Document:

Form of Amended and Restated Agreement of Limited Partnership

 Exhibit 10.1 
 FORM OF FIRST AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 EMPIRE STATE
REALTY OP, L.P. 
 a Delaware limited partnership 

 
  
 THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT
AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 
  

 
 Dated as of
[                    ], 2012 

 CONTENTS 

 

					
	Clause	  	Page	 
		
	 Article I DEFINED TERMS
	  	 	1	  
	 Article II ORGANIZATIONAL MATTERS
	  	 	18	  
	 Section 2.01. Organization
	  	 	18	  
	 Section 2.02. Name
	  	 	18	  
	 Section 2.03. Registered Office and Agent; Principal Office
	  	 	18	  
	 Section 2.04. Power of Attorney
	  	 	18	  
	 Section 2.05. Term
	  	 	20	  
	 Section 2.06. Partnership Interests as Securities
	  	 	20	  
	 Article III PURPOSE
	  	 	20	  
	 Section 3.01. Purpose and Business
	  	 	20	  
	 Section 3.02. Powers
	  	 	20	  
	 Section 3.03. Partnership Only for Partnership Purposes Specified
	  	 	21	  
	 Section 3.04. Representations and Warranties by the Parties
	  	 	21	  
	 Article IV CAPITAL CONTRIBUTIONS
	  	 	23	  
	 Section 4.01. Capital Contributions of the Partners
	  	 	23	  
	 Section 4.02. Classes of Partnership Units
	  	 	23	  
	 Section 4.03. Issuances of Additional Partnership Interests
	  	 	23	  
	 Section 4.04. Additional Funds and Capital Contributions
	  	 	25	  
	 Section 4.05. Equity Incentive Plan
	  	 	26	  
	 Section 4.06. LTIP Units
	  	 	27	  
	 Section 4.07. Conversion of LTIP Units
	  	 	30	  
	 Section 4.08. No Interest; No Return
	  	 	33	  
	 Section 4.09. Other Contribution Provisions
	  	 	33	  
	 Section 4.10. Not Publicly Traded
	  	 	33	  
	 Section 4.11. No Third Party Beneficiary
	  	 	33	  
	 Article V DISTRIBUTIONS
	  	 	34	  
	 Section 5.01. Requirement and Characterization of Distributions
	  	 	34	  
	 Section 5.02. Interests in Property not Held Through the Partnership
	  	 	34	  
	 Section 5.03. Distributions In-Kind
	  	 	35	  
	 Section 5.04. Amounts Withheld
	  	 	35	  
	 Section 5.05. Distributions Upon Liquidation
	  	 	35	  

  
 i 

  

					
	 Section 5.06. Distributions to Reflect Issuance of Additional Partnership Units
	  	 	35	  
	 Section 5.07. Restricted Distributions
	  	 	35	  
	 Article VI ALLOCATIONS
	  	 	35	  
	 Section 6.01. Timing and Amount of Allocations of Net Income and Net Loss
	  	 	35	  
	 Section 6.02. General Allocations
	  	 	36	  
	 Section 6.03. Additional Allocation Provisions
	  	 	38	  
	 Section 6.04. Tax Allocations
	  	 	40	  
	 Article VII MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	41	  
	 Section 7.01. Management
	  	 	41	  
	 Section 7.02. Certificate of Limited Partnership
	  	 	45	  
	 Section 7.03. Restrictions on General Partner’s Authority
	  	 	46	  
	 Section 7.04. Reimbursement of the General Partner
	  	 	47	  
	 Section 7.05. Outside Activities of the General Partner
	  	 	49	  
	 Section 7.06. Contracts with Affiliates
	  	 	49	  
	 Section 7.07. Indemnification
	  	 	50	  
	 Section 7.08. Liability of the General Partner
	  	 	52	  
	 Section 7.09. Other Matters Concerning the General Partner
	  	 	53	  
	 Section 7.10. Title to Partnership Assets
	  	 	54	  
	 Section 7.11. Reliance by Third Parties
	  	 	54	  
	 Article VIII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	55	  
	 Section 8.01. Limitation of Liability
	  	 	55	  
	 Section 8.02. Management of Business
	  	 	55	  
	 Section 8.03. Outside Activities of Limited Partners
	  	 	55	  
	 Section 8.04. Return of Capital
	  	 	55	  
	 Section 8.05. Adjustment Factor
	  	 	56	  
	 Section 8.06. Redemption Rights
	  	 	56	  
	 Article IX BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	58	  
	 Section 9.01. Records and Accounting
	  	 	58	  
	 Section 9.02. Partnership Year
	  	 	58	  
	 Section 9.03. Reports
	  	 	58	  
	 Article X TAX MATTERS
	  	 	59	  
	 Section 10.01. Preparation of Tax Returns
	  	 	59	  
	 Section 10.03. Tax Matters Partner
	  	 	60	  
	 Section 10.04. Withholding
	  	 	61	  

  
 ii 

					
	 Section 10.05. Organizational Expenses
	  	 	61	  
	 Article XI TRANSFERS AND WITHDRAWALS
	  	 	62	  
	 Section 11.01. Transfer
	  	 	62	  
	 Section 11.02. Transfer of General Partner’s Partnership Interest
	  	 	62	  
	 Section 11.03. Transfer of Limited Partners’ Partnership Interests
	  	 	63	  
	 Section 11.04. Substituted Limited Partners
	  	 	64	  
	 Section 11.05. Assignees
	  	 	65	  
	 Section 11.06. General Provisions
	  	 	65	  
	 Article XII ADMISSION OF PARTNERS
	  	 	67	  
	 Section 12.01. Admission of Successor General Partner
	  	 	67	  
	 Section 12.02. Admission of Additional Limited Partners
	  	 	67	  
	 Section 12.03. Amendment of Agreement and Certificate of Limited Partnership
	  	 	68	  
	 Section 12.04. Limit on Number of Partners
	  	 	68	  
	 Section 12.05. Admission
	  	 	68	  
	 Article XIII DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	68	  
	 Section 13.01. Dissolution
	  	 	68	  
	 Section 13.02. Winding Up
	  	 	69	  
	 Section 13.03. Deemed Distribution and Recontribution
	  	 	72	  
	 Section 13.04. Rights of Limited Partners
	  	 	72	  
	 Section 13.05. Notice of Dissolution
	  	 	72	  
	 Section 13.06. Cancellation of Certificate of Limited Partnership
	  	 	73	  
	 Section 13.07. Reasonable Time for Winding-Up
	  	 	73	  
	 Article XIV PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS
	  	 	73	  
	 Section 14.01. Procedures for Actions and Consents of Partners
	  	 	73	  
	 Section 14.02. Amendments
	  	 	73	  
	 Section 14.03. Meetings of the Partners
	  	 	74	  
	 Article XV GENERAL PROVISIONS
	  	 	75	  
	 Section 15.01. Addresses and Notice
	  	 	75	  
	 Section 15.02. Titles and Captions
	  	 	75	  
	 Section 15.03. Pronouns and Plurals
	  	 	75	  
	 Section 15.04. Further Action
	  	 	75	  
	 Section 15.05. Binding Effect
	  	 	75	  
	 Section 15.06. Waiver
	  	 	75	  
	 Section 15.07. Counterparts
	  	 	75	  

  
 iii

					
	 Section 15.08. Applicable Law
	  	 	76	  
	 Section 15.09. Entire Agreement
	  	 	76	  
	 Section 15.10. Invalidity of Provisions
	  	 	76	  
	 Section 15.11. Limitation to Preserve REIT Qualification
	  	 	76	  
	 Section 15.12. No Partition
	  	 	77	  
	 Section 15.13. No Third-Party Rights Created Hereby
	  	 	77	  
	 Section 15.14. No Rights as Stockholders of General Partner
	  	 	78	  
	 Section 15.15. Creditors
	  	 	78	  
	 Exhibit A PARTNERS AND PARTNERSHIP UNITS
	  	 	A-1	  
	 Exhibit B NOTICE OF REDEMPTION
	  	 	B-1	  
	 Exhibit C DRO PARTNERS AND DRO AMOUNTS
	  	 	C-1	  
	 Exhibit D NOTICE OF ELECTION BY PARTNER TO CONVERT LTIP UNITS INTO OP UNITS
	  	 	D-1	  
	 Exhibit E NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION OF LTIP UNITS INTO OP UNITS
	  	 	E-1	  

  
 iv 

 THIS FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF EMPIRE STATE REALTY OP,
L.P., dated as of                     , 2012 is entered into by and among Empire State Realty Trust, Inc., a Maryland corporation (the
“General Partner”), and the limited partners listed on Exhibit A hereto (each a “Limited Partner”). 
 WHEREAS, a Certificate of Limited Partnership of the Partnership was filed in the office of the Secretary of State of the State of Delaware on November
[—], 2011; 
 WHEREAS, the General Partner and the Initial Limited Partner
entered into an Agreement of Limited Partnership of Empire State Realty OP, L.P., dated as of [—], 2011, pursuant to which the Partnership was formed (the “Original Agreement”); and

 WHEREAS, the General Partner and the Initial Limited Partner desire to amend and restate the Original Agreement in its
entirety by entering into this Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Original Agreement in its entirety and agree to continue the Partnership as a limited
partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows: 
 ARTICLE I

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

“Act” means the Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17-101 et seq.), as it
may be amended from time to time, and any successor to such statute. 
 “Additional Funds” has the meaning set
forth in Section 4.04(a) hereof. 
 “Additional Limited Partner” means a Person who is admitted to
the Partnership as a Limited Partner pursuant to Section 4.03 and Section 12.02 hereof and who is shown as such on the books and records of the Partnership. 

“Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Fiscal Year
(i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with
the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

  
 1 

 “Adjusted Capital Account Deficit” means, with respect to any Partner, the
deficit balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Partnership Year or other applicable period. 
 “Adjustment Event” shall have the meaning set forth in Section 4.06(a) hereof. 
 “Adjustment Factor” means 1.0; provided, however, that in the event that: 
 (i) the General Partner (a) declares or pays a dividend on its outstanding REIT Shares wholly or partly in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares wholly or
partly in REIT Shares, (b) splits or subdivides its outstanding REIT Shares or (c) effects a reverse stock split or otherwise combines its outstanding REIT Shares into a smaller number of REIT Shares, the Adjustment Factor shall be
adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (i) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision,
reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (ii) the denominator of which shall be the actual number of REIT
Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; 
 (ii) the General Partner distributes any rights, options or warrants to all holders of its REIT Shares to subscribe for or to purchase or to otherwise acquire REIT Shares (or other securities or rights
convertible into, exchangeable for or exercisable for REIT Shares) at a price per share less than the Value of a REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of
such Distributed Rights, or, if later, the time such Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the
number of REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus the maximum number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of
which shall be the number of REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum number of REIT Shares purchasable
under such Distributed Rights times the minimum purchase price per REIT Share under such Distributed Rights and (2) the denominator of which is the Value of a REIT Share as of the record date (or, if later, the date such Distributed Rights
become exercisable); provided, however, that if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the
Distributed Rights, to reflect a reduced maximum number of REIT Shares or any change in the minimum purchase price for the purposes of the above fraction; 
 (iii) the General Partner shall, by dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or
distribution referred to in subsection (i) or (ii) above), which evidences of indebtedness or assets relate to assets not received by the General Partner or its Subsidiaries pursuant to a pro rata distribution by the Partnership,
then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor in effect 

  
 2 

 
immediately prior to the close of business on the date fixed for determination of stockholders of the General Partner entitled to receive such distribution by a fraction (i) the numerator of
which shall be such Value of a REIT Share on the date fixed for such determination and (ii) the denominator of which shall be the Value of a REIT Share on the dates fixed for such determination less the then fair market value (as determined by
the REIT, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one REIT Share; and 
 (iv) an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the
“Successor Entity”), the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor by the number of shares of the Successor Entity into which one REIT Share is converted pursuant to such merger, consolidation or
combination, determined as of the date of such merger, consolidation or combination. 
 Any adjustments to the Adjustment Factor
shall become effective immediately after the effective date of such event, retroactive to the record date, if any, for such event. Notwithstanding the foregoing, the Adjustment Factor shall not be adjusted in connection with an event described in
clauses (i) or (ii) above if, in connection with such event, the Partnership makes a distribution of cash, Partnership Units, REIT Shares and/or rights, options or warrants to acquire Partnership Units and/or REIT Shares with respect to
all applicable OP Units (including LTIP Units) or effects a reverse split of, or otherwise combines, the OP Units (including LTIP Units), as applicable, that is comparable as a whole in all material respects with such an event, or if in connection
with an event described in clause (iv) above, the consideration in Section 11.02 hereof is paid. 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling or controlled by
or under common control with such Person, (ii) any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any Person of which such Person owns or controls ten percent
(10%) or more of the voting interests or (iv) any officer, director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii), and (iii) above. For the purposes of this definition,
“control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreement” means this First Amendment and Restated Agreement of Limited Partnership of Empire State Realty OP, L.P., as it may be amended, supplemented or restated from time to time.

 “Assignee” means a Person to whom one or more Partnership Units have been Transferred in a manner permitted
under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.05 hereof. 

  
 3 

 “Available Cash” means, with respect to any period for which such
calculation is being made, the amount of cash available for distribution by the Partnership as determined by the General Partner in its sole and absolute discretion. 
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close. 

“Bylaws” means the Bylaws of the General Partner, as amended, supplemented or restated from time to time. 

“Capital Account” means, with respect to any Partner, the Capital Account maintained by the General Partner for such
Partner on the Partnership’s books and records in accordance with the following provisions: 
 A. To each Partner’s
Capital Account, there shall be added such Partner’s Capital Contributions, such Partner’s distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.03
hereof, and the principal amount of any Partnership liabilities assumed by such Partner or that are secured by any property distributed to such Partner. 
 B. From each Partner’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement,
such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to Section 6.03 hereof, and the principal amount of any liabilities of such Partner assumed by
the Partnership or that are secured by any property contributed by such Partner to the Partnership. 
 C. In the event any
interest in the Partnership is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent that it relates to the Transferred interest. 

D. In determining the principal amount of any liability for purposes of subsections (a) and (b) hereof, there shall be taken
into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 E. The provisions of
this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner
shall determine that it is prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification provided, that such modification will not
have a material effect on the amounts distributable to any Partner without such Partner’s Consent. The General Partner may, in its sole discretion, (i) make any adjustments that are necessary or appropriate to maintain equality between the
Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (ii) make any
appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 

  
 4 

 “Capital Account Deficit” has the meaning set forth in
Section 13.02(c) hereof. 
 “Capital Account Limitation” has the meaning set forth in
Section 4.07(b) hereof. 
 “Capital Contribution” means, with respect to any Partner, the amount of
money and the initial Gross Asset Value of any Contributed Property that such Partner contributes to the Partnership or is deemed to contribute to the Partnership pursuant to Section 4.04 hereof. 

“Cash Amount” means, with respect to a Tendering Party, an amount of cash equal to the product of (A) the Value of
a REIT Share and (B) such Tendering Party’s REIT Shares Amount determined as of the date of receipt by the General Partner of such Tendering Party’s Notice of Redemption or, if such date is not a Business Day, the immediately
preceding Business Day. 
 “Certificate” means the Certificate of Limited Partnership of the Partnership filed
in the office of the Secretary of State of the State of Delaware on November [—], 2011, as amended from time to time in accordance with the terms hereof and the Act. 

“Charity” means an entity described in Section 501(c)(3) of the Code or any trust all the beneficiaries of which
are such entities. 
 “Charter” means the Articles of Incorporation of the General Partner as filed with the
State Department of Assessments and Taxation of Maryland, as amended, supplemented or restated from time to time. 

“Class A REIT Share” means a share of the General Partner’s class A common stock, par value $0.01 per share. Where
relevant in this Agreement, “Class A REIT Share” includes shares of the General Partner’s class A common stock, par value $0.01 per share, issued upon conversion of Preferred Shares, Junior Shares or Class B REIT Shares. 

“Class B REIT Share” means a share of the General Partner’s class B common stock, par value $0.01 per share.

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

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

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Partner given in accordance with
Article XIV hereof. 
 “Constituent Person” shall have the meaning set forth in
Section 4.07(f). 
 “Contributed Entity” has the meaning set forth in the definition of
“Indemtnitee.” 

  
 5 

 “Contributed Property” means each item of Property or other asset, in such
form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a “new” partnership pursuant to Code Section 708) net of any liabilities
assumed by the Partnership relating to such Contributed Property and any liability to which such Contributed Property is subject. 
 “Controlled Entity” means, as to any Partner, (a) any corporation more than twenty five percent (25%) of the outstanding voting stock of which is owned by such Partner and such
Partner’s Family Members and Affiliates, (b) any trust, whether or not revocable, of which such Partner and such Partner’s Family Members and Affiliates are the sole initial income beneficiaries, (c) any partnership of which such
Partner or such Partner’s Family Members and Affiliates are the managing partners and in which such Partner, such Partner’s Family Members and Affiliates hold partnership interests representing at least twenty-five percent (25%) of
such partnership’s capital and profits and (d) any limited liability company of which such Partner or such Partner’s Family Members and Affiliates are the managers and in which such Partner, such Partner’s Family Members and
Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. 
 “Conversion Date” shall have the meaning set forth in Section 4.07(b). 
 “Conversion Notice” shall have the meaning set forth in Section 4.07(b). 
 “Conversion Right” shall have the meaning set forth in Section 4.07(a). 
 “Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services;
(ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person;
(iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even
though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted accounting principles, should be capitalized. 

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

  
 6 

 “Distributed Right” has the meaning set forth in the definition of
“Adjustment Factor.” 
 “DRO Amount” means the amount specified on Exhibit C with respect
to any DRO Partner, as such Exhibit may be amended from time to time. 
 “DRO Partner” means a Partner who has
agreed in writing to be a DRO Partner and has agreed and is obligated to make certain contributions, not in excess of such DRO Partner’s DRO Amount, to the Partnership with respect to such Partner’s Capital Account Deficit upon the
occurrence of certain events. 
 “Economic Capital Account Balances” has the meaning set forth in
Section 6.03(c) hereof. 
 “Effective Date” means the date of closing of the initial public
offering of Class A REIT Shares. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Equity Incentive Plan” means any equity incentive plan hereafter adopted by the
Partnership or the General Partner, including the General Partner’s 2011 equity incentive plan. 
 “Family
Member” means, as to a Person that is an individual, such Person’s spouse, ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage),
brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any limited liability company
or inter vivos or testamentary trusts (whether revocable or irrevocable) of which only such Person, his or her spouse, ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or
step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister
are initial income beneficiaries. 
 “Forced Redemption” shall have the meaning set forth in
Section 4.07(c). 
 “Forced Redemption Notice” shall have the meaning set forth in
Section 4.07(c). 
 “Funding Debt” means the incurrence of any Debt for the purpose of providing
funds to the Partnership by or on behalf of the General Partner or any wholly owned subsidiary of the General Partner. 

“General Partner” means Empire State Realty Trust, Inc., and its successors and assigns, as the general partner of the
Partnership. 

  
 7 

 “General Partner Employee” means any employee of the Partnership, the
General Partner and any of their subsidiaries. 
 “General Partner Interest” means the Partnership Interest
held by the General Partner, which Partnership Interest is an interest as a general partner under the Act. A General Partner Interest may be expressed as a number of Partnership Units. 

“General Partner Loan” has the meaning set forth in Section 4.04(d) hereof. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes,
except as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the
gross fair market value of such asset as determined by the General Partner in its sole discretion. 
 (b) The Gross Asset Values
of all Partnership assets immediately prior to the occurrence of any event described in clause (i), clause (ii), clause (iii) or clause (iv) hereof shall be adjusted to equal their respective gross fair market values, as
determined by the General Partner in its sole discretion using such reasonable method of valuation as it may adopt, as of the following times: 
 (i) the acquisition of an additional interest in the Partnership (other than in connection with the execution of this Agreement but including, without limitation, acquisitions pursuant to
Section 4.02 hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.02 hereof) by a new or existing Partner in exchange for more than a de minimis Capital Contribution, if the
General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; provided, that the issuance of any LTIP Unit shall be deemed to
require a recalculation pursuant to this subsection; 
 (ii) the distribution by the Partnership to a Partner of
more than a de minimis amount of Property as consideration for an interest in the Partnership, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners in the Partnership; 
 (iii) the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and 
 (iv) at such other times as the General Partner shall reasonably
determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 
 (c) The Gross
Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such asset on the date of distribution as determined by the distributee and the General Partner provided, that, if the distributee is
the General Partner or if the distributee and the General Partner cannot agree on such a determination, such gross fair market value shall be determined by an independent third party experienced in the valuation of similar assets, selected by the
General Partner in good faith. 

  
 8 

 (d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to
reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to
Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the General Partner reasonably determines that an adjustment
pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 

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

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

  
 9 

 “Indemnitee” means (i) any Person made a party to a proceeding by
reason of its status as (A) the General Partner or any successor thereto or (B) an officer or director, as applicable, of the Partnership, the General Partner or a Subsidiary thereof (including by reason of being named a Person who is
about to become a director) and (ii) such other Persons (including (A) Affiliates of the General Partner or the Partnership, (B) a present or former member, manager, shareholder, director, limited partner, general partner, officer or
controlling person of (1) Malkin Holdings LLC, (2) an entity that owned an interest in one of the 18 real properties or two acres of land that are going to be or were contributed to the General Partner, the Partnership or their
subsidiaries (each such entity, a “Contributing Entity”) in the General Partner’s initial public offering or (3) any direct or indirect partner or member, or any employee benefit plan or other enterprise thereof
(provided, that, in the case such direct or indirect partner or member owns direct or indirect interests in any properties not being contributed to the General Partner, the Partnership or their subsidiaries in the General Partners’
initial public offering, only to the extent such service relates to the business of Malkin Holdings LLC or any Contributing Entity) or (C) any agent for participants in any Contributing Entity or any direct or indirect partner or member thereof
(provided, that, in the case such direct or indirect partner or member owns direct or indirect interests in any properties not being contributed to the General Partner or the Partnership, only to the extent such service relates to the
business of Malkin Holdings LLC or any Contributing Entity)) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

“Independent Directors” means the independent directors of the Board of Directors of General Partner as determined by
the rules and regulations of the New York Stock Exchange then in effect. 
 “Initial Limited Partner” means
Anthony E. Malkin. 
 “IPO” means a public offering of the common stock of the General Partner. 

“IRS” means the Internal Revenue Service, which administers the internal revenue laws of the United States. 

“Junior Share” means a share of capital stock of the General Partner now or hereafter authorized or reclassified that
has dividend rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the REIT Shares. 

“Junior Unit” means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to
Section 4.01, 4.03 or 4.04 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units. 

“Limited Partner” means any Person named as a Limited Partner in Exhibit A attached hereto, as such
Exhibit A may be amended from time to time, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

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

  
 10 

 “Liquidating Event” has the meaning set forth in Section 13.01
hereof. 
 “Liquidating Gains” has the meaning set forth in Section 6.03(c) hereof. 

“Liquidator” has the meaning set forth in Section 13.02(a) hereof. 

“LTIP Award” means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan. 

“LTIP Unit” means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other
privileges and restrictions, qualifications, and limitations set forth in Section 4.06 hereof (except as may be varied by the designations applicable to any particular class or series of LTIP Units) and elsewhere in this Agreement
(including any exhibit hereto creating any new class or series of LTIP Units) or in the Equity Incentive Plan or the award, vesting, or other agreement pursuant to which an LTIP Unit is granted to the holder thereof. The allocation of LTIP Units
among the Partners shall be set forth on Exhibit A, as may be amended from time to time. 
 “LTIP
Unitholder” means a Partner that holds LTIP Units. 
 “LV Safe Harbor” has the meaning set forth in
Section 10.02(b) hereof. 
 “LV Safe Harbor Election” has the meaning set forth in
Section 10.02(b) hereof. 
 “LV Safe Harbor Interests” has the meaning set forth in
Section 10.02(b) hereof. 
 “Majority in Interest of the Outside Limited Partners” means Limited
Partners (excluding for this purpose (i) any Limited Partnership Interests held by the General Partner or its Subsidiaries, (ii) any Person of which the General Partner or its Subsidiaries directly or indirectly owns or controls more than
50% of the voting interests and (iii) any Person directly or indirectly owning or controlling more than 50% of the outstanding interests of the General Partner) in the aggregate Percentage Interests that are greater than 50% of the aggregate
Percentage Interests of all such Limited Partners of all classes who are not excluded for the purpose of granting Consent to the applicable action. 
 “Market Price” has the meaning set forth in the definition of “Value.” 
 “Net Income” or “Net Loss” means, for each Partnership Year of the Partnership, an amount equal to the Partnership’s taxable income or loss for such year, determined
in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following
adjustments: 
 (a) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in
computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the case may be) such taxable income (or loss); 

  
 11 

 (b) Any expenditure of the Partnership described in Code Section 705(a)(2)(B) or
treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or
“Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 
 (c) In the
event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection (c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss
from the disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) Gain or loss resulting from any
disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization and other cost recovery deductions
that would otherwise be taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year; 
 (f) To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as
an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and

 (g) Notwithstanding any other provision of this definition of “Net Income” or “Net Loss,” any item that
is specially allocated pursuant to Section 6.03 hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated
pursuant to Section 6.03 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or “Net Loss.” 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having the right
to subscribe for or purchase REIT Shares, Preferred Shares or Junior Shares, except that “New Securities” shall not mean any Preferred Shares, Junior Shares or grants under the Equity Incentive Plans or (ii) any Debt issued by the
REIT that provides any of the rights described in clause (i). 
 “Nonrecourse Deductions” has the meaning
set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

  
 12 

 “Nonrecourse Liability” has the meaning set forth in Regulations
Section 1.752-1(a)(2). 
 “Notice of Redemption” means the Notice of Redemption substantially in the form
of Exhibit B attached to this Agreement. 
 “Original Agreement” means the original Agreement of
Limited Partnership, dated as of [—], 2011. 
 “OP
Unit” means a fractional share of the Partnership Interests of all Partners issued pursuant to Sections 4.01 and 4.02 hereof, but does not include any LTIP Unit, Preferred Unit, Junior Unit or any other Partnership Unit
specified in a Partnership Unit Designation as being other than an OP Unit; provided, however, that the General Partner Interest and the Limited Partner Interests shall have the differences in rights and privileges as specified
in this Agreement.  
 “OP Unit Economic Balance” has the meaning set forth in
Section 6.03(c) hereof. 
 “Outside Interest” has the meaning set forth in Section 5.02
hereof. 
 “Ownership Limit” means the applicable restriction or restrictions on ownership of shares of the
General Partner imposed under the Charter. 
 “Partner” means the General Partner or a Limited Partner, and
“Partners” means the General Partner and the Limited Partners. 
 “Partner Minimum Gain” means
an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations
Section 1.704-2(i)(3). 
 “Partner Nonrecourse Debt” has the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed under the Act and pursuant to this Agreement, and any successor
thereto. 
 “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. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of OP Units, LTIP Units, Preferred Units, Junior Units or other Partnership Units. 

  
 13 

 “Partnership Minimum Gain” has the meaning set forth in Regulations
Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d). 
 “Partnership Record Date” means a record date established by the General Partner
for the distribution of Available Cash pursuant to Section 5.01 hereof, which record date shall generally be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its
portion of such distribution. 
 “Partnership Unit” shall mean an OP Unit, an LTIP Unit, a Preferred Unit, a
Junior Unit or any other fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.01, 4.02, 4.03 or 4.04 hereof. 

“Partnership Unit Designation” has the meaning set forth in Section 4.03 hereof. 

“Partnership Unit Distribution” shall have the meaning set forth in Section 4.06(a) hereof. 

“Partnership Year” means the fiscal year of the Partnership and the Partnership’s taxable year for federal income
tax purposes, each of which shall be the calendar year unless otherwise required under the Code. 
 “Percentage
Interest” means, as to a Partner holding a class or series of Partnership Interests, its interest in such class or series as determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of
Partnership Units of such class then outstanding as specified in Exhibit A attached hereto, as such Exhibit A may be amended from time to time. If the Partnership issues additional classes or series of Partnership Interests other
than as contemplated herein, the interest in the Partnership among the classes or series of Partnership Interests shall be determined as set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such
additional classes or series of Partnership Interest, if any, as contemplated by Section 4.03(a). 

“Person” means an individual or a corporation, partnership (general or limited), trust, estate, custodian, nominee,
unincorporated organization, association, limited liability company or any other individual or entity in its own or any representative capacity. 
 “Preferred Share” means a share of capital stock of the General Partner now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and
dissolution, that are superior or prior to the REIT Shares. 
 “Preferred Unit” means a fractional share of the
Partnership Interests that the General Partner has authorized pursuant to Sections 4.01, 4.03 or 4.04 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior
to the OP Units. 
 “Properties” means any assets and property of the Partnership such as, but not limited to,
interests in real property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in
mortgages, and Debt instruments as the Partnership may hold from time to time and “Property” shall mean any one such asset or property. 

  
 14 

 “Publicly Traded” means listed or admitted to trading on the New York Stock
Exchange, the American Stock Exchange, the NASDAQ Stock Market or another national securities exchange or any successor to the foregoing. 
 “Qualified Assets” means any of the following assets: (i) interests, rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii) Debt issued by
the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests in Qualified REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S.
federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a one percent (1%) equity interest in any partnership or limited liability company at least ninety-nine percent
(99%) of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment of administrative expenses or pending distribution to security holders of the General Partner or any wholly owned Subsidiary
thereof or pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries. 

“Qualified REIT Subsidiary” means any Subsidiary of the General Partner that is a “qualified REIT subsidiary”
within the meaning of Code Section 856(i). 
 “Qualified Transferee” means an “Accredited
Investor” as defined in Rule 501 promulgated under the Securities Act. 
 “Recourse Liabilities”
means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-(2)(i) of the Regulations). 

“Redemption” has the meaning set forth in Section 8.06(a) hereof. 

“Regulations” means the applicable income tax regulations under the Code, whether such regulations are in proposed,
temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Regulatory Allocations” has the meaning set forth in Section 6.03(a)(vii) hereof. 
 “REIT” means a real estate investment trust qualifying under Code Section 856. 
 “REIT Payment” has the meaning set forth in Section 15.11 hereof. 
 “REIT Requirements” has the meaning set forth in Section 5.01 hereof. 
 “REIT Share” means Class A REIT Shares and Class B REIT Shares. 
 “REIT Shares Amount” means a number of Class A REIT Shares equal to the product of (a) the number of Tendered Units and (b) the Adjustment Factor in effect on the Specified

  
 15 

 
Redemption Date with respect to such Tendered Units; provided, however, that in the event that the General Partner issues to all holders of REIT Shares as of a certain record
date rights, options, warrants or convertible or exchangeable securities entitling the General Partner’s stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “Rights”),
with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the
relevant Specified Redemption Date, then the REIT Shares Amount shall also include such Rights that a holder of that number of Class A REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of Class A
REIT Shares determined by the General Partner in good faith. 
 “Rights” has the meaning set forth in the
definition of “REIT Shares Amount.” 
 “Securities Act” means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder. 
 “Services Agreement” means any management, development
or advisory agreement with a property and/or asset manager for the provision of property management, asset management, leasing, development and/or similar services with respect to the Properties and any agreement for the provision of services of
accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, financial advisors and other professional services. 
 “Specified Redemption Date” means the 10th Business Day following receipt by the General Partner of a Notice of Redemption; provided, that, if the Class A REIT Shares
are not Publicly Traded, the Specified Redemption Date means the 30th Business Day following receipt by the General Partner of a Notice of Redemption. 
 “Subsidiary” means, with respect to any Person, any other Person (which is not an individual) 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. 
 “Substituted Limited
Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.04 hereof. 
 “Successor Entity” has the meaning set forth in the definition of “Adjustment Factor.” 
 “Tax Items” has the meaning set forth in Section 6.04(a) hereof. 
 “Tendered Units” has the meaning set forth in Section 8.06(a) hereof. 
 “Tendering Partner” has the meaning set forth in Section 8.06(a) hereof. 
 “Tendering Party” has the meaning set forth in Section 8.06(a) hereof. 
 “Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, taken
together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 

  
 16 

 “Termination Transaction” has the meaning set forth in
Section 11.02(b) hereof. 
 “Transaction” shall have the meaning set forth in
Section 4.07(f). 
 “Transfer,” when used with respect to a Partnership Unit, or all or any portion
of a Partnership Interest, means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or
involuntary or by operation of law; provided, however, that when the term is used in Article XI hereof, “Transfer” does not include (a) any Redemption of Partnership Units by the Partnership or the
General Partner, or acquisition of Tendered Units by the General Partner, pursuant to Section 8.06 hereof or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms
“Transferred” and “Transferring” have correlative meanings. 
 “Unvested LTIP
Units” has the meaning set forth in Section 4.06(c)(i) hereof. 
 “Value” means, on any
date of determination with respect to a REIT Share, the average of the daily Market Prices for ten consecutive trading days immediately preceding the date of determination except that, as provided in Section 4.05(b) hereof, the Market
Price for the trading day immediately preceding the date of exercise of a stock option under any Equity Incentive Plan shall be substituted for such average of daily market prices for purposes of Section 4.05 hereof; provided,
however, that for purposes of Section 8.06, the “date of determination” shall be the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the immediately preceding
Business Day. The term “Market Price” on any date shall mean, with respect to any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The “Closing Price” on any date
shall mean the last sale price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the
principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such REIT Shares are listed or admitted to trading or, if such REIT Shares are not listed or admitted to
trading on any national securities exchange, the last quoted price, or, if not so quoted, the principal other automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors of the General Partner or, in the event that no trading price is available for such REIT Shares, the fair
market value of the REIT Shares, as determined in good faith by the Board of Directors of the General Partner. 
 In the event
that the REIT Shares Amount includes Rights that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. 

  
 17 

 “Vested LTIP Units” has the meaning set forth in
Section 4.06(c)(i) hereof. 
 “Vesting Agreement” means each or any, as the context implies, Equity
Incentive Plan entered into by an LTIP Unitholder upon acceptance of an award of LTIP Units under an Equity Incentive Plan. 

ARTICLE II 

ORGANIZATIONAL MATTERS 
 Section 2.01. Organization. The Partnership is a limited partnership organized pursuant to the provisions of the Act and upon the terms and subject to the conditions set forth in this
Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be
personal property for all purposes. 
 Section 2.02. Name. The name of the Partnership is “Empire State Realty
OP, L.P.” The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,”
“LP,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in
its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners. 

Section 2.03. Registered Office and Agent; Principal Office. The address of the registered office of the
Partnership in the State of Delaware is located at 160 Greentree Drive, Suite 101, Dover, Keat County, Delaware 19904, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office is National
Registered Agents, Inc. The principal office of the Partnership is located at One Grand Central Place, 60 E.
42nd Street, New York, New York 10165 or such other place
as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable. 

Section 2.04. Power of Attorney. 
 (a) By executing this Agreement, each Limited Partner and each Assignee irrevocably constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each, and
each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(i) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates,
documents and other instruments (including, 

  
 18 

 
without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form,
qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and in all other
jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or the Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this
Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to
the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the
distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in,
Article XI, Article XII or Article XIII hereof or the Capital Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences
and privileges relating to Partnership Interests; and 
 (ii) execute, swear to, acknowledge and file all ballots, consents,
approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other
action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole and absolute discretion of the General Partner or the Liquidator, to effectuate the terms or intent of
this Agreement. 
 Nothing contained herein shall be construed as authorizing the General Partner or the Liquidator to amend
this Agreement except in accordance with Article XIV hereof or as may be otherwise expressly provided for in this Agreement. 
 (b) The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Limited Partners and Assignees will be
relying upon the power of the General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any
Limited Partner or Assignee and the Transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Units or Partnership Interest and shall extend to such Limited Partner’s or Assignee’s heirs, successors,
assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited
Partner or Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the General Partner or the Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee
shall execute and deliver to the General Partner or the Liquidator, within 15 days after receipt of the General Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the
General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and 

  
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the purposes of the Partnership. Notwithstanding anything else set forth in this Section 2.04(b), no Limited Partner shall incur any personal liability for any action of the General
Partner or the Liquidator taken under such power of attorney. 
 Section 2.05. Term. Pursuant to
Sections 17-201(b) and 17-801 of the Act, the term of the Partnership commenced on November [—], 2011 and shall continue perpetually, unless it is dissolved pursuant to the provisions of
Article XIII hereof or as otherwise provided by law. 
 Section 2.06. Partnership Interests as
Securities. All Partnership Interests shall be securities within the meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable
jurisdiction. 
 ARTICLE III 
 PURPOSE 
 Section 3.01. Purpose and Business. The purpose and
nature of the Partnership is to conduct any business, enterprise or activity permitted by or under the Act; provided, however, such business and arrangements and interests may be limited to and conducted in such a manner as to permit
the General Partner, in its sole and absolute discretion, at all times to be classified as a REIT unless the General Partner, in accordance with its Charter and Bylaws, in its sole discretion has chosen to cease to qualify as a REIT or has chosen
not to attempt to qualify as a REIT for any reason or for reasons whether or not related to the business conducted by the Partnership. Without limiting the General Partner’s right in its sole discretion to cease qualifying as a REIT, the
Partners acknowledge that the qualification of the General Partner as a REIT inures to the benefit of all Partners and not solely to the General Partner or its Affiliates. In connection with the foregoing, the Partnership shall have full power and
authority to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue and guarantee evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or indirectly,
to acquire and construct additional Properties necessary, useful or desirable in connection with its business. 

Section 3.02. Powers. 
 (a) The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and
business described herein and for the protection and benefit of the Partnership. 
 (b) The Partnership may contribute from time
to time Partnership capital to one or more newly formed entities solely in exchange for equity interests therein (or in a wholly owned subsidiary entity thereof). 
 (c) Notwithstanding any other provision in this Agreement, the General Partner may cause the Partnership not to take, or to refrain from taking, any action that, in the judgment of the General Partner, in
its sole and absolute discretion, (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, (ii) could subject the General 

  
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Partner to any additional taxes under Code Section 857 or Code Section 4981 or any other related or successor provision of the Code or (iii) could violate any law or regulation of
any governmental body or agency having jurisdiction over the General Partner, its securities or the Partnership. 

Section 3.03. Partnership Only for Partnership Purposes Specified. This Agreement shall not be deemed to create a company,
venture or partnership between or among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.01 hereof. Except as otherwise provided in this
Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement,
shall be responsible or liable for any indebtedness or obligation of another Partner, and the Partnership shall not be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and
delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 

Section 3.04. Representations and Warranties by the Parties. 

(a) Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to
becoming an Additional Limited Partner or a Substituted Limited Partner, respectively) represents and warrants to, and covenants with, each other Partner that (i) the consummation of the transactions contemplated by this Agreement to be
performed by such Partner will not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which such
Partner is subject, (ii) subject to the last sentence of this Section 3.04(a), such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a “foreign partner” within the meaning
of Code Section 1446(e), (iii) such Partner does not own, directly or indirectly, (a) 9.8% or more of the total combined voting power of all classes of stock entitled to vote, or 9.8% or more of the total number of shares of all
classes of stock, of any corporation that is a tenant of either (I) the General Partner or any Qualified REIT Subsidiary, (II) the Partnership or (III) any partnership, venture or limited liability company of which the General
Partner, any Qualified REIT Subsidiary or the Partnership is a direct or indirect member or (b) an interest of 9.8% or more in the assets or net profits of any tenant of either (I) the General Partner or any Qualified REIT Subsidiary,
(II) the Partnership or (III) any partnership, venture, or limited liability company of which the General Partner, any Qualified REIT Subsidiary or the Partnership is a direct or indirect member, (iv) such Partner has the legal
capacity to enter into this Agreement and perform such Partner’s obligations hereunder and (v) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. Notwithstanding anything contained herein to
the contrary, in the event that the representation contained in the foregoing clause (ii) would be inaccurate if given by a Partner, such Partner (w) shall not be required to make and shall not be deemed to have made such representation,
if it delivers to the General Partner in connection with or prior to its execution of this Agreement written notice that it may not truthfully make such representation, (x) hereby agrees that it is subject to, and hereby authorizes the General
Partner to withhold, all withholdings to which such a “foreign person” or “foreign partner,” as applicable, is subject 

  
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under the Code and (y) hereby agrees to cooperate fully with the General Partner with respect to such withholdings, including by effecting the timely completion and delivery to the General
Partner of all governmental forms required in connection therewith. 
 (b) Each Partner (including, without limitation, each
Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents, warrants and agrees that it has acquired and continues to hold its interest in the
Partnership for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise
distributing such interest or any part thereof at any particular time or under any predetermined circumstances in violation of applicable laws. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to
handling sophisticated financial and tax matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it
understands to be a highly speculative and illiquid investment. 
 (c) The representations and warranties contained in
Sections 3.04(a) and 3.04(b) hereof shall survive the execution and delivery of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional
Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the dissolution, liquidation and termination of the Partnership. 
 (d) Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner)
hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by the General Partner, any Partner or any employee or
representative or Affiliate of the General Partner or any Partner, and that projections and any other information, including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted to
such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 
 (e)
Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, permit the modification of any of the representations and warranties contained in Sections 3.04(a) and 3.04(b) above as applicable to any
Partner (including, without limitation any Additional Limited Partner or Substituted Limited Partner or any transferee of either), provided, that such representations and warranties, as modified, shall be set forth in either (i) a
Partnership Unit Designation applicable to the Partnership Units held by such Partner or (ii) a separate writing addressed to the Partnership and the General Partner. 

  
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 ARTICLE IV 
 CAPITAL CONTRIBUTIONS 
 Section 4.01. Capital Contributions of the
Partners. 
 (a) Capital Contributions. Each Partner has made a Capital Contribution to the Partnership and owns
Partnership Units in the amount and designation set forth for such Partner on Exhibit A, as the same may be amended from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges, conversions or
other Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect on a Partner’s ownership of Partnership Units. Except as provided by law or in Section 4.04,
10.04 or 13.02(d) hereof, the Partners shall have no obligation or right to make any additional Capital Contributions or loans to the Partnership. 
 (b) General Partnership Interest. A number of Partnership Units held by the General Partner equal to one percent (1%) of all outstanding OP Units shall be deemed to be the General Partner
Interest of the General Partner. All other Partnership Units held by the General Partner shall be deemed to be Limited Partner Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership. 

Section 4.02. Classes and Series of Partnership Units. From and after the Effective Date, until such time as additional
classes or series of Partnership Units are created pursuant to Section 4.03(a) below, the Partnership shall have two classes of Partnership Units, entitled “OP Units” and “LTIP Units.” Subject to
Section 4.06, OP Units, LTIP Units, or Partnership Units of any additional class or series, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for any Capital
Contributions by such Partners and/or the provision of services by such Partners; provided, that any Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be an OP Unit.

 Section 4.03. Issuances of Additional Partnership Interests. 

(a) General. Notwithstanding Section 7.03(b) hereof, the General Partner is hereby authorized to cause the Partnership
to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other Persons, and to admit such Persons as Additional
Limited Partners, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. Without limiting the foregoing, the
General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any Debt, Partnership Units or other securities issued by the Partnership, (ii) for less than
fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership and (iii) in connection with any merger of any other Person into the Partnership or
any Subsidiary of the Partnership if the applicable merger agreement provides that Persons are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any Subsidiary of the Partnership. Subject

  
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to Delaware law, any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative,
participating, optional or other special rights, powers and duties as shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner, and set forth in a written document thereafter
attached to and made an exhibit to this Agreement which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit Designation”). Without limiting the generality of
the foregoing, the General Partner shall have authority to specify (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (b) the right of each such class
or series of Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the
Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership Interests. Nothing in this
Agreement shall prohibit the General Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that such issuance is in the best interest of the Partnership. Upon the issuance of any
additional Partnership Interest, the General Partner shall amend Exhibit A as appropriate to reflect such issuance. 

(b) Issuances to the General Partner. No additional Partnership Units shall be issued to the General Partner unless (i) the
additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests with respect to the class of Partnership Units so issued, (ii) (a) the additional Partnership Units are (x) OP Units issued in
connection with an issuance of REIT Shares or (y) Partnership Units (other than OP Units) issued in connection with an issuance of Preferred Shares, Junior Shares, New Securities or other interests in the General Partner (other than REIT
Shares), which Preferred Shares, Junior Shares, New Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and
provisions of the additional Partnership Units issued to the General Partner and (b) the General Partner directly or indirectly contributes or otherwise causes to be transferred to the Partnership the cash proceeds or other consideration, if
any, received in connection with the issuance of such REIT Shares, Preferred Shares, Junior Shares, New Securities or other interests in the General Partner or (iii) the additional Partnership Units are issued upon the conversion, redemption or
exchange of Debt, Partnership Units or other securities issued by the Partnership. In the event that the Partnership issues additional Partnership Units pursuant to this Section 4.03(b), the General Partner shall make such revisions to
this Agreement (including but not limited to the revisions described in Sections 6.02(b) and 8.06) as it determines are necessary to reflect the issuance of such additional Partnership Interests, without the approval of any
Limited Partner. 
 (c) No Preemptive Rights. No Person, including, without limitation, any Partner or Assignee, shall
have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

  
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 Section 4.04. Additional Funds and Capital Contributions. 

(a) General. The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds
(“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine in its sole and absolute discretion.
Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.04 without the approval of any Limited Partners. 

(b) Additional Capital Contributions. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by
accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue additional
Partnership Units (as set forth in Section 4.03 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the issuance of such additional Partnership Units.

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

(d) General Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to the General Partner (a “General Partner Loan”), if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and
conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner, the net proceeds of which are loaned to the Partnership to provide such Additional Funds or (ii) such Debt is on terms and conditions no
less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if (a) a breach, violation or default of such Debt
would be deemed to occur by virtue of the Transfer by any Limited Partner of any Partnership Interest or (b) such Debt is recourse to any Partner (unless the Partner otherwise agrees). 

(e) Issuance of Securities by the General Partner. The General Partner shall not issue any additional REIT Shares, Preferred
Shares, Junior Shares or New Securities unless the General Partner contributes directly or indirectly the cash proceeds or other consideration, if any, received from the issuance of such additional REIT Shares, Preferred Shares, Junior Shares or New
Securities, as the case may be, and from the exercise of the rights contained in any such additional New Securities, to the Partnership in exchange for (x) in the case of an issuance of REIT Shares, Partnership Units or (y) in the case of
an issuance of Preferred Shares, Junior Shares or New Securities, Partnership Units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and
provisions of such Preferred Shares, Junior 

  
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Shares or New Securities; provided, however, that notwithstanding the foregoing, the General Partner may issue REIT Shares, Preferred Shares, Junior Shares or New Securities
(a) pursuant to Section 4.05 or 8.06(b) hereof, (b) pursuant to a dividend or distribution (including any stock split) wholly or partly of REIT Shares, Preferred Shares, Junior Shares or New Securities to all of the
holders of REIT Shares, Preferred Shares, Junior Shares or New Securities, as the case may be, (c) upon a conversion, redemption or exchange of Preferred Shares, (d) upon a conversion of Junior Shares into REIT Shares, (e) upon a
conversion, redemption, exchange or exercise of New Securities or, (f) pursuant to share grants or awards made pursuant to any equity incentive plan of the General Partner. In the event of any issuance of additional REIT Shares, Preferred
Shares, Junior Shares or New Securities by the General Partner, and the direct or indirect contribution to the Partnership, by the General Partner, of the cash proceeds or other consideration received from such issuance, if any, the Partnership
shall pay the General Partner’s expenses associated with such issuance, including any underwriting discounts or commissions (it being understood that if the proceeds actually received by the General Partner are less than the gross proceeds of
such issuance as a result of any underwriter’s discount or other expenses paid or incurred by the General Partner in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership
in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to Section 7.04(b) for the amount of such underwriter’s discount or other
expenses). Nothing in this Agreement shall prohibit the General Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that such issuance is in the best interest of the Partnership.

 (f) Redemption of Securities of the General Partner. Except as otherwise provided in Section 8.06(b), if,
at any time, any REIT Shares, Preferred Shares, Junior Shares or New Securities are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the General Partner for cash, the
Partnership shall, immediately prior to such redemption or repurchase, redeem or repurchase an equal number of Partnership Units held by the General Partner, in the case of REIT Shares, or, in the case of Preferred Shares, Junior Shares or New
Securities, an equal number of Partnership Units held by the General Partner with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and
provisions of such Preferred Shares, Junior Shares or New Securities upon the same terms and for the same price per Partnership Unit as such REIT Shares, Preferred Shares, Junior Shares or New Securities are redeemed. If, at any time, any REIT
Shares are redeemed or otherwise repurchased by the General Partner, the Partnership shall, immediately prior to such redemption or repurchase, redeem or repurchase a number of Partnership Units held by the General Partner equal to the quotient of
(i) the REIT Shares so redeemed or repurchased, divided by (ii) the Adjustment Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Partnership Unit (after giving effect to application
of the Adjustment Factor) as such REIT Shares are redeemed or repurchased. 
 Section 4.05. Equity Incentive Plan.

 (a) Options Granted to General Partner Employees and Independent Directors. If at any time or from time to time, in
connection with an Equity Incentive Plan, a stock option granted for REIT Shares to a General Partner Employee or Independent Director is duly exercised: 
 (i) the General Partner shall, as soon as practicable after such exercise, make or cause to be made directly or indirectly a Capital Contribution to the Partnership in an amount equal to the exercise
price paid to the General Partner by such exercising party in connection with the exercise of such stock option. 

  
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 (ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to
Section 4.05(a)(i) hereof, the General Partner shall be deemed to have contributed directly or indirectly to the Partnership, as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as
additional Partnership Units), an amount equal to the Value of a Class A REIT Share as of the date of exercise multiplied by the number of Class A REIT Shares then being issued in connection with the exercise of such stock option.

 (iii) An equitable Percentage Interest adjustment shall be made in which the General Partner shall be treated as having made
a cash contribution equal to the amount described in Section 4.05(a)(ii) hereof. 
 (b) Special Valuation
Rule. For purposes of this Section 4.05, in determining the Value of a Class A REIT Share, only the trading date immediately preceding the exercise of the relevant stock option under the Equity Incentive Plan shall be
considered. 
 (c) Future Equity Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or
restrain the General Partner from adopting, modifying or terminating any Equity Incentive Plan, for the benefit of employees, directors or other business associates of the General Partner, the Partnership or any of their Affiliates. The Limited
Partners acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the General Partner, amendments to this Section 4.05 may become necessary or advisable and that any approval or consent of the
Limited Partners required pursuant to the terms of this Agreement in order to effect any such amendments requested by the General Partner shall not be unreasonably withheld or delayed. 

Section 4.06. LTIP Units. 
 (a) Issuance of LTIP Units. The General Partner may from time to time issue LTIP Units, in one or more classes or series established in accordance with Section 4.03, to Persons who
provide services to the Partnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Any provision herein relating to LTIP Units or LTIP Unitholders may be varied by the
provisions applicable to an individual class or series of LTIP Units. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each LTIP Unit is intended to qualify as a profits interest in the Partnership within the meaning
of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this Section 4.06 and the special provisions of Sections 4.07 and 6.03(c), LTIP Units
shall be treated as OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ 

  
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Percentage Interests, holders of LTIP Units shall be treated as holders of OP Units and LTIP Units shall be treated as OP Units. In particular, the Partnership shall maintain at all times a
one-to-one correspondence between LTIP Units and OP Units for conversion, distribution and other purposes, including without limitation complying with the following procedures: 

(i) If an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units
to maintain the same correspondence between OP Units and LTIP Units as existed prior to such Adjustment Event. The following shall be Adjustment Events: (A) the Partnership makes a distribution on all outstanding OP Units in Partnership Units,
(B) the Partnership subdivides the outstanding OP Units into a greater number of units or combines the outstanding OP Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding
OP Units by way of a reclassification or recapitalization of its OP Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment
Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or other similar business
transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or (z) the issuance of any Partnership Units to the General Partner in respect of a capital
contribution to the Partnership of proceeds from the sale of securities by the General Partner. If the Partnership takes an action affecting the OP Units other than actions specifically described above as “Adjustment Events” and in
the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment to the LTIP Units, to the extent
permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided
the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence
of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such
adjustment; and 
 (ii) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect
to any particular class or series of LTIP Units, the LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP
Unit equal to the distributions per OP Unit (the “Partnership Unit Distribution”), paid to holders of OP Units on such Partnership Record Date established by the General Partner with respect to such distribution. So long as any LTIP
Units are outstanding, no distributions (whether in cash or in kind) shall be authorized, declared or paid on OP Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the LTIP Units. Subject to the
terms of any LTIP Award or Vesting Agreement, an LTIP Unitholder shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of OP Units are entitled to transfer their OP Units pursuant to
Article XI of this Agreement. 

  
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 (b) Priority. Subject to the provisions of this Section 4.06 and the
special provisions of Section 6.03(c), the LTIP Units shall rank pari passu with the OP Units as to the payment of regular and special periodic or other distributions and, subject to Sections 13.02(a)(iv) and
13.02(c) distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units or
Partnership Interests which by its terms specifies that it shall rank junior to, on a parity with, or senior to the OP Units shall also rank junior to, or pari passu with, or senior to, as the case may be, the LTIP Units. 

(c) Special Provisions. LTIP Units shall be subject to the following special provisions: 

(i) Vesting Agreements. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture
and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment
imposed by the relevant Vesting Agreement or by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP Units;” all other LTIP Units shall be
treated as “Unvested LTIP Units.” 
 (ii) Forfeiture. Unless otherwise specified in the Vesting
Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP
Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as
cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared
with respect to a Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to
all of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.03(c), calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any. 

(iii) Allocations. LTIP Unitholders shall be entitled to certain special allocations of gain under Section 6.03(c).

 (iv) Redemption. The Redemption right provided to Limited Partners under Section 8.06 shall not apply
with respect to LTIP Units unless and until they are converted to OP Units as provided in clause (v) below and Section 4.07. 
 (v) Conversion to OP Units. Vested LTIP Units are eligible to be converted into OP Units under Section 4.07. 

  
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 (d) Voting. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the
General Partner with respect to any particular class or series of LTIP Units, LTIP Unitholders shall (a) have the same voting rights as a holder of OP Units, with the LTIP Units voting as a single class with the OP Units and having one vote per
LTIP Unit; and (b) have the additional voting rights that are expressly set forth below. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series of LTIP Units, so
long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of the LTIP Units outstanding at the time that would be adversely affected by the proposed action, given in
person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units as such so as to materially and
adversely affect any right, privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately in all material respects the rights, privileges and
voting powers of the holders of OP Units; but subject, in any event, to the following provisions: 
 (i) With respect to any
Transaction, so long as the LTIP Units are treated in accordance with Section 4.07(f) hereof, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting
powers of the LTIP Units or the LTIP Unitholders as such; and 
 (ii) Any creation or issuance of any Partnership Units or of
any class or series of Partnership Interest including without limitation additional OP Units, LTIP Units or Preferred Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and the distribution
of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. 

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise
be required will be effected, all outstanding LTIP Units shall have been converted into OP Units. 
 Section 4.07.
Conversion of LTIP Units. 
 (a) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General
Partner with respect to any particular class or series of LTIP Units, an LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units
into OP Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such
holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into OP Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an
event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless
subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into OP Units. In all cases, the conversion
of any LTIP Units into OP Units shall be subject to the conditions and procedures set forth in this Section 4.07. 

  
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 (b) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General
Partner with respect to any particular class or series of LTIP Units, a holder of Vested LTIP Units may convert such Units into an equal number of fully paid and nonassessable OP Units, giving effect to all adjustments (if any) made pursuant to
Section 4.06. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent
attributable to its ownership of LTIP Units, divided by (y) the OP Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”). In order to exercise his or her
Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as Exhibit D to the Partnership (with a copy to the General Partner) not less than 10 nor more than 60 days
prior to a date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Transaction (as
defined below in Section 4.07(f)) at least 30 days prior to the effective date of such Transaction, then LTIP Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the 10th day after such
notice from the General Partner of a Transaction or (y) the third business day immediately preceding the effective date of such Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.01. Each LTIP
Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 4.07(b) shall be free and clear of all liens. Notwithstanding anything herein to the contrary, a holder of LTIP
Units may deliver a Notice of Redemption pursuant to Section 8.06(a) of this Agreement relating to those OP Units that will be issued to such holder upon conversion of such LTIP Units into OP Units in advance of the Conversion Date;
provided, however, that the redemption of such OP Units by the Partnership shall in no event take place until after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder
in a position where, if he or she so wishes, the OP Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner
elects to assume the Partnership’s redemption obligation with respect to such OP Units under Section 8.06(b) of this Agreement by delivering to such holder Class A REIT Shares rather than cash, then such holder can have such
Class A REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into OP Units. The General Partner shall reasonably cooperate with an LTIP Unitholder to coordinate the timing of the different events
described in the foregoing sentence. 
 (c) The Partnership, at any time at the election of the General Partner, may cause any
number of Vested LTIP Units held by an LTIP Unitholder to be converted (a “Forced Redemption”) into an equal number of OP Units, giving effect to all adjustments (if any) made pursuant to Section 4.06;
provided, however, that the Partnership may not cause Forced Redemption of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.07(b). In
order to exercise its right of Forced Redemption, the Partnership shall deliver a notice (a “Forced Redemption Notice”) in the form attached as Exhibit E to the applicable LTIP Unitholder not less than 10 nor more than
60 days prior to the Conversion Date specified in such Forced Redemption Notice. A Forced Redemption Notice shall be provided in the manner provided in Section 15.01. 

  
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 (d) A conversion of Vested LTIP Units for which the holder thereof has given a Conversion
Notice or the Partnership has given a Forced Redemption Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder
shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of OP Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership
shall deliver to such LTIP Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of OP Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee of
any Limited Partner pursuant to Article XI hereof may exercise the rights of such Limited Partner pursuant to this Section 4.07 and such Limited Partner shall be bound by the exercise of such rights by the Assignee.

 (e) For purposes of making future allocations under Section 6.03(c) and applying the Capital Account Limitation,
the portion of the Economic Capital Account balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and
the OP Unit Economic Balance. 
 (f) If the Partnership or the General Partner shall be a party to any transaction (including
without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all OP Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding
any transaction which constitutes an Adjustment Event) in each case as a result of which OP Units shall be exchanged for or converted into the right, or the holders of such Units shall otherwise be entitled, to receive cash, securities or other
property or any combination thereof (any of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Forced Redemption with
respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Partnership were
sold at the Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the Transaction (in which case the Conversion Date shall be the
effective date of the Transaction). 
 In anticipation of such Forced Redemption and the consummation of the Transaction, the
Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Transaction in consideration for the OP Units into which his or her LTIP Units will be converted the same
kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a holder of the same number of OP Units, assuming such holder of OP Units is not a Person with which the
Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent Person. In
the event that holders of 

  
 32 

 
OP Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt
written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon
conversion of each LTIP Unit held by such holder into OP Units in connection with such Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held
by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a OP Unit would receive if such OP Unit holder failed to make such an election. 

Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the
Partnership shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the provisions of this Section 4.07(f) and to enter into an agreement with the successor or purchasing entity, as the case
may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into OP Units in connection with the Transaction that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such
Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the OP Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation,
conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders. 
 Section 4.08. No
Interest; No Return. No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account. Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its
Capital Contribution from the Partnership. 
 Section 4.09. Other Contribution Provisions. In the event that any
Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, unless otherwise determined by the General Partner in its sole and absolute discretion, such transaction shall be treated by
the Partnership and the affected Partner as if the Partnership had compensated such partner in cash and such Partner had contributed the cash to the capital of the Partnership. In addition, with the consent of the General Partner, one or more
Limited Partners may enter into contribution agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership. 
 Section 4.10. Not Publicly Traded. The General Partner, on behalf of the Partnership, shall use its best efforts not to take any action which would result in the Partnership being a
“publicly traded partnership” under and as such term is defined in Code Section 7704(b), and by reason thereof, taxable as a corporation. 
 Section 4.11. 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 

  
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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 V 
 DISTRIBUTIONS 

Section 5.01. Requirement and Characterization of Distributions. Subject to the terms of any Partnership Unit Designation,
the General Partner may cause the Partnership to distribute at least quarterly all, or such portion as the General Partner may in its sole and absolute discretion determine, of Available Cash generated by the Partnership during such quarter to the
Holders of Partnership Units on such Partnership Record Date with respect to such quarter: (1) first, with respect to any Partnership Interests that are entitled to any preference in distribution, in accordance with the rights of such class(es)
of Partnership Interests (and, within such class(es), pro rata in proportion to the respective Percentage Interests on such Partnership Record Date) and (2) second, with respect to any Partnership Interests that are not entitled to any
preference in distribution, in accordance with the rights of such class of Partnership Interests (and, within such class, pro rata in proportion to the respective Percentage Interests on such Partnership Record Date). At the election of the
General Partner, distributions payable with respect to any Partnership Units that were not outstanding during the entire quarterly period in respect of which any distribution is made may be prorated based on the portion of the period that such
Partnership Units were outstanding. 
 The General Partner in its sole and absolute discretion may distribute to the Holders Available Cash on a
more frequent basis and provide for an appropriate Partnership Record Date. Notwithstanding anything herein to the contrary, the General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and
consistent with its qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable the General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will
(a) satisfy the requirements for its qualification as a REIT under the Code and Regulations (the “REIT Requirements”) and (b) except to the extent otherwise determined by the General Partner, in its sole and absolute
discretion, avoid any federal income or excise tax liability of the General Partner. 
 Section 5.02. Interests in
Property not Held Through the Partnership. To the extent amounts distributed by the Partnership are attributable to amounts received from a property in which the General Partner or any Affiliate of the General Partner holds a direct or indirect

  
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interest (other than through the Partnership) (an “Outside Interest”), (i) such amounts distributed to the General Partner will be reduced so as to take into account amounts
received pursuant to the Outside Interest and (ii) the amounts distributed to the Limited Partners will be increased to the extent necessary so that the overall effect of the distribution is to distribute what would have been distributed had
such Outside Interest been held through the Partnership (treating any distribution made in respect of the Outside Interest as if such distribution had been received by the General Partner). 

Section 5.03. Distributions In-Kind. No right is given to any Partner to demand and receive property other than cash as
provided in this Agreement. The General Partner may determine, in its sole and absolute discretion, to make a distribution in-kind of Partnership assets to the Holders, and such assets shall be distributed in such a fashion as to ensure that the
fair market value is distributed and allocated in accordance with Articles V, VI and X hereof. 

Section 5.04. Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of any state or local tax law and
Section 10.04 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to Section 5.01 hereof for all purposes under this Agreement.

 Section 5.05. Distributions Upon Liquidation. Notwithstanding the other provisions of this Article V,
net proceeds from a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders in accordance with
Section 13.02 hereof. 
 Section 5.06. Distributions to Reflect Issuance of Additional Partnership
Units. Notwithstanding Section 7.03(b) hereof, in the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, subject to Section 7.03(d), the General
Partner is hereby authorized to make such revisions to this Article V as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential
distributions to certain classes of Partnership Units. 
 Section 5.07. Restricted Distributions. Notwithstanding
any provision to the contrary contained in this Agreement, neither the Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder on account of its Partnership Interest or interest in Partnership Units
if such distribution would violate Section 17-607 of the Act or other applicable law. 
 ARTICLE VI 

ALLOCATIONS 
 Section 6.01. Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year of
the Partnership as of the end of each such year. Except as otherwise provided in this Article VI, and subject to Section 11.06(c) hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an
allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

  
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 Section 6.02. General Allocations. 

(a) Allocations of Net Income and Net Loss. 
 (i) Net Income. Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated in the following order and priority: 

(A) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to
subparagraph (ii)(F) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(A); 
 (B) Second, to each DRO Partner until the cumulative Net Income allocated to such DRO Partner pursuant to this subparagraph (i)(B) equals the cumulative Net Loss allocated to such DRO Partner under
subparagraph (ii)(E) below (and, among the DRO Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all DRO Partners pursuant to subparagraph (ii)(E) below); 

(C) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this
subparagraph (i)(C) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(D) below; 
 (D) Fourth, to the holders of any Partnership Interests that are entitled to any preference in distribution upon liquidation until the cumulative Net Income allocated under this subparagraph (i)(D)
equals the cumulative Net Loss allocated to such Partners under subparagraph (ii)(C); 
 (E) Fifth, to the holders of any
Partnership Units that are entitled to any preference in distribution in accordance with the rights of any other class of Partnership Units until each such Partnership Unit has been allocated, on a cumulative basis pursuant to this
subparagraph (i)(E), Net Income equal to the amount of distributions received which are attributable to the preference of such class of Partnership Unit (and, within such class, pro rata in proportion to the respective Percentage
Interests as of the last day of the period for which such allocation is made); and 
 (F) Thereafter, with respect to
Partnership Units that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and,
within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made). 

  
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 (ii) Net Loss. Except as otherwise provided herein, Net Loss for any Partnership
Year or other applicable period shall be allocated in the following order and priority: 
 (A) First, to each holder of
Partnership Units in proportion to and to the extent of the amount by which the cumulative Net Income allocated to such Partner pursuant to subparagraph (i)(F) above exceeds, on a cumulative basis, the sum of (a) distributions with respect
to such Partnership Units pursuant to clause (2) of Section 5.01 and (b) Net Loss allocated to such Partner pursuant to this subparagraph (ii)(A); 
 (B) Second, with respect to classes of Partnership Units that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution,
pro rata to each such class in accordance with the terms of such class (and within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made);
provided, that Net Loss shall not be allocated to any Partner pursuant to this subparagraph (ii)(B) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing
Adjusted Capital Account Deficit) (determined in each case (1) with respect to a Partner who also holds classes of Partnership Units that are entitled to any preferences in distribution upon liquidation, by subtracting from such Partners’
Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation and (2) by not including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with
respect to any deficit in its Capital Account pursuant to Section 13.02(d)) at the end of such Partnership Year or other applicable period; 
 (C) Third, with respect to classes of Partnership Units that are entitled to any preference in distribution upon liquidation, in reverse order of the priorities of each such class (and within each such
class, pro rata in proportion to their respective Percentage Interests as of the last day of the period for which such allocation is being made); provided, that Net Loss shall not be allocated to any Partner pursuant to this
subparagraph (ii)(C) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case by not including in the
Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to Section 13.02(d)) at the end of such Partnership Year or
other applicable period; 
 (D) Fourth, to the General Partner in an amount equal to the excess of (a) the amount of the
Partnership’s Recourse Liabilities over (b) the aggregate DRO Amounts of all DRO Partners; 
 (E) Fifth, to and among
the DRO Partners, in proportion to their respective DRO Amounts, until such time as the DRO Partners as a group have been allocated cumulative Net Loss pursuant to this subparagraph (ii)(E) equal to the aggregate DRO Amounts of all DRO
Partners; and 
 (F) Thereafter, to the General Partner. 

  
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 (b) Allocations to Reflect Issuance of Additional Partnership Units. Notwithstanding
Section 7.03(b) hereof, in the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, the General Partner is hereby authorized to make such revisions to this
Section 6.02 as it determines are necessary or desirable to reflect the terms of the issuance of such additional Partnership Units. 
 Section 6.03. Additional Allocation Provisions. Notwithstanding the foregoing provisions of this Article VI: 

(a) Regulatory Allocations. 
 (i) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.02 hereof, or any other provision of this
Article VI, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an
amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.03(a)(i) is intended to qualify as a
“minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (ii) Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4) or in Section 6.03(a)(i) hereof, if there is a net decrease in Partner
Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations
Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable
to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each General
Partner, Limited Partner and other Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.03(a)(ii) is intended to qualify as
a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 
 (iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holders of OP Units in accordance with
their OP Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse
Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

  
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 (iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment,
allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an
amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible. It is intended that this Section 6.03(a)(iv) qualify and be construed as a
“qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (v) Gross Income Allocation. In the event that any Holder has an Adjusted Capital Account Deficit at the end of any Partnership Year, each such Holder shall be specially allocated items of
Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible. 
 (vi)
Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its interest in the
Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially
allocated to the Holders in accordance with their Partnership Units in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holders to whom such distribution was made in the event that Regulations
Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (vii) Curative Allocations. The allocations set forth in
Sections 6.03(a)(i), (ii), (iii), (iv), (v), and (vi) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of
Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Section 6.01 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the
Holders of Partnership Units so that to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder of a
Partnership Unit shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred. 
 (b) Allocation of Excess Nonrecourse Liabilities. The Partnership shall allocate “nonrecourse liabilities” (within the meaning of Regulations Section 1.752-1(a)(2)) of the
Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations Section 1.752-3(a)(3) and (b). The Partnership shall allocate “excess nonrecourse
liabilities” of the Partnership under any method approved under Regulations Section 1.752-3(a)(3) as chosen by the General Partner. 
 (c) Special Allocations Regarding LTIP Units. Notwithstanding the provisions of Section 6.02 above, Liquidating Gains shall first be allocated to the LTIP Unitholders until the Economic
Capital Account Balances of such Holders, to the extent 

  
 39 

 
attributable to their ownership of LTIP Units, are equal to (i) the OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For this purpose, “Liquidating
Gains” means net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment
to the Gross Asset Value of Partnership assets under Code Section 704(b). The “Economic Capital Account Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their
ownership of LTIP Units, plus the amount of their allocable share of any Partner Minimum Gain or Partnership Minimum Gain attributable to such LTIP Units. Similarly, the “OP Unit Economic Balance” shall mean (i) the Capital
Account balance of the General Partner, plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of OP Units and
computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under this Section 6.03(c) (including, without limitation, any expenses of the Partnership reimbursed to the
General Partner pursuant to Section 7.04(b)), divided by (ii) the number of the General Partner’s OP Units. Any such allocations shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to
each under this Section 6.03(c). The parties agree that the intent of this Section 6.03(c) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance
associated with the General Partner’s OP Units (on a per-OP Unit/LTIP Unit basis). The General Partner shall be permitted to interpret this Section 6.03(c) or to amend this Agreement to the extent necessary and consistent with this
intention. 
 (d) Allocations to Reflect Outside Interests. Any income or loss to the Partnership associated with an
Outside Interest shall be specially allocated so as to take into account amounts received by, and income or loss allocated to, the General Partner or any Affiliate of the General Partner with respect to such Outside Interest so that the overall
effect is to allocate income or loss in the same manner as would have occurred had such Outside Interest been held through the Partnership (treating any allocation in respect of the Outside Interest as if such allocation had been made to the General
Partner). 
 Section 6.04. Tax Allocations. 

(a) In General. Except as otherwise provided in this Section 6.04, for income tax purposes under the Code and the
Regulations each Partnership item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders of Partnership Units in the same manner as its correlative item of “book” income, gain,
loss or deduction is allocated pursuant to Sections 6.02 and 6.03 hereof. 
 (b) Allocations Respecting
Section 704(c) Revaluations. Notwithstanding Section 6.04(a) hereof, Tax Items with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing
Partner immediately preceding the date of contribution shall be allocated among the Holders of Partnership Units for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation.
The Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner, including, without limitation, the “remedial allocation method”

  
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as described in Regulations Section 1.704-3(d); provided, however, that the “traditional method” shall be used for any assets acquired by the Partnership
pursuant to the contribution, merger and other contracts and agreements entered into by the Partnership or the General Partner in connection with the IPO. In the event that the Gross Asset Value of any partnership asset is adjusted pursuant to
subsection (b) of the definition of “Gross Asset Value” (provided in Article I hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the
adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations or under any method approved under Code Section 7.04(c) and the applicable Regulations as chosen by the
General Partner. 
 ARTICLE VII 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
 Section 7.01.
Management. 
 (a) Except as otherwise expressly provided in this Agreement, all management powers over the business and
affairs of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The
General Partner may not be removed by the Partners with or without cause, except with the consent of the General Partner. In addition to the powers now or hereafter granted to a general partner of a limited partnership under applicable law or that
are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, without limitation, Section 7.03, shall have full power and authority to do all things
deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.02 hereof and to effectuate the purposes set forth in Section 3.01 hereof, including, without
limitation: 
 (i) the making of any expenditures, the lending or borrowing of money (including, without limitation, making
prepayments on loans and borrowing money or selling assets to permit the Partnership to make distributions in such amounts as will permit the General Partner (so long as the General Partner desires to maintain or restore its qualification as a REIT)
to avoid the payment of any income or excise tax under the Code and to make distributions to its stockholders sufficient to permit the General Partner to maintain or restore REIT qualification or otherwise to satisfy the REIT Requirements), the
assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust or other lien or encumbrance on the
Partnership’s assets) and the incurring of any obligations that it deems necessary for the conduct of the activities of the Partnership; 
 (ii) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership, the
registration of any class of securities of the Partnership under the Exchange Act and the listing of any debt securities of the Partnership on any exchange; 

  
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 (iii) subject to Section 11.02 hereof, the acquisition, sale, lease, transfer,
exchange or other disposition of any, all or substantially all of the assets of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in
connection with any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 

(iv) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the
Partnership in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this
Agreement and on any terms that it sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons
(including, without limitation, the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the making of capital
contributions to and equity investments in the Partnership’s Subsidiaries; 
 (v) the use of the assets of the Partnership
(including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the General Partner, the
Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the General Partner and its Subsidiaries and the Partnership’s Subsidiaries) and the repayment of obligations of
the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; 
 (vi) the management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement of any Property, including, without limitation, any Contributed Property, or other asset of
the Partnership or any Subsidiary, whether pursuant to a Services Agreement or otherwise; 
 (vii) the negotiation, execution
and performance of any contracts, leases, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under
this Agreement, including contracting with contractors, developers, consultants, government authorities, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the
Partnership’s assets; 
 (viii) the distribution of Partnership cash or other Partnership assets in accordance with this
Agreement, the holding, management, investment and reinvestment of cash and other assets of the Partnership and the collection and receipt of revenues, rents and income of the Partnership; 

(ix) the maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the
Partnership and the Partners (including, without limitation, the General Partner) as the General Partner deems necessary or appropriate, including, without limitation, (i) casualty, liability and other insurance on the Properties and
(ii) liability insurance for the Indemnitees hereunder; 

  
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 (x) the formation of, or acquisition of an interest in, and the contribution of property
to, any further limited or general partnerships, limited liability companies, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of
property to, any Subsidiary and any other Person in which it has an equity investment from time to time); provided, however, that as long as the General Partner desires to maintain or restore its qualification as a REIT, the
General Partner may not engage in any such formation, acquisition or contribution that would cause it to fail to qualify as a REIT; 
 (xi) the filing of applications, communicating and otherwise dealing 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; 
 (xii) the control of any matters affecting the rights and obligations of the
Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the
commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations
or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

(xiii) the undertaking of any action in connection with the Partnership’s direct or indirect investment in any Subsidiary or any
other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 
 (xiv)
except as otherwise specifically set forth in this Agreement, the determination of the fair market value of any Partnership property distributed in-kind using such reasonable method of valuation as it may adopt; provided, that such
methods are otherwise consistent with the requirements of this Agreement; 
 (xv) the enforcement of any rights against any
Partner pursuant to representations, warranties, covenants and indemnities relating to such Partner’s contribution of property or assets to the Partnership; 
 (xvi) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power-of-attorney, of any right, including the right to vote, appurtenant to any asset or
investment held by the Partnership; 
 (xvii) the exercise of any of the powers of the General Partner enumerated in this
Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

  
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 (xviii) the exercise of any of the powers of the General Partner enumerated in this
Agreement on behalf of any Person in which the Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (xix) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure Debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties,
indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

(xx) the issuance of additional Partnership Units, as appropriate and in the General Partner’s sole and absolute discretion, in
connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article IV hereof; 
 (xxi) the selection and dismissal of General Partner Employees (including, without limitation, employees having titles or offices such as president, vice president, secretary and treasurer), and agents,
outside attorneys, accountants, consultants and contractors of the Partnership or the General Partner, the determination of their compensation and other terms of employment or hiring and the delegation to any such General Partner Employee the
authority to conduct the business of the Partnership in accordance with the terms of this Agreement; 
 (xxii) the distribution
of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited Partner’s exercise of its Redemption right under Section 8.06 hereof; 

(xxiii) the amendment and restatement of Exhibit A hereto to reflect accurately at all times the Capital Contributions and
Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any
Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the matter or event being reflected in
Exhibit A hereto otherwise is authorized by this Agreement; 
 (xxiv) the determination regarding whether a payment
to a Partner who exercises its Redemption Right under Section 8.06 that is assumed by the General Partner will be paid in the form of the Cash Amount or the REIT Shares Amount, except as such determination may be limited by
Section 8.06. 
 (xxv) the collection and receipt of revenues and income of the Partnership; 

(xxvi) the registration of any class of securities of the Partnership under the Securities Act or the Exchange Act, and the listing of
any debt securities of the Partnership on any exchange. 

  
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 (xxvii) an election to dissolve the Partnership pursuant to Section 13.01(d)
hereof; and 
 (xxviii) the taking of any action necessary or appropriate to enable the General Partner to qualify as a REIT
(so long as the General Partner desires to maintain or restore its qualification as a REIT). 
 (b) Each of the Limited Partners
agrees that, except as provided in Section 7.03 hereof, the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or
vote of the Partners, notwithstanding any other provision of this Agreement, the Act or any applicable law, rule or regulation and, in the absence of any specific corporate action on the part of the General Partner to the contrary, the taking of any
action or the execution of any such document or writing by an officer of the General Partner, in the name and on behalf of the General Partner, in its capacity as the general partner of the Partnership, shall conclusively evidence (1) the
approval thereof by the General Partner, in its capacity as the general partner of the Partnership, (2) the General Partner’s determination that such action, document or writing is necessary or desirable to conduct the business and affairs
of the Partnership, exercise the powers of the Partnership under this Agreement and the Act or effectuate the purposes of the Partnership, or any other determination by the General Partner required by this Agreement in connection with the taking of
such action or execution of such document or writing, and (3) the authority of such officer with respect thereto. 
 (c) At
all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the Properties and (ii) liability insurance for the Indemnitees hereunder.

 (d) At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain
working capital and other reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 
 (e) In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the General Partner) of
any action taken (or not taken) by it. Except as may be provided in a separate written agreement between the Partnership and the Limited Partners, the General Partner and the Partnership shall not have liability to a Limited Partner under any
circumstances as a result of a tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement provided, that the General Partner has acted in
good faith and pursuant to its authority under this Agreement. 
 Section 7.02. Certificate of Limited Partnership.
To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as
a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of 

  
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Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property. Except as otherwise required under the Act, the General Partner shall not be required,
before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable
and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of
Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 
 Section 7.03. Restrictions on General Partner’s Authority. 
 (a)
The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written consent of a Majority in Interest of the Outside Limited Partners and may not (1) perform any act that
would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided herein or under the Act; or (2) enter into any contract, mortgage, loan or other agreement that expressly prohibits
or restricts (a) the General Partner or the Partnership from performing its specific obligations under Section 8.06 hereof in full or (b) a Limited Partner from exercising its rights under Section 8.06 hereof to
effect a Redemption in full, except, in either case, with the written consent of such Limited Partner affected by the prohibition or restriction. 
 (b) The General Partner shall not, without the written consent of a Majority in Interest of the Outside Limited Partners, except as provided in Sections 4.03(a), 5.06, 6.02(b)
and 7.03(c) hereof, amend, modify or terminate this Agreement. 
 (c) Notwithstanding Sections 7.03(b) and
14.02, the General Partner shall have the exclusive power, without the prior consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(i) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of
the General Partner for the benefit of the Limited Partners; 
 (ii) to reflect the admission, substitution or withdrawal of
Partners or the termination of the Partnership in accordance with this Agreement, and to amend Exhibit A in connection with such admission, substitution or withdrawal; 

(iii) to reflect a change that is of an inconsequential nature or does not adversely affect the Limited Partners as such in any material
respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent
with law or with the provisions of this Agreement; 
 (iv) to satisfy any requirements, conditions or guidelines contained in
any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; 

  
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 (v) to set forth or amend the designations, preferences, conversion or other rights, voting
powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units or Partnership Interests issued or established pursuant to this Agreement; 

(vi) (a) to reflect such changes as are reasonably necessary for the General Partner to maintain or restore its qualification as a REIT
or to satisfy the REIT Requirements; or (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner, and any Qualified REIT Subsidiary or entity that is disregarded as an entity separate from the General
Partner for U.S. federal income tax purposes; 
 (vii) to modify either or both the manner in which items of Net Income or Net
Loss are allocated pursuant to Article VI or the manner in which Capital Accounts are adjusted, computed or maintained (but only to the extent set forth in the definition of “Capital Account” or contemplated by the Code or the
Regulations); 
 (viii) to issue additional Partnership Interests in accordance with Section 4.03; and 

(ix) to reflect any other modification to this Agreement as is reasonably necessary for the business or operations of the Partnership or
the General Partner and which does not violate Section 7.03(d). 
 The General Partner will provide notice to the
Limited Partners whenever any action under this Section 7.03(c) is taken. 
 (d) Notwithstanding
Sections 7.03(b) and 7.03(c) hereof, this Agreement shall not be amended, and no action may be taken by the General Partner, without the consent of each Partner adversely affected thereby, if such amendment or action would
(i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a result of the General Partner acquiring such Partnership Interest), (ii) modify the limited liability of a Limited Partner
(iii) alter the rights of any Partner to receive the distributions to which such Partner is entitled, pursuant to Article V or Section 13.02(a)(iv) hereof, or alter the allocations specified in Article IV
hereof (except, in any case, as permitted pursuant to Sections 4.03, 7.03(c) and Article IV hereof), (iv) alter or modify the Redemption rights, Cash Amount or REIT Shares Amount as set forth in
Section 8.06 hereof, or amend or modify any related definitions, (v) alter or modify Section 11.02 hereof or (vi) amend this Section 7.03(d). Further, no amendment may alter the restrictions on the
General Partner’s authority set forth elsewhere in this Section 7.03 without the consent specified therein. Any such amendment or action consented to by any Partner shall be effective as to that Partner, notwithstanding the absence
of such consent by any other Partner. 
 Section 7.04. Reimbursement of the General Partner. 

(a) Except as provided in this Section 7.04 and elsewhere in this Agreement (including the provisions of
Articles V and VI 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. 

  
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 (b) The Partnership shall be responsible for and shall pay all expenses relating to the
Partnership’s and the General Partner’s organization, the ownership of their assets and their operations. The General Partner is hereby authorized to pay compensation for accounting, administrative, legal, technical, management and other
services rendered to the Partnership. Except to the extent provided in this Agreement, the General Partner and its Affiliates 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 expenses that the General Partner and its Affiliates incur relating to the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses); provided, that
the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such
expenses of the General Partner are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.07 hereof. In the event that
certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a manner as the General Partner in its sole and
absolute discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner.

 (c) If the General Partner shall elect to purchase from its stockholders REIT Shares for the purpose of delivering such REIT
Shares to satisfy an obligation under any dividend reinvestment program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner or any similar obligation or arrangement undertaken by the General Partner in the
future or for the purpose of retiring such REIT Shares, the purchase price paid by the General Partner for such REIT Shares and any other expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the
Partnership and shall be advanced to the General Partner or reimbursed to the General Partner, subject to the condition that: (1) if such REIT Shares subsequently are sold by the General Partner, the General Partner shall pay or cause to be
paid to the Partnership any proceeds received by the General Partner for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a
transfer of REIT Shares for Partnership Units pursuant to Section 8.06 would not be considered a sale for such purposes); and (2) if such REIT Shares are not retransferred by the General Partner within 30 days after the
purchase thereof, or the General Partner otherwise determines not to retransfer such REIT Shares, the General Partner shall cause the Partnership to redeem a number of Partnership Units held by the General Partner equal to the number of such REIT
Shares, as adjusted for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to
assets not received by the General Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number
of Partnership Units held by the General Partner). 
 (d) As set forth in Section 4.03, the General Partner shall be
treated as having made a Capital Contribution in the amount of all expenses that it incurs relating to the its offering of REIT Shares, Preferred Shares, Junior Shares or New Securities. 

  
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 (e) If and to the extent any reimbursements to the General Partner pursuant to this
Section 7.04 constitute gross income of the General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments with respect to capital
within the meaning of Code Section 707(c), shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

Section 7.05. Outside Activities of the General Partner. Without the consent of a Majority in Interest of the Outside Limited
Partners, the General Partner shall not directly or indirectly enter into or conduct any business, other than in connection with (a) the ownership, acquisition and disposition of Partnership Interests, (b) the management of the business of
the Partnership, (c) the operation of the General Partner as a reporting company with a class of securities registered under the Exchange Act, (d) the offering, sale, syndication, private placement or public offering of stock, bonds,
securities or other interests, (e) financing or refinancing of any type related to the Partnership or its assets or activities, (f) any of the foregoing activities as they relate to a Subsidiary of the Partnership, and (g) such
activities as are incidental thereto. Nothing contained herein shall be deemed to prohibit the General Partner from (i) executing guarantees of Partnership Debt for which it would otherwise be liable in its capacity as General Partner,
(ii) holding such bank accounts or similar instruments or accounts in its name as it deems necessary to carry out its responsibilities and purposes as contemplated under this Agreement and its organizational documents (provided, that
accounts held on behalf of the Partnership to permit the General Partner to carry out its responsibilities under this Agreement shall be considered to belong to the Partnership and the interest earned thereon shall, subject to
Section 7.04(b), be applied for the benefit of the Partnership) or (iii) acquiring Qualified Assets. 

Section 7.06. Contracts with Affiliates. 
 (a) The Partnership may lend or contribute funds or other assets 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. 

(b) The Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or
other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, in its sole and absolute discretion, believes to be
advisable. 
 (c) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall
sell, transfer or convey any property to the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. 

(d) The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on
behalf of the Partnership employee 

  
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benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of
services performed, directly or indirectly, for the benefit of the Partnership or any of the Partnership’s Subsidiaries. 

(e) The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, any Services Agreement with
Affiliates of any of the Partnership or the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are advisable. 
 Section 7.07. Indemnification. 
 (a) The Partnership shall, to the
maximum extent permitted by applicable law in effect from time to time, indemnify, and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final
disposition of a proceeding to each Indemnitee; provided, however, that the Partnership shall not indemnify an Indemnitee (1) for material acts or omissions that were committed in bad faith or were the result of active and
deliberate dishonesty, (2) for any transaction for which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement, or (3) in the case of any criminal
proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise (unless otherwise
provided by the terms of any such guaranty or other instrument), for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership
has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.07 in favor of
any Indemnitee having or potentially having liability for any such indebtedness. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set
forth in this Section 7.07(a). The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior
to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.07(a) with respect to the subject matter of such proceeding. Any indemnification pursuant to this
Section 7.07 shall be made only out of the assets of the Partnership and any insurance proceeds from the liability policy covering the General Partner and any Indemnitees, and neither the General Partner nor any Limited Partner shall
have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.07. 

(b) To the fullest extent permitted by law, and without requiring a preliminary determination of the Indemnitee’s ultimate
entitlement to indemnification under Section 7.07(a) above, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any proceeding shall be paid or reimbursed by the
Partnership as incurred by the Indemnitee in advance of the final disposition of the proceeding upon receipt by the Partnership of (1) a written affirmation by the Indemnitee of the Indemnitee’s good faith

  
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belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.07(b) has been met and (2) a written undertaking by or on
behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
 (c) The indemnification provided by this Section 7.07 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any
vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless
otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 
 (d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other Persons as the General Partner shall determine, against any
liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability
under the provisions of this Agreement. 
 (e) Any liabilities which an Indemnitee incurs as a result of acting on behalf of the
Partnership or the General Partner (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form
of excise taxes assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise)
shall be treated as liabilities or judgments or fines under this Section 7.07, unless such liabilities arise as a result of (1) material acts or omissions that were committed in bad faith or were the result of active and deliberate
dishonesty, (2) any transaction in which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement or applicable law, or (3) in the case of any criminal
proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. 
 (f) In no event may an
Indemnitee subject any of the 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 7.07 because the Indemnitee had an interest in the transaction with respect to which the
indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
 (h) The provisions of this
Section 7.07 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this
Section 7.07 or any provision hereof shall be prospective only and shall not in any way affect the obligations of the Partnership or the limitations on the Partnership’s liability to any Indemnitee

  
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under this Section 7.07 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 (i) If and to
the extent any payments to the General Partner pursuant to this Section 7.07 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership) such amounts shall be treated as
“guaranteed payments” for the use of capital within the meaning of Code Section 707(c), shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing
the Partners’ Capital Accounts. 
 Section 7.08. Liability of the General Partner. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, to the maximum extent that Delaware law in effect from time to
time permits, neither the General Partner or any of its directors or officers shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees for losses sustained, liabilities incurred or benefits not derived
as a result of errors in judgment or mistakes of fact or law or of any act or omission if the General Partner or such director or officer acted in good faith. 
 (b) The Limited Partners expressly acknowledge that the General Partner is acting for the benefit of the Partnership, the Limited Partners and its own stockholders collectively and that the General
Partner is under no obligation to give priority to the separate interests of the Limited Partners or its own stockholders (including, without limitation, the tax consequences to Limited Partners, Assignees or its own stockholders) in deciding
whether to cause the Partnership to take (or decline to take) any actions. If there is a conflict between the interests of the stockholders of the General Partner on one hand and the Limited Partners on the other, the Limited Partners expressly
acknowledge that the General Partner will fulfill its fiduciary duties to such Limited Partners by acting in the best interests of the stockholders of the General Partner. The General Partner shall not be liable under this Agreement to the
Partnership or to any Partner 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 7.01 hereof, the General
Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents (subject to the supervision and control of the General Partner).
The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
 (d) To the extent that, at law or in equity, the General Partner has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, the General Partner
shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. 

  
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 (e) Notwithstanding anything herein to the contrary, except for fraud, willful misconduct or
gross negligence, or pursuant to any express indemnities given to the Partnership by any Partner pursuant to any other written instrument, no Partner shall have any personal liability whatsoever, to the Partnership or to the other Partner(s), for
the debts or liabilities of the Partnership or the Partnership’s obligations hereunder, and the full recourse of the other Partner(s) shall be limited to the interest of that Partner in the Partnership. To the fullest extent permitted by law,
no officer, director or stockholder of the General Partner shall be liable to the Partnership for money damages except for (1) active and deliberate dishonesty established by a nonappealable final judgment or (2) actual receipt of an
improper benefit or profit in money, property or services. Without limitation of the foregoing, and except for fraud, willful misconduct or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than
its interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this
Agreement. This Agreement is executed by the directors of the General Partner solely as directors of the same and not in their own individual capacities. 
 (f) Any amendment, modification or repeal of this Section 7.08 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s,
and its officers’ and directors’, liability to the Partnership and the Limited Partners under this Section 7.08 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or
relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 Section 7.09. Other Matters Concerning the General Partner. 
 (a) The
General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it
in good faith to be genuine and to have been signed or presented by the proper party or parties. 
 (b) The General Partner may
consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance
upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance
with such opinion. 
 (c) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to
act through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all
and every act and duty that is permitted or required to be done by the General Partner hereunder. 

  
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 (d) Notwithstanding any other provision 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 (1) to
protect the ability of the General Partner to continue to qualify as a REIT, (2) without limitation of the foregoing clause (1) or clause (3), for the General Partner otherwise to satisfy the REIT Requirements, or (3) without
limitation of the foregoing clauses (1) or (2), to avoid the General Partner incurring any income or excise taxes under the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

Section 7.10. Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible
or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership interest in such Partnership assets or any portion thereof. Title to
any or all of the Partnership assets may be held in the name of the Partnership, the 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. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

Section 7.11. Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with
the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership
and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest,
both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing.
In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the
General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person
relying in good faith thereon or claiming thereunder that (1) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (2) the Person executing and delivering such
certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (3) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of
this Agreement and is binding upon the Partnership. 

  
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 ARTICLE VIII 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.01.
Limitation of Liability. The Limited Partners shall have no liability under this Agreement (other than for breach thereof) except as expressly provided in Sections 10.04, 13.02(d) or under the Act. 

Section 8.02. Management of Business. No Limited Partner or Assignee (other than the General Partner, any of its Affiliates
or any officer, director, member, employee, partner, agent or director of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operations, management or control (within the meaning of the
Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its
Affiliates or any officer, director, member, employee, partner, agent, representative, stockholder or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the
limitations on the liability of the Limited Partners or Assignees under this Agreement. 
 Section 8.03. Outside
Activities of Limited Partners. Subject to any agreements entered into pursuant to Section 7.06(e) hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or any
Affiliate thereof (including, without limitation, any employment agreement), any Limited Partner and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or shareholder of any Limited Partner shall be entitled to and may have
business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities
of the Partnership. Neither the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person
shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner, to the extent expressly provided herein), and such Person shall have
no obligation pursuant to this Agreement, subject to Section 7.06(e) hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or any Affiliate thereof, to offer any
interest in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by
such Person. 
 Section 8.04. Return of Capital. Except pursuant to the rights of Redemption set forth in
Section 8.06 hereof, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement, upon termination of the Partnership as provided
herein. Except to the extent provided in Article VI hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of
Capital Contributions or as to profits, losses or distributions. 

  
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 Section 8.05. Adjustment Factor. The Partnership shall notify any Limited
Partner, on request, of the then current Adjustment Factor or any change made to the Adjustment Factor. 
 Section 8.06.
Redemption Rights. 
 (a) On or after the date 12 months after the date of the initial issuance of the OP Units,
each Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of the OP Units held by such Limited Partner (such
OP Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”) unless the terms of such OP Units or a separate agreement entered into between the Partnership and the
holder of such OP Units provide that such OP Units are not entitled to a right of Redemption or provide for a shorter or longer period before such Holder may exercise such right of Redemption or impose conditions on the exercise of such right of
Redemption. The Tendering Partner shall have no right, with respect to any OP Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. Any Redemption shall be exercised pursuant to a Notice of Redemption
delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable to the Tendering Partner on the Specified Redemption Date. 

(b) Notwithstanding Section 8.06(a) above, if a Limited Partner has delivered to the General Partner a Notice of Redemption
then the General Partner may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to assume and satisfy the Partnership’s Redemption obligation and acquire
some or all of the Tendered Units from the Tendering Partner in exchange for the REIT Shares Amount (as of the Specified Redemption Date) and, if the General Partner so elects, the Tendering Partner shall sell the Tendered Units to the General
Partner in exchange for the REIT Shares Amount. In such event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units. The General Partner shall give such Tendering Partner written notice of its election on
or before the close of business on the fifth Business Day after the its receipt of the Notice of Redemption. 
 (c) The REIT
Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid and nonassessable Class A REIT Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the
Charter or the Bylaws of the General Partner, the Securities Act, relevant state securities or blue sky laws and any applicable registration rights agreement with respect to such Class A REIT Shares entered into by the Tendering Partner.
Notwithstanding any delay in such delivery (but subject to Section 8.06(e)), the Tendering Partner shall be deemed the owner of such Class A REIT Shares for all purposes, including without limitation, rights to vote or consent, and
receive dividends, as of the Specified Redemption Date. In addition, the Class A REIT Shares for which the Partnership Units might be exchanged shall also bear the legend set forth in the Charter. 

(d) Each Limited Partner covenants and agrees with the General Partner that all Tendered Units shall be delivered to the General Partner
free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered Units, the General Partner shall be under no obligation to acquire

  
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the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the General Partner (or
its designee), such Limited Partner shall assume and pay such transfer tax. 
 (e) Notwithstanding the provisions of
Sections 8.06(a), 8.06(b), 8.06(c) or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash or an exchange for Class A REIT Shares to the extent the
ownership or right to acquire Class A REIT Shares pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person to violate the restrictions on ownership and transfer of Class A REIT
Shares set forth in the Charter of the General Partner and (ii) shall have no rights under this Agreement to acquire Class A REIT Shares which would otherwise be prohibited under the Charter. To the extent any attempted Redemption or
exchange for Class A REIT Shares would be in violation of this Section 8.06(e), it shall be null and void ab initio and such Limited Partner shall not acquire any rights or economic interest in the cash otherwise payable upon
such Redemption or the Class A REIT Shares otherwise issuable upon such exchange. 
 (f) Notwithstanding anything herein to
the contrary (but subject to Section 8.06(e)), with respect to any Redemption or exchange for Class A REIT Shares pursuant to this Section 8.06: (i) a portion of the OP Units acquired by the General Partner pursuant
thereto shall automatically, and without further action required, be converted into and deemed to be General Partner Interests and all other OP Units shall be deemed to be Limited Partner Interests and held by the General Partner in its
capacity as a Limited Partner in the Partnership such that, immediately after such Redemption, the requirements of Section 4.01(b) continue to be met; (ii) without the consent of the General Partner, each Limited Partner may effect
a Redemption only one time in each fiscal quarter; (iii) without the consent of the General Partner, each Limited Partner may not effect a Redemption for less than 1,000 OP Units or, if the Limited Partner holds less than 1,000 OP Units, all of
the OP Units held by such Limited Partner; (iv) without the consent of the General Partner, each Limited Partner may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the
record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution; (v) the consummation of any Redemption or exchange for Class A REIT Shares shall be subject to the
expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and (vi) each Tendering Partner shall continue to own all OP Units subject to any Redemption or
exchange for Class A REIT Shares, and be treated as a Limited Partner with respect to such OP Units for all purposes of this Agreement, until such OP Units are transferred to the General Partner and paid for or exchanged on the Specified
Redemption Date. Until a Specified Redemption Date, the Tendering Partner shall have no rights as a stockholder of the General Partner with respect to such Tendering Partner’s OP Units. 

(g) In the event that the Partnership issues additional Partnership Interests to any Additional Limited Partner pursuant to
Section 4.04, the General Partner shall make such revisions to this Section 8.06 as it determines are necessary to reflect the issuance of such additional Partnership Interests. 

  
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 ARTICLE IX 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 Section 9.01. Records and
Accounting. 
 (a) The General Partner shall keep or cause to be kept at the principal office of the Partnership those
records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary to
provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.05 or 9.03 hereof. Any records maintained by or on behalf of the Partnership in the regular course of its
business may be kept on, or be in the form for, magnetic tape, photographs, micrographics or any other information storage device, provided, that the records so maintained are convertible into clearly legible written form within a
reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting principles. 

(b) The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with generally
accepted accounting principles, or on such other basis as the General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and the General Partner may operate with
integrated or consolidated accounting records, operations and principles. The Partnership also shall maintain its tax books on the accrual basis. 
 Section 9.02. Partnership Year. The Partnership Year of the Partnership shall be the calendar year. 
 Section 9.03. Reports. 
 (a) As soon as practicable, but in no event
later than the date on which the General Partner mails its annual report to its stockholders, the General Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended Partnership Year,
containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the Partnership, for such Partnership Year, presented in accordance with generally accepted accounting
principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner. 
 (b) If and to the extent that the General Partner mails quarterly reports to its stockholders, as soon as practicable, but in no event later than the date on such reports are mailed, the General Partner
shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day of such fiscal quarter, of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated
basis with the Partnership, and such other information as may be required by applicable law or regulations, or as the General Partner determines to be appropriate. 

  
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 (c) The General Partner shall have satisfied its obligations under
Sections 9.03(a) and 9.03(b) by posting or making available the reports required by this Section 9.03 on the website maintained from time to time by the Partnership provided, that such reports are able to be
printed or downloaded from such website. 
 (d) At the request of any Limited Partner, the General Partner shall provide access
to the books, records and work paper upon which the reports required by this Section 9.03 are based, to the extent required by the Act. 
 ARTICLE X 
 TAX MATTERS 

Section 10.01. Preparation of Tax Returns. The General Partner shall arrange for the preparation and timely filing of all
returns with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable effort to furnish, within 90 days of the close of each
taxable year, the tax information reasonably required by Limited Partners for federal and state income tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to the Contributed
Properties, including tax basis and other relevant information, as may be reasonably requested by the General Partner from time to time. 
 Section 10.02. Tax Elections. 
 (a) Except as otherwise provided
herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code, including, but not limited to, the election under Code Section 754 and the election to use the
“recurring item” method of accounting provided under Code Section 461(h) with respect to property taxes imposed on the Partnership’s Properties. The General Partner shall have the right to seek to revoke any such election
(including, without limitation, any election under Code Sections 461(h) and 754) upon the General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

(b) Without limiting the foregoing, the Partners, intending to be legally bound, hereby authorize the General Partner, on behalf
of the Partnership, to make an election (the “LV Safe Harbor Election”) to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation § 1.83-3(1) and the Proposed Revenue Procedure set forth in
Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed guidance is issued in final form or as amended by subsequently issued guidance (the “LV Safe Harbor”), apply to any interest in the
Partnership transferred to a service provider while the LV Safe Harbor Election remains effective, to the extent such interest meets the LV Safe Harbor requirements (collectively, such interests are referred to as “LV Safe Harbor
Interests”). The Tax Matters Partner is authorized and directed to execute and file the LV Safe Harbor Election on behalf of the Partnership and the Partners. The Partnership and the Partners (including any person to whom an interest in the
Partnership is transferred in connection with the performance of services) hereby agree to comply with all requirements of the LV Safe Harbor (including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare and file all
U.S. 

  
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federal income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent with such final LV Safe Harbor guidance. The Partnership is also
authorized to take such actions as are necessary to achieve, under the LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe Harbor referred to above would be intended to achieve under Proposed Treasury
Regulation § 1.83-3, including amending this Agreement. 
 Section 10.03. Tax Matters Partner. 

(a) The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. The tax matters
partner shall receive no compensation for its services. All third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in
addition to any reimbursement pursuant to Section 7.04 hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder, so long
as the compensation paid by the Partnership for such services is reasonable. 
 (b) The tax matters partner is authorized, but
not required: 
 (i) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for
the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as
“judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time
prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who is a “notice
partner” (as defined in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 
 (ii) in the event that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “final
adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a
complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is located; 
 (iii) to intervene in any action brought by any other Partner for judicial review of a final adjustment; 
 (iv) to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for
judicial review with respect to such request; 
 (v) to enter into an agreement with the IRS to extend the period for assessing
any tax that is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 

  
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 (vi) to take any other action on behalf of the Partners in connection with any tax audit or
judicial review proceeding to the extent permitted by applicable law or regulations. 
 The taking of any action and the incurring of any
expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General
Partner set forth in Section 7.07 hereof shall be fully applicable to the tax matters partner in its capacity as such. 
 Section 10.04. Withholding. Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of federal, state,
local or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without limitation,
any taxes required to be withheld or paid by the Partnership pursuant to Code Sections 1441, 1442, 1445, 1446, or 1471-1474 and the Treasury Regulations thereunder. Any amount paid on behalf of or with respect to a Limited Partner, in excess of
any withheld amounts shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within 15 days after notice from the General Partner that such payment must be made unless (i) the
Partnership withholds such payment from a distribution that would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the Available Cash
of the Partnership that would, but for such payment, be distributed to the Limited Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest
to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.04. In the event that a Limited Partner fails to pay any amounts owed to the Partnership pursuant to
this Section 10.04 when due, the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have loaned such
amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to receive distributions). Any amounts payable by a
Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, plus four percentage points (but not higher than the
maximum lawful rate) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the General Partner shall request in order to
perfect or enforce the security interest created hereunder. 
 Section 10.05. Organizational Expenses. The
Partnership shall elect to amortize expenses, if any, incurred by it in organizing the Partnership ratably over a 180-month period as provided in Code Section 709. 

  
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 ARTICLE XI 
 TRANSFERS AND WITHDRAWALS 
 Section 11.01. Transfer.

 (a) No part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or
support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 
 (b) No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article XI. Any Transfer or purported Transfer of a
Partnership Interest not made in accordance with this Article XI shall be null and void ab initio unless consented to by the General Partner in its sole and absolute discretion. 

(c) No Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning
of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner 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 redeem or exchange for Class A REIT Shares any Partnership Units in which a security interest is held by such
lender concurrently with such time as such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Code Section 752. 

Section 11.02. Transfer of General Partner’s Partnership Interest. 

(a) The General Partner may not transfer any of its Partnership Interests except in connection with (i) a transaction permitted
under Section 11.02(b), (ii) any merger (including a triangular merger), consolidation or other combination with or into another Person following the consummation of which the equity holders of the surviving entity are substantially
identical to the stockholders of the General Partner, (iii) a transfer to any Subsidiary of the General Partner or (iv) as otherwise expressly permitted under this Agreement, nor shall the General Partner withdraw as General Partner except
in connection with a transaction permitted under Section 11.02(b) or any merger, consolidation, or other combination permitted under clause (ii) of this Section 11.02(a). 

(b) The General Partner shall not engage in any merger (including, without limitation, a triangular merger), consolidation or other
combination with or into another Person (other than any transaction permitted by Section 11.02(a)), any sale of all or substantially all of its assets or any reclassification, recapitalization or change of outstanding REIT Shares (other
than a change in par value, or from par value to no par value, or as a result of a subdivision or combination as described in the definition of “Adjustment Factor”) (“Termination Transaction”), unless (i) it receives
the consent of a Majority in Interest of the Outside Limited Partners, (ii) following such merger or other consolidation, substantially all of the assets of the surviving entity consist of OP Units or (iii) in connection with which all
Partners (other than the 

  
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General Partner) who hold OP Units either will receive, or will have the right to receive, for each OP Unit an amount of cash, securities, or other property equal to the product of the Adjustment
Factor and the greatest amount of cash, securities or other property paid to a holder of REIT Shares in consideration of one such REIT Share at any time during the period from and after the date on which the Termination Transaction is consummated;
provided, however, that, if in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the percentage required for the approval of mergers under
the organizational documents of the General Partner, each holder of OP Units shall receive, or shall have the right to receive without any right of Consent set forth above in this Section 11.02(b), the greatest amount of cash,
securities, or other property which such holder would have received had it exercised the Redemption Right and received Class A REIT Shares in exchange for its OP Units immediately prior to the expiration of such purchase, tender or exchange
offer and had thereupon accepted such purchase, tender or exchange offer. 
 (c) The General Partner shall not enter into an
agreement or other arrangement providing for or facilitating the creation of a General Partner other than the General Partner, unless the successor General Partner executes and delivers a counterpart to this Agreement in which such General Partner
agrees to be fully bound by all of the terms and conditions contained herein that are applicable to a General Partner. 

Section 11.03. Transfer of Limited Partners’ Partnership Interests. 

(a) No Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without the written consent of the
General Partner, which consent may be withheld in its sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without the consent or approval of the General Partner, (i) Transfer all or part of its
Partnership Interest to any Family Member (including a Transfer by a Family Member that is an inter vivos or testamentary trust (whether revocable or irrevocable) to a Family Member that is a beneficiary of such trust), any Charity, any
Controlled Entity or any Affiliate or (ii) pledge all or any portion of its Partnership Interest to a lending institution as collateral or security for a bona fide loan or other extension of credit, and Transfer such pledged Partnership
Interest to such lending institution in connection with the exercise of remedies under such loan or extension of credit. To the extent such a Transfer is made to a Controlled Entity or any Affiliate and such Transferee thereafter ceases to be a
Controlled Entity or Affiliate of the Transferor, then a Transfer shall be deemed to occur at such time as such Transferee ceases to be a Controlled Entity or any Affiliate of the Transferor. 

(b) Without limiting the generality of Section 11.03(a) hereof, it is expressly understood and agreed that the General
Partner will not consent to any Transfer of all or any portion of any Partnership Interest pursuant to Section 11.03(a) above unless such Transfer meets each of the following conditions: 

(i) Such Transfer is made only to a single Qualified Transferee; provided, however, that for such purposes, all
Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee. 

  
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 (ii) The transferee in such Transfer assumes by operation of law or express agreement all
of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred Partnership Interest; provided, that no such Transfer (unless made pursuant to a statutory merger or consolidation wherein all
obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the approval of the General Partner, in its sole
and absolute discretion. Notwithstanding the foregoing, any transferee of any Transferred Partnership Interest shall be subject to any and all ownership limitations contained in the Charter that may limit or restrict such transferee’s ability
to exercise its Redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a
Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.05 hereof. 

(iii) Such Transfer is effective as of the first day of a fiscal quarter of the Partnership. 

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

(d) In connection with any proposed Transfer of a Limited Partner Interest, the General Partner shall have the right to receive an
opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate any federal or state securities laws or regulations applicable to
the Partnership or the Partnership Interests Transferred. 
 Section 11.04. Substituted Limited Partners.

 (a) A transferee of the interest of a Limited Partner pursuant to a Transfer consented to by the General Partner pursuant to
Section 11.03(a) may be admitted as a Substituted Limited Partner only with the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The failure or refusal by
the General Partner to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee shall not be
admitted as a Substituted Limited Partner until and unless it furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of
this Agreement, including, without limitation, the power of attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such Assignee, and (iii) such other documents and instruments
as may be required or advisable, in the sole and absolute discretion of the General Partner, to effect such Assignee’s admission as a Substituted Limited Partner. 

  
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 (b) A transferee who has been admitted as a Substituted Limited Partner in accordance with
this Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 
 (c) Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect the name, address and number of Partnership Units of such Substituted Limited
Partner and to eliminate or adjust, if necessary, the name, address and number of Partnership Units of the predecessor of such Substituted Limited Partner. 
 Section 11.05. Assignees. If the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee of any Partnership Interest as a Substituted Limited
Partner in connection with a transfer permitted by the General Partner pursuant to Section 11.03(a), such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an
assignee of a limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Partnership
attributable to the Partnership Units assigned to such transferee and the rights to Transfer the Partnership Units only in accordance with the provisions of this Article XI, but shall not be deemed to be a holder of Partnership Units for
any other purpose under this Agreement, and shall not be entitled to effect a Consent or vote or effect a Redemption with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or vote
or effect a Redemption, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). In the event that any such transferee desires to make a further assignment of any such Partnership Units, such
transferee shall be subject to all the provisions of this Article XI to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. 

Section 11.06. General Provisions. 
 (a) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such Limited Partner’s Partnership Units in accordance with this
Article XI, with respect to which the transferee becomes a Substituted Limited Partner, or pursuant to a redemption (or acquisition by the General Partner) of all of its Partnership Units pursuant to a Redemption under
Section 8.06 hereof and/or pursuant to any Partnership Unit Designation. 
 (b) Any Limited Partner who shall
Transfer all of its Partnership Units in a Transfer (i) consented to by the General Partner or otherwise permitted pursuant to this Article XI where such transferee was admitted as a Substituted Limited Partner, (ii) pursuant
to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation, or (iii) to the General Partner, whether or
not pursuant to Section 8.06(b) hereof, shall cease to be a Limited Partner. 
 (c) If any Partnership Unit is
Transferred in compliance with the provisions of this Article XI, or is redeemed by the Partnership, or acquired by the General Partner pursuant to Section 8.06 hereof, on any day other than the first day of a Partnership
Year, then Net Income, 

  
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Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor
Partner or the Tendering Party, as the case may be, and, in the case of a Transfer or assignment other than a Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code
Section 706(d) and the corresponding Regulations, using the “interim closing of the books” method or another permissible method selected by the General Partner (unless the General Partner in its sole and absolute discretion elects to
adopt a daily, weekly or monthly proration period, in which case Net Income or Net Loss shall be allocated based upon the applicable method selected by the General Partner). All distributions of Available Cash attributable to such Partnership Unit
with respect to which the Partnership Record Date is before the date of such Transfer, assignment or Redemption shall be made to the transferor Partner or the Tendering Party, as the case may be, and, in the case of a Transfer other than a
Redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee Partner. 
 (d) In no event may any Transfer or assignment of a Partnership Interest by any Partner (including any Redemption, any acquisition of Partnership Units by the General Partner or any other acquisition of
Partnership Units by the Partnership) be made (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership
Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) in the event that such Transfer would cause the General Partner to cease to comply with the REIT
Requirements; (v) except with the consent of the General Partner, if such Transfer, in the opinion of counsel to the Partnership or the General Partner, would create a significant risk that the Partnership would terminate for federal or state
income tax purposes; (vi) if such Transfer would, in the opinion of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or
acquisition by the General Partner) of all Partnership Units held by all Limited Partners; (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) without the consent of the General Partner, to any benefit plan investor within the
meaning of Department of Labor Regulations Section 2510.3-101(f); (ix) except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, cause any portion of
the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (x) if such Transfer requires the registration of such Partnership Interest pursuant to any
applicable federal or state securities laws; (xi) except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, adversely affect the ability of the General
Partner to continue to qualify as a REIT or would subject the General Partner to any income or excise taxes under the Code; (xii) except with the consent of the General Partner, if such transfer would be effectuated through an “established
securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 (provided, that this clause (xiii) shall not be the basis for limiting or restricting
in any manner the exercise of a Redemption right unless, and only to the extent that, in the absence of such limitation or restriction, in the opinion of legal counsel to the Partnership, there is a significant risk that the Partnership will be
treated as a “publicly traded 

  
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partnership” and, by reason thereof, taxable as a corporation); (xiv) if such Transfer causes the Partnership (as opposed to the General Partner) to become a reporting company under the
Exchange Act; or (xv) if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 

ARTICLE XII 

ADMISSION OF PARTNERS 
 Section 12.01. Admission of Successor General Partner. A successor to all of the General Partner’s General Partner Interest pursuant to Section 11.02 hereof who is proposed to
be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to such Transfer. Any such successor shall carry on the business of the Partnership without dissolution. In each
case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect
the admission. 
 Section 12.02. Admission of Additional Limited Partners. 

(a) After the date hereof, a Person (other than an existing Partner) who makes a Capital Contribution to the Partnership in accordance
with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all of the terms and
conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such Person, and (iii) such other documents or
instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner and the satisfaction of all the conditions set forth in this
Section 12.02. 
 (b) Notwithstanding anything to the contrary in this Section 12.02, no Person shall be
admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited Partner
shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission. 

(c) If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net
Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Partners and Assignees for such Partnership Year shall be allocated pro rata among such Additional Limited Partner and all
other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by
the General Partner. Solely for purposes of making such allocations, each of such items for the calendar month in 

  
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which an admission of any Additional Limited Partner occurs shall be allocated among all the Partners and Assignees including such Additional Limited Partner, in accordance with the principles
described in Section 11.06(c) hereof. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional
Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 
 Section 12.03. Amendment of Agreement and Certificate of Limited Partnership. For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and
appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an
amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.04. 
 Section 12.04. Limit on Number of Partners. Unless otherwise permitted by the General Partner, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of
such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange Act. 
 Section 12.05. Admission. A Person shall be admitted to the Partnership as a Limited Partner of the Partnership only upon strict compliance, and not upon substantial compliance, with the
requirements set forth in this Agreement for admission to the Partnership as an Additional Limited Partner. Concurrently with, and as evidence of, the admission of an Additional Limited Partner, the General Partner shall amend Exhibit A and
the books and records of the Partnership to reflect the name, address and number of Partnership Units of such Additional Limited Partner. 
 ARTICLE XIII 
 DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 13.01. Dissolution. The Partnership shall not be dissolved by the admission of Additional Limited Partners or
Substituted Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership
without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”): 

(a) a final and nonappealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or
insolvent, or a final and nonappealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless,
prior to the entry of such order or judgment, a Majority in Interest of the remaining Outside Limited Partners agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as
of a date prior to the date of such order or judgment, of a successor General Partner; 

  
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 (b) an election to dissolve the Partnership made by the General Partner in its sole and
absolute discretion, with or without the Consent of a Majority in Interest of the Outside Limited Partners; 
 (c) entry of a
decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 
 (d) the occurrence of a Terminating
Capital Transaction; or 
 (e) the Redemption (or acquisition by the General Partner) of all Partnership Units other than
Partnership Units held by the General Partner; or 
 (f) the Incapacity or withdrawal of the General Partner, unless all of the
remaining Partners in their sole and absolute discretion agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner. 

Section 13.02. Winding Up. 
 (a) Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of
its creditors and Partners. After the occurrence of a Liquidating Event, no Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs. The General
Partner or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person elected by a Majority in Interest of the Outside Limited
Partners (the General Partner or such other Person being referred to herein as the “Liquidator”) shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the
Partnership’s liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner,
include shares of stock in the General Partner) shall be applied and distributed in the following order: 
 (i) First, to the
satisfaction of all of the Partnership’s Debts and liabilities to creditors other than the Partners and their Assignees (whether by payment or the making of reasonable provision for payment thereof); 

(ii) Second, to the satisfaction of all of the Partnership’s Debts and liabilities to the General Partner (whether by payment or
the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.04 hereof; 
 (iii) Third, to the satisfaction of all of the Partnership’s Debts and liabilities to the other Partners and any Assignees (whether by payment or the making of reasonable provision for payment
thereof); and 

  
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 (iv) The balance, if any, to the General Partner, the Limited Partners and any Assignees in
accordance with their Capital Account balances, after giving effect to all contributions, distributions and allocations for all periods. 
 The General Partner shall not receive any additional compensation for any services performed pursuant to this Article XIII. 

(b) Notwithstanding the provisions of Section 13.02(a) hereof that require liquidation of the assets of the Partnership, but
subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss
to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) and/or
distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.02(a) hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any
such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be subject to such conditions relating to the disposition and management
of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such
reasonable method of valuation as it may adopt. 
 (c) In the event that the Partnership is “liquidated” within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article XIII to the Partners and Assignees that have positive Capital Accounts in compliance with Regulations
Section 1.704-1(b)(2)(ii)(b)(2) to the extent of, and in proportion to, positive Capital Account balances. If any Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for
all taxable years, including the year during which such liquidation occurs) (a “Capital Account Deficit”), such Partner shall not be required to make any contribution to the capital of the Partnership with respect to such Capital
Account Deficit and such Capital Account Deficit shall not be considered a debt owed to the Partnership or any other person for any purpose whatsoever. 
 (d) Notwithstanding the provisions of Section 13.02(c), (i) if the General Partner has a Capital Account Deficit, the General Partner shall contribute to the capital of the Partnership
the amount necessary to restore such Capital Account Deficit balance to zero; (ii) if a DRO Partner has a Capital Account Deficit, such DRO Partner shall be obligated to make a contribution to the Partnership with respect to such DRO
Partner’s Capital Account Deficit balance upon a liquidation of the Partnership or a “liquidation” of such Partner’s Partnership Interest within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (which term shall
include a redemption by the Partnership of such DRO Partner’s Partnership Interest upon exercise of the Redemption right) in an amount equal to the lesser of (x) such DRO Partner’s Capital Account Deficit balance or (y) such DRO
Partner’s DRO Amount; and (iii) the second sentence of Section 13.02(c) shall not apply with respect to any other Partner to the extent, but only to the extent, that such Partner previously has agreed in writing, with the
consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit that may exist in its 

  
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Capital Account upon a liquidation of the Partnership. Solely for purposes of determining a DRO Partner’s Capital Account balance upon a liquidation of such Partner’s Partnership
Interest, the General Partner shall redetermine the Gross Asset Value of the Partnership’s assets on such date based upon the principles set forth in the definition of “Gross Asset Value,” and shall take into account the DRO
Partner’s allocable share of any unrealized gain or unrealized loss resulting from such adjustment in determining the DRO Partner’s Capital Account balance. No Partner shall have any right to become a DRO Partner, to increase its DRO
Amount, or otherwise agree to restore any portion of any Capital Account Deficit without the express written consent of the General Partner, in its sole and absolute discretion. The General Partner shall not have the right to eliminate or decrease
any Partner’s DRO Amount without the written consent of such Partner unless otherwise agreed to by the parties. Any contribution required of a Partner under this Section 13.02(d) shall be made on or before the later of (i) the
end of the Partnership Year in which the interest is liquidated or (ii) the ninetieth (90th) day following the date of such liquidation. The proceeds of any contribution to the Partnership made by a DRO Partner with respect to such DRO
Partner’s Capital Account Deficit balance shall be treated as a Capital Contribution by such DRO Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in Section 13.02(a).

 (e) In furtherance of Section 13.02(d)(ii), a DRO Partner shall cease to be a DRO Partner upon a disposition of
all of such DRO Partner’s remaining OP Units (including upon an exercise of a Redemption right) six months after the date of such disposition unless at the time of, or during the six-month period following, such disposition, there has been any
of the following: 
 (i) an entry of a decree or order for relief in respect of the Partnership by a court having jurisdiction
over a substantial part of the Partnership’s assets, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Partnership or of any substantial part of its property, or ordering
the winding up or liquidation of the Partnership’s affairs, in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law; or

 (ii) the commencement against the Partnership of an involuntary case under the federal bankruptcy laws, as now or hereafter
constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law; or 
 (iii) the commencement
by the Partnership of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the entry of an order for relief
in an involuntary case under any such law or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Partnership or of any substantial part
of its property, or the making by it of a general assignment for the benefit of creditors, or the failure of the Partnership generally to pay its debts as such debts become due or the taking of any action in furtherance of any of the foregoing; or

 (iv) the Partnership becoming insolvent. 

  
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 Following the passage of the six-month period described in this
Section 13.02(e), a DRO Partner shall cease to be a DRO Partner at the first time, if any, that all of the conditions set forth in (i) through (iv) above are not in existence. 

(f) In the sole and absolute discretion of the General Partner or the Liquidator, a pro rata portion of the distributions that
would otherwise be made to the Partners pursuant to this Article XIII may be: 
 (i) distributed to a trust
established for the benefit of the General Partner and the Limited Partners for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the
Partnership or of the General Partner arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the General Partner and the Limited Partners, from time to time, in the
reasonable discretion of the General Partner or the Liquidator, in the same proportions and amounts as would otherwise have been distributed to the General Partner and the Limited Partners pursuant to this Agreement; or 

(ii) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the
unrealized portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the General Partner and Limited Partners in the manner and order of priority set forth
in Section 13.02(a) hereof as soon as practicable. 
 Section 13.03. Deemed Distribution and
Recontribution. Notwithstanding any other provision of this Article XIII, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the
Partnership’s Property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for federal income tax purposes the Partnership shall be
deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and, immediately thereafter, distributed interests in the new partnership to the Partners in accordance with their
respective Capital Accounts in liquidation of the Partnership, and the new partnership is deemed to continue the business of the Partnership. Nothing in this Section 13.03 shall be deemed to have constituted any Assignee as a Substituted
Limited Partner without compliance with the provisions of Section 11.04 hereof. 
 Section 13.04. Rights of
Limited Partners. Except as otherwise provided in this Agreement, (a) each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Limited Partner shall have the right or
power to demand or receive property other than cash from the Partnership, and (c) no Limited Partner (other than any Limited Partner who holds Preferred Units, to the extent specifically set forth herein and in the applicable Partnership Unit
Designation) shall have priority over any other Limited Partner as to the return of its Capital Contributions, distributions or allocations. 
 Section 13.05. Notice of Dissolution. In the event that a Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Partners pursuant to
Section 13.01 hereof, result in a dissolution of the Partnership, the General Partner shall, within 

  
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30 days thereafter, provide written notice thereof to each of the Partners and, in the General Partner’s sole and absolute discretion or as required by the Act, to all other parties
with whom the Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner), and the General Partner may, or, if required by the Act, shall, publish notice thereof in a newspaper of general
circulation in each place in which the Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner). 
 Section 13.06. Cancellation of Certificate of Limited Partnership. Upon the completion of the liquidation of the Partnership cash and property as provided in Section 13.02 hereof,
the Partnership shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than the State of Delaware
shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

Section 13.07. Reasonable Time for Winding-Up. A reasonable time shall be allowed for the orderly winding-up of the business
and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.02 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect
between the Partners during the period of liquidation. 
 ARTICLE XIV 

PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS 

Section 14.01. Procedures for Actions and Consents of Partners. The actions requiring consent or approval of Limited Partners
pursuant to this Agreement, including Section 7.03 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article XIV. 

Section 14.02. Amendments. Amendments to this Agreement requiring Consent of the Limited Partners may be proposed only by the
General Partner. Following such proposal, the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written consent of the Limited Partners on the proposed amendment or shall call a meeting
to vote thereon and to transact any other business that the General Partner may deem appropriate. For purposes of obtaining a written consent, the General Partner may require a response within a reasonable specified time, but not less than
10 days, and failure to respond in such time period shall constitute a consent that is consistent with the General Partner’s recommendation with respect to the proposal; provided, however, that an action shall become
effective at such time as requisite consents are received even if prior to such specified time. Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the power, without the consent of the Limited Partners, to
amend this Agreement as may be required to reflect the admission, substitution, termination or withdrawal of Partners or an increase or decrease in a Partner’s DRO Amount in accordance with this Agreement (which may be affected through the
replacement of Exhibit C with an amended Exhibit C). 

  
 73 

 Section 14.03. Meetings of the Partners. 

(a) Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a
written request by a Majority in Interest of the Outside Limited Partners. The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners not less than seven days nor more than
30 days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of
Partners or may be given in accordance with the procedure prescribed in Section 14.03(b) hereof. 
 (b) Any action
required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or such other percentage as is
expressly required by this Agreement for the action in question). Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of a majority of the Percentage Interests of the Partners (or such
other percentage as is expressly required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 

(c) Each Limited Partner may authorize any Person or Persons to act for it by proxy on all matters in which a Limited Partner is entitled
to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date
thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective upon the Partnership’s
receipt of written notice of such revocation from the Limited Partner executing such proxy. The use of proxies will be governed in the same manner as in the case of corporations organized under the Delaware General Corporation Law (including
Section 212 thereof). 
 (d) Each meeting of Partners shall be conducted by the General Partner or such other Person as the
General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may be conducted in the
same manner as meetings of the General Partner’s stockholders and may be held at the same time as, and as part of, the meetings of the General Partner’s stockholders. 

(e) On matters on which Limited Partners are entitled to vote, each Limited Partner holding OP Units shall have a vote equal to the
number of OP Units held. 
 (f) Except as otherwise expressly provided in this Agreement, the Consent of Holders of Partnership
Interests representing a majority of the Partnership Interests of the Limited Partners shall control. 

  
 74 

 ARTICLE XV 
 GENERAL PROVISIONS 
 Section 15.01. Addresses and Notice. Any
notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail
or by other means of written or electronic communication (including by telecopy, facsimile, electronic mail or commercial courier service) to the Partner or Assignee at the address set forth in Exhibit A or such other address of which
the Partner shall notify the General Partner in accordance with this Section 15.01. 
 Section 15.02. Titles
and Captions. All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof.
Except as specifically provided otherwise, references to “Articles” or “Sections” are to Articles and Sections of this Agreement. 
 Section 15.03. Pronouns and Plurals. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 15.04. Further Action.
The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 15.05. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 Section 15.06. Waiver.

 (a) No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 (b) The restrictions, conditions and other limitations on the rights and benefits of the Limited Partners contained in this Agreement, and the duties, covenants and other requirements of performance or
notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or relinquished by the General Partner, in its sole and absolute discretion, on behalf of the
Partnership in one or more instances from time to time and at any time. 
 Section 15.07. Counterparts. This
Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall
become bound by this Agreement immediately upon affixing its signature hereto. 

  
 75 

 Section 15.08. Applicable Law. 

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

(b) Each Partner hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of New York
(collectively, the “New York Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute,
(ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the New York Courts, that its property is exempt or immune
from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner’s last known address as set forth in the Partnership’s books and records, and (iv) irrevocably
waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 
 Section 15.09. Entire Agreement. This Agreement contains all of the understandings and agreements between and among the Partners with respect to the subject matter of this Agreement and the
rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding the immediately preceding sentence, the Partners hereby acknowledge and agree that the General Partner, without the approval of any Limited Partner,
may enter into side letters or similar written agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of such Limited Partner to the Partnership, affecting the terms hereof, as
negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or provisions contained in such side letters or similar written
agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 
 Section 15.10. Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby. 
 Section 15.11. Limitation to Preserve REIT
Qualification. Notwithstanding anything else in this Agreement, to the extent that the amount paid, credited, distributed or reimbursed by the Partnership to the General Partner or its officers, directors, employees or agents, whether as a
reimbursement, fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the General Partner for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision
of this Agreement, the amount of such REIT Payments, as selected by the General Partner in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that
the REIT Payments, as so reduced, for or with respect to the General Partner, shall not exceed the lesser of: 
 (i) an amount
equal to the excess, if any, of (a) 4.9% of the General Partner’s total gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (H) of Code
Section 856(c)(2) over (b) the amount of gross income (within the meaning of Code Section 856(c)(2)) derived by the General Partner from sources other than those described in subsections (A) through (H) of Code
Section 856(c)(2) (but not including the amount of any REIT Payments); or 

  
 76 

 (ii) an amount equal to the excess, if any, of (a) 24% of the General Partner’s
total gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income (within the meaning of
Code Section 856(c)(3)) derived by the General Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments); provided,
however, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts
shall not adversely affect the General Partner’s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Partnership Year as a consequence of the limitations set forth in this Section 15.11, such REIT
Payments shall carry over and shall be treated as arising in the following Partnership Year. The purpose of the limitations contained in this Section 15.11 is to prevent the General Partner from failing to qualify as a REIT by reason of
the General Partner’s share of items, including distributions, payments, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this Section 15.11 shall be interpreted and applied
to effectuate such purpose. 
 Section 15.12. No Partition. No Partner nor any successor-in-interest to a Partner
shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or in equity to have such property of the Partnership partitioned, and each
Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves, shall
be governed by the terms of this Agreement, and that the rights of the Partners and their successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 15.13. No Third-Party Rights Created Hereby. The provisions of this Agreement are solely for the purpose of defining
the interests of the Partners, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of
subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Partnership (other than as expressly set forth herein with respect to Indemnitees) shall have
the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or obligations of the Partners herein
set forth 

  
 77 

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

Section 15.14. No Rights as Stockholders of General Partner. Nothing contained in this Agreement shall be construed as
conferring upon the Holders of Partnership Units any rights whatsoever as stockholders of the General Partner, including without limitation any right to receive dividends or other distributions made to stockholders of the General Partner or to vote
or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or any other matter. 
 Section 15.15. Creditors. Other than as expressly set forth herein with respect to Indemnitees, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable
by, any creditor of the Partnership. 
 [signature page follows] 

  
 78 

 IN WITNESS WHEREOF, this First Amended and Restated Agreement of Limited Partnership has
been executed as of the date first written above. 
  

					
	GENERAL PARTNER:
	
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ALL LIMITED PARTNERS LISTED ON EXHIBIT A HERETO
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	as Attorney-in-Fact for the Limited Partners

  
 79Contribution Agreement

 Exhibit 10.8 
 CONTRIBUTION AGREEMENT 
 by and among 

Empire Realty Trust, L.P., 
 Empire Realty Trust, Inc. 
 and 

the persons and entities included in the Malkin Family Group listed on the signature pages hereto 

Dated as of November 28, 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
			
	 ARTICLE 1.
	  	 CONTRIBUTION
	  	 	2	  
			
	 Section 1.1
	  	 Contribution of Contributed Interests
	  	 	2	  
	 Section 1.2
	  	 Designation of Assignee
	  	 	2	  
	 Section 1.3
	  	 Consideration
	  	 	3	  
	 Section 1.4
	  	 Tax Treatment
	  	 	4	  
	 Section 1.5
	  	 Malkin Family Contributor Consent
	  	 	5	  
	 Section 1.6
	  	 Term of Agreement
	  	 	5	  
			
	 ARTICLE 2.
	  	 CLOSING
	  	 	5	  
			
	 Section 2.1
	  	 Conditions Precedent
	  	 	5	  
	 Section 2.2
	  	 Time and Place; Closing and IPO Closing
	  	 	7	  
	 Section 2.3
	  	 Closing Deliveries
	  	 	7	  
	 Section 2.4
	  	 IPO Closing Deliveries
	  	 	8	  
	 Section 2.5
	  	 Closing Costs
	  	 	8	  
			
	 ARTICLE 3.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	8	  
			
	 Section 3.1
	  	 Representations and Warranties with Respect to the Company and the Operating Partnership
	  	 	8	  
	 Section 3.2
	  	 Representations and Warranties of the Malkin Family Contributors
	  	 	10	  
			
	 ARTICLE 4.
	  	 COVENANTS
	  	 	14	  
			
	 Section 4.1
	  	 Covenants of the Malkin Family Contributors
	  	 	14	  
	 Section 4.2
	  	 Indemnification
	  	 	15	  
	 Section 4.3
	  	 Commercially Reasonable Efforts
	  	 	15	  
			
	 ARTICLE 5.
	  	 MISCELLANEOUS
	  	 	15	  
			
	 Section 5.1
	  	 Defined Terms
	  	 	15	  
	 Section 5.2
	  	 Notices
	  	 	18	  
	 Section 5.3
	  	 Counterparts
	  	 	19	  
	 Section 5.4
	  	 Entire Agreement; Third-Party Beneficiaries
	  	 	19	  
	 Section 5.5
	  	 Governing Law
	  	 	20	  
	 Section 5.6
	  	 Amendment; Waiver
	  	 	20	  
	 Section 5.7
	  	 Assignment
	  	 	20	  
	 Section 5.8
	  	 Jurisdiction
	  	 	20	  
	 Section 5.9
	  	 Severability
	  	 	20	  
	 Section 5.10
	  	 Rules of Construction
	  	 	21	  
	 Section 5.11
	  	 Time of the Essence
	  	 	21	  
	 Section 5.12
	  	 Descriptive Headings
	  	 	21	  
	 Section 5.13
	  	 No Personal Liability Conferred
	  	 	21	  

  
 i 

							
	 Section 5.14
	  	 Changes to Form Agreements
	  	 	21	  
	 Section 5.15
	  	 Further Assurances
	  	 	22	  
	 Section 5.16
	  	 Reliance
	  	 	22	  
	 Section 5.17
	  	 Survival
	  	 	22	  
	 Section 5.18
	  	 Equitable Remedies; Limitation on Damages
	  	 	22	  

 EXHIBITS 
  

			
	A	  	Malkin Family Contributors, Public Contributing Entities and Participation Interests
		
	B	  	Form of Registration Rights Agreement
		
	C	  	Form of Lock-Up Agreement

  
 ii 

 CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT (including all exhibits, hereinafter referred to as this “Agreement”) is made and entered
into as of November 28, 2011 (the “Effective Date”) by and among Empire Realty Trust, Inc., a Maryland corporation (the “Company”), Empire Realty Trust, L.P., a Delaware limited partnership (the
“Operating Partnership”), Malkin Holdings LLC (the “Supervisor”) and the other Persons affiliated with the Malkin Family Group (defined below) set forth on the signature pages hereto (individually, a
“Malkin Family Contributor” and collectively, the “Malkin Family Contributors”). Terms used but not defined shall have the meanings ascribed to them in Section 5.1. 

RECITALS 
 A.
WHEREAS, in conjunction with the Company’s formation transactions and the initial public offering of the Company (the “IPO”), the Company desires, among other things, (1) to consolidate (a) the ownership of the
Participation Interests held by the Participants in 20 limited liability companies and limited partnerships (the “Private Contributing Entities”) and three limited liability companies that are Public Entities (the “Public
Contributing Entities” together with the Private Contributing Entities, the “REIT Contributing Entities”) which own fee, ground leasehold interests or operating leasehold interests in the 18 real properties and the two
acres of vacant land as described in each REIT Contributing Entity’s Consent Solicitation Statement/Offering Memorandum or the Prospectus Supplement to Prospectus/Consent Solicitation Statement included in the registration statement on Form
S-4, as applicable (each, a “Consent Solicitation”) and (b) Malkin Holdings LLC, Malkin Properties, L.L.C., Malkin Properties of New York, L.L.C., Malkin Properties of Connecticut, Inc. and Malkin Construction Corp. (the
“Management Companies”) and (2) to have an option (the “Option Transaction”) to acquire the interests owned by three limited liability companies (the “Optional Contributing Entities”) which may
be exercised upon the final resolution of certain ongoing litigation with respect to the real properties owned by such companies. Such consolidations into the Company and/or the Operating Partnership will be completed immediately prior to or
concurrently with the completion of the IPO (as more particularly described below and in the Consent Solicitations (collectively, the “Consolidation Transaction”) pursuant to various contribution agreements (the
“Contribution Agreements”) by and among the Company, the Operating Partnership and the applicable REIT Contributing Entity, and merger agreements by and among the Company, the Operating Partnership and the applicable Management
Company. 
 B. WHEREAS, the Consolidation Transaction and the Option Transaction will entail, among other things, a series of
transactions, pursuant to which the REIT Contributing Entities, the Optional Contributing Entities (if the Company exercises the related option) and/or their Participants, and the equity holders of the Management Companies, will receive, as
applicable, units of limited partnership interests (the “OP Units”) to be issued by the Operating Partnership, shares of Class A Common Stock of the Company, par value $0.01 per share (the “Class A Common
Stock”), to be issued by the Company, shares of Class B Common Stock of the Company, par value $0.01 per share (the “Class B Common Stock,” and together with the Class A Common Stock, the “Common
Stock”), to be issued by the Company and/or cash (subject to a cap), which (to the extent received by the REIT Contributing Entities and not directly by the Participants or equity holders, as the case may be, therein) will each be
distributed 

  
 1 

 
to the Participants or equity holders, as the case may be, therein. The holder of a Participation Interest in a REIT Contributing Entity, as applicable, is referred to individually as a
“Participant” and collectively as the “Participants.” 
 C. WHEREAS, the Malkin Family
Contributors hold the Participation Interests in the Public Contributing Entities as set forth on Exhibit A, and each Malkin Family Contributor desires to consent to the Consolidation Transaction in respect of the applicable Public
Contributing Entity in which such Malkin Family Contributor holds Participation Interests on the Effective Date prior to the mailing of the Consent Solicitations. 
 D. WHEREAS, the Supervisor, which is included in the definition of Malkin Family Contributors, holds override interests, including the rights to receive distributions under the voluntary capital
transaction override program (as described more fully in the Consent Solicitations) on account of interests held by certain of the Participants in the Public Contributing Entities who have voluntarily consented to such program (collectively, the
“Override Interests”). 
 E. WHEREAS, at the Closing, the Malkin Family Contributors desire to transfer all of
its Participation Interests as set forth on Exhibit A and the Supervisor desires to transfer its rights to receive distributions on account of the Override Interests in the Public Contributing Entities (such Participation Interests and
Override Interests to be so transferred collectively, the “Contributed Interests”), directly to the Operating Partnership or a Subsidiary thereof for OP Units and Class B Common Stock in lieu of the process described in Recital B
above (the “Contributions”). 
 NOW, THEREFORE, for and in consideration of the foregoing premises and the
mutual undertakings set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 TERMS OF AGREEMENT 
 ARTICLE 1. 

CONTRIBUTION 

Section 1.1 Contribution of Contributed Interests. At the Closing and subject to the terms and conditions contained in this
Agreement, the Malkin Family Contributors shall contribute, transfer, assign, convey and deliver to the Operating Partnership, and the Operating Partnership shall acquire and accept, all right, title and interest held by the applicable Malkin Family
Contributor in the Contributed Interests (other than Excluded Assets) directly, free and clear of all Liens. 
 Section 1.2
Designation of Assignee. The Operating Partnership reserves the right, by written notice to the Malkin Family Contributors, to reallocate any of the Contributed Interests slated for acquisition by the Operating Partnership pursuant to this
Agreement, such that the Contributed Interests will instead be contributed to and acquired by the Company or any Subsidiary of the Company or the Operating Partnership; provided that such reallocation does not adversely affect the Tax
treatment of the Contributions contemplated herein. 

  
 2 

 Section 1.3 Consideration. 

(a) At the Closing, the Operating Partnership shall, in exchange for the transfer of the Contributed Interests, issue to the applicable
Malkin Family Contributor or its designee the number of OP Units and shares of Class B Common Stock equal to, as applicable, each Malkin Family Contributor’s portion (based on percentage ownership) of the “Value” of the respective
Public Contributing Entity (as will be determined in accordance with such Public Contributing Entity’s Contribution Agreement, its Organizational Documents and its Consent Solicitation) including any amount distributable on account of the
Override Interests (such amounts described above in respect of all Contributed Interests in the aggregate, the “Total Consideration”); provided that only one share of Class B Common Stock may be issued for every 50 OP Units
(i.e., such Malkin Family Contributor would receive one share of Class B Common Stock and 49 OP Units). 
 (b) No fractional
shares of OP Units or Class B Common Stock shall be issued to a Malkin Family Contributor pursuant to this Agreement. If aggregating all OP Units or shares of Class B Common Stock that a Malkin Family Contributor otherwise would be entitled to
receive as a result of the Consolidation Transaction would require the issuance of a fractional OP Unit or share of Class B Common Stock, in lieu of such fractional OP Unit or fractional share of Class B Common Stock, the applicable Malkin
Family Contributor shall be entitled to receive one OP Unit or one share of Class B Common Stock for each fractional OP Unit or share of Class B Common Stock of 0.50 or greater. Neither the Operating Partnership nor the Company will issue
an OP Unit or share of Class B Common Stock, respectively, for any fractional share of OP Unit or Class B Common Stock, respectively, of less than 0.50. 
 (c) As soon as practicable following the determination of the IPO Price and prior to the Closing, all calculations relating to the Total Consideration shall be performed in good faith by, or under the
direction of, the Company and the Operating Partnership, and, absent manifest error, shall be final and binding upon the Malkin Family Contributors. 
 (d) The parties acknowledge that the transfer pursuant to this Section 1.3 of (i) OP Units shall be evidenced by an amendment (the “Amendment”) to the OP Agreement
admitting Malkin Family Contributors receiving OP Units hereunder as limited partners of the Operating Partnership and (ii) the Class B Common Stock shall be evidenced through the electronic registration of such Class B Common Stock with the
Depository Trust Company, a New York corporation or in a different form to be determined by the Company (“Registered REIT Stock”), in such names as each Malkin Family Contributor shall direct. Each Malkin Family Contributor that
will receive OP Units shall be instructed to execute, in connection with its consent to the transactions contemplated by this Agreement, an agreement to become a party to and be bound by the OP Agreement. The Operating Partnership may withhold
distribution of any OP Units to any Malkin Family Contributor until such Malkin Family Contributor executes an agreement to be become a party to and be bound by the OP Agreement. 

(e) Each Public Contributing Entity must distribute certain cash, if any, held on or prior to the Closing Date to its Participants
(including the respective Malkin Family Contributor) in accordance with the provisions of the applicable Organizational Documents and the Contribution Agreement of such Public Contributing Entity (together with Excluded Assets

  
 3 

 
as defined in each Public Entity’s Contribution Agreement, the “Excluded Assets”). The Operating Partnership agrees and acknowledges that none of the Excluded Assets, nor
any right, title or interest of the applicable Public Contributing Entity or Participant therein, shall be deemed to constitute a part of the assets and liabilities contributed to the Operating Partnership, and that such assets and liabilities will
be retained by such Public Contributing Entity or such Participant at the Closing. The Operating Partnership agrees and acknowledges that (i) each such Public Contributing Entity must transfer or distribute the Excluded Assets to its
Participants (including the respective Malkin Family Contributor) at any time and from time to time prior to or at the Closing and after the Closing (in which case, such assets shall be held by the Operating Partnership for the benefit of the
applicable Malkin Family Contributor and the respective Subsidiary of the Operating Partnership that is a nominal transferee of the Contributed Interests pursuant to this Agreement shall assign to the applicable Malkin Family Contributor such Malkin
Family Contributor’s portion of such distributions) and (ii) the applicable Malkin Family Contributor shall be entitled to its respective share of any distributions (including distributions of Excluded Assets) made by each Public
Contributing Entity in respect of the Participation Interests contributed by such Malkin Family Contributor. 
 Section 1.4
Tax Treatment. 
 (a) So long as some portion of the Total Consideration is in the form of OP Units, the parties intend
and agree that the Contributions by Malkin Family Contributors pursuant to the Consolidation Transaction, for U.S. federal income tax purposes, shall constitute an “assets over” partnership merger of the Public Contributing Entity and the
Operating Partnership within the meaning of Treasury Regulation Section 1.708-1(c)(3)(i) and, as a result, that (i) any distribution of Class B Common Stock to a Malkin Family Contributor who receives solely Class B Common Stock in respect
of its Contributed Interest in the relevant Public Contributing Entity shall be treated as a sale by such Malkin Family Contributor of its Contributed Interest in such Public Contributing Entity and a purchase by the Operating Partnership of such
Contributed Interest for the Class B Common Stock received by such Malkin Family Contributor in accordance with Treasury Regulation Section 1.708-1(c)(4), (ii) any distribution of Class B Common Stock to a Malkin Family Contributor who
receives a combination of OP Units and/or Class B Common Stock in respect of its Contributed Interest in the relevant Public Contributing Entity shall be treated (a) as a reimbursement of capital expenditures under Treasury Regulation
Section 1.707-4(d), to the extent that the fair market value of such Class B Common Stock does not exceed such Malkin Family Contributor’s proportionate share of the capital expenditures of such Public Contributing Entity to be specified
on Schedule 1.9 (which shall be provided on or prior to the Closing Date) and (b) as a sale by such Malkin Family Contributor of its Participation Interest in the Public Contributing Entity and a purchase by the Operating
Partnership of such Contributed Interest in accordance with Treasury Regulation Section 1.708-1(c)(4), to the extent (if any) that the fair market value of such Class B Common Stock exceeds such Malkin Family Contributor’s proportionate
share of the capital expenditures of such Public Contributing Entity as of the Closing Date as will be specified on a schedule to be provided on or prior to the Closing Date). At or prior to the Closing Date, the parties will agree to a revision of
such schedule reflecting the capital expenditures that each Contributing Entity will have incurred as of the Closing Date. Each such Malkin Family Contributor who accepts such Class B Common Stock explicitly agrees to the treatment described in the
preceding clauses (i) and (ii) as a condition to receiving such Class B 

  
 4 

 
Common Stock. The portion of any transfer, assignment and exchange of Contributed Interests for OP Units by a Malkin Family Contributor effectuated pursuant to this Agreement shall constitute a
“Capital Contribution” by the Public Contributing Entity to the Operating Partnership pursuant to Article IV of the OP Agreement and is intended to be treated, for U.S. federal income tax purposes, as a contribution to a partnership
pursuant to Section 721 of the Code. 
 (b) Each Malkin Family Contributor and the Operating Partnership hereby agree to
the U.S. federal income tax treatment described in this Section 1.4, and neither the Malkin Family Contributors nor the Operating Partnership shall maintain a position on their respective U.S. federal income tax returns or otherwise
that is inconsistent therewith. 
 (c) The Company and the Operating Partnership shall be entitled to deduct and withhold from
any portion of the Total Consideration to be distributed to a Malkin Family Contributor such amount as it is required to deduct and withhold from such payment under the Code or any provision of U.S. federal, state, local or foreign Tax Law. To the
extent that amounts are withheld by the Company or the Operating Partnership, such amounts shall be treated for all purposes of this Agreement as having been paid to such Malkin Family Contributor in respect of which such deduction and withholding
was made by the Company or the Operating Partnership. 
 Section 1.5 Malkin Family Contributor Consent. Each Malkin
Family Contributor agrees that it will consent to (and not revoke its consent to) (a) the Consolidation Transaction, including an Alternate Transaction and (b) a third-party portfolio sale proposal (“Portfolio Sale”) (each
as more fully described in the Consent Solicitations) in respect of the Public Contributing Entity in which it holds a Contributed Interest. 
 Section 1.6 Term of Agreement. If the Closing does not occur by December 31, 2014 (the “Termination Date”), or such earlier time as the Company determines not to proceed
with the IPO, this Agreement shall be deemed terminated and shall be of no further force and effect and none of the Company, the Operating Partnership or any Malkin Family Contributor shall have any further obligations hereunder except as
specifically set forth in this Agreement. 
 ARTICLE 2. 
 CLOSING 
 Section 2.1 Conditions Precedent. 

(a) Condition to Each Party’s Obligations. The obligations of each party to effect the transactions with respect to each
Contribution of a Contributed Interest contemplated hereby shall be subject to the satisfaction or waiver of the following conditions: 
 (i) No order, statute, rule, regulation, executive order, injunction, stay, decree, judgment or restraining order shall have been enacted, issued, entered, promulgated or enforced by any court of
competent jurisdiction or Governmental Authority that prohibits the consummation of the transactions with respect to such Contribution contemplated hereby (which condition may not be waived by any party), nor shall any proceeding brought by a
Governmental Authority of competent jurisdiction be pending that seeks the foregoing; 

  
 5 

 (ii) The IPO Closing shall have occurred simultaneously with the Closing (or the Closing
shall occur prior to, but conditioned upon the immediate subsequent occurrence of, the IPO Closing) and the Class A Common Stock shall have been approved for listing on the New York Stock Exchange or another national securities exchange,
subject only to official notice of issuance. This condition may not be waived by any party; and 
 (iii) With respect to each
Public Contributing Entity in which a Malkin Family Contributor owns a Contributed Interest, the closing of such Public Contributing Entity’s participation in the Consolidation Transaction pursuant to its Contribution Agreement shall have
occurred. 
 (b) Conditions to Obligations of the Company and the Operating Partnership. The obligations of the Company
and Operating Partnership to effect a Contribution transaction of a Contributed Interest contemplated hereby shall be subject to the satisfaction or waiver of the following conditions with respect to such Contributed Interest (it being understood
that the provisions of Section 2.1(a) and this Section 2.1(b) shall be the only conditions to the obligations of the Company and the Operating Partnership with respect to such Contribution and that, without limiting any
Malkin Family Contributor’s duties, covenants or obligations expressed elsewhere in this Agreement, the provisions of Section 2.1(a) and this Section 2.1(b) shall be only conditions to Closing and shall not independently
create any additional covenants on the part of such Malkin Family Contributor): 
 (i) The representations and warranties of
the Malkin Family Contributors contained in this Agreement shall be true and correct in all material respects at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date,
in which case it must be true and correct only as of that earlier date); 
 (ii) Each Malkin Family Contributor shall have
performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date; and 
 (iii) Each Malkin Family Contributor shall have executed and delivered to the Company the documents required to be delivered by it pursuant to Sections 2.3 and 2.4 hereof. 

Any or all of the foregoing conditions may be waived by the Operating Partnership on behalf of itself and the Company in its sole and
absolute discretion. 
 (c) Conditions to Obligations of the Malkin Family Contributors. The obligations of each Malkin
Family Contributor to effect the transactions contemplated hereby shall be subject to the satisfaction or waiver of the following conditions (it being understood that the provisions of Section 2.1(a) and this Section 2.1(c)
shall be the only conditions to the obligations of such entities and that, without limiting any of the Company’s or the Operating Partnership’s duties, covenants or obligations expressed elsewhere in this Agreement, the provisions of
Section 2.1(a) and this Section 2.1(c) shall be only conditions to Closing and shall not independently create any additional covenants of the Company or the Operating Partnership): 

(i) The representations and warranties of each of the Operating Partnership and the Company contained in this Agreement shall be true
and correct at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date); 

  
 6 

 (ii) The Company and the Operating Partnership shall have performed in all material
respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date; and 
 (iii) The Company and the Operating Partnership each shall have executed and delivered to the Malkin Family Contributors the documents required to be delivered pursuant to Sections 2.3 and
2.4 hereof. 
 Section 2.2 Time and Place; Closing and IPO Closing. Unless this Agreement shall have been
terminated pursuant to Section 1.6, and subject to the satisfaction or waiver of the conditions in Section 2.1, the closing of the transactions contemplated hereunder (the “Closing” or “Closing
Date”) shall occur concurrently with (or prior to, but conditioned upon the immediate subsequent occurrence of) the IPO Closing. The Closing shall take place at the New York offices of Clifford Chance US LLP or such other place as
determined by the Company in its sole discretion. The date, time and place of the consummation of the IPO, which shall occur concurrently with or immediately following the Closing, shall be referred to in this Agreement as the “IPO
Closing.” 
 Section 2.3 Closing Deliveries. On the Closing Date, the parties shall make, execute,
acknowledge and deliver the legal documents and items required to be executed or delivered in connection with the Closing (collectively the “Closing Documents”) to which it is a party or for which it is otherwise responsible that
are necessary to carry out the intention of this Agreement and the other transactions contemplated to take place in connection therewith. The Closing Documents and other items to be delivered at the Closing are the following: 

(a) The Amendment or other evidence of the transfer of OP Units to the Malkin Family Contributors and evidence of the Registered REIT
Stock, which shall bear the legend set forth in the Articles of Amendment and Restatement of the Company, as amended and restated and in effect immediately prior to the Closing (the “Articles”) or a written statement of information
that the Company will furnish a full statement about certain restrictions on transferability to a stockholder on request and without charge, which restrictions shall be substantially the same as those set forth in the Articles; 

(b) Any other documents that are in the possession of a Malkin Family Contributor or which can be obtained through such Malkin Family
Contributor’s reasonable efforts which are reasonably requested by the Company or the Operating Partnership and are reasonably necessary or desirable to assign, transfer, convey, contribute and deliver the Contributed Interests directly, free
and clear of all Liens and effectuate the transactions contemplated hereby; 

  
 7 

 (c) The Operating Partnership and the Company on the one hand and the Malkin Family
Contributors that are entities on the other hand shall provide to the other a certified copy of all appropriate corporate resolutions or partnership, limited liability company or other actions, as applicable, authorizing the execution, delivery and
performance by the Operating Partnership and the Company (if so requested by a Malkin Family Contributor) and any Malkin Family Contributor (if so requested by the Operating Partnership or the Company) of this Agreement, any related documents and
the documents listed in this Section 2.3; 
 (d) The Operating Partnership and the Company on the one hand and the
Malkin Family Contributors on the other hand shall provide to the other a certification regarding the accuracy in all material respects of each of their respective representations and warranties in this Agreement at the Closing Date (except to the
extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date); and 
 (e) The Malkin Family Contributors shall each provide the Operating Partnership with a certificate of non-foreign status that complies in form and in substance with Treasury Regulation
Section 1.1445-2(b). 
 Section 2.4 IPO Closing Deliveries. At the IPO Closing, (a) the Closing Documents
shall be delivered to the applicable parties, and the Closing shall be deemed to have occurred (if such Closing has not otherwise occurred immediately prior thereto), and (b) the parties shall make, execute, acknowledge and deliver, the legal
documents and other items to which it is a party or for which it is otherwise responsible that are necessary to carry out the intention of this Agreement, which IPO Closing Documents and other items are the following: 

(a) The Registration Rights Agreement, substantially in the form attached hereto as Exhibit B (the “Registration Rights
Agreement”); and 
 (b) The Lock-up Agreement, substantially in the form attached hereto as Exhibit C.

 Section 2.5 Closing Costs. Each party shall bear all fees and expenses incurred by it in connection with the
negotiation and execution of this Agreement and each agreement or other document contemplated by this Agreement and the consummation of the transactions contemplated hereby and thereby. 

ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Representations and Warranties with Respect to the Company and the Operating Partnership. The Operating Partnership and the Company hereby jointly and severally represent and
warrant to the Malkin Family Contributors as set forth below in this Section 3.1, which representations and warranties are true and correct as of the Effective Date (or such other date specifically set forth below): 

(a) Organization; Authority. 
 (i) The Company is a corporation duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of incorporation and has all requisite power and authority to enter into this
Agreement and each agreement or other document contemplated by this Agreement to which it is a party, and to carry out the transactions contemplated hereby or thereby, and to own, lease and/or operate its property, as applicable, and its other
assets, and to carry on its business as presently conducted. The Company, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of
its property make such qualification necessary, other than such failures to be so qualified as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 8 

 (ii) The Operating Partnership is a limited partnership duly formed, validly existing and
in good standing under the Laws of its jurisdiction of formation and has all requisite power and authority to enter into this Agreement and each agreement or other document contemplated by this Agreement and to carry out the transactions
contemplated hereby or thereby, and to own, lease and/or operate its property, as applicable, and its other assets, and to carry on its business as presently conducted. The Operating Partnership, to the extent required under applicable Laws, is
qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than such failures to be so qualified as would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (b) Due Authorization. The execution,
delivery and performance by the Company and the Operating Partnership of this Agreement and each agreement or other document contemplated by this Agreement to which it is a party have been duly and validly authorized by all necessary actions
required of the Company and the Operating Partnership, respectively. This Agreement and each agreement or other document contemplated by this Agreement executed and delivered by or on behalf of the Company and the Operating Partnership constitutes,
or when executed and delivered will constitute, the legal, valid and binding obligation of the Company and the Operating Partnership, respectively, each enforceable against the Company and the Operating Partnership, respectively, in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity). 
 (c) Consents and Approvals. Assuming the accuracy of the representations
and warranties of the Malkin Family Contributors made hereunder, no consent, order, waiver, approval or authorization of, or registration, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any
applicable Laws (each, a “Consent”) is required to be obtained by the Company, the Operating Partnership or any of their Subsidiaries in connection with the execution, delivery and performance of this Agreement or any other
agreement or document contemplated by this Agreement to which the Company or the Operating Partnership is a party, or any agreements or transactions contemplated hereby or thereby, except for those consents, orders, waivers, approvals,
authorizations, registrations, qualifications, designations, declarations or filings, the failure of which to obtain or to make, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and except as
contemplated in the Registration Rights Agreement. 

  
 9 

 (d) No Violation. None of the execution, delivery or performance by the Company or
the Operating Partnership of this Agreement or any other agreement or document contemplated by this Agreement to which the Company or the Operating Partnership is a party, or any agreement or transaction contemplated hereby or thereby or the
consummation of the transactions contemplated hereby or thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of
termination, acceleration, cancellation or other right under, (i) the Organizational Documents of the Company and the Operating Partnership, (ii) any agreement, document or instrument to which the Company or the Operating Partnership is a
party thereto or (iii) any term or provision of any judgment, order, writ, injunction, or decree binding on the Company or the Operating Partnership, except for, in the case of clause (ii) or (iii), any such breaches or defaults that would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (e) OP Units and Class B
Common Stock. The OP Units and the Class B Common Stock, when issued and delivered in accordance with the terms of this Agreement for the consideration described in this Agreement, will have been (i) duly authorized by the Company or
the Operating Partnership, as applicable, and when issued against the consideration therefor, will be validly issued by the Company or the Operating Partnership, respectively, (ii) fully paid and non-assessable (with respect to the Class B
Common Stock), (iii) not subject to preemptive or similar rights created by statute or any agreement to which the Company or the Operating Partnership is a party or by which it is bound and (iv) free and clear of all Liens created by the
Company or the Operating Partnership (other than Liens created by the OP Agreement or the Articles). In addition, upon such issuance of OP Units, each Malkin Family Contributor will be admitted as a limited partner of the Operating Partnership in
accordance with the OP Agreement. 
 (f) No Other Representations or Warranties. Other than the representations and
warranties expressly set forth in this Section 3.1, neither the Company nor the Operating Partnership shall be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated
hereby. All representations and warranties of the Company and the Operating Partnership contained in this Agreement shall expire at Closing. 
 Section 3.2 Representations and Warranties of the Malkin Family Contributors. Each Malkin Family Contributor severally and not jointly hereby represents and warrants to the Company and the
Operating Partnership as to himself, herself or itself set forth below in this Section 3.2, which representations and warranties are true and correct as of the Effective Date (or such other date specifically set forth below): 

(a) Organization; Authority. Each Malkin Family Contributor that is an entity is duly organized and validly existing and in good
standing under the Laws of its jurisdiction of organization and, in each case, has all requisite power and authority to enter into this Agreement and each agreement or other document contemplated by this Agreement and to carry out the

  
 10 

 
transactions contemplated hereby and thereby. Each Malkin Family Contributor that is an entity, to the extent required under applicable Laws, is qualified to do business and is in good standing
in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary. 

(b) Due Authorization. The execution, delivery and performance by each Malkin Family Contributor that is an entity of this
Agreement and each agreement or other document contemplated by this Agreement to which it is a party has been duly and validly authorized by all necessary actions required of such entity. This Agreement and each agreement or other document
contemplated by this Agreement executed and delivered by or on behalf of such Malkin Family Contributor constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Malkin Family Contributor, each
enforceable against such entity in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (c) Ownership of
Contributed Interests. The Supervisor is the owner of the Override Interests, and each Malkin Family Contributor is the record and beneficial owner of the Participation Interests in each respective Public Contributing Entity as set forth on
Exhibit A as of the Effective Date and as of the Closing Date, and the Supervisor and the applicable Malkin Family Contributor will have the power and authority on the Closing Date to transfer, sell, assign and convey to the Company, the
Operating Partnership or any of their Subsidiaries, as applicable, its respective Contributed Interests free and clear of any Liens and, upon delivery of the Total Consideration for such Contributed Interests as provided herein, the Company, the
Operating Partnership or such Subsidiary, as applicable, will acquire good and valid title thereto, free and clear of any Liens. The Participation Interests set forth on Exhibit A constitute all of the Participation Interests owned directly
or indirectly by any Malkin Family Contributor or their controlled Affiliates. Except as provided for or contemplated by this Agreement, as of the Closing, there will not be any rights, subscriptions, warrants, options, conversion rights, preemptive
rights, agreements, instruments or understandings of any kind outstanding (A) relating to the Contributed Interests or (B) to purchase, transfer or to otherwise acquire, or to in any way encumber, any of the interests which comprise such
Contributed Interests or any securities or obligations of any kind convertible into any of the interests which comprise such Contributed Interests. 
 (d) Consents and Approvals. Assuming the accuracy of the representations and warranties of the Company and the Operating Partnership made hereunder, no Consent is required to be obtained by any
Malkin Family Contributor in connection with the execution, delivery and performance of this Agreement or any other agreement or document contemplated by this Agreement to which such Malkin Family Contributor is a party and the transactions
contemplated hereby or thereby, except for those Consents (i) the failure of which to obtain or to make would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of any Malkin Family
Contributor to effect the Contributions required hereby or (ii) that will have been obtained or made on or prior to the Closing Date. 

  
 11 

 (e) No Violation. Assuming the accuracy of the representations and warranties of the
Company and the Operating Partnership made hereunder, none of the execution, delivery or performance by such Malkin Family Contributor of this Agreement or any other agreement or document contemplated by this Agreement to which such entity is a
party, or any agreement or transaction contemplated hereby or thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any
right of termination, acceleration, cancellation or other right under, (i) the Organizational Documents of any such entity, (ii) any material agreement, document or instrument to which such Malkin Family Contributor or any of their
respective assets or properties are bound or (iii) any material term or provision of any judgment, order, writ, injunction, or decree binding on any such entity. 
 (f) Taxes. 
 (i) There are no Liens for Taxes (other than statutory Liens
for Taxes not yet due and payable and for Taxes being contested in good faith and by appropriate proceedings) upon any Contributed Interests of the Malkin Family Contributors. 
 (g) Non-Foreign Status. None of the Malkin Family Contributors (or if any of the foregoing is a disregarded entity within the meaning of Section 1.1445-2(d)(iii), its sole owner for such
purposes) is a foreign person within the meaning of Section 1445 of the Code. 
 (h) Bankruptcy. No bankruptcy or
similar insolvency proceeding has been filed or is currently contemplated with respect to any Malkin Family Contributor. 
 (i)
Investment. 
 (i) Each Malkin Family Contributor is acquiring Class B Common Stock and OP Units solely for its own
account for the purpose of investment and not as a nominee or agent for any other Person and with a view to, or for offer or sale in connection with, any distribution thereof in violation of U.S. federal securities laws. Each Malkin Family
Contributor agrees and acknowledges that, except as set forth in the preceding sentence, it may not, directly or indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of (hereinafter, “Transfer”) any of
the Class B Common Stock or OP Units, unless (i) the Transfer is pursuant to an effective registration statement under the Act (or an exemption from such registration in accordance with clause (ii) below) and qualification or other
compliance under applicable blue sky or state securities laws, (ii) if requested by the Company, counsel for the transferor (which counsel shall be reasonably acceptable to the Company or and/or the Operating Partnership, as the case may be)
shall have furnished the Company and/or the Operating Partnership with an opinion, reasonably satisfactory in form and substance to the Company and/or Operating Partnership, as the case may be, to the effect that no such registration is required
because of the availability of an exemption from registration under the Act and (iii) the Transfer otherwise is permitted by the Articles and/or the OP Agreement. The term “Transfer” shall not include any redemption or exchange of the
OP Units for Class A Common Stock pursuant to the OP Agreement. Notwithstanding the foregoing, no Transfer shall be made unless it is permitted under the OP Agreement. 

  
 12 

 (ii) Each Malkin Family Contributor is knowledgeable, sophisticated and experienced in
business and financial matters and fully understands the limitations on transfer imposed by U.S. federal securities laws. Each Malkin Family Contributor is able to bear the economic risk of holding the Class B Common Stock and/or OP Units for an
indefinite period and is able to afford the complete loss of its investment in the Class B Common Stock and/or OP Units. Each Malkin Family Contributor has received and reviewed all information and documents about or pertaining to the Operating
Partnership and the business and prospects of the Operating Partnership and the issuance of the Class B Common Stock and/or OP Units as such Malkin Family Contributor deems necessary or desirable, and has been given the opportunity to obtain any
additional information or documents and to ask questions and receive answers about such information and documents, the Company, the Operating Partnership and the business and prospects of the Company and the Operating Partnership which such Malkin
Family Contributor deems necessary or desirable to evaluate the merits and risks related to its investment in the Class B Common Stock and/or OP Units; and each Malkin Family Contributor understands and has taken cognizance of all risk factors
related to the purchase of the Class B Common Stock and/or OP Units. Each Malkin Family Contributor is relying upon its own independent analysis and assessment (including with respect to taxes), and the advice of such Malkin Family
Contributor’s advisors (including tax advisors), and not upon that of the Company or the Operating Partnership or any of the Company’s or the Operating Partnership’s Affiliates, for purposes of evaluating, entering into, and
consummating the transactions contemplated hereby. 
 (j) Holding Period. Each Malkin Family Contributor acknowledges
that it has been advised that (i) the OP Units are not redeemable or exchangeable for Class A Common Stock for a minimum of twelve (12) months, (ii) the OP Units and Class B Common Stock issued pursuant to this Agreement, and any
Class A Common Stock issued in exchange for, or in respect of a redemption of, the OP Units, are “restricted securities” (unless registered in accordance with applicable U.S. securities laws) under applicable U.S. federal securities
laws and may be Transferred only in accordance with Section 3.3(2(k)(i) and each Malkin Family Contributor understands that the Operating Partnership has no obligation or intention to register any OP Units, except to the extent set forth
in the Registration Rights Agreement. Accordingly, each Malkin Family Contributor may have to bear indefinitely, the economic risks of an investment in such OP Units and a notation shall be made in the appropriate records of the Operating
Partnership indicating that the OP Units (and any Class A Common Stock for which OP Units may, in certain circumstances, be exchanged or redeemed) and are subject to restrictions on transfer. 

(k) Accredited Investor. Each Malkin Family Contributor is an “accredited investor” under the Act. Each Malkin Family
Contributor previously has provided the Operating Partnership and the Company with an accredited investor questionnaire duly executed by such Malkin Family Contributor. No event or circumstance has occurred since delivery of such questionnaire to
make the statements contained therein false or misleading. 
 (l) No Broker. None of the Malkin Family Contributors or
any of such Malkin Family Contributor’s members, managing members, partners, general partners, directors, officers or employees, to the extent applicable, has entered into any agreement with any broker, finder or similar agent or any Person or
firm that will result in the obligation of the Company, the 

  
 13 

 
Operating Partnership or any of their Affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement.

 (m) No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Section 3.2, none of the Malkin Family Contributors shall be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

(n) Survival of Representations and Warranties. Except as otherwise provided, all representations and warranties contained in
Section 3.2 or in any certificate or affidavit delivered by a Malkin Family Contributor pursuant to the Agreement shall survive the Closing. 
 ARTICLE 4. 
 COVENANTS 

Section 4.1 Covenants of the Malkin Family Contributors. 

(a) From the Effective Date through the Closing, and except as contemplated by this Agreement, the applicable Malkin Family Contributors
will not, without the prior written consent of the Operating Partnership, which consent will not be unreasonably withheld, conditioned or delayed: 
 (i) Sell, transfer (or agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing) all or any portion of the Contributed
Interests; except that a Malkin Family Contributor may transfer or agree to transfer all or part of its Contributed Interest to any Family Member (including a transfer by a Family Member that is an inter vivos or testamentary trust (whether
revocable or irrevocable) to a Family Member that is a beneficiary of such trust), provided such transferee agrees to be bound by the terms of this Agreement as a Malkin Family Contributor to the same extent as if it were an original party hereto;

 (ii) Pledge, hypothecate or encumber all or any portion of the Contributed Interests; 

(iii) Cause or take any action that would render any of the representations or warranties set forth in Section 3.2 untrue in
any material respect; 
 (iv) Authorize or consent to any of the actions prohibited by this Agreement or any of the Closing
Documents; 
 (v) Amend the Organizational Documents of any Malkin Family Contributor that is an entity; and 

(vi) Adopt a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization that would
prevent the transfer the Contributed Interests pursuant to this Agreement. 

  
 14 

 Section 4.2 Indemnification. 

(a) From and after the Closing, the Malkin Family Contributors shall indemnify and hold harmless, without duplication, the Company, the
Operating Partnership and any of their Subsidiaries from and against any Losses arising out of, relating to or in connection with (i) any material breach by a Malkin Family Contributor of any representation or warranty contained in
Section 3.2, (ii) any material breach by a Malkin Family Contributor of any covenant contained in this Agreement and (iii) the Contributed Interests. 
 Section 4.3 Commercially Reasonable Efforts. Subject to the terms and conditions provided in this Agreement, each of the Company, the Operating Partnership and each Malkin Family Contributor
covenants and agrees to use commercially reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations are required to be
obtained (under any applicable Laws or from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement, (b) promptly making any such filings, furnishing information required in connection
therewith and timely seeking to obtain any such consents, approvals, waivers, permits or authorizations and (c) taking all actions and doing, or causing to be done, all things necessary, proper and/or appropriate to consummate and make
effective the transactions contemplated by this Agreement. 
 ARTICLE 5. 

MISCELLANEOUS 

Section 5.1 Defined Terms. 
 (a) Each of the following terms is defined in the Section set forth opposite such term: 
  

			
	TERM	  	SECTION
		
	 Agreement
	  	Preamble
	 Amendment
	  	1.3(d)
	 Articles
	  	2.3(a)
	 Class A Common Stock
	  	Recital B
	 Class B Common Stock
	  	Recital B
	 Closing
	  	2.2
	 Closing Date
	  	2.2
	 Closing Documents
	  	2.3
	 Common Stock
	  	Recital B
	 Company
	  	Preamble
	 Consent
	  	3.1(c)
	 Consent Solicitation
	  	Recital A
	 Consolidation Transaction
	  	Recital A
	 Contributed Interests
	  	Recital E
	 Contributions
	  	Recital E
	 Contribution Agreements
	  	Recital A

  
 15 

			
	TERM	  	SECTION
		
	 Effective Date
	  	Preamble
	 Excluded Asset
	  	1.3(e)
	 IPO
	  	Recital A
	 IPO Closing
	  	2.2
	 Malkin Family Contributors
	  	Preamble
	 Management Companies
	  	Recital A
	 OP Units
	  	Recital B
	 Operating Partnership
	  	Preamble
	 Option Transaction
	  	Recital A
	 Optional Contributing Entities
	  	Recital A
	 Override Interests
	  	Recital D
	 Participant
	  	Recital B
	 Portfolio Sale
	  	1.5
	 Private Contributing Entities
	  	Recital A
	 Public Contributing Entities
	  	Recital A
	 REIT Contributing Entities
	  	Recital A
	 Registered REIT Stock
	  	1.3(d)
	 Registration Rights Agreement
	  	2.4(a)
	 Supervisor
	  	Preamble
	 Termination Date
	  	1.6
	 Total Consideration
	  	1.3(a)
	 Transfer
	  	3.2(i)(i)

 (b) For the purposes of this Agreement, the following terms have the meanings set forth below.

 “Act” means Securities Act of 1933, as amended. 

“Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 
 “Alternate Transaction” means (i) the restructuring of the
Consolidation Transaction as either (A) a merger of a REIT Contributing Entity or a Subsidiary with and into either the Company or a wholly-owned subsidiary of the Company or the Operating Partnership or a wholly-owned subsidiary of the
Operating Partnership or (B) a merger of a wholly-owned subsidiary of either the Company or the Operating Partnership with and into a REIT Contributing Entity or a Subsidiary, in each case, to the extent such alternate transaction does not
adversely affect the economic benefits to its Participants (taking into account the Tax treatment of such alternate transaction) or (ii) any other transaction pursuant to which the Company, the Operating Partnership or any of their Subsidiaries
acquire a REIT Contributing Entity or all of its assets in a 

  
 16 

 
transaction pursuant to which the economic benefits (taking into account the Tax treatment of such alternate transaction) to the Company, the Operating Partnership and such REIT Contributing
Entity’s Participants are not adversely affected by such alternate transaction as compared to the economic benefits to be received by the Company, the Operating Partnership and its Participants pursuant to each REIT Contributing Entity’s
Contribution Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or legal holiday in the
State of New York. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Family Member” means, as to a Person that is an individual, such Person’s spouse, ancestors (whether by blood or
by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants
(whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any limited liability company or inter vivos or testamentary trusts (whether revocable or irrevocable) of which only such Person, his or her spouse,
ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister are initial income beneficiaries. 
 “Governmental Authority” means any government or agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any
government, whether federal, state or local, domestic or foreign. 
 “IPO Price” means the price per share of
Class A Common Stock in the IPO, as set forth on the cover page of the final Prospectus relating to the IPO. 

“Laws” means applicable laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions and
decrees of any Governmental Authority. 
 “Lien” means all pledges, claims, liens, charges, restrictions,
controls, easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever. 

“Losses” means all losses, damages, liabilities, fees, charges, costs and expenses of any nature whatsoever, including
without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds. 

“Malkin Family Group” means Anthony E. Malkin, Peter L. Malkin and each of their spouses and lineal descendents and the
lineal descendents of Lawrence A. Wien (including spouses of such descendents), any estates of any of the foregoing, any trusts now or hereafter established for the benefit of any of the foregoing, or any corporation, partnership, limited liability
company or other legal entity controlled by Anthony E. Malkin for the benefit of any of the foregoing, including the Supervisor. 

  
 17 

 “Material Adverse Effect” means a material adverse effect on the Company,
the Operating Partnership and their Subsidiaries and their properties taken as a whole, after giving effect to the Consolidation Transaction and the IPO. 
 “OP Agreement” means the agreement of limited partnership of the Operating Partnership, as amended and restated and in effect immediately prior to the Closing. 

“Organizational Documents” means with respect to any entity, the certificate of formation, limited liability company
agreement or operating agreement, participating agreements, certificate of incorporation, bylaws, certificate of limited partnership, limited partnership agreement and any other governing instrument, as applicable. 

“Participation Interests” means the limited liability company, general or limited partnership interests in a REIT
Contributing Entity, as applicable and, to the extent a limited liability company, general or limited partnership interests are held by an agent for the benefit of Participants, the beneficial ownership of such interests. 

“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other entity. 
 “Prospectus” means the Company’s final prospectus as filed
pursuant to Rule 424 under the Act with the SEC. 
 “Public Entities” means Empire State Building Associates
L.L.C., 60 East 42nd St. Associates L.L.C. and 250 West 57th St. Associates L.L.C. 
 “Subsidiary” means any
corporation, partnership, limited liability company, joint venture, trust or other legal entity which the applicable Person owns (either directly or through or together with another Subsidiary) either (i) a general partner, managing member or
other similar interest or (ii) (A) 50% or more of the equity interests or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint
venture or other legal entity. As used herein, “Subsidiary” or “Subsidiaries” refers to the Subsidiaries of the Company or the Operating Partnership, as applicable, unless the context otherwise requires. 

“Taxes” means all applicable U.S. federal, state, local and foreign income, withholding, property, sales, franchise,
employment, transfer, excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or additions to taxes with respect thereto. 

Section 5.2 Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given
when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (c) one (1) Business Day after being sent by a nationally recognized overnight
courier or (d) transmitted by facsimile if confirmed within twenty-four (24) hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to the parties at the following addresses (or at such other
address for a party as shall be specified by notice from such party). 

  
 18 

 To the Company and/or the Operating Partnership: 

One Grand Central Place 
 60 East 42nd Street 
 New York, New York 10165 

Phone: (212) 953-0888 
 Facsimile: (212) 986-8795 
 Attn: General Counsel 

with a copy to: 

Clifford Chance US LLP 
 31 West 52nd
Street 
 New York, NY 10019 
 Phone: (212) 878-8000 
 Facsimile: (212) 878-8375 

Attn: Larry P. Medvinsky, Esq. 
 To a Malkin Family Contributor: 
 One Grand Central Place 

60 East 42nd Street 
 New York, NY 10165 
 Phone: (212) 953-0888 

Facsimile: (212) 986-8795 
 Attn: General Counsel 
 with a copy to: 

Proskauer Rose LLP 
 Eleven Times Square 
 New York, NY 10036 

Phone: (212) 969-3000 
 Facsimile: (212) 969-2900 
 Attn: Arnold S. Jacobs, Esq. 

Section 5.3 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. This Agreement will be valid and binding against each party that executes and delivers a signature page hereto
regardless of whether each other party executes and delivers a signature page hereto, except that the Company and the Operating Partnership must execute and deliver its respective signature page hereto. 

Section 5.4 Entire Agreement; Third-Party Beneficiaries. This Agreement and the Closing Documents, including, without
limitation, the exhibits hereto and thereto, constitute the entire agreement and supersede each prior agreement and understanding, whether written or oral, 

  
 19 

 
among the parties regarding the subject matter of this Agreement and the Closing Documents. This Agreement is not intended to confer any rights or remedies on any Person other than the parties
hereto and the Subsidiaries of the Company or the Operating Partnership in respect of Section 4.2 hereof. 

Section 5.5 Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of
New York, regardless of any Laws that might otherwise govern under applicable principles of conflict of laws thereof. 

Section 5.6 Amendment; Waiver. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any
provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 

Section 5.7 Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the
parties hereto and their permitted respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without the prior written consent of the
other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Operating Partnership may designate assignees pursuant to Section 1.2 and otherwise may assign its rights
and obligations hereunder to a wholly-owned subsidiary of the Operating Partnership. For the avoidance of doubt, any reference to an acquisition by the Operating Partnership shall also be deemed to refer to an acquisition by any of its Subsidiaries.

 Section 5.8 Jurisdiction. The parties hereby (a) submit to the exclusive jurisdiction of any state or
federal court sitting in New York County, New York with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute and
(b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from
attachment or execution, that the action is brought in an inconvenient forum or that the venue of the action is improper. 

Section 5.9 Severability. Each provision of this Agreement will be interpreted so as to be effective and valid under
applicable Law, but if any provision is held invalid, illegal or unenforceable under applicable Law in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision never had been included in this Agreement. 

  
 20 

 Section 5.10 Rules of Construction. 

(a) The parties agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement and,
therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

(b) The words “hereto,” “hereof,” “herein” and “herewith” and words of similar import shall,
unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits
and schedules of this Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” All terms defined in this Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in
this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Any agreement, instrument or statute defined or referred to herein or in any
agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including (in the case of agreements and instruments) by waiver or consent and (in the case of
statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

Section 5.11 Time of the Essence. Time is of the essence with respect to all obligations under this Agreement. 

Section 5.12 Descriptive Headings. The descriptive headings in this Agreement are inserted for convenience only and are not
intended to be part of or to affect the meaning or interpretation of this Agreement. 
 Section 5.13 No Personal
Liability Conferred. This Agreement shall not create or permit any personal liability or obligation on the part of any shareholder, managing member, general partner, trustee, executor, director, officer or employee of any Malkin Family
Contributor, the Supervisor, the Company or the Operating Partnership, to the extent applicable, in their capacities as such. 

Section 5.14 Changes to Form Agreements. Each Malkin Family Contributor agrees and confirms that the terms of the Common
Stock and OP Units and the Consent Solicitation are not final and may be modified depending on the prevailing market conditions at the time of the IPO. In addition, each applicable Malkin Family Contributor acknowledges that (a) the information
presented in the Consent Solicitation for the Public Contributing Entity in which it owns Contributed Interests and the attachments thereto will be preliminary and is subject to change (particularly management’s discussion and analysis of
financial condition and results of operation, the financial statements and footnotes thereto, the preliminary pro forma financial statements and footnotes thereto, the property information, the IPO price and the assumed range

  
 21 

 
of shares estimated to be offered in the IPO) in connection with the completion of the audit, the review and comments of the Securities and Exchange Commission and the investor feedback received
during the course of the IPO, (b) the Consolidation Transactions may be consummated even if less than all of the REIT Contributing Entities participate in the Consolidation Transactions, provided that the Empire State Building Associates
L.L.C. and Empire State Building Company L.L.C. must participate in the Consolidation Transactions, (c) the participation of each Malkin Family Contributor in the Consolidation Transactions is not conditioned on the participation of any other
Malkin Family Contributor, (d) there is likely to be an extended period of time before the Consolidation Transactions are completed and the terms of the Consolidation Transactions as described in the Consent Solicitation, including the exchange
values of each REIT Contributing Entity, may be significantly different than described in such documents existing as of the date hereof and (e) notwithstanding the foregoing differences, this Agreement will be binding. 

Section 5.15 Further Assurances. The Malkin Family Contributors, on the one hand, and the Company and the Operating
Partnership, on the other hand, shall promptly take any and all such other actions and execute such additional documents prior to and following the Closing as the other may reasonably request in order to effect the transactions contemplated hereby,
including the transfer of the Contributed Interests to the Company, the Operating Partnership or a Subsidiary, as the case may be, as contemplated hereby. 
 Section 5.16 Reliance. Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or other advice from the other party to this Agreement, and that it has
consulted with or will consult with its own advisors. 
 Section 5.17 Survival. The covenants and agreements in this
Agreement or in any instrument delivered pursuant to this Agreement shall not survive the Closing, except for those covenants and agreements contained herein and therein which by their terms apply in whole or in part after the Closing and then only
to such extent. 
 Section 5.18 Equitable Remedies; Limitation on Damages. The parties agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located in New York (as to which the parties agree to submit to jurisdiction for the purpose of such action),
this being in addition to any other remedy to which the parties are entitled under this Agreement; provided, however, that nothing in this Agreement shall be construed to permit any Malkin Family Contributor to enforce consummation of the
IPO. 
 [SIGNATURE PAGE FOLLOWS] 

  
 22 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Contribution Agreement
as of the date first written above. 
  

			
	“COMPANY”
	
	EMPIRE REALTY TRUST, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	“OPERATING PARTNERSHIP”
	
	EMPIRE REALTY TRUST, L.P.
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	“MALKIN FAMILY CONTRIBUTORS”
	
	  

	ANTHONY E. MALKIN
	
	  

	ANDREW L. MORSE
	
	  

	CYNTHIA M. BLUMENTHAL
	
	  

	DOUGLAS A. MORSE
	
	  

	ENID W. MORSE
	
	  

	LESLIE A. NELSON
	
	  

	LESTER S. MORSE, JR.
	
	  

	MITCHELL J. NELSON

			
	
	AEM/ANDREW 1999 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	AEM/GEORGE 1999 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	THE ELIZABETH MALKIN 2009 TRUST
		
	By:	 	  

		 	Name: Anthony E. Malkin
		 	Title: Trustee

			
	
	THE RAB/ANDREW 1999 TRUST
		
	By:	 	  

		 	Name: Anthony E. Malkin
		 	Title: Trustee
		
	By:	 	  

		 	Name: Mitchell J. Blutt
		 	Title: Trustee

			
	
	THE RAB/GEORGE 1999 TRUST
		
	By:	 	  

		 	Name: Anthony E. Malkin
		 	Title: Trustee
		
	By:	 	  

		 	Name: Mitchell J. Blutt
		 	Title: Trustee

			
	
	THE ELIZABETH MALKIN 2009 TRUST
		
	By:	 	  

		 	Name: Anthony E. Malkin
		 	Title: Trustee

			
	
	THE EMILY M. MALKIN 2010 TRUST
		
	By:	 	  

		 	Name: Anthony E. Malkin
		 	Title: Trustee

			
	
	THE REBECCA S. MALKIN 2010 TRUST
		
	By:	 	  

		 	Name: Anthony E. Malkin
		 	Title: Trustee

			
	
	MAE BLUMENTHAL
		
	By:	 	  

		 	Name: Cynthia M. Blumenthal
		 	Title: Custodian

			
	
	THE DAVID J. BLUMENTHAL 2010 TRUST DTD JULY 16, 2010
		
	By:	 	  

		 	Name: Cynthia M. Blumenthal
		 	Title: Trustee

			
	
	THE MATTHEW S. BLUMENTHAL 2004 TRUST
		
	By:	 	  

		 	Name: Cynthia M. Blumenthal
		 	Title: Trustee

			
	
	THE MICHAEL L. BLUMENTHAL 2006 TRUST
		
	By:	 	  

		 	Name: Cynthia M. Blumenthal
		 	Title: Trustee

			
	
	THE EMILY MASON MALKIN TRUST DTD OCTOBER 1, 1995
		
	By:	 	  

		 	Name: Peter L. Malkin
		 	Title: Trustee

			
	
	SL 2005 FAMILY TRUST
		
	By:	 	  

		 	Name: Peter L. Malkin
		 	Title: Trustee
		
	By:	 	  

		 	Name: Richard A. Shapiro
		 	Title: Trustee

			
	
	PETER L MALKIN FAMILY 2000 LLC
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	PETER L MALKIN FAMILY 9 LLC
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	THE MATTIE SAUNDERS 1983 TRUST
		
	By:	 	  

		 	Name: Peter L. Malkin
		 	Title: Trustee

			
	
	U/T/A DTD 12/15/86 F/B/O MATTIE SAUNDERS
		
	By:	 	  

		 	Name: Peter L. Malkin
		 	Title: Trustee

			
	
	PLM/CLAIRE 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	PLM/DAVID 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	PLM/ELIZABETH 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	PLM/EMILY 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	PLM/LOUISA 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	PLM/MATTHEW 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	PLM/MICHAEL 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	PLM/REBECCA 1998 TRUST
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ROW JIMMY LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	MALKIN HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:

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