 hereof, are true, correct and complete in all material respects, 
 (xii)    
Seller has no knowledge, and has received no notice, regarding any environmental contamination on, at or adjacent to the Property, 
 (xiii)     Seller has not received any written or verbal notice or request from any insurance company or board of fire underwriters (or any organization exercising functions similar
thereto) requesting the performance of any work or alterations with 

  
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respect to the Property, except those as to which Seller has completed remedial action which has been formally accepted as sufficient by such authority or insurer, 

(xiv)     there are no employment agreements of any kind to which Seller is a party, including union or collective
bargaining agreements, which will be binding on Purchaser after the Closing, 
 (xv)     Seller has no
knowledge of any material defects in the drainage systems, foundations, roofs, walls, superstructures, plumbing, air conditioning and heating equipment, electrical wiring, boilers, hot water heaters or other portions of the Property, and to the best
of Seller’s knowledge, the Improvements were constructed substantially in accordance with the plans and specifications for the construction thereof, 
 (xvi)     to the best of Seller’s knowledge, the Improvements are free from the presence or suspected presence of any form of mold, including those producing mycotoxins,
specifically including, but not limited to, Aspergillus, Penicillium, and Stachybotrys, and 
 (xvii)    
to the best of Seller’s knowledge, there are no underground storage tanks located on or under the Property, there are no conditions on, at or relating to the Property which are in non-compliance with “Environmental
Requirements” (as defined below), and there are no “Hazardous Materials” (as defined below) on, in or under the Property in quantities that require reporting, investigation or remediation under Environmental
Requirements. 
 Seller shall deliver a certificate to Purchaser at Closing updating and recertifying all of the foregoing
representations and warranties to Purchaser as of the Closing Date. All of the foregoing representations and warranties expressly shall survive the Closing. 
 (b)     For purposes of this Agreement, “Hazardous Materials” shall mean any substance which is or contains (i) any “hazardous substance” as now or hereafter
defined in §101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. §9601 et seq.) (“CERCLA”) or any regulations promulgated under CERCLA; (ii) any
“hazardous waste” as now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.) (“RCRA”) or regulations promulgated under RCRA; (iii) any substance regulated by the
Toxic Substances Control Act (15 U.S.C. §2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum hydrocarbons; (v) asbestos and asbestos containing materials, in any form, whether friable or non-friable;
(vi) polychlorinated biphenyls; (vii) radon gas; (viii) any radioactive material, including any “source material”, “special nuclear material” or “byproduct material”, as now or hereafter defined in 42
U.S.C. §2011 et seq.; and (ix) any additional substances or materials which are now or hereafter classified or considered to be hazardous or toxic under “Environmental Requirements” (as defined below) or the common law, or any
other applicable laws relating to the Property. Hazardous Materials shall include, without limitation, any substance, the presence of which on the Property, (A) requires reporting, investigation or remediation under Environmental Requirements;
(B) causes or threatens to cause a nuisance on the Property or adjacent property or poses or threatens to pose a hazard to the health or safety of persons on the Property or adjacent property; or (C) which, if it emanated or

  
 10 

 
migrated from the Property, could constitute a trespass. Further, for purposes of this Agreement, “Environmental Requirements” shall mean all laws, ordinances, statutes, codes, rules,
regulations, agreements, judgments, orders, and decrees, now or hereafter enacted, promulgated, or amended, of the United States, the states, the counties, the cities, or any other political subdivisions in which the Property is located, and any
other political subdivision, agency or instrumentality exercising jurisdiction over the owner of the Property, the Property, or the use of the Property, relating to pollution, the protection or regulation of human health, natural resources, or the
environment, or the emission, discharge, release or threatened release of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or waste or Hazardous Materials into the environment (including, without limitation, ambient
air, surface water, ground water or land or soil). 
 4.5.     Conditions Precedent to Closing. It
shall be a condition precedent to Purchaser’s obligations to consummate this transaction that all representations and warranties made herein by Seller are true and correct in all respects as of the Closing Date, and all covenants made by Seller
herein are fully complied with, failing which, Purchaser, at its option, and in addition to any other remedy available, shall be entitled to terminate this Agreement and receive a return of the Earnest Money. 

5. 
 COVENANTS
OF SELLER 
 5.1.     Insurance. From the Effective Date through and including the Closing Date,
Seller agrees to keep the Property insured for its replacement cost under its current policies against fire and other hazards covered by extended coverage endorsement and commercial general liability insurance against claims for bodily injury, death
and property damage occurring in, on or about the Property, and to pay all premiums for such insurance prior to the applicable due dates. 
 5.2.     Operation of Property. From the Effective Date through and including the Closing Date, Seller agrees to operate and maintain the Property in the normal course of
business substantially in accordance with Seller’s past practices with respect to the Property, normal wear and tear excepted. 
 5.3.     Third-Party Contracts. From the Effective Date through and including the Closing Date, Seller agrees to enter into only those third-party contracts which are necessary
to carry out its obligations under Section 5.2, which shall be on market terms and cancellable on thirty (30) days written notice or less, without payment of any fee or penalty. 

5.4.     Leasing of Property. From the Effective Date through and including the Closing Date, Seller agrees
not to (i) enter into any new leases, other than month-to-month leases entered into on market terms, but without any discounts or rental concessions, or (ii) amend, terminate or accept the surrender of any existing leases, including the
Additional Leases, if any, or directly or indirectly grant any discounts or rental concessions to any present or future tenant of the Property, without the prior written consent of Purchaser which may be granted or withheld in Purchaser’s sole
discretion. Seller represents and warrants to Purchaser that (i) no leases have been or shall be entered into with any party that, directly or indirectly, has an ownership interest in Seller, or is otherwise in any manner affiliated with Seller
(an “Affiliate”), and (ii) all existing 

  
 11 

 
leases have been (and all future leases shall be) entered into only with third parties that are unknown to Seller, any Affiliate of Seller, and their respective officers, directors, principals,
managers, members, partners, shareholders, agents and/or representatives. 
 5.5.     Listing of Property
for Sale. From the Effective Date through and including the Closing Date, Seller agrees to not list, verbally or in writing, all or any portion of the Property with any broker or otherwise solicit or make or accept any offers to sell all or any
portion of the Property or enter into any contracts or agreements, including back-up contracts, regarding the disposition of all or any portion of the Property. 
 5.6.     Obligation to Provide Notices. Seller agrees to promptly provide Purchaser with copies of any and all notices which Seller receives from and after the Effective Date
concerning (i) any proposed or threatened condemnation of all or any portion of the Property, (ii) any alleged violations of all or any portion of the Property with respect to applicable governmental laws or requirements, (iii) any
litigation filed or threatened against Seller or all or any portion of the Property, or (iv) any other matter that adversely affects, or potentially could adversely affect, all or any portion of the Property. 

5.7.     Auction. Not later than forty five (45) days prior to Closing, Seller will conduct an auction
for all units seventy-five (75) days or more past due. All auctions shall be conducted in accordance with the laws of the States of Georgia and Florida, as applicable. Seller will hold Purchaser and Purchaser’s agents and representatives
harmless from any legal actions brought by any tenant as a result of any such auction or any other action of Seller with regard to the sale of a tenant’s property during the period Seller owned the Property. Seller’s obligations under the
immediately preceding sentence expressly shall survive Closing. 
 5.8.     Property Apartments. In
the event the Property contains one or more apartments (collectively, the “Property Apartments”, whether one or more), whether for the use of the property manager or otherwise, Seller shall (i) cause all tenants and other occupants of
the Property Apartments to vacate same not later than Closing, (ii) deliver possession of the Property Apartments to Purchaser at Closing, free and clear of the claims of any tenants or other existing tenancies, and not otherwise subject to the
rights or claims of any third party, and (iii) indemnify and hold Purchaser harmless from and against any claims, causes of action, loss, cost or expense incurred by Purchaser with respect to the Property Apartments. Seller’s obligations
contained in this Section 5.8 expressly shall survive Closing. 
 6. 

CLOSING 

6.1.     Closing. Assuming that all conditions to closing have been satisfied and this Agreement has not
otherwise been terminated, the consummation of the transaction contemplated hereby (the “Closing”) shall be held at the offices of the Title Company, located at the address set forth in Section 9.1 hereof or at a
location mutually agreed upon in writing by the Seller and Purchaser, on the date that is thirty (30) days following the expiration of the Approval Period (the “Closing Date”). Seller and Purchaser agree that the Closing
shall be consummated through an escrow closing with the Title Company acting as escrow agent, and neither party need be present at Closing. 

  
 12 

 6.2.     Possession. Possession of the Property shall be
delivered to Purchaser at the Closing, subject only to tenants in possession under the Leases. 
 6.3.    
Proration. All rents, other amounts payable by the tenants under the Leases and the Additional Leases, if any, and all other income with respect to the Property for the month in which the Closing occurs, to the extent collected by Seller on
or before the Closing Date, and real estate and personal property taxes and other assessments with respect to the Property for the year in which the Closing occurs, shall be prorated, based upon the discount available in the month of Closing, to the
Closing Date, with Purchaser receiving the benefits and burdens of ownership on the Closing Date. Should any rollback or similar taxes be due and payable on or after Closing with respect to the transaction contemplated hereby, such taxes shall be
the sole responsibility of Seller, and Seller hereby agrees to indemnify and hold Purchaser harmless therefrom, which obligations of Seller expressly shall survive Closing. Utilities shall be canceled by Seller and reestablished in Purchaser’s
name on the Closing Date, if possible; otherwise utilities shall be prorated at Closing. Any amounts unpaid under the Contracts which Purchaser elects to assume at Closing shall be prorated between Seller and Purchaser at Closing. 

(a)     If the Closing shall occur before rents and all other amounts payable by the tenants under the Leases and
the Additional Leases, and all other income from the Property have actually been paid for the month in which the Closing occurs, the apportionment of such rents and other amounts and other income shall be upon the basis of such rents, other amounts
and other income actually received by Seller, with Purchaser receiving the portion of all such rentals attributable to the period from and after Closing. For a period of thirty (30) days following Closing, if any rents which are delinquent as
of Closing are actually received by Purchaser, in good funds, all such amounts shall first be applied to post-closing rents and other amounts due to Purchaser for the period from and after Closing, and the balance shall be paid by Purchaser to
Seller within thirty (30) days following Purchaser’s receipt thereof, to the extent, and only to the extent of any rental delinquencies owed by any such tenant to Seller for the period prior to Closing. Notwithstanding the foregoing
provisions of this Section 6.3(a), all rentals that are received by Purchaser more than thirty (30) days following Closing shall be retained by Purchaser, and Seller shall have no rights with respect thereto. If, subsequent to the
Closing, any rents or other income are actually received by Seller, Seller shall immediately remit the same, or Purchaser’s prorata share thereof calculated as aforesaid, to Purchaser. Seller agrees that, after the Closing, it shall not file
any eviction action in an effort to collect any outstanding rents that remain owing to Seller after the Closing. 

(b)     If the Closing shall occur before the tax rate or the assessed valuation of the Property is fixed for the
then current year, the apportionment of taxes shall be upon the basis of the tax rate for the preceding year, including all matters appearing on the tax bill for such year, whether ad valorem or non-ad valorem, applied to the latest assessed
valuation. The proration shall allow for any available discount. Subsequent to the Closing, when the tax rate and the assessed valuation of the Property are fixed for the year in which the Closing occurs, the parties agree to adjust the proration of
taxes and, if necessary, to refund or repay such sums as shall be necessary to effect such adjustment, which obligation expressly shall survive Closing. 

  
 13 

 6.4.     Closing Costs and Credits. Purchaser shall pay, on the
Closing Date, (a) one-half of any escrow fees and other customary charges of the Escrow Agent, (b) one-half of all recording costs relating to the Deeds, (c) all title insurance costs relating to extended coverage and/or any
endorsements desired by Purchaser with respect to the Title Policies, (d) the fees of Purchaser’s counsel and (e) any costs associated within Purchaser’s financing of the Property including, but not limited to additional survey
costs associated with Purchaser’s financing of the Property. Seller shall pay, on the Closing Date, (a) one-half of any escrow fees and other customary charges of the Escrow Agent, (b) one-half of all recording costs relating to the
Deeds, (c) all title insurance costs relating to the base Title Policies, (d) all applicable transfer taxes, grantor’s taxes, documentary stamp taxes and similar charges relating to the transfer of the Property, (e) all costs and
expenses relating to retirement of any and all indebtedness secured by the Property, including without limitation prepayment penalties, yield maintenance fees, defeasance costs and the costs of recording all mortgage cancellations, (f) all
costs relating to the Surveys and (e) the fees of Seller’s counsel. Purchaser shall receive a credit at Closing for all security and other deposits made by tenants under the Leases and for any prepaid rents and other amounts related to
months following the month in which Closing occurs. Additionally, on the Closing Date, Seller shall leave petty cash in the amount of Two Hundred and no/100 Dollars ($200.00) on site at each project comprising the Property, which amount shall be
reimbursed by Purchaser to Seller at Closing as a credit in favor of Seller on the closing statement. 

6.5.     Seller’s Obligations at the Closing. At the Closing, or at such other time as indicated below,
Seller shall take such action as the Title Company reasonably requires to consummate the transactions made the subject of this Agreement and shall deliver to Purchaser (or cause to be delivered to Purchaser) the following (it being understood that
each party comprising Seller shall deliver one complete set of each of the following closing documents and deliveries relating to the self storage facility owned by such party): 

(a)     Deeds. A Special Warranty Deed or Limited Warranty Deed, as applicable, for each of the self storage
facilities comprising the Property (collectively, the “Deeds”) conveying the Land and the Improvements to Purchaser, in the forms attached to this Agreement as “Exhibit “B”, subject only the Permitted
Encumbrances. The description of the Land provided with the Surveys shall be the legal description used in the Deeds. 

(b)     Evidence of Authority. Such organizational and authorizing documents of Seller as shall be reasonably
required by the Title Company to evidence Seller’s authority to consummate the transactions contemplated by this Agreement. 
 (c)     Foreign Person. An affidavit of Seller certifying that Seller is not a “foreign person,” as defined in the federal Foreign Investment in Real Property Tax Act
of 1980, and the 1984 Tax Reform Act, as amended. 
 (d)     Leases. The originals of all of the
Leases and the Additional Leases. 
 (e)     Contracts. The originals of all of the Contracts other
than Rejected Contracts, and evidence that all Rejected Contracts have been cancelled. 

  
 14 

 (f)     Termination of Management Agreement. Evidence of the
termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager. 
 (g)     Affidavit. An affidavit in the form required by the Title Company to remove any standard exceptions, including mechanics’ liens, parties in possession and similar
matters, together with a GAP Indemnity. 
 (h)     Reaffirmation Certificate. A reaffirmation
certificate in accordance with the provisions of Section 4.4(a). 
 (i)     Title
Policies. The Title Policies, issued by the Title Company, in the form required by this Agreement; provided that in the event the Title Policies are not available at Closing, then the Title Company shall provide Purchaser at Closing, at
Purchaser’s option, with either (i) a “marked title commitment” with respect to each project comprising the Property, committing to issue the Title Policies in the form required by this Agreement, or (ii) a proforma
owner’s title policy with respect to each project comprising the Property, in the form required by this Agreement, with the Title Policies to be delivered to Purchaser as promptly after Closing as reasonably possible. 

(j)     Motor Vehicles. Certificates of title, or such other instruments of assignment as may be necessary to
transfer title to the Motor Vehicles, if any, to Purchaser at Closing. 
 (k)     Seller’s Closing
Statements. Seller shall execute and deliver to the Title Company a Seller’s Closing Statement for each self storage facility comprising the Property, in conformity with the terms of this Agreement, and otherwise in form satisfactory to
Seller or a closing statement in a form acceptable to the Seller and Purchaser. 
 6.6.    
Purchaser’s Obligations at the Closing. At the Closing, Purchaser shall deliver to the Title Company the following: 
 (a)     Purchase Price. The Purchase Price (net of Earnest Money to be applied against the Purchase Price, and subject to adjustment in connection with prorations, credits and
charges hereunder), payment of which shall be made by wire transfer of immediately available funds to the account of the Title Company. 
 (b)     Evidence of Authority. Such organizational and authorizing documents of Purchaser as shall be reasonably required by the Title Company to evidence Purchaser’s
authority to consummate the transactions contemplated by this Agreement. 
 (c)     Purchaser’s
Closing Statements. Purchaser shall execute and deliver to the Title Company a Purchaser’s Closing Statement for each self storage facility comprising the Property, in conformity with the terms of this Agreement, and otherwise in form
satisfactory to Purchaser or a closing statement in a form acceptable to the Seller and Purchaser. 

6.7.     Documents to be Executed by Seller and Purchaser. At the Closing, Seller and Purchaser shall also
execute and deliver the following: 

  
 15 

 (a)     Tenant Notices. Signed statements or notices to all
tenants of the Property notifying such tenants that the Property has been transferred to Purchaser and that Purchaser is responsible for security deposits returnable under the Leases and notifying such tenants of the new address where tenants are to
make rental payments after the Closing. The amounts of the security deposits set forth in the tenant notices shall correspond to the security deposits set forth in the Rent Rolls, as updated and certified by Seller in connection with the Closing.

 (b)     Assignment of Personal Property, Service Contracts, Warranties and Leases. An Assignment
of Personal Property, Service Contracts, Warranties and Leases with respect to each of the self storage properties comprising the Property (collectively, the “Assignment”), in the form attached to this Agreement as Exhibit
“C”. 
 7. 
 RISK OF LOSS 
 7.1.     Condemnation. If, prior
to the Closing, action is initiated to take all or any portion of any of the self storage facilities comprising the Property (herein, the “Condemnation Property”), by eminent domain proceedings or by deed in lieu thereof,
Purchaser may either at or prior to Closing (a) terminate this Agreement with respect to the Condemnation Property, in which event (i) the allocable portion of the Deposit for the Condemnation Property, as set forth on Schedule
“C” attached hereto (together with all interest accrued thereon), shall be refunded to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller,
(ii) the parties shall proceed to Closing with respect to the remainder of the Property, with the Purchase Price being reduced by the portion of the Purchase Price allocable to the Condemnation Property, as set forth on Schedule “C”
attached hereto, and (c) neither party shall have any further right or obligation hereunder with respect to the Condemnation Property, other than the Surviving Obligations relating thereto, or (b) consummate the Closing with respect to all
of the Property, in which latter event all of Seller’s assignable right, title and interest in and to the award of the condemning authority shall be assigned to Purchaser at the Closing and there shall be no reduction in the Purchase Price.

 7.2.     Casualty. Seller assumes all risks and liability for damage to or injury occurring to the
Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If any of the self storage facilities comprising the Property (herein, the “Casualty Property”) suffers any damage in
an amount equal to or in excess of Two Hundred Thousand and no/100 Dollars ($200,000.00) prior to the Closing from fire or other casualty, Purchaser may either at or prior to Closing (a) terminate this Agreement with respect to the Casualty
Property, in which event (i) the allocable portion of the Deposit for the Casualty Project, as set forth on Schedule “C” attached hereto (together with all interest accrued thereon), shall be refunded to Purchaser, without the consent
or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller, (ii) the parties shall proceed to Closing with respect to the remainder of the Property, with the Purchase Price being reduced
by the portion of the Purchase Price allocable to the Casualty Property, as set forth on Schedule “C” attached hereto, and (c) neither party shall have any further right or obligation hereunder with respect to the Casualty Property,
other than the Surviving Obligations relating thereto, or (b) consummate the Closing with respect to all of the Property, in which latter event all of Seller’s 

  
 16 

 
right, title and interest in and to the proceeds of any insurance covering such damage, including any and all rent loss insurance proceeds relating to the period from and after the Closing Date,
shall be assigned to Purchaser at the Closing and Purchaser shall receive a credit against the Purchase Price at Closing in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and (ii) the amount of any
uninsured or underinsured loss. If any of the self storage facilities comprising the Property suffers any damage in an amount less than Two Hundred Thousand and no/100 Dollars ($200,000.00) prior to the Closing, Purchaser agrees that it will
consummate the Closing with respect to all of the Property and accept the assignment of the proceeds of any insurance covering such damage, including any and all rent loss insurance proceeds relating to the period from and after the Closing Date
(plus receive a credit against the Purchase Price in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and (ii) the amount of any uninsured or underinsured loss) and there shall be no other reduction in
the Purchase Price. 
 8. 
 DEFAULT 
 8.1.     Breach by Seller. In the
event that Seller shall fail to consummate this Agreement for any reason, except Purchaser’s default or a termination of this Agreement by Purchaser or Seller pursuant to a right to do so under the provisions hereof, Purchaser shall be
entitled, as its sole and exclusive remedies, at law or in equity, to either (i) terminate this Agreement and receive a refund of the Earnest Money, in which event neither Seller nor Purchaser shall have any further right or obligation
hereunder other than the Surviving Obligations, (ii) pursue the remedy of specific performance of Seller’s obligations under this Agreement, or (iii) receive a refund of the Earnest Money, and pursue an action to recover
Purchaser’s actual damages from Seller, such actual damages to include, without limitation, all costs and expenses incurred by Purchaser in connection with its efforts to obtain financing for the Property, including, without limitation, all
loan application fees, loan deposits, rate lock fees, legal fees and fees of other third party professionals. It is expressly agreed that a default by any party comprising Seller shall be deemed a default by all parties comprising Seller under this
Agreement. 
 8.2.     Breach by Purchaser. If Purchaser fails to consummate this Agreement for any
reason, except Seller’s default or a termination of this Agreement by Purchaser or Seller pursuant to a right to do so under the provisions hereof, Seller, as its sole and exclusive remedy, may terminate this Agreement and thereupon shall be
entitled to receive the Earnest Money as liquidated damages (and not as a penalty). Seller and Purchaser have made this provision for liquidated damages because it would be difficult to calculate, on the date hereof, the amount of actual damages for
such breach, and Seller and Purchaser agree that the Earnest Money represents a reasonable forecast of such damages. 

8.3.     Notice and Cure. In the event of a default by Seller or Purchaser under this Agreement, the
non-defaulting party shall provide the defaulting party with notice and ten (10) days to cure such default, prior to pursuing any remedies available with respect to such default; provided, however, that (i) no such notice and cure shall be
provided with respect to a party’s default in failing to timely close, or with respect to any party’s anticipatory breach of this Agreement, and (ii) in no event shall any such notice and cure period result in an extension of the
Closing Date. 

  
 17 

 9. 
 MISCELLANEOUS 
 9.1.     Notices. All notices,
demands and requests which may be given or which are required to be given by either party to the other, and any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective either: (a) on the
date personally delivered to the address below, as evidenced by written receipt therefor, whether or not actually received by the person to whom addressed; (b) on the third (3rd) business day after being sent, by certified or registered
mail, return receipt requested, addressed to the intended recipient at the address specified below; (c) on the first business day after being deposited into the custody of a nationally recognized overnight delivery service such as Federal
Express Corporation, addressed to such party at the address specified below, or (d) on the date delivered by facsimile to the respective numbers specified below, provided confirmation of facsimile is received and further provided any such
facsimile notice shall be sent by one of the other permitted methods of providing notice on the next succeeding business day. For purposes of this Section 9.1, the addresses of the parties for all notices are as follows (unless changed
by similar notice in writing given by the particular party whose address is to be changed): 
  

			
	 If to Seller:
	  	Homeland Self Storage, LLC
		  	6780 Roswell Road
		  	Sandy Springs, GA 30328
		  	Attn: Bruce A. Weiner
		  	Tel: (404) 583-5683
		  	Fax: (678) 551-7064
		
	 with a copy to:
	  	Michael L. Schaaf, Attorney at Law
		  	2440 Sandy Plains Road, Bldg. 11
		  	Marietta, GA 30066
		  	Tel: (770) 971-4312
		  	Fax: (770) 971-5106
		
	 If to Purchaser:
	  	SSTI Acquisitions, LLC
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, CA 92694
		  	Attn: H. Michael Schwartz
		  	Tel: (949) 429-6600
		  	Fax: (949) 429-6606
		
	 with copies to:
	  	SSTI Acquisitions, LLC
		  	5949 Sherry Lane, Suite 1050
		  	Dallas, Texas 75225
		  	Attn: Wayne Johnson
		  	Tel: (214) 217-9797
		  	Fax: (214) 217-9790;

  

  
 18 

			
	 and
	  	
		  	Mastrogiovanni Schorsch & Mersky, P.C.
		  	2001 Bryan Street, Suite 1250
		  	Dallas, Texas 75201
		  	Attn: Charles Mersky, Esq.
		  	Tel: (214) 922-8800
		  	Fax: (214) 922-8801
		
	 If to Escrow Agent

or Title Company:
	  	Amanda C. Vickers
		  	First American Title Insurance Company
		  	2750 Chancellorsville Drive
		  	Tallahassee, FL 32312
		  	Tel: (850) 402-4968
		  	Fax: (850) 668-0312

 9.2.     Real Estate Commissions. Seller and Purchaser hereby represent and
warrant to each other that neither such party has authorized any broker or finder to act on such party’s behalf in connection with the sale and purchase hereunder and neither Seller nor Purchaser has dealt with any broker or finder purporting
to act on behalf of any other party. Purchaser agrees to indemnify and hold harmless Seller from and against any and all claims, losses, damages, costs or expenses of any kind or character arising out of or resulting from any agreement, arrangement
or understanding alleged to have been made by Purchaser or on Purchaser’s behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby. Seller agrees to indemnify and hold harmless Purchaser from and
against any and all claims, losses, damages, costs or expenses of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Seller or on Seller’s behalf with any broker or
finder in connection with this Agreement or the transaction contemplated hereby, including Broker. Notwithstanding anything to the contrary contained herein, this Section 9.2 shall survive the Closing or any earlier termination of this
Agreement. 
 9.3.     Entire Agreement. This Agreement embodies the entire agreement between the
parties relative to the subject matter hereof, and there are no oral or written agreements between the parties, nor any representations made by either party relative to the subject matter hereof, which are not expressly set forth herein. 

9.4.     Amendment. This Agreement may be amended only by a written instrument executed by the party or
parties to be bound thereby. 
 9.5.     Headings. The captions and headings used in this Agreement
are for convenience only and do not in any way limit, amplify, or otherwise modify the provisions of this Agreement. 

9.6.     Time of Essence. Time is of the essence of this Agreement; however, if the final date of any period
which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the United States or the States of Georgia or Florida, then, in such event, the time of such period shall be extended to the next day
which is not a Saturday, Sunday or legal holiday. 

  
 19 

 9.7.     Governing Law. This Agreement shall be governed by the
laws of the States of Georgia and Florida, as concerns the Properties located in each such state, and by the laws of the United States pertaining to transactions in such States. 

9.8.     Successors and Assigns; Assignment. This Agreement shall bind and inure to the benefit of Seller and
Purchaser and their respective heirs, executors, administrators, personal and legal representatives, successors and permitted assigns. Notwithstanding anything contained in this Agreement to the contrary, Purchaser shall be entitled to assign this
Agreement, without Seller’s consent, to (i) an affiliate of Purchaser, (ii) an entity in which Strategic Storage Operating Partnership, L.P., a Delaware limited partnership and/or Strategic Storage Trust, Inc., a Maryland corporation,
has a direct or indirect ownership interest, (iii) a real estate investment trust of which Purchaser or an affiliate of Purchaser is the external advisor, or (iv) a Delaware statutory trust of which Purchaser or an affiliate of Purchaser
is the signatory trustee (any such party being herein called a “Permitted Assignee”); provided, however, that, until the consummation of the Closing, no such assignment shall release or relieve Purchaser of any liability
hereunder. Additionally, Purchaser further shall have the right to assign its rights under this Agreement to acquire each of the self storage facilities comprising the Property to separate Permitted Assignees. 

9.9.     Invalid Provision. If any provision of this Agreement is held to be illegal, invalid or unenforceable
under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and, the remaining provisions
of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid, or unenforceable provision or by its severance from this Agreement. 
 9.10.     Attorneys’ Fees. In the event it becomes necessary for either party hereto to file suit to enforce this Agreement or any provision contained herein, the party
prevailing in such suit shall be entitled to recover, in addition to all other remedies or damages, as provided herein, its reasonable attorneys’ fees incurred in such suit, up to and including all trial and appellate levels. Whenever in this
Agreement the phrase “reasonable attorneys fees” or a similar phrase is used, in determining the amount of reasonable attorney’s fees, the provisions of O.C.G.A Section 13-1-11(a)(2) shall not apply, and the parties hereby waive
any rights under said Section. 
 9.11.     Multiple Counterparts. This Agreement may be executed in
a number of identical counterparts which, taken together, shall constitute collectively one agreement; in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart with each party’s
signature. Facsimile and/or electronic signature pages shall be effective for purposes of this Section 9.11. 

9.12.     Effective Date. For purposes of this Agreement, the “Effective Date” shall mean the later
of the dates that this Agreement has been executed by Seller and Purchaser (but not the Escrow Agent), as indicated on the signature page hereof. 
 9.13.     Exhibits. The following schedules, exhibits and other documents are attached to this Agreement and incorporated herein by this reference and made a part hereof for all
purposes: 

  
 20 

	 	(a)	Schedule A, List of Due Diligence Documents 

  

	 	(b)	Schedule B, Cellular Tower Leases and Billboard Leases 

  

	 	(c)	Schedule C, Allocation of Purchase Price and Earnest Money 

  

	 	(d)	Schedule D, List of Seller entities 

  

	 	(e)	Schedule E, Escrow Agent documents 

  

	 	(f)	Exhibit A-1, the legal description of Parcel One 

  

	 	(g)	Exhibit A-2, the legal description of Parcel Two 

  

	 	(h)	Exhibit A-3, the legal description of Parcel Three 

	 	

	 	(i)	Exhibit A-4, the legal description of Parcel Four 

  

	 	(j)	Exhibit A-5, the legal description of Parcel Five 

  

	 	(k)	Exhibit A-6, the legal description of Parcel Six 

  

	 	(l)	Exhibit A-7, the legal description of Parcel Seven 

  

	 	(m)	Exhibit A-8, the legal description of Parcel Eight 

  

	 	(n)	Exhibit A-9, the legal description of Parcel Nine 

  

	 	(o)	Exhibit A-10, the legal description of Parcel Ten 

  

	 	(p)	Exhibit A-11, the legal description of Parcel Eleven 

  

	 	(q)	Exhibit A-12, the legal description of Parcel Twelve 

  

	 	(r)	Exhibit B, the forms of the Deeds 

  

	 	(s)	Exhibit C, the form of the Assignment 

  

	 	(t)	Exhibit D, List of Personal Property 

  

	 	(u)	Exhibit E, List of Contracts 

  

	 	(v)	Exhibit F, Rent Rolls 

  

	 	(w)	Exhibit G, Letter of Representation 

  

	 	(x)	Exhibit H, Schedule of Telephone and Fax numbers 

  
 21 

 9.14.     No Recordation. Seller and Purchaser hereby acknowledge
that neither this Agreement nor any memorandum or affidavit thereof shall be recorded in the public records of any county. 

9.15.     Tax-Deferred Exchange. Each party will, upon request by the other party, cooperate as reasonably
required to assist the other party in facilitating a tax-deferred exchange. Notwithstanding the foregoing, neither party will be required to undertake or incur any liabilities or obligations or expend any sums of money in connection with a proposed
tax-free exchange for the benefit of the other party. 
 9.15.     Confidentiality. Seller and
Purchaser hereby covenant and agree that, at all times after the Effective Date and continuing after the Closing, unless consented to in writing by the other party (which consent may be granted or withheld in the sole discretion of the party whose
consent is being requested), no press release or other public disclosure concerning this transaction shall be made by or on behalf of Seller or Purchaser, and each party agrees to use best efforts to prevent disclosure of this transaction by any
third party. Notwithstanding the foregoing, (i) each party shall be entitled to make disclosures concerning this Agreement and materials provided hereunder to its lenders, attorneys, accountants, employees, agents and other service
professionals as may be reasonably necessary in furtherance of the transactions contemplated hereby, (ii) Purchaser shall be entitled to make disclosures concerning this transaction and materials provided hereunder to its potential debt and
equity sources, and (iii) each party shall be entitled to make such disclosures concerning this Agreement and materials provided hereunder as may be necessary to comply with any court order or directive of any applicable governmental authority.
The provisions of this Section 9.16 shall survive Closing or any termination of this Agreement. 

9.16.     Independent Consideration. Contemporaneously with the execution hereof, Purchaser shall deliver to
Seller the sum of One Hundred and no/100 Dollars ($100.00), representing independent consideration for the Approval Period and Purchaser’s right to terminate this Contract during the Approval Period pursuant to the provisions hereof.

 9.17.     Purchaser acknowledges that, prior to Closing, Purchaser intends to examine the Property and to
become familiar with the physical and financial condition thereof, or will have the opportunity to do so. Except as specifically set forth in this Agreement and/or in the closing documents delivered by Seller at Closing, Seller has not made and does
not make any representations or warranties as to the physical condition, expenses, operations or legality of occupancy of the Property, any legal requirements, or any other matter or thing affecting or relating to the Property, and Purchaser hereby
acknowledges that no such other representations or warranties have been made or implied. EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT AND/OR IN THE CLOSING DOCUMENTS DELIVERED BY SELLER AT CLOSING, PURCHASER FURTHER AGREES TO TAKE THE PROPERTY
“AS IS” AND “WITH ALL FAULTS” IN ITS PRESENT PHYSICAL CONDITION AND SUBJECT TO REASONABLE USE, WEAR, TEAR AND NORMAL DEPRECIATION BETWEEN THE AGREEMENT DATE AND THE CLOSING DATE. Except as expressly set forth in this Agreement
and/or in the closing documents delivered by Seller at Closing, Seller shall not be liable or bound in any way by any oral or written statements, representations, or information pertaining to the Property furnished by any agent or employee of Seller
or by any other person. 

  
 22 

 
All contemporaneous or prior representations of the parties hereto are superseded by this Agreement, which alone fully and completely expresses the agreement of the parties. This Agreement is
entered into after full investigation, neither party relying on any statement or representation made by the other that is not embodied in this Agreement. The provisions of Section 9.18 shall survive the Closing and shall not merge with the
delivery of the Deeds. 
 9.18.     Non-Competition. Seller shall deliver a non-compete agreement
(the “Non-Compete Agreement”) to Purchaser at Closing in form and content satisfactory to Purchaser. The Non-Compete Agreement shall provide that neither Seller nor any of its principals, partners, members, directors,
officers, shareholders and/or affiliates may directly or indirectly develop, own, lease, manage or operate a self storage facility for a period of three (3) years subsequent to the Closing within a three (3) mile radius of any of the self
storage facilities comprising the Property. 
 9.19.     Cooperation with Purchaser’s Auditors and
SEC Filing Requirements. 
 (a)     From the Effective Date through and including seventy five
(75) days after the Closing Date, Seller shall provide to Purchaser (at Purchaser’s expense) copies of, or shall provide Purchaser access to, the books and records with respect to the ownership, management, maintenance and operation of the
Property and shall furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request and which is in the possession or control of Seller, or any of its affiliates, agents, or accountants, to enable
Purchaser (or Strategic Storage Operating Partnership, L.P. or Strategic Storage Trust, Inc.), to file its or their Form 8-K, if, as and when such filing may be required by the Securities and Exchange Commission (“SEC”). At
Purchaser’s sole cost and expense, Seller shall allow Purchaser’s auditor (Reznick Group, P.C. or any successor auditor selected by Purchaser) to conduct an audit of the income statements of the Property for the calendar year prior to
Closing (or to the date of Closing) and the two (2) prior years, and shall cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such audit. In addition, Seller agrees to provide to Purchaser’s auditor a letter
of representation substantially in the form attached hereto as Exhibit “G”, and, if requested by such auditor, historical financial statements for the Property, including income and balance sheet data for the Property, whether
required before or after Closing. Without limiting the foregoing, (i) Purchaser or its auditor may audit Seller’s operating statements of the Property, at Purchaser’s expense, and Seller shall provide such documentation as Purchaser
or its auditor may reasonably request in order to complete such audit, (ii) Seller shall furnish to Purchaser such financial and other information as may be reasonably required by Purchaser to make any required filings with the SEC or other
governmental authority; provided, however, that the foregoing obligations of Seller shall be limited to providing such information or documentation as may be in the possession of, or reasonably obtainable by, Seller, or its agents and accountants,
at no cost to Seller, and in the format that Seller (or its affiliates, agents or accountants) have maintained such information, and (iii) Seller and Purchaser acknowledge and agree that the letter of representation to be delivered by Seller to
Purchaser substantially in the form attached hereto as Exhibit “G” is not intended to expand, extend, supplement or increase the representations and warranties made by Seller to Purchaser pursuant to the terms and provisions of this
Agreement or to expose Seller to any risk of liability to third parties. The provisions of this Section 9.20 shall survive Closing. 

  
 23 

 (b)     Although the Representation Letter is premised upon Seller
utilizing generally accepted accounting principles (“GAAP”), Seller has informed Purchaser that Seller’s books and records are not kept in accordance with GAAP, but rather use the modified cash and accrual basis method
of accounting. Inasmuch as the Representation Letter requires that Seller’s books and records be kept in accordance with GAAP, Purchaser has agreed, at its expense, to have its auditors convert Seller’s books and records to GAAP, prior to
Seller executing the Representation Letter, and Seller agrees to so execute the Representation Letter following the conversion of its books and records to GAAP by Purchaser’s auditors. 

9.20.     Radon Disclosure. Seller hereby discloses to Purchaser that radon is a naturally occurring
radioactive gas, that, when it has accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time. Levels of radon have been found in buildings in Florida. Additional information regarding
radon and radon testing may be obtained from your county public health unit. 
 9.21.     Joint and
Several Liability. Notwithstanding anything to the contrary set forth in this Agreement, each party comprising Seller shall be jointly and severally liable for all of the obligations, responsibilities and liabilities of the “Seller”
under this Agreement, and all representations and warranties of the “Seller” set forth in this Agreement shall be deemed to have been made jointly and severally by each party comprising Seller. The provisions of this Section 9.22
expressly shall survive the termination or closing of this Agreement. 
 9.22.     This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be deemed an original and of all of which shall be deemed an original and all of which together shall constitute one and the same instrument. Acceptance of this Agreement may
be made by facsimile transmission and the undersigned hereby stipulates that each signature herein shall be deemed to be an “electronic signature” within the meaning of the Georgia Electronic Records and Signatures Act, O.C.G.A. 10-12-1,
et seq. 
 [Remainder of page intentionally left blank and signature page to follow] 

  
 24 

 Executed, under seal, to be effective as of the Effective Date. 

SELLER: 
  

											
	Parcel One Owner
	
	 Broward Real Estate Investments-Kennesaw L.L.L.P,
 a Georgia limited liability limited partnership

				
	 By:
	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	 		  	
					
		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  	 Bruce A. Weiner
	 		  	
		  	Its:	  	 CEO
	 		  	
	
	Parcel Two Owner
	
	 Broward Real Estate Investments-Newnan, L.L.L.P,
 a Georgia limited liability limited partnership

					
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	 		  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
	
	Parcel Three Owner
	
	 Broward Real Estate Investments-Duluth N.B.L., L.L.L.P,
 a Georgia limited liability limited partnership

					
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	 		  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	

  
 25 

													
		 	Parcel Four Owner
		
		 	 Broward Real Estate Investments-Peachtree Crest L.L.L.P,
 a Georgia limited liability limited partnership

						
		 		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	 		  	
							
		 		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		 		  		  		  	Bruce A. Weiner	 		  	
		 		  		  	Its:	  	CEO	 		  	
		
		 	Parcel Five Owner
		
		 	 Broward Real Estate Investments-Duluth Breck L.L.L.P,
 a Georgia limited liability limited partnership

						
		 		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	 		  	
							
		 		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		 		  		  		  	Bruce A. Weiner	 		  	
		 		  		  	Its:	  	CEO	 		  	
		
		 	Parcel Six Owner
		
		 	 Broward Real Estate Investments-Sandy Plains L.L.L.P,
 a Georgia limited liability limited partnership

						
		 		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	 		  	
							
		 		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		 		  		  		  	Bruce A. Weiner	 		  	
		 		  		  	Its:	  	CEO	 		  	

  
 26 

											
	Parcel Seven Owner
	
	BREI-Tramore Point, L.L.L.P, a Georgia limited liability limited partnership
				
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
	
	Parcel Eight Owner
	
	BREI-Sandy Springs, L.P., L.L.L.P, a Georgia limited liability limited partnership
				
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
	
	Parcel Nine Owner
	
	BREI-Cobb Parkway, L.L.L.P, a Georgia limited liability limited partnership
				
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
		  		  		  		 		  	
		  		  		  		 		  	

  
 27 

											
	Parcel Ten Owner
	
	BREI-Ronald Reagan L.L.L.P, a Georgia limited liability limited partnership
				
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
	
	Parcel Eleven Owner
	
	BREI-Monument Road Holdings, LLC, a Georgia limited liability company
				
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
	
	Parcel Twelve Owner
	
	BREI-Timuquana Holdings, L.L.L.P, a Georgia limited liability limited partnership
				
		  	By:	  	 Alpharetta Consulting, Inc.
 a Georgia corporation
	  	
						
		  		  	By:	  	 /s/ Bruce A. Weiner
	 	(SEAL)	  	
		  		  		  	Bruce A. Weiner	 		  	
		  		  	Its:	  	CEO	 		  	
	
	Date of execution as to all twelve (12) parties comprising Seller: September 7, 2011.

  
 28 

 
					
	PURCHASER	 	
		
	 SSTI Acquisitions, LLC,
 a Delaware limited liability company
	 	
			
	By:	 	/s/ Paula M. Mathews	 	
	Name:	 	Paula M. Mathews	 	
	Title:	 	Executive Vice President	 	
			
	Date	 	September 7, 2011	 	

  
 29 

 The undersigned Escrow Agent hereby acknowledges receipt of (i) a fully executed copy
of this Agreement on the                             day of
            , 2011, and (ii) the One Million Two Hundred Thousand and no/100 Dollar ($1,200,000.00) earnest money deposit on the
            day of                             ,
2011, and agrees to hold and dispose of the Earnest Money in accordance with the provisions of this Agreement. The Escrow Agent further agrees to strictly comply with the provisions of this Agreement concerning disposition of the Earnest Money.
Seller and Purchaser hereby designate the Escrow Agent as the “Real Estate Reporting Person” with respect to the transaction contemplated by this Agreement, for purposes of compliance with Section 6045(e) of the Tax Reform Act of
1986, as amended, and the Escrow Agent, by its execution below, hereby accepts such designation. 
  

					
	ESCROW AGENT:	 	
		
	First American Title Insurance Company	 	
		
	By:                           
                               	 	
	Name:                           
                          	 	
	Title:                          
                             	 	

  
 30Del Monte Corporation Annual Incentive Plan

 Exhibit 10.1 
 DEL MONTE CORPORATION 
 ANNUAL INCENTIVE PLAN 

 

	 1.
	 Purpose 

 The Del Monte Corporation Annual Incentive Plan (the “Plan”) is a cash-based incentive program designed to accomplish the following objectives of Del Monte Corporation (“Del Monte”):

 (a)    To link annual corporate and business priorities with individual and group
performance, reinforcing line of sight and contribution to results; 
 (b)    To
reinforce a high performance culture tying rewards to measurable accountabilities and goal achievement; 

(c)    To recognize and reward individual performance and differentiate award levels based on
absolute and relative contributions; and 
 (d)    To provide a variable award
opportunity as part of a competitive total compensation program that enables Del Monte to attract, retain, and motivate its leadership and key employees. 
 This Plan shall first apply to the Plan Year beginning May 2, 2011. 
  

	 2.
	 Definitions 

 (a)    “Award” shall mean an award granted to a Participant under the Plan with respect to a Plan Year entitling the Participant to a payment in cash, upon attainment
of Company Performance Objectives and the satisfaction of the other terms and conditions set forth herein and otherwise in accordance with the provisions of the Plan, as determined by the Plan Administrator. 

(b)    “Award Pool” shall mean the total dollars allocated for the payment of Awards
under the Plan for an applicable Plan Year. 
 (c)    “Board” shall mean
the Board of Directors of Del Monte Corporation. 
 (d)    “Cause” shall
mean an event giving rise to termination for cause as determined by the Plan Administrator, provided that, with respect to a Participant who is party to an agreement wherein “Cause” is defined, cause shall be determined according to such
definition. 
 (e)    “Code” shall mean the Internal Revenue Code of 1986,
as amended. 
 (f)    “Committee” shall mean the Compensation and Benefits
Committee of the Board. 
 (g)    “Company Performance Objective” shall
mean a performance goal measured over the Plan Year based on performance criteria as the Plan Administrator, in 

 
its sole discretion, may deem appropriate for an Award and that may apply, either individually or in combination, to the performance of Del Monte as a whole, a subsidiary of Del Monte, or
individual units of Del Monte or a subsidiary thereof, and which may be measured either absolutely or relative to other goals, including, internal goals, performance levels attained in prior years, performance of another company or designated group
of other companies, indices or as ratios expressing relationships between two or more goals, or may consist of additional general performance considerations as may determined by the Committee in its sole discretion. Company Performance Objectives
may be objectives related to cash flow; earnings (including net earnings, earnings before interest, taxes and depreciation (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA)); margin (including gross margin, net
margin and operating margin); return on assets, net assets, or invested capital (ROIC); revenue; pre-tax profit; net operating profit; income, net income or operating income; sales or revenue targets; expenses and cost reduction goals; improvement
in or attainment of working capital levels; average working capital; implementation or completion of projects or processes; debt metrics (including net debt reduction); performance against operating budget goals; operating efficiency; or any such
other objectives as determined by the Plan Administrator. 
 (h)    “Company
Performance Objective Weighting” shall mean, with respect to each Company Performance Objective, the relative weighting of such Company Performance Objective to the Company Performance Objectives in aggregate. 

(i)    “Del Monte” shall mean Del Monte Corporation. 

(j)    “Disability” shall mean a physical or mental disability as a result of which
a Participant is unable to perform the essential functions of his or her position, even with reasonable accommodation, for six (6) consecutive months, as determined by the Plan Administrator. Notwithstanding the foregoing,
“Disability,” when used in connection with the termination of employment with Del Monte of a Participant who at the time of such termination is a party to a written employment or retention agreement with Del Monte, shall have the
meaning assigned to such term in such agreement. 
 (k)    “Distribution
Date” shall mean the date on which Awards are paid to Participants, as determined pursuant to Section 8. 
 (l)    “Executive Participant” shall mean a Participant at or above the Senior Vice President level. 

(m)    “Fiscal Year Base Earnings” shall mean a Participant’s base salary paid
during the Plan Year and, generally, shall include only salary paid for time worked, vacation pay, holiday pay, and a limited amount of pay for non-productive time, as determined by the Plan Administrator from time to time. Accordingly, such term
shall exclude incentives, perquisite allowances, special awards, and any other compensation that is not part of a Participant’s base salary. 

  
 2 

 (n)    “Management” shall mean the head
of Human Resources, or such other senior officer or officers of Del Monte as may be designated from time to time by the Committee. 
 (o)    “Participant” shall mean an employee of Del Monte or any subsidiary thereof who has been designated to be a Participant pursuant to Section 4. 

(p)    “Plan” shall mean this Del Monte Corporation Annual Incentive Plan, as
amended from time to time. 
 (q)    “Plan Administrator” shall mean the
Committee or such other individuals as may be delegated the authority to administer the Plan in accordance with Section 3, provided that, with respect to certain administrative decisions affecting Participants other than Executive
Participants, Plan Administrator shall mean Management. 
 (r)    “Plan
Year” shall mean the period corresponding to a fiscal year of Del Monte over which the attainment of one or more of the Company Performance Objectives will be measured for purposes of determining payment of an Award. 

(s)    “Retirement” shall mean the termination of a Participant’s employment
with Del Monte (other than pursuant to a termination due to Cause, death or Disability) at or after attainment of age fifty-five (55) and completion of ten (10) or more years of continuous employment with Del Monte or any subsidiary
thereof. 
 (t)    “Target Award” shall mean the target Award opportunity
assigned to a Participant with respect to a Plan Year as determined pursuant to Section 5. 

(u)    “Target Participation Rate” shall mean a specified percentage of a
Participant’s Fiscal Year Base Earnings determinative of the Participant’s Target Award, as determined pursuant to Section 5. 
  

	 3.
	 Administration 

 The Plan shall be administered by the Committee, provided that Management shall determine the annual administrative guidelines applicable to Awards for each Plan Year. Notwithstanding the foregoing, the
Plan Administrator may delegate any of its duties or authority with respect to certain administrative decisions affecting Participants other than Executive Participants to such members of Management as it may determine from time to time. In its
absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Plan Administrator. The Plan Administrator shall have the sole discretion and authority to administer and interpret the Plan, and the
decisions of the Plan Administrator shall in every case be final and binding on all persons having an interest in the Plan. 
  

	 4.
	 Participation 

 To be eligible to be designated by the Plan Administrator as a Participant in the Plan, an employee must be in Exempt Salary Grade 13 (or equivalent) or above and must

  
 3 

 
not be a participant in a sales incentive program maintained by Del Monte or any of its subsidiaries. To the extent an employee begins employment with Del Monte, or transitions from below Exempt
Salary Grade 13 into Exempt Salary Grade 13 or above during a Plan Year, such event must occur on or before the date that is ninety (90) days prior to the end of the Plan year in order for such employee to be a Participant with respect to such
Plan Year. 
 To be eligible for an Award payment with respect to any given Plan Year, other than as set forth
in Section 9, a Participant must (i) have maintained his or her eligible status (in accordance with the requirements set forth in the foregoing paragraph) from the time the employee was designated a Participant through the end of a Plan
Year; (ii) be on the active payroll as of the Distribution Date; and (iii) comply with rules of the Plan, and such other terms and conditions related to implementation of the Plan, as established by the Plan Administrator from time to
time. Loss of eligibility to continue to participate in the Plan or receive an Award payment may occur if the Participant’s salary grade is changed to one that is below Exempt Salary Grade 13 (or equivalent) as a result of a reclassification,
demotion or any other reason. 
  

	 5.
	 Target Awards 

 For each Plan Year, each Participant shall be assigned a Target Participation Rate expressed as a percentage of such Participant’s Fiscal Year Base Earnings. A Participant’s Target Participation
Rate shall be determined based on salary grade and position. In addition, such Participant shall be assigned a Target Award for the Plan Year, which shall be the product of the Participant’s Target Participation Rate multiplied by the
Participant’s Fiscal Year Base Earnings. 
 The Target Award for a Participant who changes salary grade or
position during a Plan Year shall be based on the Fiscal Year Base Earnings and Target Participation Rate associated with each such salary grade or position and the period of time spent in each such salary grade or position, according to such
methodology as may be determined from time to time by the Plan Administrator. 
  

	 6.
	 Establishment of Company Performance Objectives 

For each Plan Year, the Plan Administrator shall establish: 

(i)    the Company Performance Objectives and the applicable Company Performance Objective Weighting;

 (ii)   with respect to each Company Performance Objective for the Plan Year, the range of
possible Company Performance Objective scores and the scoring methodology, including, at the Plan Administrator’s discretion, a minimum level of performance below which the corresponding Company Performance Objective score shall be zero, and a
maximum level of performance above which the corresponding Company Performance Objective score shall not increase; 
  

  
 4 

 (iii)    the maximum Award (expressed as a percentage of
a Participant’s Target Award) that may be payable to any individual Participant, subject to Section 8(b); and 
 (iv)    the terms and conditions applicable to Awards. 
 The Plan Administrator, in its sole discretion, may specify at the time the Company Performance Objectives are established, or at a later time, adjustments that will or may be made to one or more of the
Company Performance Objectives as the Plan Administrator, in its sole discretion, deems appropriate. For example (without limiting the adjustments to any of the following), the Plan Administrator may specify, in its sole discretion, the manner of
adjustment of any Company Performance Objective to the extent necessary to prevent dilution or enlargement of any Award as a result of extraordinary events or circumstances, as determined by the Plan Administrator, or to exclude the effect of
extraordinary, unusual, or non-recurring items; changes in applicable laws, regulations, or accounting principles; currency fluctuations; discontinued operations; non-cash items, such as amortization, depreciation, or reserves; asset impairment; or
any recapitalization, restructuring, reorganization, merger, acquisition, divestiture, consolidation, spin-off, split-up, combination, liquidation, dissolution, sale of assets, or other similar corporate transactions. 

 

	 7.
	 Plan Year Award Pool 

 Following the end of the Plan Year, the Plan Administrator shall score the Corporate Performance Objectives, if any, and determine the amount of the Award Pool allocated for the Plan Year. 

 

	 8.
	 Payment of Awards 

 (a)    Determination of Awards.    Following the end of the Plan Year, the Committee, with respect to Awards to Executive Participants, or Management,
with respect to all other Participants, will determine the amount of any Award to be paid to a Participant under the Award Pool. The amount of the payment of the Awards will be based on actual performance measured against the Company Performance
Objectives and the Participant’s Target Award, adjusted, as may be determined by the Plan Administrator or Management (as applicable), to reflect individual performance relative to responsibilities, objectives, and peers, and further adjusted
to reflect periods of eligible service and periods of absence or other non-productive service and such other factors as the Plan Administrator, in its sole discretion, deems appropriate. The total amount of all Awards paid under the Plan with
respect to a Plan Year shall not exceed the Award Pool, without approval from the Plan Administrator. 
 The
Plan Administrator shall retain discretion to determine the amount of any Award to be paid to a Participant hereunder. For the avoidance of doubt, the Plan Administrator may increase or reduce, even to zero, the amount payable under any Award
notwithstanding the scoring of the Company Performance Objectives determined 

  
 5 

 
by the Plan Administrator and the amount of the Award calculated pursuant to the terms of the Plan. 
 (b)    Award Maximum.    The maximum Award payable to a Participant under this Plan for a Plan Year shall be $3 million. 

(c)    Distribution Date.    Except as provided in Section 9,
any Award payable to a Participant shall be paid as soon as practicable after approval by the Plan Administrator, but in no event later than two and one-half months following the end of the Plan Year applicable to the Award, which date of payment
shall be the Distribution Date. 
 (d)    Non-duplication of
Awards.    No Award shall be payable to a Participant with respect to a Plan Year if, as determined by the Plan Administrator, such Participant is entitled to an award with respect to such Plan Year pursuant to the terms of
any other bonus or incentive plan or arrangement. 
  

	 9.
	 Termination of Service of Participant  

(a)    Termination due to death, Disability, or Retirement.    In
the case of the termination of a Participant’s service due to death, Disability, or Retirement, a Participant (or his or her beneficiary) shall receive (i) in the case of such termination prior to the end of a Plan Year, payment of the
Award in an amount equal to the Target Award amount, adjusted for the period of service during the Plan Year (but not otherwise adjusted for performance), as soon as practicable after such termination of service, but in no event beyond the later of
(A) March 15 of the calendar year following the calendar year in which the termination occurs or (B) the 15th day of the third month following the end of the Plan Year in which the termination occurs, or (ii) in the case of such
termination following the end of a Plan Year but prior to the Distribution Date, payment, on the Distribution Date, of the Award the Participant would have received on the Distribution Date had such termination of service not occurred. 

(b)    Termination without Cause.    In the event of a
Participant’s termination of service by Del Monte for any reason other than Disability, death, Retirement or Cause, as determined by the Plan Administrator, on or after the last business day of a Plan Year, but prior to the Distribution Date,
the Participant shall receive, on the Distribution Date, payment of the Award the Participant would have received on the Distribution Date had such termination of service not occurred. 

 

	 10.
	 Repayment for Misconduct 

 Any payment of an Award to a Participant shall be subject to repayment if all of the following conditions are met: (i) Del Monte or any of its subsidiaries restates any financial report that, due to
misconduct as determined by the Plan Administrator, was materially noncompliant with applicable securities laws when filed; (ii) the Participant was an executive officer of Del Monte, as determined by the Plan Administrator, at the time the
financial report was first issued, and (iii) the Participant receives or becomes entitled to receive any amounts under the Plan during the 12-month period after the 

  
 6 

 
restated financial report (i.e., the financial report that was later restated) was first publicly issued or filed with the U.S. Securities and Exchange Commission. 

If, in the Plan Administrator’s opinion, the Participant knowingly or with gross negligence engaged in the
misconduct, the Participant (i) shall repay Del Monte any amounts received under the Plan during the aforementioned 12-month period, and (ii) to the extent the Participant defers any portion of such amounts under the Plan, or received any
credits or contributions under any other plan with respect to such amounts, shall forfeit (or repay to Del Monte if previously distributed) such deferred amounts, credits, and any matching contributions allocated to the Participant under the
applicable plan, subject to compliance with Section 409A of the Code. If the Plan Administrator determines that the Participant did not engage in the misconduct, the Plan Administrator shall determine, in its sole discretion, to correct any
unjust enrichment, if any portion of the amounts described in the preceding sentence are subject to repayment by the Participant by any legally permitted means that the Plan Administrator deems appropriate. 

 

	 11.
	 Amendment, Suspension, Termination 

The Plan is intended to be directly responsive to corporate and individual performance, with the flexibility to measure,
score, and reward each Participant’s contribution to Del Monte’s overall business results. However, Awards are not guaranteed, and the actual amount of a Participant’s Award may be greater or less than his or her Target Award (and may
be zero), depending on personal performance and the performance of the business overall. The Committee (and the Board) reserves the right to amend, modify, suspend or terminate the Plan at any time and from time to time without consent of any
Participant or any other party . 
  

	 12.
	 Other Provisions 

 (a)    No Right To An Award.    Neither the adoption of the Plan nor any action of Del Monte or the Plan Administrator shall be deemed to give any
individual any right to be granted an Award or any other rights. 
 (b)    No
Restriction on Corporate Action.    Nothing contained in the Plan shall be construed to prevent Del Monte or any subsidiary from taking any action which is deemed by Del Monte or such subsidiary to be appropriate or in its
best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No Participant, beneficiary or other person shall have any claim against Del Monte or any subsidiary as a result of any such action.

 (c)    No Fiduciary Relationship.    The Board,
Committee and the officers of Del Monte shall have no duty to manage or operate the Plan in order to maximize the benefits granted to the Participants hereunder, but rather shall have full discretionary power to make all management and operational
decisions based on their determination of the respective best interests of Del Monte, its shareholders and the Participants. This Plan 

  
 7 

 
shall not be construed to create a fiduciary relationship between the Board, the Committee or the Management, and the Participants. 

(d)    Governing Law.    This Plan and all Awards made and actions
taken hereunder shall be governed by and construed in accordance with the laws of California, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of
another jurisdiction. Unless otherwise provided in an Award, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the Federal or state courts of California, to resolve any and all issues that may
arise out of or relate to the Plan or any related Award. 
 (e)    No Employment
Guarantee.    Nothing in this Plan shall be construed as an employment contract or a guarantee of continued employment. The rights of any Participant shall only be those as are expressly set forth in this Plan. 

(f)    General Creditor Status.    The Participants shall, in no
event, be regarded as standing in any position, if at all, other than as a general creditor of Del Monte with respect to any rights derived from the existence of the Plan and shall receive only Del Monte’s unfunded and unsecured promise to
pay benefits under the Plan. Del Monte shall not be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the performance of its obligations under any Award. 

(g)    Non-Transferability of Awards.    No Participant or his or
her beneficiaries shall have the power or right to transfer, anticipate, or otherwise encumber the Participant’s interest under the Plan. The provisions of the Plan shall inure to the benefit of each Participant and his or her beneficiaries,
heirs, executors, administrators or successors in interest. 

(h)    Severability.    If any provision of this Plan is held
invalid or unenforceable, the invalidity or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be enforced and construed as if such provision had not been included. 

(i)    Code Section 409A.    All Awards made hereunder are
intended to be exempt from Section 409A of the Code, and shall be interpreted, construed and operated to reflect this intent. Anything to the contrary in the foregoing notwithstanding, this Plan may be amended at any time, without the consent
of any party, to avoid the application of Section 409A of the Code in a particular circumstance or that is necessary or desirable to satisfy any of the requirements under Section 409A of the Code, but Del Monte shall not be under any
obligation to make any such amendment. Nothing in the Plan shall provide a basis for any person to take action against Del Monte or any affiliate based on matters covered by Section 409A of the Code, including the tax treatment of any amount
paid or Award made under the Plan, and neither Del Monte nor any of its affiliates shall under any circumstances have any liability to any Participant or his or her estate or any other party for any taxes, penalties or interest due on amounts paid
or payable under the Plan, including taxes, penalties or interest imposed under Section 409A of the Code. 

  
 8 

 (j)    Tax
Withholding.    Del Monte shall have the authority and the right to deduct or withhold, report or require a Participant to remit to Del Monte, an amount sufficient to satisfy federal, state, local and foreign taxes (including
any social insurance, payroll tax, or payment on account) required by law to be withheld with respect to any taxable event concerning a Participant arising in connection with an Award. 

  
 9

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