Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.1    
    

  

AGREEMENT OF LIMITED PARTNERSHIP

   

OF

   

DOUGLAS EMMETT PROPERTIES, LP

   

a Delaware limited partnership  

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED

UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),OR

THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD,

TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH

REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE

PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE

EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER

APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS. 

dated as of [                        ], 2006 

  

 
 

TABLE OF CONTENTS    
    

	 
	 
	 	Page

	ARTICLE 1 DEFINED TERMS	 	1
	

ARTICLE 2 ORGANIZATIONAL MATTERS	
 	

15
	 	Section 2.1	Formation	 	15
	 	Section 2.2	Name	 	15
	 	Section 2.3	Registered Office and Agent; Principal Office	 	15
	 	Section 2.4	Power of Attorney	 	15
	 	Section 2.5	Term	 	16
	

ARTICLE 3 PURPOSE	
 	

16
	 	Section 3.1	Purpose and Business	 	16
	 	Section 3.2	Powers	 	17
	 	Section 3.3	Partnership Only for Purposes Specified	 	17
	 	Section 3.4	Representations and Warranties by the Partners	 	17
	

ARTICLE 4 CAPITAL CONTRIBUTIONS	
 	

20
	 	Section 4.1	Capital Contributions of the Partners	 	20
	 	Section 4.2	Issuances of Additional Partnership Interests	 	20
	 	Section 4.3	Additional Funds and Capital Contributions	 	22
	 	Section 4.4	Stock Option Plans	 	23
	 	Section 4.5	Dividend Reinvestment Plan, Stock Incentive Plan or Other Plan	 	24
	 	Section 4.6	No Interest; No Return	 	24
	 	Section 4.7	Conversion or Redemption of Capital Shares	 	24
	 	Section 4.8	Other Contribution Provisions	 	25
	 	Section 4.9	Excluded Properties	 	25
	

ARTICLE 5 DISTRIBUTIONS	
 	

25
	 	Section 5.1	Requirement and Characterization of Distributions	 	25
	 	Section 5.2	Distributions in Kind	 	26
	 	Section 5.3	Amounts Withheld	 	26
	 	Section 5.4	Distributions Upon Liquidation	 	26
	 	Section 5.5	Distributions to Reflect Additional Partnership Units	 	26
	 	Section 5.6	Restricted Distributions	 	26
	

ARTICLE 6 ALLOCATIONS	
 	

26
	 	Section 6.1	Timing and Amount of Allocations of Net Income and Net Loss	 	26
	 	Section 6.2	General Allocations	 	27
	 	Section 6.3	Additional Allocation Provisions	 	27
	 	Section 6.4	Tax Allocations	 	30
	 	 	 	 

i

 

	

ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS	
 	

30
	 	Section 7.1	Management	 	30
	 	Section 7.2	Certificate of Limited Partnership	 	33
	 	Section 7.3	Restrictions on Managing General Partner's Authority	 	33
	 	Section 7.4	Reimbursement of the Managing General Partner and the Special Limited Partner	 	35
	 	Section 7.5	Outside Activities of the Managing General Partner and the Special Limited Partner	 	35
	 	Section 7.6	Transactions with Affiliates	 	36
	 	Section 7.7	Indemnification	 	37
	 	Section 7.8	Liability of the Managing General Partner and the Special Limited Partner	 	39
	 	Section 7.9	Other Matters Concerning the Managing General Partner and the Special Limited Partner	 	40
	 	Section 7.10	Title to Partnership Assets	 	41
	 	Section 7.11	Reliance by Third Parties	 	41
	

ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	
 	

42
	 	Section 8.1	Limitation of Liability	 	42
	 	Section 8.2	Management of Business	 	42
	 	Section 8.3	Outside Activities of Limited Partners	 	42
	 	Section 8.4	Return of Capital	 	43
	 	Section 8.5	Rights of Limited Partners Relating to the Partnership	 	43
	 	Section 8.6	Partnership Right to Call Limited Partner Interests	 	43
	

ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS	
 	

44
	 	Section 9.1	Records and Accounting	 	44
	 	Section 9.2	Partnership Year	 	44
	 	Section 9.3	Reports	 	44
	

ARTICLE 10 TAX MATTERS	
 	

45
	 	Section 10.1	Preparation of Tax Returns	 	45
	 	Section 10.2	Tax Elections	 	45
	 	Section 10.3	Tax Matters Partner	 	45
	 	Section 10.4	Withholding	 	46
	 	Section 10.5	Organizational Expenses	 	47
	

ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS	
 	

47
	 	Section 11.1	Transfer	 	47
	 	Section 11.2	Transfer of General Partner's Partnership Interest	 	48
	 	Section 11.3	Limited Partners' Rights to Transfer	 	48
	 	Section 11.4	Substituted Limited Partners	 	51
	 	Section 11.5	Assignees	 	52
	 	Section 11.6	General Provisions	 	52
	 	 	 	 

ii

 

	

ARTICLE 12 ADMISSION OF PARTNERS	
 	

53
	 	Section 12.1	Admission of Successor Managing General Partner and Additional General Partners	 	53
	 	Section 12.2	Admission of Additional Limited Partners	 	54
	 	Section 12.3	Amendment of Agreement and Certificate of Limited Partnership	 	54
	 	Section 12.4	Limit on Number of Partners	 	55
	 	Section 12.5	Admission	 	55
	

ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION	
 	

55
	 	Section 13.1	Dissolution	 	55
	 	Section 13.2	Winding Up	 	55
	 	Section 13.3	Deemed Contribution and Distribution	 	57
	 	Section 13.4	Rights of Holders	 	57
	 	Section 13.5	Notice of Dissolution	 	57
	 	Section 13.6	Cancellation of Certificate of Limited Partnership	 	57
	 	Section 13.7	Reasonable Time for Winding-Up	 	58
	

ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS	
 	

58
	 	Section 14.1	Procedures for Actions and Consents of Partners	 	58
	 	Section 14.2	Amendments	 	58
	 	Section 14.3	Meetings of the Partners	 	58
	

ARTICLE 15 GENERAL PROVISIONS	
 	

59
	 	Section 15.1	Redemption Rights of Qualifying Parties	 	59
	 	Section 15.2	Addresses and Notice	 	62
	 	Section 15.3	Titles and Captions	 	63
	 	Section 15.4	Pronouns and Plurals	 	63
	 	Section 15.5	Further Action	 	63
	 	Section 15.6	Binding Effect	 	63
	 	Section 15.7	Waiver	 	63
	 	Section 15.8	Counterparts	 	63
	 	Section 15.9	Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial	 	63
	 	Section 15.10	Entire Agreement	 	64
	 	Section 15.11	Invalidity of Provisions	 	64
	 	Section 15.12	Limitation to Preserve REIT Status	 	64
	 	Section 15.13	REIT Restrictions	 	65
	 	Section 15.14	No Partition	 	65
	 	Section 15.15	No Third-Party Rights Created Hereby	 	65
	 	Section 15.16	No Rights as Shareholders	 	66

iii

 

	Exhibits List
 
	 
	 	 

	Exhibit A	PARTNERS AND PARTNERSHIP UNITS	 	A-1
	

Exhibit B	

EXAMPLES REGARDING ADJUSTMENT FACTOR	
 	

B-1
	

Exhibit C	

LIST OF EXCLUDED PROPERTIES	
 	

C-1
	

Exhibit D	

NOTICE OF REDEMPTION	
 	

D-1

iv

AGREEMENT OF LIMITED PARTNERSHIP

OF DOUGLAS EMMETT PROPERTIES, LP  

        THIS AGREEMENT OF LIMITED PARTNERSHIP OF DOUGLAS EMMETT PROPERTIES, LP, dated as of [            ], 2006, is made and entered
into by
and among DOUGLAS EMMETT MANAGEMENT, INC., a Delaware corporation, DOUGLAS EMMETT, INC., a Maryland corporation, and any additional limited partner that is admitted from time to time to
the Partnership and listed on Exhibit A attached hereto. 

        WHEREAS,
a Certificate of Limited Partnership of the Partnership was filed in the office of the Secretary of State of the State of Delaware on July 25, 2005 (the
"Formation Date"); and 

        WHEREAS,
the Partners (as hereinafter defined) desire to enter into this Agreement (as hereinafter defined); 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1

DEFINED TERMS  

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

        "Act" means the Delaware Revised Uniform Limited Partnership Act, 6 Del.C. §
17-101 et. seq., as it may be amended from time to time, and any successor to such statute. 

        "Actions" has the meaning set forth in Section 7.7 hereof. 

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

        "Additional General Partner" means a Person who is admitted to the Partnership as a General Partner pursuant to Section 4.2 and
Section 12.1 hereof and who is shown as such on the books and records of the Partnership. 

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

        "Adjusted Available Cash" means, as of any date of determination, the sum of Available Cash and REIT Available Cash. 

        "Adjusted Capital Account Deficit" means, with respect to any Partner, the deficit balance, if any, in such Person's Capital Account as of
the end of the relevant Partnership Year, after giving effect to the following adjustments: 

        (i)    decrease
such deficit by any amounts that such Person is obligated to restore pursuant to this Agreement or by operation of law upon liquidation of such Partner's
Partnership Interest or that such Person is deemed to be obligated to restore pursuant to the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5); and 

        (ii)   increase
such deficit by the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

The
foregoing definition of "Adjusted Capital Account Deficit" is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. 

        "Adjustment Factor" means 1.0; provided, however, that in the event that: 

        (i)    the
Special Limited Partner (a) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its
outstanding REIT Shares in REIT Shares, 

 

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

        (ii)   the
Special Limited Partner distributes any rights, options or warrants to all holders of its REIT Shares to subscribe for or to purchase or to otherwise acquire REIT
Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares (other than REIT Shares issuable pursuant to a Qualified DRIP), at a price per share less than
the Value of a REIT Share on the record date for such distribution (each a "Distributed Right"), then the Adjustment Factor shall be adjusted by
multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date plus the maximum
number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number of REIT Shares issued and outstanding on the record date plus a fraction
(1) the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights times the minimum purchase price per REIT Share under such Distributed Rights and
(2) the denominator of which is the Value of a REIT Share as of the record date; provided, however, that, if any such Distributed Rights expire
or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced maximum number of REIT
Shares or any change in the minimum purchase price for the purposes of the above fraction; and 

        (iii)  the
Special Limited Partner shall, by dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including
securities, but excluding any dividend or distribution referred to in subsection (i) above), which evidences of indebtedness or assets relate to assets not received by the General Partner
and/or any Special Limited Partner pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the
amount determined by multiplying the Adjustment Factor in effect immediately prior to the close of business as of the record date by a fraction (a) the numerator of which shall be such Value of
a REIT Share as of the record date and (b) the denominator of which shall be the Value of a REIT Share as of the record date less the then fair market value (as determined by the Managing
General Partner, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one REIT Share. 

Any
adjustments to the Adjustment Factor shall become effective immediately after such event, retroactive to the record date, if any, for such event. For illustrative purposes, examples of adjustments
to the Adjustment Factor are set forth on Exhibit B attached hereto. 

        "Affiliate" means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under common control with
such Person. For the purposes of this definition, "control" when used with respect to any Person means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. 

        "Affiliated REIT" means the Special Limited Partner and any Affiliate of the Special Limited Partner that has elected to be taxed as a
REIT under the Code. 

2

 

        "Agreement" means this Limited Partnership Agreement of Douglas Emmett Properties, LP, as now or hereafter amended, restated, modified,
supplemented or replaced. 

        "Applicable Percentage" has the meaning set forth in Section 15.1.B hereof. 

        "Appraisal" means, with respect to any assets, the written opinion of an independent third party experienced in the valuation of similar
assets, selected by the Managing General Partner in good faith. Such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by the
Managing General Partner is fair, from a financial point of view, to the Partnership. 

        "Assignee" means a Person to whom one or more Partnership Common Units have been Transferred in a manner permitted under this Agreement,
but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 hereof. 

        "Available Cash" means, with respect to any period for which such calculation is being made, 

        (i)    the
sum, without duplication, of: 

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

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

        (3)   the
amount of any reduction in reserves of the Partnership referred to in clause (ii)(6) below (including, without limitation, reductions resulting because the
Managing General Partner determines such amounts are no longer necessary), 

        (4)   the
excess, if any, of the net cash proceeds from the sale, exchange, disposition, financing or refinancing of Partnership property for such period over the gain (or
loss, as the case may be) recognized from such sale, exchange, disposition, financing or refinancing during such period (excluding Terminating Capital Transactions), and 

        (5)   all
other cash received (including amounts previously accrued as Net Income and amounts of deferred income) or any net amounts borrowed by the Partnership for such
period that was not included in determining Net Income or Net Loss for such period; 

        (ii)   less
the sum, without duplication, of: 

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

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

        (3)   investments
in any entity (including loans made thereto) to the extent that such investments are not otherwise described in clause (ii)(1) or
clause (ii)(2) above, 

        (4)   all
other expenditures and payments not deducted in determining Net Income or Net Loss for such period (including amounts paid in respect of expenses previously
accrued), 

        (5)   any
amount included in determining Net Income or Net Loss for such period that was not received by the Partnership during such period, 

        (6)   the
amount of any increase in reserves (including, without limitation, working capital reserves) established during such period that the Managing General Partner
determines are necessary or appropriate in its sole and absolute discretion, 

        (7)   any
amount distributed or paid in redemption of any Limited Partner Interest or Partnership Units, including, without limitation, any Cash Amount paid, and 

3

 

        (8)   the
amount of any working capital accounts and other cash or similar balances which the Managing General Partner determines to be necessary or appropriate in its sole
and absolute discretion. 

Notwithstanding
the foregoing, Available Cash shall not include (a) any cash received or reductions in reserves, or take into account any disbursements made, or reserves established, after
dissolution and the commencement of the liquidation and winding up of the Partnership or (b) any Capital Contributions, whenever received or any payments, expenditures or investments made with
such Capital Contributions. 

        "Business Day" means any day except a Saturday, Sunday or other day on which commercial banks in The City of New York, New York or Los
Angeles, California are authorized by law to close. 

        "Capital Account" means, with respect to any Partner, the Capital Account maintained by the Managing General Partner for such Partner on
the Partnership's books and records in accordance with the following provisions: 

        (i)    To
each Partner's Capital Account, there shall be added such Partner's Capital Contributions, such Partner's distributive share of Net Income and any items in the nature
of income or gain that are specially allocated pursuant to Section 6.3 hereof, and the principal amount of any Partnership liabilities assumed by such Partner or that are secured by any
property distributed to such Partner. 

        (ii)   From
each Partner's Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any
provision of this Agreement, such Partner's distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to Section 6.3 hereof, and
the principal amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership. 

        (iii)  In
the event any interest in the Partnership is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Partner's Capital
Account of the transferor to the extent that it relates to the Transferred interest. 

        (iv)  In
determining the principal amount of any liability for purposes of subsections (i) and (ii) hereof, there shall be taken into account Code
Section 752(c) and any other applicable provisions of the Code and Regulations. 

        (v)   The
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations promulgated under Section 704 of the
Code, and shall be interpreted and applied in a manner consistent with such Regulations. If the Managing General Partner shall determine that it is prudent to modify the manner in which the Capital
Accounts are maintained in order to comply with such Regulations, the Managing General Partner may make such modification provided that such modification will not have any effect on the amounts
distributable to any Partner or the timing of any distribution to such Partner without such Person's consent. The Managing General Partner also shall (a) make any adjustments that are necessary
or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership's balance sheet, as computed for book purposes, in
accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (b) make any appropriate modifications in the event that unanticipated events might otherwise cause this
Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2; provided, however, that such
changes shall not reduce amounts otherwise distributable to the Partner as current cash distributions or as distributions on termination of the Partnership or affect the timing of any distribution to
the Partner. 

        "Capital Contribution" means, with respect to any Partner, the amount of money and the initial Gross Asset Value of any Contributed
Property, adjusted to the extent provided in the definition of 

4

 

"Capital
Account" above, that such Partner contributes to the Partnership pursuant to Section 4.1, 4.2, or 4.3 hereof or is deemed to contribute pursuant to Section 4.4 or 4.5 hereof; 

        "Capital Share" means a share of any capital stock of the Special Limited Partner now or hereafter authorized or reclassified other than
REIT Share. 

        "Cash Amount" means an amount of cash equal to the product of (i) the Value of a REIT Share and (ii) the REIT Shares Amount
determined as of the applicable Valuation Date. 

        "Certificate" means the Certificate of Limited Partnership of the Partnership filed in the office of the Secretary of State of the State
of Delaware, as amended from time to time in accordance with the terms hereof and the Act. 

        "Charity" means an entity described in Section 501(c)(3) of the Code or any trust all the beneficiaries of which are such entities. 

        "Charter" means the Certificate of Incorporation of the Special Limited Partner filed with the Secretary of State of the State of Maryland
on June 28, 2005, as amended, supplemented or restated from time to time. 

        "Closing Price" has the meaning set forth in the definition of "Value." 

        "Code" means the Internal Revenue Code of 1986, as amended and in effect from time to time or any successor statute thereto, as
interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future
law. 

        "Consent" means the consent to, approval of, or vote in favor of a proposed action by a Partner given in accordance with Article 14
hereof. 

        "Consent of the Partners" means the Consent of the General Partner and Consent of a Majority in Interest of the Partners, which Consent
shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by the General Partner or
the Limited Partners in their sole and absolute discretion; provided, however, that if any such action affects only certain classes or series of
Partnership Units, "Consent of the Partners" means the Consent of a Majority in Interest of the affected classes or series of Partnership Units. 

        "Consent of the Limited Partners" means the Consent of a Majority in Interest of the Limited Partners, which Consent shall be obtained
prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld each Limited Partner in its sole and absolute
discretion. 

        "Contributed Property" means each Property or other asset, in such form as may be permitted by the Act, but excluding cash, contributed or
deemed contributed to the Partnership (or deemed contributed by the Partnership to a "new" partnership pursuant to Code Section 708). 

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

5

 

Family
Members or Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company's capital and profits. 

        "Cut-Off Date" means the fifth (5th) Business Day after the Managing General Partner's receipt of a Notice of Redemption. 

        "Debt" means, as to any Person, as of any date of determination: (i) all indebtedness of such Person for borrowed money or for the
deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and
other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or
services secured by any lien on any property owned by such Person, to the extent attributable to such Person's interest in such property, even though such Person has not assumed or become liable for
the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted accounting principles, should be capitalized. 

        "Depreciation" means, for each Partnership Year or other applicable period, an amount equal to the Federal income tax depreciation,
amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for
Federal income tax purposes at the beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the Federal income tax
depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however,
that if the Federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation shall be determined with reference to such beginning Gross
Asset Value using any reasonable method selected by the Managing General Partner. 

        "Distributed Right" has the meaning set forth in the definition of "Adjustment Factor." 

        "ERISA" means the Employee Retirement Income Security Act of 1974, as amended. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

        "Excluded Property" means those assets listed on Exhibit C attached hereto, as  Exhibit C may, from time to time,
be amended by the Managing General Partner, together with any other asset now or hereafter held directly by the
Special Limited Partner or any wholly-owned Subsidiary of the Special Limited Partner (other than the stock of any wholly-owned Subsidiary and interests in the Partnership), in each case to the extent
such asset has not theretofore been contributed to the Partnership. 

        "Family Members" means, as to a Person that is an individual, such Person's spouse, ancestors, descendants (whether by blood or by
adoption or step-descendants by marriage), brothers and sisters, nieces and nephews and inter vivos or testamentary trusts of which only
such Person and his or her spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters and nieces and nephews are beneficiaries. 

        "Formation Date" has the meaning set forth in the Recitals hereof. 

        "Fourteen-Month Period" means (a) as to an Original Limited Partner or any successor-in-interest that is a
Qualifying Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of the date of this Agreement or on the day before a subsequent anniversary thereof and
(b) as to any other Qualifying Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of such Qualifying Party's first becoming a Holder of Partnership
Common Units, or on the day before a subsequent anniversary thereof; provided, however, that the Managing General Partner may, in its sole and absolute
discretion, by written agreement with a Qualifying Party, shorten or lengthen the first Fourteen-Month Period to a period of shorter or longer than fourteen 

6

 

(14) months
with respect to a Qualifying Party other than an Original Limited Partner or successor-in-interest. 

        "Funding Debt" means any Debt incurred by or on behalf of the General Partner or the Special Limited Partner for the purpose of providing
funds to the Partnership. 

        "General Partner" means the Managing General Partner, and its successors and assigns, in its capacity as a general partner of the
Partnership and any Additional General Partner. 

        "General Partner Interest" means the Partnership Interest held by a General Partner hereof, which Partnership Interest is an interest as a
general partner under the Act. A General Partner Interest may be expressed as a number of Partnership Common Units, Partnership Preferred Units or any other Partnership Units. 

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

        "Gross Asset Value" means, with respect to any asset, the asset's adjusted basis for Federal income tax purposes, except as follows: 

        (a)   The
initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset as determined by the Managing
General Partner and agreed to by the contributing Person. 

        (b)   The
Gross Asset Values of all Partnership assets immediately prior to the occurrence of any event described in clause (i), clause (ii),
clause (iii), clause (iv) or clause (v) hereof shall be adjusted to equal their respective gross fair market values, as determined by the Managing General Partner using such
reasonable method of valuation as it may adopt, as of the following times: 

        (i)    the
acquisition of an additional interest in the Partnership (other than in connection with the execution of this Agreement but including, without limitation,
acquisitions pursuant to Section 4.2 hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.2 hereof) by a new or existing Partner in exchange for
more than a de minimis Capital Contribution, if the Managing General Partner reasonably determines that such adjustment is necessary or appropriate to
reflect the relative economic interests of the Partners in the Partnership; 

        (ii)   the
distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as
consideration for an interest in the Partnership if the Managing General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of
the Partners in the Partnership; 

        (iii)  the
liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

        (iv)  upon
the admission of a successor Managing General Partner pursuant to Section 12.1 hereof; and 

        (v)   at
such other times as the Managing General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b)
and 1.704-2. 

        (c)   The
Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such asset on the date of distribution as determined by
the distributee and the Managing General Partner; provided, however, that if the distributee is the Managing General Partner or if the distributee and
the Managing General Partner cannot agree on such a determination, such gross fair market value shall be determined by Appraisal. 

        (d)   The
Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code
Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining 

7

 

Capital
Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be
adjusted pursuant to this subsection (d) to the extent that the Managing General Partner reasonably determines that an adjustment pursuant to subsection (b) above is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 

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

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

        "Incapacity" or "Incapacitated" means: (i) as to any Partner who is an individual,
death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner
that is a corporation or limited liability company, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Partner
that is a partnership, the dissolution and commencement of winding up of the partnership; (iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate's entire
interest in the Partnership; (v) as to any trustee of a trust that is a Partner, the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the
bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation,
reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent,
or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and
delivers a general assignment for the benefit of the Partner's creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee,
receiver or liquidator for the Partner or for all or any substantial part of the Partner's properties, (f) any proceeding seeking liquidation, reorganization or other relief under any
bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment
without the Partner's consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment
referred to in clause (g) above is not vacated within ninety (90) days after the expiration of any such stay. 

        "Indemnitee" means (i) any Person made a party to a proceeding by reason of its status as (a) the General Partner or the
Special Limited Partner or (b) a director or member of the General Partner or the Special Limited Partner or an officer or employee of the Partnership, the Special Limited Partner or the
General Partner and (ii) such other Persons (including Affiliates of the General Partner, the Special Limited Partner or the Partnership) as the Managing General Partner may designate from time
to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

        "IRS" means the United States Internal Revenue Service. 

        "Legal Requirements" has the meaning set forth in Section 7.3.C hereof. 

        "Limited Partner" means the Special Limited Partner and any Additional Limited partner that is admitted from time to time to the
Partnership and is listed on Exhibit A attached hereto, as such Exhibit A may be amended
from time to time, and any Substituted Limited Partner or Additional 

8

 

Limited
Partner, each shown as such in the books and records of the Partnership, in such Person's capacity as a limited partner of the Partnership. 

        "Limited Partner Interest" means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the
Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all
obligations of such Person to comply with the terms and provisions of this
Agreement. A Limited Partner Interest may be expressed as a number of Partnership Common Units, Partnership Preferred Units or other Partnership Units. 

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

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

        "Majority in Interest of the Partners" means Partners holding in the aggregate Percentage Interests that are greater than fifty percent
(50%) of the aggregate Percentage Interests of all Partners entitled to Consent to or withhold Consent from a proposed action. 

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

        "Managing General Partner" means Douglas Emmett Management, Inc., a Delaware corporation, and its successors and assigns, as the
managing general partner of the Partnership in their capacities as managing general partner of the Partnership. 

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

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

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

        (b)   Any
expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations
Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of
"Net Income" or "Net Loss," shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 

        (c)   In
the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection (c) of the definition of "Gross Asset
Value," the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

        (d)   Gain
or loss resulting from any disposition of property with respect to which gain or loss is recognized for Federal income tax purposes shall be computed by reference
to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

9

 

        (e)   In
lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be taken into account in computing such taxable income or loss, there
shall be taken into account Depreciation for such Partnership Year; 

        (f)    To
the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required
pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a
Partner's interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the
basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

        (g)   Notwithstanding
any other provision of this definition of "Net Income" or "Net Loss," any item that is specially allocated pursuant to Section 6.3 hereof shall
not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated pursuant to
Section 6.3 hereof shall be determined by applying rules analogous to those set forth in this definition of "Net Income" or "Net Loss." 

        "New Securities" means (i) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe
for or purchase REIT Shares or Preferred Shares, excluding grants under the Stock Option Plans, or (ii) any Debt issued by the Special Limited Partner that provides any of the rights described
in clause (i). 

        "Nonrecourse Deductions" has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse
Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

        "Nonrecourse Liability" has the meaning set forth in Regulations Section 1.752-1(a)(2). 

        "Notice of Redemption" means the Notice of Redemption substantially in the form of Exhibit D attached to this Agreement. 

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

        "Original Limited Partners" means the Persons listed as the Limited Partners on Exhibit A originally attached to this Agreement,
without regard to any amendment thereto, and does not include any Assignee or other transferee, including, without limitation, any Substituted Limited Partner succeeding to all or any part of the
Partnership Interest of any such Person. 

        "Ownership Limit" means the applicable restriction or restrictions on ownership of shares of the Special Limited Partner imposed under the
Charter. 

        "Partner" means the General Partner or a Limited Partner, and "Partners" means the General
Partner and the Limited Partners. 

        "Partner Minimum Gain" means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would
result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

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

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

10

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

        "Partnership Common Unit" means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.1
and 4.2 hereof, but does not include any Partnership Preferred Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than a Partnership Common Unit;  provided, however, that the General Partner Interest and the Limited Partner Interests shall have the differences in rights and privileges as specified
in this Agreement. 

        "Partnership Employee" means an employee of the Partnership or an employee of a Subsidiary of the Partnership, if any, acting in such
capacity. 

        "Partnership Interest" means an ownership interest in the Partnership held by either a Limited Partner or a General Partner and includes
any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and
provisions of this Agreement. A Partnership Interest may be expressed as a number of Partnership Common Units, Partnership Preferred Units or other Partnership Units. 

        "Partnership Minimum Gain" has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of
Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d). 

        "Partnership Preferred Unit" means a fractional, undivided share of the Partnership Interests that the Managing General Partner has
authorized pursuant to Section 4.1 or Section 4.2 or Section 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or
prior to the Partnership Common Units. 

        "Partnership Record Date" means the record date established by the Managing General Partner for the distribution of Available Cash
pursuant to Section 5.1 hereof, which record date shall generally be the same as the record date established by the Special Limited Partner for a distribution to its shareholders of some or all
of its portion of such distribution. 

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

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

        "Partnership Year" means the fiscal year of the Partnership, which shall be the calendar year. 

        "Percentage Interest" means, as to each Partner, its interest in the Partnership Units, as determined by dividing the Partnership Units
owned by such Partner by the aggregate number of Partnership Units then outstanding. 

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

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

        "Person" means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or
other entity. 

        "Pledge" has the meaning set forth in Section 11.3.A hereof. 

11

 

        "Preferred Share" means a share of capital stock of the Special Limited Partner now or hereafter authorized or reclassified that has
dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares. 

        "Properties" means any assets and property of the Partnership such as, but not limited to, interests in real property and personal
property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in
mortgages, and Debt instruments as the Partnership may hold from time to time and "Property" means any one such asset or property. 

        "Publicly Traded" means having common equity securities listed or admitted to trading on any U.S. national securities exchange or the
NASDAQ Stock Market's National Market System. 

        "Qualified DRIP" means a dividend reinvestment plan of the Special Limited Partner that permits participants to acquire REIT Shares using
the proceeds of dividends paid by the Special Limited Partner; provided, however, that if such shares are offered at a discount, such discount must
(i) be designed to pass along to the shareholders of the Special Limited Partner the savings enjoyed by the Special Limited Partner in connection with the avoidance of stock issuance costs, and
(ii) not exceed 5% of the value of a REIT Share as computed under the terms of such dividend reinvestment plan. 

        "Qualified Transferee" means an "accredited investor" as defined in Rule 501 promulgated under the Securities Act. 

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

        "Redemption" has the meaning set forth in Section 15.1.A hereof. 

        "Regulations" means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final form, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

        "Regulatory Allocations" has the meaning set forth in Section 6.3.B(viii) hereof. 

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

        "REIT Available Cash" means, as of any date of determination, all amounts which would be available for distribution to the holders of REIT
Shares (calculated in a manner substantially similar to the manner in which the Partnership calculates Available Cash and without regard to any distributions from or allocations by the Partnership to
be made, or which have been made, to the Managing General Partner and the Special Limited Partner hereunder and without regard to any restriction on distribution imposed on the Managing General
Partner by any third party). 

        "REIT Partner" means (a) the Special Limited Partner or any Affiliate of the Special Limited Partner to the extent such person has
in place an election to qualify as a REIT and, (b) any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)) of any such person. 

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

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

        "REIT Share" means a share of common stock of the Special Limited Partner, par value $.01 per share (but shall not include any additional
series or class of the Special Limited Partner's common stock created after the date of this Agreement). 

12

 

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

        "Related Party" means, with respect to any Person, any other Person whose ownership of shares of the Special Limited Partner's capital
stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 

        "Rights" has the meaning set forth in the definition of "REIT Shares Amount." 

        "SEC" means the Securities and Exchange Commission. 

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

        "Special Limited Partner" means Douglas Emmett, Inc., a Maryland corporation. 

        "Special Limited Partner Affiliate" means any other Limited Partners, from time to time, that are Affiliates of Douglas
Emmett, Inc., each of which shall be designated as a "Special Limited Partner Affiliate" on Exhibit A attached hereto, as amended from
time to time, and shown as such in the books and records of the Partnership. 

        "Special Redemption" has the meaning set forth in Section 15.1.A hereof. 

        "Specified Partnership Units" means, (i) with respect to each Excluded Property that is listed on  Exhibit C as of the date hereof, the number of Partnership
Common Units and/or Partnership Preferred Units (as the case may be) set forth
opposite such Excluded Property on Exhibit C, and (ii) with respect to each Excluded Property that is added to  Exhibit C from and after the
date hereof, the amount of Partnership Common Units and/or Partnership Preferred Units (as the case may be) which
would have been issued to the Special Limited Partner, pursuant to Section 4.3.B and 4.2 hereof, if the Special Limited Partner had contributed such Excluded Property on the later to occur of
(a) the date of issuance of any Partnership Unit to any Person that is not an Affiliate of the Special Limited Partner and (b) the date that such asset was acquired by the Special
Limited Partner or a wholly-owned Subsidiary of the Special Limited Partner, in exchange for Partnership Units equal in value to the fair market value of such Excluded Property as of such date. 

        "Specified Redemption Date" means the tenth (10th) Business Day after the receipt by the Managing General Partner of a
Notice of Redemption; provided, however, that no Specified Redemption Date shall occur during the first Fourteen-Month Period (except pursuant to a
Special Redemption). 

        "Stock Option Plans" means any stock option plan now or hereafter adopted by the Partnership or the Special Limited Partner. 

        "Subsidiary" means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the
voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person; provided, however, that, with
respect to the Partnership, "Subsidiary" means solely a partnership or limited liability company (taxed, for Federal income tax purposes, as a
partnership and not as an association or publicly traded partnership taxable as a 

13

 

corporation,
including without limitation single member limited liability companies) of which the Partnership is a member or any "taxable REIT subsidiary" in which the Partnership owns shares of
stock, unless the Managing General Partner has received an unqualified opinion from independent counsel of recognized standing, or a ruling from the IRS, that the ownership of shares of stock of a
corporation or other entity (other than a "taxable REIT subsidiary") will not jeopardize the Special Limited Partner's status as a REIT or any Special Limited Partner Affiliate's status as a
"qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)), in which event the term "Subsidiary" shall include the corporation or
other entity which is the subject of such opinion or ruling. 

        "Substituted Limited Partner" means a Person who is admitted as a Limited Partner to the Partnership pursuant to
(i) Section 11.4 hereof or (ii) pursuant to any designation or similar document or instrument providing for the creation of a new class or series of Limited Partner Interests. 

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

        "Tendered Units" has the meaning set forth in Section 15.1.A hereof. 

        "Tendering Party" has the meaning set forth in Section 15.1.A hereof. 

        "Terminating Capital Transaction" means any sale or other disposition of all or substantially all of the assets of the Partnership or a
related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 

        "Transfer" means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), Pledge, encumbrance, hypothecation,
mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary, involuntary or by operation of law; provided, however, that
when the term is used in Article 11 hereof, "Transfer" does not include (a) any Redemption of Partnership Common Units by the Partnership,
or acquisition of Tendered Units by the Special Limited Partner, pursuant to Section 15.1 hereof or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation.
The terms "Transferred" and "Transferring" have correlative meanings. 

        "Valuation Date" means the date of receipt by the Managing General Partner of a Notice of Redemption pursuant to Section 15.1
herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day. 

        "Value" means, on any Valuation Date with respect to a REIT Share, the average of the daily Market Prices for ten (10) consecutive
trading days immediately preceding the Valuation Date (except that, as provided in Section 4.4.C. hereof, the Market Price for the trading day immediately preceding the date of exercise of a
stock option under any Stock Option Plans shall be substituted for such average of daily market prices for purposes of Section 4.4 hereof). The term "Market
Price" on any date means, with respect to any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The
"Closing Price" on any date means the last sale price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the average
of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction
reporting system with respect to securities listed on the principal national securities exchange on which such REIT Shares are listed or admitted to trading or, if such REIT Shares are not listed or
admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system
that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in
such REIT Shares selected by the Board of Directors of the Special Limited 

14

 

Partner
or, in the event that no trading price is available for such REIT Shares, the fair market value of the REIT Shares, as determined in good faith by the Board of Directors of the Special Limited
Partner. 

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

ARTICLE 2

ORGANIZATIONAL MATTERS  

        Section
2.1    Formation.    The Partnership is a limited partnership heretofore formed and continued pursuant to the
provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and
the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 

        Section
2.2    Name.    The name of the Partnership is "Douglas Emmett Properties, LP" The Partnership's business may
be conducted under any other name or names deemed advisable by the Managing General Partner, including the name of the Managing General Partner or any Affiliate thereof. The words "Limited
Partnership," "L.P.," "Ltd." or similar words or letters shall be included in the Partnership's name where necessary for the purposes of complying with the laws of any jurisdiction that so requires.
The Managing General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next
regular communication to the Partners. 

        Section
2.3    Registered Office and Agent; Principal Office.    The address of the registered office of the
Partnership in the State of Delaware is located at Corporation Service Company, 2711 Centerville Road, Suite 400, City of Wilmington, Delaware 19808 and the registered agent for service of process on
the Partnership in the State of Delaware at such registered office is Corporation Service Company, 2711 Centerville Road, Suite 400, City of Wilmington, Delaware 19808. The principal office of the
Partnership is located at 808 Wilshire Boulevard, Suite 200, Santa Monica, California 90401 or such other place as the Managing General Partner may from time to time designate by notice to the Limited
Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the Managing General Partner deems advisable. 

        Section
2.4    Power of Attorney.    

        A.    Each
Limited Partner and Assignee hereby irrevocably constitutes and appoints the Managing General Partner, any Liquidator, and authorized officers and
attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and
attorney-in-fact, with full power and authority in its name, place and stead to: 

        (1)   execute,
swear to, seal, acknowledge, deliver, file and record in the appropriate public offices: (a) all certificates, documents and other instruments
(including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the Managing General Partner or the Liquidator deems appropriate or
necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent
provided by applicable law) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the Managing General
Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and
other instruments or documents 

15

 

that
the Managing General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including,
without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the Managing General Partner or the Liquidator deems appropriate or necessary to
reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or
substitution of any Partner pursuant to the terms of this Agreement or the Capital Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the
determination of the rights, preferences and privileges relating to Partnership Interests; and 

        (2)   execute,
swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute
discretion of the Managing General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners
hereunder or is consistent with the terms of this Agreement. 

Nothing
contained herein shall be construed as authorizing the Managing General Partner or any Liquidator to amend this Agreement except in accordance with Section 14.2 hereof or as may be
otherwise expressly provided for in this Agreement. 

        B.    The
foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Limited
Partners and Assignees will be relying upon the power of the Managing General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the
Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Person's Partnership Units or
Partnership Interest (as the case may be) and shall extend to such Person's heirs, successors, assigns and personal representatives. Each such Limited Partner and Assignee hereby agrees to be bound by
any representation made by the Managing General Partner or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner and Assignee hereby waives any and all
defenses that may be available to contest, negate or disaffirm the action of the Managing General Partner or the Liquidator, taken in good faith under such power of attorney. Each Limited Partner and
Assignee shall execute and deliver to the Managing General Partner or the Liquidator, within fifteen (15) days after receipt of the Managing General Partner's or the Liquidator's request
therefor, such further designation, powers of attorney and other instruments as the Managing General Partner or the Liquidator (as the case may be) deems necessary to effectuate this Agreement and the
purposes of the Partnership. Notwithstanding anything else set forth in this Section 2.4.B, no Limited Partner shall incur any personal liability for any action of the Managing General Partner
or the Liquidator taken under such power of attorney. 

        Section
2.5    Term.    The term of the Partnership commenced on July 25, 2005, the date that the original
Certificate was filed in the office of the Secretary of State of Delaware in accordance with the Act, and shall continue indefinitely unless the Partnership is dissolved sooner pursuant to the
provisions of Article 13 hereof or as otherwise provided by law. 

ARTICLE 3

PURPOSE  

        Section
3.1    Purpose and Business.    The purpose and nature of the Partnership is to conduct any business,
enterprise or activity permitted by or under the Act, including, without limitation, (i) to conduct the business of ownership, construction, reconstruction, development, redevelopment,
alteration, improvement, maintenance, operation, sale, leasing, transfer, encumbrance, conveyance and exchange of the Properties, (ii) to acquire and invest in any securities and/or loans
relating to the Properties, (iii) to enter into any partnership, joint venture, business trust arrangement, limited liability 

16

 

company
or other similar arrangement to engage in any business permitted by or under the Act, or to own interests in any entity engaged in any business permitted by or under the Act, (iv) to
conduct the business of providing property and asset management and brokerage services, whether directly or through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited
liability companies or similar arrangements, and (v) to do anything necessary or incidental to the foregoing; provided, however, that such
business and arrangements and interests shall be limited to and conducted in such a manner (a) as to permit the Special Limited Partner, in the sole and absolute discretion of the Special
Limited Partner, at all times to be classified as a REIT and to avoid paying taxes under Code Sections 857 or 4981 and (b) as will comply in all material respects with the covenants, conditions
and restrictions now or hereafter placed upon or adopted by the Special Limited Partner pursuant to any agreement of the Special Limited Partner or applicable laws and regulations. The Partnership
shall have all powers necessary or desirable to accomplish the purposes set forth above. In connection with the foregoing, the Partnership shall have full power and authority to enter into, perform
and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or
indirectly, to acquire and construct additional Properties necessary, useful or desirable in connection with its business. 

        Section
3.2    Powers.    

        A.    The
Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and
accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership. 

        B.    Notwithstanding
any other provision in this Agreement, the General Partner shall cause the Partnership not to take, or to refrain from taking, any action that, in the
judgment of the Managing General Partner, in its sole and absolute discretion, (i) could adversely affect the ability of the Special Limited Partner to continue to qualify as a REIT,
(ii) could subject the Special Limited Partner to any taxes under Code Section 857 or Code Section 4981 or any other related or successor provision under the Code,
(iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the Special Limited Partner, its securities or the Partnership or (iv) could violate
in any material respect any of the covenants, conditions or restrictions now or hereafter placed upon or adopted by the Special Limited Partner pursuant to any agreement of the Special Limited Partner
or applicable laws and regulations, unless, in any such case, such action (or inaction) under clause (i), clause (ii), clause (iii) or clause (iv) above shall have been
specifically consented to by the Special Limited Partner. 

        Section
3.3    Partnership Only for Purposes Specified.    The Partnership shall be a limited partnership only for the
purposes specified in Section 3.1 hereof, and this Agreement shall not be deemed to create a company, venture or partnership between or among the Partners or any other Persons with respect to
any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Partner shall
have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under
this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any
Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant
to and as limited by the terms of this Agreement and the Act. 

        Section
3.4    Representations and Warranties by the Partners.    

        A.    Each
Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional
Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that 

17

 

(i) the
consummation of the transactions contemplated by this Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any material agreement
by which such Partner or any of such Partner's property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) such Partner does not, and for so long as
it is Partner will not, own, directly or indirectly, (a) five percent (5%) or more of the total combined voting power of all classes of stock entitled to vote, or five percent (5%) or more of
the total number of shares of all classes of stock, of any corporation that is a tenant of either (I) the Special Limited Partner or any "qualified REIT subsidiary" (within the meaning of Code
Section 856(i)(2)), (II) the Partnership or (III) any partnership, venture or limited liability company of which the Special Limited Partner, any "qualified REIT subsidiary"
(within the meaning of Code Section 856(i)(2)), with respect to the Special Limited Partner, or the Partnership is a member or (b) an interest of five percent (5%) or more in the assets
or net profits of any tenant of either (I) the Special Limited Partner or any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)), (II) the Partnership or
(III) any partnership, venture, or limited liability company of which the Special Limited Partner, any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)), with
respect to the Special Limited Partner, or the Partnership is a member, (iii) such Partner has the legal capacity to enter into this Agreement and perform such Partner's obligations hereunder,
and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. Notwithstanding the foregoing, each Partner that is an individual may exceed any of
the five percent (5%) limits set forth in clause (ii) of the immediately preceding sentence; provided, however, that the Partner obtains the
written consent of the Managing General Partner prior to exceeding any such limits, which consent the Managing General Partner may give or withhold in its sole and absolute discretion; and  provided, further, that in no event shall the Partner own, directly or indirectly, more than ten percent (10%) of the stock described in
clause (ii) (a) of the immediately preceding sentence or more than ten percent (10%) of the assets or net profits described in clause (ii) (b) of the immediately preceding
sentence. Each Partner that is an individual shall also represent and warrant to the Partnership whether such Partner is a "foreign person" within the meaning of Code Section 1445(f) or a
foreign partner within the meaning of Section 1446(e). 

        B.    Each
Partner that is not an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an
Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) all transactions contemplated by this Agreement to be
performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s), committee(s), trustee(s), beneficiaries, directors and/or
shareholder(s) (as the case may be) as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its partnership or operating
agreement, trust agreement, charter or bylaws (as the case may be) any material agreement by which such Partner or any of such Partner's properties or any of its partners, members, beneficiaries,
trustees or shareholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, members, trustees, beneficiaries or
shareholders (as the case may be) is or are subject, (iii) such Partner does not, and for so long as it is a Partner will not, own, directly or indirectly, (a) five percent (5%) or more
of the total combined voting power of all classes of stock entitled to vote, or five percent (5%) or more of the total number of shares of all classes of stock, of any corporation that is a tenant of
either (I) the Special Limited Partner or any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)), with respect to the Special Limited Partner, (II) the
Partnership or (III) any partnership, venture or limited liability company of which the Special Limited Partner, any Special Limited Partner, any "qualified REIT subsidiary" (within the meaning
of Code Section 856(i)(2)), with respect to the Special Limited Partner, or the Partnership is a member or (b) an interest of five percent (5%) or more in the assets or net profits of
any tenant of either (I) the Special Limited Partner, or any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)) with respect to the Special Limited Partner,
(II) the Partnership or 

18

 

(III) any
partnership, venture or limited liability company for which the Special Limited Partner, any Special Limited Partner, any "qualified REIT subsidiary" (within the meaning of Code
Section 856(i)(2)), with respect to the Special Limited Partner, or the Partnership is a member, and (iv) this Agreement is binding upon, and enforceable against, such Partner in
accordance with its terms. Notwithstanding the foregoing, each Partner that is not an individual may exceed any of the five percent (5%) limits set forth in clause (iii) of the immediately
preceding sentence; provided, however, that the Partner obtains the written consent of the Managing General Partner prior to exceeding any such limits,
which consent the Managing General Partner may give or withhold in its sole and absolute discretion; and provided, further, that in no event shall the
Partner own, directly or indirectly, more than ten percent (10%) of the stock described in clause (iii) (a) of the immediately preceding sentence or more than ten percent (10%) of the
assets or net profits described in clause (iii) (b) of the immediately preceding sentence. Each Partner that is not an individual shall also represent and warrant to the Partnership
whether such Partner is a "foreign person" within the meaning of Code Section 1445(f) or a foreign partner within the meaning of Section 1446(e). 

        C.    Each
Partner (including, without limitation, each Substituted Limited Partner as a condition to becoming a Substituted Limited Partner) represents, warrants and agrees
that it has acquired and continues to hold its interest in the Partnership for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or
distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under
any predetermined circumstances in violation of applicable laws. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated
financial matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the
Partnership in what it understands to be a highly speculative and illiquid investment. 

        D.    The
representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C hereof shall survive the execution and delivery of this Agreement by each Partner (and, in
the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and
the dissolution, liquidation and termination of the Partnership. 

        E.    Each
Partner (including, without limitation, each Substituted Limited Partner as a condition to becoming a Substituted Limited Partner) hereby acknowledges that no
representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by any Partner or any employee or
representative or Affiliate of any Partner, and that projections and any other information, including, without limitation, financial and descriptive information and documentation, that may have been
in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

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

19

 

ARTICLE 4

CAPITAL CONTRIBUTIONS  

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

        Section
4.2    Issuances of Additional Partnership Interests.    

        A.    General.    The Managing General Partner is hereby authorized to cause the Partnership to issue additional
Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner and the Special Limited Partner)
or to other Persons, and to admit such Persons as Additional Limited Partners or as General Partners, for such consideration and on such terms and conditions as shall be established by the Managing
General Partner in its sole and absolute discretion, all without the approval of any Limited Partner or any other Person. Without limiting the foregoing, the Managing General Partner is expressly
authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any Debt, Partnership Units, or other securities issued by the Partnership,
(ii) for less than fair market value, so long as the Managing General Partner concludes in good faith that such issuance is in the best interests of the Managing General Partner and the
Partnership, and (iii) in connection with any merger of any other Person into the Partnership if the applicable merger agreement provides that Persons are to receive Partnership Units in
exchange for their interests in the Person merging into the Partnership. Any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with
such designations, preferences and relative, participating, optional or other special rights, powers and duties (including, without limitation, rights, powers and duties that may be senior or
otherwise entitled to preference over existing Partnership Units) as shall be determined by the Managing General Partner, in its sole and absolute discretion without the approval of any Limited
Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and shall be
incorporated herein by this reference (each, a "Partnership Unit Designation"), including, in the event of the admission of an Additional General
Partner, such rights, duties and obligations for such General Partner hereunder as the Managing General Partner shall assign, delegate or permit such Additional General Partner to exercise hereunder,
in the sole and absolute discretion of the Managing General Partner, without the approval of any Limited Partner or any other Person. Without limiting the generality of the foregoing, the Managing
General Partner shall have authority to specify: (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests;
(b) the right of each such class or series of Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership
distributions; (c) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class
or series of Partnership Interests; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership Interests. Upon the issuance of any additional
Partnership Interest, the Managing General Partner shall amend Exhibit A and the books and records of the Partnership as appropriate to reflect
such issuance. 

20

 

        B.    Issuances of Performance Units.    Without limiting the generality of the foregoing, the Managing General
Partner is hereby authorized to create one or more classes or series of additional Partnership Interests, in the form of Partnership Units (each such class or series of Partnership Interests is
referred to as "Performance Units"), for issuance at any time or from time to time to directors, officers or employees of the Special Limited Partner or
any Affiliate of the foregoing, and to admit such Persons as Additional Limited Partners or General Partners, for such consideration and on such terms and conditions as shall be established by the
Managing General Partner, all without approval of any Limited Partner or any other Person. The Managing General Partner shall determine, in its sole and absolute discretion without the approval of any
Limited Partner or any other Person, and set forth in a Partnership Unit Designation, the designations, preferences and relative, participating, option or other special rights, powers and duties with
respect to any class or series of Performance Units(including, without limitation, the extent to which the value or number of each such class or series of Performance
Units is subject to adjustment based on the financial performance of the Special Limited Partner). Upon the issuance of any class or series of Performance Units, the Managing General Partner shall
amend the Partnership Agreement, including Exhibit A and the books and records of the Partnership as appropriate to reflect such issuance. 

        C.    Issuances to the General Partner or Special Limited Partner.    No additional Partnership Units shall be issued
to the General Partner or the Special Limited Partner unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests,
(ii) (a) the additional Partnership Units are (x) Partnership Common Units issued in connection with an issuance of REIT Shares, or (y) Partnership Units (other than
Partnership Common Units) issued in connection with an issuance of Preferred Shares, New Securities or other interests in the Special Limited Partner (other than REIT Shares), which Preferred Shares,
New Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and
provisions of the additional Partnership Units issued to the General Partner, and (b) the General Partner or the Special Limited Partner (as the case may be) contributes to the Partnership the
cash proceeds or other consideration received in connection with the issuance of such REIT Shares, Preferred Shares, New Securities or other interests in the Special Limited Partner, (iii) the
additional Partnership Units are issued upon the conversion, redemption or exchange of Debt, Partnership Units or other securities issued by the Partnership, or (iv) the additional Partnership
Units are issued pursuant to Section 4.3.B, Section 4.3.E, Section 4.4, Section 4.5 or Section 4.9. 

21

  

        D.    No Preemptive Rights.    No Person, including, without limitation, any Partner or Assignee, shall have any
preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

        Section
4.3    Additional Funds and Capital Contributions.    

        A.    General.    The Managing General Partner may, at any time and from time to time, determine that the Partnership
requires additional funds ("Additional Funds") for the acquisition or development of additional Properties, for the redemption of Partnership Units or
for such other purposes as the Managing General Partner may determine, in its sole and absolute discretion. Additional Funds may be obtained by the Partnership, at the election of the Managing General
Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval of any Limited Partner or any other Person. 

        B.    Additional Capital Contributions.    The Managing General Partner, on behalf of the Partnership, may obtain any
Additional Funds by accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the Managing General Partner is hereby
authorized to cause the Partnership from time to time to issue additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the
General Partner, the Limited Partners shall be adjusted to reflect the issuance of such additional Partnership Units. 

        C.    Loans by Third Parties.    The Managing General Partner, on behalf of the Partnership, may obtain any Additional
Funds by causing the Partnership to incur Debt to any Person (other than the Managing General Partner or the Special Limited Partner) upon such terms as the Managing General Partner determines
appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership Units; provided, however, that the Partnership shall not
incur any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees). 

        D.    General Partner and Special Limited Partner Loans.    The Managing General Partner, on behalf of the
Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt to the General Partner and/or the Special Limited Partner (each, a "General Partner
Loan") if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion,
redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner or the Special Limited Partner, as applicable, the net proceeds of which are loaned to the Partnership to
provide such Additional Funds, or (ii) such Debt is on terms and
conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership
shall not incur any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees). 

        E.    Issuance of Securities by the Special Limited Partner.    The Special Limited Partner shall not issue any
additional REIT Shares, Capital Shares or New Securities unless the Special Limited Partner contributes the cash proceeds or other consideration received from the issuance of such additional REIT
Shares, Capital Shares or New Securities (as the case may be) and from the exercise of the rights contained in any such additional New Securities to the Partnership in exchange for (x) in the
case of an issuance of REIT Shares, Partnership Common Units, or (y) in the case of an issuance of Capital Shares or New Securities, Partnership Units with designations, preferences and other
rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Capital Shares or New Securities;  provided, however, that
notwithstanding the foregoing, the Special Limited Partner may issue REIT Shares, Capital Shares or New Securities
(a) pursuant to Section 4.4 or Section 15.1.B hereof, (b) pursuant to a dividend or distribution (including any stock split) of REIT Shares, 

22

 

Capital
Shares or New Securities to all of the holders of REIT Shares, Capital Shares or New Securities (as the case may be), (c) upon a conversion, redemption or exchange of Capital Shares,
(d) upon a conversion, redemption, exchange or exercise of New Securities, or (e) in connection with an acquisition of a property or other asset to be owned, directly or indirectly, by
the Special Limited Partner if the Managing General Partner determines that such acquisition is in the best interests of the Partnership. In the event of any issuance of additional REIT Shares,
Capital Shares or New Securities by the Special Limited Partner, and the contribution to the Partnership, by the Special Limited Partner, of the cash proceeds or other consideration received from such
issuance, if the cash proceeds actually received by the Special Limited Partner are less than the gross proceeds of such issuance as a result of any underwriter's discount or other expenses paid or
incurred in connection with such issuance, then the Special Limited Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount equal to the sum of the cash proceeds
of such issuance plus the amount of such underwriter's discount and other expenses paid by the Special Limited Partner (which discount and expense shall be treated as an expense for the benefit of the
Partnership for purposes of Section 7.4) 

        Section
4.4    Stock Option Plans.    

        A.    Options Granted to Persons other than Partnership Employees.    If at any time or from time to time, in
connection with any Stock Option Plan, a stock option granted for stock in the Special Limited Partner to a Person other than a Partnership Employee is duly exercised: 

        (1)   The
Special Limited Partner, shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price
paid to the Special Limited Partner by such exercising party in connection with the exercise of such stock option. 

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

        (3)   An
equitable Percentage Interest adjustment shall be made in which the Special Limited Partner shall be treated as having made a cash contribution equal to the amount
described in Section 4.4.A(2) hereof. 

        B.    Options Granted to Partnership Employees.    If at any time or from time to time, in connection with any Stock
Option Plan, a stock option granted for stock in the Special Limited Partner to a Partnership Employee is duly exercised: 

        (1)   The
Special Limited Partner shall sell to the Partnership, and the Partnership shall purchase from the Special Limited Partner, the number of REIT Shares as to which
such stock option is being exercised. The purchase price per REIT Share for such sale of REIT Shares to the Partnership shall be the Value of a REIT Share as of the date of exercise of such stock
option. 

        (2)   The
Partnership shall sell to the Optionee (or if the Optionee is an employee of a Partnership Subsidiary, the Partnership shall sell to such Partnership Subsidiary,
which in turn shall sell to the Optionee), for a cash price per share equal to the Value of a REIT Share at the time of the exercise, the number of REIT Shares equal to (a) the exercise price
paid to the Special Limited Partner by the exercising party in connection with the exercise of such stock option divided by (b) the Value of a REIT Share at the time of such exercise. 

23

 

        (3)   The
Partnership shall transfer to the Optionee (or if the Optionee is an employee of a Partnership Subsidiary, the Partnership shall transfer to such Partnership
Subsidiary, which in turn shall transfer to the Optionee) at no additional cost, as additional compensation, the number of REIT Shares equal to the number of REIT Shares described in
Section 4.4.B(1) hereof less the number of REIT Shares described in Section 4.4.B(2) hereof. 

        (4)   The
Special Limited Partner shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership of an amount equal to all proceeds received
(from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the Special Limited
Partner in connection with the exercise of such stock option. An equitable Percentage Interest adjustment shall be made in which the Special Limited Partner shall be treated as having made a cash
contribution equal to the amount described in Section 4.4.B(1) hereof. 

        C.    Future Stock Incentive Plans.    Nothing in this Agreement shall be construed or applied to preclude or restrain
the Managing General Partner or the Special Limited Partner from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the
Managing General Partner, the Special Limited Partner, the Partnership or any of their Affiliates. The Partners acknowledge and agree that, in the event that any such plan is adopted, modified or
terminated by the Managing General Partner or the Special Limited Partner, amendments to this Section 4.4 may become necessary or advisable and that any approval or Consent to any such
amendments requested by the Managing General Partner or the Special Limited Partner shall be deemed granted by the Limited Partners. 

        Section
4.5    Dividend Reinvestment Plan, Stock Incentive Plan or Other Plan.    Except as may otherwise be provided
in this Article 4, all amounts received by the Special Limited Partner in respect of any dividend reinvestment plan, stock incentive or other stock or subscription plan or agreement, either
(a) shall be utilized by the Special Limited Partner to effect open market purchases of REIT Shares, or (b) if the Special Limited Partner elects instead to issue new REIT Shares with
respect to such amounts, shall be contributed by the Special Limited Partner to the Partnership in exchange for additional Partnership Common Units. Upon such contribution, the Partnership will issue
to the Special Limited Partner a number of Partnership Common Units equal in value to the product of (i) the Value as of the date of issuance of each REIT Share so issued by the Special Limited
Partner multiplied by (ii) the number of REIT Shares so issued. 

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

        Section
4.7    Conversion or Redemption of Capital Shares.    

        A.    Conversion of Capital Shares.    If, at any time, any of the Capital Shares are converted into REIT Shares, in
whole or in part, then a number of Partnership Units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other
rights, terms and provisions of such Capital Shares ("Partnership Equivalent Units") equal to the number of Capital Shares so converted shall
automatically be converted into a number of Partnership Common Units equal to (i) the number of REIT Shares issued upon such conversion divided by (ii) the Adjustment Factor then in
effect, and the Percentage Interests of the General Partner and the Limited Partners (including the Special Limited Partner) shall be adjusted to reflect such conversion. 

        B.    Redemption of Capital Shares.    If, at any time, any Capital Shares are redeemed (whether by exercise of a put
or call, automatically or by means of another arrangement) by the Special Limited Partner for cash, the Partnership shall, immediately prior to such redemption of Capital 

24

 

Shares,
redeem an equal number of Partnership Equivalent Units held by the Special Limited Partner upon the same terms and for the same price per Partnership Equivalent Unit as such Preferred Shares
are redeemed. 

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

        Section
4.9    Excluded Properties.    The Special Limited Partner shall contribute each Excluded Property (or, if
applicable, the net proceeds (after payment of all transfer taxes and other transaction costs) received by the Special Limited Partner from the sale, transfer or other disposition of an Excluded
Property to a Person who is not a wholly-owned Subsidiary of the Special Limited Partner) to the Partnership upon the earlier of (i) such time as it is commercially practicable to contribute
such property to the Partnership without adverse tax or other economic consequence to the Special Limited Partner and (ii) any sale, transfer or other disposition of an Excluded Property to a
Person who is not a wholly-owned Subsidiary of the Special Limited Partner. Upon any such contribution of an Excluded Property or the proceeds therefrom, the Special Limited Partner shall receive in
exchange for such contribution, notwithstanding the actual value of such Excluded Property or the amount of such proceeds (as the case may be), the Specified Partnership Units applicable to such
Excluded Property. 

ARTICLE 5

DISTRIBUTIONS  

        Section
5.1    Requirement and Characterization of Distributions.    Subject to the terms of any Partnership Unit
Designation, the Managing General Partner shall cause the Partnership to distribute quarterly all, or such portion as the Managing General Partner may in its sole and absolute discretion determine, of
Available Cash generated by the Partnership during such quarter to the Holders on the Partnership Record Date with respect to such quarter: (i) first, with respect to any Partnership Units that
are entitled to any preference in distribution, in accordance with the rights of such class(es) of Partnership Units (and, within such class(es), among the Holders pro
rata in proportion to their respective Percentage Interests on such Partnership Record Date); and (ii) second, with respect to any Partnership Units that are not
entitled to any preference in distribution, in accordance with the rights of such class of Partnership Units, as applicable (and, within such class, among the Holders pro
rata in proportion to their respective Percentage Interests on such Partnership Record Date). Distributions payable with respect to any Partnership Units that were not
outstanding during the entire quarterly period in respect of which any distribution is made shall be prorated based on the portion of the period that such Partnership Units were outstanding.
Notwithstanding the foregoing, the Managing General Partner, in its sole and absolute discretion, may distribute Available Cash to the Holders on a more or less frequent basis than quarterly and
provide for an appropriate record date. The Managing General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the Special Limited
Partner's qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable the Special Limited Partner, for so long as the Special Limited Partner has determined to qualify
as a REIT, to pay shareholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations (the "REIT
Requirements") and (b) except to the extent otherwise determined by the Special Limited Partner, eliminate any Federal income or excise tax liability of the Special
Limited Partner. 

25

 

        Notwithstanding
the foregoing, in the event any Excluded Property (or the proceeds therefrom) has not been contributed to the Partnership pursuant to Section 4.9, the
distributions provided for above shall be calculated, to the extent possible, based on Adjusted Available Cash as if each Excluded Property had been contributed to the Partnership in exchange for
Partnership Common Units pursuant to Section 4.9; provided, however, that in the event any Excluded Property (or the proceeds therefrom) has not
been contributed to the Partnership pursuant to Section 4.9, any distributions to be made with respect to the Special Limited Partner's Partnership Units shall in the aggregate be reduced to
the extent of any REIT Available Cash. 

        Subject
to the applicable Partner Unit Designation, each Limited Partner shall receive a pro rata share of Distributions under this
Article 5 in an amount equal to the distributions such Limited Partner would have received if such Limited Partner held one REIT Share (bearing the same designations as the actual Partnership
Unit held by such Limited Partner) for each of such Limited Partner's Partnership Unit. 

        Section
5.2    Distributions in Kind.    No right is given to any Holder to demand and receive property other than
cash as provided in this Agreement. The Managing General Partner may determine, in its sole and absolute discretion, to make a distribution in kind of Partnership assets to the Holders, and such
assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated
in accordance with Articles 5, 6 and 10 hereof; provided, however, that the Managing General Partner shall not make a distribution in kind to any Holder
unless the Holder has been given 90 days prior written notice of such distribution. 

        Section
5.3    Amounts Withheld.    All amounts withheld pursuant to the Code or any provisions of any state or local
tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to
Section 5.1 hereof for all purposes under this Agreement. 

        Section
5.4    Distributions Upon Liquidation.    Notwithstanding the other provisions of this Article 5, net
proceeds from a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the
Holders in accordance with Section 13.2 hereof. 

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

        Section
5.6    Restricted Distributions.    Notwithstanding any provision to the contrary contained in this Agreement,
neither the Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder if such distribution would violate Section 17-607 of the Act
or other applicable law. 

ARTICLE 6

ALLOCATIONS  

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

26

 

        Section
6.2    General Allocations.    Subject to Section 11.6.C hereof and with any modifications pursuant to
the definition of Capital Account Net Income and Net Loss shall be allocated to each of the Holders as follows: 

        (i)    Net
Income will be allocated to Holders of Partnership Preferred Units in accordance with and subject to the terms of the Partnership Unit Designation applicable to such
Partnership Preferred Units; 

        (ii)   subject
to the terms of any Partnership Unit Designation, remaining Net Income will be allocated to the Holders of Partnership Common Units in accordance with their
respective Percentage Interests at the end of each Partnership Year; 

        (iii)  subject
to the terms of any Partnership Unit Designation, Net Loss will be allocated to the Holders of Partnership Common Units in accordance with their respective
Percentage Interests at the end of each Partnership Year; and 

        (iv)  for
purposes of this Section 6.2, the Percentage Interests of the Holders of Partnership Common Units shall be calculated based on a denominator equal to the
aggregate Partnership Common Units outstanding as of the date of determination. 

It
is intended that the provisions of this Article 6 satisfy the requirements of Section 704(b) of the Code and the Regulations thereunder, and the General Partner is authorized to make
adjustments to the allocation provisions set forth above to the extent the General Partner determines such adjustments to be necessary or appropriate to comply with Section 704(b) of the Code
and the Regulations thereunder (including to cause Capital Accounts attributable to Partnership Common Units to be in proportion to their respective Percentage Interests);  provided, however, that in no
event shall this sentence permit the General Partner to adjust the timing or amount of any distributions to the Partners. 

        Section
6.3    Additional Allocation Provisions.    Notwithstanding the foregoing provisions of this Article 6: 

        A.    Special Allocations Regarding Partnership Preferred Units.    If any Partnership Preferred Units are redeemed
pursuant to Section 4.7.B hereof (treating a full liquidation of the Managing General Partner's General Partner Interest or of such Special Limited Partner's Limited Partner Interest for
purposes of this Section 6.3.A as including a redemption of any then outstanding Partnership Preferred Units pursuant to Section 4.7.B hereof), for the Partnership Year that includes
such redemption (and, if necessary, for subsequent Partnership Years) (a) gross income and gain (in such relative proportions as the Managing General Partner in its discretion shall determine)
shall be allocated to the holder(s) of such Partnership Preferred Units to the extent that the Redemption Amounts paid or payable with respect to the Partnership Preferred Units so redeemed (or
treated as redeemed) exceeds the aggregate Capital Account Balances (net of liabilities assumed or taken subject to by the Partnership) per Partnership Preferred Unit allocable to the Partnership
Preferred Units so redeemed (or treated as redeemed) and (b) deductions and losses (in such relative proportions as the Managing General Partner in its discretion shall determine) shall be
allocated to the holder(s) of such Partnership Preferred Units to the extent that the aggregate Capital Account Balances (net of liabilities assumed or taken subject to by the Partnership) per
Partnership Preferred Unit allocable to the Partnership Preferred Units so redeemed (or treated as redeemed) exceeds the Redemption Amount paid or payable with respect to the Partnership Preferred
Units so redeemed (or treated as redeemed). 

27

 

        B.    Regulatory Allocations.    

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

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

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

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

        (v)    Gross Income Allocation.    In the event that any Holder has a deficit Capital Account at the end of any
Partnership Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Partnership upon complete liquidation of 

28

 

such
Holder's Partnership Interest (including, the Holder's interest in outstanding Partnership Preferred Units and other Partnership Units) and (2) the amount that such Holder is deemed to be
obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of
Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible, provided that an allocation pursuant to this Section 6.3.B(v) shall be made if
and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as if this
Section 6.3.B(v) and Section 6.3.B(iv) hereof were not in the Agreement. 

        (vi)    Limitation on Allocation of Net Loss.    To the extent that any allocation of Net Loss would cause or increase
an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated among the other Holders in accordance with their respective Percentage Interests, subject to the
limitations of this Section 6.3.B(vi). 

        (vii)    Section 754 Adjustment.    To the extent that an adjustment to the adjusted tax basis of any
Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2) (iv)(m)(2) or Regulations
Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder of Partnership Common Units in complete
liquidation of its interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss
(if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders in accordance with their respective Percentage Interests in the event that Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4)
applies. 

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

        C.    Special Allocations Upon Liquidation.    Notwithstanding any provision in this Article 6 to the contrary,
in the event that the Partnership disposes of all or substantially all of its assets in a transaction that will lead to a liquidation of the Partnership pursuant to Article 13 hereof, then any
Net Income or Net Loss realized in connection with such transaction and thereafter (and, if necessary, constituent items of income, gain, loss and deduction) shall be specially allocated for such
Partnership Year (and to the extent permitted by Section 761(c) of the Code, for the immediately preceding Partnership Year) among the Holders as required so as to cause liquidating
distributions pursuant to Section 13.2.A(4) hereof to be made in the same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article 5
hereof. 

        D.    Allocation of Excess Nonrecourse Liabilities.    For purposes of determining a Holder's proportional share of
the "excess nonrecourse liabilities" of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder's respective interest in Partnership profits shall be
equal to such Holder's Percentage Interest with respect to Partnership Common Units. 

29

 

        Section
6.4    Tax Allocations.    

        A.    In General.    Except as otherwise provided in this Section 6.4, for income tax purposes under the Code
and the Regulations each Partnership item of income, gain, loss and deduction (collectively, "Tax Items") shall be allocated among the Holders in the
same manner as its correlative item of "book" income, gain, loss or deduction is allocated pursuant to Sections 6.2 and 6.3 hereof. 

        B.    Section 704(c) Allocations.    Notwithstanding Section 6.4.A hereof, Tax Items with respect to
Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be
allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Partnership shall account for
such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the Managing General Partner. In the event that the Gross Asset Value of any
partnership asset is adjusted pursuant to subsection (b) of the definition of "Gross Asset Value" (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such
asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable
Regulations and using the method chosen by the Managing General Partner. 

ARTICLE 7

MANAGEMENT AND OPERATIONS OF BUSINESS  

        Section
7.1    Management.    

        A.    Except
as otherwise expressly provided in this Agreement or as delegated or provided to an Additional General Partner by the Managing General Partner pursuant to
Section 4.2.A and Section 11.2 hereof, all management powers over the business and affairs of the Partnership are and shall be exclusively vested in the Managing General Partner, and no
Limited Partner (other than the Special Limited Partner in its capacity as the sole member of the Managing General Partner) shall have any right to participate in or exercise control or management
power over the business and affairs of the Partnership. No General Partner may be removed by the Partners, with or without cause, except with the consent of the Managing General Partner. In addition
to the powers now or hereafter granted a general partner of a limited partnership under applicable law or that are granted to the General Partner under any other provision of this Agreement, the
Managing General Partner, subject to the other provisions hereof including, without limitation, Section 3.1, Section 3.2, and Section 7.3, shall have full power and authority to
do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set forth in
Section 3.1 hereof, including, without limitation: 

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

30

 

        (2)   the
making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or
assets of the Partnership; 

        (3)   subject
to Section 11.2 hereof, the acquisition, sale, transfer, exchange or other disposition of any, all or substantially all of the assets (including the
goodwill) of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets
at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 

        (4)   the
mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the Partnership in trust for creditors or on the
promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this
Agreement and on any terms that the Managing General Partner sees fit, including, without limitation, the financing of the operations and
activities of the Managing General Partner, the Partnership or any of the Partnership's Subsidiaries, the lending of funds to other Persons (including, without limitation, the Managing General Partner
and/or the Partnership's Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the making of
capital contributions to and equity investments in the Partnership's Subsidiaries; 

        (5)   the
management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement of any Property; 

        (6)   the
negotiation, execution and performance of any contracts, including leases (including ground leases), easements, management agreements, rights of way and other
property-related agreements, conveyances or other instruments that the Managing General Partner considers useful or necessary to the conduct of the Partnership's operations or the implementation of
the Managing General Partner's powers under this Agreement, including contracting with contractors, developers, consultants, governmental authorities, accountants, legal counsel, other professional
advisors and other agents and the payment of their expenses and compensation, as applicable, out of the Partnership's assets; 

        (7)   the
distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding, management, investment and reinvestment of cash and
other assets of the Partnership, and the collection and receipt of revenues, rents and income of the Partnership; 

        (8)   the
selection and dismissal of employees of the Partnership (if any) or the Managing General Partner (including, without limitation, employees having titles or offices
such as "president," "vice president," "secretary" and "treasurer"), and agents, outside attorneys, accountants, consultants and contractors of the Partnership or the Managing General Partner and the
determination of their compensation and other terms of employment or hiring; 

        (9)   the
maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the Partnership and the Partners (including,
without limitation, the Special Limited Partner) as the Managing General Partner deems necessary or appropriate; 

        (10) the
formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships, limited liability companies, joint
ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in
which the Managing General Partner has an equity investment from time to time); provided, however, that, as long as the Special Limited Partner has
determined to continue to qualify as a REIT, the Managing 

31

 

General
Partner will not engage in any such formation, acquisition or contribution that would cause the Special Limited Partner to fail to qualify as a REIT; 

        (11) the
control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission to arbitration or any other form of
dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings,
administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or
other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

        (12) the
undertaking of any action in connection with the Partnership's direct or indirect investment in any Subsidiary or any other Person (including, without limitation,
the contribution or loan of funds by the Partnership to such Persons); 

        (13) the
determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation as the Managing General Partner may
adopt; provided, however, that such methods are otherwise consistent with the requirements of this Agreement; 

        (14) the
enforcement of any rights against any Partner pursuant to representations, warranties, covenants and indemnities relating to such Partner's contribution of property
or assets to the Partnership; 

        (15) the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including
the right to vote, appurtenant to any asset or investment held by the Partnership; 

        (16) the
exercise of any of the powers of the Managing General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Partnership or
any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

        (17) the
exercise of any of the powers of the Managing General Partner enumerated in this Agreement on behalf of any Person in which the Partnership does not have an
interest, pursuant to contractual or other arrangements with such Person; 

        (18) the
making, execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts,
guarantees, warranties, indemnities, waivers, releases, confessions of judgment or any other legal instruments or agreements in writing necessary or appropriate in the judgment of the Managing General
Partner for the accomplishment of any of the powers of the Managing General Partner enumerated in this Agreement; 

        (19) the
issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners
pursuant to Article 4 hereof; 

        (20) an
election to dissolve the Partnership pursuant to Section 13.1.B hereof; and 

        (21) the
distribution of cash to acquire Partnership Common Units held by a Limited Partner in connection with a Redemption under Section 15.1 hereof. 

32

   
        B.    Each of the Limited Partners agrees that, except as provided in Section 7.3 hereof, the Managing General Partner is authorized to execute, deliver and perform the
above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners or any other Persons, notwithstanding any other provision of the Act
or any applicable law, rule or regulation. 

        C.    At
all times from and after the date hereof, the Managing General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other
insurance on the Properties of the Partnership and (ii) liability insurance for the Indemnitees hereunder. 

        D.    At
all times from and after the date hereof, the Managing General Partner may cause the Partnership to establish and maintain working capital and other reserves in such
amounts as the Managing General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

        E.    In
exercising its authority under this Agreement, the Managing General Partner may, but shall be under no obligation to (except as otherwise provided by this Agreement
with respect to the obligation to the Special Limited Partner), take into account the tax consequences to any Partner of any action taken by it. The Managing General Partner, the Special Limited
Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of an income tax liability incurred by such Limited Partner as a result of an action (or
inaction) by the Managing General Partner pursuant to its authority under this Agreement. 

        Section
7.2    Certificate of Limited Partnership.    To the extent that such action is determined by the Managing
General Partner to be reasonable and necessary or appropriate, the Managing General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the
Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or
any other jurisdiction, in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A hereof, the Managing General Partner shall not be required,
before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The Managing General Partner shall use all reasonable efforts to cause to be filed
such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which
the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which the
Partnership may elect to do business or own property. 

        Section
7.3    Restrictions on Managing General Partner's Authority.    

        A.    The
Managing General Partner may not take any action in contravention of this Agreement, including, without limitation: 

        (1)   take
any action that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise provided in this Agreement; 

        (2)   possess
Partnership property, or assign any rights in specific Partnership property, for other than a Partnership purpose except as otherwise provided in this Agreement,
including, without limitation, Section 7.10; 

        (3)   admit
a Person as a Partner, except as otherwise provided in this Agreement; 

        (4)   perform
any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided herein or under the
Act; or 

33

 

        (5)   enter
into any contract, mortgage, loan or other agreement that expressly prohibits or restricts (a) the Managing General Partner or the Partnership from
performing its specific obligations under Section 15.1 hereof in full or (b) a Limited Partner from exercising its rights under Section 15.1 hereof to effect a Redemption in full,
except, in either case, with the written consent of such Limited Partner affected by the prohibition or restriction. 

        B.    Except
as provided in Section 7.3C hereof, the Managing General Partner shall not, without the prior Consent of the Partners, amend, modify or terminate this
Agreement. 

        C.    Notwithstanding
Section 7.3.B and 14.2 hereof, the Managing General Partner shall have the power, without the Consent of the Partners, to amend this Agreement as
may be required to facilitate or implement any of the following purposes: 

        (1)   to
add to the obligations of the Managing General Partner or surrender any right or power granted to the Managing General Partner or any Affiliate of the Managing
General Partner (including the delegation or surrender of any power to any Additional General Partner admitted to the Partnership pursuant to the terms hereof) for the benefit of the Limited Partners; 

        (2)   to
reflect the admission, substitution or withdrawal of Partners or the termination of the Partnership in accordance with this Agreement, and to amend  Exhibit A in connection with such admission,
substitution or withdrawal; 

        (3)   to
reflect a change that is of an inconsequential nature or does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or
supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent
with law or with the provisions of this Agreement; 

        (4)   to
satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a Federal or state agency or contained in
Federal or state law (collectively, "Legal Requirements"); 

        (5)   (a)
to reflect such changes as are reasonably necessary for the Special Limited Partner to maintain its status as a REIT or to satisfy the REIT Requirements, or
(b) to reflect the Transfer of all or any part of a Partnership Interest among the Special Limited Partner and any "qualified REIT subsidiary" (within the meaning of Code
Section 856(i)(2)) with respect to the Special Limited Partner; 

        (6)   to
modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to Article VI or the manner in which Capital Accounts are
adjusted, computed, or maintained (but in each case only to the extent set forth in the definition of "Capital Account" or the flush language of Section 6.2); 

        (7)   the
issuance of additional Partnership Interests in accordance with Section 4.2; and 

        (8)   to
reflect any other modification to this Agreement as is reasonably necessary for the business or operations of the Partnership or the Special Limited Partner and which
does not violate Section 7.3.D. 

        D.    Notwithstanding
Sections 7.3.B, 7.3.C and 14.2 hereof, this Agreement shall not be amended, and no action may be taken by the Managing General Partner, without the
consent of each Partner adversely affected thereby, if such amendment or action would (i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a
result of the Managing General Partner acquiring such Partnership Interest), (ii) modify the limited liability of a Limited Partner, (iii) alter the rights of any Partner to receive the
distributions to which such Partner is entitled, pursuant to Article 5 or Section 13.2.A(4) hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as 

34

 

permitted
pursuant to Sections 4.2, 7.3.C and Article 6 hereof), (iv) alter or modify the Redemption rights, Cash Amount or REIT Shares Amount as set forth in Section 15.1 hereof,
or amend or modify any related definitions, (v) alter or modify Section 11.2 hereof, (vi) remove, alter or amend the powers and restrictions related to REIT requirements or to
permit the Special Limited Partner to avoid paying tax under Sections 857 or 4981 contained in Sections 3.1, 3.2, 7.1 and 7.3, or (vii) amend this Section 7.3.D. Further, no amendment
may alter the restrictions on the Managing General Partner's authority set forth elsewhere in this Section 7.3 without the consent specified therein. Any such amendment or action consented to
by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 

        Section
7.4    Reimbursement of the Managing General Partner and the Special Limited Partner.    

        A.    Neither
the Managing General Partner nor the Special Limited Partner shall be compensated for its services as managing general partner or limited partner of the
Partnership except as provided in this Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which they may be entitled in their
respective capacities as the Managing General Partner and the Special Limited Partner). 

        B.    Subject
to Sections 7.4.C and 15.12 hereof, the Partnership shall be liable for, and shall reimburse the Managing General Partner and the Special Limited Partner, as
applicable, on a monthly basis, or such other basis as the Managing General Partner may determine in its sole and absolute discretion, for all sums expended in connection with the Partnership's
business, including, without limitation, (i) expenses relating to the ownership of interests in and management and operation of, or for the benefit of, the Partnership, (ii) compensation
of officers and employees, including, without limitation, payments under future compensation plans, of the Special Limited Partner, the Managing General Partner, or the Partnership that may provide
for stock units, or phantom stock, pursuant to which employees of the Special Limited Partner, the Managing General Partner, or the Partnership will receive payments based upon dividends on or the
value of REIT Shares, (iii) director or manager fees and expenses of the Special Limited Partner or its Affiliates, and (iv) all costs and expenses of the Special Limited Partner being a
public company, including costs of filings with the SEC, reports and other distributions to its shareholders; provided, however, that the amount of any
reimbursement shall be reduced by any interest earned by the Managing General Partner or the Special Limited Partner with respect to bank accounts or other instruments or accounts held by it on behalf
of the Partnership as permitted pursuant to Section 7.5 hereof. Such reimbursements shall be in addition to any reimbursement of the Managing General Partner and the Special Limited Partner as
a result of indemnification pursuant to Section 7.7 hereof. 

        C.    To
the extent practicable, Partnership expenses shall be billed directly to and paid by the Partnership and, subject to Section 15.12 hereof, reimbursements to the
Managing General Partner, the Special Limited Partner or any of their respective Affiliates by the Partnership pursuant to this Section 7.4 shall be treated as "guaranteed payments" within the
meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners' Capital Accounts. 

        Section
7.5    Outside Activities of the Managing General Partner and the Special Limited Partner.    Neither the
Managing General Partner nor the Special Limited Partner shall directly or indirectly enter into or conduct any business, other than in connection with, (a) with respect to the Managing General
Partner, the ownership, acquisition and disposition of Partnership Interests as the Managing General Partner, (b) with respect to the Managing General Partner, the management of the business of
the Partnership, (c) with respect to the Special Limited Partner, the operation of the Special Limited Partner as a reporting company with a class (or classes) of securities registered under
the Exchange Act, (d) with respect to the Special Limited Partner, its operations as a REIT, (e) with respect to the Special Limited Partner, the offering, sale, syndication, private
placement or public offering of stock, bonds, securities or other interests, (f) financing or refinancing of any type related to the Partnership or 

35

 

its
assets or activities, and (g) such activities as are incidental thereto; provided, however, that each of the Managing General Partner and the
Special Limited Partner may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Partnership so long as each of the
Managing General Partner and the Special Limited Partner takes commercially reasonable measures to insure that the economic benefits and burdens of such Property are otherwise vested in the
Partnership, whether by electing to treat such asset as an "Excluded Property" hereunder, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic
interests in the Partnership, the Partners shall negotiate in good faith to amend this Agreement, including, without limitation, the definition of "Adjustment Factor," to reflect such activities and
the direct ownership of assets by the Managing General Partner or the Special Limited Partner, as applicable. Nothing contained herein shall be deemed to prohibit the Managing General Partner from
executing guarantees of Partnership debt for which it would otherwise be liable in its capacity as Managing General Partner. The Managing General Partner, the Special Limited Partner and all
"qualified REIT subsidiaries" (within the meaning of Code Section 856(i)(2)), taken as a group, shall not own any assets or take title to assets (other than temporarily in connection with an
acquisition prior to contributing such assets to the Partnership) other than (i) Excluded Properties, (ii) interests in "qualified REIT subsidiaries" (within the meaning of Code
Section 856(i)(2)), (iii) Partnership Interests as the Managing General Partner or Special Limited Partner and (iv) such cash and cash equivalents, bank accounts or similar
instruments or accounts as such group deems reasonably necessary, taking into account Section 7.1.D hereof and the requirements necessary for the Special Limited Partner to qualify as a REIT
and for the Managing General Partner and the Special Limited Partner to carry out their respective responsibilities contemplated under this Agreement and the Charter. The Managing General Partner and
any Affiliates of the Managing General Partner may acquire Limited Partner Interests and shall be entitled to exercise all rights of a Limited Partner relating to such Limited Partner Interests.
Nothing in this Agreement shall limit, or be deemed to limit, (A) the ability of the Managing General Partner, the Special Limited Partner or any of their respective Subsidiaries to form (or
acquire an interest in) a partnership or limited liability company with any other Person into which such Person shall contribute or otherwise assign or transfer (or has contributed or otherwise
assigned or transferred) certain assets or properties of such Person for partnership or membership interests in such partnership or limited liability company, as the case may be, or (B) the
ability of the Special Limited Partner to own any interest in any financing vehicle that is otherwise not a Subsidiary of the Partnership, which will be deemed to be an Excluded Property. 

        Section
7.6    Transactions with Affiliates.    

        A.    The
Partnership may lend or contribute funds or other assets to the Special Limited Partner and its Subsidiaries or other Persons in which the Special Limited Partner has
an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions no less favorable to the Partnership in the aggregate than would be available from unaffiliated
third parties as determined by the Managing General Partner in good faith (provided, however, that the
foregoing limitation shall not apply to any transaction between the Partnership and its Subsidiaries in which the Special Limited Partner does not own an equity interest other than through the
Partnership). The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. It is expressly acknowledged and agreed by each Partner that the Special
Limited Partner may, in the sole and absolute discretion of the Managing General Partner, (i) borrow funds from the Partnership in order to redeem, at any time or from time to time, options or
warrants previously or hereafter issued by the Special Limited Partner, (ii) put to the Partnership, for cash, any rights, options, warrants or convertible or exchangeable securities that the
Special Limited Partner may desire or be required to purchase or redeem or (iii) borrow funds from the Partnership to acquire assets that become Excluded Properties or will be contributed to
the Partnership for Partnership Units. If the Special Limited Partner acquires a corporation in which the Partnership does not hold an interest, in whole or in part, with the proceeds (whether
comprised of cash or other assets) of a loan from the Partnership to the Special Limited 

36

 

Partner,
the Partnership shall issue to such corporation an interest in the Partnership that (i) entitles the holder thereof to receive distributions in amounts and at the same times as
interest payments on such loan (with appropriate reductions in such distributions if any portion of the loan is repaid), (ii) entitles the holder thereof to receive, if and to the extent that
any portion of such loan is repaid, a number of Partnership Units equal to the quotient obtained by dividing the principal amount of the loan repaid by the Value of REIT Shares at the date of
repayment (it being understood and agreed that if the loan is repaid with funds contributed to such corporation by the Special Limited Partner from the proceeds of a sale of REIT Shares, the market
price Value of REIT Shares at the date of repayment shall be deemed to be the net price per share at which such shares were sold), and (iii) is automatically redeemed for no consideration upon
the repayment in full of such loan. 

        B.    Except
as provided in Section 7.5 hereof and subject to Section 3.1 hereof, the Partnership may transfer assets to joint ventures, limited liability
companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this
Agreement and applicable law as the Managing General Partner, believes, in good faith, to be advisable. 

        C.    The
Managing General Partner, the Special Limited Partner and their respective Affiliates may sell, transfer or convey any property to the Partnership, directly or
indirectly, on terms and conditions no less favorable to the Partnership in the aggregate than would be available from unaffiliated third parties as determined by the Managing General Partner in good
faith; provided, however, that the foregoing limitation shall not apply to any transaction between the
Partnership and its Subsidiaries in which the Special Limited Partner does not own an equity interest other than through the Partnership. 

        D.    The
Managing General Partner or the Special Limited Partner, in their respective sole and absolute discretion and without the approval of the Partners or any of them or
any other Persons, may propose and adopt (on behalf of the Partnership) employee benefit plans funded by the Partnership for the benefit of employees of the Managing General Partner, the Partnership,
the Special Limited Partner, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Managing General Partner,
the Special Limited Partner, the Partnership or any of the Partnership's Subsidiaries. 

        Section
7.7    Indemnification.    

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

37

 

with
one or more Actions or claims brought by the Partnership or involving such Indemnitee if such Indemnitee is found liable to the Partnership on any portion of any claim in any such Action. 

Without
limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the
Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the Managing General Partner is hereby
authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or
potentially having liability for any such indebtedness. It is the intention of this Section 7.7.A that the Partnership indemnify each Indemnitee to the fullest extent permitted by law. The
termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A.
The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an
order of probation against an Indemnitee prior to judgment, creates a rebuttable presumption that such Indemnitee acted in a manner contrary to that specified in this
Section 7.7.A with respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and neither
the Managing General Partner nor any other Holder shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations
under this Section 7.7. 

        B.    To
the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any
Action shall be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the Action upon receipt by the Partnership of (i) a written
affirmation by the Indemnitee of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.7A has been met, and
(ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

        C.    The
indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any
agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the
heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is
indemnified. 

        D.    The
Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other Persons as the Managing General
Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership's activities, regardless of whether the
Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

        E.    Any
liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership, the Managing General Partner or the Special Limited Partner (whether as a
fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form
of excise taxes assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan,
trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this Section 7.7, unless such liabilities arise as a result of (i) an act or
omission of such Indemnitee that was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and 

38

 

deliberate
dishonesty; (ii) in the case of any criminal proceeding, an act or omission that such Indemnitee had reasonable cause to believe was unlawful, or (iii) any transaction in
which such Indemnitee received a personal benefit in violation or breach of any provision of this Agreement or applicable law. 

        F.     In
no event may an Indemnitee subject any of the Holders to personal liability by reason of the indemnification provisions set forth in this Agreement. 

        G.    An
Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee had an interest in the transaction with respect
to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

        H.    The
provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create
any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the
limitations on the Partnership's liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from
or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

        I.     It
is the intent of the parties that any amounts paid by the Partnership to the Managing General Partner pursuant to this Section 7.7 shall be treated as
"guaranteed payments" within the meaning of Code Section 707(c). 

        Section
7.8    Liability of the Managing General Partner and the Special Limited Partner.    

        A.    Notwithstanding
anything to the contrary set forth in this Agreement, neither the Managing General Partner (nor the Special Limited Partner as the managing member for the
Managing General Partner) nor any of their respective directors or officers shall be liable or accountable in damages or otherwise to the Partnership, any Partners, or any Assignees for losses
sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission if the Managing General Partner, the Special Limited
Partner or such director or officer acted in good faith. 

        B.    The
Limited Partners expressly acknowledge that (i) the Managing General Partner (and the Special Limited Partner, as the managing Member of the Managing General
Partner) is acting for the benefit of the Partnership, the Limited Partners and the Special Limited Partner's shareholders collectively, (ii) the Special Limited Partner is under no obligation
to give priority to the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or Assignees) in deciding whether to cause the Partnership
to take (or decline to take) any actions, and (iii) the Managing General Partner shall not be liable to the Partnership or to any Partner for monetary damages for losses sustained, liabilities
incurred or benefits not derived by the Limited Partners in connection with such decisions, provided that the Managing General Partner has acted in good faith. 

        C.    Subject
to its obligations and duties as Managing General Partner set forth in Section 7.1.A hereof, the Managing General Partner may exercise any of the powers
granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents or through the Special Limited Partner (subject to the
supervision and control of the Managing General Partner and the Special Limited Partner). The Managing General Partner shall not be responsible for any misconduct or negligence on the part of any such
agent appointed by it in good faith. 

        D.    Any
amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the
Managing General Partner's, the 

39

 

Special
Limited Partner's and their respective officers' and directors', liability to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior to such
amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such
claims may arise or be asserted. 

        E.    Notwithstanding
anything herein to the contrary, except for fraud, willful misconduct or gross negligence, or pursuant to any express indemnities given to the Partnership
by any Partner pursuant to any other written instrument, no Partner shall have any personal liability whatsoever, to the Partnership or to the other Partners, for the debts or liabilities of the
Partnership or the Partnership's obligations hereunder, and the full recourse of the other Partner(s) shall be limited to the interest of that Partner in the Partnership. To the fullest extent
permitted by law, no officer, director, member or shareholder of the Managing General Partner or the Special Limited Partner shall be liable to the Partnership for money damages except for
(i) active and deliberate dishonesty established by a non-appealable final judgment or (ii) actual receipt of an improper benefit or profit in money, property or services.
Without limitation of the foregoing, and except for fraud, willful misconduct or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than its
interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and
arising out of, or in connection with, this Agreement. This Agreement is executed by the officers of the Managing General Partner or of the Special Limited Partner as managing member of the Managing
General Partner, solely as officers of the same and not in their own individual capacities. 

        F.     To
the extent that, at law or in equity, the Managing General Partner or the Special Limited Partner as the managing member of the Managing General Partner has duties
(including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, neither the Managing General Partner nor the Special Limited Partner shall be liable to the
Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of
the Managing General Partner and the Special Limited Partner otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Managing General
Partner. 

        G.    Whenever
in this Agreement the Managing General Partner is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant
of similar authority or latitude, the Managing General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or
obligation to give any consideration to any interest or factors affecting the Partnership or the Partners or any of them, or (ii) in its "good faith" or under another expressed standard, the
Managing General partner shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein or by
relevant provisions of law or in equity or otherwise. If any question should arise with respect to the operation of the Partnership, which is not otherwise specifically provided for in this Agreement
or the Act, or with respect to the interpretation of this Agreement, the Managing General Partner is hereby authorized to make a final determination with respect to any such question and to interpret
this Agreement in such a manner as it shall deem, in its sole discretion, to be fair and equitable, and its determination and interpretations so made shall be final and binding on all parties. The
Managing General Partner's "sole discretion" and "discretion" under this Agreement shall be exercised in good faith. 

        Section
7.9    Other Matters Concerning the Managing General Partner and the Special Limited Partner.    

        A.    The
Managing General Partner and the Special Limited Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, 

40

 

opinion,
report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or
parties. 

        B.    The
Managing General Partner and the Special Limited Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers,
architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters
that the Managing General Partner and the Special Limited Partner reasonably believes to be within such Person's professional or expert competence shall be conclusively presumed to have been done or
omitted in good faith and in accordance with such opinion. 

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

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

        E.    To
the extent the Special Limited Partner, or its officers or directors, take any action by or on behalf of the Managing General Partner or the Partnership, the Special
Limited Partner and its officers and directors shall be entitled to the same protection as the Managing General Partner and its officers and directors. 

        Section
7.10    Title to Partnership Assets.    Title to Partnership assets, whether real, personal or mixed and
whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership
interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the Managing General Partner, the Special Limited
Partner or one or more nominees, as the Managing General Partner or the Special Limited Partner may determine, including Affiliates of the Managing General Partner or the Special Limited Partner. The
Managing General Partner and the Special Limited Partner hereby declare and warrant that any Partnership assets for which legal title is held in the name of the Managing General Partner or the Special
Limited Partner, as applicable, or any nominee or Affiliate of the Managing General Partner or the Special Limited Partner shall be held by the Managing General Partner or the Special Limited Partner,
as applicable, for the use and benefit of the Partnership in accordance with the provisions of this Agreement. All Partnership assets shall be recorded as the property of the Partnership in its books
and records, irrespective of the name in which legal title to such Partnership assets is held. 

        Section
7.11    Reliance by Third Parties.    Notwithstanding anything to the contrary in this Agreement, any Person
dealing with the Partnership shall be entitled to assume that the Managing General Partner has full power and authority, without the consent or approval of any other Partner, or Person, to encumber,
sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the 

41

 

Partnership,
and such Person shall be entitled to deal with the Managing General Partner as if it were the Partnership's sole party in interest, both legally and beneficially. Each Limited Partner
hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing General Partner in connection with any such
dealing. In no event shall any Person dealing with the Managing General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire
into the necessity or expediency of any act or action of the Managing General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the
Partnership by the Managing General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of
the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or
instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with
the terms and provisions of this Agreement and is binding upon the Partnership. 

ARTICLE 8

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS  

        Section
8.1    Limitation of Liability.    No Limited Partner shall have any liability under this Agreement except as
expressly provided in this Agreement (including, without limitation, Section 10.4 hereof) or under the Act. 

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

        Section
8.3    Outside Activities of Limited Partners.    Subject to any agreements entered into pursuant to
Section 7.6 hereof and any other agreements entered into by a Limited Partner or any of its Affiliates with the Managing General Partner, the Partnership or a Subsidiary (including, without
limitation, any employment agreement), any Limited Partner (including, subject to Section 7.5 hereof, the Special Limited Partner) and any Assignee, officer, director, employee, agent, trustee,
Affiliate, member or shareholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership,
including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any
Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person
shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the Managing General Partner or the
Special Limited Partner, to the extent expressly provided herein), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.6 hereof and any other agreements
entered into by a Limited Partner or its Affiliates with the Managing General Partner, the Partnership or a Subsidiary, to offer any interest in any such business ventures to the Partnership, any
Limited Partner, or any such other Person, even if 

42

 

such
opportunity is of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. Notwithstanding any other provision of this
Agreement, including without limitation Section 7.1.A and Section 7.5, one or more Affiliates of the Special Limited Partner may own membership interests or similar equity interests in
one or more Subsidiaries, provided that the aggregate amount of such interests owned by the Affiliates of the Special Limited Partner in any one Subsidiary shall not exceed 5% of such Subsidiary's
outstanding membership or similar equity interests and provided further that, at or promptly following the acquisition by such Affiliates of the Special Limited Partner of such interests, such
interest(s) are listed as Excluded Properties on Exhibit C hereto. 

        Section
8.4    Return of Capital.    Except pursuant to the rights of Redemption set forth in Section 15.1
hereof, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the
Partnership as provided herein. Except to the extent provided in Article 6 hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any
other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. 

        Section
8.5    Rights of Limited Partners Relating to the Partnership.    

        A.    In
addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.C hereof, the Managing General Partner shall deliver to
each Limited Partner a copy of any information mailed to all of the common shareholders of the Special Limited Partner as soon as practicable after such mailing. 

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

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

        Section
8.6    Partnership Right to Call Limited Partner Interests.    

        Notwithstanding
any other provision of this Agreement, on and after the date on which the aggregate Percentage Interests of the Limited Partners (other than the Special Limited Partner)
are less than one percent (1%), the Partnership shall have the right, but not the obligation, from time to time and at any time to redeem any and all outstanding Limited Partner Interests (other than
the Special Limited Partner's Limited Partner Interests) by treating any Limited Partner as a Tendering Party who has delivered a Notice of Redemption pursuant to Section 15.1 hereof for the
amount of Partnership Common Units to be specified by the Managing General Partner, in its sole and absolute discretion, by notice to such Limited Partner that the Partnership has elected to exercise
its rights under this Section 8.6. Such notice given by the Managing General Partner to a Limited Partner pursuant to this Section 8.6 shall be treated as if it were a Notice of
Redemption delivered to the Managing General Partner by such Limited Partner. For purposes of this Section 8.6, (a) any Limited Partner (whether or not otherwise a Qualifying Party) may,
in the Managing General Partner's sole and absolute discretion, be treated as a Qualifying Party that is a Tendering Party and (b) the provisions of Sections 15.1.F(2) 

43

 

and
15.1.F(3) hereof shall not apply, but the remainder of Section 15.1 hereof shall apply, mutatis mutandis. 

ARTICLE 9

BOOKS, RECORDS, ACCOUNTING AND REPORTS  

        Section
9.1    Records and Accounting.    

        A.    The
Managing General Partner shall keep or cause to be kept at the principal office of the Partnership those records and documents required to be maintained by the Act
and other books and records deemed by the Managing General Partner to be appropriate with respect to the Partnership's business, including, without limitation, all books and records necessary to
provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.5.A, Section 9.3 or Article 13 hereof. Any records
maintained by or on behalf of the Partnership in the regular course of its business may be kept on any information storage device, provided that the records so maintained are convertible into clearly
legible written form within a reasonable period of time. 

        B.    The
books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting
principles, or on such other basis as the Managing General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and
the Managing General Partner may operate with integrated or consolidated accounting records, operations and principles. 

        Section
9.2    Partnership Year.    The Partnership Year of the Partnership shall be the calendar year. 

        Section
9.3    Reports.    

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

        B.    As
soon as practicable, but in no event later than sixty (60) days after the close of each calendar quarter (except the last calendar quarter of each year), the
Managing General Partner shall cause to be mailed to each Limited Partner of record as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership
for such calendar quarter, or of the Special Limited Partner if such statements are prepared solely on a consolidated basis with the Special Limited Partner, and such other information as may be
required by applicable law or regulation or as the Managing General Partner determines to be appropriate. 

        C.    The
Managing General Partner shall have satisfied its obligations under Section 9.3A and Section 9.3B by posting or making available the reports required by
this Section 9.3 on the website maintained from time to time by the Partnership or the Special Limited Partner, provided that such reports are able to be printed or downloaded from such
website. 

        D.    At
the request of any Limited Partner, the Managing General Partner shall provide access to the books, records and workpapers upon which the reports required by this
Section 9.3 are based, to the extent required by the Act. 

44

 

ARTICLE 10

TAX MATTERS  

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

        Section
10.2    Tax Elections.    Except as otherwise provided herein, the Managing General Partner shall, in its sole
and absolute discretion, determine whether to make any available election pursuant to the Code, including, but not limited to, the election under Code Section 754 and the election to use the
"recurring item" method of accounting provided under Code Section 461(h) with respect to property taxes imposed on the Partnership's Properties; provided,
however, that, if the "recurring item" method
of accounting is elected with respect to such property taxes, the Partnership shall pay the applicable property taxes prior to the date provided in Code Section 461(h) for purposes of
determining economic performance. The Managing General Partner shall have the right to seek to revoke any such election (including, without limitation, any election under Code Sections 461(h) and 754)
upon the Managing General Partner's determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

        Section
10.3    Tax Matters Partner.    

        A.    The
Managing General Partner shall be the "tax matters partner" of the Partnership for Federal income tax purposes. The tax matters partner shall receive no compensation
for its services. All third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the
Partnership in addition to any reimbursement pursuant to Section 7.4 hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax
matters partner in discharging its duties hereunder. At the request of any Limited Partner, the Managing General Partner agrees to inform such Limited Partner regarding the preparation and filing of
any returns and with respect to any subsequent audit or litigation relating to such returns. 

45

   
        B.    The tax matters partner is authorized, but not required: 

        (1)   to
enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into
account by a Partner for income tax purposes (such administrative proceedings being referred to as a "tax audit" and such judicial proceedings being
referred to as "judicial review"), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all
Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing
that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner (as the case may be) or (ii) who is a "notice partner" (as defined in
Code Section 6231) or a member of a "notice group" (as defined in Code Section 6223(b)(2)); 

        (2)   in
the event that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a
"final adjustment") is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a petition for
readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the
Partnership's principal place of business is located; 

        (3)   to
intervene in any action brought by any other Partner for judicial review of a final adjustment; 

        (4)   to
file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate
pleading (petition or complaint) for judicial review with respect to such request; 

        (5)   to
enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item required to be taken into account by a Partner for
tax purposes, or an item affected by such item; and 

        (6)   to
take any other action on behalf of the Partners or any of them in connection with any tax audit or judicial review proceeding to the extent permitted by applicable
law or regulations. 

The
taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute
discretion of the tax matters partner and the provisions relating to indemnification of the Managing General Partner set forth in Section 7.7 hereof shall be fully applicable to the tax matters
partner in its capacity as such. 

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

46

 

published
from time to time in the Wall Street Journal (but not higher than the maximum lawful rate) from the date such amount is due
(i.e., thirty (30) days after the Limited Partner receives written notice of such amount) until such amount is paid in full. 

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

ARTICLE 11

PARTNER TRANSFERS AND WITHDRAWALS  

        Section
11.1    Transfer.    

        A.    No
part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal process, and may not be voluntarily
or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

        B.    No
Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any Transfer or
purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio. 

        C.    Notwithstanding
the other provisions of this Article 11 (other than Section 11.6.D hereof), the respective Partnership Interests of the Managing General
Partner and the Special Limited Partner may be Transferred, in whole or in part, at any time or from time to time, to or among the Managing General Partner, the Special Limited Partner, and any other
Person that is, at the time of such Transfer, an Affiliate of the Special Limited Partner, including any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)). Any
transferee of the entire General Partner Interest pursuant to this Section 11.1.C shall, upon compliance with Section 12.1.A hereof, become, without further action or consent of any
Partners or other Persons, the sole Managing General Partner of the Partnership, subject to all the rights, privileges, duties and obligations under this Agreement and the Act relating to a Managing
General Partner. Any transferee of a Special Limited Partner Interest pursuant to this Section 11.1.C shall, upon its execution of a counterpart of this Agreement, become, without further
action or consent of any Partner or any other Person, a Substituted Limited Partner (as a Special Limited Partner). Upon any Transfer of the Managing General Partner's entire General Partner Interest
(other than a pledge, hypothecation, encumbrance or mortgage) permitted by this Section 11.1.C, the transferor Partner shall be relieved of all its obligations under this Agreement from and
after the date of such Transfer. The provisions of Section 11.2.B, 11.3, 11.4.A and 11.5 hereof shall not apply to any Transfer permitted by this Section 11.1.C. 

        D.    No
Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of
Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the Managing General Partner in its
sole and absolute discretion; provided, however, that as a condition to such consent, the lender will be required to enter into an arrangement with the
Partnership and the Managing General Partner to redeem or exchange for the REIT Shares Amount any Partnership Units in which a security interest is held by such lender simultaneously with the time at
which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code (provided that for purpose of
calculating the REIT Shares Amount in this Section 11.1.D, "Tendered Units" shall mean all such Partnership Units in which a security interest is held by such lender). 

47

 

        Section
11.2    Transfer of General Partner's Partnership Interest.    

        A.    The
Managing General Partner may not Transfer any of its General Partner Interest or withdraw from the Partnership except as provided in Sections 11.1.C, 11.2.B and
11.2.C hereof. The term "Transfer", when used in this Section 11.2 with respect to the General Partner Interest, shall be deemed to include a Transfer of the General Partner Interest resulting
from any merger, consolidation or other combination by the Special Limited Partner with or into another Person (other than a Subsidiary of the Special Limited Partner), the sale of all or
substantially all of the assets of the Special Limited Partner and its Subsidiaries, taken as a whole, or any reclassification, recapitalization or change of the outstanding equity interests of the
Special Limited Partner, but shall exclude the transactions described in Section 11.3.B hereof. 

        B.    Except
as provided in Section 11.1.C, this Section 11.2.B and Section 11.2.C hereof, the Managing General Partner shall not withdraw from the
Partnership and shall not Transfer all of its interest in the Partnership (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise) without the Consent of the Limited
Partners. Upon any Transfer of such a Partnership Interest pursuant to the Consent of the Limited Partners and otherwise in accordance with the provisions of this Section 11.2.B, the transferee
shall become a successor Managing General Partner for all purposes herein, and shall be vested with the powers and rights of the transferor Managing General Partner, and shall be liable for all
obligations and responsible for all duties of the Managing General Partner, once such transferee has executed such instruments as may be necessary to effectuate such admission and to confirm the
agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired. It is a condition to any Transfer otherwise permitted
hereunder that the transferee assumes, by operation of law or express agreement, all of the obligations of the transferor Managing General Partner under this Agreement with respect to such Transferred
Partnership Interest, and such Transfer shall relieve the transferor Managing General Partner of its obligations under this Agreement without the Consent of the Limited Partners. In the event that the
Managing General Partner withdraws from the Partnership in violation of this Agreement or otherwise, or otherwise dissolves or terminates, or upon the bankruptcy of the Managing General Partner, a
Majority in Interest of the Limited Partners may elect to continue the Partnership business by selecting a successor Managing General Partner in accordance with Section 13.1.A hereof. 

        C.    The
Managing General Partner may, with the Consent of the Limited Partners, merge with another entity if immediately after such merger substantially all the assets of the
surviving entity, other than the General Partner Interest held by the Managing General Partner, are contributed to the Partnership as a Capital Contribution in exchange for Partnership Units. 

        D.    No
Additional General Partner shall Transfer any of its General Partner Interest or withdraw from the Partnership except with the consent of the Managing General Partner. 

        Section
11.3    Limited Partners' Rights to Transfer.    

        A.    General.    Prior to the end of the first Fourteen-Month Period and except as provided in Section 11.1.C
hereof, no Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without the consent of the Managing General Partner, which consent may be withheld in its
sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without the consent of the Managing General Partner,
(i) Transfer all or part of its Partnership Interest to any Family Member, any Charity, any Controlled Entity or any Affiliate, or (ii) pledge (a
"Pledge") all or any portion of its Partnership Interest to a lending institution as collateral or security for a bona
fide loan or other extension of credit, and Transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan
or extension of credit (any Transfer or Pledge permitted by this proviso is hereinafter referred to as a "Permitted Transfer"). After such first
Fourteen-Month Period, each Limited Partner, and each transferee of Partnership Units or Assignee pursuant to a Permitted Transfer, 

48

 

shall
have the right to Transfer all or any portion of its Partnership Interest to any Person, subject to the provisions of Section 11.4 hereof and to satisfaction of each of the following
conditions: 

        (1)    Special Limited Partner Right of First Refusal.    The transferring Partner (or the Partner's estate in the
event of the Partner's death) shall give written notice of the proposed Transfer to the Managing General Partner and the Special Limited Partner, which notice shall state (i) the identity and
address of the proposed transferee and (ii) the amount and type of consideration proposed to be received for the Transferred Partnership Units. The Special Limited Partner shall have ten
(10) Business Days upon which to give the Transferring Partner notice of its election to acquire the Partnership Units on the terms set forth in such notice. If it so elects, it shall purchase
the Partnership Units on such terms within ten (10) Business Days after giving notice of such election; provided, however, that in the event that
the proposed terms involve a purchase for cash, the Special Limited Partner may at its election deliver in lieu of all or any portion of such cash a note from the Special Limited Partner payable to
the Transferring Partner at a date as soon as reasonably practicable, but in no event later than one hundred eighty (180) days after such purchase, and bearing interest at an annual rate equal
to the total dividends declared with respect to one (1) REIT Share for the four (4) preceding fiscal quarters of the Managing General Partner, divided by the Value as of the closing of
such purchase; and provided, further, that such closing may be deferred to the extent necessary to effect compliance with the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, and any other applicable requirements of law. If it does not so elect, the Transferring Partner may Transfer such
Partnership Units to a third party, on terms no more favorable to the transferee than the proposed terms, subject to the other conditions of this Section 11.3. 

        (2)    Qualified Transferee.    Any Transfer of a Partnership Interest shall be made only to a single Qualified
Transferee; provided, however, that, for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds
managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee; and provided, further,
that each Transfer meeting the minimum Transfer restriction of Section 11.3.A(4) hereof may be to a separate Qualified Transferee. 

        (3)    Opinion of Counsel.    The Transferor shall deliver or cause to be delivered to the Managing General Partner an
opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration
provisions of the Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred;  provided, however,
 that the Managing General Partner may, in its sole discretion, waive this condition upon the request of the Transferor. If, in the
opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act or would otherwise violate any Federal or state securities laws or regulations
applicable to the Partnership or the Partnership Units, the Managing General Partner may prohibit any Transfer otherwise permitted under this Section 11.3 by a Limited Partner of Partnership
Interests. 

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

49

 

        (5)    No Further Transfers.    The transferee shall not be permitted to effect any further Transfer of the
Partnership Units, other than to the Special Limited Partner. 

        (6)    Exception for Permitted Transfers.    The conditions of Sections 11.3.A(1) through 11.3.A(5) hereof shall not
apply in the case of a Permitted Transfer. 

It
is a condition to any Transfer otherwise permitted hereunder (whether or not such Transfer is effected during or after the first Fourteen-Month Period) that the transferee assumes by operation of
law or express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred Partnership Interest, and no such Transfer (other than pursuant
to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor
Partner of its obligations under this Agreement without the approval of the Managing General Partner, in its sole and absolute discretion. Notwithstanding the foregoing, any transferee of any
Transferred Partnership Interest shall be subject to any and all ownership limitations (including, without limitation, the Ownership Limit) contained in the Charter that may limit or restrict such
transferee's ability to exercise its Redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject
to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have any
rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof. 

        B.    Certain Transactions of the Special Limited Partner.    Notwithstanding anything to the contrary in this
Agreement, the Special Limited Partner may merge, consolidate or otherwise combine its assets with another entity, sell all or substantially all of its assets or reclassify, recapitalize or change its
outstanding equity interests if: 

        (i)    in
connection with such merger, consolidation, combination, sale, reclassification, recapitalization or change, all of the Limited Partners (other than the Special
Limited Partner) will receive, or will have the right to elect to receive, for each Partnership Unit an amount of cash, securities or other property equal to the product of the Adjustment Factor and
the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one REIT Share pursuant to the terms of such merger, consolidation or combination;  provided, that if, in connection with such merger, consolidation, combination, sale, reclassification, recapitalization or change, a purchase, tender or
exchange offer shall have been made to and accepted by the holders of the outstanding REIT Shares, each holder of Partnership Units (other than the Special Limited Partner) shall receive, or shall
have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Partnership Units would have received had it exercised its right to Redemption
pursuant to Article 15 hereof and received REIT Shares in exchange for its Partnership Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon
accepted such purchase, tender or exchange offer and then such merger, consolidation or combination shall have been consummated; or 

        (ii)   the
following conditions are met: (w) substantially all of the assets directly or indirectly owned by the surviving entity, other than the Partnership Units held
by the Special Limited Partner, are owned directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or
combination of assets with the Partnership (in each case, the "Surviving Partnership"); (x) the holders of Partnership Units own a percentage
interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior to the
consummation of such transaction; (y) the rights, preferences and privileges of such holders in the Surviving Partnership are at least as 

50

 

favorable
as those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving
Partnership; and (z) the rights of the Limited Partners include at least one of the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration
available to such persons pursuant to Section 11.3.B(i) or (b) the right to redeem their Partnership Units for cash on terms equivalent to those in effect with respect to their
Partnership Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such
common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares. 

        C.    Incapacity.    If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee,
guardian, conservator or receiver of such Limited Partner's estate shall have all the rights of
a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such power as the Incapacitated Limited Partner possessed
to Transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 

        D.    Adverse Tax Consequences.    No Transfer by a Limited Partner of its Partnership Interests (including any
Redemption, any other acquisition of Partnership Units by the Managing General Partner or any acquisition of Partnership Units by the Partnership) may be made to or by any Person if (i) in the
opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation or would result in a termination of the Partnership under Code
Section 708 or (ii) such Transfer would be effectuated through an "established securities market" or a "secondary market (or the substantial equivalent thereof)" within the meaning of
Code Section 7704. 

        Section
11.4    Substituted Limited Partners.    

        A.    No
Limited Partner shall have the right to substitute a transferee (including any transferees pursuant to Transfers permitted by Section 11.3 hereof) as a Limited
Partner in its place. A transferee of the interest of a Limited Partner may be admitted as a Substituted Limited Partner only with the consent of the Managing General Partner, which consent may be
given or withheld by the Managing General Partner in its sole and absolute discretion. The failure or refusal by the Managing General Partner to permit a transferee of any such interests to become a
Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the Managing General Partner. Subject to the foregoing, an Assignee shall not be admitted as a
Substituted Limited Partner until and unless it furnishes to the Managing General Partner (i) evidence of acceptance, in form and substance satisfactory to the Managing General Partner, of all
the terms, conditions and applicable obligations of this Agreement, (ii) a counterpart signature page to this Agreement executed by such Assignee and (iii) such other documents and
instruments as may be required or advisable, in the sole and absolute discretion of the Managing General Partner, to effect such Assignee's admission as a Substituted Limited Partner. 

        B.    Concurrently
with, and as evidence of, the admission of a Substituted Limited Partner, the Managing General Partner shall amend  Exhibit A and the books and records of the Partnership to reflect the name,
address and number of Partnership Units of such Substituted Limited
Partner and to eliminate or adjust, if necessary, the name, address and number of Partnership Units of the predecessor of such Substituted Limited Partner. 

        C.    A
transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all
the restrictions and liabilities of a Limited Partner under this Agreement. 

51

 

        Section
11.5    Assignees.    If the Managing General Partner, in its sole and absolute discretion, does not consent
to the admission of any permitted transferee under Section 11.3 hereof as a Substituted Limited Partner, as described in Section 11.4 hereof, such transferee shall be considered an
Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions
from the Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Partnership attributable to the Partnership Units assigned to such
transferee and the rights to Transfer the Partnership Units provided in this Article 11, but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement
(other than as expressly provided in Section 15.1 hereof with respect to a Qualifying Party that becomes a Tendering Party), and shall not be entitled to effect a Consent or vote with respect
to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with
the transferor Limited Partner). In the event that any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions of
this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. 

        Section
11.6    General Provisions.    

        A.    No
Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such Limited Partner's Partnership Units in accordance with
this Article 11, with respect to which the transferee becomes a Substituted Limited Partner, or pursuant to a redemption (or acquisition by the Special Limited Partner) of all of its
Partnership Units pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation. 

        B.    Any
Limited Partner who shall Transfer all of its Partnership Units in a Transfer (i) permitted pursuant to this Article 11 where such transferee was
admitted as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to a Redemption under Section 15.1
hereof and/or pursuant to any Partnership Unit Designation or (iii) to the Special Limited Partner, whether or not pursuant to Section 15.1.B hereof, shall cease to be a Limited Partner. 

        C.    If
any Partnership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Partnership, or acquired by the Special Limited
Partner pursuant to Section 15.1 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss,
deduction and credit attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner or the Tendering Party (as the case may be) and, in the case of a
Transfer other than a Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the
"interim closing of the books" method or another permissible method selected by the Managing General Partner. Solely for purposes of making such allocations, each of such items for the calendar month
in which a Transfer occurs shall be allocated to the transferee Partner and none of such items for the calendar month in which a Transfer or a Redemption occurs shall be allocated to the transferor
Partner, or the Tendering Party (as the case may be) if such Transfer occurs on or before the fifteenth (15th) day of the month, otherwise such items shall be allocated to the transferor. All
distributions of Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or Redemption shall be made to
the transferor Partner or the Tendering Party (as the case may be) and, in the case of a Transfer other than a Redemption, all distributions of Available Cash thereafter attributable to such
Partnership Unit shall be made to the transferee Partner. 

        D.    In
addition to any other restrictions on Transfer herein contained, in no event may any Transfer of a Partnership Interest by any Partner (including any Redemption, any
acquisition of 

52

 

Partnership
Units by the Special Limited Partner or any other acquisition of Partnership Units by the Partnership) be made: (i) to any person or entity who lacks the legal right, power or
capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such as the Capital Account, or rights to
distributions, separate and apart from all other components of a Partnership Interest; (iv) in the event that such Transfer would cause either the Special Limited Partner or any Special Limited
Partner Affiliate to cease to comply with the REIT Requirements or to cease to qualify as a "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)); (v) if such
Transfer would, in the opinion of counsel to the Partnership or the Managing General Partner, cause a termination of the Partnership for Federal or state income tax purposes (except as a result of the
Redemption (or acquisition by the Special Limited Partner) of all Partnership Common Units held by all Limited Partners); (vi) if such Transfer would, in the opinion of legal counsel to the
Partnership, cause the Partnership to cease to be classified as a partnership for Federal income tax purposes (except as a result of the Redemption (or acquisition by the Special Limited Partner) of
all Partnership Common Units held by all Limited Partners (other than the Special Limited Partner)); (vii) if such Transfer would cause the Partnership to become, with respect to any employee
benefit plan subject to Title I of ERISA, a "party-in-interest" (as defined in ERISA Section 3(14)) or a "disqualified person" (as defined in Code
Section 4975(c)); (viii) if such Transfer would, in the opinion of legal counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any
employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (ix) if such Transfer requires the registration of such Partnership Interest pursuant to
any applicable Federal or state securities laws; (x) if such Transfer causes the Partnership to become a "publicly traded partnership," as such term is defined in Code Section 469(k)(2)
or Code 7704(b); (xi) if such Transfer causes the Partnership (as opposed to the Managing General Partner) to become a reporting company under the Exchange Act; or (xii) if such Transfer
subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. The General Partner shall take all action necessary to
avoid the Partnership from being classified as a "publicly traded partnership" under Code Section 7704. 

        E.    Transfers
pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the Managing General Partner otherwise
agrees. 

ARTICLE 12

ADMISSION OF PARTNERS  

        Section
12.1    Admission of Successor Managing General Partner and Additional General Partners.    

        A.    A
successor to all of the Managing General Partner's General Partner Interest pursuant to Section 11.1.C or Section 11.2 hereof who is proposed to be
admitted as a successor Managing General Partner shall be admitted to the Partnership as the Managing General Partner, effective immediately prior to such Transfer. Any such successor shall carry on
the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor Managing General Partner executing and delivering to the Partnership an acceptance of
all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. 

        B.    A
successor to a portion of the Managing General Partner's General Partner Interest pursuant to Section 11.2.B hereof or any Person to be admitted as an Additional
General Partner pursuant to Section 4.2.A hereof who is proposed to be admitted as an Additional General Partner shall be admitted to the Partnership as a General Partner, effective immediately
prior to such Transfer. Any such Additional General Partner shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the Additional General
Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other 

53

 

documents
or instruments as may be required to effect the admission. Concurrently with, and as evidence of, the admission of an Additional General Partner, the Managing General Partner shall amend  Exhibit A
and the books and records of the Partnership to reflect the name, address and number of Partnership Units of such Additional General
Partner. 

        Section
12.2    Admission of Additional Limited Partners.    

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

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

        C.    If
any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof
and all other items of income, gain, loss, deduction and credit allocable among Holders for such Partnership Year shall be allocated among such Additional Limited Partner and all other Holders by
taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the "interim closing of the books" method or another permissible method
selected by the Managing General Partner. Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall
be allocated among all the Holders including such Additional Limited Partner, in accordance with the principles described in Section 11.6.C hereof. All distributions of Available Cash with
respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner, and all distributions of
Available Cash thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 

        D.    Any
Additional Limited Partner admitted to the Partnership that is an Affiliate of the Managing General Partner shall be deemed to be a "Special Limited Partner
Affiliate" hereunder and shall be reflected as such on Exhibit A and the books and records of the Partnership. 

        Section
12.3    Amendment of Agreement and Certificate of Limited Partnership.    For the admission to the Partnership
of any Partner, the Managing General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an
amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate
and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

54

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

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

ARTICLE 13

DISSOLUTION, LIQUIDATION AND TERMINATION  

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

        A.    an
event of withdrawal, as defined in the Act (including, without limitation, bankruptcy), of the sole Managing General Partner unless, within ninety (90) days
after the withdrawal, a Majority in Interest of the Partners remaining agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment,
effective as of the date of withdrawal, of a successor Managing General Partner; 

        B.    an
election to dissolve the Partnership made by the Managing General Partner in its sole and absolute discretion, with or without the Consent of the Partners; 

        C.    entry
of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 

        D.    any
sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or
other disposition of all or substantially all of the assets of the Partnership; 

        E.    the
Redemption (or acquisition by the Special Limited Partner) of all Partnership Common Units other than Partnership Common Units held by the Managing General Partner or
the Special Limited Partner; or 

        F.     the
Redemption (or acquisition by the Special Limited Partner) of all Partnership Units other than Partnership Units held by the Managing General Partner or the Special
Limited Partner. 

        Section
13.2    Winding Up.    

        A.    Upon
the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets
and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary to or appropriate
for, the winding up of the Partnership's business and affairs. The Managing General Partner (or, in the event that there is no remaining Managing General Partner or the Managing General Partner has
dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person elected by a Majority in Interest of the Partners (the Managing General Partner or such other Person being
referred to herein as the "Liquidator")) shall be responsible for overseeing the winding up and dissolution of the Partnership and 

55

 

shall
take full account of the Partnership's liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the
proceeds therefrom (which may, to the extent determined by the Managing General Partner, include shares of stock in the Special Limited Partner) shall be applied and distributed in the following
order: 

        (1)   First,
to the satisfaction of all of the Partnership's debts and liabilities to creditors other than the Holders (whether by payment or the making of reasonable
provision for payment thereof); 

        (2)   Second,
to the satisfaction of all of the Partnership's debts and liabilities to the Managing General Partner and the Special Limited Partner (whether by payment or the
making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.4 hereof; 

        (3)   Third,
to the satisfaction of all of the Partnership's debts and liabilities to the other Holders (whether by payment or the making of reasonable provision for payment
thereof); 

        (4)   Fourth,
to the Holders in accordance with Section 5.1 above; and 

        (5)   Subject
to the terms of any Partnership Unit Designation, the balance, if any, to the Holders in accordance with and in proportion to their positive Capital Account
balances, after giving effect to all contributions, distributions and allocations for all periods; provided, however, that it is the intent of the
Partners that liquidating distributions shall be made in the same manner as distributions would be made under Section 5.1, and accordingly, to the extent that distributions under
Section 13.2(A)(4) and (A)(5) would result in different distributions than had all liquidating distributions been made under Section 5.1, the Capital Accounts of the partners shall be
adjusted (including through allocations, or if necessary, credits or debits to Capital Accounts) prior to the liquidating distributions being made to the extent necessary to cause distributions made
to each partner under Section 13.2(A)(4) and (A)(5) to be the same as the distributions that would have been made to such partner had liquidating distributions been made in accordance with
Section 5.1. 

The
Managing General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13. 

        B.    Notwithstanding
the provisions of Section 13.2.A hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth
therein, if prior to or upon dissolution of the Partnership, the Liquidator determines that an immediate sale of part or all of the Partnership's assets would be impractical or would cause undue loss
to the Holders, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership
(including to those Holders as creditors) and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A hereof, undivided
interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such
distributions in kind are in the best interest of the Holders, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable
and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such
reasonable method of valuation as it may adopt. 

        C.    In
the event that the Partnership is "liquidated" within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant
to this Article 13 to the Holders (a) first in accordance with Section 5.1 and (b) then to the Holders that have positive Capital Accounts in compliance with Regulations
Section 1.704-1(b)(2)(ii)(b)(2) to the extent of, and in proportion to, positive Capital Account balances, but distributions under this clause (b) shall be subject to the
proviso set forth above in Section 13.2(A)(5). If any Holder has a deficit balance in its Capital Account (after 

56

 

giving
effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs), such Holder shall have no obligation to make any
contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever.
In the sole and absolute discretion of the Managing General Partner or the Liquidator, a pro rata portion of the distributions that would otherwise be
made to the Holders pursuant to this Article 13 may be: 

        (1)   distributed
to a trust established for the benefit of the Managing General Partner and the Holders for the purpose of liquidating Partnership assets, collecting amounts
owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the Managing General Partner arising out of or in connection with the Partnership
and/or Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the Managing General Partner, in the same
proportions and amounts as would otherwise have been distributed to the Holders pursuant to this Agreement; or 

        (2)   withheld
or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment
obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of priority set forth in Section 13.2.A hereof
as soon as practicable. 

        Section
13.3    Deemed Contribution and Distribution.    Notwithstanding any other provision of this
Article 13, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the
Partnership's Property shall not be liquidated, the Partnership's liabilities shall not be paid or discharged and the Partnership's affairs shall not be wound up. Instead, for Federal income tax
purposes the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and immediately thereafter,
distributed Partnership Units to the Partners in the new partnership in accordance with their respective Capital Accounts in liquidation of the Partnership, and the new partnership is deemed to
continue the business of the Partnership. Nothing in this Section 13.3 shall be deemed to have constituted any Assignee as a Substituted Limited Partner without compliance with the provisions
of Section 11.4 or Section 13.3 hereof. 

        Section
13.4    Rights of Holders.    Except as otherwise provided in this Agreement, (a) each Holder shall
look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Holder shall
have the right or power to demand or receive property other than cash from the Partnership and (c) no Holder shall have priority over any other Holder as to the return of its Capital
Contributions, distributions or allocations. 

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

        Section
13.6    Cancellation of Certificate of Limited Partnership.    Upon the completion of the liquidation of the
Partnership cash and property as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all
qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other 

57

 

than
the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

        Section
13.7    Reasonable Time for Winding-Up.    A reasonable time shall be allowed for the orderly
winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon
such winding-up, and the provisions of this Agreement shall remain in effect between and among the Partners during the period of liquidation. 

ARTICLE 14

PROCEDURES FOR ACTIONS AND CONSENTS

OF PARTNERS; AMENDMENTS; MEETINGS  

        Section
14.1    Procedures for Actions and Consents of Partners.    The actions requiring consent or approval of
Partners pursuant to this Agreement, including Section 7.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14. 

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

        Section
14.3    Meetings of the Partners.    

        A.    Meetings
of the Partners may be called only by the Managing General Partner. The call shall state the nature of the business to be transacted. Notice of any such meeting
shall be given to all Partners entitled to act at the meeting not less than seven (7) days nor more than sixty (60) days prior to the date of such meeting. Partners may vote in person or
by proxy at such meeting. Whenever the vote, consent or approval of Partners is permitted or required under this Agreement, such vote, consent or approval may be given at a meeting of Partners or may
be given in accordance with the procedure prescribed in Section 14.3.B hereof. 

        B.    Any
action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed
by the holders of a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement for the action in question) entitled to act at the
meeting. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the holders of a majority of the Percentage Interests of the Partners
(or such other percentage as is expressly required by this Agreement) entitled to act at the meeting. Such consent shall be filed with the Managing General Partner. An action so taken shall be deemed
to have been taken at a meeting held on the effective date so certified. 

58

 

        C.    Each
Partner entitled to act at the meeting may authorize any Person or Persons to act for it by proxy on all matters in which a Partner is entitled to participate,
including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner or its attorney-in-fact. No proxy shall be valid
after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable
at the pleasure of the Partner executing it, such revocation to be effective upon the Partnership's receipt of written notice of such revocation from the Partner executing such proxy. 

        D.    Each
meeting of Partners shall be conducted by the Managing General Partner or such other Person as the Managing General Partner may appoint pursuant to such rules for
the conduct of the meeting as the Managing General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may be conducted in the
same manner as meetings of the Special Limited Partner's shareholders and may be held at the same time as, and as part of, the meetings of the Special Limited Partner's shareholders. 

ARTICLE 15

GENERAL PROVISIONS  

        Section
15.1    Redemption Rights of Qualifying Parties.    

        A.    After
the applicable Fourteen-Month Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to
redeem all or a portion of the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as
"Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption
Date. The Partnership may, in the Managing General Partner's sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Fourteen-Month Period
(subject to the terms and conditions set forth herein) (a "Special Redemption"); provided, however, that
the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant
to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering
Party"). The Partnership's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the
Managing General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership declines to cause the Special Limited to Partner to acquire some or all of the Tendered Units
under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount
shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner's sole and absolute discretion, in immediately available funds, in each case, on or
before the tenth (10th) Business Day following the date on which the Managing General Partner receives a Notice of Redemption from the Tendering Party. 

        B.    Notwithstanding
the provisions of Section 15.1.A hereof, on or before the close of business on the Cut-Off Date, the Partnership may, in the Managing
General Partner's sole and absolute discretion but subject to the Ownership Limit and the transfer restrictions and other limitations of the Charter, elect to cause the Special Limited Partner to
acquire some or all (such percentage being referred to as the "Applicable Percentage") of the Tendered Units from the Tendering Party in exchange for
REIT Shares. If the Partnership chooses to cause the Special Limited Partner to acquire some or all of the Tendered Units pursuant to this Section 15.1.B, the Managing General Partner, on
behalf of the Partnership, shall give written notice thereof to the Special Limited Partner and the Tendering Party on or before the close of business on the Cut-Off Date. If the
Partnership elects to cause the Special 

59

 

Limited
Partner to acquire any of the Tendered Units for REIT Shares, the Managing General Partner, on behalf of the Partnership, shall direct the Special Limited Partner to issue and deliver such
REIT Shares to the Tendering Party pursuant to the terms of this Section 15.1.B, in which case (1) the Special Limited Partner shall assume directly the obligation with respect thereto
and shall satisfy the Tendering Party's exercise of its Redemption right with respect to such Tendered Units, and (2) such transaction shall be treated, for Federal income tax purposes, as a
transfer by the Tendering Party of such Tendered Units to the Special Limited Partner in exchange for the REIT Shares Amount. If the Partnership so elects, on the Specified Redemption Date, the
Tendering Party shall sell such number of the Tendered Units to the Special Limited Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable
Percentage. The Tendering Party shall submit (i) such information, certification or affidavit as the Special Limited Partner may reasonably require in connection with the application of the
Ownership Limit and other restrictions and limitations of the Charter to any such acquisition and (ii) such written representations, investment letters, legal opinions or other instruments
necessary, in the Special Limited Partner's view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Units by the Special Limited Partner pursuant to this
Section 15.1.B, the Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Units, and, upon notice to the Tendering Party by the
Managing General Partner, given on or before the close of business on the Cut-Off Date, that the Partnership has elected to cause the Special Limited Partner to acquire some or all of the
Tendered Units pursuant to this Section 15.1.B, the obligation of the Partnership to effect a Redemption of the Tendered Units as to which the Managing General Partner's notice relates shall
not accrue or arise. The product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by the Special Limited Partner as duly authorized, validly issued, fully
paid and non-assessable REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit and other restrictions provided in the
Charter, the Securities Act and relevant state securities or "blue sky" laws. Neither any Tendering Party whose Tendered Units are acquired by the Special Limited Partner pursuant to this
Section 15.1.B, any Partner, any Assignee nor any other interested Person shall have any right to require or cause the Special Limited Partner to register, qualify or list any REIT Shares owned
or held by such Person, whether or not such REIT Shares are issued pursuant to this Section 15.1.B, with the SEC, with any state securities commissioner, department or agency, under the
Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or
similar rights granted pursuant to any other written agreement between the Special Limited Partner and any such Person. Notwithstanding any delay in such delivery, the Tendering Party shall be deemed
the owner of such REIT Shares and Rights for all purposes, including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. REIT
Shares issued upon an acquisition of the Tendered Units by the Special Limited Partner pursuant to this Section 15.1.B may contain such legends regarding restrictions under the Securities Act
and applicable state securities laws as the Special Limited Partner in good faith
determines to be necessary or advisable in order to ensure compliance with such laws. 

        C.    Notwithstanding
the provisions of Section 15.1.A and 15.1.B hereof, the Tendering Parties shall have no rights under this Agreement that would otherwise be
prohibited under the Charter with respect to the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Units by the Special Limited Partner pursuant to
Section 15.1.B hereof would be in violation of this Section 15.1.C, it shall be null and void ab initio, and the Tendering Party shall not
acquire any rights or economic interests in REIT Shares otherwise issuable by the Special Limited Partner under Section 15.1.B hereof or cash otherwise payable under Section 15.1.A
hereof. 

60

 

        D.    If
the Partnership does not exercise its right to cause the Special Limited Partner to acquire the Tendered Units pursuant to Section 15.1.B hereof: 

        (1)   The
Partnership may elect to raise funds for the payment of the Cash Amount either (a) by requiring that the Special Limited Partner contribute to the Partnership
funds from the proceeds of a registered public offering by the Special Limited Partner of REIT Shares sufficient to purchase the Tendered Units or (b) from any other sources (including, but not
limited to, the sale of any Property and the incurrence of additional Debt) available to the Partnership. Any proceeds from a public offering that are in excess of the Cash Amount shall be for the
sole benefit of the Special Limited Partner. The Special Limited Partner shall make a Capital Contribution of any such amounts to the Partnership for an additional Limited Partner Interest. Any such
contribution shall entitle the Special Limited Partner to an equitable Percentage Interest adjustment. 

        (2)   If
the Cash Amount is not paid on or before the Specified Redemption Date, interest shall accrue with respect to the Cash Amount from the day after the Specified
Redemption Date to and including the date on which the Cash Amount is paid at a rate equal to the base rate on corporate loans at large United States money center commercial banks, as published from
time to time in the Wall Street Journal (but not higher than the maximum lawful rate). 

        E.    Notwithstanding
the provisions of Section 15.1.B hereof, the Partnership shall not, under any circumstances, elect to cause the Special Limited Partner to acquire
any Tendered Units in exchange for REIT Shares if such exchange would be prohibited under the Charter. 

        F.     Notwithstanding
anything herein to the contrary (but subject to Section 15.1.C hereof), with respect to any Redemption (or any tender of Partnership Common Units
for Redemption if the Tendered Units are acquired by the Special Limited Partner pursuant to Section 15.1.B hereof) pursuant to this Section 15.1: 

        (1)   All
Partnership Common Units acquired by the Special Limited Partner pursuant to Section 15.1.B hereof shall automatically, and without further action required,
be converted into and deemed to be a Special Limited Partner's Partner Interest comprised of the same number of Partnership Common Units. 

        (2)   Subject
to the Ownership Limit, no Tendering Party may effect a Redemption for less than one thousand (1,000) Partnership Common Units or, if such Tendering Party holds
(as a Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Partnership Common Units, all of the Partnership Common Units held by such Tendering Party, unless, in each case,
otherwise agreed to by the Managing General Partner in its sole and absolute discretion. 

        (3)   If
(i) a Tendering Party surrenders its Tendered Units during the period after the Partnership Record Date with respect to a distribution and before the record
date established by the Special Limited Partner for a distribution to its shareholders of some or all of its portion of such Partnership distribution, and (ii) the Partnership elects to cause
the Special Limited Partner to acquire any of such Tendered Units in exchange for REIT Shares pursuant to Section 15.1.B, such Tendering Party shall pay to the Managing General Partner on the
Specified Redemption Date an amount in cash equal to the portion of the Partnership distribution in respect of the Tendered Units exchanged for REIT Shares, insofar as such distribution relates to the
same period for which such Tendering Party would receive a distribution in respect of such REIT Shares. 

        (4)   The
consummation of such Redemption (or an acquisition of Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof, as the case may be)
shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

61

 

        (5)   The
Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Partnership Common Units subject to
any Redemption, and be treated as a Limited Partner or an Assignee, as applicable, with respect to such Partnership Common Units for all purposes of this Agreement, until such Partnership Common Units
are either paid for by the Partnership pursuant to Section 15.1.A hereof or transferred to the Special Limited Partner and paid for, by the issuance of the REIT Shares, pursuant to
Section 15.1.B hereof on the Specified Redemption Date. Until a Specified Redemption Date and an acquisition of the Tendered Units by the Special Limited Partner pursuant to
Section 15.1.B hereof, the Tendering Party shall have no rights as a
shareholder of the Special Limited Partner with respect to the REIT Shares issuable in connection with such acquisition. 

        G.    In
connection with an exercise of Redemption rights pursuant to this Section 15.1, the Tendering Party shall submit the following to the Managing General Partner,
in addition to the Notice of Redemption: 

        (1)   A
written affidavit, dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code
Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) to the best of their knowledge any Related Party and (b) representing that, after giving effect
to the Redemption or an acquisition of the Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof, neither the Tendering Party nor to the best of their knowledge any
Related Party will own REIT Shares in excess of the Ownership Limit; 

        (2)   A
written representation that neither the Tendering Party nor to the best of their knowledge any Related Party has any intention to acquire any additional REIT Shares
prior to the closing of the Redemption or an acquisition of the Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof on the Specified Redemption Date; and 

        (3)   An
undertaking to certify, at and as a condition to the closing of (i) the Redemption or (ii) the acquisition of the Tendered Units by the Special Limited
Partner pursuant to Section 15.1.B hereof on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and to the best of
their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 15.1.G(1) or (b) after giving effect to the Redemption or an acquisition of
the Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof, neither the Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in
violation of the Ownership Limit. 

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

        Section
15.2    Addresses and Notice.    Any notice, demand, request or report required or permitted to be given or
made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of
written communication (including by telecopy, facsimile, or commercial courier service) to the Partner, or Assignee at the address set forth in  Exhibit A or Exhibit B (as applicable) or such other address of which the Partner shall
notify the Managing General Partner in writing. 

62

 

        Section
15.3    Titles and Captions.    All article or section titles or captions in this Agreement are for
convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided
otherwise, references to "Articles" or "Sections" are to Articles and Sections of this Agreement. 

        Section
15.4    Pronouns and Plurals.    Whenever the context may require, any pronouns used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

        Section
15.5    Further Action.    The parties shall execute and deliver all documents, provide all information and
take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

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

        Section
15.7    Waiver.    

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

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

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

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

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

        B.    Each
Partner hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Delaware (collectively, the
"Delaware Courts"), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would
have subject matter jurisdiction with respect to such dispute, (ii) irrevocably waives, and agrees not to assert 

63

 

by
way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Delaware Courts, that its property is exempt or immune from
attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit
or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner's last known
address as set forth in the Partnership's books and records, and (iv) irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement
or the transactions contemplated hereby. 

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

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

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

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

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

provided, however, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the Managing General
Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts shall not adversely affect the REIT Partner's ability to qualify as a REIT. To the extent
that REIT Payments may not be made in a Partnership Year as a 

64

 

consequence
of the limitations set forth in this Section 15.12, such REIT Payments shall carry over and shall be treated as arising in the following Partnership Year if such carry over does not
adversely affect the REIT Partner's ability to qualify as a REIT. The purpose of the limitations contained in this Section 15.12 is to prevent any REIT Partner from failing to qualify as a REIT
under the Code by reason of such REIT Partner's share of items, including distributions, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this
Section 15.12 shall be interpreted and applied to effectuate such purpose. 

        Section
15.13    REIT Restrictions.    Each Affiliated REIT is a REIT and is subject to the provisions of Sections 856
through and including 860 of the Code. So long as an Affiliated REIT owns, directly or indirectly, any interest in the Partnership, then notwithstanding any other provision of this Agreement: 

        (i)    any
services that would otherwise cause any rents from a lease to be excluded from treatment as rents from real property pursuant to Section 856(d)(2)(C) of the
Code shall be provided by either (1) an independent contractor (as described in Section 856(d)(3) of the Code) with respect to such Affiliated REIT and from whom neither the Partnership
nor such Affiliated REIT derives or receives any income or (2) a taxable REIT subsidiary of such Affiliated REIT as described in Section 856(l) of the Code; 

        (ii)   except
for a taxable REIT subsidiary of an Affiliated REIT, the Partnership shall not own, directly or indirectly or by attribution (in accordance with attribution
rules referred to in Section 856(d)(5) of the Code), in the aggregate more than 10% of the total value of all classes of stock or more than 10% of the total voting power (or, with respect to
any such person which is not a corporation, an interest of 10% or more in the assets or net profits of such person) of a lessee or sublessee of all or any part of the Property or of any other assets
of the Partnership except in each case with the specific written approval of each Affiliated REIT; 

        (iii)  except
for securities of a taxable REIT subsidiary of an Affiliated REIT, the Partnership shall not own or acquire, directly or indirectly or by attribution, more than
10% of the total value or the total voting power of the outstanding securities of any issuer or own any other asset (including a security) which would cause the Affiliated REIT to fail the asset test
of Section 856(c)(4)(B) of the Code; and 

        (iv)  leases
entered into by the Partnership or any of its Subsidiary partnerships, limited partnerships, and limited liability companies shall provide for rents that qualify
as "rents from real property" within the meaning of Section 856(d) of the Code with respect to each Affiliated REIT. 

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

        Section
15.15    No Third-Party Rights Created Hereby.    The provisions of this Agreement are solely for the purpose
of defining the interests of the Holders, inter se; and no other person, firm or entity (i.e., a party
who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title
and provisions of this Agreement. No creditor or other third party having dealings with the Partnership (other than as expressly set forth herein with respect to Indemnitees) shall have the right to
enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or
obligations of 

65

 

the
Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any
such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the
Partners. 

        Section
15.16    No Rights as Shareholders.    Nothing contained in this Agreement shall be construed as conferring
upon the Holders of Partnership Units any rights whatsoever as shareholders of the Special Limited Partner, including without limitation any right to receive dividends or other distributions made to
shareholders of the Special Limited Partner or to vote or to consent or receive notice as shareholders in respect of any meeting of shareholders for the election of directors of the Special Limited
Partner or any other matter. 

[Remainder of Page Left Blank Intentionally]

66

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

	 	 	MANAGING GENERAL PARTNER:
	

 	
 	

DOUGLAS EMMETT MANAGEMENT, INC.,

a Delaware corporation,
	

 	
 	

By:	

    
 Name:

Its:
	

 	
 	
SPECIAL LIMITED PARTNER:
	

 	
 	

DOUGLAS EMMETT, INC.,

a Maryland corporation,
	

 	
 	

By:	

    
 Name:

Its:

67

 

	 	 	LIMITED PARTNER:
	

 	
 	

[                        ,

a                        ],
	

 	
 	

By:	

    
 Name:

Its:

68

 

	 	 	LIMITED PARTNER:
	

 	
 	

    
 Name:

69

   As of [                        ], 2005

Exhibit A

PARTNERS AND PARTNERSHIP UNITS  

	Name and Address of Partners
	 	Partnership Units (Type and Amount)

	Managing General Partner:	 	 
	    	 	 
	Douglas Emmett Management, Inc.

[Address]	 	[                        ] Partnership Common Units
	    	 	 
	

	Special Limited Partner:	 	 
	    	 	 
	Douglas Emmett, Inc.

[Address]	 	[                        ] Partnership Common Units
	    	 	 
	

	Limited Partners:	 	 
	    	 	 
	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	

	    	 	 
	TOTAL:	 	[                        ] Partnership Common Units

A-1

   Exhibit B

EXAMPLES REGARDING ADJUSTMENT FACTOR  

For
purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on December 30, 2005 is 1.0 and (b) on January 1, 2006 (the
"Partnership Record Date" for purposes of these examples), prior to the events described in the examples, there are 100 REIT Shares issued and
outstanding. 

Example 1  

        On the Partnership Record Date, the Special Limited Partner declares a dividend on its outstanding REIT Shares in REIT Shares. The amount of the dividend is one
REIT Share paid in respect of each REIT Share owned. Pursuant to Paragraph (i) of the definition of "Adjustment Factor," the Adjustment Factor shall be adjusted on the Partnership Record Date,
effective immediately after the stock dividend is declared, as follows: 

        1.0
* 200/100 = 2.0 

Accordingly,
the Adjustment Factor after the stock dividend is declared is 2.0. 

Example 2  

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

        1.0
* (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111 

Accordingly,
the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the retroactive adjustment specified in
Paragraph (ii) of the definition of "Adjustment Factor" shall apply. 

Example 3  

On
the Partnership Record Date, the Special Limited Partner distributes assets to all holders of its REIT Shares. The amount of the distribution is one asset with a fair market value (as determined by
the Managing General Partner) of $1.00 in respect of each REIT Share owned. It is also assumed that the assets do not relate to assets received by the Managing General Partner pursuant to a pro rata
distribution by the Partnership. The Value of a REIT Share on the Partnership Record Date is $5.00 a share. Pursuant to Paragraph (iii) of the definition of "Adjustment Factor," the Adjustment
Factor shall be adjusted on the Partnership Record Date, effective immediately after the assets are distributed, as follows: 

        1.0
* $5.00/($5.00 - $1.00) = 1.25 

Accordingly,
the Adjustment Factor after the assets are distributed is 1.25. 

B-1

   Exhibit C

LIST OF EXCLUDED PROPERTIES  

None. 

C-1

   Exhibit D

NOTICE OF REDEMPTION  

	To:
	Douglas
Emmett Management, Inc.

        The
undersigned Limited Partner or Assignee hereby irrevocably tenders for Redemption            Partnership Common Units in Douglas Emmett Properties, LP in accordance with the
terms of the Agreement of Limited Partnership of Douglas Emmett Properties, LP, dated as of [                        ], 2005 as
amended (the
"Agreement"), and the Redemption rights referred to therein. The undersigned Limited Partner or Assignee: 

        (a)   undertakes
(i) to surrender such Partnership Common Units and any certificate therefor at the closing of the Redemption and (ii) to furnish to the Managing
General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1.G of the Agreement; 

        (b)   directs
that the certified check representing the Cash Amount, or the REIT Shares Amount, as applicable, deliverable upon the closing of such Redemption be delivered to
the address specified below; 

        (c)   represents,
warrants, certifies and agrees that: 

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

        (ii)   the
undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and unencumbered title to such Partnership Common
Units, free and clear of the rights or interests of any other person or entity, 

        (iii)  the
undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such
Partnership Common Units as provided herein, and 

        (iv)  the
undersigned Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such
tender and surrender; and 

        (d)   acknowledges
that he will continue to own such Partnership Common Units until and unless either (1) such Partnership Common Units are acquired by the Special
Limited Partner pursuant to Section 15.1.B of the Agreement or (2) such redemption transaction closes. 

D-1

 

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

	 
	 	 

	Dated:                         	 	 
	 	 	Name of Limited Partner or Assignee:
	    	 	 
	 	 	

	    	 	 
	 	 	

	 	 	(Signature of Limited Partner or Assignee)
	    	 	 
	 	 	

	 	 	(Street Address)
	    	 	 
	 	 	

	 	 	(City)            (State)            (Zip Code)

D-2

 

	 
	 	 

	 	 	Signature Guaranteed by:
	    	 	 
	    	 	 
	 	 	

	    	 	 
	Issue Check Payable to:	 	

	    	 	 
	Please insert social security

or identifying number:	 	 
	 	 	

D-3

QuickLinks

Exhibit 10.1

TABLE OF CONTENTSQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.11  

 
 

EMPLOYMENT AGREEMENT    
    

        This
EMPLOYMENT AGREEMENT (the "Agreement") is made effective as
of                        , 2006 (the "Effective
Date") by and between Douglas Emmett, Inc. (the "Company"), Douglas Emmett Properties, LP (the
"Partnership"), and Jordan L. Kaplan ("Executive") with respect to the following facts and
circumstances: 

        WHEREAS,
the Company desires to engage Executive as the President and Chief Executive Officer of the Company, during the Agreement Term (as defined below), on the terms and conditions
and for the consideration set forth herein. 

        NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 

1.    Effectiveness; Term of Employment.    Subject to the provisions of Section 8 of this Agreement,
Executive shall be employed by the Company on the terms and subject to the conditions set forth in this Agreement for a period commencing on the Effective Date and ending on December 31, 2010.
Commencing on January 1, 2011 and on each January 1 thereafter (each an "Extension Date"), the Agreement Term shall be automatically
extended for an additional one-year period unless either the Company or Executive provides the other party hereto sixty (60) days' prior written notice before the next Extension
Date that the Agreement Term shall not be so extended (the "Agreement Term"). 

2.    Position; Duties.    During the Agreement Term, Executive shall serve as President and Chief Executive
Officer of the Company and the Partnership. In such position, Executive shall have such duties and authority commensurate with such position as shall be determined from time to time by the Board of
Directors of the Company (the "Board") including such duties and responsibilities with respect to any subsidiary, affiliate or joint venture of the
Company (each a "Subsidiary"). Subject to the discretion of the Nominating Committee of the Board, Executive shall serve as a member of the Board and of
the board of directors (or equivalent) of any Subsidiary without additional compensation. Executive's duties will be principally performed at the Company's headquarters, which will be located within
the West Side of Los Angeles, with such travel as may be required to perform his duties hereunder as reasonably requested by the Company. 

3.    Base Salary.    During the Agreement Term, the Company shall pay Executive a base salary at the annual
rate of $950,000, payable in regular installments in accordance with the Company's usual payment practices. Executive's salary shall be reviewed at least annually by the Compensation Committee of the
Board (the "Committee") and Executive shall be entitled to such increases in Executive's base salary, if any, as may be determined from time to time in
the sole and absolute discretion of the Committee. Executive's annual base salary, as in effect from time to time, is hereinafter referred to as the "Base
Salary." 

4.    Annual Bonus.    With respect to each fiscal year during the Agreement Term, Executive shall be
eligible to earn an annual bonus award (the "Annual Bonus") based upon reasonable criteria to be reasonably established not later than the first thirty
(30) days of that fiscal year by the Compensation Committee of the Board in consultation with Executive. The amount of the bonus shall equal the following percentages of Executive's Base Salary
during that fiscal year: 

	Threshold
	 	Target
	 	Superior
	 	Outperformance

	65%	 	100%	 	150%	 	200%

Unless
otherwise approved by the Board in its discretion, no bonus will be payable to Executive for any year if Executive does not meet the Threshold criteria established for that year. The Company
will pay any Annual Bonus earned by Executive with respect to a given fiscal year in accordance with the terms and conditions of the Company's annual bonus plan, but no later than the earlier of
(i) the fifteenth 

 

day
of the third month following the end of such fiscal year or (ii) the date that other senior executives are paid similar bonuses. 

5.    Long-Term Incentive Compensation.    

        5.1.    Option Award.    As of the Effective Date, Executive shall be granted an option to
purchase 2,488,889 shares of Company stock (the "Option Award") pursuant to a separate written Non Qualified Stock Option Agreement under the Company's
2006 Omnibus Stock Incentive Plan (the "Plan"). The Option Award shall be subject to the terms and conditions of that agreement and the Plan. 

        5.2.    LTIP Award.    As of the Effective Date, Executive shall be granted 420,000 LTIP Units
(the "LTIP Award") pursuant to a separate written LTIP Unit Award Agreement under the Plan. The LTIP Award shall be subject to the terms and conditions
of that agreement and the Plan. 

6.    Employee Benefits.    During the Agreement Term, Executive shall be entitled to participate in the
Company's employee welfare and retirement benefit plans and perquisite programs as in effect, and subject to such modification as the Company may determine necessary or appropriate, from time to time
(collectively "Employee Benefits"), on the same basis as those benefits are generally made available to other senior executives of the Company, which
shall in any case include (i) the payment or reimbursement of tax/financial services, the use of and payment of all related expenses for an automobile, and a personal umbrella insurance policy
all in amounts and on terms not less favorable than those provided to Executive by the Company's predecessor provided that, any such payment or reimbursement by the Company shall be made no later than
the fifteenth day of the third month following the end of the calendar year in which Executive incurred such expense, and (ii) medical and dental benefits (without any co payment) for
Executive, Executive's spouse and Executive's eligible dependents on terms not less favorable than those provided to Executive by the Company's predecessor. During the Agreement Term, Executive shall
have the right (i) to participate in any future compensation plans implemented for executives of the Company on a basis commensurate with his position and (ii) to be indemnified by the
Company for all actions taken as an officer, director or agent of the Company or its Subsidiaries to the full extent provided under law or pursuant to the Indemnification Agreement of even date
herewith. Subject to the policies and procedures of the Company, in addition to any accrued personal time off ("PTO") accrued with respect to service to
the predecessors of the Company, Executive shall be entitled to accrue twenty five (25) paid days of PTO per year during the Agreement Term. 

7.    Business Expenses.    During the Agreement Term, the Company shall reimburse Executive for all
reasonable business expenses incurred by Executive in the performance of Executive's duties hereunder in accordance with the Company's policies as in effect from time to time. 

8.    Termination.    Notwithstanding any other provision of this Agreement, the provisions of this
Section 8 shall exclusively govern Executive's rights upon termination of employment with the Company. Following Executive's termination of employment, except as set forth in this
Section 8, Executive (and Executive's legal representative and estate) shall have no further rights to any compensation or any other benefits under this Agreement. 

        8.1.    Definitions.    

        "Accrued Rights" means the sum of the following: (i) any accrued but unpaid Base Salary through the date of termination;
(ii) a payment in respect of all unpaid, but accrued and unused PTO through the date of termination; (iii) any Annual Bonus earned but unpaid as of the date of termination for any
previously completed fiscal year (i.e., not for the year of employment termination); (iv) reimbursement for any unreimbursed business expenses
properly incurred by Executive in accordance with Company policy through the date of termination; (v) such rights, if any, under the Option Award, the LTIP Award and other compensation programs
and Employee Benefits to which 

2

 

Executive
may be entitled upon termination of employment according to the documents governing such benefits; and (vi) any existing rights to indemnification for prior acts through the date of
termination. 

        "Cause" means any of the following: (i) any act or omission by Executive which constitutes intentional misconduct or a willful
violation of law; (ii) an act of fraud, conversion, misappropriation or embezzlement by Executive or conviction of, indictment for (or its procedural equivalent) or entering a guilty plea or
plea of no contest with respect to a felony, the equivalent thereof or any crime involving any moral turpitude with respect to which imprisonment is a common punishment; or (iii) any other
failure (other than any failure resulting from incapacity due to physical or mental illness) by Executive to perform his material and reasonable duties and responsibilities as an employee, director or
consultant of the Company or any Subsidiary which continues for ten (10) days following written notice from the Company or any Subsidiary (except in the case of a willful failure to perform his
duties or a willful breach, which shall require no notice). For purposes of the foregoing sentence, no act, or failure to act, on Executive's part shall be considered "willful" unless the Executive
acted, or failed to act, in bad faith or without reasonable belief that his act or failure to act was in the best interest of the Company or any Subsidiary. 

        "Change of Control" shall be deemed to have occurred if 

          (i)  there
shall be consummated (a) any consolidation or merger of the Company, other than a merger or consolidation of the Company in which (1) the holders of
the Company's common stock immediately prior to the merger or consolidation have at least fifty one percent (51%) ownership of the total voting power of the surviving entity immediately after the
merger or consolidation, and (2) no person (other than an Exempted Holder as defined below) beneficially owns (as such term is defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, 20% or more of the total voting power of the surviving entity or (b) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions)
of all, or substantially all, of the assets of the Company, or 

         (ii)  the
shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company, or 

        (iii)  any
person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")) other than an Exempted Holder (as defined below) shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of twenty
percent (20%) or more of the Company's common stock. "Exempted Holder" means (a) the Company or any majority-owned Subsidiary
(provided that this exclusion applies solely to the ownership levels of the Company or the majority-owned Subsidiary); (b) any trustee, fiduciary
or other person or entity holding securities under any employee benefit plan or trust sponsored or maintained by the Company or any Subsidiary; or (c) any underwriter or placement agent
temporarily holding securities pursuant to an offering of such securities. However, a Change in Control shall not be deemed to have occurred if a person's percentage interest increases over twenty
percent (20%) solely as a result of a decrease in the outstanding stock because of an acquisition of securities by the Company; provided,  however, that a
"Change in Control" shall be deemed to have occurred on any subsequent acquisitions of the Company's common stock by that person (other
than pursuant to a stock split, stock dividend, or similar transaction) at a time when that person beneficially owns twenty percent (20%) or more of the Company's outstanding common stock, or 

        (iv)  the
Board shall cease for any reason to have a majority of Uncontested Directors. "Uncontested Directors" means
directors who were initially elected or initially nominated (a) by a vote of at least two-thirds of the then Uncontested Directors and (b) not as a result of an actual or
threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board, 

3

 

including
by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation. 

        "Disability" means physical or mental incapacity whereby Executive is unable with or without reasonable accommodation for a period of six
(6) consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive month period to perform the essential functions of Executive's
duties. 

        "Good Reason" shall be present where Executive gives notice to the Board of his voluntary resignation (a) within one hundred and
twenty (120) days after the occurrence of any of the following, without Executive's written consent: (i) the failure of the Company to pay or cause to be paid Executive's Base Salary or
Annual Bonus, when due hereunder, subject to a ten (10) day cure period by the Company (except in the case of a willful failure which shall require no notice); (ii) diminution in
Executive's status, including, title, position, duties, authority or responsibility (including Executive ceasing to be a member of the Board other than as a result of a voluntary resignation), subject
to a thirty (30) day cure period by the Company (except in the case of a willful breach, which shall require no notice); (iii) relocation of the Company's executive offices to a location
outside of the West Side of Los Angeles; or (iv) the failure of the Company to obtain the express written assumption of this Agreement pursuant to Section 11.5 hereof (unless such
Agreement is assumed by operation of law); (b) within eighteen (18) months after the occurrence of a Change of Control. 

        8.2.    Termination by the Company for Cause or By Executive's Resignation without Good
Reason.    The Agreement Term and Executive's employment hereunder may be terminated by the Company for Cause and shall terminate upon Executive's resignation without
Good Reason, and in either case Executive shall be entitled to receive only his Accrued Rights. 

        8.3.    Death/Disability.    The Agreement Term and Executive's employment hereunder shall
terminate upon Executive's death or Disability. Upon termination of Executive's employment hereunder due to death or Disability, Executive's legal representative or estate (as the case may be) shall
be entitled to receive (i) the Accrued Rights plus (ii) an amount equal to a pro-rated portion of the Annual Bonus Executive
otherwise would have been paid for the fiscal year in which such termination of employment occurs, payable when the Annual Bonus would otherwise have been paid to Executive pursuant to
Section 4, based upon (a) actual performance for such fiscal year, as determined at the end of such fiscal year and (b) the percentage of such fiscal year that shall have elapsed
through the date of Executive's termination of employment; plus (iii) continued medical benefits for Executive and Executive's spouse and
eligible dependents who at the time of Executive's termination are enrolled in the Company's medical plan. Such benefits shall be substantially identical to the benefits maintained for other senior
executives of the Company and shall be provided for a period of twelve (12) months following Executive's termination of employment. Executive acknowledges that such benefit continuation is
intended, and shall be deemed, to satisfy the obligations of the Company and any of its subsidiaries and affiliates to provide continuation of benefits under Section 4980B of the Internal
Revenue Code of 1986, as amended ("COBRA") for such period and that the Company may satisfy such obligation by paying any applicable COBRA premiums. 

        8.4.    Termination by the Company without Cause or Resignation by Executive for Good
Reason.    The Agreement Term and Executive's employment hereunder may be terminated by the Company without Cause at any time and for any reason or by Executive's
resignation for Good Reason at any time upon thirty (30) days written notice by the terminating party, although the Company may waive services during that period. If Executive's employment is
terminated by the Company without Cause (other than by reason of death or Disability) or if Executive resigns for Good Reason, Executive shall be entitled to receive (i) the Accrued Rights,  plus
(ii) provided that Executive first executes and returns to the Company (and does not revoke) a release of all claims that is in form and
substance reasonably 

4

 

satisfactory
to the Company, and subject to Executive's continued compliance with the provisions of Section 9 of this Agreement (to the extent expressly applicable after the Agreement Term): 

        8.4.1. an
amount, payable in a lump sum without discount within 30 days of the date of termination, equal to three (3) times the average of Executive's
compensation over the last three full calendar years ending prior to the termination date including (i) the Base Salary; (ii) the Annual Bonus and (iii) the value (based on a
Black Scholes formula in the case of options and value of the underlying grants in the case of LTIP or outperformance plans) of any equity (including stock, LTIPs and options) or other compensation
plans granted or awarded to Executive. In the event that there are less than three full calendar years completed after the execution of this Agreement, the average shall be based on (i) 2006
(including compensation paid by the predecessor of the Company) and (ii) any other full completed years prior to the date of termination. 

        8.4.2. continued
medical and dental benefits for Executive, Executive's spouse and Executive's eligible dependents, who at the time of Executive's termination are enrolled
in the Company's benefits plans provided for a period of three (3) years following Executive's termination of employment. Such benefits shall be substantially identical to the benefits
maintained for other senior executives of the Company. Executive acknowledges that such benefit continuation is intended, and shall be deemed, to satisfy the obligations of the Company and any of its
subsidiaries and affiliates to provide continuation of benefits under COBRA for such period and that the Company may satisfy such obligation by paying any applicable COBRA premiums or causing such
premiums to be paid. 

        8.5.    Notice of Termination.    Any purported termination of employment by the Company or by
Executive (other than due to Executive's death) shall be communicated by written notice to the other party, which indicates the specific termination provision in this Agreement relied upon and sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated and the date of employment termination. 

        8.6.    Employee Termination and Board/Committee/Officer Resignation.    Upon termination of
Executive's employment for any reason, Executive's employment with each of the Company and each Subsidiary shall be terminated and Executive shall be deemed to resign, as of the date of such
termination and to the extent applicable, from the boards of directors (and any committees thereof) of the Company and any Subsidiary and affiliates and as an officer of the Company and any
Subsidiary. Executive shall confirm such resignation(s) in writing to the Company. 

9.    Covenants.    

        9.1.    Confidentiality.    Executive acknowledges that, in his employment hereunder, he will
occupy a position of trust and confidence with the Company and its Subsidiaries. Executive agrees that Executive shall not during the Agreement Term and for two (2) years thereafter, except
(i) as may be required to perform his duties hereunder or as required by applicable law or (ii) until such information shall have become public other than by Executive's unauthorized
disclosure or (iii) with the prior written consent of the Company, use, disclose or disseminate any trade secrets, confidential information or any other information of a secret, proprietary,
confidential or generally undisclosed nature relating to the Company and/or any Subsidiary, or their respective businesses, contracts, projects, proposed projects, revenues, costs, operations, methods
or procedures. 

        9.2.    Non-solicitation.    Executive agrees that, for a period of one
(1) year immediately following the end of Executive's employment with the Company, except acting on behalf of the Company during the Employment Term, Executive shall not, either directly or
indirectly, solicit or participate in the solicitation of any employee or consultant of the Company to terminate or materially alter his, her or 

5

 

its
relationship with the Company or any Subsidiary. This restriction shall not apply to Executive's assistant. 

        9.3.    Full time; Non competition.    During the Agreement Term, Executive will devote
Executive's full business time and best efforts to the performance of Executive's duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise
which would conflict or interfere with the rendition of such services either directly or indirectly; except that nothing herein shall preclude Executive
from accepting appointment to or continuing to serve on any board of directors or trustees of any business entity, trade organization or any charitable organization or engaging in any activities or
managing his investments and affairs so long as such activities in the aggregate do not interfere with the performance of Executive's duties hereunder or conflict with this Section 9.3 herein.
During the Agreement Term, without the prior approval of the Board, Executive shall not in any city, town, county, parish where the Company and/or any Subsidiaries directly or indirectly engages in
business or is actively contemplating engaging in business: (i) engage in a competing business for Executive's own account; (ii) enter the employ of, or render any consulting or any
other services to, any entity that competes with the Company and/or any of its affiliates; or (iii) become interested in any such competing entity in any capacity, including, without
limitation, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; provided, however, Executive may own, directly or indirectly, solely as a passive
investment, 5% or less of any class of securities of any entity traded on any national securities exchange and any assets acquired in compliance with this Section. A business shall not be deemed a
"competing business" if it does not invest in or deal with the same basic product type as the Company does from time to time. At this time the basic product type of the Company is large and
mid-size office buildings and multi-family properties in Los Angeles County and Hawaii (larger than 50,000 sq. ft. for office properties and 50 units for apartment buildings). 

        9.4.    Company Policies.    During the Agreement Term, Executive shall also be subject to and
shall abide by all written reasonable policies and procedures of the Company provided to him, including regarding the protection of confidential information and intellectual property and potential
conflicts of interest, except to the extent that such policies and procedures conflict with the other provisions of this Agreement, in which case this Agreement shall control. Executive acknowledges
that the Company may amend any such policies and guidelines from, time to time, and that Executive remains at all times bound by their most current version to the extent made known to him and
reasonable in scope. 

        9.5.    Intellectual Property.    Except as permitted in Section 9.3 and as provided
under Section 2870 of the California Labor Code, the Company shall be the sole owner of all the products and proceeds of Executive's services hereunder including, without limitation, all
materials, ideas, concepts, formats, suggestions, developments, and other intellectual properties that Executive may acquire, obtain, develop or create in connection with his services hereunder and
during the Agreement Term, free and clear of
any claims by Executive (or anyone claiming under Executive) of any kind or character whatsoever (other than Executive's rights and benefits hereunder). Executive shall, at the request of the Company,
execute such assignments, certificates or other instruments as the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend the
Company's right, title and interest in and to any such products and proceeds of Executive's services hereunder. Notwithstanding the above, Executive shall not be considered to be in breach of this
Section 9.5 in connection with any property or other material of a type described in this Section 9.5 which does not become the property of the Company, so long as Executive does not,
directly or indirectly, have or obtain any personal interest in such property or material. 

        9.6.    General.    Executive and the Company intend that: (i) this Section 9
concerning (among other things) the exclusive services of Executive to the Company and/or its Subsidiaries shall be construed as a series of separate covenants; (ii) if any portion of the
restrictions set forth in this Section 9 should, for any reason whatsoever, be declared invalid by an arbitrator or a court of 

6

 

competent
jurisdiction, the validity or enforceability of the remainder of such restrictions shall not thereby be adversely affected; and (iii) Executive declares that the territorial and time
limitations set forth in this Section 9 are reasonable and properly required for the adequate protection of the business of the Company and/or its Subsidiaries. In the event that any such
territorial or time limitation is deemed to be unreasonable by an arbitrator or a court of competent jurisdiction, Executive agrees to the reduction of the subject territorial or time limitation to
the area or period which such arbitrator or court shall have deemed reasonable. All of the provisions of this Section 9 are in addition to any other written agreements on the subjects covered
herein that Executive may have with the Company and/or any of its Subsidiaries and are not meant to and do not excuse any additional obligations that Executive may have under such agreements. 

        9.7.    Specific Performance.    Executive acknowledges and agrees that the confidential
information, non-solicitation, intellectual property rights and other rights of the Company referred to in Section 9 of this Agreement are each of substantial value to the Company
and/or its subsidiaries and affiliates and that any breach of Section 9 by Executive would cause irreparable harm to the Company and/or its Subsidiaries, for which the Company and/or its
Subsidiaries would have no adequate remedy at law. Therefore, in addition to any other remedies that may be available to the Company and/or any of its Subsidiaries under this Agreement or otherwise,
the Company and/or its Subsidiaries shall be entitled to obtain temporary restraining orders, preliminary and permanent injunctions and/or other equitable relief to specifically enforce Executive's
duties and obligations under this Agreement, or to enjoin any breach of this Agreement, without the need to post a bond or other security and without the need to demonstrate special damages.
Furthermore, Executive agrees that any damages suffered by the Company and/or its Subsidiaries as a result of Executive's breach of Executive's duties and obligations under this Agreement shall
entitle the Company and/or its Subsidiaries to offset such damages against any payments to be made pursuant to this Agreement, to the extent permitted by applicable law. 

10.    Excise Tax Gross-Up Payments.    Company agrees to pay Executive the amount or amounts
specified in Schedule B, at such time or times as specified in Schedule B, as an excise tax Gross-Up Payment as provided in Schedule B. In connection therewith, the
Company and Executive agree to the provisions of Schedule B, which are incorporated herein by this reference. 

11.    Miscellaneous.    

        11.1.    Governing Law.    This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of California, without regard to conflicts of laws principles or rules thereof. 

        11.2.    Entire Agreement; Amendment.    This Agreement (and the Option Award and the LTIP
Award) represents the entire agreement and understanding between the parties and, except as expressly stated in this Agreement, supersedes any prior agreement, understanding or negotiations respecting
such subject. No change to or modification of this Agreement shall be valid or binding unless it is in writing and signed by Executive and a duly authorized director of the Company. 

        11.3.    No Waiver.    Failure to insist upon strict compliance with any of the terms,
covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any
right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. No waiver of any breach of any term or provision of this
Agreement shall be construed to be, nor shall be, a waiver of any other breach of this Agreement. No waiver shall be binding unless in writing and signed by the party waiving the breach. 

        11.4.    Severability; Invalid Provision.    In the event that any one or more of the
provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be
affected thereby. The parties 

7

 

understand
and agree that if any provision of this Agreement shall, for any reason, be adjudged by any court or arbitrator of competent jurisdiction to be invalid or unenforceable, such judgment shall
not affect, impair, or invalidate the remainder of this Agreement, but shall be confined in its operation to the provision of this Agreement directly involved in the controversy in which such judgment
shall have been rendered. 

        11.5.    Assignment.    This Agreement and all of Executive's rights and duties hereunder,
shall not be assignable or delegable by Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab
initio and of no force and effect. This Agreement may be
assigned by the Company to a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall
become the rights and obligations of such affiliate or successor person or entity. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place (except to the extent such assumption would occur by operation of law). It is anticipated that the Executive's employer of record and
salary and bonus payor may be the Partnership or another Subsidiary, but the Company and the Partnership will be jointly and severally liable for all amounts payable to Executive hereunder. 

        11.6.    Set Off.    The Company's obligation to pay Executive the amounts provided and to
make the arrangements provided hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its Subsidiaries to the extent permitted by
applicable law. 

        11.7.    Successors; Binding Agreement.    This Agreement shall inure to the benefit of and be
binding upon the parties' respective personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

        11.8.    Notice.    Any and all notice given hereunder shall be in writing and shall be deemed
to have been duly given when received, if personally delivered; when transmitted, if transmitted by telecopy, or electronic or digital transmission method, upon receipt of telephonic or electronic
confirmation; the day after the notice is sent, if sent for next day delivery to a domestic address using a generally recognized overnight delivery service
(e.g., FedEx); and upon receipt, if sent by certified or registered mail, return receipt requested. In each case notice will be sent as follows: 

	 	 	If to the Company:	 	Douglas Emmett, Inc.

808 Wilshire Blvd., Suite 200

Santa Monica, CA 90401

Attention: Chief Operating Officer

Telephone: (310) 255-7700	 	 
	

 	
 	

If to Executive:	
 	

Jordan L. Kaplan

808 Wilshire Blvd., Suite 200

Telephone: 310 255 7700

Santa Monica, CA 90401	
 	

 

Either
party may change its address and/or facsimile number for notice purposes by duly giving notice to the other party pursuant to this Section. 

        11.9.    Executive's Representations.    Executive hereby represents to the Company that the
execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the
terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. Executive represents and warrants that he is not subject to any employment agreement,
nondisclosure 

8

 

agreement,
common law nondisclosure obligation, fiduciary duty, noncompetition agreement, restrictive covenant or any other obligation to any former employer or to any other person or entity in any
way relating to the right or ability of Executive to be employed by and/or perform services for the Company and its Subsidiaries. Executive further represents and warrants that he has not brought to
or disclosed to the Company or to its Subsidiaries, and covenants that he will not bring to or disclose to the Company or to its Subsidiaries or use in connection with his employment with the Company,
any trade secrets or proprietary information from any of his prior employers or from any other person or entity. 

        11.10.    Cooperation in Third-Party Disputes.    At the request of the Company, Executive
shall cooperate with the Company and/or its Subsidiaries and each of their respective attorneys or other legal representatives (collectively referred to as
"Attorneys") in connection with any claim, litigation, or judicial or arbitral proceeding which is now pending or may hereinafter be brought against the
Company and/or any of its Subsidiaries or affiliates by any third party. Executive's duty of cooperation shall include, but shall not be limited to, (a) meeting with the Company's and/or its
Subsidiaries' Attorneys by telephone or in person at mutually convenient times and places in order to state truthfully Executive's knowledge of the matters at issue and recollection of events;
(b) appearing at the Company's and/or its Subsidiaries' and/or their Attorneys' request (and, to the extent possible, at a time convenient to Executive that does not conflict with the needs or
requirements of Executive's then-current employer or personal commitments) as a witness at depositions, trials or other proceedings, without the necessity of a subpoena, in order to state
truthfully Executive's knowledge of the matters at issue; and (c) signing at the Company's request declarations or affidavits that truthfully state the matters of which Executive has knowledge.
Such services will be without additional compensation if Executive is then employed by the Company or any Subsidiary and for reasonable compensation and subject to his reasonable availability if he is
not so employed. The Company shall promptly reimburse Executive for Executive's actual and reasonable travel or other out-of-pocket expenses that Executive may incur in
cooperating with the Company and/or its Subsidiaries under this Section 11.10. 

        11.11.    Withholding Obligations.    The Company, or any other entity making a payment, may
withhold and make such deductions from any amounts payable under this Agreement such federal, state and local
taxes as may be required to be withheld or deducted from time to time pursuant to any applicable law, governmental regulation and/or order. The amount of compensation payable to Executive pursuant to
this Agreement shall be "grossed up" as necessary (on an after-tax basis) to compensate for any additional social security withholding taxes due as a result of Executive's shared
employment by the any Subsidiary. 

        11.12.    Counterparts.    This Agreement may be signed in counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature shall be deemed to be the same as an original signature. 

        11.13.    Interpretation.    Executive understands that this Agreement is deemed to have been
drafted jointly by the parties and that the parties had a reasonable opportunity to retain legal counsel for such purpose. Any uncertainty or ambiguity shall not be construed for or against any party
based on attribution of drafting to any party. 

        11.14.    Headings.    Titles or captions of Sections contained in this Agreement are inserted
only as a matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provisions hereof. 

        11.15.    Survival of Provisions.    All other rights and obligations of the parties hereto,
other than those applicable by their express terms only during the Agreement Term, shall survive any termination or expiration of this Agreement or of Executive's employment with the Company, and
shall be fully enforceable thereafter. 

9

 

        11.16.    Arbitration of Disputes.    Except as is necessary for Executive and the Company to
preserve their respective rights under this Agreement by seeking necessary equitable relief (including, but not limited to, the Company's rights under Section 9 of this Agreement) from a court
of competent jurisdiction, the Company and Executive agree that any and all disputes based upon, relating to or arising out of this Agreement (including, but not limited to, any breach or alleged
breach of this Agreement, or any dispute concerning the formation of this Agreement, or the validity, scope and/or enforceability of this arbitration provision), Executive's employment relationship
with the Company and/or the termination of that relationship, and/or any other dispute by and between the Company and Executive, including any and all claims Executive may at any time attempt to
assert against the Company, shall be submitted to binding arbitration in Los Angeles, California, in accordance with the rules of JAMS, provided that the arbitrator shall allow for discovery
sufficient to adequately arbitrate any alleged claims, including access to essential documents and witnesses, and otherwise in accordance with California Code of Civil Procedure § 1283.05.
The party prevailing in any action shall be entitled to its reasonable attorneys' fees in enforcing its rights hereunder. In any event, the Company shall pay any expenses that Executive would not
otherwise have incurred if the dispute had been adjudicated in a court of law,
rather than through arbitration, including the arbitrator's fee, any administrative fee and any filing fee in excess of the maximum court filing fee in the jurisdiction in which the arbitration is
commenced. Judgment in a court of competent jurisdiction may be had on any decision and award of the arbitrator. For these purposes, the parties agree to submit to the jurisdiction of the state and
federal courts located in Los Angeles County, California. 

        11.17.    Section 409A of the Code.    This Agreement is intended to comply with
Section 409A of the Code. Each party to this Agreement intends and agrees that this Agreement shall be interpreted and modified to the minimum extent necessary and to provide as near as
possible the same economic benefit to the Executive provided hereunder in the absence of such modification, as mutually agreed by counsel for both parties, so as to avoid the imposition of any excise
tax under Section 409A of the Internal Revenue Code and the regulations thereunder. 

10

 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 

	Douglas Emmett, Inc.	 	Executive
	

 
	
 	

 

	By:	 	 
	 	Jordan L. Kaplan
	Title:	 	 
	 	 
	

Douglas Emmett Properties, LP	
 	

 
	

 
	
 	

 
	By:	 	 
	 	 
	Title:	 	 
	 	 

11

   Schedule A  

 CALIFORNIA LABOR CODE SECTION 2870

INVENTION ON OWN TIME-EXEMPTION FROM AGREEMENT  

        "(a) Any
provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her
employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer's equipment, supplies, facilities, or trade secret information except
for those inventions that either: 

        (1)   Relate
at the time of conception or reduction to practice of the invention to the employer's business, or actually or demonstrably anticipated research or development of
the employer; or 

        (2)   Result
from any work performed by the employee for the employer. 

        (b)   To
the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under
subdivision (a), the provision is against the public policy of this state and is unenforceable." 

12

 
Schedule B  

 Excise Tax Gross Up  

	I.
	Subject
to the following provisions of this Schedule B, but otherwise anything in this Agreement to the contrary notwithstanding, in the event that Executive shall
become entitled to payments and/or benefits provided by this Agreement or any other amounts in the "nature of compensation" (whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G of the Code or any successor provision or any
person affiliated with the Company or such person) as a result of such change in ownership or effective control, but determined without regard to any additional payments required under this
Schedule B (a "Payment") would be subject to the excise tax imposed by Section 4999 of the 1986 Internal Revenue Code, as amended (the
"Code"), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the "Excise Tax"), the Company shall make a payment (a
"Gross-Up Payment") to Executive in an amount such that, after payment by Executive of all income or other taxes (and any interest and
penalties imposed with respect thereto) and Excise Taxes imposed on the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed on
the Payments.

	II.
	Subject
to the provisions of Paragraph III of this Schedule B, all determinations required to be made under this Schedule B, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a certified
public accounting firm designated by Executive (the "Executive Accounting Firm") which shall provide detailed supporting calculations both to the
Company and to Executive within fifteen (15) business days of the receipt of notice from Executive that there has been a Payment, or such earlier times as is requested by Executive. If
Executive Accounting Firm determines that no Excise Tax is payable by Executive, it shall, upon the written request of Executive, furnish Executive with a written opinion that failure to report the
Excise Tax on Executive's applicable federal income tax return would not result in the imposition of a negligence or similar penalty. The calculations prepared by Executive Accounting Firm shall be
reviewed on behalf of the Company by the Company's independent auditors (the "Company Accounting Firm") which shall provide its conclusions, together
with detailed supporting calculations, both to the Company and Executive within fifteen (15) business days after receipt of the calculations and supporting materials prepared by Executive
Accounting Firm. In the event of a dispute between the Company Accounting Firm and Executive Accounting Firm, such firms shall, within five (5) business days of receipt of the conclusions and
supporting materials prepared by the Company Accounting Firm, jointly select a third nationally recognized certified public accounting firm (the "Third Accounting
Firm") to resolve the dispute. The Third Accounting Firm shall submit its conclusions to the Company and Executive within fifteen (15) business days after receipt of
notice of its appointment hereunder and the decision of the Third Accounting Firm shall be final, binding and conclusive upon Executive and the Company subject to any determination by the Internal
Revenue Service. All fees and expenses of all such accounting firms shall be borne solely by the Company. Any Gross-Up Payment shall be paid by the Company to Executive within five
(5) business days after the earlier of acceptance by the Company of the calculations prepared by Executive Accounting Firm or the Company's receipt of the Third Accounting Firm's determination.

	III.
	As
a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination of whether any Gross-Up
Payment should be made hereunder, it is possible that a Gross-Up Payment will have been due but not made by the Company (an "Underpayment"),
consistent with the calculations required to be made hereunder. In the event that the Company 

13

 

exhausts
its remedies pursuant this Schedule B and Executive thereafter is required to make a payment of any Excise Tax, Executive Accounting Firm shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive. 

	IV.
	Executive
shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the
Gross-up Payment. Such notification shall be given as soon as practicable (but not later than ten (10) business days after Executive is informed in writing of such claim) and shall
apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the thirty (30) day
period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies
Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall:

	1.
	Give
the Company any information reasonably requested by it relating to such claim;

	2.
	Take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Company and acceptable to Executive;

	3.
	Cooperate
with the Company in good faith in order effectively to contest such claim; and

	4.
	Permit
the Company to participate in any proceedings relating to such claim.

	V.
	The
Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with a contest of a claim under
Paragraph IV of this Schedule B and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties
with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Schedule B, the Company shall control
all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority
in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine. If the Company
directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify and hold Executive
harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any
imputed income with respect to such advance, provided that if any such advance would be in violation of the Sarbanes-Oxley Act the Company shall pay, rather than advance, the amounts to Executive. Any
extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

	VI.
	If,
after the receipt by Executive of an amount advanced by the Company pursuant to this Schedule B, Executive becomes entitled to receive any refund with respect
to such claim, Executive shall (subject to the Company's complying with the requirements of this Schedule B) promptly pay 

14

 

to
the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company
pursuant to this Schedule B, a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its
intent to contest such denial of refund prior to the expiration of thirty days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of
such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 

15

QuickLinks

EMPLOYMENT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]