Document:

EX-10.3 LIMITED PARTNERSHIP AGREEMENT

EXHIBIT 10.3

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

OF

STEADFAST
SECURE INCOME REIT OPERATING PARTNERSHIP, L.P.

A DELAWARE LIMITED PARTNERSHIP

September
28, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1 DEFINED TERMS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION
	 	 	6	 
	2.1 Formation
	 	 	6	 
	2.2 Name, Office and Registered Agent
	 	 	7	 
	2.3 Term and Dissolution
	 	 	7	 
	2.4 Filing of Certificate and Perfection of Limited Partnership
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 3 BUSINESS OF THE PARTNERSHIP
	 	 	8	 
	 
	 	 	 	 
	ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS
	 	 	8	 
	4.1 Capital Contributions
	 	 	8	 
	4.2 Additional Capital Contributions and Issuances of Additional
Partnership Interests
	 	 	8	 
	4.3 Additional Funding
	 	 	9	 
	4.4 Capital Accounts
	 	 	9	 
	4.5 No Interest on Contributions
	 	 	9	 
	4.6 Return of Capital Contributions
	 	 	9	 
	4.7 No Third Party Beneficiary
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS
	 	 	10	 
	5.1 Allocation of Profit and Loss
	 	 	10	 
	5.2 Distribution of Cash
	 	 	11	 
	5.3 REIT Distribution Requirements
	 	 	12	 
	5.4 No Right to Distributions in Kind
	 	 	12	 
	5.5 Limitations on Return of Capital Contributions
	 	 	13	 
	5.6 Distributions Upon Liquidation
	 	 	13	 
	5.7 Substantial Economic Effect
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	 	 	13	 
	6.1 Management of the Partnership
	 	 	13	 
	6.2 Delegation of Authority
	 	 	15	 
	6.3 Indemnification and Exculpation of Indemnitees
	 	 	16	 
	6.4 Liability of the General Partner
	 	 	17	 
	6.5 Reimbursement of General Partner
	 	 	18	 
	6.6 Outside Activities
	 	 	18	 
	6.7 Employment or Retention of Affiliates
	 	 	18	 
	6.8 General Partner Participation
	 	 	19	 
	6.9 Title to Partnership Assets
	 	 	19	 
	6.10 No Duplication of Fees or Expenses
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 7 CHANGES IN GENERAL PARTNER
	 	 	20	 
	7.1 Transfer of the General Partner’s Partnership Interest
	 	 	20	 
	7.2 Admission of a Substitute or Additional General Partner
	 	 	20	 
	7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	 	 	21	 

 

 

	 	 	 	 	 
	7.4 Removal of a General Partner
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	 	 	22	 
	8.1 Management of the Partnership
	 	 	22	 
	8.2 Power of Attorney
	 	 	22	 
	8.3 Limitation on Liability of Limited Partners
	 	 	22	 
	8.4 Ownership by Limited Partner of Corporate General Partner or Affiliate
	 	 	22	 
	8.5 Initial Limited Partner Right of Redemption
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	 	 	23	 
	9.1 Purchase for Investment
	 	 	23	 
	9.2 Restrictions on Transfer of Limited Partnership Interests
	 	 	23	 
	9.3 Admission of Substitute Limited Partner
	 	 	24	 
	9.4 Rights of Assignees of Partnership Interests
	 	 	25	 
	9.5 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	 	 	26	 
	9.6 Joint Ownership of Interests
	 	 	26	 
	 
	 	 	 	 
	ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	 	 	26	 
	10.1 Books and Records
	 	 	26	 
	10.2 Custody of Partnership Funds; Bank Accounts
	 	 	27	 
	10.3 Fiscal and Taxable Year
	 	 	27	 
	10.4 Annual Tax Information and Report
	 	 	27	 
	10.5 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	 	 	27	 
	10.6 Reports to Limited Partners
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 11 AMENDMENT OF AGREEMENT
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 12 GENERAL PROVISIONS
	 	 	28	 
	12.1 Notices
	 	 	28	 
	12.2 Survival of Rights
	 	 	29	 
	12.3 Additional Documents
	 	 	29	 
	12.4 Severability
	 	 	29	 
	12.5 Entire Agreement
	 	 	29	 
	12.6 Pronouns and Plurals
	 	 	29	 
	12.7 Headings
	 	 	29	 
	12.8 Counterparts
	 	 	29	 
	12.9 Governing Law
	 	 	29	 
	 
	 	 	 	 
	EXHIBIT A CONTRIBUTIONS
	 	 	 A-1	 

ii

 

AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

STEADFAST
SECURE INCOME REIT OPERATING PARTNERSHIP, L.P.

     This
Amended and Restated Limited Partnership Agreement is entered into this 28 day of September, 2009, between Steadfast Secure Income REIT, Inc., a Maryland corporation (the “General
Partner”), and the Initial Limited Partner (defined below). Capitalized terms used herein but
not otherwise defined shall have the meanings given them in Article 1.

     WHEREAS, the General Partner and the Initial Limited Partner executed that Limited Partnership
Agreement of Steadfast Secure Income REIT Operating Partnership, L.P. on July 6, 2009 (the
“Original Agreement”); and

     WHEREAS, the General Partner and the Initial Limited Partner desire to amend and restate the
Original Agreement pursuant to the terms set forth herein.

     NOW, THEREFORE, in consideration 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:

AGREEMENT

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.

     “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.

     “Advisor” or “Advisors” means the Person or Persons, if any, appointed,
employed or contracted with by the General Partner and responsible for directing or performing the
day-to-day business affairs of the General Partner, including any Person to whom such Advisor
subcontracts substantially all of such functions.

 

 

     “Advisory Agreement” means the agreement between the General Partner, the Advisor and
the other parties named therein pursuant to which the Advisor will direct or perform the day-to-day
business affairs of the General Partner.

     “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly,
owning, controlling or holding with the power to vote 10% of more of the outstanding voting
securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held, with the power to vote, by such other Person;
(iii) any Person directly or indirectly controlling, controlled by or under common control with
such other Person; (iv) any executive officer, director, trustee or general partner of such other
Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee
or general partner.

     “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.

     “Agreement”
means this Amended and Restated Limited Partnership Agreement, 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, as amended or restated from time to time, filed with the Maryland State Department of
Assessments and Taxation.

     “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.

     “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.

2

 

     “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.

     “Director” means a director of the General Partner.

     “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, as amended from time to time
and any successor code, law or act, 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.

     “General Partner” means Steadfast Secure Income REIT, 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 Partner Loan” has the meaning provided in Section 5.2(c) hereof.

     “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.

     “Independent Directors” means a Director who is not on the date of determination, and
within the last two years from the date of determination has not been, directly or indirectly
associated with the Sponsor of the General Partner or the Advisor by virtue of (i) ownership of an
interest in the Sponsor, the Advisor or any of their Affiliates, other than the General Partner
(other than ownership of less than one percent of any such entity that is a publicly traded
company), (ii) employment by the Sponsor, the Advisor or any of their Affiliates, (iii) service as
an officer or director of the Sponsor, the Advisor or any of their Affiliates, other than as a
Director, (iv) performance of services, other than as a Director, for the General Partner, (v)
service as a director or trustee of more than three real estate investment trusts organized by the
Sponsor or advised by the Advisor or (vi) maintenance of a material business or professional
relationship with the Sponsor, the Advisor or any of their Affiliates. A business or professional
relationship is considered “material” if the aggregate gross revenue derived by the Director from
the Sponsor, the Advisor and their Affiliates exceeds five percent of either the Director’s annual
gross revenue during either of the last two years or the Director’s net worth on a fair market
value basis. An indirect association with the Sponsor or the Advisor shall include circumstances
in which a Director’s spouse, parent, child, sibling, mother- or father-in-law, son- or
daughter-in-law or brother- or sister-in-law is or has been associated with the Sponsor, the
Advisor, any of their Affiliates or the General Partner.

3

 

     “Initial Limited Partner” means Steadfast Secure Income Advisor, LLC and any permitted
transferee of its Limited Partnership Interests.

     “Joint Venture” means any joint venture or general partnership arrangement in which
the Partnership is a co-venturer or general partner which are established to acquire one or more
Real Estate Assets.

     “Limited Partner” means any Person named as a Limited Partner on Exhibit A
attached hereto, as such exhibit may be amended and restated from time to time, and any Person who
becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the
Partnership.

     “Limited Partner Borrower” has the meaning provided in Section 5.2(c) hereof.

     “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 the Act.

     “Loss” has the meaning provided in Section 5.1(h) hereof.

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

     “Offering”
means the offer and sale of REIT Shares or other securities of the General Partner (i) to the public pursuant to a
registration statement filed under the Securities Act and declared effective
by the Commission or
(ii) in an unregistered private placement pursuant to applicable
exemptions from registration under the Securities Act.

     “Partner” means any General Partner or Limited Partner.

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

     “Partner Nonrecourse Debt Minimum Gain” shall have the meaning set forth in
Regulations Section 1.704-2(i)(2).

     “Partner Nonrecourse Deductions” shall have the meaning set forth in Regulations
Sections 1.704-2(i)(1) and 1.704-2(i)(2).

     “Partnership”
means Steadfast Secure Income REIT Operating Partnership, L.P., 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 Loan” has the meaning provided in Section 5.2(c) hereof.

     “Partnership Minimum Gain” shall have the meaning set forth in Regulations Sections
1.704-2(b)(2) and 1.704-2(d).

4

 

     “Partnership Record Date” means the record date established by the General Partner for
the distribution of cash pursuant to Section 5.2 hereof.

     “Percentage Interest” means, as to a Partner holding a category of Partnership
Interests, its interest in such category, determined by dividing the Partner’s Capital Account
allocable (in the reasonable determination of the General Partner) to interests in such category by
the sum of all Partners’ Capital Accounts allocable (in the reasonable determination of the General
Partner) to interests in such category.

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

     “Profit” has the meaning provided in Section 5.1(h) hereof.

     “Property” means any Real Estate Asset or other investment in which the Partnership
holds an ownership interest.

     “Real Estate Assets” means unimproved and improved real property, real estate related
assets and any direct or indirect interest therein, including, without limitation, fee or leasehold
interests, options, leases, partnership and joint venture interests, equity and debt securities of
entities that own real estate, first or second mortgages on real property, mezzanine loans secured
by junior liens on real property, preferred equity interests secured by a property owner’s interest
in real property and other contractual rights in real estate.

     “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.

     “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 and any unregistered
private placement 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.

5

 

     “REIT Share” means
a share of common stock of the General Partner (or successor entity, as the case may be).

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

     “Securities and Debt-related Investments” means any investments by the General Partner
or the Partnership in (i) real estate securities such as common stock, preferred stock and options
to acquire stock in REITs and other real estate companies and (ii) debt-related investments such as
(a) mortgage, mezzanine, bridge and other loans and (b) debt and derivative securities related to
real estate assets including mortgage-backed securities, collateralized debt obligations, debt
securities issued by real estate companies and credit default swaps.

     “Service” means the United States Internal Revenue Service.

     “Sponsor” means
any Person which (i) is directly or indirectly instrumental in
organizing, wholly or in part, the General Partner, (ii) will control, manage or participate in the
management of the General Partner, and any Affiliate of any such Person, (iii) takes the initiative,
directly or indirectly, in founding or organizing the General Partner, either alone or in
conjunction with one or more other Persons, (iv) receives a material participation in the General
Partner in connection with the founding or organizing of the business of the General Partner, in
consideration of services or property, or both services and property, (v) has a substantial number
of relationships and contacts with the General Partner, (vi) possesses significant rights to control
Properties, (vii) receives fees for providing services to the General Partner which are paid on a
basis that is not customary in the industry or (viii) provides goods or services to the General
Partner on a basis which was not negotiated at arm’s-length with the General Partner. “Sponsor”
does not include any Person whose only relationship with the General Partner is that of an
independent property manager and whose only compensation is as such, or wholly independent third
parties such as attorney, accountants and underwriters whose only compensation is for professional
services.

     “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.

     “Tax Matters Partner” has the meaning described in Section 6231(a)(7) of the Code.

     “Transfer” has the meaning set forth in Section 9.2(a) hereof.

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.

6

 

     2.2 Name, Office and Registered Agent.

     The
name of the Partnership is Steadfast Secure Income REIT Operating Partnership, L.P. The
specified office and place of business of the Partnership shall be 4343 Von Karman Avenue, Suite
300, Newport Beach, California 92660. 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 Corporation Service Company, 2711 Centerville
Road, Suite 400, Wilmington, New Castle County, Delaware 19808. 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 Term and Dissolution.

          (a) The term of the Partnership shall continue in full force and effect until 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 ninety (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); or

               (iii) 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 any Certificate(s) 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.

     2.4 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(s) 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.

7

 

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 unless the General Partners determines
otherwise, 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
qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to
qualify as a REIT for federal income tax purposes and that, upon such qualification, 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” that is taxable as a
corporation under Section 7704 of the Code.

ARTICLE 4

CAPITAL CONTRIBUTIONS AND ACCOUNTS

     4.1 Capital Contributions.

          (a) The
General Partner has not contributed
any capital to the Partnership as of the
date hereof.

          (b) The
Initial Limited Partner has contributed $1,000 to the capital of the Partnership as
of the date hereof.

     4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests.

     Except as provided in this Section 4.2 or in Section 4.3, 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, in the manner
contemplated in this Section 4.2.

          (a) The General Partner is hereby authorized to cause the Partnership to issue additional
Partnership Interests for any Partnership purpose at any time or from time to time, including but
not limited to Partnership Interests issued in connection with acquisitions of properties, 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 Partner. 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

8

 

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. Without limiting the foregoing, the General Partner is expressly authorized to
cause the Partnership to issue Partnership Interests 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.

          (b) The General Partner may make additional Capital Contributions to the Partnership from time
to time, such contributions being credited to its Capital Account in its General Partnership
Interest.

     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, provided, however, that the Partnership may not borrow
money from its Affiliates, unless a majority of the Directors of the General Partner (including a
majority of Independent Directors) not otherwise interested in such transaction approve the
transaction as being fair, competitive, and commercially reasonable and no less favorable to the
Partnership than loans between unaffiliated parties under the same circumstances.

     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) the Partnership distributes to a Partner more than a de minimis amount of
Partnership property or money as consideration for a Partnership Interest, or (iii) the Partnership
is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(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 if there were a taxable disposition of such
property for 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) on the date of the revaluation.

     4.5 No Interest on Contributions.

     No Partner shall be entitled to interest on its Capital Contribution.

     4.6 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

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withdrawn Partner any part of such Partner’s Capital Contribution for so long as the
Partnership continues in existence.

     4.7 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) Profit. (b) After giving effect to the special allocations in Sections 5.1(c),
5.1(d), 5.1(e), and 5.1(f), Profit of the Partnership for each fiscal year or other applicable
period of the Partnership shall be allocated to the Partners in the following order and priority:

               (i) Profit shall be allocated to the General Partner until the cumulative Profit allocated to
the General Partner pursuant to this Section 5.1(a)(i) equals the cumulative Loss allocated to the
General Partner pursuant to Section 5.1(b)(ii).

               (ii) Profit shall be allocated to the Partners in accordance with their Percentage Interests.

          (b) Loss. After giving effect to the special allocations in Sections 5.1(c), 5.1(d),
5.1(e), and 5.1(f), Loss of the Partnership for each fiscal year or other applicable period of the
Partnership shall be allocated to the Partners in the following order and priority:

               (i) Loss shall be allocated to the Partners in accordance with their Percentage Interests,
provided that Loss shall not be allocated to a Partner pursuant to this Section 5.1(b)(i) 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).

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               (ii) Loss shall be allocated to the General Partner.

          (c) Minimum Gain Chargeback. In the event there is a net decrease in Partnership
Minimum Gain during any fiscal year, the “minimum gain chargeback” described in Regulations Section
1.704-2(f) and Regulations Section 1.704-2(g) shall apply. In the event there is a net decrease in
Partner Nonrecourse Debt Minimum Gain during any fiscal year, the “partner minimum gain chargeback”
described in Regulations Section 1.704-2(i)(4) shall apply.

          (d) Qualified Income Offset. This Section 5.1(d) incorporates the “qualified income
offset” set forth in Regulations Section 1.704-1(b)(2)(ii)(d) as if those provisions were fully set
forth in this Section 5.1(d).

          (e) Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year shall be
allocated to Partners pro rata in proportion to their Percentage Interests.

          (f) Partner Nonrecourse Deductions. The Partner Nonrecourse Deductions of the
Partnership (as determined under Regulations Section 1.704-2(i)(2)) shall be allocated each year to
the Partner that bears the economic risk of loss (within the meaning of Regulations Section
1.752-2) with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions
are attributable.

          (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(c), 5.1(d), 5.1(e) or 5.1(f). 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.

     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).

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          (b) Subject to the provisions of Section 5.2(c), 5.2(d), 5.3, 5.5, 5.6 and 8.5 of this
Agreement, distributions shall be made to the Partners in accordance with their respective
Percentage Interests on the Partnership Record Date.

          (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 to be distributed 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 or upon demand upon the applicable Partner or assignee. In the
event that a Limited Partner (a “Limited Partner Borrower”) fails to pay any amount owed to
the Partnership with respect to the Partnership Loan within fifteen (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 Limited
Partner Borrower. 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 Limited Partner Borrower in the
amount of the payment made by the General Partner and shall succeed to all rights and remedies of
the Partnership against the Limited Partner Borrower 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 Limited Partner Borrower 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 Limited Partner Borrower and immediately paid to the General
Partner. 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) The General Partner is authorized to cause the Partnership to make distributions to the
General Partner from time to time to fund redemptions of REIT Shares.

     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.

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     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 their Capital Accounts. 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.

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 Estate Asset or
Securities and Debt-related Investment 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;

               (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

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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;

               (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;

               (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 remuneration as
the General Partner may deem reasonable and proper;

14

 

               (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;

               (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” that is taxable as a corporation under
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.

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     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. 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.

          (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.

16

 

          (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.

          (i) Notwithstanding the foregoing, the Partnership may not indemnify or hold harmless an
Indemnitee for any liability or loss unless all of the following conditions are met: (i) the
Indemnitee has determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of
or performing services for the Partnership; (iii) the liability or loss was not the result of (A)
negligence or misconduct, in the case that the Indemnitee is a director of the General Partner
(other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross
negligence or willful misconduct, in the case that the Indemnitee is an Independent Director; and
(iv) the indemnification or agreement to hold harmless is recoverable only out of net assets of the
Partnership. In addition, the Partnership shall not provide indemnification for any loss, liability
or expense arising from or out of an alleged violation of federal or state securities laws by such
party unless one or more of the following conditions are met: (i) there has been a successful
adjudication on the merits of each count involving alleged material securities law violations as to
the Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a
settlement of the claims against the Indemnitee and finds that indemnification of the settlement
and the related costs should be made, and the court considering the request for indemnification has
been advised of the position of the Commission and of the published position of any state
securities regulatory authority in which Securities were offered or sold as to indemnification for
violations of securities laws.

     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.

          (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

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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. Reimbursement of Administrative Expenses shall be treated as an
expense of the Partnership and not as allocations of Partnership income or gain.

     6.6 Outside Activities.

     Subject to Section 6.8 hereof, the Articles of Incorporation 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, interests 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.

     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

18

 

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, in the General
Partner’s sole discretion, 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 any Real Estate Asset shall
be conducted through the Partnership, a Subsidiary, a Subsidiary Partnership or a taxable REIT
subsidiary (within the meaning of Section 856(1) of the Code); provided, however, that the General
Partner is allowed to hold cash and liquid investments to fund its expenses, including redemptions
of REIT Shares.

     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 reasonable 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 No Duplication of Fees or Expenses.

     The
Partnership may not incur or be responsible for any fee or expense
(in connection with an
Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner.

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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).

          (b) Except as otherwise provided in Section 6.4(b) or Section 7.1(c) hereof, the General
Partner shall not engage in any merger, consolidation or other combination with or into another
Person or the 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, unless the consent of Limited Partners
holding more than 50% of the Percentage Interests of the Limited Partners is obtained.

          (c) Notwithstanding Section 7.1(a) or (b),

               (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 2.4 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, a limited liability company 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

          (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from
other counsel as may be necessary) that (x) the admission of the Person to be admitted as a
substitute or additional General Partner is in conformity with the Act and (y) 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.

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     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 of, 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 ninety (90) days after such occurrence, may elect to continue the business of the
Partnership 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 or
dissolution of, 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
be 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 within ten (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 thirty (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 forty (40) days after the removal of the General Partner, shall
select a third appraiser who shall complete an appraisal of

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the fair market value of the removed
General Partner’s General Partnership Interest no later than sixty (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), 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).

          (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, desirable 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.

     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

22

 

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 Initial Limited Partner Right of Redemption.

     (a) In the event that an Affiliate of the Sponsor ceases to be the Advisor, the Initial
Limited Partner may require the Partnership to redeem its Limited Partnership Interests in exchange
for cash in an amount equal to its Capital Account.

     (b) The Initial Limited Partner shall have the right, at any time, either to require the
Partnership to redeem all or a portion of the Limited Partnership Interests held by the Initial
Limited Partner in exchange for cash in an amount equal to the Initial Limited Partner’s Capital
Account or to transfer to a third party all or a portion of the Limited Partnership Interest held
by the Initial Limited Partner in the event the Initial Limited Partner determines, after
consulting with counsel, that such redemption or transfer is required because a law or regulation
precludes it from holding the Limited Partnership Interests.

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 Interest 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) and (c), 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 a redemption of all of its Partnership Interests pursuant to Section
8.5. 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.

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          (c) Notwithstanding Section 9.2(a) and subject to Sections 9.2(d), (e) and (f) below, a
Limited Partner may Transfer, without 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 the General Partner based on the advice of legal
counsel for the Partnership, if appropriate, 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 the General Partner based on the
advice of legal counsel for the Partnership, if appropriate, 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, (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, (iv) such Transfer would cause the
General Partner to own 10% or more of the ownership interests of any tenant of a Property held by
the Partnership within the meaning of Section 856(d)(2)(B) of the Code, or (v) such Transfer would
result in the General Partner being “closely held” within the meaning of Section 856(h) 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, 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 any Partnership Interests in which a
security interest is held for cash in an amount equal to such Partner’s Capital Account allocable
(in the reasonable determination of the General Partner) to such exchanged or redeemed Partnership
Interests, 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

24

 

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, 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, limited liability company, 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.

               (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.

25

 

          (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 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.

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     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 seventy-five (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 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.

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     10.6 Reports to Limited Partners.

          (a) 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 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.

ARTICLE 11

AMENDMENT OF AGREEMENT

     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; provided, however, that the following amendments 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 redemption right set forth in Section 8.5 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 Interests 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 Interests
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
attached 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.

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     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.

     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; provided, however, that any cause of action for violation of federal or state securities
laws shall not be governed by this Section 12.9.

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     IN WITNESS WHEREOF,
the parties hereto have hereunder affixed their signatures to this Amended
and Restated Limited Partnership Agreement as of the date first written above.

	 	 	 	 	 	 	 
	 	 	GENERAL PARTNER:
	 	 	 	 	 	 	 
	 	 	Steadfast Secure Income REIT, Inc., a Maryland corporation
	 
	 	 	 	 	 	 
	 
	 	By:	 	/s/ Rodney F. Emery
	 	 
	 
	 	 	 	Rodney F. Emery
Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	INITIAL LIMITED PARTNER:
	 
	 	 	 	 	 	 
	 	 	Steadfast Secure Income Advisor, LLC a Delaware limited liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ J. Grayson Sanders
	 	 
	 	 	 	 	J. Grayson Sanders, President	 	 

 

 

EXHIBIT A

CONTRIBUTIONS

	 	 	 	 	 
	 	 	Cash	 
	Partner	 	Contribution	 
	GENERAL PARTNER:
	 	 	 	 
	 
	Steadfast Secure Income REIT, Inc.
	 	$	—	 
	 
	INITIAL LIMITED PARTNER:
	 	 	 	 
	 
	Steadfast Secure Income Advisor, LLC
	 	$	1,000	 
	 
	Totals
	 	$	1,000	 
	 
	 	 	 

A-1EX-10.4 2009 LONG-TERM INCENTIVE PLAN

EXHIBIT 10.4

 

STEADFAST SECURE INCOME REIT, INC.

2009 INCENTIVE PLAN

 

 

 

STEADFAST SECURE INCOME REIT, INC.

2009 INCENTIVE PLAN

	 	 	 	 	 
	ARTICLE 1 PURPOSE 
	 	 	3	 
	1.1 General 
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 2 DEFINITIONS 
	 	 	3	 
	2.1 Definitions 
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 3 EFFECTIVE TERM OF PLAN 
	 	 	9	 
	3.1 Effective Date 
	 	 	9	 
	3.2 Term of Plan 
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 4 ADMINISTRATION 
	 	 	9	 
	4.1 Committee 
	 	 	9	 
	4.2 Actions and Interpretations by the Committee 
	 	 	10	 
	4.3 Authority of Committee 
	 	 	10	 
	4.4 Award Certificates 
	 	 	11	 
	 
	 	 	 	 
	ARTICLE 5 SHARES SUBJECT TO THE PLAN 
	 	 	11	 
	5.1 Number of Shares 
	 	 	11	 
	5.2 Share Counting 
	 	 	11	 
	5.3 Stock Distributed 
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 6 ELIGIBILITY 
	 	 	12	 
	6.1 General 
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 7 STOCK OPTIONS 
	 	 	12	 
	7.1 General 
	 	 	12	 
	7.2 Incentive Stock Options 
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 8 STOCK APPRECIATION RIGHTS 
	 	 	13	 
	8.1 Grant of Stock Appreciation Rights 
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 9 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK
UNITS
	 	 	14	 
	9.1 Grant of Restricted Stock, Restricted Stock
Units and Deferred Stock Units
	 	 	14	 
	9.2 Issuance and Restrictions 
	 	 	14	 
	9.3 Forfeiture 
	 	 	14	 
	9.4 Delivery of Restricted Stock 
	 	 	14	 
	 
	 	 	 	 
	ARTICLE 10 PERFORMANCE AWARDS 
	 	 	15	 
	10.1 Grant of Performance Awards 
	 	 	15	 
	10.2 Performance Goals 
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 11 DIVIDEND EQUIVALENTS 
	 	 	15	 
	11.1 Grant of Dividend Equivalents 
	 	 	15	 

 

 

	 	 	 	 	 
	ARTICLE 12 STOCK OR OTHER STOCK-BASED AWARDS 
	 	 	16	 
	12.1 Grant of Stock or Other Stock-Based Awards 
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 13 PROVISIONS APPLICABLE TO AWARDS 
	 	 	16	 
	13.1 Term of Awards 
	 	 	16	 
	13.2 Form of
Payment for Awards 
	 	 	16	 
	13.3 Limits on Transfer 
	 	 	16	 
	13.4 Beneficiaries 
	 	 	17	 
	13.5 Stock Trading Restrictions 
	 	 	17	 
	13.6 Acceleration upon Death or Disability 
	 	 	17	 
	13.7 Acceleration upon a Change in Control 
	 	 	18	 
	13.8 Acceleration for Any Other Reason 
	 	 	18	 
	13.9 Forfeiture Events 
	 	 	18	 
	13.10 Substitute Awards 
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 14 CHANGES IN CAPITAL STRUCTURE 
	 	 	19	 
	14.1 Mandatory Adjustments 
	 	 	19	 
	14.2 Discretionary Adjustments 
	 	 	19	 
	14.3 General 
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 15 AMENDMENT, MODIFICATION AND TERMINATION
	 	 	20	 
	15.1 Amendment, Modification and Termination 
	 	 	20	 
	15.2 Awards Previously Granted 
	 	 	20	 
	15.3 Compliance Amendments 
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 16 GENERAL PROVISIONS 
	 	 	21	 
	16.1 Rights of Participants 
	 	 	21	 
	16.2 Withholding 
	 	 	21	 
	16.3 Special Provisions Related to Section 409A of the Code 
	 	 	22	 
	16.4 Unfunded Status of Awards 
	 	 	23	 
	16.5 Relationship to Other Benefits 
	 	 	23	 
	16.6 Expenses 
	 	 	24	 
	16.7 Titles and Headings 
	 	 	24	 
	16.8 Gender and Number 
	 	 	24	 
	16.9 Fractional Shares 
	 	 	24	 
	16.10 Government and Other Regulations 
	 	 	24	 
	16.11 Governing Law 
	 	 	24	 
	16.12 Additional Provisions 
	 	 	25	 
	16.13 No Limitations on Rights of Company 
	 	 	25	 
	16.14 Indemnification 
	 	 	25	 

- 2 -

 

STEADFAST SECURE INCOME REIT, INC.

2009 INCENTIVE PLAN

ARTICLE 1

PURPOSE

     1.1. GENERAL. The purpose of the Steadfast Secure Income REIT, Inc. 2009 Incentive
Plan (the “Plan”) is to promote the success, and enhance the value, of Steadfast Secure Income
REIT, Inc. (the “Company”), by linking the personal interests of employees, officers, directors and
consultants of the Company or any Affiliate (as defined below) to those of Company stockholders and
by providing such persons with an incentive for outstanding performance. The Plan is further
intended to provide flexibility to the Company in its ability to motivate, attract, and retain the
services of employees, officers, directors and consultants upon whose judgment, interest, and
special effort the successful conduct of the Company’s operation is largely dependent.
Accordingly, the Plan permits the grant of incentive awards from time to time to selected
employees, officers, directors and consultants of the Company and its Affiliates.

ARTICLE 2

DEFINITIONS

     2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter
capitalized, and the word or phrase does not commence a sentence, the word or phrase shall
generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly
different meaning is required by the context. The following words and phrases shall have the
following meanings:

     (a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or
through one or more intermediaries controls, is controlled by or is under common control
with, the Company, as determined by the Committee.

     (b) “Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted
Stock Unit, Deferred Stock Unit, Performance Award, Dividend Equivalent, Other Stock-Based
Award, or any other right or interest relating to Stock or cash, granted to a Participant
under the Plan.

     (c) “Award Certificate” means a written document, in such form as the Committee
prescribes from time to time, setting forth the terms and conditions of an Award. Award
Certificates may be in the form of individual award agreements or certificates or a program
document describing the terms and provisions of an Award or series of Awards under the
Plan. The Committee may provide for the use of electronic, internet or other non-paper
Award Certificates, and the use of electronic, internet or other non-paper means for the
acceptance thereof and actions thereunder by a Participant.

     (d) “Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the
General Rules and Regulations under the 1934 Act.

- 3 -

 

     (e) “Board” means the Board of Directors of the Company.

     (f) “Cause” as a reason for a Participant’s termination of employment shall have the
meaning assigned such term in the employment, severance or similar agreement, if any,
between such Participant and the Company or an Affiliate, provided, however that if there
is no such employment, severance or similar agreement in which such term is defined, and
unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the
following acts by the Participant, as determined by the Committee: gross neglect of duty,
prolonged absence from duty without the consent of the Company, material breach by the
Participant of any published Company code of conduct or code of ethics; or willful
misconduct, misfeasance or malfeasance of duty which is reasonably determined to be
detrimental to the Company. With respect to a Participant’s termination of directorship,
“Cause” means an act or failure to act that constitutes cause for removal of a director
under applicable Maryland law. The determination of the Committee as to the existence of
“Cause” shall be conclusive on the Participant and the Company.

     (g) “Change in Control” means and includes the occurrence of any one of the following
events but shall specifically exclude a Public Offering:

     (i) individuals who, on the Effective Date, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of
such Board, provided that any person becoming a director after the Effective Date
and whose election or nomination for election was approved by a vote of at least a
majority of the Incumbent Directors then on the Board shall be an Incumbent
Director; provided, however, that no individual initially elected
or nominated as a director of the Company as a result of an actual or threatened
election contest with respect to the election or removal of directors (“Election
Contest”) or other actual or threatened solicitation of proxies or consents by or
on behalf of any Person other than the Board (“Proxy Contest”), including by reason
of any agreement intended to avoid or settle any Election Contest or Proxy Contest,
shall be deemed an Incumbent Director; or

     (ii) any Person becomes a Beneficial Owner, directly or indirectly, of either
(A) 35% or more of the then-outstanding shares of Stock (“Company Common Stock”) or
(B) securities of the Company representing 35% or more of the combined voting power
of the Company’s then outstanding securities eligible to vote for the election of
directors (the “Company Voting Securities”); provided, however,
that for purposes of this subsection (ii), the following acquisitions of Company
Common Stock or Company Voting Securities shall not constitute a Change in Control:
(w) an acquisition directly from the Company, (x) an acquisition by the Company or
a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition
pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

- 4 -

 

     (iii) the consummation of a reorganization, merger, consolidation, statutory
share exchange or similar form of corporate transaction involving the Company or a
Subsidiary (a “Reorganization”), or the sale or other disposition of all or
substantially all of the Company’s assets (a “Sale”) or the acquisition of assets
or stock of another corporation or other entity (an “Acquisition”), unless
immediately following such Reorganization, Sale or Acquisition: (A) all or
substantially all of the individuals and entities who were the Beneficial Owners,
respectively, of the outstanding Company Common Stock and outstanding Company
Voting Securities immediately prior to such Reorganization, Sale or Acquisition
beneficially own, directly or indirectly, more than 35% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the entity resulting from such Reorganization,
Sale or Acquisition (including, without limitation, an entity which as a result of
such transaction owns the Company or all or substantially all of the Company’s
assets or stock either directly or through one or more subsidiaries, the “Surviving
Entity”) in substantially the same proportions as their ownership, immediately
prior to such Reorganization, Sale or Acquisition, of the outstanding Company
Common Stock and the outstanding Company Voting Securities, as the case may be, and
(B) no Person (other than (x) the Company or any Subsidiary, (y) the Surviving
Entity or its ultimate parent entity, or (z) any employee benefit plan (or related
trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner,
directly or indirectly, of 35% or more of the total common stock or 35% or more of
the total voting power of the outstanding voting securities eligible to elect
directors of the Surviving Entity, and (C) at least a majority of the members of
the board of directors of the Surviving Entity were Incumbent Directors at the time
of the Board’s approval of the execution of the initial agreement providing for
such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition
which satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a “Non-Qualifying Transaction”); or

     (iv) approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

     (h) “Charter” means the articles of incorporation of the Company, as such articles of
incorporation may be amended from time to time.

     (i) “Code” means the Internal Revenue Code of 1986, as amended from time to time. For
purposes of this Plan, references to sections of the Code shall be deemed to include
references to any applicable regulations thereunder and any successor or similar provision.

     (j) “Committee” means the committee of the Board described in Article 4.

     (k) “Company” means Steadfast Secure Income REIT, Inc., a Maryland corporation, or any
successor corporation.

- 5 -

 

     (l) “Continuous Status as a Participant” means the absence of any interruption or
termination of service as an employee, officer, director or consultant of the Company or
any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock
Option “Continuous Status as a Participant” means the absence of any interruption or
termination of service as an employee of the Company or any Parent or Subsidiary, as
applicable, pursuant to applicable tax regulations. Continuous Status as a Participant
shall not be considered interrupted in the following cases: (i) a Participant transfers
employment between the Company and an Affiliate or between Affiliates, or (ii) in the
discretion of the Committee as specified at or prior to such occurrence, in the case of a
spin-off, sale or disposition of the Participant’s employer from the Company or any
Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its
commencement; provided, however, that for purposes of Incentive Stock Options, no such
leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed
by statute or contract. If reemployment upon expiration of a leave of absence approved by
the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option
held by the Participant shall cease to be treated as an Incentive Stock Option and shall be
treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or
other service or other leave of absence shall constitute a termination of Continuous Status
as a Participant shall be determined in each case by the Committee at its discretion, and
any determination by the Committee shall be final and conclusive.

     (m) “Deferred Stock Unit” means a right granted to a Participant under Article 9 to
receive Shares (or the equivalent value in cash or other property if the Committee so
provides) at a future time as determined by the Committee, or as determined by the
Participant within guidelines established by the Committee in the case of voluntary
deferral elections.

     (n) “Disability” of a Participant means that the Participant (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an accident and
health plan covering employees of the Participant’s employer. If the determination of
Disability relates to an Incentive Stock Option, Disability means Permanent and Total
Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the
determination of whether a Participant is Disabled will be made by the Committee and may be
supported by the advice of a physician competent in the area to which such Disability
relates.

     (o) “Dividend Equivalent” means a right granted to a Participant under Article 12.

     (p) “Effective Date” has the meaning assigned such term in Section 3.1.

     (q)
“Eligible Participant” means an employee, officer,
consultant or director of the Company or any Affiliate.

- 6 -

 

     (r) “Exchange” means any national securities exchange on which the Stock may from time
to time be listed or traded.

     (s) “Fair Market Value,” on any date, means (i) if the Stock is listed on a securities
exchange, the closing sales price on such exchange or over such system on such date or, in
the absence of reported sales on such date, the closing sales price on the immediately
preceding date on which sales were reported, or (ii) if the Stock is not listed on a
securities exchange, the mean between the bid and offered prices as quoted by the
applicable interdealer quotation system for such date, provided that if the Stock is not
quoted on such interdealer quotation system or it is determined that the fair market value
is not properly reflected by such quotations, Fair Market Value will be determined by such
other method as the Committee determines in good faith to be reasonable and in compliance
with Code Section 409A.

     (t) “Full Value Award” means an Award other than in the form of an Option or SAR, and
which is settled by the issuance of Stock (or at the discretion of the Committee, settled
in cash valued by reference to Stock value).

     (u) “Good Reason” (or a similar term denoting constructive termination) has the
meaning, if any, assigned such term in the employment, severance or similar agreement, if
any, between a Participant and the Company or an Affiliate, provided, however that if there
is no such employment, severance or similar agreement in which such term is defined, “Good
Reason” shall have the meaning, if any, given such term in the applicable Award
Certificate. If not defined in each such document, the term “Good Reason” as used herein
shall not apply to a particular Award.

     (v) “Grant Date” of an Award means the first date on which all necessary corporate
action has been taken to approve the grant of the Award as provided in the Plan, or such
later date as is determined and specified as part of that authorization process. Notice of
the grant shall be a provided to the grantee within a reasonable time after the Grant Date.

     (w) “Incentive Stock Option” means an Option that is intended to be an incentive stock
option and meets the requirements of Section 422 of the Code or any successor provision
thereto.

     (x) “Independent Director” means a director of the Company who meets the requirements
set forth for an “independent director” in the Charter.

     (y) “Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option.

     (z) “Option” means a right granted to a Participant under Article 7 of the Plan to
purchase Stock at a specified price during specified time periods. An Option may be either
an Incentive Stock Option or a Nonstatutory Stock Option.

     (aa) “Other Stock-Based Award” means a right, granted to a Participant

- 7 -

 

under Article 13, that relates to or is valued by reference to Stock or other Awards
relating to Stock.

     (bb) “Parent” means a corporation, limited liability company, partnership or other
entity which owns or beneficially owns a majority of the outstanding voting stock or voting
power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option,
Parent shall have the meaning set forth in Section 424(e) of the Code.

     (cc) “Participant” means a person who, as an employee, officer, director or consultant
of the Company or any Affiliate, has been granted an Award under the Plan; provided that in
the case of the death of a Participant, the term “Participant” refers to a beneficiary
designated pursuant to Section 13.4 or the legal guardian or other legal representative
acting in a fiduciary capacity on behalf of the Participant under applicable state law and
court supervision.

     (dd) “Performance Award” means any award granted under the Plan pursuant to Article
10.

     (ee) “Person” means any individual, entity or group, within the meaning of Section
3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act.

     (ff) “Plan” means the Steadfast Secure Income REIT, Inc. 2009 Incentive Plan, as
amended from time to time.

     (gg) “Public Offering” shall occur on the closing date of a public offering of any
class or series of the Company’s equity securities pursuant to a registration statement
filed by the Company under the 1933 Act.

     (hh) “Restricted Stock” means Stock granted to a Participant under Article 9 that is
subject to certain restrictions and to risk of forfeiture.

     (ii) “Restricted Stock Unit” means the right granted to a Participant under Article 9
to receive shares of Stock (or the equivalent value in cash or other property if the
Committee so provides) in the future, which right is subject to certain restrictions and to
risk of forfeiture.

     (jj) “Shares” means shares of the Company’s Stock. If there has been an adjustment or
substitution pursuant to Article 14, the term “Shares” shall also include any shares of
stock or other securities that are substituted for Shares or into which Shares are adjusted
pursuant to Article 14.

     (kk) “Stock” means the $0.01 par value common stock of the Company and such other
securities of the Company as may be substituted for Stock pursuant to Article 14.

     (ll) “Stock Appreciation Right” or “SAR” means a right granted to a Participant under
Article 8 to receive a payment equal to the difference between the

- 8 -

 

Fair Market Value of a Share as of the date of exercise of the SAR over the grant
price of the SAR, all as determined pursuant to Article 8.

     (mm) “Subsidiary” means any corporation, limited liability company, partnership or
other entity of which a majority of the outstanding voting stock or voting power is
beneficially owned directly or indirectly by the Company. Notwithstanding the above, with
respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in
Section 424(f) of the Code.

     (nn) “1933 Act” means the Securities Act of 1933, as amended from time to time.

     (oo) “1934 Act” means the Securities Exchange Act of 1934, as amended from time to
time.

ARTICLE 3

EFFECTIVE TERM OF PLAN

     3.1. EFFECTIVE DATE. The Plan shall be effective as of the date it is approved by
both the Board and the stockholders of the Company (the “Effective Date”).

     3.2. TERMINATION OF PLAN. The Plan shall terminate on the tenth anniversary of the
Effective Date unless earlier terminated as provided herein. The termination of the Plan on such
date shall not affect the validity of any Award outstanding on the date of termination, which shall
continue to be governed by the applicable terms and conditions of this Plan. Notwithstanding the
foregoing, no Incentive Stock Options may be granted more than ten (10) years after the earlier of
(a) adoption of this Plan by the Board, or (b) the Effective Date.

ARTICLE 4

ADMINISTRATION

     4.1. COMMITTEE. The Plan shall be administered by a Committee appointed by the Board
(which Committee shall consist of at least two directors) or, at the discretion of the Board from
time to time, the Plan may be administered by the Board. The members of the Committee shall be
appointed by, and may be changed at any time and from time to time in the discretion of, the Board.
It is intended that at least two of the directors appointed to serve on the Committee shall be
both Independent Directors and “non-employee directors” (within the meaning of Rule 16b-3
promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify
shall abstain from participating in any decision to make or administer Awards that are made to
Eligible Participants who at the time of consideration for such Award are persons subject to the
short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee
member shall fail to qualify as an Independent Director and a “non-employee director” or shall fail
to abstain from such action shall not invalidate any Award made by the Committee which Award is
otherwise validly made under the Plan. The Board may reserve to itself any or all of the authority
and responsibility of the Committee under the Plan or may act as administrator of the Plan for any
and all purposes. To the extent the Board
has reserved any authority and responsibility or during any time that the Board is acting as
administrator of the Plan, it shall have all the powers of the Committee

- 9 -

 

hereunder, and any
reference herein to the Committee (other than in this Section 4.1) shall include the Board. To the
extent any action of the Board under the Plan conflicts with actions taken by the Committee, the
actions of the Board shall control.

     4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the
Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for
carrying out the provisions and purposes of the Plan and make such other determinations, not
inconsistent with the Plan, as the Committee may deem appropriate. The Committee’s interpretation
of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and conclusive on all
parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report
or other information furnished to that member by any officer or other employee of the Company or
any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company
counsel or any executive compensation consultant or other professional retained by the Company to
assist in the administration of the Plan.

     4.3. AUTHORITY OF COMMITTEE. The Committee has the exclusive power, authority and
discretion to:

     (a) Grant Awards;

     (b) Designate Participants;

     (c) Determine the type or types of Awards to be granted to each Participant;

     (d) Determine the number of Awards to be granted and the number of Shares or dollar
amount to which an Award will relate;

     (e) Determine the terms and conditions of any Award granted under the Plan;

     (f) Prescribe the form of each Award Certificate, which need not be identical for each
Participant;

     (g) Decide all other matters that must be determined in connection with an Award;

     (h) Establish, adopt or revise any rules, regulations, guidelines or procedures as it
may deem necessary or advisable to administer the Plan;

     (i) Make all other decisions and determinations that may be required under the Plan or
as the Committee deems necessary or advisable to administer the Plan;

     (j) Amend the Plan or any Award Certificate as provided herein; and

     (k) Adopt such modifications, procedures, and subplans as may be

- 10 -

 

necessary or desirable to comply with provisions of the laws of the United States or any non-U.S.
jurisdictions in which the Company or any Affiliate may operate, in order to assure the
viability of the benefits of Awards granted to participants located in the United States or
such other jurisdictions and to further the objectives of the Plan.

     4.4. AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each
Award Certificate shall include such provisions, not inconsistent with the Plan, as may be
specified by the Committee.

ARTICLE 5

SHARES SUBJECT TO THE PLAN

     5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section
14.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted
under the Plan shall be 1,000,000. The maximum number of Shares that may be issued upon exercise
of Incentive Stock Options granted under the Plan shall be 1,000,000.

     5.2. SHARE COUNTING. Shares covered by an Award shall be subtracted from the Plan
share reserve as of the date of grant, but shall be added back to the Plan share reserve in
accordance with this Section 5.2.

     (a) To the extent that an Award is canceled, terminates, expires, is forfeited or
lapses for any reason, any unissued or forfeited Shares subject to the Award will again be
available for issuance pursuant to Awards granted under the Plan.

     (b) Shares subject to Awards settled in cash will again be available for issuance
pursuant to Awards granted under the Plan.

     (c) Shares withheld from an Award or delivered by a Participant to satisfy minimum tax
withholding requirements will again be available for issuance pursuant to Awards granted
under the Plan. 

     (d) If the exercise price of an Option is satisfied by delivering Shares to the
Company (by either actual delivery or attestation), only the number of Shares issued to the
Participant in excess of the Shares tendered (by delivery or attestation) shall be
considered for purposes of determining the number of Shares remaining available for
issuance pursuant to Awards granted under the Plan.

     (e) To the extent that the full number of Shares subject to an Option or SAR is not
issued upon exercise of the Option or SAR for any reason, including by reason of
net-settlement of the Award, only the number of Shares issued and delivered upon exercise
of the Option or SAR shall be considered for purposes of determining the number of Shares
remaining available for issuance pursuant to
Awards granted under the Plan.

- 11 -

 

     (f) To the extent that the full number of Shares subject to an Award other than an
Option or SAR is not issued for any reason, including by reason of failure to achieve
maximum performance goals, only the number of Shares issued and delivered shall be
considered for purposes of determining the number of Shares remaining available for
issuance pursuant to Awards granted under the Plan.

     (g) Substitute Awards granted pursuant to Section 13.10 of the Plan shall not count
against the Shares otherwise available for issuance under the Plan under Section 5.1.

     5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in
whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open
market.

ARTICLE 6

ELIGIBILITY

     6.1. GENERAL. Awards may be granted only to Eligible Participants. Incentive Stock
Options may be granted only to Eligible Participants who are employees of the Company or a Parent
or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants who are
service providers to an Affiliate may be granted Options or SARs under this Plan only if the
Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of
§1.409A-1(b)(5)(iii)(E) of the final regulations under Code Section 409A.

ARTICLE 7

STOCK OPTIONS

     7.1. GENERAL. The Committee is authorized to grant Options to Participants on the
following terms and conditions:

     (a) EXERCISE PRICE. The exercise price per Share under an Option shall be
determined by the Committee, provided that the exercise price for any Option (other than an
Option issued as a substitute Award pursuant to 13.10) shall not be less than the Fair
Market Value as of the Grant Date.

     (b) PROHIBITION ON REPRICING. Except as otherwise provided in Section 14.1,
the exercise price of an Option may not be reduced, directly or indirectly by cancellation
and regrant or otherwise, without the prior approval of the stockholders of the Company.

     (c) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time
or times at which an Option may be exercised in whole or in part, subject to Section
7.1(e). The Committee shall also determine the performance or other conditions, if any,
that must be satisfied before all or part of an Option may be exercised or vested.

     (d) PAYMENT. The Committee shall determine the methods by which the exercise
price of an Option may be paid, the form of payment, including, without limitation, cash,
Shares, or other property (including “cashless exercise”

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arrangements), and the methods by
which Shares shall be delivered or deemed to be delivered to Participants.

     (e) EXERCISE TERM. Except for Nonstatutory Options granted to Participants
outside the United States, no Option granted under the Plan shall be exercisable for more
than ten years from the Grant Date.

     (f) NO DEFERRAL FEATURE. No Option shall provide for any feature for the
deferral of compensation other than the deferral of recognition of income until the
exercise or disposition of the Option.

     (g) NO DIVIDEND EQUIVALENTS. No Option shall provide for Dividend
Equivalents.

     7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under
the Plan must comply with the requirements of Section 422 of the Code. If all of the requirements
of Section 422 of the Code are not met, the Option shall automatically become a Nonstatutory Stock
Option.

ARTICLE 8

STOCK APPRECIATION RIGHTS

     8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Committee is authorized to grant Stock
Appreciation Rights to Participants on the following terms and conditions:

     (a) RIGHT TO PAYMENT. Upon the exercise of a SAR, the Participant to whom it
is granted has the right to receive, for each Share with respect to which the SAR is being
exercised, the excess, if any, of:

     (1) The Fair Market Value of one Share on the date of exercise; over

     (2) The base price of the SAR as determined by the Committee, which shall not
be less than the Fair Market Value of one Share on the Grant Date.

     (b) PROHIBITION ON REPRICING. Except as otherwise provided in Section 14.1,
the base price of a SAR may not be reduced, directly or indirectly by cancellation and
regrant or otherwise, without the prior approval of the stockholders of the Company.

     (c) EXERCISE TERM. Except for SARs granted to Participants outside the United
States, no SAR shall be exercisable for more than ten years from the Grant Date.

     (d) NO DEFERRAL FEATURE. No SAR shall provide for any feature for the
deferral of compensation other than the deferral of recognition of income until the
exercise or disposition of the SAR.

- 13 -

 

     (e) NO DIVIDEND EQUIVALENTS. No SAR shall provide for Dividend Equivalents.

     (f) OTHER TERMS. All SARs shall be evidenced by an Award Certificate.
Subject to the limitations of this Article 8, the terms, methods of exercise, methods of
settlement, form of consideration payable in settlement, and any other terms and conditions
of any SAR shall be determined by the Committee at the time of the grant of the Award and
shall be reflected in the Award Certificate.

ARTICLE 9

RESTRICTED STOCK, RESTRICTED STOCK UNITS

AND DEFERRED STOCK UNITS

     9.1. GRANT OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The
Committee is authorized to make Awards of Restricted Stock, Restricted Stock Units or Deferred
Stock Units to Participants in such amounts and subject to such terms and conditions as may be
selected by the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock
Units shall be evidenced by an Award Certificate setting forth the terms, conditions, and
restrictions applicable to the Award.

     9.2. ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred
Stock Units shall be subject to such restrictions on transferability and other restrictions as the
Committee may impose (including, without limitation, limitations on the right to vote Restricted
Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse
separately or in combination at such times, under such circumstances, in such installments, upon
the satisfaction of performance goals or otherwise, as the Committee determines at the time of the
grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any
special Plan document governing an Award, the Participant shall have all of the rights of a
shareholder with respect to the Restricted Stock, and the Participant shall have none of the rights
of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as
Shares of Stock are paid in settlement of the Restricted Stock Units or Deferred Stock Units.
Unless otherwise provided in the applicable Award Certificate, Awards of Restricted Stock will be
entitled to full dividend rights and any dividends paid thereon will be paid or distributed to the
holder no later than the end of the calendar year in which the dividends are paid to stockholders
or, if later, the 15th day of the third month following the date the dividends are paid
to stockholders.

     9.3. FORFEITURE. Except as otherwise determined by the Committee at the time of the
grant of the Award or thereafter, upon termination of Continuous Status as a Participant during the
applicable restriction period or upon failure to satisfy a performance goal during the applicable
restriction period, Restricted
Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited.

     9.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to
the Participant at the time of grant either by book-entry registration or by delivering to the
Participant, or a custodian or escrow agent (including, without limitation,

- 14 -

 

the Company or one or
more of its employees) designated by the Committee, a stock certificate or certificates registered
in the name of the Participant. If physical certificates representing shares of Restricted Stock
are registered in the name of the Participant, such certificates must bear an appropriate legend
referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

ARTICLE 10

PERFORMANCE AWARDS

     10.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award
under this Plan, including cash-based Awards, with performance-based vesting criteria, on such
terms and conditions as may be selected by the Committee. Any such Awards with performance-based
vesting criteria are referred to herein as Performance Awards. The Committee shall have the
complete discretion to determine the number of Performance Awards granted to each Participant, and
to designate the provisions of such Performance Awards as provided in Section 4.3. All Performance
Awards shall be evidenced by an Award Certificate or a written program established by the
Committee, pursuant to which Performance Awards are awarded under the Plan under uniform terms,
conditions and restrictions set forth in such written program.

     10.2. PERFORMANCE GOALS. The Committee may establish performance goals for
Performance Awards which may be based on any criteria selected by the Committee. Such performance
goals may be described in terms of Company-wide objectives or in terms of objectives that relate to
the performance of the Participant, an Affiliate or a division, region, department or function
within the Company or an Affiliate. If the Committee determines that a change in the business,
operations, corporate structure or capital structure of the Company or the manner in which the
Company or an Affiliate conducts its business, or other events or circumstances render performance
goals to be unsuitable, the Committee may modify such performance goals in whole or in part, as the
Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different
business unit or function during a performance period, the Committee may determine that the
performance goals or performance period are no longer appropriate and may (i) adjust, change or
eliminate the performance goals or the applicable performance period as it deems appropriate to
make such goals and period comparable to the initial goals and period, or (ii) make a cash payment
to the participant in an amount determined by the Committee.

ARTICLE 11

DIVIDEND EQUIVALENTS

     11.1. GRANT OF DIVIDEND EQUIVALENTS. The Committee is authorized to grant Dividend
Equivalents with
respect to Full Value Awards granted hereunder, subject to such terms and conditions as may be
selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments
equal to dividends with respect to all or a portion of the number of Shares subject to a Full Value
Award, as determined by the Committee. The Committee may provide that Dividend Equivalents will be
paid or distributed when accrued or will be deemed to have been reinvested in additional Shares, or
otherwise reinvested. Notwithstanding the preceding sentence, if Dividend Equivalents are granted
with respect to a Performance Award, such Dividend Equivalents shall, as provided in the

- 15 -

 

Award
Certificate, either (i) be reinvested in the form of additional Shares or units equivalent to
Shares, which shall be subject to the same performance and vesting provisions as provided for the
host Performance Award, or (ii) be credited by the Company to an account for the Participant and
accumulated without interest until the date upon which the host Performance Award becomes earned
and vested. Dividend Equivalents credited to a Participant’s account with respect to vested
Performance Awards shall be distributed to the Participant at the same time as the distribution of
cash or Shares under the host Performance Award. A Participant shall have no right to Dividend
Equivalents accumulated with respect to Performance Awards that are forfeited, and any such
unearned Dividend Equivalents will be reconveyed to the Company without further consideration or
any act or action by the Participant. Unless otherwise provided in the applicable Award
Certificate, Dividend Equivalents paid on Full Value Awards that are not Performance Awards will be
paid or distributed no later than the 15th day of the 3rd month following the
later of (i) the calendar year in which the corresponding dividends were paid to stockholders, or
(ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no
longer subject to a substantial risk of forfeiture.

ARTICLE 12

STOCK OR OTHER STOCK-BASED AWARDS

     12.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized,
subject to limitations under applicable law, to grant to Participants such other Awards that are
payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares,
as deemed by the Committee to be consistent with the purposes of the Plan, including without
limitation Shares awarded purely as a “bonus” and not subject to any restrictions or conditions,
convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares,
and Awards valued by reference to book value of Shares or the value of securities of or the
performance of specified Parents or Subsidiaries. The Committee shall determine the terms and
conditions of such Awards.

ARTICLE 13

PROVISIONS APPLICABLE TO AWARDS

     13.1. TERM OF AWARD. The term of each Award shall be for the period as determined by
the Committee, provided that in no event shall the term of any Option or a Stock Appreciation Right
exceed a period of ten years from its Grant Date.

     13.2. FORM OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of
Awards may be made
in cash, Stock, a combination of cash and Stock, or any other form of property as the Committee
shall determine. In addition, payment of Awards may include such terms, conditions, restrictions
and/or limitations, if any, as the Committee deems appropriate, including, in the case of Awards
paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of
Awards may be made in the form of a lump sum, or in installments, as determined by the Committee.

     13.3. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or
restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than
the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such
Participant to any other party other than the Company or an

- 16 -

 

Affiliate. No unexercised or
restricted Award shall be assignable or transferable by a Participant other than by will or the
laws of descent and distribution; provided, however, that the Committee may (but need not) permit
other transfers (other than transfers for value) where the Committee concludes that such
transferability (i) does not result in accelerated taxation, (ii) does not cause any Option
intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and (iii)
is otherwise appropriate and desirable, taking into account any factors deemed relevant, including
without limitation, state or federal tax or securities laws applicable to transferable Awards.

     13.4. BENEFICIARIES. Notwithstanding Section 13.3, a Participant may, in the manner
determined by the Committee, designate a beneficiary to exercise the rights of the Participant and
to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary,
legal guardian, legal representative, or other person claiming any rights under the Plan is subject
to all terms and conditions of the Plan and any Award Certificate applicable to the Participant,
except to the extent the Plan and Award Certificate otherwise provide, and to any additional
restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been
designated or survives the Participant, any payment due to the Participant shall be made to the
Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or
revoked by a Participant, in the manner provided by the Company, at any time provided the change or
revocation is filed with the Committee.

     13.5. STOCK TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any
stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply
with federal or state securities laws, rules and regulations and the rules of any national
securities exchange or automated quotation system on which the Stock is listed, quoted, or traded.
The Committee may place legends on any Stock certificate or issue instructions to the transfer
agent to reference restrictions applicable to the Stock.

     13.6. ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the
Award Certificate or any special Plan document governing an Award, upon the termination of a
person’s Continuous Status as a Participant by reason of death or Disability:

     (i) all of that Participant’s outstanding Options and SARs shall become fully
exercisable;

     (ii) all time-based vesting restrictions on that Participant’s outstanding Awards
shall lapse as of the date of termination; and

     (iii) the payout opportunities attainable under all of that Participant’s outstanding
performance-based Awards shall be deemed to have been fully earned as of the date of
termination as follows:

     (A) if the date of termination occurs during the first half of the applicable
performance period, all relevant performance goals will be deemed to have been
achieved at the “target” level, and

     (B) if the date of termination occurs during the second half of the applicable
performance period, the actual level of achievement of all relevant

- 17 -

 

performance
goals against target will be measured as of the end of the calendar quarter
immediately preceding the date of termination, and

     (C) in either such case, there shall be a pro rata payout to the Participant
or his or her estate within sixty (60) days following the date of termination
(unless a later date is required by Section 16.3 hereof), based upon the length of
time within the performance period that has elapsed prior to the date of
termination.

     To the extent that this provision causes Incentive Stock Options to exceed the dollar
limitation set forth in Code Section 422(d), the excess Options shall be deemed to be Nonstatutory
Stock Options.

     13.7. ACCELERATION UPON A CHANGE IN CONTROL. Except as otherwise provided in the
Award Certificate or any special Plan document governing an Award, upon the occurrence of a Change
in Control, (i) all outstanding Options, SARs, and other Awards in the nature of rights that may be
exercised shall become fully exercisable, and (ii) all time-based vesting restrictions on
outstanding Awards shall lapse. Except as otherwise provided in the Award Certificate or any
special Plan document governing an Award, upon the occurrence of a Change in Control, the target
payout opportunities attainable under all outstanding performance-based Awards shall be deemed to
have been fully earned as of the effective date of the Change in Control based upon an assumed
achievement of all relevant performance goals at the “target” level and there shall be a pro rata
payout to Participants within thirty (30) days following the effective date of the Change in
Control based upon the length of time within the performance period that has elapsed prior to the
Change in Control.

     13.8. ACCELERATION FOR ANY OTHER REASON. Regardless of whether an event has occurred
as described in Section 13.6 or 13.7 above, the Committee may in its sole discretion at any time
determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of
rights that may be exercised shall become fully or partially exercisable, that all or a part of the
time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or
that any performance-based criteria with respect to any Awards shall be deemed to be wholly or
partially satisfied, in each case, as of such date as the Committee may, in its sole discretion,
declare. The Committee may discriminate among Participants and among
Awards granted to a Participant in exercising its discretion pursuant to this Section 13.8.
Notwithstanding anything in the Plan, including this Section 13.8, the Committee may not accelerate
the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code.

     13.9. FORFEITURE EVENTS. The Committee may specify in an Award Certificate that the
Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition
to any otherwise applicable vesting or performance conditions of an Award. Such events may include,
but shall not be limited to, termination of employment for cause, violation of material Company or
Affiliate policies, breach of noncompetition, confidentiality or other restrictive covenants that
may apply to the Participant, or other conduct by the Participant that is detrimental to the
business or reputation of the Company or any

- 18 -

 

Affiliate, or a later determination that vesting of or
amount realized from a Performance Award was based on materially inaccurate financial statements or
any other materially inaccurate performance metric criteria, whether or not the Participant caused
or contributed to such material inaccuracy.

     13.10. SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in
substitution for stock and stock-based awards held by employees of another entity who become
employees of the Company or an Affiliate as a result of a merger or consolidation of the former
employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate
of property or stock of the former employing corporation. The Committee may direct that the
substitute awards be granted on such terms and conditions as the Committee considers appropriate in
the circumstances.

ARTICLE 14

CHANGES IN CAPITAL STRUCTURE

     14.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the
Company and its stockholders that causes the per-share value of the Stock to change (including,
without limitation, any stock dividend, stock split, spin-off, rights offering, or large
nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted
proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems
necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately
resulting from such transaction. Action by the Committee may include: (i) adjustment of the number
and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of
shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards
or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any
other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing,
the Committee shall not make any adjustments to outstanding Options or SARs that would constitute a
modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that
would be treated as the grant of a new stock right or change in the form of payment for purposes of
Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the
outstanding Stock (stock-split), a declaration of
a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a
lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted
proportionately, and the Shares then subject to each Award shall automatically, without the
necessity for any additional action by the Committee, be adjusted proportionately without any
change in the aggregate purchase price therefor.

     14.2. DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any
corporate event or transaction involving the Company (including, without limitation, any merger,
reorganization, recapitalization, combination or exchange of shares, or any transaction described
in Section 14.1), the Committee may, in its sole discretion, provide (i) that Awards will be
settled in cash rather than Stock, (ii) that Awards will become immediately vested and exercisable
and will expire after a designated period of time to the extent not then exercised, (iii) that
Awards will be assumed by another party to a transaction or otherwise be equitably converted or
substituted in connection with such transaction, (iv) that outstanding Awards may be settled by
payment in cash or cash equivalents equal to the

- 19 -

 

excess of the Fair Market Value of the underlying
Stock, as of a specified date associated with the transaction, over the exercise price of the
Award, (v) that performance targets and performance periods for Performance Awards will be
modified, or (vi) any combination of the foregoing. The Committee’s determination need not be
uniform and may be different for different Participants whether or not such Participants are
similarly situated.

     14.3. GENERAL. Any discretionary adjustments made pursuant to this Article 14 shall
be subject to the provisions of Section 15.2. To the extent that any adjustments made pursuant to
this Article 14 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such
Options shall be deemed to be Nonstatutory Stock Options.

ARTICLE 15

AMENDMENT, MODIFICATION AND TERMINATION

     15.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any
time and from time to time, amend, modify or terminate the Plan without stockholder approval;
provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board
or the Committee, either (i) materially increase the number of Shares available under the Plan,
(ii) expand the types of awards under the Plan, (iii) materially expand the class of participants
eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise
constitute a material change requiring stockholder approval under applicable laws, policies or
regulations or the applicable listing or other requirements of an Exchange, then such amendment
shall be subject to stockholder approval; and provided, further, that the Board or Committee may
condition any other amendment or modification on the approval of stockholders of the Company for
any reason, including by reason of such approval being necessary or deemed advisable (i) to comply
with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities
or other applicable laws, policies or regulations.

     15.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may
amend, modify or terminate any outstanding Award without approval of the Participant; provided,
however:

     (a) Subject to the terms of the applicable Award Certificate, such amendment,
modification or termination shall not, without the Participant’s consent, reduce or
diminish the value of such Award determined as if the Award had been exercised, vested,
cashed in or otherwise settled on the date of such amendment or termination (with the
per-share value of an Option or SAR for this purpose being calculated as the excess, if
any, of the Fair Market Value as of the date of such amendment or termination over the
exercise or base price of such Award);

     (b) The original term of an Option or SAR may not be extended without the prior
approval of the stockholders of the Company;

     (c) Except as otherwise provided in Section 14.1, the exercise price of an Option or
SAR may not be reduced, directly or indirectly, without the prior approval of the
stockholders of the Company; and

     (d) No termination, amendment, or modification of the Plan shall

- 20 -

 

adversely affect any
Award previously granted under the Plan, without the written consent of the Participant
affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a
Plan amendment if such amendment would not reduce or diminish the value of such Award
determined as if the Award had been exercised, vested, cashed in or otherwise settled on
the date of such amendment (with the per-share value of an Option or SAR for this purpose
being calculated as the excess, if any, of the Fair Market Value as of the date of such
amendment over the exercise or base price of such Award).

     15.3. COMPLIANCE AMENDMENTS. Notwithstanding anything in the Plan or in any Award
Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect
retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan
or Award Certificate to any present or future law relating to plans of this or similar nature
(including, but not limited to, Section 409A of the Code), and to the administrative regulations
and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to
any amendment made pursuant to this Section 15.3 to any Award granted under the Plan without
further consideration or action.

ARTICLE 16

GENERAL PROVISIONS

     16.1. RIGHTS OF PARTICIPANTS.

     (a) No Participant or any Eligible Participant shall have any claim to be granted any
Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated
to treat Participants or Eligible Participants uniformly, and determinations made under the
Plan may be made by the Committee selectively
among Eligible Participants who receive, or are eligible to receive, Awards (whether
or not such Eligible Participants are similarly situated).

     (b) Nothing in the Plan, any Award Certificate or any other document or statement made
with respect to the Plan, shall interfere with or limit in any way the right of the Company
or any Affiliate to terminate any Participant’s employment or status as an officer, or any
Participant’s service as a director, at any time, nor confer upon any Participant any right
to continue as an employee, officer, or director of the Company or any Affiliate, whether
for the duration of a Participant’s Award or otherwise.

     (c) Neither an Award nor any benefits arising under this Plan shall constitute an
employment contract with the Company or any Affiliate and, accordingly, subject to Article
15, this Plan and the benefits hereunder may be terminated at any time in the sole and
exclusive discretion of the Committee without giving rise to any liability on the part of
the Company or an of its Affiliates.

     (d) No Award gives a Participant any of the rights of a shareholder of the Company
unless and until Shares are in fact issued to such person in connection with such Award.

     16.2. WITHHOLDING. The Company or any Affiliate shall have the authority

- 21 -

 

and the
right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required
by law to be withheld with respect to any exercise, lapse of restriction or other taxable event
arising as a result of the Plan. With respect to withholding required upon any taxable event under
the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that
any such withholding requirement be satisfied, in whole or in part, by withholding from the Award
Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not
any greater amount) required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes. All such elections shall be subject to any restrictions
or limitations that the Committee, in its sole discretion, deems appropriate.

     16.3. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE.

     (a) General. It is intended that the payments and benefits provided under the
Plan and any Award shall either be exempt from the application of, or comply with, the
requirements of Section 409A of the Code. The Plan and all Award Certificates shall be
construed in a manner that effects such intent. Nevertheless, the tax treatment of the
benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the
Company, its Affiliates nor their respective directors, officers, employees or advisers
(other than in his or her capacity as a Participant) shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by any Participant or other taxpayer as
a result of the Plan or any Award. 

     (b) Definitional Restrictions. Notwithstanding anything in the Plan or in
any Award Certificate to the contrary, to the extent that any amount or benefit that
would constitute non-exempt “deferred compensation” for purposes of Section 409A of the
Code would otherwise be payable or distributable, or a different form of payment (e.g.,
lump sum or installment) would be effected, under the Plan or any Award Certificate by
reason of the occurrence of a Change in Control, or the Participant’s Disability or
separation from service, such amount or benefit will not be payable or distributable to the
Participant, and/or such different form of payment will not be effected, by reason of such
circumstance unless the circumstances giving rise to such Change in Control, Disability or
separation from service meet any description or definition of “change in control event”,
“disability” or “separation from service”, as the case may be, in Section 409A of the Code
and applicable regulations (without giving effect to any elective provisions that may be
available under such definition). This provision does not prohibit the vesting of any
Award upon a Change in Control, Disability or separation from service, however defined. If
this provision prevents the payment or distribution of any amount or benefit, or the
application of a different form of payment of any amount or benefit, such payment or
distribution shall be made at the time and in the form that would have applied absent the
Change in Control, Disability or separation from service, as applicable.

     (c) Allocation among Possible Exemptions. If any one or more Awards granted
under the Plan to a Participant could qualify for any separation pay exemption described in
Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar
limit permitted for the separation pay exemptions, the Company (acting through the
Committee or the Head of Human Resources) shall

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determine which Awards or portions thereof
will be subject to such exemptions.

     (d) Six-Month Delay in Certain Circumstances. Notwithstanding anything in the
Plan or in any Award Certificate to the contrary, if any amount or benefit that would
constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code
would otherwise be payable or distributable under this Plan or any Award Certificate by
reason of a Participant’s separation from service during a period in which the Participant
is a Specified Employee (as defined below), then, subject to any permissible acceleration
of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic
relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment
taxes):

     (i) the amount of such non-exempt deferred compensation that would otherwise
be payable during the six-month period immediately following the Participant’s
separation from service will be accumulated through and paid or provided on the
first day of the seventh month following the Participant’s separation from service
(or, if the Participant dies during such period, within 30 days after the
Participant’s death) (in either case, the “Required Delay Period”); and

     (ii) the normal payment or distribution schedule for any remaining payments or
distributions will resume at the end of the Required Delay Period.

     For purposes of this Plan, the term “Specified Employee” has the meaning
given such term in Code Section 409A and the final regulations thereunder, provided,
however, that, as permitted in such final regulations, the Company’s Specified Employees
and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be
determined in accordance with rules adopted by the Board or any committee of the Board,
which shall be applied consistently with respect to all nonqualified deferred compensation
arrangements of the Company, including this Plan.

     (e) Installment Payments. If, pursuant to an Award, a Participant is entitled
to a series of installment payments, such Participant’s right to the series of installment
payments shall be treated as a right to a series of separate payments and not to a single
payment. For purposes of the preceding sentence, the term “series of installment payments”
has the meaning provided in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor
thereto).

     16.4. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for
incentive and deferred compensation. With respect to any payments not yet made to a Participant
pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the
Participant any rights that are greater than those of a general creditor of the Company or any
Affiliate. This Plan is not intended to be subject to ERISA.

     16.5. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into
account in determining any benefits under any pension, retirement, savings, profit sharing, group
insurance, welfare or benefit plan of the Company or any Affiliate

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unless provided otherwise in
such other plan.

     16.6. EXPENSES. The expenses of administering the Plan shall be borne by the Company
and its Affiliates.

     16.7. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are
for convenience of reference only, and in the event of any conflict, the text of the Plan, rather
than such titles or headings, shall control.

     16.8. GENDER AND NUMBER. Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine; the plural shall include the singular
and the singular shall include the plural.

     16.9. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether
such fractional Shares shall be eliminated by rounding up or down.

     16.10. GOVERNMENT AND OTHER REGULATIONS.

     (a) Notwithstanding any other provision of the Plan, no Participant who acquires
Shares pursuant to the Plan may, during any period of time that such
Participant is an affiliate of the Company (within the meaning of the rules and
regulations of the Securities and Exchange Commission under the 1933 Act), sell such
Shares, unless such offer and sale is made (i) pursuant to an effective registration
statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii)
pursuant to an appropriate exemption from the registration requirement of the 1933 Act,
such as that set forth in Rule 144 promulgated under the 1933 Act.

     (b) Notwithstanding any other provision of the Plan, if at any time the Committee
shall determine that the registration, listing or qualification of the Shares covered by an
Award upon any Exchange or under any foreign, federal, state or local law or practice, or
the consent or approval of any governmental regulatory body, is necessary or desirable as a
condition of, or in connection with, the granting of such Award or the purchase or receipt
of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such
Award unless and until such registration, listing, qualification, consent or approval shall
have been effected or obtained free of any condition not acceptable to the Committee. Any
Participant receiving or purchasing Shares pursuant to an Award shall make such
representations and agreements and furnish such information as the Committee may request to
assure compliance with the foregoing or any other applicable legal requirements. The
Company shall not be required to issue or deliver any certificate or certificates for
Shares under the Plan prior to the Committee’s determination that all related requirements
have been fulfilled. The Company shall in no event be obligated to register any securities
pursuant to the 1933 Act or applicable state or foreign law or to take any other action in
order to cause the issuance and delivery of such certificates to comply with any such law,
regulation or requirement.

     16.11. GOVERNING LAW. To the extent not governed by federal law, the Plan and all
Award Certificates shall be construed in accordance with and governed by the laws of

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the State of
Maryland.

     16.12. ADDITIONAL PROVISIONS. Each Award Certificate may contain such other terms and
conditions as the Committee may determine; provided that such other terms and conditions are not
inconsistent with the provisions of the Plan.

     16.13. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any
way affect the right or power of the Company to make adjustments, reclassification or changes in
its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer
all or any part of its business or assets. The Plan shall not restrict the authority of the
Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or
with respect to any person. If the Committee so directs, the Company may issue or transfer Shares
to an Affiliate, for such lawful consideration as the Committee may specify, upon the condition or
understanding that the Affiliate will transfer such Shares to a Participant in accordance with the
terms of an Award granted to such Participant and specified by the Committee pursuant to the
provisions of the Plan.

     16.14. INDEMNIFICATION. Each person who is or shall have been a member of the
Committee or of the Board shall be
indemnified and held harmless by the Company against and from any loss, cost, liability, or
expense that may be imposed upon or reasonably incurred by him or her in connection with or
resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which
he or she may be involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or
proceeding against him or her, provided he or she shall give the Company an opportunity, at its own
expense, to handle and defend the same before he or she undertakes to handle and defend it on his
or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own
willful misconduct or except as expressly provided by statute. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such persons
may be entitled under the Company’s Charter or bylaws, as a matter of law, or otherwise, or any
power that the Company may have to indemnify them or hold them harmless.

     The foregoing is hereby acknowledged as being the Steadfast Secure Income REIT, Inc. 2009
Incentive Plan as adopted by the Board on September 17, 2009 and by the stockholders on
September 28, 2009.

	 	 	 	 	 	 	 
	 	STEADFAST SECURE INCOME REIT, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Rodney F. Emery	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Rodney F. Emery
Chief Executive Officer	 	 
	 

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