Document:

Amendment #2 to the Limited Partnership Agreement

 Exhibit 10.4 
 AMENDMENT NUMBER TWO 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 DIVIDEND CAPITAL OPERATING
PARTNERSHIP LP 
 This Amendment Number Two to the Limited Partnership Agreement of Dividend Capital Operating Partnership LP (this
“Amendment”) is entered into on October 10, 2006 by the General Partner. This Amendment amends Exhibit A of the Limited Partnership Agreement of Dividend Capital Operating Partnership LP, dated May 30, 2002, as
amended July 26, 2002 (the “Original Agreement”). Capital terms used herein but not otherwise defined shall have the meanings given them in the Original Agreement. 
 WHEREAS, pursuant to the Original Agreement, the Partnership issued to Dividend Capital Advisors Group LLC (the “Advisor Parent”) 10,000
units of a series of Partnership Interests designated as “Special Partnership Units”; 
 WHEREAS, in connection with the
acquisition of Dividend Capital Advisors LLC by the Partnership pursuant to that certain Contribution Agreement, dated as of July 21, 2006, by and among the General Partner, the Partnership and the Advisor Parent (the “Contribution
Agreement”), the parties thereto have agreed to modify the 10,000 issued and outstanding Special Partnership Units into 7,111,111 Partnership Units (the “Modified Units) and to issue to the Advisor Parent an additional 8,000,000
Partnership Units (the “Contributed Units”); and 
 WHEREAS, as a result of such modification, as of the date hereof, no
Special Partnership Units are outstanding and the Advisor Parent holds an aggregate of 15,111,111 Partnership Units, consisting of the Modified Units and the Contributed Units, as set forth in Exhibit A. 
 NOW, THEREFORE, the General Partner hereby authorizes as follows: 
 1. Amendment to Exhibit A. Exhibit A shall be amended by replacing it with the attached Exhibit A, dated October 10, 2006. 
 2. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 
 3. No
Other Amendments. Except as and to the extent expressly modified by this Amendment, the Original Agreement shall remain in full force and effect in all respects. By executing this Amendment, the General Partner certifies that this Amendment has
been executed and delivered in compliance with the terms of Article 11 of the Original Agreement. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, the General Partner has hereunder affixed its signature to this Amendment, as of the
10th day of October, 2006. 
  

			
	GENERAL PARTNER:
	
	DCT INDUSTRIAL TRUST INC.
		
	By:	 	 /s/ Matthew T. Murphy

	Name:	 	Matthew T. Murphy
	Title:	 	Senior Vice PresidentAmended and Restated Limited Partnership Agreement

 Exhibit 10.5 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 AMENDED AND RESTATED 
 LIMITED
PARTNERSHIP AGREEMENT 
 OF 
 DCT INDUSTRIAL OPERATING PARTNERSHIP LP 
 A DELAWARE LIMITED PARTNERSHIP 
 October 10, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	RECITALS	  		  	1
			
	ARTICLE 1	  	DEFINED TERMS	  	2
			
	ARTICLE 2	  	PARTNERSHIP FORMATION AND IDENTIFICATION	  	9
			
	            2.1	  	 Formation
	  	9
			
	            2.2	  	 Name, Office and Registered Agent
	  	9
			
	            2.3	  	 Partners
	  	9
			
	            2.4	  	 Term and Dissolution
	  	9
			
	            2.5	  	 Filing of Certificate and Perfection of Limited Partnership
	  	10
			
	            2.6	  	 Certificates Describing Partnership Units
	  	10
			
	ARTICLE 3	  	BUSINESS OF THE PARTNERSHIP	  	10
			
	ARTICLE 4	  	CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	11
			
	            4.1	  	 Capital Contributions
	  	11
			
	            4.2	  	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	11
			
	            4.3	  	 Additional Funding
	  	13
			
	            4.4	  	 Capital Accounts
	  	13
			
	            4.5	  	 Percentage Interests
	  	13
			
	            4.6	  	 No Interest on Contributions
	  	13
			
	            4.7	  	 Return of Capital Contributions
	  	13
			
	            4.8	  	 No Third Party Beneficiary
	  	14
			
	ARTICLE 5	  	PROFITS AND LOSSES; DISTRIBUTIONS	  	14
			
	            5.1	  	 Allocation of Profit and Loss
	  	14
			
	            5.2	  	 Distribution of Cash
	  	17
			
	            5.3	  	 REIT Distribution Requirements
	  	18
			
	            5.4	  	 No Right to Distributions in Kind
	  	18
			
	            5.5	  	 Limitations on Return of Capital Contributions
	  	18
			
	            5.6	  	 Distributions upon Liquidation
	  	18
			
	            5.7	  	 Substantial Economic Effect
	  	18
			
	ARTICLE 6	  	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	19
			
	            6.1	  	 Management of the Partnership
	  	19
			
	            6.2	  	 Delegation of Authority
	  	21
			
	            6.3	  	 Indemnification and Exculpation of Indemnitees
	  	21
			
	            6.4	  	 Liability of the General Partner
	  	22
			
	            6.5	  	 Reimbursement of General Partner
	  	23

  

 - i - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	            6.6	  	 Outside Activities
	  	23
			
	            6.7	  	 Employment or Retention of Affiliates
	  	24
			
	            6.8	  	 General Partner Participation
	  	24
			
	            6.9	  	 Title to Partnership Assets
	  	24
			
	            6.10	  	 Miscellaneous
	  	24
			
	ARTICLE 7	  	CHANGES IN GENERAL PARTNER	  	25
			
	            7.1	  	 Transfer of the General Partner’s Partnership Interest
	  	25
			
	            7.2	  	 Admission of a Substitute or Additional General Partner
	  	26
			
	            7.3	  	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	27
			
	            7.4	  	 Removal of a General Partner
	  	27
			
	ARTICLE 8	  	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	28
			
	            8.1	  	 Management of the Partnership
	  	28
			
	            8.2	  	 Power of Attorney
	  	28
			
	            8.3	  	 Limitation on Liability of Limited Partners
	  	28
			
	            8.4	  	 Ownership by Limited Partner of Corporate General Partner or Affiliate
	  	29
			
	            8.5	  	 Exchange Right
	  	29
			
	            8.6	  	 Registration
	  	31
			
	ARTICLE 9	  	TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	32
			
	            9.1	  	 Purchase for Investment
	  	32
			
	            9.2	  	 Restrictions on Transfer of Limited Partnership Interests
	  	32
			
	            9.3	  	 Admission of Substitute Limited Partner
	  	33
			
	            9.4	  	 Rights of Assignees of Partnership Interests
	  	34
			
	            9.5	  	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	34
			
	            9.6	  	 Joint Ownership of Interests
	  	34
			
	ARTICLE 10	  	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	35
			
	            10.1	  	 Books and Records
	  	35
			
	            10.2	  	 Custody of Partnership Funds; Bank Accounts
	  	35
			
	            10.3	  	 Fiscal and Taxable Year
	  	35
			
	            10.4	  	 Annual Tax Information and Report
	  	35
			
	            10.5	  	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	35
			
	            10.6	  	 Reports to Limited Partners
	  	36
			
	ARTICLE 11	  	AMENDMENT OF AGREEMENT; MERGER	  	37

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	ARTICLE 12	  	GENERAL PROVISIONS	  	37
			
	            12.1	  	 Notices
	  	37
			
	            12.2	  	 Survival of Rights
	  	37
			
	            12.3	  	 Additional Documents
	  	37
			
	            12.4	  	 Severability
	  	37
			
	            12.5	  	 Entire Agreement
	  	38
			
	            12.6	  	 Pronouns and Plurals
	  	38
			
	            12.7	  	 Headings
	  	38
			
	            12.8	  	 Counterparts
	  	38
			
	            12.9	  	 Governing Law
	  	38

 EXHIBITS 
 EXHIBIT A – Partners, Capital Contributions and Percentage Interests 
 EXHIBIT B –
Notice of Exercise of Exchange Right 
 EXHIBIT C – LTIP Units 
 EXHIBIT D – Notice of Election by Partner to Convert LTIP Units Into Common Units 
 EXHIBIT E – Notice of Election by Partnership to Force Conversion of LTIP Units Into Common Units 
  

 - iii - 

 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 DCT INDUSTRIAL OPERATING PARTNERSHIP LP 
 RECITALS 
 This Amended and Restated Agreement of Limited Partnership (this “Agreement”) is entered into as of October 10, 2006, between DCT
Industrial Trust Inc., a Maryland corporation (f/k/a Dividend Capital Trust Inc.) (the “General Partner”), and the Limited Partners set forth on Exhibit A hereto. This Agreement amends, restates and replaces in its
entirety the Limited Partnership Agreement of Dividend Capital Operating Partnership LP, dated May 30, 2002, as amended July 26, 2002 and October 10, 2006 (the “Original Agreement”). Capitalized terms used herein but
not otherwise defined shall have the meanings given them in Article 1. 
 AGREEMENT 
 WHEREAS, the General Partner has qualified and intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended;

 WHEREAS, DCT Industrial Operating Partnership, LP (f/k/a Dividend Capital Operating Partnership LP) (the “Partnership”),
was formed on April 24, 2002, as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on April 24, 2002;

 WHEREAS, the General Partner desires to conduct its current and future business through the Partnership; 
 WHEREAS, in furtherance of the foregoing, the General Partner desires to contribute certain assets to the Partnership from time to time; 
 WHEREAS, in exchange for the General Partner’s contribution of assets, the parties desire that the Partnership issue Partnership Units to the
General Partner in accordance with the terms of this Agreement; 
 WHEREAS, in furtherance of the Partnership’s business, the
Partnership will acquire Properties and other assets from time to time by means of the contribution of such Properties or other assets to the Partnership by the owners thereof in exchange for Partnership Units; 
 WHEREAS, the parties hereto wish to establish herein their respective rights and obligations in connection with all of the foregoing and certain other
matters; 
 WHEREAS, pursuant to the Original Agreement, the Partnership issued to Dividend Capital Advisors Group LLC 10,000 units of a
series of Partnership Interests designated as “Special Partnership Units”; 
 WHEREAS, in connection with the acquisition of
Dividend Capital Advisors LLC by the Partnership pursuant to that certain Contribution Agreement, dated as of July 21, 2006, among DCT Industrial Trust Inc., the Partnership and Dividend Capital Advisors Group LLC, the parties thereto have
agreed to modify the 10,000 issued and outstanding Special Partnership Units into 7,111,111 Partnership Units; and 

 WHEREAS, as a result of such modification, as of the date hereof, no Special Partnership Units are
outstanding and an aggregate of [174,432,471] Partnership Units are outstanding as set forth on Exhibit A hereto. 
 NOW, THEREFORE,
in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINED TERMS

 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 
 “Additional Funds” has the meaning set forth in Section 4.3 hereof. 
 “Additional Securities” means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to
Section 8.5 hereof or REIT Shares issued pursuant to a dividend reinvestment plan of the General Partner) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as
set forth in Section 4.2(a)(ii) hereof. 
 “Administrative Expenses” means (i) all administrative and operating
costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and
legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided,
however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership that are owned by the
General Partner directly. 
 “Affiliate” means, (i) any Person that, directly or indirectly, controls or is controlled
by or is under common control with such Person, (ii) any other Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares or equity interests of such Person, or (iii) any officer, director,
employee, partner or trustee of such Person or any Person controlling, controlled by or under common control with such Person (excluding trustees and persons serving in similar capacities who are not otherwise an Affiliate of such Person). For the
purposes of this definition, “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities or partnership interests or otherwise. 
 “Agreed Value” means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to
by such Partner and the General Partner. The names and addresses of the Partners, number of Partnership Units issued to each Partner, and the Agreed Value of non-cash Capital Contributions as of the date of contribution is set forth on
Exhibit A hereto. 
  

 - 2 - 

 “Agreement” means this Amended and Restated Agreement of Limited Partnership, as
amended, modified supplemented or restated from time to time, as the context requires. 
 “Articles of Incorporation” means
the Articles of Incorporation of the General Partner filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 “Capital Account” has the meaning provided in Section 4.4 hereof. 
 “Capital
Contribution” means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner
pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 “Carrying Value” means, with respect to any asset of the Partnership, the asset’s adjusted net basis for federal income tax
purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution, reduced by any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the
Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set forth in Regulations
Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.4 hereof. In the case of any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of
depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes. 
 “Cash Amount” means an amount of cash per Partnership Unit equal to the Value of the REIT Shares Amount on the date of receipt by the
General Partner of a Notice of Exchange. 
 “Certificate” means any instrument or document that is required under the laws
of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in
Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or
substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 
 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular
provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Common Unit” means a
Partnership Unit, other than an LTIP Unit, representing a Partnership Interest that is without preference as to distributions and allocations. 
 “Common Unit Economic Balance” has the meaning set forth in Section 5.1(k) hereof. 
  

 - 3 - 

 “Constituent Person” has the meaning set forth in Section 7.G of Exhibit C
hereto. 
 “Conversion Factor” means 1.0, provided that in the event that the General Partner (i) 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, (ii) subdivides its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares
into a smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend,
distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined
without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or
combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one
REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective
date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend,
distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination.

 “Economic Capital Account Balance” has the meaning set forth in Section 5.1(k) hereof. 
 “Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the
Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court
proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a
debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such
proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 
 “Exchange Right” has the meaning provided in Section 8.5(a) hereof. 
 “Exchanging Partner” has the meaning provided in Section 8.5(a) hereof. 
 “General Partner” means DCT Industrial Trust Inc., a Maryland corporation, and any Person who becomes a substitute or additional General
Partner as provided herein, and any of their successors as General Partner. 
 “General Partnership Interest” means a
Partnership Interest held by the General Partner that is a general partnership interest. 
 “Indemnitee” means (i) any
Person made a party to a proceeding by reason of its status as the General Partner or a director, officer or employee of the General Partner or the Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the
Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 
  

 - 4 - 

 “Independent Director” means a director of the General Partner who is not an officer or
employee of the General Partner, any Affiliate of an officer or employee or any Affiliate of (i) any lessee of any property of the General Partner or any Subsidiary of the General Partner, (ii) any Subsidiary of the General Partner, or
(iii) any partnership that is an Affiliate of the General Partner. 
 “Limited Partner” means any Person named as a
Limited Partner on Exhibit A hereto, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 “Limited Partnership Interest” means the ownership interest of a Limited Partner in the Partnership at any particular time, including
the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this
Agreement and of such Act. 
 “Liquidating Gains” has the meaning set forth in Section 5.1(k) hereof. 
 “Liquidating Losses” has the meaning set forth in Section 5.1(k) hereof. 
 “Loss” has the meaning provided in Section 5.1(h) hereof. 
 “LTIP Unit Adjustment Events” has the meaning set forth in Section 5.A of Exhibit C hereto. 
 “LTIP Unit Capital Account Limitation” has the meaning set forth in Section 7.B of Exhibit C hereto. 
 “LTIP Unit Conversion Date” has the meaning set forth in Section 7.C of Exhibit C hereto. 
 “LTIP Unit Conversion Notice” has the meaning set forth in Section 7.C of Exhibit C hereto. 
 “LTIP Unit Conversion Right” has the meaning set forth in Section 7.A of Exhibit C hereto. 
 “LTIP Unit Conversion Transaction” has the meaning set forth in Section 7.G of Exhibit C hereto. 
 “LTIP Unit Distribution Participation Date” has the meaning set forth in Section 3.B of Exhibit C hereto. 

“LTIP Unit Distribution Payment Date” has the meaning set forth in Section 3.A of Exhibit C hereto. 
 “LTIP Unit Forced Conversion” has the meaning set forth in Section 7.D of Exhibit C hereto. 
 “LTIP Unit Forced Conversion Notice” has the meaning set forth in Section 7.D of Exhibit C hereto. 
 “LTIP Units” means the Partnership Units designated as such having the rights, powers, privileges, restrictions, qualifications and
limitations set forth in Exhibit C hereto. 
 “Minimum Limited Partnership Interest” means the lesser of (i) 1%
or (ii) if the total Capital Contributions to the Partnership exceeds $50 million, 1% divided by the ratio of the total Capital Contributions to the Partnership to $50 million; provided, however, that the Minimum Limited
Partnership Interest shall not be less than 0.2% at any time. 
  

 - 5 - 

 “Notice of Exchange” means the Notice of Exercise of Exchange Right substantially in the
form attached as Exhibit B hereto. 
 “NYSE” means the New York Stock Exchange. 
 “Offer” has the meaning set forth in Section 7.1(c) hereof. 
 “OP Unitholders” means all holders of Partnership Interests. 
 “Partner” means any General Partner or Limited Partner. 
 “Partner Nonrecourse Debt Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in
accordance with Regulations Section 1.704-2(i)(5). 
 “Partnership” means DCT Industrial Operating Partnership LP, a
Delaware limited partnership. 
 “Partnership Interest” means an ownership interest in the Partnership held by either a
Limited Partner or the 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. 
 “Partnership Minimum Gain” has the meaning set forth in Regulations
Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would realize if it
disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in
accordance with Regulations Section 1.704-2(g)(1). 
 “Partnership Record Date” means the record date established by
the General Partner for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of
such distribution. 
 “Partnership Unit” means a fractional, undivided share of the Partnership Interests of all Partners
issued hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A hereto, as such Exhibit may be amended from time to time. 
 “Percentage Interest” means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the
Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A hereto, as such Exhibit may be amended from time to time.

 “Person” means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity.

  

 - 6 - 

 “Profit” has the meaning provided in Section 5.1(h) hereof. 
 “Property” means any office or industrial property or other investment in which the Partnership holds an ownership interest. 

“Publicly Traded” means listed or admitted to trading on the NYSE, the American Stock Exchange, The NASDAQ Global Select Market, The
NASDAQ Global Market or another national securities exchange, or any successor to any of the foregoing. 
 “Regulations”
means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and
any successor provision of the Regulations. 
 “Regulatory Allocations” has the meaning set forth in Section 5.1(i)
hereof. 
 “REIT” means a real estate investment trust under Sections 856 through 860 of the Code. 
 “REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence and operation of the General
Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to
any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto,
including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or
placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and
communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations
promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the
General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the
ordinary course of its business on behalf of or in connection with the Partnership. 
 “REIT Share” means a common share of
beneficial interest in the General Partner (or successor entity, as the case may be). 
 “REIT Shares Amount” means a number
of REIT Shares equal to the product of the number of Partnership Units offered for exchange by an Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the
General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the
“rights”), and the rights have not expired at the Specified Exchange Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes
of determining the holders of REIT Shares entitled to rights. 
  

 - 7 - 

 “Securities Act” means the Securities Act of 1933, as amended and the rules and
regulations promulgated thereunder. 
 “Service” means the United States Internal Revenue Service. 
 “Specified Exchange Date” means: (i) if the REIT Shares are not Publicly Traded on the date on which the Notice of Exchange is
received by the General Partner, the first business day of the month that is at least 60 business days after the receipt by the General Partner of the Notice of Exchange or (ii) if the REIT Shares are Publicly Traded on the date on which the
Notice of Exchange is received by the General Partner, the tenth business day after the receipt by the General Partner of the Notice of Exchange. 
 “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. 
 “Subsidiary Partnership” means any partnership of which the partnership interests
therein are owned by the General Partner or a direct or indirect subsidiary of the General Partner. 
 “Substitute Limited
Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof. 
 “Successor Entity” has the meaning provided in the definition of “Conversion Factor” contained herein. 
 “Survivor” has the meaning set forth in Section 7.1(d) hereof. 
 “Transaction” has the
meaning set forth in Section 7.1(c) hereof. 
 “Transfer” has the meaning set forth in Section 9.2(a) hereof.

 “Unvested LTIP Units” has the meaning set forth in Section 2.A of Exhibit C hereto. 
 “Value” means, with respect to any security, the average of the daily market price of such security for the ten consecutive trading days
immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if the security is listed or admitted to trading on any securities exchange or the NYSE, the sale price, regular way, on such day, or if
no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day, (ii) if the security is not listed or admitted to trading on any securities exchange or the NYSE, the last reported sale price on
such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or (iii) if the security is not listed or admitted to
trading on any securities exchange or the NYSE and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten days prior to the date in question) for which
prices have been so reported; provided that if there are no bid and asked prices reported during the ten days prior to the date in question, the value of the security shall be determined by the General Partner acting in good faith on the
basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the security includes any additional rights, then the value of such rights shall be determined by the General Partner acting in
good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 
  

 - 8 - 

 “Vested LTIP Units” has the meaning set forth in Section 2.A of Exhibit C
hereto. 
 “Vesting Agreement” has the meaning set forth in Section 2.A of Exhibit C hereto. 
 ARTICLE 2 
 PARTNERSHIP FORMATION AND
IDENTIFICATION 
 2.1 Formation. The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent
laws of the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. 
 2.2 Name, Office and
Registered Agent. The name of the Partnership is DCT Industrial Operating Partnership LP. The specified office and place of business of the Partnership shall be 518 17th Street, 17th Floor,
Denver, Colorado 80202. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The
Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered
agent. 
 2.3 Partners. 
 (a) The General Partner of the Partnership is DCT Industrial Trust Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership. 
 (b) The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time to time. 
 2.4 Term and Dissolution. 
 (a) The
term of the Partnership shall continue in full force and effect until December 31, 2032, except that the Partnership shall be dissolved upon the first to occur of any of the following events: 
 (i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner unless the
business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided, that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution,
death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either alone or
with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 
 (ii)
The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other
disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); 
  

 - 9 - 

 (iii) The exchange of all Limited Partnership Interests (other than any of such interests held by the
General Partner or Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 
 (iv) The election by the
General Partner that the Partnership should be dissolved. 
 (b) Upon dissolution of the Partnership (unless the business of the Partnership
is continued pursuant to Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the
proceeds thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5 Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate and all requisite
fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which
the Partnership conducts business. 
 2.6 Certificates Describing Partnership Units. At the request of a Limited Partner, the General
Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of
the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 
 This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the
provisions of the Amended and Restated Agreement of Limited Partnership of DCT Industrial Operating Partnership LP, as amended from time to time. 
 ARTICLE 3 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided,
however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, and in a manner such that the
General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any
entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to cease
qualifying as a REIT, the Partners acknowledge that the General Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General
Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner on behalf
of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code.

  

 - 10 - 

 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 4.1 Capital Contributions. The General Partner and the
initial Limited Partners have made capital contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A hereto, as such Exhibit may be amended from time to time. 
 4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or in
Section 4.3 hereof, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and
receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 
 (a) Issuances of
Additional Partnership Interests. 
 (i) General. The General Partner is hereby authorized to cause the Partnership to issue such
additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and
conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more
series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be
determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of
Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 
 (1) (A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other interests in the General Partner,
which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to the General
Partner by the Partnership in accordance with this Section 4.2 and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of
stock of or other interests in the General Partner; 
 (2) the additional Partnership Interests are issued in exchange for property owned by
the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 
 (3) the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective Percentage Interests. 
  

 - 11 - 

 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to
issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 
 (ii) Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities other than to all holders of REIT
Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the
Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the proceeds from the issuance of such
Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional
Securities in connection with an acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of
the General Partner and the Partnership by a majority of the Independent Directors (as defined in the General Partner’s Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue Additional
Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests
of the General Partner and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from
fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds
from such issuance to the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner
shall be issued a number of additional Partnership Units equal to the product of (A) the number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of
which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution. 
 (b) Certain Deemed
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the
proceeds actually received and contributed by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General
Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with
Section 6.5 hereof and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 
 (c) Minimum Limited Partnership Interest. In the event that either an exchange pursuant to Section 8.5 hereof or additional Capital
Contributions by the General Partner would result in the Limited Partners, in the aggregate, owning less than the Minimum Limited Partnership Interest, the General Partner and the Limited Partners shall form another partnership and contribute
sufficient Limited Partnership Interests together with such other Limited Partners so that the limited partners of such partnership own at least the Minimum Limited Partnership Interest. 
  

 - 12 - 

 4.3 Additional Funding. If the General Partner determines that it is in the best interests of the
Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to
have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 
 4.4
Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner
acquires an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) a new or existing Partner acquires more than a de minimis additional Partnership Interest as consideration for the provision of
services to or for the benefit of the Partnership in a partner capacity or in anticipation of becoming a partner or any grant of LTIP Units is made, (iii) the Partnership distributes to a Partner more than a de minimis amount of Partnership
property or money as consideration for a Partnership Interest, or (iv) the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(iv)(g), the General Partner shall revalue the property of the Partnership to its
fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s
property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect
the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 hereof (as determined by the General
Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 
 4.5 Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective
date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the
Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the
Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each
part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part
of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests. For purposes of the calculation of Percentage Interests
pursuant to this Section 4.5, the Percentage Interest of any LTIP Units for which the LTIP Unit Distribution Participation Date has not occurred as of the relevant time shall be 0%. 
 4.6 No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
 4.7 Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to
receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital
Contribution for so long as the Partnership continues in existence. 
  

 - 13 - 

 4.8 No Third Party Beneficiary. No creditor or other third party having dealings with the
Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of
this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or
loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may 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 of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in
violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such
Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

ARTICLE 5 
 PROFITS AND LOSSES;
DISTRIBUTIONS 
 5.1 Allocation of Profit and Loss. 
 (a) General. Profit and Loss (or items thereof) of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the OP Unitholders in accordance with their
respective Percentage Interests. For purposes of determining allocations of Profit and Loss pursuant to this Section 5.1(a), the Percentage Interest of any LTIP Units for which the LTIP Unit Distribution Participation Date has not occurred as
of the relevant date for purposes of determining such allocations shall be 0%. 
 (b) General Partner Gross Income Allocation. There
shall be specially allocated to the General Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made
hereunder, in an amount equal to the excess, if any, of the cumulative distributions made to the General Partner under Section 6.5(b) hereof over the cumulative allocations of Partnership income and gain to the General Partner under this
Section 5.1(b). 
 (c) [Intentionally omitted.] 
 (d) Nonrecourse Deductions; Minimum Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of
Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of
Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect to the liability to which such deductions are attributable in accordance with Regulations
Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations
Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and
(iv) if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations
Section 1.704-(2)(g), 
  

 - 14 - 

 items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(i)(4)
and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the excess nonrecourse liabilities of the Partnership within the meaning
of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (e) Qualified Income Offset. If a
Partner unexpectedly receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such
Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such
Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in
Regulations Section 1.704-1(b)(2)(ii)(d). This Section 5.1(e) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. After
the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.1(e), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount
necessary to offset the income or gain previously allocated to such Partner under this Section 5.1(e). 
 (f) Capital Account
Deficits. Loss (or items of Loss) shall not be allocated to a Limited Partner to the extent that such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect
the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5). Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the General Partner in accordance with this
Section 5.1(d), to the extent permitted by Regulations Section 1.704-1(b), Profit shall be allocated to such Partner in an amount necessary to offset the Loss previously allocated to such Partner under this Section 5.1(f). 

(g) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares
of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had ended
on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the
transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee
Partner. 
 (h) Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain,
expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income,
gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(d), 5.1(e), 5.1(f), 5.1(j) or 5.1(k). All allocations of Profit and Loss (and all items contained therein) for federal income tax purposes shall be identical to all
allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by
the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation
deductions, and such election shall be binding on all Partners. 
  

 - 15 - 

 (i) Curative Allocations. The allocations set forth in Section 5.1(d), (e) and
(f) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory
Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(i). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory
Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital
Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a), (b), (c),
(g), (j) and (k) hereof. 
 (j) Forfeiture Allocations. Upon a forfeiture of any unvested Partnership Interest by any
Partner, gross items of income, gain, loss or deduction shall be allocated to such Partner if and to the extent required by final Regulations promulgated after the date of this Agreement to ensure that allocations made with respect to all unvested
Partnership Interests are recognized under Code Section 704(b). 
 (k) Special Allocations With Respect to LTIP Units. After
giving effect to the special allocations set forth in Sections 5.1(b), (d), (e), (f), (i) and (j) hereof, and notwithstanding the provisions of Sections 5.1(a) above, any Liquidating Gains shall first be allocated to the holders
of LTIP Units until the Economic Capital Account Balances of such Partners, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units;
provided that no such Liquidating Gains will be allocated with respect to any particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated with other Liquidating Gains realized since the issuance of such LTIP
Unit, exceed Liquidating Losses realized since the issuance of such LTIP Unit. After giving effect to the special allocations set forth in Sections 5.1(b), (d), (e), (f), (i) and (j) hereof, and notwithstanding the provisions of
Section 5.1(a) above, in the event that, due to distributions with respect to Common Units in which the LTIP Units do not participate or otherwise, the Economic Capital Account Balance of any present or former holder of LTIP Units, to the
extent attributable to the holder’s ownership of LTIP Units, exceeds the target balance specified above, then Liquidating Losses shall be allocated to such holder to the extent necessary to reduce or eliminate the disparity. For this purpose,
“Liquidating Gains” means any net gain realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net gain realized in connection with an
adjustment to the Carrying Value of Partnership assets under the definition of Carrying Value in Article 1 of the Agreement. Similarly, “Liquidating Losses” means any net loss realized in connection with any such event. The
“Economic Capital Account Balances” of the holders of LTIP Units will be equal to their Capital Account balances, plus the amount of their shares of any Partner Nonrecourse Debt Minimum Gain or Partnership Minimum Gain, in either
case to the extent attributable to their ownership of LTIP Units. Similarly, the “Common Unit Economic Balance” shall mean (i) the Capital Account balance of the General Partner, plus the amount of the General Partner’s
share of any Partner Nonrecourse Debt Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Common Units and computed on a hypothetical basis after taking into account all
allocations through the date on which any allocation is made under this Section 5.1(k), divided by (ii) the number of the General Partner’s Common Units. Any such allocations shall be made among the holders of LTIP Units in proportion
to the amounts required to be allocated to each under this Section 5.1(k). The parties agree that the intent of this Section 5.1(k) is to make the Capital Account balance associated with each LTIP Unit economically equivalent to the
Capital 
  

 - 16 - 

 Account balance associated with the General Partner’s Common Units (on a per-unit basis), but only if the
Partnership has recognized cumulative net gains with respect to its assets since the issuance of the relevant LTIP Unit. 
 5.2
Distribution of Cash. 
 (a) The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more
frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with
Section 5.2(b) below; provided, however, that if a new or existing Partner acquires an additional Partnership Interest (other than LTIP Units or Common Units upon conversion of LTIP Units) in exchange for a Capital Contribution on
any date other than the date immediately following a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional
Partnership Interest shall be reduced in the proportion equal to one minus (i) the number of days that such additional Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date and
the immediately preceding Partnership Record Date. 
 (b) Except for distributions pursuant to Section 5.6 hereof in connection with the
dissolution and liquidation of the Partnership and subject to the provisions of Sections 5.2(c), 5.2(d), 5.3 and 5.5 hereof, distributions shall be made to the OP Unitholders in accordance with their respective Percentage Interests on the
Partnership Record Date. For purposes of the foregoing calculations of this Section 5.2(b) with respect to a distribution, the Percentage Interest of any LTIP Units for which the LTIP Unit Distribution Participation Date has not occurred as of
the Partnership Record Date for that distribution shall be 0%. 
 (c) Notwithstanding any other provision of this Agreement, the General
Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without
limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any
Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be
treated as a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the actual amount shall be
treated as a distribution of cash in the amount of such withholding and the additional amount required to be withheld shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership
pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a
“Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner, the General
Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a
“General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that
amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full,
and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. 
  

 - 17 - 

 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(c)
shall bear interest at the lesser of (i) 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, or (ii) the maximum lawful rate of interest on such
obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 
 (d) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part
of such Partnership Unit has been or will be exchanged. 
 5.3 REIT Distribution Requirements. The General Partner shall use its
commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for
qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4 No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 
 5.5 Limitations on Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right
to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all
Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 
 5.6 Distributions upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the
Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners in accordance with Section 5.2(b) hereof, but only to the extent of the positive balance of the Capital Account of each
Partner. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2 resulting from Partnership operations and from all sales
and dispositions of all or any part of the Partnership’s assets. Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by the General Partner, of any property other than cash to be
distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in computing Profit and Loss of the Partnership for purposes of
crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be
made to assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7 Substantial Economic Effect. It is
the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to
nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with
such intent. 
  

 - 18 - 

 ARTICLE 6 
 RIGHTS, OBLIGATIONS AND 
 POWERS OF THE GENERAL PARTNER 
 6.1 Management of the Partnership. 
 (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all
decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on
behalf of the Partnership: 
 (i) to acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets
including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of the business of the Partnership; 
 (ii) to construct buildings and make other improvements on the properties owned or leased by the Partnership; 
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured debt
obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership;

 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase
the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
 (v) to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third parties or to
the General Partner or its Affiliates as set forth in this Agreement; 
 (vi) to guarantee or become a co-maker of indebtedness of the
General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage,
deed of trust, pledge or other lien on the Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without
limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership
or any Subsidiary of either, to third parties or to the General Partner as set forth in this Agreement; 
 (viii) to lease all or any
portion of any of the Partnership’s assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the
lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 
  

 - 19 - 

 (ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or
against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets;
provided, however, that the General Partner may not, without the consent of all of the Partners, confess a judgment against the Partnership that is in excess of $20,000 or is not covered by insurance; 
 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the
Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make or revoke any election permitted or required of
the Partnership by any taxing authority; 
 (xii) to maintain such insurance coverage for public liability, fire and casualty, and any and
all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as it shall determine from time to time;

 (xiii) to determine whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute
the same; 
 (xiv) to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division
of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such
reasonable remuneration as the General Partner may deem reasonable and proper; 
 (xv) to retain other services of any kind or nature in
connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 
 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 
 (xvii) to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on behalf of the Partnership;

 (xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 
 (xix) to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other relationships
that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest from time to time); 
 (xx) to establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose;

 (xxi) to merge, consolidate or combine the Partnership with or into another Person; 
  

 - 20 - 

 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be
classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii) to take such other
action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and
affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of
the rights and powers of a general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of
the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such
duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf
of the Partnership. 
 6.2 Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations
hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as
the General Partner may approve. 
 6.3 Indemnification and Exculpation of Indemnitees. 
 (a) The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including
reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the
Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter
giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the
case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. 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 6.3(a). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a
rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 6.3(a). Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 
 (b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the
final disposition of the proceeding 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 this Section 6.3 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 6.3 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. 
  

 - 21 - 

 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have
the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For purposes of this
Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves
services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3;
and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed
to be for a purpose which is not opposed to the best interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited
Partners 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 6.3 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 6.3 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. 
 6.4 Liability of the General Partner.

 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages
to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the
General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement.

 (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its
stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not
all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General
Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in
the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders.
The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith.

  

 - 22 - 

 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the
General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or
negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this Agreement or the
Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or
advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the
Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any amendment, modification
or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as
in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be
asserted. 
 6.5 Reimbursement of General Partner. 
 (a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the
General Partner shall not be compensated for its services as general partner of the Partnership. 
 (b) The General Partner shall be
reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner. 
 6.6 Outside Activities. Subject to Section 6.8 hereof, the Articles of Incorporation of the General Partner and any agreements entered into
by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner, the General 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 substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners
shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. 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 such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any
Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 
  

 - 23 - 

 6.7 Employment or Retention of Affiliates. 
 (a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer,
lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable.

 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may
borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or
thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law and the REIT status of the General Partner. 
 (d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property
to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the Partnership. 
 6.8 General Partner Participation. The General Partner agrees that all business activities of the General Partner, including activities pertaining
to the acquisition, development or ownership of office or industrial property or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner is allowed
to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been approved and determined to be in the best interests of the General
Partner and the Partnership by a majority of the Independent Directors. 
 6.9 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, shall have any ownership interest in such Partnership assets or
any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The
General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit
of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon
as reasonably practicable. 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. 
 6.10 Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the share
redemption program of the General Partner through proceeds received from the General Partner’s dividend reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units
as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares. Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General
Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such
offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor. 
  

 - 24 - 

 ARTICLE 7 
 CHANGES IN GENERAL PARTNER 
 7.1 Transfer of the General Partner’s Partnership Interest.

 (a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except
as provided in or in connection with a transaction contemplated by Section 7.1(c), (d) or (e) hereof. 
 (b) The General
Partner agrees that the Percentage Interest for it will at all times be in the aggregate, at least 1%. 
 (c) Except as otherwise provided in
Section 6.4(b) or Section 7.1(d) or (e) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in
connection with a change in the General Partner’s state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 
 (i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained; 
 (ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit an amount of cash, securities, or other property equal
to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that if, in connection with the
Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange
its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its Exchange Right and (2) sold, tendered or exchanged pursuant
to the Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 
 (iii) the
General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any
Subsidiary) receive in exchange for their Partnership Units, an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash,
securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares. 
 For purposes of clauses (ii) and (iii) above, the term Partnership Units shall be deemed to exclude LTIP Units. 
 (d)
Notwithstanding Section 7.1(c) above, the General Partner may merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity
(the “Survivor”), other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in 
  

 - 25 - 

 exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by
the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this
Agreement as set forth in this Section 7.1(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any such merger or
consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was
receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately prior to
such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion
Factor. The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to Sections 8.5 and 8.7 hereof so as to approximate the existing rights and obligations set forth in Sections 8.5 and 8.7 as
closely as reasonably possible. The above provisions of this Section 7.1(d) shall similarly apply to successive mergers or consolidations permitted hereunder. 
 In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to
recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise of the Board of Directors’ fiduciary duties to the stockholders
of the General Partner under applicable law. 
 (e) Notwithstanding Section 7.1(c), 
 (i) a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned Subsidiary of such General Partner
or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 
 (ii) the General Partner may engage in a transaction not required by law or by the rules of any national securities exchange on which the REIT Shares
are listed to be submitted to the vote of the holders of the REIT Shares. 
 7.2 Admission of a Substitute or Additional General
Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such
other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for
recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 
 (b) if
the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a
General Partner and to be bound by the terms and provisions of this Agreement; and 
  

 - 26 - 

 (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other
counsel and the state or any other jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the
admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner’s limited liability.

 7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 
 (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership
shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued
pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution
or removal of the General Partner. 
 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal
pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy
as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days
after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute
General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who
has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 
 7.4 Removal of a General Partner.

 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed
to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall
be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 
 (b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3 hereof, such
General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b) hereof and
otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General
Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority
in interest of the Limited Partners 
  

 - 27 - 

 within 10 days following the removal of the General Partner. In the event that the parties are unable to agree upon
an appraiser, the removed General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General
Partnership Interest within 30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however,
that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall
complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General
Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 
 (c) The General Partnership
Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b) above, shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not
have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the
Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is
effective pursuant to Section 7.4(b) above. 
 (d) All Partners shall have given and hereby do give such consents, shall take such
actions and shall execute such documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1 Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor shall they
transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 
 8.2 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for
each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed
necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal
incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 
 8.3
Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital
Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any
funds to the Partnership. 
  

 - 28 - 

 8.4 Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner
shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners
would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is
required to establish compliance by the Limited Partners with the provisions of this Section. 
 8.5 Exchange Right. 
 (a) Subject to Sections 8.5(b), 8.5(c), 8.5(d) and 8.5(e) below and the provisions of any agreements between the Partnership and one or more Limited
Partners with respect to Partnership Units held by them, each Limited Partner, other than the General Partner, shall have the right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date all or a
portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided, that such Partnership Units shall have been outstanding for at least one
year. The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”);
provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Partnership Units subject to the Notice of Exchange pursuant to Section 8.5(b) below; and
provided, further, that no Limited Partner may deliver more than two Notices of Exchange during each calendar year unless the REIT Shares are then Publicly Traded, in which case there will be no limitation on the number of Notices of
Exchange that may be delivered. A Limited Partner may not exercise the Exchange Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The
Exchanging Partner shall have no right, with respect to any Partnership Units so exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Exchange Date.

 (b) Notwithstanding the provisions of Section 8.5(a) above, a Limited Partner that exercises the Exchange Right shall be deemed to
have offered to sell the Partnership Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units by paying to the
Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Partnership Units offered
for exchange by the exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the General Partner shall elect to exercise its right to purchase Partnership Units under this
Section 8.5(b) with respect to a Notice of Exchange, it shall so notify the Exchanging Partner within five Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute
discretion) shall exercise its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.5(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the
Exchanging Partner’s exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Partnership Units with respect to the exercise of a Exchange Right in the manner described in the first sentence of this
Section 8.5(b), the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the
General Partner, as the case may be, shall treat the transaction between the General Partner, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner. Each
Exchanging Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 
  

 - 29 - 

 (c) Notwithstanding the provisions of Section 8.5(a) and 8.5(b) above, a Limited Partner shall not
be entitled to exercise the Exchange Right if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.5(b) above (regardless of whether or not the General Partner would in fact
exercise its rights under Section 8.5(b)) would (i) result in such Partner or any other person owning, directly or indirectly, shares of the General Partner in excess of the Ownership Limit (as defined in the Articles of Incorporation and
calculated in accordance therewith), except as provided in the Articles of Incorporation, (ii) result in shares of the General Partner being owned by fewer than 100 Persons (determined without reference to any rules of attribution and under the
definition of “Person” in the Articles of Incorporation), except as provided in the Articles of Incorporation, (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code,
(iv) cause the General Partner to own, directly or constructively, 9.9% or more of the ownership interests in a tenant of the General Partner’s, the Partnership’s, or any direct or indirect subsidiary (including, without limitation,
partnerships, joint ventures and limited liability companies) of the General Partner’s or the Partnership’s real property, within the meaning of Section 856(d)(2)(B) of the Code, (v) otherwise, directly or indirectly, cause the
General Partner to fail to qualify as a REIT or (vi) cause the acquisition of REIT Shares by such Partner to be “integrated” with any other distribution of REIT Shares for purposes of complying with the registration provisions of the
Securities Act. The General Partner, in its sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.5(c); provided, however, that in the event such restriction is waived, the Exchanging
Partner shall be paid the Cash Amount. 
 (d) Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.5 shall be
paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause
additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged
Partnership Units hereunder to occur as quickly as reasonably possible. 
 (e) Notwithstanding any other provision of this Agreement, the
General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership”
under Section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the
Limited Partners holding Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid having the
Partnership be treated as a “publicly traded partnership” under Section 7704 of the Code. 
 (f) Notwithstanding the
provisions of Section 8.5(a) above, holders of LTIP Units shall not be entitled to the Exchange Right provided for in Section 8.5 hereof with respect to any LTIP Units they hold, unless and until such LTIP Units have been converted into
Common Units (or any other class or series of Partnership Units entitled to such Exchange Right) in accordance with their terms. Notwithstanding the foregoing provisions of Section 8.5, and except as otherwise permitted by the award, plan or
other agreement pursuant to which an LTIP Unit was issued, the Exchange Right shall not be exercisable with respect to any Common Unit issued upon conversion of an LTIP Unit until two years after the date on which the LTIP Unit was issued,
provided however, that the foregoing restriction shall not apply if the Exchange Right is exercised by an LTIP Unit holder in connection with a transaction that falls within the definition of a “change in control” under the
agreement or agreements pursuant to which the LTIP Units were issued to such holder. Additionally, the requirement set forth in the first sentence of Section 8.5(a) above that Partnership Units for which the Exchange Right is exercised have
been outstanding for one year prior to such exercise shall not apply with respect to Common Units issued upon the conversion of LTIP Units. 
  

 - 30 - 

 8.6 Registration. Subject to the terms of any agreement between the General Partner and one or
more Limited Partners with respect to Partnership Units held by them: 
 (a) Shelf Registration of the Common Stock. Within two weeks
prior or subsequent to the first date upon which the Partnership Units owned by any Limited Partner may be exchanged (or such later date as may be required under applicable provisions of the Securities Act), the General Partner agrees to file with
the Commission, a shelf registration statement on Form S-3 (if the General Partner is eligible to use such form) under Rule 415 of the Securities Act (a “Registration Statement”), or any similar rule that may be adopted by
the Commission, with respect to all of the REIT Shares that may be issued upon exchange of such Partnership Units pursuant to Section 8.5 hereof (“Exchange Shares”). The General Partner will use its best efforts to have the
Registration Statement declared effective under the Securities Act. The General Partner need not file a separate Registration Statement, but may file one Registration Statement covering Exchange Shares issuable to more than one Limited Partner. The
General Partner further agrees to supplement or make amendments to each Registration Statement, if required by the rules, regulations or instructions applicable to the registration form utilized by the General Partner or by the Securities Act or
rules and regulations thereunder for such Registration Statement. 
 (b) If a Registration Statement under subsection (a) above is not
available under the securities laws or the rules of the Commission, or if required to permit the resale of Exchange Shares by “Affiliates” (as defined in the Securities Act), upon the written request of any Limited Partner holding at least
20,000 Partnership Units, the General Partner agrees to file with the Commission a Registration Statement covering the resale of Exchange Shares by Affiliates or others whose Exchange Shares are not covered by a Registration Statement filed pursuant
to subsection (a) above. The General Partner will use its best efforts to have the Registration Statement declared effective under the Securities Act. The General Partner need not file a separate Registration Statement, but may file one
Registration Statement covering Exchange Shares issuable to more than one Limited Partner. The General Partner further agrees to supplement or make amendments to each Registration Statement, if required by the rules, regulations or instructions
applicable to the registration form utilized by the General Partner or by the Securities Act or rules and regulations thereunder for such Registration Statement. 
 (c) Listing on Securities Exchange. If the General Partner shall list or maintain the listing of any REIT Shares on any securities exchange or national market system, it will at its expense and as necessary to
permit the registration and sale of the Exchange Shares hereunder, list thereon, maintain and, when necessary, increase such listing to include such Exchange Shares. 
 (d) Registration Not Required. Notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness of a registration statement relating to Exchange Shares after the
first date upon which, in the opinion of counsel to the General Partner, all of the Exchange Shares covered thereby could be sold by the holders thereof in any period of three months pursuant to Rule 144 under the Securities Act, or any
successor rule thereto. In addition, notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness of a registration statement relating to Exchange Shares that may be issued upon exchange of LTIP
Units or any other Partnership Units issued upon conversion of, or with respect to, LTIP Units. 
  

 - 31 - 

 ARTICLE 9 
 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
 9.1 Purchase for Investment. 
 (a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interests is
made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 
 (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not
make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent,
warrant and agree. 
 9.2 Restrictions on Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or
any portion of his Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”)
without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be
given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 
 (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as contemplated by
clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to an exchange of all of its Partnership Units pursuant to
Section 8.5 hereof. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 
 (c) Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner, all or a portion of its
Partnership Interest to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner
and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial
owners. 
 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal
counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including
investment suitability standards). 
 (e) No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to
any Person if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of
Section 856(i) of the Code), (ii) in the opinion of legal counsel for 
  

 - 32 - 

 the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject
the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial
equivalent thereof)” within the meaning of Section 7704 of the Code. 
 (f) No transfer by a Limited Partner of any Partnership
Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of
Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an
arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held 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. 
 (g) Any Transfer in contravention of
any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
 (h) Prior to the consummation of any Transfer under this Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in
connection with such Transfer. 
 9.3 Admission of Substitute Limited Partner. 
 (a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and
upon the satisfactory completion of the following: 
 (i) The assignee shall have accepted and agreed to be bound by the terms and provisions
of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A hereto, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a
Limited Partner. 
 (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have delivered a letter
containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv) If
the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and
provisions of this Agreement. 
 (v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
  

 - 33 - 

 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General
Partner and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the
prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 
 (b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as
having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents
or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General Partner shall
cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable
after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 
 9.4 Rights of Assignees of Partnership Interests. 
 (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except
as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 
 (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute
Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an
assignment of its Limited Partnership Interest. 
 9.5 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner.
The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the
termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his
executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the
bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

 9.6 Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of
survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to
constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for
the Partnership that the 
  

 - 34 - 

 actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint
owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need
not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to
be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
 ARTICLE 10

 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
 10.1 Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in
accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates of
amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent
years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during
ordinary business hours. 
 10.2 Custody of Partnership Funds; Bank Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as
the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 
 (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists
primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may
necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 
 10.3 Fiscal and Taxable
Year. The fiscal and taxable year of the Partnership shall be the calendar year. 
 10.4 Annual Tax Information and Report. Within
75 days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual
tax returns as shall be reasonably required by law. 
 10.5 Tax Matters Partner; Tax Elections; Special Basis Adjustments. 

(a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax Matters
Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional assistance in
respect of 
  

 - 35 - 

 any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on
behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either
(i) file a court petition for judicial review of such final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or
(ii) mail a written notice to all Limited Partners, within such period, that describes the General Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be made by the
General Partner in its sole and absolute discretion. 
 (c) In the event of a transfer of all or any part of the Partnership Interest of any
Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5 of this Agreement, any
adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other
Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 
 (d) To the extent provided for in Regulations, revenue rulings, revenue procedures and/or other IRS guidance issued after the date hereof, the Partnership is hereby authorized to, and at the direction of the General
Partner shall, elect a safe harbor under which the fair market value of any Partnership Interests issued after the effective date of such Regulation (or other guidance) will be treated as equal to the liquidation value of such Partnership Interests
(i.e., a value equal to the total amount that would be distributed with respect to such interests if the Partnership sold all of its assets for their fair market value immediately after the issuance of such Partnership Interests, satisfied its
liabilities (excluding any non-recourse liabilities to the extent the balance of such liabilities exceed the fair market value of the assets that secure them) and distributed the net proceeds to the Partners under the terms of this Agreement). In
the event that the Partnership makes a safe harbor election as described in the preceding sentence, each Partner hereby agrees to comply with all safe harbor requirements with respect to transfers of such Partnership Interest while the safe harbor
election remains effective. 
 10.6 Reports to Limited Partners. 
 (a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), the General Partner shall cause to be
mailed to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter,
presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements
of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial
statements shall be audited by accountants selected by the General Partner. 
 (b) Any Partner (other than a Partner whose only Partnership
Interests are LTIP Units or any other Partnership Units issued upon conversion of, or with respect to, LTIP Units) shall further have the right to a private audit of the books and records of the Partnership at the expense of such Partner, provided
such audit is made for Partnership purposes and is made during normal business hours. 
  

 - 36 - 

 ARTICLE 11 
 AMENDMENT OF AGREEMENT; MERGER 
 The General Partner’s consent shall be required for any
amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in
Section 17-211 of the Act) in a transaction pursuant to Section 7.1(c), (d) or (e) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall
require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners: 
 (a) any amendment
affecting the operation of the Conversion Factor or the Exchange Right (except as provided in Section 8.5(d) or 7.1(d) hereof) in a manner adverse to the Limited Partners; 
 (b) any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with
respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof; 
 (c) any amendment that would alter the
Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof; or 
 (d) any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 12 
 GENERAL PROVISIONS

 12.1 Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have
been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A hereto; provided, however, that
any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 
 12.2 Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the
Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3 Additional
Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the
Act. 
 12.4 Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any
jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 
  

 - 37 - 

 12.5 Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement
of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 
 12.6 Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words in the singular
number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 
 12.7
Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article. 
 12.8 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which
together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 
 12.9 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
  

 - 38 - 

 IN WITNESS WHEREOF, the General Partner has hereunder affixed its signature to this Agreement, as of the
10th day of October, 2006. 
  

			
	GENERAL PARTNER:
	
	DCT INDUSTRIAL TRUST INC.
		
	By:	 	 /s/ Philip L. Hawkins

	Name:	 	Philip L. Hawkins
	Title:	 	Chief Executive Officer

 EXHIBIT A 

 EXHIBIT B 
 NOTICE OF EXERCISE OF EXCHANGE RIGHT 
 In accordance with Section 8.5 of the Agreement of
Limited Partnership (the “Agreement”) of DCT Industrial Operating Partnership LP, the undersigned hereby irrevocably (i) presents for exchange             
Partnership Units in DCT Industrial Operating Partnership LP in accordance with the terms of the Agreement and the Exchange Right referred to in Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest
therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT
Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. 
  

			
	Dated: ______ ___, ______	  	 
		  	(Name of Limited Partner)
		
		  	  

		  	(Signature of Limited Partner)
		
		  	  

		  	(Mailing Address)
		
		  	  

		  	(City) (State) (Zip Code)
		
		  	  

		  	Signature Guaranteed by:
		
		  	  

		
	If REIT Shares are to be issued, issue to:	  	
		
	Name:
                                        
                                        
                	  	
		
	Social Security or Tax I.D. Number:
                                        
        	  	

  

 Exh. B-1 

 EXHIBIT C 
 LTIP UNITS 
 The following are the terms of the LTIP Units: 
 1. Designation. A class of Partnership Units in the Partnership designated as the “LTIP Units” is hereby established. LTIP Units are intended to
qualify as profits interests in the Partnership. The number of LTIP Units that may be issued shall not be limited. 
 2. Vesting. 
 A. Vesting, Generally. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional
restrictions on transfer pursuant to the terms of an award, vesting or other similar agreement (a “Vesting Agreement”). The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole
discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the terms of any plan pursuant to which the LTIP Units are issued, if applicable. LTIP Units that have vested and are no longer subject to
forfeiture under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units are referred to as “Unvested LTIP Units.” Subject to the terms of any Vesting Agreement, a holder of
LTIP Units shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Common Units are entitled to transfer their Common Units pursuant to Article 9 of the Agreement. 
 B. Forfeiture or Transfer of Unvested LTIP Units. Unless otherwise specified in the relevant Vesting Agreement, upon the occurrence of any event
specified in a Vesting Agreement as resulting in either the forfeiture of any LTIP Units, or the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price, then upon the occurrence of the circumstances
resulting in such forfeiture or if the Partnership or the General Partner exercises such right to repurchase, then the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled or transferred to the General
Partner, as applicable, and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any
distributions declared with a record date prior to the effective date of the forfeiture. In connection with any forfeiture or repurchase of LTIP Units, the balance of the portion of the Capital Account of the holder that is attributable to all of
his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 5.1(k) of the Agreement, calculated with respect to the holder’s remaining LTIP Units, if any. 
 C. Legend. Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that additional terms, conditions and restrictions
on transfer, including without limitation any Vesting Agreement, apply to the LTIP Unit. 
 3. Distributions. 
 A. LTIP Distribution Amount. Commencing from and after the LTIP Unit Distribution Participation Date established for any LTIP Units, such LTIP
Units shall be entitled to receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of distributions, regular, special, extraordinary or other distributions (other than distributions
representing proceeds of a sale or other disposition of all or substantially of all the assets of the Partnership) which may be made from time to time, in an amount per unit equal to the amount of any such distributions that would have been payable
to such holders if the LTIP Units had been Common Units (if applicable, 
  

 Exh. C-1 

 assuming such LTIP Units were held for the entire period to which such distributions relate). LTIP Units shall also be
entitled to receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of distributions, distributions representing proceeds of a sale or other disposition of all or substantially of
all the assets of the Partnership in an amount per unit equal to the amount of any such distributions payable on the Common Units, whether made prior to, on or after the LTIP Unit Distribution Participation Date, provided, that the amount of
such distributions shall not exceed the positive balances of the Capital Accounts of the holders of such LTIP Units to the extent attributable to the ownership of such LTIP Units. Distributions on the LTIP Units, if authorized, shall be payable on
such dates and in such manner as may be authorized by the General Partner (any such date, a “LTIP Unit Distribution Payment Date”); provided, that the LTIP Unit Distribution Payment Date shall be the same as the corresponding
date relating to the corresponding distribution on the Common Units. The record date for determining which holders of LTIP Units are entitled to receive a distribution shall be the Partnership Record Date for that distribution. 
 B. LTIP Unit Distribution Participation Date. The “LTIP Unit Distribution Participation Date” for each LTIP Unit will be the
issuance date of such LTIP Unit or such other date as may be specified in the Vesting Agreement or other documentation pursuant to which such LTIP Unit is issued. 
 4. Allocations. 
 A. Commencing with the portion of the taxable year of the Partnership that begins on the LTIP Unit
Distribution Participation Date established for any LTIP Units, such LTIP Units shall be allocated Profits and Losses in amounts per LTIP Unit equal to the amounts allocated per Common Unit. The allocations provided by the preceding sentence shall
be subject to Section 5.1(a) and, in addition, to any special allocations required by Sections 5.1(b) through (j). The General Partner is authorized in its discretion to delay or accelerate the participation of the LTIP Units in allocations of
Profits and Losses under this Section 4 of Exhibit C, or to adjust the allocations made under this Section 4 of Exhibit C after the LTIP Unit Distribution Participation Date, so that the ratio of (i) the total amount of Profits and
Losses allocated with respect to each LTIP Unit in the taxable year in which that LTIP Unit’s LTIP Unit Distribution Participation Date falls (excluding special allocations under Section 5.1(k)), to (ii) the total amount distributed
to that LTIP Unit with respect to such period, is more nearly equal to the ratio of (i) the Profits and Losses allocated with respect to the General Partner’s Common Units in such taxable year to (ii) the amounts distributed to the
General Partner with respect to such Common Units and such taxable year. 
 5. Adjustments. 
 A. The Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other
purposes, including without limitation complying with the following procedures; provided that the foregoing is not intended to alter the LTIP Unit Capital Account Limitation (as defined in Section 7.B of Exhibit C), the special
allocations pursuant to Section 5.1(k) of the Agreement, differences between distributions (other than distributions representing proceeds of a sale or other disposition of all or substantially all of the assets of the Partnership) to be made
with respect to LTIP Units and Common Units prior to the LTIP Unit Distribution Participation Date for such LTIP Units, differences between distributions representing proceeds of a sale or other disposition of all or substantially all of the assets
of the Partnership to be made with respect to the LTIP Units and Common Units pursuant to Section 5.6 of the Agreement or Section 3.A of Exhibit C in the event that the Capital Accounts attributable to the LTIP Units are less than those
attributable to the Common Units due to insufficient special allocations pursuant to Section 5.1(k) of the Agreement or related provisions. If an LTIP Unit Adjustment Event (as defined below) occurs, then the General Partner shall make a
corresponding adjustment to the LTIP Units to maintain such one-for-one 
  

 Exh. C-2 

 correspondence between Common Units and LTIP Units. The following shall be “LTIP Unit Adjustment
Events”: (A) the Partnership makes a distribution on all outstanding Common Units in Partnership Units, (B) the Partnership subdivides the outstanding Common Units into a greater number of units or combines the outstanding Common
Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding Common Units by way of a reclassification or recapitalization of its Common Units. If more than one LTIP Unit Adjustment
Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every LTIP Unit Adjustment Event as if all LTIP Unit Adjustment Events occurred simultaneously. For the avoidance of doubt,
the following shall not be LTIP Unit Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or other similar business transaction, (y) the issuance of Partnership Units pursuant to any employee
benefit or compensation plan or distribution reinvestment plan, or (z) the issuance of any Partnership Units to the General Partner in respect of a Capital Contribution to the Partnership of proceeds from the sale of securities by the General
Partner. If the Partnership takes an action affecting the Common Units other than actions specifically described above as LTIP Unit Adjustment Events and in the opinion of the General Partner such action would require an adjustment to the LTIP Units
to maintain the one-to-one correspondence described above, the General Partner shall make such adjustment to the LTIP Units, to the extent permitted by law and by the terms of any plan pursuant to which the LTIP Units have been issued, in such
manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided, the Partnership shall promptly file in the books and
records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest
error. Promptly after filing of such certificate, the Partnership shall mail a notice to each holder of LTIP Units setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment. 
 6. Ranking. 
 The LTIP Units shall rank on parity with
the Common Units in all respects subject to the proviso in the first sentence of Section 5 of Exhibit C. 
 7. Right to Convert LTIP Units into
Common Units. 
 A. Conversion Right. A holder of LTIP Units shall have the right (the “LTIP Unit Conversion
Right”), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Units. Holders of LTIP Units shall not have the right to convert Unvested LTIP Units into Common Units until they become
Vested LTIP Units; provided, however, that when a holder of LTIP Units is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such Person may give the Partnership
an LTIP Unit Conversion Notice conditioned upon and effective as of the time of vesting, and such LTIP Unit Conversion Notice, unless subsequently revoked by the holder of the LTIP Units, shall be accepted by the Partnership subject to such
condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Units. In all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set
forth in this Section 7 of Exhibit C. 
 B. Number of Units Convertible. A holder of Vested LTIP Units may convert such Vested
LTIP Units into an equal number of fully paid and non-assessable Common Units, giving effect to all adjustments (if any) made pursuant to Section 5 of Exhibit C. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units
convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such holder, to the extent attributable to its ownership of LTIP Units, divided by (y) the Common Unit Economic Balance, in each case as
determined as of the effective date of conversion (the “LTIP Unit Capital Account Limitation”). 
  

 Exh. C-3 

 C. Notice. In order to exercise his or her Conversion Right, a holder of LTIP Units shall deliver
a notice (a “LTIP Unit Conversion Notice”) in the form attached as Exhibit D to the Agreement to the Partnership not less than 10 nor more than 90 days prior to a date (the “LTIP Unit Conversion Date”) specified in
such LTIP Unit Conversion Notice. Each holder of LTIP Units covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 7 of Exhibit C shall be free and clear of all liens. Notwithstanding
anything herein to the contrary (but subject to Section 8.5 of the Agreement), a holder of LTIP Units may deliver a Notice of Exchange pursuant to Section 8.5(a) of the Agreement relating to those Common Units that will be issued to such
holder upon conversion of such LTIP Units into Common Units in advance of the LTIP Unit Conversion Date; provided, however, that the redemption of such Common Units by the Partnership shall in no event take place until the LTIP Unit
Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a holder of LTIP Units in a position where, if he or she so wishes, the Common Units into which his or her Vested LTIP Units will be converted can be redeemed
by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner elects to assume the Partnership’s redemption obligation with respect to such Common Units under Section 8.5 of the Agreement
by delivering to such holder REIT Shares rather than cash, then such holder can have such REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Common Units. The General Partner shall cooperate with
a holder of LTIP Units to coordinate the timing of the different events described in the foregoing sentence. 
 D. Forced Conversion.
The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by a holder of LTIP Units to be converted (a “LTIP Unit Forced Conversion”) into an equal number of Common Units,
giving effect to all adjustments (if any) made pursuant to Section 5; provided, that the Partnership may not cause an LTIP Unit Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of
the holder of such LTIP Units pursuant to Section 7.B. of Exhibit C above. In order to exercise its right to cause an LTIP Unit Forced Conversion, the Partnership shall deliver a notice (a “LTIP Unit Forced Conversion Notice”)
in the form attached as Exhibit E to the Agreement to the applicable holder not less than 10 nor more than 60 days prior to the LTIP Unit Conversion Date specified in such LTIP Unit Forced Conversion Notice. A Forced LTIP Unit Conversion Notice
shall be provided in the manner provided in Section 12.1 of the Agreement. 
 E. Conversion Procedures. A conversion of Vested
LTIP Units for which the holder thereof has given an LTIP Unit Conversion Notice or the Partnership has given a Forced LTIP Unit Conversion Notice shall occur automatically after the close of business on the applicable LTIP Unit Conversion Date
without any action on the part of such holder of LTIP Units, as of which time such holder of LTIP Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of
Common Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such holder of LTIP Units upon his or her written request, a certificate of the General Partner certifying the number of
Common Units and remaining LTIP Units, if any, held by such Person immediately after such conversion. 
 F. Treatment of Capital
Account. For purposes of making future allocations under Section 5.1(k) of the Agreement and applying the LTIP Unit Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable holder of LTIP Units that
is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Common Unit Economic Balance. 
  

 Exh. C-4 

 G. Mandatory Conversion in Connection with an LTIP Unit Conversion Transaction. If the Partnership
or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all Common Units or other business combination or reorganization, or sale of
all or substantially all of the Partnership’s assets, but excluding any transaction which constitutes an LTIP Unit Adjustment Event), in each case as a result of which Common Units shall be exchanged for or converted into the right, or the
holders of Common Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “LTIP Unit Conversion Transaction”), then the General
Partner shall, immediately prior to the LTIP Unit Conversion Transaction, exercise its right to cause an LTIP Unit Forced Conversion with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations
that occur in connection with the LTIP Unit Conversion Transaction or that would occur in connection with the LTIP Unit Conversion Transaction if the assets of the Partnership were sold at the LTIP Unit Conversion Transaction price or, if
applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the LTIP Unit Conversion Transaction (in which case the LTIP Unit Conversion Date shall be the effective
date of the LTIP Unit Conversion Transaction and the conversion shall occur immediately prior to the effectiveness of the LTIP Unit Conversion Transaction). 
 In anticipation of such LTIP Unit Forced Conversion and the consummation of the LTIP Unit Conversion Transaction, the Partnership shall use commercially reasonable efforts to cause each holder of LTIP Units to be
afforded the right to receive in connection with such LTIP Unit Conversion Transaction in consideration for the Common Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any
combination thereof) receivable upon the consummation of such LTIP Unit Conversion Transaction by a holder of the same number of Common Units, assuming such holder of Common Units is not a Person with which the Partnership consolidated or into which
the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person. In the event that holders of Common Units
have the opportunity to elect the form or type of consideration to be received upon consummation of the LTIP Unit Conversion Transaction, prior to such LTIP Unit Conversion Transaction, the General Partner shall give prompt written notice to each
holder of LTIP Units of such election, and shall use commercially reasonable efforts to afford such holders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each LTIP
Unit held by such holder into Common Units in connection with such LTIP Unit Conversion Transaction. If a holder of LTIP Units fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit
held by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Common Unit would receive if such holder of Common Units failed to make such an election. 
 Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and the terms of any plan under which LTIP Units are issued,
the Partnership shall use commercially reasonable efforts to cause the terms of any LTIP Unit Conversion Transaction to be consistent with the provisions of this Section 7 of Exhibit C and to enter into an agreement with the successor or
purchasing entity, as the case may be, for the benefit of any holders of LTIP Units whose LTIP Units will not be converted into Common Units in connection with the LTIP Unit Conversion Transaction that will (i) contain provisions enabling the
holders of LTIP Units that remain outstanding after such LTIP Unit Conversion Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Common Units and (ii) preserve as far as
reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Agreement for the benefit of the holders of LTIP Units. 
  

 Exh. C-5 

 8. Redemption at the Option of the Partnership. 
 LTIP Units will not be redeemable at the option of the Partnership; provided, however, that the foregoing shall not prohibit the Partnership
from repurchasing LTIP Units from the holder thereof if and to the extent such holder agrees to sell such LTIP Units. 
 9. Voting Rights. 

A. Voting with Common Units. Holders of LTIP Units shall have the right to vote on all matters submitted to a vote of the holders of Common
Units. Holders of LTIP Units and Common Units shall vote together as a single class, together with any other class or series of Partnership Units upon which like voting rights have been conferred. In any matter in which the LTIP Units are entitled
to vote, including an action by written consent, each LTIP Unit shall be entitled to vote a Percentage Interest equal on a per unit basis to the Percentage Interest represented by each Common Unit. 
 B. Special Approval Rights. Except as provided in Section 9.A. of Exhibit C above, holders of LTIP Units shall only (a) have those
voting rights required from time to time by non-waivable provisions of applicable law, if any, and (b) have the additional voting rights that are expressly set forth in this Section 9.B of Exhibit C. The General Partner and/or the
Partnership shall not, without the affirmative vote of holders of more than 50% of the then outstanding LTIP Units affected thereby, given in person or by proxy, either in writing or at a meeting (voting separately as a class), take any action that
would materially and adversely alter, change, modify or amend, whether by merger, consolidation or otherwise, the rights, powers or privileges of such LTIP Units, subject to the following exceptions: 
 (i) no separate consent of the holders of LTIP Units will be required if and to the extent that any such alteration, change, modification or amendment
would equally, ratably and proportionately alter, change, modify or amend the rights, powers or privileges of the Common Units (in which event the holders of LTIP Units shall only have such voting rights, if any, as provided in Section 7.1(c),
Article 11 of the Agreement, or otherwise as expressly provided for in the Agreement, in accordance with Section 9.A of Exhibit C above); 
 (ii) with respect to any merger, consolidation or other business combination or reorganization, so long as either (w) the LTIP Units are converted into Common Units immediately prior to the effectiveness of the transaction,
(x) the holders of LTIP Units either will receive, or will have the right to elect to receive, for each LTIP Unit an amount of cash, securities, or other property equal to the greatest amount of cash, securities or other property paid to a
holder of one Common Unit in consideration of one Common Unit pursuant to the terms of such transaction, (y) the LTIP Units remain outstanding with the terms thereof materially unchanged, or (z) if the Partnership is not the surviving
entity in such transaction, the LTIP Units are exchanged for a security of the surviving entity with terms that are materially the same with respect to rights to allocations, distributions, redemption, conversion and voting as the LTIP Units and
without any income, gain or loss expected to be recognized by the holder upon the exchange for federal income tax purposes (and with the terms of the Common Units or such other securities into which the LTIP Units (or the substitute security
therefor) are convertible materially the same with respect to rights to allocations, distributions, redemption, conversion and voting), such merger, consolidation or other business combination or reorganization shall not be deemed to materially and
adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units, provided further, that if some, but not all, of the LTIP Units are converted into Common Units immediately prior to the effectiveness of the
transaction (and neither clause (y) or (z) above is applicable), then the consent required pursuant to this Section of Exhibit C will be the consent of the holders of more than 50% of the LTIP Units to be outstanding following such
conversion; 
  

 Exh. C-6 

 (iii) any creation or issuance of Partnership Units (whether ranking junior to, on a parity with or
senior to the LTIP Units with respect to payment of distributions, the Exchange Right and the distribution of assets upon liquidation, dissolution or winding up), which either (x) does not require the consent of the holders of Common Units or
(y) does require such consent and is authorized by a vote of the holders of Common Units and LTIP Units voting together as a single class pursuant to Section 9.A above, together with any other class or series of units of limited
partnership interest in the Partnership upon which like voting rights have been conferred, shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units; and 
 (iv) any waiver by the Partnership of restrictions or limitations applicable to any outstanding LTIP Units with respect to any holder or holders thereof
shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units with respect to other holders. 
 The foregoing voting provisions will not apply if, as of or prior to the time when the action with respect to which such vote would otherwise be required will be taken or be effective, all outstanding LTIP Units shall
have been converted and/or redeemed, or provision is made for such redemption and/or conversion to occur as of or prior to such time. 
  

 Exh. C-7 

 EXHIBIT D 
 NOTICE OF ELECTION BY PARTNER TO CONVERT 
 LTIP UNITS INTO COMMON UNITS 
 The undersigned holder of LTIP Units hereby irrevocably elects to convert the number of Vested LTIP Units in DCT Industrial Operating Partnership LP (the
“Partnership”) set forth below into Common Units in accordance with the terms of the Limited Partnership Agreement of the Partnership, as amended. The undersigned hereby represents, warrants, and certifies that the undersigned:
(a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided
herein; and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent or approve such conversion. 
 Name of Holder:                                  
                                        
                                        
                                        
       
 (Please Print: Exact Name as Registered with Partnership)

 Number of LTIP Units to be Converted:
                             
 Conversion Date:
                                        
                         
  

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

 (Street Address) 
  

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

 Exh. D-1 

 EXHIBIT E 
 NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION 
 OF LTIP UNITS INTO COMMON UNITS

 DCT Industrial Operating Partnership LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP
Units held by the holder of LTIP Units set forth below to be converted into Common Units in accordance with the terms of the Limited Partnership Agreement of the Partnership, as amended. 
 Name of
Holder:                                       
                                        
                                        
                                        
          
                                 (Please Print: Exact Name as Registered with
Partnership) 
 Number of LTIP Units to be Converted:
                                        

 Conversion Date:
                                        
                                     
  

 Exh. E-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]