Document:

Exhibit 4.2

 

 

THIRD SUPPLEMENTAL INDENTURE 

 

between 

 

OWL ROCK TECHNOLOGY FINANCE CORP. 

and 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee 

 

Dated as of December 17, 2020

 

 

     

     

    

 

THIRD SUPPLEMENTAL INDENTURE

 

THIS THIRD SUPPLEMENTAL
INDENTURE (this “Third Supplemental Indenture”), dated as of December 17, 2020, is between Owl Rock Technology
Finance Corp., a Maryland corporation (the “Company”), and Wells Fargo Bank, National Association, as trustee
(the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as
defined below) unless otherwise defined herein.

 

RECITALS OF THE COMPANY

 

The Company and the
Trustee executed and delivered an Indenture, dated as of June 12, 2020 (the “Base Indenture” and, as supplemented
by this Third Supplemental Indenture, collectively, the “Indenture”), to provide for the issuance by the Company
from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”),
to be issued in one or more series as provided in the Indenture.

 

The Company desires
to issue and sell $375,000,000 aggregate principal amount of the Company’s 3.75% Notes due 2026 (the “Notes”).

 

The Company previously
entered into the First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture”)
and the Second Supplemental Indenture, dated as of September 23, 2020 (the “Second Supplemental Indenture”),
each of which supplemented the Base Indenture.  The First Supplemental Indenture and Second Supplemental Indenture are not
applicable to the Notes.

 

Sections 9.01(iv) and
9.01(vi) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture
when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled
to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01
and Section 3.01 of the Base Indenture.

 

The Company desires
to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture
for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future
Supplemental Indenture”)).

 

The Company has duly
authorized the execution and delivery of this Third Supplemental Indenture to provide for the issuance of the Notes and all acts
and things necessary to make this Third Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute
a valid agreement of the Company, in accordance with its terms, have been done and performed.

 

    1 

     

    

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

For and in consideration
of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Notes, as follows:

ARTICLE
I

TERMS OF THE NOTES

 

Section
1.01        Terms of the Notes. The following terms relating to the Notes are
hereby established:

 

(a)              
The Notes shall constitute a series of Securities having the title “3.75% Notes due 2026” and shall be designated
as Senior Securities under the Indenture. The Notes offered and sold to QIBs in reliance on Rule 144A of the Securities Act shall
bear a CUSIP number of 691205 AE8 and an ISIN number of US 691205 AE86 and the Notes offered and sold to Institutional “Accredited
Investors” under Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act shall bear a CUSIP number of 691205 AF5 and
an ISIN number of US 691205 AF51.

 

(b)              
The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except
for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant
to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $375,000,000. Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and
the same interest rate, maturity, CUSIP number and other terms as the Notes (except for the issue date, offering price and, if
applicable, the initial interest payment date); provided that such Additional Notes must either (i) be issued in a
 “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original
issue discount, or otherwise (ii)  be part of the same issue as the Notes for U.S. federal income tax purposes. Any Additional
Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein
shall include the Additional Notes unless the context otherwise requires.

 

(c)              
The entire Outstanding principal amount of the Notes shall be payable on June 17, 2026, unless earlier redeemed or repurchased
in accordance with the provisions of this Third Supplemental Indenture.

 

(d)              
The rate at which the Notes shall bear interest shall be 3.75% per annum.

 

(e)              
The date from which interest shall accrue on the Notes shall be December 17, 2020, or the most recent Interest Payment
Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be June 17 and December 17
of each year, commencing June 17, 2021 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable
interest payment will be made on the next succeeding Business Day with the same force and effect as if made on the scheduled Interest
Payment Date and no additional interest will accrue as a result of such delayed payment); the initial interest period will be
the period from and including December 17, 2020 (or the most recent Interest Payment Date to which interest has been paid or provided
for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including
an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the
Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which
shall be June 2 and December 2 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of
the Paying Agent, which shall initially be the Trustee, in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; provided, however, that in the case of Notes that are
not in global form, at the option of the Company, payment of interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register; provided, further, however, that so long as the
Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established
by the Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve
30-day months. 

 

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(f)               
The Notes offered and sold to QIBs in reliance on Rule 144A shall be initially issuable in global form (each such Note,
a “144A Global Note”) which, along with the Trustee’s certificate of authentication thereon shall be substantially
in the form of Exhibit A to this Third Supplemental Indenture. The Notes offered and sold to Institutional “Accredited
Investors” under Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act shall be initially issuable in global form
(each such Note, a “IAI Global Note” and together with the 144A Global Note, the “Global Notes”)
which, along with the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit B
to this Third Supplemental Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and
each shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that
the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount
of Outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03
and 3.05 of the Base Indenture.

 

(g)              
Every Note authenticated and delivered hereunder shall bear an additional legend in substantially the following form (the
 “Restricted Securities Legend”) unless and until such Restricted Securities Legend is no longer required in
accordance with Section 1.01(i) of this Third Supplemental Indenture:

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

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THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS [A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”))]/[AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3), (7) OR (9) UNDER THE SECURITIES ACT THAT IS NOT A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”))] AND (2) AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR (OR
SUCH OTHER DATE WHEN RESALES OF SECURITIES BY NON-AFFILIATES ARE FIRST PERMITTED UNDER RULE 144(d)) AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF (OR ANY PREDECESSOR OF THIS SECURITY) OR THE DATE OF ANY SUBSEQUENT REOPENING OF THE SECURITIES AND THE LAST
DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3), (7) OR (9) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, OR (E) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION,
INCLUDING ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER
OR EXCHANGE IN THE FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.

 

(h)              
With respect to any proposed registration or transfer of any Note prior to (x) the date which is one year (or such other
date when resales of securities by non-Affiliates are first permitted under Rule 144(d) of the Exchange Act) after the later of
the date of the original issue date of the applicable Notes or the date of any subsequent reopening of such Notes and the last
date on which the Company or any of the Company’s Affiliates were the owner of such Notes (or any predecessor thereto) or
(y) such later date, if any, as may be required by applicable law (the “Resale Restriction Termination Date”),
the Holder of such Note and each subsequent Holder thereof shall offer, sell, or otherwise transfer such Note only (i) to the Company
or any of the Company’s Subsidiaries, (ii) pursuant to a registration statement which has become effective under the Securities
Act, (iii) for so long as such Note is eligible for resale pursuant to Rule 144A, to a Person it reasonably believes is a QIB that
purchases for its own account or for the account of a QIB to whom notice is given that the transfer is being made in reliance on
Rule 144A, (iv) to an institutional “accredited investor” within the meaning of Rule
501(a)(1), (2), (3), (7) or (9) under the Securities Act that is purchasing for its own account or for the account of such an institutional
 “accredited investor” or (v) pursuant to any other available exemption from the registration requirements of
the Securities Act; in each of the foregoing cases subject to any requirements of law that the disposition of its property or the
property of such investor account or accounts be at all times within its or their control and in compliance with any applicable
state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.

 

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(i)                
Upon the transfer or replacement of a Global Note (or beneficial interest therein) not bearing a Restricted Securities Legend
(an “Unrestricted Global Note”) the Trustee shall deliver an Unrestricted Global Note (or beneficial interest
therein) and upon the transfer or replacement of a definitive Note not bearing a Restricted Securities Legend (an “Unrestricted
Definitive Note”), the Trustee shall deliver an Unrestricted Definitive Note. Upon the transfer, exchange, or replacement
of a Global Note (or beneficial interest therein) bearing a Restricted Securities Legend (a “Restricted Global Note”)
the Trustee shall deliver only a Restricted Global Note (or beneficial interest therein) and upon the transfer, exchange or replacement
of a definitive Note bearing a Restricted Securities Legend (a “Restricted Definitive Note”), the Trustee shall
deliver only Restricted Definitive Notes unless, in each case, (i) a Note is being transferred pursuant to an effective registration
statement, (ii) Notes are being exchanged for Notes that do not bear the Restricted Securities Legend in accordance with the following
paragraph, or (iii) there is delivered to the Trustee an Opinion of Counsel satisfactory to it stating that neither such legend
nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act,
upon which opinion the Trustee may conclusively rely. Any Notes sold in a registered offering shall not be required to bear the
Restricted Securities Legend.

 

Upon
the Company’s satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance
with the Securities Act, beneficial interests in a Restricted Global Note may be automatically exchanged into beneficial interests
in an Unrestricted Global Note without any action required by or on behalf of the Holder (the “Automatic Exchange”)
at any time on or after the date that is the 366th calendar day after the later of the date of the original issue date of
the applicable Notes or the date of any subsequent reopening of such Notes, or in each case, if such day is not a Business Day,
on the next succeeding Business Day.

 

Upon the Company’s
satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance with the Securities
Act, the Company may cause the Restricted Securities Legend to be removed by (i) providing the Depositary an instruction letter
for the Depositary’s mandatory exchange process (or any successor notice, form, or action required pursuant to the Depositary’s
applicable procedures) to the extent required; (ii) providing written notice to the Trustee (x) instructing the Trustee to
take any actions as may be necessary so that the Restricted Securities Legend set forth on the Global Notes shall be deemed removed
from the Global Notes in accordance with the terms and conditions of the Notes and the Indenture, without further action on the
part of Holders and (y) instructing the Trustee to take any actions as may be necessary so that the restricted CUSIP number
for the Notes shall be removed from the Global Notes and replaced with an unrestricted CUSIP number; and (iii) on or prior to the
effective date of the Automatic Exchange (such date, the “Automatic Exchange Date”), deliver to the Trustee
for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount equal
to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. The Restricted
Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled following the
Automatic Exchange.

 

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Any definitive Note
delivered in exchange for an interest in a Global Note pursuant to Sections 2.04 and 3.05 of the Base Indenture shall bear the
applicable legend regarding transfer restrictions applicable thereto set forth in this Section 1.01 of this Third Supplemental
Indenture unless (i) the Global Note is an Unrestricted Global Note, or (ii) there is delivered to the Trustee an Opinion of Counsel
satisfactory to it stating that neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act, upon which opinion the Trustee may conclusively rely.

 

The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Third Supplemental Indenture and any Notes, and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

All certifications,
certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 1.01 of this Third Supplemental
Indenture to effect a registration of transfer or exchange may be submitted by facsimile.

 

(j)                
The depositary for such Global Notes shall be the Depositary Custodian. The Security Registrar with respect to the Global
Notes shall be the Trustee.

 

(k)              
The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance
contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.07, 10.08, and 10.09
of the Indenture.

 

(l)                
The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:

 

(i)                
The Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a
Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding,
the Redemption Date:

 

A.               
100% of the principal amount of the Notes to be redeemed, or

 

B.                
the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid
interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points;

 

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provided,
however, that if the Company redeems any Notes on or after May 17, 2026, the Redemption Price for the Notes will be equal to 100%
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date.

 

For purposes
of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms
have the meanings set forth below:

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity
of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes being redeemed.

 

 

“Comparable
Treasury Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation
Agent” means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC, a primary U.S. government securities dealer selected
by ING Financial Markets LLC, a primary U.S. government securities dealer selected by MUFG Securities Americas Inc. and a primary
U.S. government securities dealer selected by Truist Securities, Inc., or their respective affiliates which are primary U.S. government
securities dealers in the United States (a “Primary Treasury Dealer”) and their respective successors; provided,
however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall
select another Primary Treasury Dealer and (2) two other Primary Treasury Dealers selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date.

 

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All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

(ii)             
Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing
next-day delivery, or sent electronically in accordance with Applicable Procedures with respect to Notes in global form, to each
Holder of the Notes to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04
of the Base Indenture. If the Redemption Price is not known at the time such notice is to be given, the actual Redemption Price,
calculated as described in the terms of the Notes, will be set forth in an Officers’ Certificate of the Company delivered
to the Trustee no later than two Business Days prior to the Redemption Date.

 

(iii)           
Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act,
to the extent applicable.

 

(iv)            
If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected by the
Trustee on a pro rata basis to the extent practicable, or, if a pro rata basis is not practicable for any reason,
by lot or in such other manner as the Trustee shall deem fair and appropriate, and in any case in accordance with the applicable
procedures of the Depositary and in accordance with the Investment Company Act as directed by the Company; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

(v)              
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Notes called for redemption hereunder.

 

(m)            
The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(n)              
The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(o)              
Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance
with Article Thirteen of the Indenture.

 

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ARTICLE
II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
2.01        Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Article One of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 of the Base Indenture
in appropriate alphabetical sequence, as follows:

 

“Below Investment
Grade Rating Event” means the Notes are downgraded below Investment Grade by both Rating Agencies on any date from the
date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by either Rating Agency); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change
of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of
Control” means the occurrence of any of the following:

 

(1)              
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation)
in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries
taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any
secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer,
conveyance or disposition;

 

(2)              
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other
than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather
than number of shares; or

 

(3)              
the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the
Company.

 

“Change of
Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

“Controlled
Subsidiary” means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by
the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or
otherwise.

 

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“Depositary”
means, with respect to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and
becomes such person, and thereafter, Depositary shall mean or include such successor.

 

“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s) and BBB- or better by KBRA (or its equivalent under any successor rating categories of KBRA) (or, in each case,
if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade
credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).

 

“KBRA”
means Kroll Bond Rating Agency or any successor thereto.

 

“Moody’s”
means Moody’s Investor Services, Inc. or any successor thereto.

 

“Permitted
Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Owl
Rock Technology Advisors LLC, any Affiliate of Owl Rock Technology Advisors LLC that is organized under the laws of a jurisdiction
located in the United States of America and in the business of managing or advising clients.

 

“Rating Agency”
means (1) each of Moody’s and KBRA; and (2) if either of Moody’s or KBRA ceases to rate the Notes or fails
to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement
agency for Moody’s or KBRA or both as the case may be.

 

“QIB”
means any “qualified institutional buyer” as such term is defined in Rule 144A under the Securities Act.

 

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

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X under the Exchange Act, as such regulation is in effect on the original date of this Indenture (but excluding
any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle
or (c) not consolidated with the Company for purposes of GAAP).

 

“Voting Stock”
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

 

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ARTICLE
III

REMEDIES

 

Section
3.01        Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Section 5.01 of the Base Indenture shall be amended by replacing clause (ii) thereof with the following:

 

		“(ii) 	default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity,
including upon any Redemption Date or required repurchase date; or”

 

Section
3.02        Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Section 5.01 of the Base Indenture shall be amended by adding the following language as clause (ix):

 

		“(ix):	default by the Company or any
of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which there may be outstanding,
or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate
of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting
in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest
of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise,
unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period
of 30 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”

 

Section
3.03        Except as may be provided in in a Future Supplemental Indenture, for the
benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and
Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first paragraph of Section 5.02 with the
following:

 

“If an Event of Default
with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or
5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal
of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal shall become immediately due and payable; provided that 100%
of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an
Event of Default specified in Section 5.01(v) or 5.01(vi) hereof.”

 

    11

     

    

 

ARTICLE
IV

COVENANTS

 

Section
4.01         Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Article Ten of the Base Indenture shall be amended by adding the following new Sections 10.07, 10.08, and 10.09 thereto, each as
set forth below:

 

“Section 10.07 
Section 18(a)(1)(A) of the Investment Company Act.

 

The Company hereby
agrees that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions
thereto of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”

 

“Section 10.08 
Commission Reports and Reports to Holders.

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which
the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated
financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than
the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial
statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.

 

Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute actual or constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively
rely exclusively on Officers’ Certificates).”

 

“Section 10.09 
144A Information.

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company will, so long as any of the Notes, at such time, are Outstanding and constitute “restricted
securities” within the meaning of Rule 144 under the Securities Act, furnish to the Holders of the Notes and prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.”

 

    12

     

    

 

ARTICLE
V

THE TRUSTEE

 

Section
5.01        Neither the Trustee nor any Paying Agent shall be responsible for determining
whether any Change of Control or Below Investment Grade Rating Event has occurred and whether any Change of Control offer with
respect to the Notes is required.

 

ARTICLE
VI

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Section
6.01        Except as may be provided in a Future Supplemental Indenture, for the benefit
of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding,
Article Thirteen of the Base Indenture shall be amended by replacing Sections 13.01 to 13.05 thereto with the following:

 

“Section 13.01     Change
of Control.

 

If a Change of Control
Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make
an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of
$1,000 principal amount thereabove) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal
amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company will send a notice to each Holder and the Trustee describing
the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the
date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the
offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified
in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Repurchase Event.

 

To the extent that
the provisions of any securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue
of such conflict.

 

On the Change of Control
Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the
Company shall, to the extent lawful:

 

(1)              
accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;

 

    13

     

    

 

(2)              
deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes
properly tendered; and

 

(3)              
deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes being purchased by the Company.

 

The Paying Agent will
promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate
upon receipt of a Company Order and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.

 

If any Repayment Date
upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on
the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.

 

The Company will not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer
in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company
and such third party purchases all Notes properly tendered and not withdrawn under its offer.”

 

ARTICLE
VII

  MISCELLANEOUS

 

Section
7.01        This Third Supplemental Indenture and the Notes shall be governed by
and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would
cause the application of laws of another jurisdiction. This Third Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.
If any provision of the Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture
Act, the imposed duties will control.

 

Section
7.02         In case any provision in this Third Supplemental Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

Section
7.03        This Third Supplemental Indenture may be executed in any number of counterparts,
each of which will be an original, but such counterparts will together constitute but one and the same Third Supplemental Indenture.
The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other
electronic means shall constitute effective execution and delivery of this Third Supplemental Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their
original signatures for all purposes.

 

    14

     

    

 

Section
7.04        The Base Indenture, as supplemented and amended by this Third Supplemental
Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read,
taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Third Supplemental
Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted
by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Third Supplemental Indenture, and agrees
to perform the same upon the terms and conditions of the Indenture, as supplemented by this Third Supplemental Indenture. All
of the provisions contained in the Base Indenture in respect of the rights, privileges, immunities, powers, and duties of the
Trustee shall be applicable in respect of this Third Supplemental Indenture as fully and with like force and effect as though
fully set forth in full herein.

 

Section
7.05         The provisions of this Third Supplemental Indenture shall become effective
as of the date hereof.

 

Section
7.06         Notwithstanding anything else to the contrary herein, the terms and provisions
of this Third Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under
the Indenture and this Third Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change
the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding.

 

Section
7.07        The recitals contained herein and in the Notes shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and
shall not be responsible for the validity or sufficiency of this Third Supplemental Indenture, the Notes or any Additional Notes,
except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental Indenture, authenticate
the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or
application by the Company of the Notes or any Additional Notes or the proceeds thereof.

 

    15

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the date first
above written.

 

	 	OWL
    ROCK TECHNOLOGY FINANCE CORP.
	 	 
	 	 
	 	/s/
    Alan Kirshenbaum
	 	Name: Alan
    Kirshenbaum
	 	Title: Chief
    Operating Officer
	 	 
	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	/s/
    Patrick Giordano
	 	Name: Patrick
    Giordano
	 	Title: Vice
    President

 

[Signature Page to Third Supplemental Indenture]

 

     

     

    

 

Exhibit A – Form of 144A Global
Note

 

THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein.

 

[Insert
Restricted Securities Legend, if applicable]

 

Owl Rock Technology Finance Corp.

 

	 	 
	No.         	Initially $            
	 	CUSIP No.  691205 AE8 
	 	ISIN No. US 691205 AE86

 

3.75% Notes due 2026

 

Owl
Rock Technology Finance Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of  dollars (U.S. $ ), or such other principal sum as shall
be set forth in the Schedule of Increases or Decreases attached hereto, on June 17, 2026, and to pay interest thereon from December
17, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, in
arrears, on June 17 and December 17 in each year, commencing June 17, 2021, at the rate of 3.75% per annum until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Regular Record Date for such interest, which shall be June 2 and December 2 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Company, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. This Security may be issued as part of a series.

 

    A-1

     

    

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment will
be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:                     

 

	 	OWL ROCK TECHNOLOGY FINANCE CORP.    
	 	 
	 	 
	 	By:	   
	 	 	Name: Alan Kirshenbaum
	 	 	Title: Chief Financial Officer and Chief Operating Officer

 

	Attest:	 	 
	 	Name: Neena Reddy	
	 	Title: Secretary	

 

    A-3

     

    

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

Dated:                     

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Trustee

        

	 	 	 
	 	By:	

	 	 	Authorized Signatory

 

    A-4

     

    

 

 

[BACK OF NOTE] 

 

Owl Rock Technology Finance Corp. 

3.75% Notes due 2026

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of June 12, 2020 (herein called the “Base Indenture”,
which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference
is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the Third Supplemental Indenture, relating to the Securities, dated as of December 17,
2020, by and between the Company and the Trustee (herein called the “Third Supplemental Indenture”; and together with
the Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the Third Supplemental
Indenture, the Third Supplemental Indenture shall govern and control.

 

This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $ . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities (except for the issue date,
offering price and, if applicable, the initial payment date), provided that such Additional Securities must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount
of original issue discount, or otherwise (ii)  be part of the same issue as the Securities for U.S. federal income tax purposes.
Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to
the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount
of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions.

 

The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

		(a)	100% of the principal amount of the Securities to be redeemed, or

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;

 

    A-5

     

    

 

provided,
however, that if the Company redeems any Securities on or after May 17, 2026, the Redemption Price for the Securities
will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but
excluding, the Redemption Date.

 

For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.

 

“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC, a primary U.S. government securities dealer selected
by ING Financial Markets LLC, a primary U.S. government securities dealer selected by MUFG Securities Americas Inc. and a primary
U.S. government securities dealer selected by Truist Securities, Inc., or their respective affiliates which are primary U.S. government
securities dealers in the United States (a “Primary Treasury Dealer”) and their respective successors; provided,
however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall
select another Primary Treasury Dealer and (2) two other Primary Treasury Dealers selected by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third Business Day preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Securities in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

    A-6

     

    

 

Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.

 

Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.

 

Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

    A-7

     

    

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith other than certain exchanges as provided in the Indenture.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

    A-8

     

    

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.  

 

    A-9

     

    

 

Assignment
Form 

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert Assignee’s Legal Name)

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

and irrevocably appoint                                                                         to
transfer this Note on the books of the Company. The agent may substitute another to act for him.

 
	Date:	 	 

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:		 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

The
undersigned hereby certifies that it  ̈ is /  ̈
is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈
is /  ̈ is not an Affiliate of the Company.

 

In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:

 

    A-10

     

    

 

CHECK ONE BOX BELOW:

 

	 	(1)	 ̈	To Owl Rock Technology Finance Corp. or a subsidiary thereof; or
	 	 	 	 
	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	
        transferred pursuant to an effective registration
        statement under the Securities Act; or

         

	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.
	 	 	 	 

 

Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such
Act.

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:		 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

TO BE COMPLETED BY PURCHASER IF BOX (2)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

 

	Dated:	 	 

 

	 	Your Signature:	 
	 	 	Notice: To be executed by an executive officer

 

 

	Signature Guarantee*:		 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    A-11

     

    

 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE

 

The
initial principal amount of this Global Note is $[ • ]. The following increases and
decreases to this Global Note have been made: 

 

	
        Date of Increase or

        Decrease
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or  increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian
	 	 	 	 	 	 	 	 	 

  

    A-12

     

    

 

Exhibit A

 

[FORM OF CERTIFICATE OF TRANSFER]

 

Owl Rock Technology Finance Corp.

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

email:

 

Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re:
3.75% Notes due 2026

 

Reference
is hereby made to the Indenture, dated as of June 12, 2020 (the “Base Indenture”), by and among the Owl
Rock Technology Finance Corp. (the “Company”) and Well Fargo Bank, National Association (the “Trustee”)
as supplemented by the Third Supplemental Indenture, dated as of December 17, 2020 (the “Third Supplemental Indenture”
and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

 

[●] (the “Transferor”) owns and
proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $
[●] in such Note[s] or interests (the “Transfer”), to [●] (the
 “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.       ̈ CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States.

 

    A-13

     

    

 

2.       ̈ CHECK AND COMPLETE
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT
OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests
in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted Definitive Notes”)
and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United
States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)      ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

(b)      ̈
such Transfer is being effected to the Company or a subsidiary thereof;

 

(c)      ̈
such Transfer is being effected to an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3), (7) or (9) under the Securities Act that has furnished to the Company and the Trustee a signed letter containing
certain representations and agreements (the form of which letter follows below); or

 

(d)     ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.

 

3.                ̈ CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 

(a)              ̈ CHECK IF TRANSFER
IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global Notes, on definitive Notes and in the
Indenture.

 

(b)              ̈ CHECK IF TRANSFER
IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144 and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or definitive
Note will not be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted
Global Note or Restricted Definitive Notes and in the Indenture.

 

    A-14

     

    

 

This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.

 

	 	[Insert Name of Transferor]

 

	 	By:	[●]
	 	 	Name:[●]
	 	 	Title:[●]

 

	Dated: [●]	 

 

    A-15

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.             The Transferor owns
and proposes to transfer the following:

 

[CHECK ONE]

 

		(a)	 ̈	a beneficial interest in the

 

		(i)	 ̈ Restricted Global Note (CUSIP  ̈),
                                                             or

 

		(ii)	  ̈ Unrestricted Global Note (CUSIP  ̈); or

 

		(b)	 ̈	a Restricted Definitive Note; or

 

		(c)	 ̈	an Unrestricted Definitive Note.

 

2.             After
the Transfer the Transferee shall hold:

 

[CHECK ONE]

 

		(a)	 ̈	a beneficial interest in the

 

	 	(i) 	  ̈
    Restricted Global Note (CUSIP  ̈), or

 

	 	(ii)	 ̈ Unrestricted Global Note
    (CUSIP  ̈); or

 

		(b)	 ̈	a Restricted Definitive Note; or

 

		(c)	 ̈	an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

    A-16

     

    

 

[FORM OF LETTER TO BE DELIVERED IN CONNECTION
WITH TRANSFERS

TO INSTITUTIONAL ACCREDITED INVESTORS]

 

Owl Rock Technology Finance Corp.  

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer  

 

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: Owl Rock Technology Finance Corp. (the
 “Company”)

 

Ladies and Gentlemen:

 

This certificate is delivered to request
a transfer of $[___________] principal amount of the 3.75% Notes due 2026 (the “Securities”) of Owl Rock Technology
Finance Corp. (the “Company”).

 

Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows:

 

	Name: 	 	 

 

	Address: 	 	 

 

	Taxpayer ID 

Number: 	 	 

 

 

The undersigned represents and warrants
to you that:

 

	 	1.	We are an institutional “accredited investor” (as defined Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor,” and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

    A-17

     

    

 

	 	2.	We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the Resale Restriction Termination Date only (a) to the Company or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee.

 

	 	3.	
        We [are][are not] an Affiliate of the Company.

         

        The Company and the Trustee are entitled
        to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative
        or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	TRANSFEREE
	 	 
	 	[Insert Name of Transferee]
	 	 
	 	Name:
	 	Title:

 

    A-18

     

    

 

Exhibit B – Form of IAI Global
Note

 

THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein. 

 

[Insert
Restricted Securities Legend, if applicable]

 

Owl Rock Technology Finance Corp.

 

	No. 	 	Initially
    $            
	 	 	CUSIP No. 691205
    AF5
	 	 	ISIN No. US 691205
    AF51

 

3.75% Notes due 2026

 

Owl
Rock Technology Finance Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of              dollars (U.S. $                ), or such other principal sum as shall
be set forth in the Schedule of Increases or Decreases attached hereto, on June 17, 2026, and to pay interest thereon from December
17, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, in
arrears, on June 17 and December 17 in each year, commencing June 17, 2021, at the rate of 3.75% per annum until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Regular Record Date for such interest, which shall be June 2 and December 2 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Company, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. This Security may be issued as part of a series.

 

    B-1

     

    

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment will
be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    B-2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:  

 	 	OWL ROCK TECHNOLOGY FINANCE CORP.
	 	 	 
	 	By:	 
	 	 	Name: Alan Kirshenbaum
	 	 	Title: Chief Financial Officer and Chief Operating Officer
	 	 	 
	Attest:	 	 	 
	 	Name: Neena Reddy	 	 
	 	Title: Secretary	 	 

 

    B-3

     

    

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

Dated:  

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Trustee

         

	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    B-4

     

    

 

 

[BACK OF NOTE] 

 

Owl Rock Technology Finance Corp. 

3.75% Notes due 2026

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of June 12, 2020 (herein called the “Base Indenture”,
which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference
is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the Third Supplemental Indenture, relating to the Securities, dated as of December 17,
2020, by and between the Company and the Trustee (herein called the “Third Supplemental Indenture”; and together with
the Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the Third Supplemental
Indenture, the Third Supplemental Indenture shall govern and control.

 

This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $                     . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities (except for the issue date,
offering price and, if applicable, the initial payment date), provided that such Additional Securities must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount
of original issue discount, or otherwise (ii)  be part of the same issue as the Securities for U.S. federal income tax purposes.
Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to
the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount
of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions.

 

The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

		(c)	100% of the principal amount of the Securities to be redeemed, or

 

		(d)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;

 

    B-5

     

    

 

provided, however, that if the Company
redeems any Securities on or after May 17, 2026, the Redemption Price for the Securities will be equal to 100% of the principal
amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.

 

“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC, a primary U.S. government securities dealer selected
by ING Financial Markets LLC, a primary U.S. government securities dealer selected by MUFG Securities Americas Inc. and a primary
U.S. government securities dealer selected by Truist Securities, Inc., or their respective affiliates which are primary U.S. government
securities dealers in the United States (a “Primary Treasury Dealer”) and their respective successors; provided,
however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall
select another Primary Treasury Dealer and (2) two other Primary Treasury Dealers selected by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third Business Day preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

    B-6

     

    

 

Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Securities in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.

 

Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.

 

Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

    B-7

     

    

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where
the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith other than certain exchanges as provided in the Indenture.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

    B-8

     

    

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.

 

    B-9

     

    

 

Assignment
Form 

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to: 	 
	 	(Insert Assignee’s Legal Name)

 

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

and irrevocably appoint                                                                                                                                                     
to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Date: 	 	 

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:  	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

The
undersigned hereby certifies that it  ̈ is /  ̈
is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈
is /  ̈ is not an Affiliate of the Company.

 

In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:

 

    B-10

     

    

 

CHECK ONE BOX BELOW:

 

	 	(1)	 ̈	To Owl Rock Technology Finance Corp. or a subsidiary thereof; or
	 	 	 	 
	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	
        transferred pursuant to an effective registration
        statement under the Securities Act; or

         

	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.
	 	 	 	 

 

Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such
Act.

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:  	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

TO BE COMPLETED BY PURCHASER IF BOX (2)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

 

	Dated: 	 	 

 

	 	Your Signature:	 
	 	 	Notice: To be executed by an executive officer

 

	Signature Guarantee*:  	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    B-11

     

    

 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE

 

The
initial principal amount of this Global Note is $x. The following increases and decreases
to this Global Note have been made: 

 

	
        Date of Increase or

        Decrease
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or  increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian
	 	 	 	 	 	 	 	 	 

 

    B-12

     

    

 

 

Exhibit A

 

[FORM OF CERTIFICATE OF TRANSFER]

 

Owl Rock Technology Finance Corp.

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

email:

 

Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re:
3.75% Notes due 2026

 

Reference
is hereby made to the Indenture, dated as of June 12, 2020 (the “Base Indenture”), by and among the Owl
Rock Technology Finance Corp. (the “Company”) and Well Fargo Bank, National Association (the “Trustee”)
as supplemented by the Third Supplemental Indenture, dated as of December 17, 2020 (the “Third Supplemental Indenture”
and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

 

[●] (the “Transferor”) owns and proposes
to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[●] in such
Note[s] or interests (the “Transfer”), to [●] (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.               ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE
NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United
States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the beneficial interest or definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or definitive Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a
 “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule
144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.

 

    B-13 

     

    

 

 2.                       ̈ CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted Definitive Notes”) and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)
             ̈ such Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act;

 

(b)
             ̈ such Transfer is being effected to the Company or a subsidiary thereof;

 

(c)
             ̈ such Transfer is being effected to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act that has furnished to the
Company and the Trustee a signed letter containing certain representations and agreements (the form of which letter follows below);
or

 

(d)
             ̈ such Transfer is being effected pursuant to an effective
registration statement under the Securities Act, and in compliance with the prospectus delivery requirements of the Securities
Act.

 

3.
                       ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED
DEFINITIVE NOTE.

 

(a)
                     ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer
is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted
Securities Legend printed on the Restricted Global Notes, on definitive Notes and in the Indenture.

 

(b)
                     ̈ CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being
effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule
144 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of
any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or definitive Note will not be subject to the
restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global Note or Restricted Definitive
Notes and in the Indenture.

 

    B-14 

     

    

 

This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	 [●]
	 	Name:[●]
	 	Title:[●]
	Dated: [●]	 

 

    B-15 

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The Transferor owns
and proposes to transfer the following:

 

[CHECK ONE]

 

		(a)	 ̈ a beneficial interest in the

 

		(i)	  ̈ Restricted Global Note (CUSIP  ̈),
                                                             or

 

		(ii)	 ̈ Unrestricted Global Note (CUSIP  ̈);
                                                              or

 

		(b)	 ̈ a Restricted Definitive Note; or

 

		(c)	 ̈ an Unrestricted Definitive Note.

 

2.       After
the Transfer the Transferee shall hold:

 

[CHECK ONE]

 

		(a)	 ̈ a beneficial interest in the

 

(i)          
   ̈ Restricted Global Note (CUSIP  ̈), or

 

(ii)           ̈
Unrestricted Global Note (CUSIP  ̈); or

 

		(b)	 ̈ a Restricted Definitive Note; or

 

		(c)	 ̈ an Unrestricted Definitive Note, in
                                                               accordance with the terms of the Indenture.

 

    B-16 

     

    

 

[FORM OF LETTER TO BE DELIVERED IN CONNECTION
WITH TRANSFERS

TO INSTITUTIONAL ACCREDITED INVESTORS]

 

Owl Rock Technology Finance Corp.  

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer  

  

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: Owl Rock Technology Finance Corp. (the
 “Company”)

 

Ladies and Gentlemen:

 

This certificate is delivered to request
a transfer of $[___________] principal amount of the 3.75% Notes due 2026 (the “Securities”) of Owl Rock Technology
Finance Corp. (the “Company”).

 

Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows:

 

	Name: 	 	 

 

	Address: 	 	 

 

	Taxpayer ID Number: 
	 	 

 

The undersigned represents and warrants
to you that:

 

	 	1.	We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor,” and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

    B-17 

     

    

  

	 	2.	We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the Resale Restriction Termination Date only (a) to the Company or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee.

 

	 	3.	
        We [are][are not] an Affiliate of the Company.

         

        The Company and the Trustee are entitled
        to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative
        or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	TRANSFEREE
	 	 
	 	[Insert Name of Transferee]
	 	 
	 	Name:
	 	Title:

 

    B-18Exhibit 10.1

 

 

 

SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT

 

OF

 

JBG SMITH PROPERTIES LP

 

Dated as of: December 17, 2020

 

 

 

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 THE TRANSFEROR DELIVERS TO THE PARTNERSHIP
AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE SATISFACTORY TO THE PARTNERSHIP, TO THE EFFECT THAT 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.

 

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR
OWN EXAMINATION OF THE PERSON OR ENTITY CREATING THE SECURITIES AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS
INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE,
THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.

 

     

    

    

 

Table
of Contents

 

Page

ARTICLE I

DEFINED TERMS

 

	Section 1.1          Definitions	2
	 	 
	“704(c) Value”	2
	“2015 Budget Act Partnership Audit Rules”	2
	“Act”	2
	“Additional Limited Partner”	2
	“Adjusted Capital Account”	2
	“Adjusted Capital Account Deficit”	2
	“Adjusted Property”	2
	“Affiliate”	3
	“Agreed Value”	3
	“Agreement”	3
	“Applicable Year”	3
	“Assignee”	3
	“Bankruptcy”	3
	“Book-Up Target”	4
	“Book-Tax Disparities”	4
	“Business Day”	4
	“Capital Account”	4
	“Capital Contribution”	4
	“Carrying Value”	4
	“Cash Amount”	5
	“Certificate”	5
	“Code”	5
	“Common Partnership Unit”	5
	“Common Partnership Unit Economic Balance”	5
	“Consent”	5
	“Consent of the Outside Limited Partners”	5
	“Constructive Ownership” and “Constructively Own”	5
	“Contributed Property”	5
	“Conversion Factor”	6
	“Convertible Funding Debt”	7
	“Covered Person”	7
	“Current Partnership Audit Rules”	7
	“Debt”	7
	“Declaration of Trust”	7
	“Depreciation”	7
	“Economic Capital Account Balance”	8

 

    - i -

    

    

 

	“EDGAR”	8
	“ERISA”	8
	“Excluded Units”	8
	“Exchange Act”	8
	“Extraordinary Transaction”	8
	“final adjustment”	8
	“Formation Unit”	8
	“Funding Debt”	8
	“GAAP”	8
	“General Partner”	8
	“General Partner Entity”	9
	“General Partner Payment”	9
	“General Partnership Interest”	9
	“Immediate Family”	9
	“Incapacity” or “Incapacitated”	9
	“Indemnitee”	9
	“IRS”	10
	“Limited Partner”	10
	“Limited Partnership Interest”	10
	“Liquidating Event”	10
	“Liquidating Gains”	10
	“Liquidating Losses”	10
	“Liquidator”	10
	“LTIP Distribution Amount”	10
	“LTIP Unit”	10
	“LTIP Unit Initial Sharing Percentage”	10
	“LTIP Unitholder”	10
	“Majority in Interest”	10
	“Net Loss”	11
	“New Securities”	11
	“Nonrecourse Built-in Gain”	11
	“Nonrecourse Deductions”	11
	“Nonrecourse Liability”	11
	“Notice of Redemption”	11
	“Partner”	11
	“Partner Minimum Gain”	12
	“Partner Nonrecourse Debt”	12
	“Partner Nonrecourse Deductions”	12
	“Partner Registry”	12
	“Partnership”	12
	“Partnership Approval”	12
	“Partnership Interest”	12
	“Partnership Minimum Gain”	12
	“Partnership Record Date”	12
	“Partnership Unit” or “Unit”	12
	“Partnership Year”	13

 

    - ii -

    

    

 

	“Percentage Interest”	13
	“Person”	13
	“Predecessor Entity”	13
	“Publicly Traded”	13
	“Qualified REIT Subsidiary”	13
	“Recapture Income”	13
	“Redeeming Partner”	13
	“Redemption Amount”	13
	“Redemption Right”	14
	“Regulations”	14
	“REIT”	14
	“REIT Expenses”	14
	“REIT Requirements”	14
	“Required Denominator Shares”	14
	“Safe Harbors”	14
	“SEC”	14
	“Securities Act”	14
	“Share”	14
	“Shareholder Approval”	15
	“Shareholder Vote”	15
	“Shares Amount”	15
	“Specified Redemption Date”	15
	“Stock Option Plan”	15
	“Subsidiary”	15
	“Substituted Limited Partner”	15
	“Successor Entity”	16
	“Tender Offer”	16
	“Terminating Capital Transaction”	16
	“Trading Days”	16
	“Unvested LTIP Unit”	16
	“Valuation Date”	16
	“Value”	16
	“Vested LTIP Unit”	16
	“Vesting Agreement”	17
	“Voting Percentage Interest”	17
	“Voting Units”	17

 

ARTICLE II

ORGANIZATIONAL MATTERS

 

	Section 2.1	Organization	17
	Section 2.2	Name	17
	Section 2.3	Registered Office and Agent; Principal Office	17
	Section 2.4	Power of Attorney	18
	Section 2.5	Term	19

 

    - iii -

    

    

 

ARTICLE III

PURPOSE

 

	Section 3.1	Purpose and Business	19
	Section 3.2	Powers	19
	Section 3.3	Representations and Warranties by the Parties	20
	Section 3.4	Partnership Only for Purposes Specified	21

 

ARTICLE IV

CAPITAL CONTRIBUTIONS
AND ISSUANCES

OF PARTNERSHIP INTERESTS

 

	Section 4.1	Capital Contributions of the Partners	21
	Section 4.2	Issuances of Partnership Interests	22
	Section 4.3	Contribution of Proceeds of Issuance of Securities by the General Partner Entity	25
	Section 4.4	No Preemptive Rights	25
	Section 4.5	Other Contribution Provisions	26
	Section 4.6	No Interest on Capital	26

 

ARTICLE V

DISTRIBUTIONS

 

	Section 5.1	Requirement and Characterization of Distributions	26
	Section 5.2	Amounts Withheld	27
	Section 5.3	Distributions Upon Liquidation	27
	Section 5.4	Restricted Distributions	27
	Section 5.5	Revisions to Reflect Issuance of Additional Partnership Interests	27
	Section 5.6	Non-Pro Rata Distribution	27

 

ARTICLE VI

ALLOCATIONS

 

	Section 6.1	Allocations for Capital Account Purposes	28
	Section 6.2	Revisions to Allocations to Reflect Issuance of Additional Partnership Interests	31

 

ARTICLE VII

MANAGEMENT AND OPERATIONS OF BUSINESS

 

	Section 7.1	Management	31
	Section 7.2	Certificate of Limited Partnership	37
	Section 7.3	Restrictions on General Partner Authority	38
	Section 7.4	Reimbursement of the General Partner	38
	Section 7.5	Outside Activities of the General Partner	41
	Section 7.6	Transactions with Affiliates	43
	Section 7.7	Indemnification	44
	Section 7.8	Liability of the Covered Persons	46
	Section 7.9	Other Matters Concerning the General Partner	47
	Section 7.10	Title to Partnership Assets	48
	Section 7.11	Reliance by Third Parties	48
	Section 7.12	Loans by Third Parties	49

 

    - iv -

    

    

 

ARTICLE VIII

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

 

	Section 8.1	Limitation of Liability	49
	Section 8.2	Management of Business	49
	Section 8.3	Outside Activities of Limited Partners	50
	Section 8.4	Return of Capital	50
	Section 8.5	Rights of Limited Partners Relating to the Partnership	50
	Section 8.6	Redemption Right	52

 

ARTICLE IX

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

	Section 9.1	Records and Accounting	56
	Section 9.2	Fiscal Year	56
	Section 9.3	Reports	56

 

ARTICLE X

TAX MATTERS

 

	Section 10.1	Preparation of Tax Returns	57
	Section 10.2	Tax Elections	57
	Section 10.3	Tax Matters Partner	58
	Section 10.4	Organizational Expenses	60
	Section 10.5	Withholding	61

 

ARTICLE XI

TRANSFERS AND WITHDRAWALS

 

	Section 11.1	Transfer	62
	Section 11.2	Transfers of Partnership Interests of General Partner and General Partner Entity	62
	Section 11.3	Limited Partners’ Rights to Transfer	64
	Section 11.4	Substituted Limited Partners	67
	Section 11.5	Assignees	68
	Section 11.6	General Provisions	68

 

ARTICLE XII

ADMISSION OF PARTNERS

 

	Section 12.1	Admission of Successor General Partner	70
	Section 12.2	Admission of Additional Limited Partners	71
	Section 12.3	Amendment of Agreement and Certificate of Limited Partnership	72

 

    -v  -

    

    

 

ARTICLE XIII

DISSOLUTION AND LIQUIDATION

 

	Section 13.1	Dissolution	72
	Section 13.2	Winding Up	73
	Section 13.3	Compliance with Timing Requirements of Regulations	74
	Section 13.4	Deemed Distribution and Recontribution	75
	Section 13.5	Rights of Limited Partners	75
	Section 13.6	Notice of Dissolution	75
	Section 13.7	Termination of Partnership and Cancellation of Certificate of Limited Partnership	75
	Section 13.8	Reasonable Time for Winding Up	75
	Section 13.9	Waiver of Partition	75
	Section 13.10	Liability of Liquidator	76

 

ARTICLE XIV

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS

 

	Section 14.1	Amendments	76
	Section 14.2	Meetings of the Partners	78

 

ARTICLE XV

GENERAL PROVISIONS

 

	Section 15.1	Addresses and Notice	79
	Section 15.2	Titles and Captions	79
	Section 15.3	Pronouns and Plurals	80
	Section 15.4	Further Action	80
	Section 15.5	Binding Effect	80
	Section 15.6	Creditors; Other Third Parties	80
	Section 15.7	Waiver	80
	Section 15.8	Counterparts	80
	Section 15.9	Applicable Law	81
	Section 15.10	Invalidity of Provisions	81
	Section 15.11	Entire Agreement	81
	Section 15.12	No Rights as Shareholders	81
	Section 15.13	Limitation to Preserve REIT Status	81

 

    - vi -

    

    

 

EXHIBIT A

FORM OF PARTNER REGISTRY

 

EXHIBIT B

CAPITAL ACCOUNT MAINTENANCE

 

EXHIBIT C

SPECIAL ALLOCATION RULES

 

EXHIBIT D

NOTICE OF REDEMPTION

 

EXHIBIT E

DESIGNATION OF THE PREFERENCES, CONVERSION

AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS,

LIMITATIONS AS TO DISTRIBUTIONS, QUALIFICATIONS AND TERMS

AND CONDITIONS OF REDEMPTION

OF THE

LTIP UNITS

 

EXHIBIT F

DESIGNATION OF THE PREFERENCES, CONVERSION

AND
OTHER RIGHTS, VOTING POWERS, RESTRICTIONS,

LIMITATIONS AS TO DISTRIBUTIONS, QUALIFICATIONS AND TERMS

AND CONDITIONS OF REDEMPTION

OF THE

FORMATION UNITS

 

EXHIBIT G

CONSTRUCTIVE OWNERSHIP DEFINITION

 

EXHIBIT H

SCHEDULE OF PARTNERS’ OWNERSHIP

WITH RESPECT TO TENANTS

 

    

    

    

 

SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT

OF

JBG SMITH PROPERTIES LP

 

THIS SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT OF JBG SMITH Properties LP, dated as of December 17, 2020 and effective for all purposes as of January 1, 2021
except where otherwise expressly stated, is entered into by and among JBG SMITH Properties, a Maryland real estate investment trust
(the “General Partner”), as the general partner of and a limited partner in the Partnership, and the General
Partner, on behalf of and as attorney in fact for each of the persons and entities identified in the Partner Registry as a Limited
Partner in the Partnership, together with any other Persons who become Partners in the Partnership as provided herein.

 

WHEREAS, the Partnership was formed under
the name “Vornado DC Spinco OP LP” on October 28, 2016 and the initial general partner and limited partners of
the Partnership entered into an original agreement of limited partnership of the Partnership effective as of October 31, 2016
(the “Original Partnership Agreement”);

 

WHEREAS, on November 29, 2016, the general
partner of the Partnership changed the Partnership’s name to “JBG SMITH Properties LP” and, in connection therewith,
caused the Amended and Restated Certificate of Limited Partnership of the Partnership to be filed in the office of the Delaware
Secretary of State on November 29, 2016;

 

WHEREAS, the Original Partnership Agreement
was amended and restated by that certain First Amended and Restated Limited Partnership Agreement, dated as of July 17, 2017
(the “First Amended and Restated Partnership Agreement”), by and among the General Partner and the limited partners
of the Partnership;

 

WHEREAS, Section 14.1.B of the First
Amended and Restated Partnership Agreement grants the General Partner power and authority to amend the First Amended and Restated
Partnership Agreement without the consent of any of the Partnership’s limited partners if the amendment does not adversely
affect or eliminate any right granted to a limited partner pursuant to any of the provisions of the First Amended and Restated
Partnership Agreement specified in Section 14.1.C or Section 14.1.D of the First Amended and Restated Partnership Agreement
as requiring a particular minimum vote, and the General Partner desires to amend and restate the First Amended and Restated Partnership
Agreement in accordance with Section 14.1.B of the First Amended and Restated Partnership Agreement as set forth herein; and

 

WHEREAS, the amendments effected hereby do
not adversely affect or eliminate any of the limited partner rights specified in Section 14.1.C or Section 14.1.D of
the First Amended and Restated Partnership Agreement.

 

NOW, THEREFORE, in consideration of the mutual
covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the General Partner hereby amends and restates the First Amended and Restated Partnership Agreement in its entirety as follows:

    

     

    

 

ARTICLE I

DEFINED TERMS

 

Section 1.1
           Definitions.

 

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

 

“704(c) Value”of
any Contributed Property means the fair market value of such property or other consideration at the time of contribution, as determined
by the General Partner using such reasonable method of valuation as it may adopt. Subject to Exhibit B hereof, the General
Partner shall, in its sole and absolute discretion, use such method as it deems reasonable and appropriate to allocate the aggregate
of the 704(c) Values of Contributed Properties in a single or integrated transaction among the separate properties on a basis
proportional to their respective fair market values.

 

“2015 Budget Act Partnership
Audit Rules” means the provisions of Subchapter C of Subtitle F, Chapter 63 of the Code, as amended by P.L.
114-74, the Bipartisan Budget Act of 2015 (together with any subsequent amendments thereto, Regulations promulgated
thereunder, published administrative interpretations thereof, any guidance issued thereunder and any successor provisions) or
any similar procedures established by a state, local, or non-U.S. taxing authority.

 

“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 Limited
Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.2 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 Partnership Year
(i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or
is treated as obligated to restore to the Partnership pursuant to the provisions of Section 1.704-1(b)(2)(ii)(c) of
the Regulations 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.

 

“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.

 

“Adjusted Property”
means any property the Carrying Value of which has been adjusted pursuant to Exhibit B hereof.

 

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“Affiliate”
means, (a) respect to any individual Person, any member of the Immediate Family of such Person or a trust established
for the benefit of such member, or (b) with respect to any Person who is not an individual, (i) any Person directly
or indirectly controlling, 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 purposes of this definition,
 “control,” when used with respect to any Person, means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
 “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Agreed Value” means
(i) in the case of any Contributed Property as of the time of its contribution to the Partnership, the 704(c) Value
of such property, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such
property is subject when contributed; and (ii) in the case of any property distributed to a Partner by the Partnership,
the Partnership’s Carrying Value of such property at the time such property is distributed, reduced by any indebtedness
either assumed by such Partner upon such distribution or to which such property is subject at the time of distribution as
determined under Section 752 of the Code and the Regulations thereunder.

 

“Agreement” means
this Limited Partnership Agreement, as it may be amended, supplemented or restated from time to time.

 

“Applicable Year”
means the calendar year 2019.

 

“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 11.5 hereof.

 

“Bankruptcy” with
respect to any Person shall be deemed to have occurred when (a) the Person commences a voluntary proceeding seeking
liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect,
(b) the Person 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 Person, (c) the Person executes and
delivers a general assignment for the benefit of the Person’s creditors, (d) the Person files an answer or other
pleading admitting or failing to contest the material allegations of a petition filed against the Person in any proceeding of
the nature described in clause (b) above, (e) the Person seeks, consents to or acquiesces in the appointment
of a trustee, receiver or liquidator for the Person or for all or any substantial part of the Person’s properties,
(f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar
law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof,
(g) the appointment without the Person’s consent or acquiescence of a trustee, receiver of liquidator has not been
vacated or stayed within ninety (90) days of such appointment or (h) an appointment referred to in
clause (g) is not vacated within ninety (90) days after the expiration of any such stay.

 

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“Book-Up Target” for
each LTIP Unit means the lesser of (i) the Common Partnership Unit Economic Balance as determined on the date such LTIP
Unit was granted and as reduced (not to less than zero) by allocations of Liquidating Gains pursuant to
Section 6.1.E(i) and reallocations of Economic Capital Account Balances to such LTIP Unit as a result of a
forfeiture of an LTIP Unit, as determined by the General Partner and (ii) the amount required to be allocated to such
LTIP Unit for the Economic Capital Account Balance, to the extent attributable to such LTIP Unit, to be equal to the Common
Partnership Unit Economic Balance. Notwithstanding the foregoing, the Book-Up Target shall be equal to zero for any LTIP Unit
for which the Economic Capital Account Balance attributable to such LTIP Unit has, at any time, reached an amount equal to
the Common Partnership Unit Economic Balance determined as of such time.

 

“Book-Tax
Disparities” means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any
determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted
basis thereof for federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax
Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such
Partner’s Capital Account balance as maintained pursuant to Exhibit B hereof and the hypothetical balance
of such Partner’s Capital Account computed as if it had been maintained, with respect to each such Contributed Property
or Adjusted Property, strictly in accordance with federal income tax accounting principles.

 

“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.

 

“Capital Account”
means the Capital Account maintained for a Partner pursuant to Exhibit B hereof.

 

“Capital
Contribution” means, with respect to any Partner, any cash, cash equivalents or the Agreed Value of Contributed
Property which such Partner contributes or is deemed to contribute to the Partnership pursuant to Section 4.1, 4.2 or
4.3 hereof.

 

“Carrying Value”
means (i) with respect to a Contributed Property or Adjusted Property, the 704(c) Value of such property reduced
(but not below zero) by all Depreciation with respect to such Contributed Property or Adjusted Property, as the case may be,
charged to the Partners’ Capital Accounts following the contribution of or adjustment with respect to such property;
and (ii) with respect to any other Partnership property, the adjusted basis of such property for federal income tax
purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time to time in
accordance with Exhibit B hereof, and to reflect changes, additions or other adjustments to the Carrying Value
for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General Partner.

 

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“Cash Amount” means
an amount of cash equal to the Value on the Valuation Date of the Shares Amount.

 

“Certificate” means
the Amended and Restated Certificate of Limited Partnership of the Partnership as filed in the office of the Delaware
Secretary of State on November 29, 2016, as amended and/or restated from time to time in accordance with the terms
hereof and the Act.

 

“Code” means the
Internal Revenue Code of 1986, as amended and in effect from time to time, 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.

 

“Common Partnership
Unit” means any Partnership Unit other than any series of units of limited partnership interest issued in the
future and designated as preferred or that is otherwise different from the Common Partnership Units, including, but not
limited to, with respect to the payment of distributions, including distributions upon liquidation.

 

“Common Partnership Unit
Economic Balance” means (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 Common Partnership Units and computed on a hypothetical basis after taking into
account all allocations through the date on which any allocation is made under Section 6.1.E, divided by (ii) the
number of the General Partner’s Common Partnership Units.

 

“Consent” means the
consent or approval of a proposed action by a Partner given in accordance with Section 14.2 hereof.

 

“Consent of the Outside Limited
Partners” means the Consent of Limited Partners (excluding for this purpose, to the extent any of the following
holds Partnership Units, (i) the General Partner or the General Partner Entity, (ii) any Person of which the
General Partner or the General Partner Entity directly or indirectly owns or controls more than fifty percent (50%) of the
voting interests and (iii) any Person directly or indirectly owning or controlling more than fifty percent (50%) of the
outstanding voting interests of the General Partner or the General Partner Entity) holding Voting Units representing more
than fifty percent (50%) of the Voting Percentage Interest of Voting Units of all Limited Partners which are not excluded
pursuant to (i), (ii) and (iii) of the parenthetical above.

 

“Constructive
Ownership” and “Constructively Own” mean ownership under the constructive ownership
rules described in Exhibit G.

 

“Contributed
Property” means each property or other asset, in such form as may be permitted by the Act (but excluding cash),
contributed or deemed contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant
to Exhibit B hereof, such property shall no longer constitute a Contributed Property for purposes of Exhibit B
hereof, but shall be deemed an Adjusted Property for such purposes.

 

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“Conversion Factor”
means, as of the date of this Second Amended and Restated Limited Partnership Agreement, 1.0; provided that in the
event that (x) the General Partner Entity (i) declares (and the applicable record date has passed or will have
passed before a redeeming Partner would receive cash or common Shares in respect of the Partnership Units being redeemed) or
pays a dividend on its outstanding Shares in Shares or makes a distribution to all holders of its outstanding Shares in
Shares, (ii) subdivides or reclassifies its outstanding Shares or (iii) combines its outstanding Shares into a
smaller number of Shares, and (y) in connection with any such event described in clauses (i), (ii) or
(iii) above does not cause the Partnership to make a comparable distribution of additional Units to all holders
of the Partnership’s outstanding Common Partnership Units (and to all holders of Units of any other class issued by the
Partnership after the date hereof which are, by their terms, redeemable for cash or, at the General Partner’s election,
common Shares as set forth in Section 8.6), or a subdivision or combination of the Partnership’s outstanding
Common Partnership Units (and of all Units of any other class issued by the Partnership after the date hereof which are, by
their terms, redeemable for cash or, at the General Partner’s election, common Shares as set forth in Section 8.6)
in any such case so that the number of Common Partnership Units held directly or indirectly by the General Partner Entity
after such distribution, subdivision or combination is equal to the number of the General Partner Entity’s
then-outstanding Shares, then upon completion of such declaration, subdivision or combination the Conversion Factor shall be
adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of Shares issued and
outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that
such dividend, distribution, subdivision or combination has occurred as of such time) and the denominator of which shall be
the actual number of Shares (determined without the above assumption) issued and outstanding on the record date for such
dividend, distribution, subdivision or combination; and provided further that in case the General Partner Entity
(w) shall issue rights or warrants to all holders of Shares entitling them to subscribe for or purchase Shares at a
price per share less than the daily market price per Share on the date fixed for the determination of shareholders entitled
to receive such rights or warrants, (x) shall not issue similar rights or warrants to all holders of Common Partnership
Units entitling them to subscribe for or purchase Shares or Partnership Units at a comparable price (determined, in the case
of Partnership Units, by reference to the Conversion Factor), and (y) cannot issue such rights or warrants to a
Redeeming Partner as required by the definition of “Shares” set forth in this Article I, then the Conversion
Factor in effect at the opening of business on the day following the date fixed for such determination shall be increased by
multiplying such Conversion Factor by a fraction of which the numerator shall be the number of Shares outstanding at the
close of business on the date fixed for such determination plus the number of Shares so offered for subscription or purchase,
and of which the denominator shall be the number of Shares outstanding at the close of business on the date fixed for such
determination plus the number of Shares which the aggregate offering price of the total number of Shares so offered for
subscription would purchase at such daily market price per share, such increase of the Conversion Factor to become effective
immediately after the opening of business on the day following the date fixed for such determination; and provided
further that in the event that an entity shall cease to be the General Partner Entity (the “Predecessor
Entity”) and another entity shall become the General Partner Entity (the “Successor Entity”),
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which is the
Value of one Share of the Predecessor Entity, determined as of the time immediately prior to when the Successor Entity
becomes the General Partner Entity, and the denominator of which is the Value of one Share of the Successor Entity,
determined as of that same date. (For purposes of the second proviso in the preceding sentence, in the event that any
shareholders of the Predecessor Entity will receive consideration in connection with the transaction in which the Successor
Entity becomes the General Partner Entity, the numerator in the fraction described above for determining the adjustment to
the Conversion Factor (that is, the Value of one Share of the Predecessor Entity) shall be the sum of the greatest amount of
cash and the fair market value of any securities and other consideration that the holder of one Share in the Predecessor
Entity could have received in such transaction (determined without regard to any provisions governing fractional shares).)
Except as noted above, any adjustment to the Conversion Factor shall become effective immediately after the effective date of
such event retroactive to the record date, if any, for the event giving rise thereto; it being intended that
(x) adjustments to the Conversion Factor are to be made in order to avoid unintended dilution or anti-dilution as a
result of transactions in which Shares are issued, redeemed or exchanged without a corresponding issuance, redemption or
exchange of Partnership Units and (y) if a Specified Redemption Date shall fall between the record date and the
effective date of any event of the type described above, that the Conversion Factor applicable to such redemption shall be
adjusted to take into account such event.

 

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“Convertible Funding
Debt” has the meaning set forth in Section 7.5.D hereof.

 

“Covered Person” has
the meaning set forth in Section 7.8.A hereof.

 

“Current Partnership Audit
Rules” means Subchapter C of Subtitle F, Chapter 63 of the Code as in effect on November 1, 2015, and as
subsequently amended prior to the effective date of the 2015 Budget Act Partnership Audit Rules.

 

“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) obligations of such Person incurred in connection with entering into a lease which, in accordance with GAAP,
should be capitalized.

 

“Declaration of
Trust” means the Declaration of Trust or other similar organizational document governing the General Partner
Entity, as amended, supplemented or restated from time to time.

 

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

 

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“Economic Capital Account
Balance” means, with respect to LTIP Unitholders and Holders of Formation Units, their Capital Account balances,
plus the amount of their shares of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent
attributable to their ownership of LTIP Units or Formation Units, respectively.

 

“EDGAR” means the
Electronic Data Gathering, Analysis and Retrieval System or any successor system for filing information, documents or reports
with the SEC.

 

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended and in effect from time to time, as interpreted by the applicable
regulations thereunder. Any reference herein to a specific section or Title of ERISA shall be deemed to include a reference
to any corresponding provision of future law.

 

“Excluded Units”
shall have the meaning set forth in Section 11.2.C.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Extraordinary
Transaction” shall have the meaning set forth in Section 11.2.B.

 

“final adjustment”
shall have the meaning set forth in Section 10.3.B.

 

“Formation Unit”
means a Partnership Unit which is designated as a Formation Unit and which has the rights, preferences and other privileges
designated in Exhibit F hereof. The Formation Units are intended to give the holders thereof the benefits of
appreciation in the value of the Common Partnership Units from the time of issuance of Formation Units and may sometimes be
referred to for clarity as “Appreciation-Only LTIP Units.” Any reference herein or elsewhere to Formation Unit
shall be deemed to be a reference to Appreciation-Only LTIP Unit. The allocation of Formation Units (including
Appreciation-Only LTIP Units) among the Partners shall be set forth in the Partner Registry.

 

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

 

“GAAP” means U.S.
generally accepted accounting principles.

 

“General Partner”
means JBG SMITH Properties, a Maryland real estate investment trust, or any Person who becomes a successor general partner of
the Partnership.

 

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“General Partner
Entity” means the General Partner; provided, however, that if (i) the common shares of
beneficial interest (or other comparable equity interests) of the General Partner are at any time not Publicly Traded and
(ii) the shares of common stock (or other comparable equity interests) of an entity that owns, directly or indirectly,
all of the common shares of beneficial interest (or other comparable equity interests) of the General Partner are Publicly
Traded, the term “General Partner Entity” shall refer to such entity whose shares of common stock (or other
comparable equity securities) are Publicly Traded. If both requirements set forth in clauses (i) and
(ii) above are not satisfied, then the term “General Partner Entity” shall mean the General Partner.

 

“General Partner
Payment” has the meaning set forth in Section 15.13 hereof.

 

“General Partnership
Interest” means a Partnership Interest held by the General Partner in its capacity as general partner of the
Partnership. A General Partnership Interest may be (but is not required to be) expressed as a number of Partnership
Units.

 

“Immediate Family”
means, with respect to any natural Person, such natural Person’s spouse, parents, descendants, nephews, nieces,
brothers and sisters.

 

“Incapacity” or
 “Incapacitated” means, (i) as to any individual Partner, death, total physical disability or entry by
a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her Person or estate, (ii) as
to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or
the revocation of its charter, (iii) as to any partnership or limited liability company which is a Partner, the
dissolution and commencement of winding up of such partnership or limited liability company, (iv) as to any estate which
is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership, (v) as to any
trustee of a trust which 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.

 

“Indemnitee” means
(i) any Person made a party to a proceeding or threatened with being made a party to a proceeding by reason of
(A) his or its status as the General Partner, or as a trustee, director, officer, shareholder, partner, member,
employee, representative or agent of the General Partner or as an officer, employee, representative or agent of the
Partnership; (B) his or its status as a Limited Partner; or (C) his or its status as a trustee, director or officer
of any Subsidiary or other entity in which the Partnership owns an equity interest or any Subsidiary or other entity in which
the General Partner owns an equity interest (so long as the General Partner’s ownership of an interest in such entity
is not prohibited by Section 7.5.A) or for which the General Partner, acting on behalf of the Partnership, requests the
trustee, director, officer or shareholder to serve as a director, officer, trustee or agent, including serving as a trustee
of an employee benefit plan; and (ii) such other Persons (including Affiliates of the General Partner, a Limited Partner
or the Partnership) 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.

 

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

 

“Limited Partner”
means any Person named as a Limited Partner of the Partnership as set forth in the Partner Registry, or any Substituted
Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership.

 

“Limited Partnership
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 Partnership Interest may be (but is not required to be) expressed as a
number of Partnership Units.

 

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

 

“Liquidating Gains”
means any net capital gain realized in connection with the actual or hypothetical sale of all or substantially all of the
assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the
Carrying Value of Partnership assets under Section 1.D of Exhibit B of this Agreement.

 

“Liquidating Losses”
means any net capital loss 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
Carrying Value of Partnership assets under Section 1.D of Exhibit B of this Agreement.

 

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

 

“LTIP Distribution
Amount” has the meaning set forth in Exhibit E attached hereto.

 

“LTIP Unit” means a
Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in Exhibit E hereof
and elsewhere in this Agreement with respect to holders of LTIP Units. The allocation of LTIP Units among the Partners shall
be set forth in the Partner Registry. For the avoidance of doubt, a Vested LTIP Unit that has been converted from a Formation
Unit is an LTIP Unit, and will be treated only as an LTIP Unit effective as of the date of such conversion.

 

“LTIP Unit Initial Sharing
Percentage” means such percentage as set forth in the related Vesting Agreement or other applicable documentation
pursuant to which such LTIP Unit is awarded or, if no such percentage is stated, one hundred percent (100%).

 

“LTIP Unitholder”
means a holder of LTIP Units.

 

“Majority in
Interest” means Partners who hold more than fifty percent (50%) of the outstanding Common Partnership Units; provided, however,
with respect to any matter to be voted on by the Partners, there shall be included in both the numerator and the denominator
of the computation all (x) preferred Partnership Units of any class or series and (y) any other class or series of
Partnership Units which, in each case, are expressly entitled to vote thereon pursuant to the terms of such Partnership Unit
or this Agreement.

 

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“Net Income” means,
for any taxable period, the excess, if any, of the Partnership’s items of income and gain for such taxable period over
the Partnership’s items of loss and deduction for such taxable period. The items included in the calculation of Net
Income shall be determined in accordance with federal income tax accounting principles, subject to the specific adjustments
provided for in Exhibit B hereof. If an item of income, gain, loss or deduction that has been included in the
initial computation of Net Income is subjected to the special allocation rules in Exhibit C hereof, Net
Income or the resulting Net Loss, whichever the case may be, shall be recomputed without taking such item into account.

 

“Net Loss” means, for
any taxable period, the excess, if any, of the Partnership’s items of loss and deduction for such taxable period over
the Partnership’s items of income and gain for such taxable period. The items included in the calculation of Net Loss
shall be determined in accordance with federal income tax accounting principles, subject to the specific adjustments provided
for in Exhibit B hereof. If an item of income, gain, loss or deduction that has been included in the initial
computation of Net Loss is subjected to the special allocation rules in Exhibit C hereof, Net Loss or the
resulting Net Income, whichever the case may be, shall be recomputed without taking such item into account.

 

“New Securities”
means (i) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or
purchase shares of beneficial interest (or other comparable equity interest) of the General Partner, excluding grants under
any Stock Option Plan, or (ii) any Debt issued by the General Partner that provides any of the rights described in
clause (i).

 

“Nonrecourse Built-in
Gain” has the meaning set forth in Regulations Section 1.752-3(a)(2).

 

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

 

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

 

“Notice of
Redemption” means a Notice of Redemption substantially in the form of Exhibit D attached hereto.

 

“Partner” means the
General Partner or a Limited Partner, and “Partners” means the General Partner and the Limited Partners
collectively.

 

    -11-

     

    

 

“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).

 

“Partner Registry”
means the Partner Registry maintained by the General Partner in the books and records of the Partnership, which contains
substantially the same information as would be necessary to complete the form of the Partner Registry attached hereto as Exhibit A.

 

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

 

“Partnership
Approval” has the meaning set forth in Section 11.2.C.

 

“Partnership
Interest” means a Limited Partnership Interest or the General Partnership Interest, as the context requires, and
includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this
Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A
Partnership Interest may be (but is not required to be) expressed as a number of Partnership Units.

 

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

 

“Partnership Record
Date” means the record date established by the General Partner either (i) for the making of any distribution
pursuant to Section 5.1 hereof, which record date shall be the same as the record date established by the General
Partner Entity for a distribution to its shareholders of some or all of its portion of such distribution received by the
General Partner if the shares of common stock (or comparable equity interests) of the General Partner Entity are Publicly
Traded, or (ii) if applicable, for determining the Partners entitled to vote on or consent to any proposed action for
which the consent or approval of the Partners is sought pursuant to Section 14.2 hereof.

 

“Partnership Unit” or
 “Unit” means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to
Sections 4.1 and 4.2 hereof, and includes Common Partnership Units, LTIP Units, Formation Units and any other classes or
series of Partnership Units established after the date hereof. The number of Partnership Units outstanding and the Percentage
Interests in the Partnership represented by such Partnership Units are set forth in the Partner Registry. The ownership of
Partnership Units shall be evidenced by such form of certificate for Partnership Units as the General Partner adopts from
time to time unless the General Partner determines that the Partnership Units shall be uncertificated securities.

 

    -12-

     

    

 

“Partnership Year”
means the fiscal year of the Partnership.

 

“Percentage Interest”
means, as to a Partner, its interest in the Partnership as determined by dividing the total number of Common Partnership
Units (and LTIP Units other than to the extent provided in the applicable LTIP Unit designation) owned by such Partner by the
total number of Common Partnership Units (and LTIP Units, other than to the extent provided in the applicable LTIP Unit
designation) then outstanding as specified in the Partner Registry (and, when used with respect to a specified class of
Partnership Interests, its interest in such class as determined by dividing the total number of units or interests, as the
case may be, owned by such Partner in such class by the total number of units or interests, as the case may be, of such class
then outstanding as specified in in the Partner Registry).

 

“Person” means an
individual or a real estate investment trust, corporation, partnership, limited liability company, trust, estate,
unincorporated organization, association or other entity.

 

“Predecessor Entity”
has the meaning set forth in the definition of “Conversion Factor” herein.

 

“Publicly Traded”
means listed or admitted to trading on the New York Stock Exchange or another national securities exchange or designated for
quotation on the NASDAQ National Market, or any successor to any of the foregoing.

 

“Qualified REIT
Subsidiary” means any Subsidiary of the General Partner that is a “qualified REIT subsidiary” within
the meaning Section 856(i) of the Code. Except as otherwise specifically provided herein, a Qualified REIT
Subsidiary of the General Partner that holds as its only assets direct and/or indirect interests in the Partnership will not
be treated as an entity separate from the General Partner.

 

“Recapture Income”
means any gain recognized by the Partnership upon the disposition of any property or asset of the Partnership, which gain is
characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such
property or asset.

 

“Redeeming Partner”
has the meaning set forth in Section 8.6.A hereof.

 

“Redemption Amount”
means either the Cash Amount or the Shares Amount, as determined by the General Partner in its sole and absolute discretion; provided, however,
that if the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right, the Redemption
Amount shall be paid only in the form of the Cash Amount unless the Redeeming Partner, in its sole and absolute discretion,
consents to payment of the Redemption Amount in the form of the Shares Amount. A Redeeming Partner shall have no right,
without the General Partner’s consent, in its sole and absolute discretion, to receive the Redemption Amount in the
form of the Shares Amount.

 

    -13-

     

    

 

“Redemption Right”
has the meaning set forth in Section 8.6.A hereof.

 

“Regulations” means
the Income Tax Regulations promulgated under the Code, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

 

“REIT” means a real
estate investment trust under Section 856 of the Code.

 

“REIT Expenses” shall
mean (i) costs and expenses relating to the continuity of existence of the General Partner and any Person in which the
General Partner owns an equity interest, to the extent not prohibited by Section 7.5.A, other than the Partnership
(which Persons shall, for purposes of this definition, be included within the definition of “General Partner”),
including taxes, fees and assessments associated therewith (other than federal, state or local income taxes imposed upon the
General Partner as a result of the General Partner’s failure to distribute to its shareholders an amount equal to its
taxable income), any and all costs, expenses or fees payable to any trustee or director of the General Partner or such
Persons, (ii) costs and expenses relating to any offer or registration of securities by the General Partner (the
proceeds of which will be contributed or advanced to the Partnership) and all statements, reports, fees and expenses
incidental thereto, (iii) costs and expenses associated with the preparation and filing of any periodic reports by the
General Partner under federal, state or local laws or regulations, including filings with the SEC, (iv) costs and
expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any
regulatory body, including the SEC, and (v) all other operating or administrative costs of the General Partner incurred
in the ordinary course of its business; provided, however, that any of the foregoing expenses that are
determined by the General Partner to be expenses relating to the ownership and operation of, or for the benefit of, the
Partnership shall be treated as reimbursable expenses under Section 7.4.B hereof rather than as “REIT
Expenses”.

 

“REIT Requirements”
has the meaning set forth in Section 5.1.A hereof.

 

“Required Denominator
Shares” has the meaning set forth in Section 11.2.C.

 

“Safe Harbors” has
the meaning set forth in Section 11.6.F hereof.

 

“SEC” means the
Securities and Exchange Commission.

 

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

 

“Share” means a share
of beneficial interest (or other comparable equity interest) of the General Partner Entity. Shares may be issued in one or
more classes or series in accordance with the terms of the Declaration of Trust (or, if the General Partner is not the
General Partner Entity, the organizational documents of the General Partner Entity). In the event that there is more than one
class or series of Shares, the term “Shares” shall, as the context requires, be deemed to refer to the class or
series of Shares that correspond to the class or series of Partnership Interests for which the reference to Shares is made.
When used with reference to Common Partnership Units, the term “Shares” refers to common shares of beneficial
interest (or other comparable equity interest) of the General Partner Entity.

 

    -14-

     

    

 

“Shareholder
Approval” has the meaning set forth in Section 11.2.B(1).

 

“Shareholder Vote”
has the meaning set forth in Section 11.2.B(1).

 

“Shares Amount” means
a number of Shares equal to the product of the number of Partnership Units offered for redemption by a Redeeming Partner
times the Conversion Factor; provided, that in the event the General Partner Entity issues to all holders of Shares
rights, options, warrants or convertible or exchangeable securities entitling such holders to subscribe for or purchase
Shares or any other securities or property (collectively, the “rights”), then the Shares Amount shall also
include such rights that a holder of that number of Shares would be entitled to receive.

 

“Specified Redemption
Date” means (i) prior to January 1, 2020, the date that is sixty-one (61) days after the date of receipt
by the General Partner of a Notice of Redemption, or, if such day is not a Business Day, the first Business Day thereafter,
unless, and to the extent, the General Partner determines, in its sole and absolute discretion, that a period of sixty (60)
days from receipt by the General Partner of a specific Notice of Redemption is not required in order for the redemption that
is to occur pursuant to such Notice of Redemption to qualify for one of the Safe Harbors, in which case the Specified
Redemption Date with respect to such Notice of Redemption shall be such number of days (but not less than ten
(10) business days) after receipt by the General Partner of such Notice of Redemption as determined by the General
Partner; and (ii) after the Applicable Year, the tenth Business Day after receipt by the General Partner of a Notice of
Redemption, unless the General Partner, pursuant to its authority in Sections 11.3.F and 11.6.F that the Partnership should
continue to seek to qualify for one of the Safe Harbors, in which event the Specified Redemption Date shall continue to be
the date specified in clause (i) or such shorter period as determined by the General Partner, in its sole and absolute
discretion, and the General Partner shall give notice of such determination to the holders of Units.

 

“Stock Option Plan”
means any share or stock incentive plan or similar compensation arrangement of the General Partner Entity, the Partnership or
any Affiliate of the Partnership or the General Partner Entity, as the context may require.

 

“Subsidiary” means,
with respect to any Person, any real estate investment trust, corporation, partnership, limited liability company or other
entity of which a majority of (i) the voting power of the voting equity securities; or (ii) the outstanding equity
interests, is owned, directly or indirectly, by such Person.

 

“Substituted Limited
Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4
hereof.

 

    -15-

     

    

 

“Successor Entity”
has the meaning set forth in the definition of “Conversion Factor” herein.

 

“Tender Offer” has
the meaning set forth in Section 11.2.B(2).

 

“Terminating Capital
Transaction” means any sale or other disposition of all or substantially all of the assets of the Partnership for
cash 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 for cash.

 

“Trading Days” means
days on which the primary trading market for Shares, if any, is open for trading.

 

“Unvested LTIP Unit”
has the meaning set forth in Exhibit E attached hereto.

 

“Valuation Date”
means the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the first
Business Day thereafter.

 

“Value” means, with
respect to any outstanding Shares of the General Partner Entity that are Publicly Traded, the average of the daily market
price for the ten (10) consecutive Trading Days immediately preceding the date with respect to which value must be
determined or, if such day is not a Business Day, the immediately preceding Business Day.  The market price for each
such trading day shall be the closing price, regular way, on such day, or if no such sale takes place on such day, the
average of the closing bid and asked prices on such day. In the event that the outstanding Shares of the General Partner
Entity are Publicly Traded and the Shares Amount includes rights that a holder of 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.  In the event that the Shares of the General
Partner Entity are not Publicly Traded, the Value of the Shares Amount per Partnership Unit offered for redemption (which
will be the Cash Amount per Partnership Unit offered for redemption payable pursuant to Section 8.6.A hereof) means the
amount that a holder of one Partnership Unit would receive if each of the assets of the Partnership were to be sold for its
fair market value on the Specified Redemption Date, the Partnership were to pay all of its outstanding liabilities, and the
remaining proceeds were to be distributed to the Partners in accordance with the terms of this Agreement.  Such Value
shall be determined by the General Partner, acting in good faith and based upon a commercially reasonable estimate of the
amount that would be realized by the Partnership if each asset of the Partnership (and each asset of each partnership,
limited liability company, joint venture or other entity in which the Partnership owns a direct or indirect interest) were
sold to an unrelated purchaser in an arms’ length transaction where neither the purchaser nor the seller were under
economic compulsion to enter into the transaction (without regard to any discount in value as a result of the
Partnership’s minority interest in any property or any illiquidity of the Partnership’s interest in any
property).

 

“Vested LTIP Unit”
has the meaning set forth in Exhibit E attached hereto.

 

    -16-

     

    

 

“Vesting Agreement”
has the meaning set forth in Exhibit E attached hereto.

 

“Voting Percentage
Interest” means, as to a Partner, its voting interest in the Partnership as determined by dividing the total number
of Voting Units owned by such Partner by the total number of Voting Units then outstanding as specified in in the Partner
Registry.

 

“Voting Units” means
Common Partnership Units, LTIP Units and any other Partnership Units that vote together with the Common Partnership Units as
a single class.

 

ARTICLE II

ORGANIZATIONAL MATTERS

 

Section 2.1
           Organization.

 

The Partnership is a limited partnership under,
and has been formed pursuant to, the Act and upon the terms and conditions set forth herein. The Partners hereby confirm and agree
to their status as partners of the Partnership. Except as expressly provided herein to the contrary, the rights and obligations
of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest
of each Partner shall be personal property for all purposes.

 

Section 2.2
           Name.

 

The name of the Partnership is JBG SMITH Properties
LP. 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,” “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 Limited Partners of such change in the next regular communication
to the Limited Partners.

 

Section 2.3
           Registered
Office and Agent; Principal Office.

 

The address of the registered office of the
Partnership in the State of Delaware shall be located at Corporation Trust Center, 1209 Orange Street, Wilmington, County of New
Castle, Delaware, 19801, and the registered agent for service of process on the Partnership in the State of Delaware at such registered
office shall be Corporation Trust Company. The General Partner may, from time to time, designate a new registered agent and/or
registered office for the Partnership and, notwithstanding any provision in this Agreement, may amend this Agreement and the Certificate
to reflect such designation without the consent of the Limited Partners or any other Person. The principal office of the Partnership
shall be JBG SMITH Properties LP, 4747 Bethesda Avenue, Suite 200, Bethesda, Maryland 20814, 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.

 

    -17-

     

    

 

Section 2.4
           Power
of Attorney.

 

A.           General.
Each Limited Partner and each Assignee hereby 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:

 

		(1)	execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents
and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements thereof)
that the General Partner or any 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) in the State
of Delaware and in all other jurisdictions in which the Partnership may or plans to conduct business or own property; (b) all
instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification
or restatement of this Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that
the General Partner or any 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 instruments
relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article XI,
XII or XIII hereof or the Capital Contribution of any Partner; and (e) all certificates, documents and other instruments relating
to the determination of the rights, preferences and privileges of a Partnership Interest; and

 

		(2)	execute, swear to, seal, 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 any Liquidator, to make, evidence, give,
confirm or ratify any vote, consent, approval, agreement or other action which 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 any Liquidator, to effectuate the terms or intent of this Agreement.

 

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

 

B.            Irrevocable
Nature. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition
of the fact that each of the Partners will be relying upon the power of the General Partner or any 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 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 any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee
hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner or
any 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 fifteen (15) days after receipt of the General Partner’s or 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 the purposes of the Partnership.

 

    -18-

     

    

 

Section 2.5      
     Term.

 

The term of the Partnership commenced on the
date that the Certificate was filed with the Secretary of State of the State of Delaware and shall continue until it is dissolved
pursuant to the provisions of Article XIII hereof or as otherwise provided by law.

 

ARTICLE III

PURPOSE

 

Section 3.1
          Purpose
and Business.

 

The purpose and nature of the business to
be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership formed
pursuant to the Act; (ii) to enter into any corporation, partnership, joint venture, trust, limited liability company or other
similar arrangement to engage in any of the foregoing or to own interests in any entity engaged, directly or indirectly, in any
of the foregoing; and (iii) to do anything necessary, convenient or incidental to the foregoing; provided, however,
that any such business shall be limited to and conducted in such a manner as to permit the General Partner Entity (or the General
Partner, as applicable) at all times to qualify as a REIT, unless the General Partner Entity (or the General Partner, as applicable)
ceases to qualify as a REIT for reasons other than the conduct of the business of the Partnership or voluntarily revokes its election
to be a REIT.

 

Section 3.2
          Powers.

 

The Partnership is 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, and shall have, without limitation,
any and all of the powers that may be exercised on behalf of the Partnership by the General Partner pursuant to this Agreement
including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter
into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness whether or not secured by mortgage,
deed of trust, pledge or other lien, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose
of real property; provided, however, that the Partnership shall not take, or shall refrain from taking, any action
which, in the judgment of the General Partner, in its sole and absolute discretion, (x) could adversely affect the ability
of the General Partner Entity (or the General Partner, as applicable) to qualify and continue to qualify as a REIT, (y) could
subject the General Partner Entity (or the General Partner, as applicable) to any additional taxes under Section 857 or Section 4981
of the Code or any other related or successor provision of the Code or (z) could violate any law or regulation of any governmental
body or agency having jurisdiction over the General Partner Entity (or the General Partner, if different) its securities or the
Partnership, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing.

 

    -19-

     

    

 

Section 3.3
          Representations
and Warranties by the Parties.

 

A.            Each
Partner that is an individual represents and warrants to each other Partner that (i) such Partner has the legal capacity to
enter into this Agreement and perform such Partner’s obligations hereunder, (ii) 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 agreement by which such Partner or any of such Partner’s property is or are bound, or any statute, regulation, order
or other law to which such Partner is subject, (iii) such Partner is a “United States person” within the meaning
of Section 7701(a)(30) of the Code, and (iv) this Agreement is binding upon, and enforceable against, such Partner in
accordance with its terms.

 

B.            Each
Partner that is not an individual represents and warrants to each other Partner that (i) its execution and delivery of this
Agreement and all transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary
action, including without limitation, that of its general partner(s), committee(s), trustee(s), beneficiaries, director(s) and/or
shareholder(s), as the case may be, as required, (ii) the consummation of such transactions shall not result in a breach or
violation of, or a default under, its certificate of limited partnership, partnership agreement, trust agreement, limited liability
company operating agreement, declaration of trust, charter or bylaws, as the case may be, any agreement by which such Partner or
any of such Partner’s properties or any of its partners, beneficiaries, trustees or shareholders, as the case may be, is
or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, trustees, beneficiaries
or shareholders, as the case may be, is or are subject, (iii) such Partner is a “United States person” within
the meaning of Section 7701(a)(30) of the Code and (iv) this Agreement is binding upon, and enforceable against, such
Partner in accordance with its terms.

 

C.            Each
Partner represents, warrants and agrees that it has acquired and continues to hold its interest in the Partnership for its own
account for investment only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof,
nor with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any
predetermined circumstances. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed
to handling sophisticated financial matters for itself, particularly real estate investments, and that it has a sufficiently high
net worth that it does not anticipate a need for the funds it has invested in the Partnership in what it understands to be a highly
speculative and illiquid investment.

 

    -20-

     

    

 

D.            Each
Partner further represents, warrants, covenants and agrees that upon request of the General Partner, it will promptly disclose
to the General Partner the amount of Shares or other capital shares of the General Partner that it actually owns or Constructively
Owns.

 

E.            The
representations and warranties contained in this Section 3.3 shall survive the execution and delivery of this Agreement by
each Partner and the dissolution and winding up of the Partnership.

 

F.            Each
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 or, if different, the General Partner Entity have been made by any Partner
or any employee or representative or Affiliate of any Partner, and that projections and any other information, including, without
limitation, financial and descriptive information and documentation, which 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

 

Section 3.4            Partnership
Only for Purposes Specified.

 

The Partnership shall be a partnership only
for the purposes specified in Section 3.1 above, and this Agreement shall not be deemed to create a partnership among the
Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified
in Section 3.1 above.

 

ARTICLE IV

CAPITAL CONTRIBUTIONS AND ISSUANCES

OF PARTNERSHIP INTERESTS

 

Section 4.1            Capital
Contributions of the Partners.

 

A.            Capital
Contributions. At the time of their respective execution of this Agreement, the Partners shall make or shall have made Capital
Contributions as set forth in the Partner Registry. The Partners shall own Partnership Units of the class or series and in the
amounts set forth in the Partner Registry and shall have a Percentage Interest in the Partnership which shall be set forth in
the Partner Registry, which Percentage Interest shall be adjusted in the Partner Registry from time to time by the General Partner
to the extent necessary to reflect accurately exchanges, redemptions, additional Capital Contributions, the issuance of additional
Partnership Units (pursuant to any merger or otherwise), or similar events having an effect on any Partner’s Percentage
Interest in accordance with the terms of this Agreement. Except as provided in Sections 4.2, 7.5 and 10.5, the Partners shall
have no obligation to make any additional Capital Contributions or loans to the Partnership. Each Limited Partner that contributes
any Contributed Property shall promptly provide the General Partner with any information regarding such Contributed Property that
is requested by the General Partner, including for Partnership tax return reporting purposes. Cash Capital Contributions by the
General Partner or the General Partner Entity will be deemed to equal the cash contributed by the General Partner or the General
Partner Entity, as the case may be, plus (a) in the case of cash contributions funded by an offering of any equity interests
in or other securities of the General Partner or, if different, the General Partner Entity, the offering costs attributable to
the cash contributed to the Partnership, and (b) in the case of Partnership Units issued pursuant to Section 7.5.C hereof,
an amount equal to the difference between the Value of the Shares sold pursuant to any Stock Option Plan and the net proceeds
of such sale.

 

    -21-

     

    

 

B.            General
Partnership Interest. A number of Partnership Units held by the General Partner equal to one percent (1%) of all outstanding
Partnership Units shall be deemed to be the General Partner Partnership Units and shall be the General Partnership Interest. All
other Partnership Units held by the General Partner shall be Limited Partnership Interests and shall be held by the General Partner
in its capacity as a Limited Partner in the Partnership.

 

C.            Capital
Contributions By Merger. To the extent the Partnership acquires any property by the merger of any other Person into the Partnership,
Persons who receive Partnership Interests in exchange for their interests in the Person merging into the Partnership shall become
Limited Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement and as
set forth in the Partner Registry, as amended to reflect such deemed Capital Contributions.

 

Section 4.2             Issuances
of Partnership Interests.

 

A.            General.
The General Partner is hereby authorized, without the need for any vote or approval of any Partner or any other Person who may
hold Partnership Units or Partnership Interests, to cause the Partnership from time to time to issue to any existing Partner (including
the General Partner and the General Partner Entity) or to any other Person, and to admit such Person as a limited partner in the
Partnership, Partnership Units (including, without limitation, Common Partnership Units and preferred Partnership Units), in each
case in exchange for the contribution by such Person of property or other assets, in one or more classes, or in one or more series
of any of such classes, or otherwise with such designations, preferences, redemption and conversion rights and relative, participating,
optional or other special rights, powers and duties, including rights, powers and duties senior to one or more other classes of
Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion subject to
Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and
credit to each such class or series of Partnership Interests, (ii) the right of each such class or series of Partnership
Interests to share in Partnership distributions, (iii) the rights of each such class or series of Partnership Interests upon
dissolution and liquidation of the Partnership, (iv) the rights, if any, of each such class to vote on matters that require
the vote or Consent of the Limited Partners, and (v) the consideration, if any, to be received by the Partnership; provided
that, no such Partnership Units shall be issued to the General Partner Entity or, if different, the General Partner unless
either (a)(1) the additional Partnership Interests are issued in connection with the grant, award or issuance of Shares or
other securities by the General Partner Entity, which securities have designations, preferences and other rights such that the
economic interests attributable to such securities are substantially similar to the designations, preferences and other rights
(except voting rights) of the additional Partnership Interests issued to the General Partner Entity in accordance with this Section 4.2.A,
and (2) the General Partner Entity shall make a Capital Contribution to the Partnership in an amount equal to the proceeds,
if any, raised in connection with such issuance, (b) the additional Partnership Interests are issued to all Partners holding
Partnership Interests in the same class in proportion to their respective Percentage Interests in such class, or (c) the
additional Partnership Interests are issued in connection with a contribution of property to the Partnership by the General Partner
Entity. In addition, the General Partner Entity may acquire Units from other Partners pursuant to this Agreement. In the event
that the Partnership issues Partnership Interests pursuant to this Section 4.2.A, the General Partner shall make such revisions
to this Agreement (including but not limited to the revisions described in Section 5.6, Section 6.2 and Section 8.6
hereof) as it deems necessary to reflect the issuance of such additional Partnership Interests.

 

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B.            Issuances
and Repurchases of Shares.

 

(i)            In
accordance with, and subject to the terms of Section 4.3 hereof, the General Partner Entity shall not issue any Shares (other
than Shares issued pursuant to Section 8.6 or pursuant to a dividend or distribution (including any share split) of Shares
to all of its shareholders that results in an adjustment to the Conversion Factor pursuant to subclause (i), (ii) or (iii) of
clause (x) of the definition thereof), unless (i) the General Partner shall cause, pursuant to Section 4.2.A
hereof, the Partnership to issue to the General Partner Entity or the General Partner Partnership Interests or rights, options,
warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights, all such
that the economic interests are substantially similar to those of such additional Shares, other equity securities, New Securities
or Convertible Funding Debt, as the case may be; and (ii) in exchange therefor, the General Partner Entity contributes or
lends, as the case may be, or otherwise causes to be contributed or lent, as the case may be, to the Partnership the proceeds,
if any, from the grant, award or issuance of such Shares, other equity securities, New Securities or Convertible Funding Debt,
as the case may be, and, if applicable, from the exercise of rights contained in such Shares, other equity securities, New Securities
or Convertible Funding Debt, as the case may be (or, in the case of an acquisition described in Section 7.4.F in which all
or a portion of the cash required to consummate such acquisition is to be obtained by the General Partner Entity through an issuance
of Shares described in Section 4.2, the General Partner Entity complies with such Section 7.4.F). Without limiting
the foregoing, the General Partner Entity is expressly authorized to issue Shares, other equity securities, New Securities or
Convertible Funding Debt, as the case may be, for less than fair market value, and the General Partner is expressly authorized
to cause the Partnership to issue to the General Partner Entity corresponding Partnership Interests, so long as (x) the General
Partner concludes in good faith that such issuance is in the interests of the General Partner and the Partnership (for example,
and not by way of limitation, the issuance of Shares and corresponding Partnership Units pursuant to an employee share purchase
plan providing for employee purchases of Shares at a discount from fair market value or employee share options that have an exercise
price that is less than the fair market value of the Shares, either at the time of issuance or at the time of exercise, or in
order to comply with the REIT share ownership requirements set forth in Section 856(a)(5) of the Code); and (y) the
General Partner Entity contributes all proceeds from such issuance and exercise to the Partnership.

 

(ii)            If
the General Partner Entity exercises its rights under its organizational documents to purchase Shares or otherwise elects to purchase
from the holders thereof Shares, other equity securities of the General Partner Entity, New Securities or Convertible Funding
Debt, then the General Partner Entity shall cause the Partnership to purchase from the General Partner Entity (a) in the
case of a purchase of Shares, that number of Partnership Units of the appropriate class (rounded to the nearest whole Partnership
Unit) held by the General Partner Entity equal to the product obtained by multiplying the number of Shares purchased by the General
Partner Entity times a fraction, the numerator of which is one and the denominator of which is the Conversion Factor, or (b) in
the case of the purchase of any other securities, Partnership Units or other corresponding interest in the Partnership on the
same terms and for the same aggregate price that the General Partner Entity purchased such securities.

 

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C.            Classes
of Partnership Units. Subject to Section 4.2.A above, the Partnership shall have one class of Common Partnership Units
entitled “Common Partnership Units” which shall be issued to the General Partner in respect of its General Partnership
Interest and the General Partner Entity and, if different, the General Partner in respect of their respective Limited Partnership
Interests. The General Partner may, in its sole and absolute discretion, issue to newly admitted Partners Common Partnership Units
or Partnership Units of any other class established by the Partnership in accordance with Section 4.2.A in exchange for the
contribution by such Partners of cash, real estate partnership interests, stock, notes or any other assets or consideration; 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 a Common Partnership Unit unless the context clearly requires otherwise.

 

D.            Issuance
of LTIP Units. The Partnership shall be authorized to issue Partnership Units of a series designated as “LTIP Units.”
From time to time the General Partner may issue LTIP Units to Persons providing services to or for the benefit of the Partnership.
LTIP Units are intended to qualify as profits interests in the Partnership and, for the avoidance of doubt, the provisions of
Section 4.5 shall not apply to the issuance of LTIP Units. LTIP Units shall have the terms set forth in Exhibit E
attached hereto and made part hereof. Distributions made with respect to LTIP Units shall be adjusted as necessary to
ensure that the amount apportioned to each LTIP Unit does not exceed the amount attributable to the LTIP Unit’s share of
Partnership net income or gain realized after the date such LTIP Unit was issued by the Partnership (including in connection with
an adjustment to the Carrying Value of Partnership assets under Section 1.D of Exhibit B of this Agreement). 
If distributions are reduced in accordance with the preceding sentence for a taxable year due to insufficient net income or gain
for such year, distributions shall be made up in subsequent taxable years when there is sufficient net income or gain. The intent
of this Section 4.2.D is to ensure that any LTIP Units qualify as “profits interests” under Revenue
Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001), and
this Section 4.2.D shall be interpreted and applied consistently therewith. The General Partner at its discretion
may amend this Section 4.2.D and Exhibit E to ensure that any LTIP Units will qualify as “profits
interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B.
191 (August 3, 2001) (and any other similar rulings or regulations that may be in effect at such time).

 

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E.            Issuance
of Formation Units. The Partnership shall be authorized to issue Partnership Units of a series designated as “Formation
Units.” Formation Units are intended to qualify as profits interests in the Partnership and, for the avoidance of doubt,
the provisions of Section 4.5 shall not apply to the issuance of Formation Units. Formation Units shall have the terms set
forth in Exhibit F attached hereto and made part hereof. Distributions made with respect to Formation Units shall
be adjusted as necessary to ensure that the amount apportioned to each Formation Unit does not exceed the amount attributable
to the Formation Unit’s share of Partnership net income or gain realized after the date such Formation Unit was issued by
the Partnership (including in connection with an adjustment to the Carrying Value of Partnership assets under Section 1.D
of Exhibit B of this Agreement).  If distributions are reduced in accordance with the preceding sentence for
a taxable year due to insufficient net income or gain for such year, distributions shall be made up in subsequent taxable years
when there is sufficient net income or gain. The intent of this Section 4.2.E is to ensure that any Formation Units
qualify as “profits interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure
2001-43, 2001-2 C.B. 191 (August 3, 2001), and this Section 4.2.E shall be interpreted and applied consistently
therewith. The General Partner at its discretion may amend this Section 4.2.E and Exhibit F to ensure
that any Formation Units will qualify as “profits interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9,
1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001) (and any other similar rulings or regulations that
may be in effect at such time).

 

Section 4.3            Contribution
of Proceeds of Issuance of Securities by the General Partner Entity.

 

In connection with any primary offering by
the General Partner Entity of its Shares and any other issuance of Shares, other equity securities of the General Partner Entity,
New Securities or Convertible Funding Debt pursuant to Section 4.2, the General Partner Entity shall contribute to the Partnership
any proceeds (or a portion thereof) raised in connection with such issuance in exchange for Partnership Interests or rights, options,
warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights, all such
that the economic interests are substantially similar to those of the Shares, other equity securities of the General Partner Entity,
New Securities or Convertible Funding Debt contributed to the Partnership; provided, that, in each case, if the proceeds
actually received by the General Partner Entity are less than the gross proceeds of such issuance as a result of any underwriter’s
discount or other expenses paid or incurred in connection with such issuance, then the General Partner Entity shall be deemed
to have made a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus
the amount of such underwriter’s discount and other expenses paid by the General Partner Entity (which discount and expense
shall be treated as an expense for the benefit of the Partnership in accordance with Section 7.4). In the case of employee
purchases of New Securities at a discount from fair market value, the amount of such discount representing compensation to the
employee, as determined by the General Partner, shall be treated as an expense of the issuance of such New Securities.

 

Section 4.4            No
Preemptive Rights.

 

Except to the extent expressly granted by
the General Partner (on behalf of the Partnership) pursuant to another agreement, no Person shall have any preemptive, preferential
or other similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance
or sale of any Partnership Units or other Partnership Interests.

 

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Section 4.5             Other
Contribution Provisions.

 

In the event that any Partner is admitted
to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall
be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash for the fair
market value of such services, and the Partner had contributed such cash to the capital of the Partnership.

 

Section 4.6             No
Interest on Capital.

 

No Partner shall be entitled to interest
on its Capital Contributions or its Capital Account.

 

ARTICLE V

DISTRIBUTIONS

 

Section 5.1             Requirement
and Characterization of Distributions.

 

A.            General.
The General Partner shall have the exclusive right and authority to declare and cause the Partnership to make distributions as
and when the General Partner deems appropriate or desirable in its sole discretion. Notwithstanding anything to the contrary contained
herein, in no event may a Partner receive a distribution with respect to a Partnership Unit for a quarter or shorter period if
such Partner is entitled to receive a distribution for such quarter or shorter period with respect to a Share for which such Partnership
Unit has been redeemed or exchanged. Unless otherwise expressly provided for herein or in an agreement at the time a new class
of Partnership Interests is created in accordance with Article IV hereof, no Partnership Interest shall be entitled to a
distribution in preference to any other Partnership Interest. For so long as the General Partner Entity or the General Partner
elects to qualify as a REIT, the General Partner shall make such reasonable efforts, as determined by it in its sole and absolute
discretion and consistent with the qualification of the General Partner Entity or the General Partner (as applicable) as a REIT,
to make distributions to the Partners in amounts such that the General Partner Entity or General Partner will receive amounts
sufficient to enable the General Partner Entity or the General Partner (as applicable) to pay shareholder dividends that will
(1) satisfy the requirements for qualification as a REIT under the Code and the Regulations (the “REIT Requirements”)
and (2) avoid any federal income or excise tax liability for the General Partner Entity or the General Partner (as applicable).

 

B.            Method.
When, as and if declared by the General Partner, the Partnership will make distributions to the General Partner Entity in any
amount necessary to enable the General Partner Entity to pay REIT Expenses, and thereafter as follows:

 

(i)            First,
to the holders of Partnership Interests of each class, if any, that is 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 in such class on such Partnership Record Date); and

 

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(ii)           second,
to the holders of Partnership Interests of each class that are not entitled to any preference in distribution pro rata to each
such class in accordance with the terms of such class (and, within each such class, pro rata in proportion to the respective Percentage
Interests in such class on such Partnership Record Date).

 

In making distributions pursuant to this Section 5.1.B,
the General Partner shall take into account the provisions of Paragraph 2 of Exhibit E to this Agreement.

 

Section 5.2             Amounts
Withheld.

 

All amounts withheld pursuant to the Code
or any provisions of any state or local tax law and Section 10.5 hereof with respect to any allocation, payment or distribution
to the Partners or Assignees shall be treated as amounts distributed to the Partners or Assignees pursuant to Section 5.1
for all purposes under this Agreement.

 

Section 5.3             Distributions
Upon Liquidation.

 

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 Partners in accordance with Section 13.2.

 

Section 5.4             Restricted
Distributions.

 

Notwithstanding any provision to the contrary
contained in this Agreement, the Partnership, and the General Partner on behalf of the Partnership, shall not make a distribution
to any Partner on account of its interest in the Partnership if such distribution would violate Section 17-607 of the Act
or other applicable law.

 

Section 5.5             Revisions
to Reflect Issuance of Additional Partnership Interests.

 

If the Partnership issues additional Partnership
Interests to the General Partner Entity or any Additional Limited Partner pursuant to Article IV hereof, the General Partner
shall make such revisions to this Article V as it deems necessary to reflect the issuance of such additional Partnership
Interests.

 

Section 5.6             Non-Pro
Rata Distribution.

 

Notwithstanding anything in this Agreement
to the contrary, the General Partner is expressly authorized, in its sole discretion, to declare and cause the Partnership to
make a non-pro rata distribution, with no other Limited Partners receiving any portion of such distribution, to Vornado Realty
Trust or JBG SMITH Properties of 100% of the Partnership’s ownership interests in JBG SMITH Properties GP LLC; provided
that Vornado Realty Trust or JBG SMITH Properties, as applicable, is a Partner of the Partnership at the time of such distribution.

 

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ARTICLE VI

ALLOCATIONS

 

Section 6.1             Allocations
for Capital Account Purposes.

 

For purposes of maintaining the Capital Accounts
and in determining the rights of the Partners among themselves, the Partnership’s items of income, gain, loss and deduction
(computed in accordance with Exhibit B hereof) shall be allocated among the Partners in each taxable year (or portion
thereof) as provided herein below.

 

A.            Net
Income. After giving effect to the special allocations set forth in Section 1 of Exhibit C attached
hereto, Net Income shall be allocated (i) first, to the General Partner to the extent that Net Losses previously
allocated to the General Partner pursuant to Section 6.1.B(iii) below exceed Net Income previously allocated to the
General Partner pursuant to this clause (i) of Section 6.1.A; (ii) second, to the General Partner and the
Limited Partners, in proportion to the amount of Net Losses allocated to each such Partner pursuant to
Section 6.1.B(ii), to the extent Net Losses previously allocated to each such Partner pursuant to such
Section 6.1.B(ii) exceed Net Income previously allocated to each such Partner pursuant to this
Section 6.1.A(ii); (iii) third, [INTENTIONALLY OMITTED]; (iv) fourth, to the holders of any Partnership
Interests that are entitled to any preference in distributions, in accordance with the rights of such class of Partnership
Interests, until each has been allocated, on a cumulative basis pursuant to this Section 6.1.A(iv), Net Income equal to
the amount of distributions received which are attributable to the preference of such class or Partnership Interest (and,
within such class, pro rata in proportion to the respective Percentage Interest in such class as of the last day of the
period for which such allocation is being made); and (v) fifth, with respect to Partnership Interests that are not
entitled to any preference in distributions, pro rata to each such class in accordance with the terms of such class as set
forth in this Agreement (and, within such class, pro rata in proportion to the respective Percentage Interest in such class
as of the last day of the period for such allocation is being made). Subsection (iii) of this Section 6.1.A, as
amended and restated, shall be effective as of January 1, 2020.

 

B.            Net
Losses. After giving effect to the special allocations set forth in Section 1 of Exhibit C attached hereto,
Net Losses shall be allocated:

 

(i)            first,
to each Partner who holds Partnership Interests not entitled to any preference in distributions, pro rata to each such class in
accordance with the terms of such class as set forth in this Agreement (and, within such class, pro rata to each Partner in proportion
to the respective Percentage Interests held by such Partner in such class as of the last day of the period for which the allocation
is being made), until the Adjusted Capital Account (ignoring for this purpose any amounts a Partner is obligated to contribute
to the capital of the Partnership under state law as described in Regulation Section 1.704-1(b)(2)(ii)(c)(2) and reduced
by the Partner’s share of capital attributable to its interest in a class entitled to any preference in distribution) of
each such Partner is zero;

 

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(ii)           second,
to each Partner who holds Partnership Interests entitled to any preference in distributions, pro rata to each such class in accordance
with the terms of such class as set forth in this Agreement (and, within such class, pro rata to each Partner in proportion to
the respective Percentage Interests held by such Partner in such class as of the last day of the period for which the allocation
is being made), until the Adjusted Capital Account (ignoring for this purpose any amounts a Partner is obligated to contribute
to the capital of the Partnership under state law as described in Regulation Section 1.704-1(b)(2)(ii)(c)(2)) of each such
Partner is zero; and

 

(iii)          third,
to the General Partner.

 

C.            Allocation
of Nonrecourse Debt. For purposes of Regulations Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities
of the Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse
Built-in Gain shall be allocated among the Partners in accordance with any permissible method determined by the General Partner,
except that such excess Nonrecourse Liabilities shall be allocated first (under the fifth sentence of Treasury Regulations Section 1.752-3(a)(3))
to each Partner up to the amount of built-in gain that is allocable to the Partner on "section 704(c) property"
(as defined under Regulations Section 1.704-3(a)(3)(ii)) or property for which "reverse section 704(c) allocations"
are applicable as described in Regulations Section 1.704-3(a)(6)(i), where such property is subject to the excess Nonrecourse
Liabilities to the extent that such built-in gain exceeds Nonrecourse Built-in Gain with respect to such property.

 

D.            Recapture
Income. Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the
extent possible after taking into account other required allocations of gain pursuant to Exhibit C hereof, be characterized
as Recapture Income, as required by Regulations Section 1.1245-1(e).

 

E.            Special
Allocations with Respect to LTIP Units.

 

(i)            After
giving effect to the special allocations set forth in Section 1 of Exhibit C hereto, and notwithstanding the provisions
of Sections 6.1.A and 6.1.B above, but subject to the prior allocation of income and gain under Subsections 6.1.A(i) and
(ii) above, any remaining Liquidating Gains shall first be allocated to the holders of LTIP Units until the Economic Capital
Account Balances of such holders, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Common
Partnership Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Liquidating Gains
will be allocated with respect to any particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated
with other Liquidating Gains realized since the issuance of such LTIP Unit, exceed Liquidating Losses realized since the issuance
of such LTIP Unit. This Section 6.1.E(i), as amended and restated, shall be effective as of January 1, 2020.

 

(ii)            Liquidating
Gain allocated to an LTIP Unitholder under this Section 6.1.E will be attributed to specific LTIP Units of such LTIP Unitholder
for purposes of determining (i) allocations under this Section 6.1.E, (ii) the effect of the forfeiture or conversion
of specific LTIP Units on such LTIP Unitholder’s Economic Capital Account Balance and (iii) the ability of such LTIP
Unitholder to convert specific LTIP Units into Common Partnership Units. Such Liquidating Gain will be attributed to LTIP Units
in the following order: (i) first, to Vested LTIP Units that have been converted from Formation Units, (ii) second,
to Vested LTIP Units held for more than two years, (iii) third, to Vested LTIP Units held for two years or less, (iv) fourth,
to Unvested LTIP Units that have remaining vesting conditions that only require continued employment or service to the Partnership,
the General Partner, the General Partner Entity or an Affiliate of either for a certain period of time (with such Liquidating
Gains being attributed in order of vesting from soonest vesting to latest vesting), and (v) fifth, to other Unvested LTIP
Units (with such Liquidating Gains being attributed in order of issuance from earliest issued to latest issued). Within each such
category, Liquidating Gain will be allocated serially (i.e., entirely to the first unit in the category, then entirely to the
next unit in the category, and so on, until a full allocation is made to the last unit in the category) in the order of smallest
Book-Up Target to largest Book-Up Target until the Economic Capital Account Balance of such LTIP Unitholder attributable to such
LTIP Unitholder’s ownership of each LTIP Unit in the category is equal to the Common Partnership Unit Economic Balance;
provided, however, that if there is not sufficient Liquidating Gain for the Economic Capital Account Balance of
such LTIP Unitholder attributable to such LTIP Unitholder’s ownership of each LTIP Unit to be equal to the Common Partnership
Unit Economic Balance and the Book-Up Target for any LTIP Unit is less than the amount required to be allocated to the LTIP Unit
for the Economic Capital Account attributable to the LTIP Unit to equal the Common Partnership Unit Economic Balance, then Liquidating
Gains shall be allocated pursuant to the waterfall set forth in 6.1.E(ii), clauses (i)-(v) above until the Book-Up Target
of each such LTIP Unit in each category has been reduced to zero and, thereafter, any remaining Liquidating Gain shall be further
allocated pursuant to such waterfall until the Economic Capital Account Balance of an LTIP Unitholder attributable to such LTIP
Unitholder’s ownership of each LTIP Unit in the category is equal to the Common Partnership Unit Economic Balance.

 

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(iii)          After
giving effect to the special allocations set forth in Section 1 of Exhibit C hereto, and notwithstanding the provisions
of Sections 6.1.A and 6.1.B above, in the event that, due to distributions with respect to Common Partnership Units in which the
LTIP Units do not participate or otherwise, the Economic Capital Account Balance of any present or former holder of LTIP Units,
to the extent attributable to the holder’s ownership of LTIP Units, exceeds the target balance specified above, the amount
of such excess shall be re−allocated to such LTIP Unitholder’s remaining LTIP Units to the same extent and in the
same manner as would apply pursuant to Section 6.1.E(iv) below in the event of a forfeiture of LTIP Units. To the extent
such excess may not be re−allocated, any remaining Liquidating Losses shall be allocated to such LTIP Unitholder to the
extent necessary to reduce or eliminate the disparity; provided, however, that if Liquidating Losses are insufficient
to completely eliminate all such disparities, such losses shall be allocated among the LTIP Unitholders as reasonably determined
by the General Partner.

 

(iv)          If
an LTIP Unitholder forfeits any LTIP Units to which Liquidating Gain has previously been allocated under this Section 6.1.E,
the Capital Account associated with such forfeited LTIP Units will be re−allocated to that LTIP Unitholder’s remaining
LTIP Units using a methodology similar to that described in Section 6.1.E(ii) above to the extent necessary to cause
such LTIP Unitholder’s Economic Capital Account Balance attributable to each LTIP Unit to equal the Common Partnership Unit
Economic Balance.

 

(v)           In
the event that Liquidating Gains or Liquidating Losses are allocated under this Section 6.1.E, Net Income allocable under
Section 6.1.A(iv) and (v) and any Net Losses shall be recomputed by excluding the Liquidating Gains or Liquidating
Losses so allocated. This Section 6.1.E(v), as amended and restated, shall be effective as of January 1, 2020.

 

(vi)          The
parties agree that the intent of this Section 6.1.E is to make the Capital Account balance associated with each LTIP Unit
economically equivalent to the Capital Account balance associated with the General Partner Entity’s Common Partnership Units
(on a per−unit basis), but only if the Partnership has recognized cumulative net gains with respect to its assets since
the issuance of the relevant LTIP Unit.

 

F.            Special
Allocations with Respect to Formation Units. The principles of Section 6.1.E shall apply in respect of allocation of
Liquidating Gains and Liquidating Losses to unvested Formation Units as if they were unvested LTIP Units, until the Economic Capital
Account Balance per Formation Unit is, as nearly as possible, equal to the product of (x) the number of Vested LTIP Units
into which such Formation Unit is convertible (as if such Formation Unit were vested), and (y) the Common Partnership Unit
Economic Balance, applying correlative changes to the Book-Up Target for this purpose. The parties agree that the intent of this
Section 6.1.F is (i) to make the Capital Account balance associated with each Formation Unit economically equivalent
to the Capital Account balance associated with the General Partner Entity’s Common Partnership Units (on an “as converted”
basis), but only if the Partnership has recognized Liquidating Gains, when aggregated with other Liquidating Gains realized since
the issuance of the relevant Formation Unit, that exceed Liquidating Losses realized since the issuance of the relevant Formation
Unit, and (ii) to achieve the economic result consistent with Exhibit F.

 

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G.            Allocations
to Ensure Intended Results. Recognizing the complexity of the allocations pursuant to this Article VI, the General Partner
is authorized to modify these allocations (including by making allocations of gross items of income, gain, loss or deduction rather
than allocations of net items) to ensure that they achieve the intended results, to the extent permitted by Section 704(b) of
the Code and the Regulations thereunder.

 

Section 6.2             Revisions
to Allocations to Reflect Issuance of Additional Partnership Interests.

 

If the Partnership issues additional Partnership
Interests to the General Partner Entity or any Additional Limited Partner pursuant to Article IV hereof, the General Partner
shall make such revisions to this Article VI and to the Partner Registry hereof as it deems necessary to reflect the terms
of the issuance of such additional Partnership Interests, including making preferential allocations to classes of Partnership
Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner.

 

ARTICLE VII

MANAGEMENT AND OPERATIONS OF BUSINESS

 

Section 7.1             Management.

 

A.            Powers
of General Partner. 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 Limited Partners with or without cause. In addition to the powers now or hereafter granted a general
partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of
this Agreement, the General Partner, subject to Sections 7.3 and 7.6.A hereof, shall have full power and authority to do all things
deemed necessary, desirable or convenient by it to conduct the business of the Partnership, to exercise all powers set forth in
Section 3.2 hereof and to effectuate the purposes set forth in Section 3.1 hereof, including, without limitation:

 

		(1)	the making of any expenditures,
                                         the lending or borrowing of money (including, without limitation, making prepayments
                                         on loans and borrowing money to permit the Partnership to make distributions to its Partners
                                         in such amounts as will permit the General Partner Entity or the General Partner (as
                                         applicable) (as long as the General Partner Entity or the General Partner chooses to
                                         attempt to qualify as a REIT) to avoid the payment of any U.S. federal income tax (including,
                                         for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make
                                         distributions to its shareholders sufficient to permit the General Partner Entity or
                                         the General Partner (as applicable) to satisfy the REIT Requirements), the assumption
                                         or guarantee of, or other contracting for, indebtedness and other liabilities, including
                                         without limitation, the assumption or guarantee of the debt of the General Partner, its
                                         Subsidiaries or the Partnership’s Subsidiaries, the issuance of evidences of indebtedness
                                         (including the securing of same by mortgage, deed of trust or other lien or encumbrance
                                         on the Partnership’s assets) and the incurring of any obligations the General Partner
                                         deems necessary or desirable for the conduct of the activities of the Partnership;

 

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

 

		(3)	the acquisition, disposition,
                                         mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets
                                         of the Partnership (including the acquisition of any new assets, the exercise or grant
                                         of any conversion, option, privilege, or subscription right or 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 or any Subsidiary of the Partnership
                                         with or into another entity (all of the foregoing subject to any prior approval only
                                         to the extent required by Section 7.3 hereof);

 

		(4)	the mortgage, pledge, encumbrance
                                         or hypothecation of any assets 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 conduct of the operations of the Partnership, the General Partner, the
                                         General Partner Entity or any of the Partnership’s or the General Partner Entity’s
                                         Subsidiaries, the lending of funds to other Persons (including, without limitation, the
                                         Subsidiaries of the Partnership and/or the General Partner Entity) and the repayment
                                         of obligations of the Partnership and its Subsidiaries and any other Person in which
                                         it has an equity investment, and the making of capital contributions to, and equity investments
                                         in, its Subsidiaries;

 

		(5)	the management, operation,
                                         leasing, landscaping, repair, alteration, demolition, disposition or improvement of any
                                         real property or improvements owned by the Partnership or any Subsidiary of the Partnership
                                         or any Person in which the Partnership has made a direct or indirect equity investment;

 

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		(6)	the negotiation, execution,
                                         delivery and performance of any contracts, conveyances or other instruments that the
                                         General Partner considers useful or necessary or convenient to the conduct of the Partnership’s
                                         operations or the implementation of the General Partner’s powers under this Agreement,
                                         including, without limitation, contracting with contractors, developers, consultants,
                                         accountants, legal counsel, other professional advisors and other agents and the payment
                                         of their expenses and compensation out of the Partnership’s assets;

 

		(7)	the distribution of Partnership
                                         cash or other Partnership assets in accordance with this Agreement;

 

		(8)	holding, managing, investing
                                         and reinvesting cash and other assets of the Partnership;

 

		(9)	the collection and receipt
                                         of revenues and income of the Partnership;

 

		(10)	the establishment of one
                                         or more divisions of the Partnership, the selection and designation of powers, authority
                                         and duties and the dismissal of employees of the Partnership (including, without limitation,
                                         employees who may be designated as officers with titles such as “president,”
                                         “vice president,” “secretary” and “treasurer” of
                                         the Partnership), and agents, outside attorneys, accountants, consultants and contractors
                                         of the Partnership, and the determination of their compensation and other terms of employment
                                         or hiring, including waivers of conflicts of interest and the payment of their expenses
                                         and compensation out of the Partnership’s assets;

 

		(11)	the maintenance of such
                                         insurance (including, without limitation, directors, trustees and officers insurance)
                                         for the benefit of the Partnership and the Partners (including, without limitation, the
                                         General Partner Entity) and the directors, trustees and offers thereof as the General
                                         Partner deems necessary or appropriate;

 

		(12)	the formation of, or acquisition
                                         of an interest (including non-voting interests in entities controlled by Affiliates of
                                         the Partnership or the General Partner Entity or third parties) in, and the contribution
                                         of property to, any further limited or general partnerships, joint ventures, limited
                                         liability companies, real estate investment trusts, corporations, entities that are treated
                                         as REITs, “taxable REIT subsidiaries” or as foreign corporations for federal
                                         income tax purposes, joint ventures or other relationships that it deems desirable (including,
                                         without limitation, the acquisition of interests in, and the contributions of funds or
                                         property or the making of loans to its, or the General Partner Entity’s Subsidiaries
                                         and any other Person in which it has an equity investment from time to time or the incurrence
                                         of indebtedness on behalf of such Persons or the guarantee of obligations of such Persons
                                         and the making of any tax, regulatory or other filing or election with respect to any
                                         of the foregoing Persons); provided, however, that as long as the General
                                         Partner Entity has determined to attempt to continue to qualify as a REIT, the Partnership
                                         may not engage in any such formation, acquisition or contribution that would cause the
                                         General Partner Entity to fail to qualify as a REIT;

 

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		(13)	the control of any matters
                                         affecting the rights and obligations of the Partnership or any Subsidiary 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 or any Subsidiary of the Partnership,
                                         the commencement or defense of suits, legal proceedings, administrative proceedings,
                                         arbitrations or other forms of dispute resolution, the representation of the Partnership
                                         or any Subsidiary of the Partnership in all suits or legal proceedings, administrative
                                         proceedings, arbitrations or other forms of dispute resolution, the incurrence of legal
                                         expense, and the indemnification of any Person against liabilities and contingencies
                                         to the extent permitted by law;

 

		(14)	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);

 

		(15)	the determination of the
                                         fair market value of any Partnership property distributed in kind using such reasonable
                                         method of valuation as the General Partner may adopt;

 

		(16)	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;

 

		(17)	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 or any Subsidiary of the Partnership;

 

		(18)	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, individually or jointly with any such Subsidiary or other
                                         Person;

 

		(19)	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;

 

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		(20)	the making, execution, delivery
                                         and performance 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 other legal instruments or agreements in writing necessary,
                                         appropriate or convenient, in the judgment of the General Partner, for the accomplishment
                                         of any of the powers of the General Partner enumerated in this Agreement;

 

		(21)	the issuance of additional
                                         Partnership Units and other partnership interests, as appropriate and in the General
                                         Partner’s sole discretion , in connection with Capital Contributions by Additional
                                         Limited Partners and additional Capital Contributions by Partners pursuant to Article IV
                                         hereof or in connection with the performance of services for the Partnership, the General
                                         Partner or one of their affiliated entities;

 

		(22)	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 8.6 hereof;

 

		(23)	the amendment and restatement
                                         of the Partner Registry to reflect 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 and transfer 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 of this Agreement, as long as the matter
                                         or event being reflected in the Partner Registry hereof otherwise is authorized by this
                                         Agreement;

 

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

 

		(25)	the taking of any and all
                                         acts and things necessary or prudent, as determined by the General Partner, to ensure
                                         that the Partnership will not be classified as an association taxable as a corporation
                                         for U.S. federal income tax purposes or a “publicly traded partnership” for
                                         purposes of Section 7704 of the Code, including but not limited to imposing restrictions
                                         on transfers, restrictions on the number of Partners and restrictions on redemptions
                                         if reasonably necessary to avoid the Partnership being classified as an association taxable
                                         as a corporation for U.S. federal income tax purposes;

 

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		(26)	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;

 

		(27)	taking of any action necessary
                                         or appropriate to comply with all regulatory requirements applicable to the Partnership
                                         in respect of its business, including preparing or causing to be prepared all financial
                                         statements required under applicable regulations and contractual undertakings and all
                                         reports, filings and documents, if any, required under the Exchange Act, the Securities
                                         Act, or by any national securities exchange requirements;

 

		(28)	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;

 

		(29)	the approval and/or implementation
                                         of any merger (including a triangular merger), consolidation or other combination between
                                         the Partnership and another person that is not prohibited under this Agreement, whether
                                         with or without Consent; the terms of Section 17-211(g) of the Act shall be
                                         applicable such that the General Partner shall have the right to effect any amendment
                                         to this Agreement or effect the adoption of a new partnership agreement for a limited
                                         partnership if it is the surviving or resulting limited partnership on the merger or
                                         consolidation (except as may be expressly prohibited by this Agreement, including Article XIV
                                         with respect to amendments requiring Consent of Limited Partners);

 

		(30)	the taking of any action
                                         necessary or appropriate to enable the General Partner Entity to qualify as a REIT;

 

		(31)	to take such other action,
                                         execute, acknowledge, swear to or deliver such other documents and instruments, and perform
                                         any and all other acts that the General Partner deems necessary or appropriate for the
                                         formation, continuation and conduct of the business and affairs of the Partnership (including,
                                         without limitation, all actions consistent with allowing the General Partner Entity at
                                         all times to qualify as a REIT) and to possess and enjoy all the rights and powers of
                                         a general partner as provided by the Act; and

 

		(32)	the taking of any and all
                                         actions necessary or desirable in furtherance of, in connection with or incidental to
                                         the foregoing.

 

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B.            No
Approval by Limited Partners. Each of the Limited Partners agrees that 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 (except as provided in Section 7.3), the Act
or any applicable law, rule or regulation, to the fullest extent permitted under the Act or other applicable law, rule or
regulation. The execution, delivery or performance by the General Partner or the Partnership of any agreement authorized or permitted
under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership
or the Limited Partners or any other Persons under this Agreement or of any duty stated or implied by law or equity.

 

C.            Insurance.
The General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the properties
of the Partnership and its Subsidiaries and, (ii) liability insurance for the Indemnitees hereunder and (iii) such other
insurance as the General Partner, in its sole and absolute discretion, determines to be necessary.

 

D.            Working
Capital and Other Reserves. The General Partner may cause the Partnership to establish and maintain working capital reserves
and other cash or similar balances in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate
and reasonable from time to time, including upon liquidation of the Partnership pursuant to Section 13.2 hereof.

 

E.            Tax
Consequences of General Partner Entity and Limited Partners. The Limited Partners expressly acknowledge that the General Partner,
in considering whether to dispose of any of the Partnership assets, shall take into account the tax consequences to the General
Partner Entity of any such disposition and shall have no liability whatsoever to the Partnership or any Limited Partner for decisions
that are based upon or influenced by such tax consequences. In addition, in exercising its authority under this Agreement with
respect to other matters, the General Partner may, but shall be under no obligation to, take into account the tax consequences
to any Partner (including the General Partner Entity) of any action taken (or not taken) by the General Partner taken pursuant
to its authority under this Agreement and in accordance with the terms of Section 7.3.

 

Section 7.2             Certificate
of Limited Partnership.

 

The General Partner has filed the Certificate
with the Secretary of State of the State of Delaware as required by the Act. 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) in the State of Delaware and any other state, or the District of Columbia, in which the Partnership may elect to do
business or own property. To the extent that such action is determined by the General Partner to be reasonable and necessary or
appropriate or convenient, the General Partner shall file amendments to and restatements of the Certificate and do all of 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, or the District of Columbia, in which the Partnership may elect
to do business or own property. Subject to the terms of Section 8.5.A(4) hereof, the General Partner shall not be required,
before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto or restatement thereof to any Limited
Partner.

 

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Section 7.3             Restrictions
on General Partner Authority.

 

The General Partner may not take any action
in contravention of an express prohibition or limitation of this Agreement without the written Consent of (i) all Partners
adversely affected or (ii) such lower percentage of the Limited Partnership Interests as may be specifically provided for
under a provision of this Agreement or the Act.

 

Section 7.4             Reimbursement
of the General Partner.

 

A.            No
Compensation. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles V
and VI hereof regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be
compensated for its services as general partner of the Partnership.

 

B.            Responsibility
for Partnership Expenses. The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s
organization, the ownership of its assets and its operations. The General Partner and, if different, the General Partner Entity
shall be reimbursed on a monthly basis, without duplication, or on such other basis as the General Partner may determine in its
sole and absolute discretion, for all expenses it directly or indirectly incurs relating to the ownership and operation of the
Partnership, or for the benefit of the Partnership, including, without limitation, (i) expenses relating to the ownership
of interests in and operation of the Partnership, (ii) compensation of the officers and employees including, without limitation,
payments under any stock option or incentive plan that provides for stock units, or other phantom stock, pursuant to which employees
will receive payments based upon dividends on or the value of Shares, (iii) auditing expenses, (iv) director fees and
expenses of the General Partner Entity, (v) all costs and expenses of the General Partner Entity being a public company,
including costs of filings with the Securities and Exchange Commission, reports and other distributions to its shareholders, (vi) all
costs and expenses associated with litigation involving the General Partner and the General Partner Entity, the Partnership or
any Subsidiary, (vii) all expenses associated with compliance by the General Partner with laws, rules and regulations
promulgated by any regulatory body, (viii) expenses related to the operations of the General Partner and the General Partner
Entity and to the management and administration of any Subsidiaries of the General Partner Entity or the Partnership or Affiliates
of the Partnership, such as auditing expenses and filing fees and (ix) any and all salaries, compensation and expenses of
officers and employees of the General Partner and General Partner Entity; provided that (x), the amount of any such reimbursement
shall be reduced by (i) any interest earned by the General Partner or General Partner Entity with respect to bank accounts
or other instruments or accounts held by it as permitted in Section 7.5.A below (which interest is considered to belong to
the Partnership and shall be paid over to the Partnership to the extent not applied to reimburse the General Partner for expenses
hereunder), (ii) any amount derived by the General Partner or General Partner Entity from any investments permitted in Section 7.5.A
below; (iii) if the General Partner or General Partner Entity qualifies as a REIT, the Partnership shall not be responsible
for any taxes that the General Partner Entity would not have been required to pay if that entity qualified as a REIT for federal
income tax purposes or any taxes imposed on the General Partner or General Partner Entity by reason of that entity’s failure
to distribute to its shareholders an amount equal to its taxable income (provided that the funds to make such distributions were
in fact available to the General Partner or the General Partner Entity therefor); (iv) the Partnership shall not be responsible
for expenses or liabilities incurred by the General Partner or General Partner Entity in connection with any business or assets
of the General Partner or General Partner Entity other than its ownership of Partnership Interests or operation of the business
of the Partnership or ownership of assets to the extent permitted in Section 7.5.A; and (v) the Partnership shall
not be responsible for any expenses or liabilities of the General Partner or General Partner Entity that are excluded from the
scope of the indemnification provisions of Section 7.7.A by reason of the provisions of clause (i), (ii) or (iii) thereof;
and (y) REIT Expenses shall not be treated as Partnership expenses for purposes of this Section 7.4.B. The General Partner
shall determine in good faith the amount of expenses incurred by it related to the ownership and operation of, or for the benefit
of, the Partnership. If certain expenses are incurred for the benefit of the Partnership and other entities (including the General
Partner or General Partner Entity), 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. Such reimbursements shall be in addition
to any reimbursement to the General Partner pursuant to Section 10.3.C hereof and as a result of indemnification pursuant
to Section 7.7 below. 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 or General Partner Entity.

 

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C.            Partnership
Interest Issuance Expenses. The General Partner and, if different, the General Partner Entity shall also be reimbursed, without
duplication, for all expenses it directly or indirectly incurs relating to any issuance of additional Partnership Interests, Shares,
Debt of the Partnership, Funding Debt of the General Partner or the General Partner Entity or rights, options, warrants or convertible
or exchangeable securities pursuant to Article IV hereof (including, without limitation, all costs, expenses, damages and
other payments resulting from or arising in connection with litigation related to any of the foregoing), all of which expenses
are considered by the Partners to constitute expenses of, and for the benefit of, the Partnership.

 

D.            Purchases
of Shares by the General Partner Entity. In the event that the General Partner Entity shall elect to purchase from its shareholders
Shares in connection with a share repurchase or similar program or for the purpose of delivering such Shares to satisfy an obligation
under any distribution reinvestment or share purchase program adopted by the General Partner Entity, any employee share purchase
plan adopted by the General Partner Entity or any similar obligation or arrangement undertaken by the General Partner Entity in
the future, the purchase price paid by the General Partner Entity for such Shares and any other expenses incurred by the General
Partner Entity in connection with such purchase shall be considered REIT Expenses and shall be reimbursed to the General Partner
Entity, subject to the conditions that: (i) if such Shares subsequently are to be sold by the General Partner Entity, the
General Partner Entity pays to the Partnership any proceeds received by the General Partner Entity for such Shares (which sales
proceeds shall include the amount of distributions reinvested under any distribution reinvestment or similar program; provided
that a transfer of Shares for Partnership Units pursuant to Section 8.6 hereof would not be considered a sale for United
States federal, state and local income tax purposes); and (ii) if such Shares are not retransferred by the General Partner
Entity within thirty (30) days after the purchase thereof, the General Partner Entity shall cause the Partnership to cancel a
number of Partnership Units of the appropriate class (rounded to the nearest whole Partnership Unit) held by the General Partner
Entity or the General Partner equal to the product attained by multiplying the number of such Shares by a fraction, the numerator
of which is one and the denominator of which is the Conversion Factor in effect on the date of such cancellation (in which case
such reimbursement shall be treated as a distribution in redemption of Partnership Units held by the General Partner Entity or
the General Partner, as the case may be).

 

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E.            Reimbursement
not a Distribution. Except as set forth in the succeeding sentence, if and to the extent any reimbursement made pursuant to
this Section 7.4 is determined for U.S. federal income tax purposes not to constitute a payment of expenses of the Partnership,
the amount so determined shall constitute a guaranteed payment with respect to capital within the meaning of Section 707(c) of
the Code, shall be treated consistently therewith by the Partnership and all Partners and shall not be treated as a distribution
for purposes of computing the Partners’ Capital Accounts.  Amounts deemed paid by the Partnership to the General Partner
Entity in connection with redemption of Partnership Units pursuant to Section 7.4.D shall be treated as a distribution for
purposes of computing the Partner’s Capital Accounts.

 

F.            Funding
for Certain Capital Transactions. In the event that the General Partner Entity shall undertake to acquire (whether by merger,
consolidation, purchase, or otherwise) the assets or equity interests of another Person and such acquisition shall require the
payment of cash by the General Partner Entity (whether to such Person or to any other selling party or parties in such transaction
or to one or more creditors, if any, of such Person or such selling party or parties), (a) the Partnership shall advance
to the General Partner Entity the cash required to consummate such acquisition if, and to the extent that, such cash is not to
be obtained by the General Partner Entity through an issuance of Shares described in Section 4.2, (b) the General
Partner Entity shall, upon consummation of such acquisition, transfer to the Partnership (or cause to be transferred to the Partnership),
in full and complete satisfaction of such advance, the assets or equity interests of such Person acquired by the General Partner
Entity in such acquisition (or equity interests in Persons owning all of such assets or equity interests), and (c) pursuant
to and in accordance with Section 4.2, the Partnership shall issue to the General Partner Entity, Partnership Interests
and/or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences
and other rights that are substantially similar to those of any additional Shares, other equity securities, New Securities and/or
Convertible Funding Debt, as the case may be, issued by the General Partner Entity in connection with such acquisition (whether
issued directly to participants in the acquisition transaction or to third parties in order to obtain cash to complete the acquisition).
In addition to, and without limiting, the foregoing, in the event that the General Partner Entity engages in a transaction in
which (x) the General Partner Entity (or a wholly owned direct or indirect Subsidiary of the General Partner Entity) merges
with another entity (referred to as the “Parent Entity”) that is organized in the UPREIT form (i.e., where
the Parent Entity holds substantially all of its assets and conducts substantially all of its operations through a partnership,
limited liability company or other entity (referred to as an “Operating Entity”)) (“UPREIT”)
and the General Partner Entity survives such merger, (y) such Operating Entity merges with or is otherwise acquired by the
Partnership in exchange in whole or in part for Partnership Interests, and (z) the General Partner Entity is required or
elects to pay part of the consideration in connection with such merger involving the Parent Entity in the form of cash and part
of the consideration in the form of Shares, the Partnership shall distribute to the General Partner Entity with respect to its
existing Partnership Interest an amount of cash sufficient to complete such transaction and the General Partner Entity shall cause
the Partnership to cancel a number of Partnership Units (rounded to the nearest whole number) held by the General Partner Entity
equal to the product attained by multiplying the number of additional Shares that the General Partner Entity would have issued
to the Parent Entity or the owners of the Parent Entity in such transaction if the entire consideration therefor were to have
been paid in Shares by a fraction, the numerator of which is one and the denominator of which is the Conversion Factor. It is
understood and agreed among the Partners that this Section 7.4.F shall be construed and implemented in a manner that is consistent
with the General Partner Entity’s REIT status.

 

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Section 7.5             Outside
Activities of the General Partner.

 

A.            General.
The General Partner Entity shall not directly or indirectly enter into or conduct any material business other than in connection
with the ownership, acquisition and disposition of Partnership Interests and the management of the business of the Partnership,
and such activities as are incidental thereto. The General Partner Entity and any Affiliates of the General Partner Entity may
acquire Limited Partnership Interests and shall be entitled to exercise all rights of a Limited Partner relating to such Limited
Partnership Interests. Without the Consent of the Outside Limited Partners, the assets of the General Partner Entity and, if different,
the General Partner shall be limited to Partnership Interests and permitted debt obligations of the Partnership (as contemplated
by Section 7.5.D below) and permitted assets of the Partnership (as contemplated in Section 7.10), so that Shares and
Partnership Units are completely fungible except as otherwise specifically provided herein; provided, that the General Partner
Entity and, if different, the General Partner shall be permitted to hold, directly or indirectly, (i) interests in entities,
including Qualified REIT Subsidiaries, that hold no material assets; (ii) interests in Qualified REIT Subsidiaries (or other
entities that are not taxed as corporations for federal income tax purposes) that own only interests in the Partnership and/or
interests in other Qualified REIT Subsidiaries (or other entities that are not taxed as corporations for federal income tax purposes)
that either hold no assets or hold only interests in the Partnership; (iii) assets and/or interests in entities, including
Qualified REIT Subsidiaries, that hold assets, having an aggregate value not greater than five percent (5%) of the total market
value of the General Partner Entity (determined by reference to the value of all outstanding equity securities of the General
Partner Entity), provided that (X) the General Partner Entity or General Partner, as the case may be, will apply
the net income from such assets (other than net income derived as a result of a Qualified REIT Subsidiary’s ownership of
an interest in the Partnership) to offset REIT Expenses before utilizing the distribution provisions of Section 5.1.B, (Y) the
General Partner Entity or General Partner, as the case may be, will contribute or cause to be contributed all net income generated
by such assets and/or interests (other than net income derived as a result of a Qualified REIT Subsidiary’s ownership of
an interest in the Partnership) to the Operating Partnership (after taking into account REIT Expenses as described in clause (X) above),
and (Z) the General Partner Entity or General Partner, as the case may be, will use commercially reasonable efforts to transfer
or cause to be transferred such assets and interests (other than interests in Qualified REIT Subsidiaries and the Partnership)
to the Operating Partnership or an entity controlled by the Operating Partnership as soon as such a transfer can be made without
causing the General Partner Entity, the General Partner or the Operating Partnership to incur any material expenses in connection
therewith; (iv) such bank accounts or similar instruments or account in its own name as it deems necessary to carry out its
responsibilities and purposes as contemplated under this Agreement and its organizational documents; (v) cash held for payment
of administrative expenses or pending distribution to security holders of the General Partner Entity 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; and, provided, further, that the
General Partner Entity and, if different, the General Partner shall be permitted to acquire, directly or through a Qualified REIT
Subsidiary (or other entities that are not taxed as corporations for federal income tax purposes), up to a one percent (1%) 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.  The General Partner Entity and any of its Affiliates may acquire Limited Partnership Interests
and shall be entitled to exercise all rights of a Limited Partner relating to such Limited Partnership Interests.

 

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B.            Forfeiture
of Shares. In the event the Partnership or the General Partner Entity acquires Shares as a result of the forfeiture of such
Shares under a restricted or similar share plan, then the General Partner Entity shall cause the Partnership to cancel that number
of Partnership Units of the appropriate class equal to the number of Shares so acquired divided by the Conversion Factor, and,
if the Partnership acquired such Shares, it shall transfer such Shares to the General Partner Entity for cancellation.

 

C.            Stock
Option Plan. If at any time or from time to time, the General Partner Entity sells Shares pursuant to any Stock Option Plan,
the General Partner Entity shall transfer the net proceeds of the sale of such Shares to the Partnership as an additional Capital
Contribution in exchange for an amount of additional Partnership Units equal to the number of Shares so sold divided by the Conversion
Factor.

 

D.            Funding
Debt. The General Partner Entity, the General Partner or a wholly owned subsidiary of either of them may incur a Funding Debt,
including, with respect to the General Partner Entity, a Funding Debt that is convertible into Shares or otherwise constitutes
a class of New Securities (“Convertible Funding Debt”), subject to the condition that the borrowing entity
lends to the Partnership the net proceeds of such Funding Debt; provided, that Convertible Funding Debt shall be issued
pursuant to Section 4.2.B above; and, provided, further, that the General Partner Entity shall not be obligated
to lend the net proceeds of any Funding Debt to the Partnership in a manner that would be inconsistent with the General Partner
Entity’s ability to remain qualified as a REIT. If the General Partner Entity, the General Partner or a wholly owned subsidiary
of either of them enters into any Funding Debt, the loan to the Partnership shall be on comparable terms and conditions, including
interest rate, repayment schedule and costs and expenses, as are applicable with respect to or incurred in connection with such
Funding Debt.

 

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Section 7.6           Transactions
with Affiliates.

 

A.           The
Partnership may lend or contribute funds or other assets to its or the General Partner Entity’s Subsidiaries or other Persons
in which it or the General Partner Entity 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 Entity. The foregoing authority shall not
create any right or benefit in favor of any Subsidiary or any other Person

 

B.            Except
as provided in Section 7.5.A, the Partnership may transfer assets to joint ventures, other partnerships, limited liability
companies, real estate investment trusts, corporations 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 are advisable.

 

C.            Except
as expressly permitted by this Agreement (i) neither the General Partner Entity nor any of its Affiliates shall sell, transfer
or convey any property to, or purchase any property from, the Partnership, directly or indirectly, and (ii) the Partnership
shall not, directly or indirectly, sell, transfer or convey any property to, or purchase any property from, or borrow funds form,
or lend funds to, any Partner or any Affiliate of the Partnership that is not also a Subsidiary of the Partnership, except in the
case of each of clauses (i) and (ii) pursuant to transactions that are determined by the General Partner in good faith
to be on terms that are 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 benefit plans, stock option plans, and similar plans funded by the Partnership for the benefit
of employees of the General Partner Entity, 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, the General Partner or any Subsidiaries
of the Partnership.

 

E.            The
General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, and without the approval of
the Limited Partners, a right of first opportunity arrangement, a non-competition arrangement and other conflict avoidance agreements
with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and absolute
discretion, believes are advisable.

 

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Section 7.7           Indemnification.

 

A.           General.
To the fullest extent permitted by law, the Partnership shall indemnify each Indemnitee from and against any and all losses, claims,
damages, liabilities, joint or several, expenses (including, without limitation, attorneys’ fees and other legal fees and
expenses), judgments, fines, settlements, and other amounts arising from or in connection with any and all claims, demands, subpoenas,
requests for information, formal or informal investigations, actions, suits or proceedings, whether civil, criminal, administrative
or investigative, incurred by the Indemnitee and relating to the Partnership, the General Partner or the General Partner Entity
or the direct or indirect operations of, or the direct or indirect ownership of property by, the Partnership or the General Partner
or the General Partner Entity as set forth in this Agreement, in which such Indemnitee may be involved, or is threatened to be
involved, as a party or otherwise, unless it is established by a final determination of a court of competent jurisdiction that
(i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed
in bad faith or was the result of active and deliberate dishonesty, (ii) the Indemnitee actually received an improper personal
benefit in money, property or services, or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause
to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of
any Indemnitee, pursuant to a loan guaranty or otherwise for any indebtedness of the Partnership or any Subsidiary of the Partnership
(including without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken
subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more
indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having
liability for any such indebtedness. The termination of any proceeding by judgment, order or settlement does not create a presumption
that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any
proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment,
creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with
respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out
of the assets of the Partnership and any insurance proceeds from the liability policy covering the General Partner and any Indemnitee,
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 7.7.

 

B.            Advancement
of Expenses. To the fullest extent permitted by law, reasonable expenses expected to be incurred by an Indemnitee shall be
paid or reimbursed by the Partnership in advance of the final disposition of any and all claims, demands, actions, suits or proceedings,
civil, criminal, administrative or investigative, made or threatened to be made against an Indemnitee, upon receipt by the Partnership
of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Partnership as authorized in Section 7.7.A has been met and (ii) a written undertaking by
or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been
met.

 

C.            No
Limitation of Rights. The indemnification provided by this Section 7.7 shall be in addition to any other rights to which
an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law
or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a written
agreement pursuant to which such Indemnitee is indemnified.

 

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

 

E.            Benefit
Plan Fiduciary. For purposes of this Section 7.7, (i) the Partnership shall be deemed to have requested an Indemnitee
to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes
duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan, (ii) excise taxes
assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the
meaning of this Section 7.7 and (iii) actions taken or omitted by the Indemnitee with respect to an employee benefit
plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries
of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.

 

F.            No
Personal Liability for Limited Partners. 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.            Interested
Transactions. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the
Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise
permitted by the terms of this Agreement.

 

H.            Benefit.
The provisions of this Section 7.7 are also for the benefit of the Indemnitees, their employees, officers, directors, trustees,
heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons.
Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not
in any way affect the limitation on the Partnership’s liability to any Indemnitee under this Section 7.7, as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or related 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.             Indemnification
Payments Not Distributions. If and to the extent any payments to the General Partner or the General Partner Entity pursuant
to this Section 7.7 constitute gross income to the General Partner or the General Partner Entity (as opposed to the repayment
of advances made on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of
the Code, 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.

 

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J.            Exception
to Indemnification of the General Partner. Notwithstanding anything to the contrary in this Agreement, the General Partner
shall not be entitled to indemnification hereunder for any loss, claim, damage, liability or expense for which the General Partner
is obligated to indemnify the Partnership under any other agreement between the General Partner and the Partnership.

 

Section 7.8           Liability
of the Covered Persons.

 

A.           General.
Notwithstanding anything to the contrary set forth in this Agreement, to the fullest extent permitted by law, none of the General
Partner, its Affiliates, or any of their respective officers, trustees, directors, shareholders, partners, members, employees,
representatives or agents or any officer, employee, representative or agent of the Partnership and its Affiliates (individually,
a “Covered Person” and collectively, the “Covered Persons”) shall be liable or accountable
for monetary damages or otherwise to the Partnership, any Partners or any Assignees for losses sustained or 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 Covered Person’s
conduct did not constitute bad faith, gross negligence or willful misconduct.

 

B.            No
Obligation to Consider Separate Interests of Limited Partners or Shareholders. The Limited Partners expressly acknowledge that
the General Partner is acting on behalf of the Partnership, the Limited Partners and the shareholders of the General Partner collectively,
that the General Partner is under no obligation to consider or give priority to the separate interests of the Limited Partners
(including, without limitation, the tax consequences to Limited Partners or Assignees or to such shareholders) in deciding whether
to cause the Partnership to take (or decline to take) any actions. Any decisions or actions taken or not taken in accordance with
the terms of this Agreement shall not constitute a breach of any duty owed to the Partnership or the Limited Partners by law or
equity, fiduciary or otherwise. The General Partner shall not be liable for monetary damages or otherwise 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.            Actions
of Agents. Subject to its obligations and duties as General Partner set forth in Section 7.1.A 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 and agents. The General Partner shall not be liable to the Partnership or any Partner for any misconduct
or negligence on the part of any such employee or agent appointed by the General Partner in good faith.

 

D.            Effect
of Amendment. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only
and shall not in any way affect the limitations on the Covered Person’s liability to the Partnership and the Limited Partners
under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising
from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when
such claims may arise or be asserted.

 

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E.            Limitations
of Fiduciary Duty. Sections 7.1.B, 7.1.E and this Section 7.8 and any other Section of this Agreement limiting the
liability of the General Partner and/or its trustees, directors and officers shall constitute an express limitation of any duties,
fiduciary or otherwise, that they would owe the Partnership or the Limited Partners if such duty would be imposed by any law, in
equity or otherwise.

 

F.            Good
Faith Reliance on Agreement. To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties)
and liabilities relating thereto to the Partnership or to the Partners, any Covered Person acting under this Agreement or otherwise
shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. The provisions
of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Covered Person under the Act or
otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Covered
Person to the maximum extent permitted by law.

 

G.            General
Partner’s Discretion. Whenever in this Agreement the General Partner or the General Partner Entity is permitted or required
to make a decision (i) in its “sole discretion” or “discretion,” or under a similar grant of authority
or latitude, the General Partner or General Partner Entity, as the case may be, shall be entitled to consider such interests and
factors as it desires and may consider its own interests, and shall have no duty or obligation to give any consideration to any
interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or under
another express standard, the General Partner or General Partner Entity, as the case may be, shall act under such express standard
and shall not be subject to any other or different standards imposed by this Agreement or by law or any other agreement contemplated
herein.

 

Section 7.9           Other
Matters Concerning the General Partner.

 

A.           Reliance
on Documents. 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.            Reliance
on Advisors. 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 which 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.

 

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C.            Action
Through Agents. 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 which is permitted or required to be done by the General Partner hereunder.

 

D.            Actions
to Maintain REIT Status or Avoid Taxation of the General Partner Entity or the General Partner (as applicable). Notwithstanding
any other provisions of this Agreement (other than the limitations on the General Partner’s and General Partner Entity’s
authority set forth in Sections 7.3, 7.5 and 7.6.A) or the Act, any action of the General Partner or General Partner Entity
on behalf of the Partnership or any decision of the General Partner or General Partner Entity to refrain from acting on behalf
of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to
protect the ability of the General Partner Entity or the General Partner (as applicable) to continue to satisfy the REIT Requirements
or (ii) to avoid the General Partner Entity or the General Partner (as applicable) incurring any taxes under Section 337(d),
857, 1374 or 4981 of 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 Partners,
individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any
or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the
General Partner may determine in its sole and absolute discretion, 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 (or such other entity) for the use and benefit
of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner
shall use its commercially reasonable efforts to cause beneficial and record title to such assets to be vested in the Partnership
as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and
records, irrespective of the name in which legal title to such Partnership assets is held.

 

Section 7.11        Reliance
by Third Parties.

 

Notwithstanding anything to the contrary in
this Agreement (other than the limitations on the General Partner’s and General Partner Entity’s authority set forth
in Sections 7.3, 7.5 and 7.6.A), any Person dealing with the Partnership shall be entitled to assume that the General Partner has
full power and authority, without 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, to enter into any contracts on behalf of the Partnership and to take any and all
actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if the General Partner
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 each case except to the extent that such action imposes, or purports to impose,
liability on the Limited Partner. 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 expedience 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 thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or
instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document
or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (iii) such certificate,
document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding
upon the Partnership.

 

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Section 7.12         Loans
by Third Parties.

 

The Partnership may incur Debt, or enter into
similar credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation, in connection
with any acquisition of property and any borrowings from, or guarantees of Debt of the General Partner Entity or any of its Affiliates)
with any Person upon such terms as the General Partner determines appropriate; provided, that the Partnership shall not
incur any Debt that is recourse to the General Partner unless, and then only to the extent that, the General Partner has expressly
agreed.

 

ARTICLE VIII

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

 

Section 8.1           Limitation
of Liability.

 

The Limited Partners, including the General
Partner Entity, in its capacity as a Limited Partner, shall have no liability under this Agreement except as expressly provided
in this Agreement, including Section 10.5 hereof, or under the Act.

 

Section 8.2           Management
of Business.

 

No Limited Partner or Assignee (other than
the General Partner, any of its Affiliates or any officer, trustee, director, member, employee, partner or agent of the General
Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operation, 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, trustee, director, member, employee, partner or agent 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.

 

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Section 8.3           Outside
Activities of Limited Partners.

 

Subject to any agreements entered into pursuant
to Section 7.6.E hereof and any other agreements entered into by a Limited Partner or its Affiliates with General Partner,
the Partnership or any of their respective Subsidiaries, any Limited Partner (other than the General Partner) and any officer,
trustee, director, member, employee, agent, Affiliate 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 Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited
Partner, officer, director, manager, employee, agent, trustee, Affiliates, member, shareholder or Assignee of any Limited Partner.
None of the Limited Partners (other than the General Partner) 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 no such Person (other than the General Partner) shall have any obligation pursuant
to this Agreement 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 which, if presented to the Partnership, any Limited Partner or such other Person,
could be taken by such Person.

 

Section 8.4           Return
of Capital.

 

Except pursuant to the right of redemption
set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except
to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. Except
to the extent provided by Exhibit C hereof or as 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, distributions or credits.

 

Section 8.5           Rights
of Limited Partners Relating to the Partnership.

 

A.            General.
In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.D below, each Limited
Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in
the Partnership, upon written demand with a statement of the purpose of such demand and at such Limited Partner’s own expense
(including such copying and administrative charges as the General Partner may establish from time to time):

 

		(1)	to obtain a copy of the most recent annual and quarterly reports prepared by the General Partner Entity and distributed to
shareholders, including annual and quarterly reports filed with the SEC by the General Partner Entity pursuant to the Exchange
Act;

 

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		(2)	to obtain a copy of the Partnership’s U.S. federal, state and local income tax returns for each Partnership Year;

 

		(3)	to obtain a current list of the name and last known business, residence or mailing address of each Partner as reflected in
the Partnership’s records;

 

		(4)	to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with copies of all powers of attorney
pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and

 

		(5)	to obtain true and full information regarding the amount of cash and a description and statement of the Agreed Value of any
other property or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date
on which each became a Partner.

 

B.            Notice
of Conversion Factor. The Partnership shall notify each Limited Partner, upon request, of the then current Conversion Factor.

 

C.            Notice
of Extraordinary Transaction of the General Partner Entity. The General Partner Entity shall not make any extraordinary distributions
of cash or property to its shareholders or effect an Extraordinary Transaction without notifying the Limited Partners of its intention
to make such distribution or effect such merger, sale or other extraordinary transaction not later than the time, if any, at which
the General Partner Entity is required to provide notice of such transaction to its shareholders (or, if earlier, at least (20)
days prior to the record date to determine shareholders eligible to receive such distribution or to vote upon the Extraordinary
Transaction (or, if no such record date is applicable, at least twenty (20) days before consummation of such Extraordinary Transaction)).
This provision for such notice shall not be deemed (i) to permit any transaction that otherwise is prohibited by this Agreement
or requires a Consent of the Partners or (ii) to require a Consent of the Limited Partners to a transaction that does not
otherwise require Consent under this Agreement. Each Limited Partner agrees, as a condition to the receipt of the notice pursuant
hereto, to keep confidential the information set forth therein until such time as the General Partner Entity has made public disclosure
thereof and to use such information during such period of confidentiality solely for purposes of determining whether or not to
exercise the Redemption Right (if applicable) and to execute a confidentiality agreement provided by the General Partner Entity;
provided, however, that a Limited Partner may disclose such information to its attorney, accountant and/or financial
advisor for purposes of obtaining advice with respect to such exercise so long as such attorney, accountant and/or financial advisor
agrees to receive and hold such information subject to this confidentiality requirement.

 

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D.            Confidentiality.
Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners,
for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information
that (i) the General Partner reasonably believes to be in the nature of trade secrets or other information, the disclosure
of which the General Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership
or its business; or (ii) the Partnership is required by law or by agreements with an unaffiliated third party to keep confidential,
provided, however, that this Section 8.5.D shall not affect the notice requirements set forth in Section 8.5.C.

 

Section 8.6           Redemption
Right.

 

A.            General.
(i) Subject to Sections 8.6.B and 8.6.C hereof, on or after the date that is one (1) year after the later of (x) the
beginning of the first full calendar month following July 18, 2017, and (y) the date of the issuance of a Common Partnership
Unit to a Limited Partner pursuant to Article IV hereof, which one-year period shall commence upon the issuance of such Partnership
Unit regardless of whether such Partnership Unit is designated upon issuance as a Common Partnership Unit or otherwise, or on or
after such date prior to the expiration of such one-year period as the General Partner, in its sole and absolute discretion, designates
with respect to any or all Partnership Units then outstanding, the holder of a Partnership Unit (if other than the General Partner
or the General Partner Entity or any Subsidiary of either the General Partner or the General Partner Entity) shall have the right
(the “Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date such Partnership
Unit (provided that such Partnership Unit is a Common Partnership Unit) at a redemption price equal to and in the form of the Cash
Amount to be paid by the Partnership. The Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the
Partnership (with a copy to the General Partner and the General Partner Entity) by the Limited Partner who is exercising the redemption
right (the “Redeeming Partner”); provided, however, a Limited Partner may not exercise the Redemption
Right for less than one thousand (1,000) Partnership Units at any one time or, if such Limited Partner holds less than one thousand
(1,000) Partnership Units, all of the Partnership Units held by such Partner; provided further that, with respect to a Limited
Partner which is an entity, such Limited Partner may exercise the Redemption Right for fewer than one thousand (1,000) Partnership
Units without regard to whether or not such Limited Partner is exercising the Redemption Right for all of the Partnership Units
held by such Limited Partner as long as such Limited Partner is exercising the Redemption Right on behalf of one or more of its
equity owners in respect of one hundred percent (100%) of such equity owners’ interests in such Limited Partner. The Redeeming
Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid on or after the
Specified Redemption Date unless the record date for such distribution was a date prior to the Specified Redemption Date. The Assignee
of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 8.6, and such Limited Partner
shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee.
In connection with any exercise of such rights by an Assignee on behalf of a Limited Partner, the Cash Amount shall be paid by
the Partnership directly to such Assignee and not to such Limited Partner. Any Partnership Units redeemed by the Partnership pursuant
to this Section 8.6.A shall be cancelled upon such redemption.

 

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(ii)           [RESERVED].

 

(iii)          Notwithstanding
the foregoing, if the General Partner Entity provides notice to the Limited Partners pursuant to Section 8.5.C hereof,
the Redemption Right shall be exercisable, without regard to whether the Partnership Units have been outstanding for any specified
period, during the period commencing on the date on which the General Partner Entity provides such notice and ending on the record
date to determine shareholders eligible to receive such distribution or participate in such Extraordinary Transaction (or if none,
ending on the date of consummation of such distribution or Extraordinary Transaction). If this subparagraph (iii) applies,
the Specified Redemption Date is the date on which the Partnership and the General Partner receive notice of exercise of the Redemption
Right, rather than ten (10) Business Days after receipt of the Notice of Redemption.

 

B.            General
Partner Entity Assumption of Right. (i) Notwithstanding the provisions of Section 8.6.A, a Limited Partner that exercises
the Redemption Right shall be deemed to have offered to sell the Partnership Units described in the Notice of Redemption to the
General Partner Entity, and the General Partner Entity may, in its sole and absolute discretion (subject to any limitations on
ownership and transfer of Shares set forth in the Declaration of Trust), elect to assume directly and satisfy a Redemption Right
by paying to the Redeeming Partner either the Cash Amount or the Shares Amount, as the General Partner Entity determines in its
sole and absolute discretion, on the Specified Redemption Date, whereupon the General Partner Entity shall acquire the Partnership
Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such
Partnership Units. Payment of the Redemption Amount in the form of Shares shall be in Shares (i) duly authorized, validly
issued, fully paid and nonassessable, free and clear of any pledge, lien, encumbrance or restriction, other than those provided
in the organizational documents of the General Partner Entity, the Securities Act, relevant state securities or blue sky laws and
any applicable registration rights agreement with respect to such Shares entered into by the Redeeming Partner, and shall bear
a legend in form and substance determined by the General Partner Entity, and (ii) registered under Section 12 of the
Exchange Act and listed for trading on the exchange or national market on which the Shares are Publicly Traded; provided, 
that in the event that the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right, the Redemption
Amount shall be paid only in the form of the Cash Amount unless the Redeeming Partner, in its sole and absolute discretion, consents
to payment of the Redemption Amount in the form of the Shares Amount. Unless the General Partner Entity (in its sole and absolute
discretion) shall exercise its right to assume and directly satisfy the Redemption Right, the General Partner Entity shall not
have any obligation to the Redeeming Partner or the Partnership with respect to the Redeeming Partner’s exercise of the Redemption
Right. In the event the General Partner Entity shall exercise its right to assume and directly satisfy the Redemption Right, the
Partnership shall have no obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner’s
exercise of such Redemption Right, and each of the Redeeming Partner, the Partnership and the General Partner Entity shall treat
the transaction between the General Partner Entity and the Redeeming Partner, for federal income tax purposes, as a sale of the
Redeeming Partner’s Partnership Units to the General Partner Entity.

 

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(ii)          In
the event that the General Partner Entity determines to pay the Redeeming Partner the Redemption Amount in the form of Shares,
the total number of Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Partnership Units
shall be the applicable Shares Amount. In the event this amount is not a whole number of Shares, the Redeeming Partner shall be
paid (i) that number of Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash
which the General Partner Entity determines, in its reasonable discretion, to represent the fair value of the remaining fractional
Share which would otherwise be payable to the Redeeming Partner.

 

(iii)         Each
Redeeming Partner agrees to execute such documents or provide such information or materials as the General Partner Entity may reasonably
require in connection with the issuance of Shares upon exercise of the Redemption Right.

 

C.            Exceptions
to Exercise of Redemption Right. Notwithstanding the provisions of Section 8.6.A and Section 8.6.B, a Partner shall
not be entitled to exercise the Redemption Right pursuant to Section 8.6.A to the extent that the delivery of Shares to such
Partner on the Specified Redemption Date by the General Partner pursuant to Section 8.6.B (regardless of whether or not the
General Partner Entity would in fact exercise its rights under Section 8.6.B) would (i) be prohibited, as determined
in the sole discretion of the General Partner Entity, under the Declaration of Trust, (ii) cause the acquisition of Shares
by such Partner to be “integrated” with any other distribution of Shares for purposes of complying with the Securities
Act, (iii) otherwise be prohibited under applicable federal or state securities laws or regulations, or (iv) violate
restrictions imposed by the General Partner pursuant to Section 11.6.E and/or Section 11.6.F. Notwithstanding the foregoing,
the General Partner Entity may, in its sole and absolute discretion, waive such prohibition set forth in this Section 8.6C.

 

D.            No
Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the General Partner that
all Partnership Units delivered for redemption shall be delivered to the Partnership or the General Partner Entity, as the case
may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner
Entity nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens.
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 Partnership Units to the Partnership or the General Partner Entity, such Limited Partner shall assume and pay such transfer
tax.

 

E.            Additional
Partnership Interests; Modification of Holding Period. In the event that the Partnership issues Partnership Interests to any
Additional Limited Partner pursuant to Article IV hereof, the General Partner shall make such amendments to this Section 8.6
as it determines are necessary to reflect the issuance of such Partnership Interests (including setting forth any restrictions
on the exercise of the Redemption Right with respect to such Partnership Interests); provided, however, that no such
revisions shall materially adversely affect the rights of any other Limited Partner to exercise its Redemption Right without that
Limited Partner’s prior written consent. In addition, the General Partner may, with respect to any holder or holders of Partnership
Units, at any time and from time to time, as it shall determine in its sole and absolute discretion, (i) reduce or waive the
length of the period prior to which such holder or holders may not exercise the Redemption Right or (ii) reduce or waive the
length of the period between the exercise of the Redemption Right and the Specified Redemption Date.

 

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F.            LTIP
Unit Exception and Redemption of Common Partnership Units Issued Upon Conversion of LTIP Units. Subject to Section 8.6.G
hereof, holders of LTIP Units shall not be entitled to the Redemption Right provided for in Section 8.6.A of this Agreement,
unless and until such LTIP Units have been converted into Common Partnership Units (or any other class or series of Partnership
Units entitled to such Redemption Right) in accordance with their terms. Notwithstanding the foregoing, and except as otherwise
permitted by Section 8.6.G or the award, plan or other agreement pursuant to which an LTIP Unit was issued, the Redemption
Right shall not be exercisable with respect to any Common Partnership Unit issued upon conversion of an LTIP Unit until on or after
the date that is two years after the date on which the LTIP Unit was issued, provided however, that the foregoing restriction shall
not apply if the Redemption Right is exercised by an LTIP Unitholder in connection with a transaction that falls within the definition
of a “change of control” under the agreement or agreements pursuant to which the LTIP Units were issued to him or her
and provided further that the one (1) year requirement set forth in the first sentence of Subsection 8.6.A(i) shall not
apply with respect to Common Partnership Units issued upon conversion of LTIP Units.

 

G.            Formation
Unit Exception and Redemption of Common Partnership Units Issued Upon Conversion of LTIP Units Into Which Formation Units Were
Converted. Holders of Formation Units shall not be entitled to the Redemption Right provided for in Section 8.6.A of this
Agreement, unless and until such Formation Units (i) have been converted into LTIP Units and (ii) such LTIP Units have
subsequently been converted into Common Partnership Units (or any other class or series of Partnership Units entitled to such Redemption
Right), in each case in accordance with their terms. Notwithstanding the foregoing, and except as otherwise permitted by the award,
plan or other agreement pursuant to which a Formation Unit was issued, the Redemption Right shall not be exercisable with respect
to any Common Partnership Unit issued upon conversion of an LTIP Unit into which a Formation Unit was previously converted until
on or after the date that is two years after the date on which the Formation Unit was issued, provided however, that the first
sentence of Subsection 8.6.A(i) shall not apply with respect to Common Partnership Units issued upon conversion of LTIP Units
into which Formation Units were previously converted. For the avoidance of doubt, the foregoing prohibition shall no longer apply
upon (i) the termination of employment of the applicable holder of Formation Units with the General Partner or its affiliates
(a) by the General Partner (or its successor) without Cause (as defined in the applicable Formation Unit agreement) or (b) the
applicable holder of Formation Units for Good Reason (as defined in the applicable Formation Unit agreement) or (ii) the occurrence
of a Change in Control (as defined in the applicable Formation Unit agreement).

 

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ARTICLE IX

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section 9.1           Records
and Accounting.

 

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 9.3 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 of, punch cards, 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 GAAP, or such other basis as the General Partner determines to be necessary or appropriate.

 

Section 9.2           Fiscal
Year.

 

The fiscal year of the Partnership shall
be the calendar year.

 

Section 9.3           Reports.

 

A.           Annual
Reports. As soon as practicable, but in no event later than the date on which the General Partner Entity mails its annual
report to its shareholders, the General Partner shall cause to be mailed to each Limited Partner as of the close of the Partnership
Year, an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared
solely on a consolidated basis with the General Partner, for such Partnership Year, presented in accordance with GAAP, such statements
to be audited by a nationally recognized firm of independent public accountants selected by the General Partner.

 

B.            Quarterly
Reports. If and to the extent that the General Partner Entity mails quarterly reports to its shareholders, as soon as practicable,
but in no event later than the date on which such reports are mailed, the General Partner shall cause to be mailed to each Limited
Partner as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership, or of
the General Partner Entity, if such statements are prepared solely on a consolidated basis with the General Partner Entity, and
such other information as may be required by applicable law or regulation, or as the General Partner determines to be appropriate.

 

C.            Other
Reports. The Partnership shall also cause to be prepared such reports and/or information as are necessary for the General Partner
or the General Partner Entity to determine its qualification as a REIT and its compliance with the REIT Requirements, but only
for so long as such entity elects to remain qualified as a REIT.

 

D.            Delivery
Method. Notwithstanding the foregoing, the General Partner may deliver to the Limited Partners each of the reports described
above, as well as any other communications that it may provide hereunder, by e-mail or by any other electronic means, provided
that if a report is filed with the SEC via EDGAR it shall be deemed to have been delivered to each Limited Partner.

 

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ARTICLE X

TAX MATTERS

 

Section 10.1         Preparation
of Tax Returns.

 

The General Partner shall arrange for the
preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership
for U.S. federal and state income tax purposes and shall furnish by July 31 of the year immediately following each taxable
year, or as soon as reasonably practicable thereafter, the tax information reasonably required by Limited Partners for federal
and state income tax reporting purposes. If required under the Code or applicable state or local income tax law, the General Partner
shall also arrange for the preparation and timely filing of all returns of income, gains, deductions, losses and other items required
of the Subsidiaries of the Partnership for U.S. federal income tax purposes and shall use all reasonable efforts to furnish, by
July 31 of the year immediately following each taxable year, or as soon as reasonably practicable thereafter, the tax information
required by the Limited Partners for U.S. federal and state income tax reporting purposes.

 

Section 10.2         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; provided, that the General Partner shall make the election under Section 754 of the
Code in accordance with applicable regulations thereunder. The General Partner shall have the right to seek to revoke any such
election (including, without limitation, the election under Section 754 of the Code) upon the General Partner’s determination
in its sole and absolute discretion that such revocation is in the best interests of the Partners.

 

B.            To
the extent provided for in Regulations, revenue rulings, revenue procedures and/or other IRS guidance, the Partnership is hereby
authorized to, and at the direction of the General Partner shall, elect a safe harbor under which the fair market value of any
Partnership Interests issued after the effective date of such Regulations (or other guidance) will be treated as equal to the liquidation
value of such Partnership Interests (i.e., a value equal to the total amount that would be distributed with respect to such interests
if the Partnership sold all of its assets for their fair market value immediately after the issuance of such Partnership Interests,
satisfied its liabilities (excluding any non−recourse liabilities to the extent the balance of such liabilities exceeds the
fair market value of the assets that secure them) and distributed the net proceeds to the Partners under the terms of this Agreement).
In the event that the Partnership makes a safe harbor election as described in the preceding sentence, each Partner hereby agrees
to comply with all safe harbor requirements with respect to transfers of such Partnership Interests while the safe harbor election
remains effective.

 

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Section 10.3         Tax
Matters Partner.

 

A.          General.
The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes pursuant
to Section 6231(a)(7) of the Code under the Current Partnership Audit Rules and the “partnership representative”
pursuant to Section 6223(a) of the Code under the 2015 Budget Act Partnership Audit Rules. So long as Section 6230(e) of
the Current Partnership Audit Rules is in effect, upon receipt of notice from the IRS of the beginning of an administrative
proceeding with respect to the Partnership, the General Partner shall furnish the IRS with the name, address, taxpayer identification
number and profit interest of each of the Limited Partners and any Assignees; provided, however, that such information
is provided to the Partnership by the Limited Partners and the Assignees.

 

B.           Powers.
The General Partner is authorized, but not required (and the Partners hereby consent to the tax matters partner and the partnership
representative, as relevant, taking the following actions):

 

		(1)	to elect out of the 2015 Budget Act Partnership Audit Rules, if available;

 

		(2)	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 General Partner may expressly state that such agreement shall bind the Partnership and all Partners,
except that, so long as the Current Partnership Audit Rules are in effect, such settlement agreement shall not bind any Partner
(i) who (within the time prescribed pursuant to the Code and Regulations under the Current Partnership Audit Rules) 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 Section 6231(a)(8) of the
Current Partnership Audit Rules) or a member of a “notice group” (as defined in Section 6223(b)(2) of the
Current Partnership Audit Rules);

 

		(3)	in the event that a notice of a final administrative adjustment assessed by the IRS or any other tax authority, 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 General 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 filing of a complaint for refund with the United States Claims Court or the District Court
of the United States for the district in which the Partnership’s principal place of business is located;

 

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

 

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

 

		(6)	to enter into an agreement with the IRS or other tax authority to extend the period for assessing any tax which 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

 

		(7)	to take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial review proceeding
to the extent permitted by applicable law or regulations, including, without limitation, the following actions to the extent that
the 2015 Budget Act Partnership Audit Rules apply to the Partnership and its current or former Partners:

 

		a.	electing to have the alternative method for the underpayment of taxes set forth in Section 6226 of the Code, as included
in the 2015 Budget Act Partnership Audit Rules, apply to the Partnership and its current or former Partners; and

 

		b.	for Partnership level assessments under Section 6225 of the Code, as included in the 2015 Budget Act Partnership Audit
Rules, determining apportionment of responsibility for payment among the current or former Partners, setting aside reserves from
available funds of the Partnership, withholding of distributions to the Partners, and requiring current or former Partners to make
cash payments to the Partnership for their share of the Partnership level assessments; and

 

		(8)	to take any other action required or permitted by the Code and Regulations in connection with its role as the tax matters partner
and the partnership representative, as relevant.

 

The taking of any action and the incurring
of any expense by the General Partner in connection with any such audit or proceeding, except to the extent required by law, is
a matter in the sole and absolute discretion of the General Partner and the provisions relating to indemnification of the General
Partner set forth in Section 7.7 of this Agreement shall be fully applicable to the tax matters partner and the partnership
representative, as relevant, in its capacity as such. In addition, the General Partner shall be entitled to indemnification set
forth in Section 7.7 for any liability for tax imposed on the Partnership under the 2015 Budget Act Partnership Audit
Rules that is collected from the General Partner.

 

The current and former Partners agree to provide
the following information and documentation to the Partnership and the tax partner to the extent that the 2015 Budget Act Partnership
Audit Rules apply to the Partnership and its current or former Partners:

 

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		(1)	information and documentation to determine and prove eligibility of the Partnership to elect out
of the 2015 Budget Act Partnership Audit Rules;

 

		(2)	information and documentation to reduce the Partnership level assessment consistent with Section 6225(c) of
the Code, as included in the 2015 Budget Act Partnership Audit Rules; and

 

		(3)	information and documentation to prove payment of the attributable liability under Section 6226
of the Code, as included in the 2015 Budget Act Partnership Audit Rules.

 

In addition to the foregoing, and notwithstanding
any other provision of this Agreement, including, without limitation, Section 14.1 of this Agreement, the General Partner
is authorized (without any requirement of the consent or approval of any other Partners) to make all such amendments to this Section 10.3
as it shall determine, in its sole judgment, to be necessary, desirable or appropriate to implement the 2015 Budget Act Partnership
Audit Rules and any regulations, procedures, rulings, notices, or other administrative interpretations thereof promulgated
by the U.S. Treasury Department.

 

C.            Reimbursement.
The tax matters partner and the partnership representative shall receive no compensation for their services. All third-party costs
and expenses incurred by the tax matters partner and the partnership representative in performing their respective duties as such
(including legal and accounting fees and expenses) shall be borne by the Partnership. Nothing herein shall be construed to restrict
the Partnership from engaging an accounting and/or law firm to assist the tax matters partner and the partnership representative
in discharging their respective duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.

 

D.           Survival.
The obligations of each Partner under this Section 10.3 shall survive such Partner’s withdrawal from the Partnership,
and each Partner agrees to execute such documentation requested by the Partnership at the time of such Partner’s withdrawal
from the Partnership to acknowledge and confirm such Partner’s continuing obligations under this Section 10.3.

 

Section 10.4         Organizational
Expenses.

 

The Partnership shall elect to deduct expenses,
if any, incurred by it in organizing the Partnership ratably over a one hundred eighty (180) month period as provided in Section 709
of the Code.

 

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Section 10.5         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 U.S. federal, state, local,
or foreign taxes (including any interest, penalties, additions to tax or additional amounts) that the General Partner determines
that the Partnership is required to withhold or pay with respect to any cash or property distributable, allocable or otherwise
transferred to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld
or paid by the Partnership pursuant to Section 1441, 1442, 1445, or 1446 of the Code. Any amount withheld with respect to
a Limited Partner pursuant to this Section 10.5 shall be treated as paid or distributed, as applicable, to such Limited Partner
for all purposes under this Agreement to the extent that the Partnership is contemporaneously making distributions against which
such amount can be offset. Any amount paid on behalf of or with respect to a Limited Partner, in excess of any such amount of contemporaneous
distributions against which such amount paid can be offset, shall constitute a loan by the Partnership to such Limited Partner,
which loan shall be repaid by such Limited Partner within fifteen (15) days after notice from the General Partner that such payment
must be made unless (i) the Partnership withholds such payment from a distribution which 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 funds of the Partnership which would, but for such payment, be distributed to the Limited Partner. Any amounts
withheld pursuant to the foregoing clause (i) or (ii) shall be treated as having been distributed or otherwise paid
to such 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 10.5. In the event that a Limited Partner fails to pay any amounts
owed to the Partnership pursuant to this Section 10.5 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. Without limitation, in such event the General Partner shall have the right to receive distributions
that would otherwise be distributable to such defaulting Limited Partner until such time as such loan, together with all interest
thereon, has been paid in full, and any such distributions so received by the General Partner shall be treated as having been distributed
to the defaulting Limited Partner and immediately paid by the defaulting Limited Partner to the General Partner in repayment of
such loan. Any amounts payable by a Limited Partner hereunder shall bear interest at the lesser of (A) 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 (4) percentage points or (B) the maximum lawful rate of interest on such obligation, such interest to accrue from
the date such amount is due (i.e., fifteen (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. Upon a Limited Partner’s complete withdrawal from the Partnership (including pursuant to Section 13.2
hereof), such Limited Partner shall be required to restore funds to the Partnership to the extent that the cumulative amount of
taxes withheld from or paid on behalf of, or with respect to, such Limited Partner exceeds the sum of such amounts (i) repaid
to the Partnership by such Limited Partner, (ii) withheld from distributions to such Limited Partner and (iii) paid by
the General Partner on behalf of such Limited Partner.

 

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ARTICLE XI

TRANSFERS AND WITHDRAWALS

 

Section 11.1         Transfer.  Definition.
The term “transfer,” when used in this Article XI with respect to a Partnership Interest or a Partnership
Unit, shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its
General Partnership Interest to another Person or by which a Limited Partner purports to assign all or any part of its
Limited Partnership Interest to another Person, and includes a transfer, sale, merger, consolidation, combination,
assignment, bequest, conveyance, devise, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other
disposition, whether voluntary or involuntary, by operation of law or otherwise. The term “transfer” when used in
this Article XI does not include (i) any redemption or repurchase of Partnership Units by the Partnership from a
Partner (including the General Partner), (ii) any acquisition of Partnership Units from a Limited Partner by the General
Partner Entity pursuant to Section 8.6 hereof or otherwise or (iii) any distribution of Partnership Units by a
Limited Partner to its beneficial owners. When used in this Article XI, the verb “transfer” shall have
correlative meaning. No part of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse
(for alimony, support or otherwise), or to legal process, and no part of the interest of a Limited Partner may be voluntarily
or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or consented to in
writing by the General Partner, in its sole and absolute discretion.

 

B.             General.
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.

 

Section 11.2         Transfers
of Partnership Interests of General Partner and General Partner Entity.

 

A.            Neither
the General Partner nor the General Partner Entity shall transfer any of its Partnership Interests (including both its Limited
Partnership Interests and its General Partnership Interests), and, if the General Partner Entity is not the General Partner, the
General Partner Entity may not transfer any of its direct or indirect interests in the General Partner, or withdraw from the Partnership,
except (i) in connection with a transaction permitted under Section 11.2.B, (ii) in connection with 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 shareholders of the General Partner Entity,
(iii) with the Consent of the Outside Limited Partners; or (iv) to any Person that is, at the time of such transfer,
an Affiliate of the General Partner Entity that is controlled by the General Partner Entity, including any Qualified REIT Subsidiary.

 

B.             Extraordinary
Transactions. Notwithstanding the restrictions set forth in Section 11.2.A or any other provision of this Agreement,
the General Partner Entity shall not engage in any merger (including, without limitation, a triangular merger), consolidation
or other combination with or into another Person, sale of all or substantially all of its assets or any reclassification, recapitalization
or other change in outstanding 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 Conversion Factor) (each, an “Extraordinary Transaction”),
unless, in connection with such Extraordinary Transaction:

 

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(1)            the
General Partner shall have obtained Partnership Approval of the Extraordinary Transaction, as set forth below, if (x) the
Extraordinary Transaction would result in the Partners receiving consideration for their Partnership Units pursuant to clause
(2) below and the General Partner Entity is required to seek the approval of its common shareholders of the Extraordinary
Transaction (“Shareholder Approval”) in a shareholder vote (a “Shareholder Vote”), or (y) the General
Partner Entity would be required to obtain Shareholder Approval of the Extraordinary Transaction but for the fact that a Tender
Offer shall have been accepted with respect to a sufficient number of Shares to permit consummation of the Extraordinary Transaction
without Shareholder Approval, and

 

(2)            all
Partners either will receive, or will have the right to receive, for each Partnership Unit cash, securities or other property
in the same form as, and equal in amount to the product of the Conversion Factor and the greatest amount of, the cash, securities
or other property paid to a holder of Shares, if any, corresponding to such Partnership Unit in consideration of one such Share
at any time during the period from and after the date on which the Extraordinary Transaction is consummated; provided,
however, that if in connection with the Extraordinary Transaction, a purchase, tender or exchange offer (a “Tender
Offer”) shall have been made to and accepted by the holders of the percentage required for the approval of the merger
under the organizational documents of the General Partner Entity, each holder of Partnership Units shall receive, or shall have
the right to receive, the greatest amount of cash, securities, or other property which such holder would have received had it
exercised the Redemption Right and received Shares in exchange for its Partnership Units immediately prior to the expiration of
such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer.

 

C.             Partnership
Approval. As used above, “Partnership Approval” means Consent of the Limited Partners holding Voting Units representing
a Voting Percentage Interest that equals or exceeds, as applicable, either the percentage of (x) the Shares outstanding or
(y) the Shares cast in the Shareholder Vote ((x) or (y), as applicable, the “Required Denominator Shares”)
required to be voted in favor of the Extraordinary Transaction in the Shareholder Vote, provided that, for purposes of determining
whether Partnership Approval has been obtained, the Voting Percentage Interest of Limited Partners consenting to the Extraordinary
Transaction shall be calculated as follows: Such Voting Percentage Interest shall be equal to the sum of (i) the Voting Percentage
Interest of the Voting Units held by Limited Partners consenting to the Extraordinary Transaction (excluding for this purpose
any Partnership Units held by (1) the General Partner or the General Partner Entity, (2) any Person of which the General
Partner or the General Partner Entity directly or indirectly owns or controls more than fifty percent (50%) of either the voting
interests or economic interests and (3) any Person directly or indirectly owning or controlling more than fifty percent (50%)
of the outstanding voting interests of the General Partner or the General Partner Entity (collectively, the “Excluded Units”)),
plus (ii) the product of (1) the Voting Percentage Interest attributable to the Excluded Units, multiplied
by (2) either (x) the percentage of the Required Denominator Shares voted in favor of the Extraordinary Transaction
by the General Partner Entity’s shareholders in the Shareholder Vote to obtain Shareholder Approval, or (y) in the
event a Tender Offer shall have been accepted with respect to a sufficient number of Shares to permit consummation of the Extraordinary
Transaction without Shareholder Approval, the percentage of outstanding Shares with respect to which such Tender Offer shall have
been accepted.

 

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D.            Except
with Consent of the Outside Limited Partners or pursuant to an Extraordinary Transaction effected pursuant to Section 11.2.B
above, the General Partner shall not enter into an agreement or other arrangement providing for or facilitating the creation of
a general partner of the Partnership other than the General Partner, unless the successor general partner (i) is a direct
or indirect controlled Affiliate of the General Partner, and (ii) executes and delivers a counterpart to this Agreement in
which such successor general partner agrees to be fully bound by all of the terms and conditions contained herein that are applicable
to the General Partner.

 

E.             Notwithstanding
the restrictions set forth in Sections 11.2.A, 11.2.D and 12.1.A, or any other provision of this Agreement,
JBG SMITH Properties GP LLC is expressly authorized, in its sole discretion, to transfer its Partnership Interests (including
its General Partnership Interest) to JBG SMITH Properties, whether by contribution, merger, consolidation, dissolution or otherwise,
and JBG SMITH Properties shall be admitted as successor General Partner effective upon such transfer.

 

Section 11.3         Limited
Partners’ Rights to Transfer.

 

A.            General.
Except as provided in Section 11.3.B or in connection with the exercise of a Redemption Right pursuant to Section 8.6,
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
if a Limited Partner is subject to Incapacity, such Incapacitated Limited Partner may transfer all or any portion of its Partnership
Interest;

 

B.             Transfers
to Affiliates. Subject to Sections 11.3.E, 11.3.F, 11.3.G, 11.4, 11.5 and 11.6, a Limited Partner (other than the General
Partner and the General Partner Entity, in their capacities as a Limited Partner) may transfer all or any portion of its Partnership
Interest to any of its Affiliates, all without obtaining the consent of the General Partner.

 

C.             Incapacitated
Limited Partners. 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.

 

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D.            Permitted
Transfers. Subject to Sections 11.3.E, 11.3.F, 11.3.G, 11.4, 11.5 and 11.6, a Limited Partner (other than the General Partner
and the General Partner Entity, in their capacities as a Limited Partner) may transfer, with or without the consent of the General
Partner, all or a portion of its Partnership Interest (i) in the case of a Limited Partner who is an individual, to a member
of his Immediate Family, any trust formed for the benefit of himself and/or members of his Immediate Family, or any partnership,
limited liability company, joint venture, corporation or other business entity comprised only of himself and/or members of his
Immediate Family and entities the ownership interests in which are owned by or for the benefit of himself and/or members of his
Immediate Family, (ii) in the case of a Limited Partner which is a trust, to the beneficiaries of such trust, (iii) in
the case of a Limited Partner which is a partnership, limited liability company, joint venture, corporation or other business
entity to which Partnership Units were transferred pursuant to clause (i) above, to its partners, owners or shareholders,
as the case may be, who are members of the Immediate Family of or are actually the Person(s) who transferred Partnership
Units to it pursuant to clause (i) above, (iv) in the case of a Limited Partner which acquired Partnership Units
as of the date of the First Amended and Restated Limited Partnership Agreement and which is a partnership, limited liability company,
joint venture, corporation or other business entity, to its partners, owners, shareholders or Affiliates thereof, as the case
may be, or the Persons owning the beneficial interests in any of its partners, owners or shareholders or Affiliates thereof (it
being understood that this clause (iv) will apply to all of each Person’s Partnership Interests whether the Partnership
Units relating thereto were acquired on or after the date of the First Amended and Restated Limited Partnership Agreement), (v) in
the case of a Limited Partner which is a partnership, limited liability company, joint venture, corporation or other business
entity other than any of the foregoing described in clause (iii) or (iv), in accordance with the terms of any agreement
between such Limited Partner and the Partnership pursuant to which such Partnership Interest was issued, (vi) pursuant to
a gift or other transfer without consideration, (vii) pursuant to applicable laws of descent or distribution, (viii) to
another Limited Partner, and (ix) pursuant to a grant of security interest or other encumbrance thereof effectuated in a
bona fide pledge transaction with a bona fide financial institution as a result of the exercise of remedies related thereto, subject
to the provisions of Section 11.3.G hereof. A trust or other entity will be considered formed “for the benefit”
of a Partner’s Immediate Family even though some other Person has a remainder interest under or with respect to such trust
or other entity.

 

E.             No
Transfers Violating Securities Laws. Without limiting the generality of Section 11.3.A hereof, the General Partner may
prohibit any transfer by a Limited Partner of its Partnership Interest if, in the opinion of legal counsel to the Partnership,
such transfer would require filing of a registration statement under the Securities Act or Exchange Act or would otherwise violate
any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units.

 

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F.             No
Transfers Affecting Tax Status of Partnership. No transfer of Partnership Units by a Limited Partner (including a redemption
or exchange pursuant to Section 8.6 hereof) may be made to any Person if (i) in the opinion of legal counsel for the
Partnership, it could result in the Partnership being treated as an association taxable as a corporation for federal income tax
purposes or would result in a termination of the Partnership for federal income tax purposes (except as a result of the redemption
or exchange for Shares of all Partnership Units held by all Limited Partners other than the General Partner or the General Partner
Entity or any Subsidiary of either the General Partner or the General Partner Entity or pursuant to a transaction not prohibited
under Section 11.2 hereof), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the
ability of the General Partner Entity or the General Partner (as applicable) to continue to qualify as a REIT or would subject
the General Partner Entity or the General Partner (as applicable) to any additional taxes under Section 857 or Section 4981
of the Code, (iii) 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 Section 3(14) of ERISA) or a “disqualified person”
(as defined in Section 4975(e) of the Code), (iv) such transfer would, in the opinion of legal counsel for the
Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to
Department of Labor Regulations Section 2510.3-101, (v) such transfer would subject the Partnership to regulation under
the Investment Company Act of 1940, as amended, the Investment Advisors Act of 1940, as amended, or the fiduciary responsibility
provisions of ERISA, or (vi) such transfer (x) is effectuated through an “established securities market”
or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code,
(y) otherwise could cause the Partnership to be treated as a “publicly traded partnership” within the meaning
of Section 7704(b) of the Code and the regulations promulgated thereunder, or (z) is not described in one of the
Safe Harbors; provided, however, that this clause (vi) shall cease to apply after the end of the Applicable Year if the classification
of the Partnership as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code
and the regulations promulgated thereunder could not reasonably be expected to cause the Partnership to be taxable as a corporation
for federal income tax purposes and (2)  the General Partner receives an opinion of nationally recognized counsel at the
beginning of the relevant taxable year (i.e., the first taxable year after the end of the Applicable Year) to the effect that,
based on its actual and proposed methods of operation, the Partnership will meet the gross income requirements of Section 7704(c)(2) with
respect to such taxable year, which opinion will be subject to customary exceptions, assumptions and qualifications and based
on customary representations contained in an officer’s certificate from the Partnership, executed by a person with the knowledge
necessary to make the representations contained therein.

 

G.             No
Transfers to Holders of Nonrecourse Liabilities. No pledge or transfer of any Partnership Units 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 exchange or redeem for the Redemption Amount any Partnership Units in which a
security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership
for purposes of allocating liabilities to such lender under Section 752 of the Code.

 

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H.            Register.
The General Partner shall keep a register for the Partnership on which the transfer, pledge or release of Partnership Units shall
be shown and pursuant to which entries shall be made to effect all transfers, pledges or releases as required by the applicable
sections of Article 8 of the Uniform Commercial Code, as amended, in effect in the State of Delaware. The General Partner
shall (i) place proper entries in such register clearly showing each transfer and each pledge and grant of security interest
and the transfer and assignment pursuant thereto, such entries to be endorsed by the General Partner, and (ii) maintain the
register and make the register available for inspection by all of the Partners and their pledgees at all times during the term
of this Agreement. Nothing herein shall be deemed a consent to any pledge or transfer otherwise prohibited under this Agreement.

 

Section 11.4         Substituted
Limited Partners.

 

A.            Consent
of General Partner. No Limited Partner shall have the right to substitute a transferee as a Limited Partner in his or its
place (including any transferees permitted by Section 11.3). The General Partner shall, moreover, have the right to consent
to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited
Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner’s
failure or refusal 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, the General Partner or any Partner. A Person shall be admitted to the Partnership
as a Substituted Limited Partner only upon the aforementioned consent of the General Partner and the furnishing to the General
Partner of (i) evidence of acceptance in form 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 2.4 hereof and (ii) such other documents
of the General Partner in order to effect such Person’s admission as a Substituted Limited Partner. The admission of any
Person as a Substituted 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. The General Partner hereby
grants its consent to the admission as a Substituted Limited Partner to any bona fide financial institution that loans money or
otherwise extends credit to a holder of Partnership Units and thereafter becomes the owner of such Partnership Units pursuant
to the exercise by such financial institution of its rights under a pledge of such Partnership Units granted in connection with
such loan or extension of credit.

 

B.             Rights
of Substituted Limited Partner. 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.             Amendment
and Restatement of the Partner Registry. Upon the admission of a Substituted Limited Partner, the General Partner shall amend
and restate the Partner Registry to reflect the name, address, Capital Account, number of Partnership Units, and Percentage Interest
of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address, Capital Account, number of Partnership
Units and Percentage Interest of the predecessor of such Substituted Limited Partner.

 

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Section 11.5         Assignees.

 

If the General Partner, in its sole and absolute
discretion, does not consent to the admission of any permitted transferee as a Substituted Limited Partner, as described in Section 11.4,
such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be deemed to have had assigned
to it, and shall be entitled to receive distributions from the Partnership and the share of Net Income, Net Losses, Recapture
Income, and any other items, gain, loss, deduction and credit of the Partnership attributable to the Partnership Interest assigned
to such transferee, but shall not be deemed to be a holder of a Partnership Interest for any other purpose under this Agreement,
and shall not be entitled to vote such Partnership Interest in any matter presented to the Limited Partners for a vote (such Partnership
Interest being deemed to have been voted on such matter in the same proportion as all other Partnership Interest held by Limited
Partners are voted). In the event any such transferee desires to make a further assignment of any such Partnership Interest, such
transferee shall be subject to all of 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 his or its Partnership Interest.

 

Section 11.6         General
Provisions.

 

A.            Withdrawal
of Limited Partner. 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 Interest in accordance with this Article XI and the transferee of such Partnership
Interest being admitted to the Partnership as a Substituted Limited Partner or pursuant to redemption of all of its Partnership
Units, or the acquisition thereof by the General Partner Entity, under Section 8.6.

 

B.            Termination
of Status as Limited Partner. Any Limited Partner who shall transfer all of its Partnership Interest in a transfer permitted
pursuant to this Article XI or pursuant to redemption of all of its Partnership Units under Section 8.6 hereof shall
cease to be a Limited Partner upon the admission of all Assignees of such Partnership Interest as Substituted Limited Partners.
Similarly, any Limited Partner who shall transfer all of its Partnership Units pursuant to a redemption of all of its Partnership
Units, or the acquisition thereof by the General Partner Entity, under Section 8.6 shall cease to be a Limited Partner.

 

C.            Timing
of Transfers. Transfers pursuant to this Article XI may only be made upon ten (10) Business Days prior notice to
the General Partner, unless the General Partner otherwise agrees.

 

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D.            Allocations.
If any Partnership Interest is transferred during any quarterly segment of the Partnership’s fiscal year in compliance with
the provisions of this Article XI or redeemed or transferred pursuant to Section 8.6 on any day other than the first
day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such interest for
such Partnership Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into
account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code and the corresponding
Regulations, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects
to adopt a daily, weekly, or a monthly proration period, in which event Net Income, Net Losses, each item thereof and all other
items attributable to such interest for such Partnership Year shall be prorated based upon the applicable method selected by the
General Partner). Solely for purposes of making such allocations, at the discretion of the General Partner, each of such items
for the calendar month in which the transfer or redemption occurs shall be allocated to the Person who is a Partner as of midnight
on the last day of said month. All distributions attributable to such Partnership Interest 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 Redeeming
Partner, as the case may be, and, in the case of a transfer or assignment other than a redemption, all distributions thereafter
attributable to such Partnership Interest shall be made to the transferee Partner.

 

E.             Additional
Restrictions. Notwithstanding anything to the contrary herein, and in addition to any other restrictions on transfer herein
contained, including without limitation the provisions of this Article XI, in no event may any transfer or assignment of
a Partnership Interest by any Partner (including pursuant to Section 8.6 hereof) be made without the express consent of the
General Partner, in its sole and absolute discretion, (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) if in the opinion of legal counsel to the Partnership such transfer would cause a termination of the Partnership
for U.S. federal or state income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership
Units held by all Limited Partners other than the General Partner, or pursuant to a transaction not prohibited under Section 11.2
hereof); (v) if in the opinion of counsel to the Partnership, such transfer would cause the Partnership to cease to be classified
as a partnership for U.S. federal income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership
Units held by all Limited Partners other than the General Partner, or pursuant to a transaction not prohibited under Section 11.2
hereof); (vi) 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 Section 3(14) of ERISA) or a “disqualified
person” (as defined in Section 4975(c) of the Code); (vii) if such transfer would, in the opinion of counsel
to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant
to Department of Labor Regulations Section 2510.1-101; (viii) if such transfer requires the registration of such Partnership
Interest pursuant to any applicable federal or state securities laws; (ix) if such transfer is effectuated through an “established
securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704
of the Code or such transfer causes the Partnership to become a “publicly traded partnership,” as such term is defined
in Section 469(k)(2) or Section 7704(b) of the Code; (x) if such transfer subjects the Partnership to
regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income Security
Act of 1974, each as amended; (xi) if such transfer could adversely affect the ability of the General Partner Entity or the
General Partner (as applicable) to remain qualified as a REIT; or (xii) if in the opinion of legal counsel for the Partnership,
such transfer would adversely affect the ability of the General Partner Entity or the General Partner (as applicable) to continue
to qualify as a REIT or subject the General Partner Entity or the General Partner (as applicable) to any additional taxes under
Section 857 or Section 4981 of the Code.

 

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F.             Avoidance
of “Publicly Traded Partnership” Status. The General Partner shall (a) use commercially reasonable efforts
(as determined by it in its sole discretion exercised in good faith) to monitor the transfers of interests in the Partnership
to determine (i) if such interests are being traded on an “established securities market” or a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and (ii) whether
additional transfers of interests would result in the Partnership being unable to qualify for at least one of the “safe
harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting
forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial
equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”) and (b) take
such steps as it believes are commercially reasonable and appropriate (as determined by it in its sole discretion exercised in
good faith) to prevent any trading of interests or any recognition by the Partnership of transfers made on such markets and, except
as otherwise provided herein, to insure that at least one of the Safe Harbors is met; provided, however, that this
clause (b) shall not apply unless (1) the General Partner reasonable believes that the classification of the Partnership
as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code and the regulations
promulgated thereunder could not reasonably be expected to cause the Partnership to be taxable as a corporation for federal income
tax purposes. Pursuant to its authority under this Section 11.6.F, if the General Partner determines that there is a reasonable
possibility that the requirement to comply with one of the Safe Harbors at such time as clause (b) of this Section 11.6.F
is in effect could result in not all requests for redemption of Partnership Units pursuant to Section 8.6 being honored for
any taxable year, then the General Partner may (but shall not be required to) implement such measures as it determines appropriate
(as determined by it in its sole discretion exercised in good faith) to apportion the available opportunities to redeem Partnership
Units during such year in a manner that would qualify for one or more of the Safe Harbors among those Limited Partners desiring
to redeem Partnership Units during taxable year.

 

ARTICLE XII

ADMISSION OF PARTNERS

 

Section 12.1         Admission
of Successor General Partner.

 

A successor to all of the General Partner’s
General Partnership Interest pursuant to Section 11.2 hereof who is proposed to be admitted as a successor General Partner
shall be admitted to the Partnership as the General Partner, effective upon 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’s
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. In the case of such admission on any day other than the first
day of a Partnership Year, all items attributable to the General Partnership Interest for such Partnership Year shall be allocated
between the transferring General Partner and such successor as provided in Section 11.6.D hereof.

 

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Section 12.2         Admission
of Additional Limited Partners.

 

A.            General.
A Person who makes a Capital Contribution to the Partnership or is otherwise granted a Partnership Interest by 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 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 2.4 hereof and (ii) such
other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s
admission as an Additional Limited Partner.

 

B.             General
Partner’s Consent. No Person shall be admitted as an Additional Limited Partner without the consent of the General Partner,
which consent shall 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. Regardless of the means by which
any Additional Limited Partner is admitted to the Partnership, such Additional Limited Partner shall, automatically upon such
admission, become subject to and bound by all of the terms and conditions of this Agreement, including, without limitation, the
provisions of Section 2.4 hereof.

 

C.            Allocations
to Additional Limited Partners. 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 allocable among Partners and
Assignees for such Partnership Year shall be allocated 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 Section 706(d) of the
Code and the corresponding Regulations, using the interim closing of the books method (unless the General Partner, in its sole
and absolute discretion, elects to adopt a daily, weekly or monthly proration method, in which event Net Income, Net Losses, and
each item thereof would be prorated based upon the applicable period selected by the General Partner). Solely for purposes of
making such allocations, at the discretion of the General Partner, each of such items for the calendar month in which an admission
of any Additional Limited Partner occurs shall be allocated among all the Partners and Assignees including such Additional Limited
Partner. All distributions 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 thereafter shall be made to
all the Partners and Assignees including such Additional Limited Partner.

 

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Section 12.3         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 and restatement of the
Partner Registry) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise
the power of attorney granted pursuant to Section 2.4 hereof.

 

ARTICLE XIII

DISSOLUTION AND LIQUIDATION

 

Section 13.1         Dissolution.

 

The Partnership shall not be dissolved by
the admission of Substituted Limited Partners or Additional 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. 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”):

 

(i)             an
event of withdrawal of the General Partner, as defined in the Act (other than an event of Bankruptcy), unless, (a) at the
time of the occurrence of such event there is at least one remaining general partner of the Partnership who is hereby authorized
to and does carry on the business of the Partnership, or (b) within ninety (90) days after such event of withdrawal a Majority
in Interest of the remaining Partners (or such greater percentage as may be required by the Act and determined in accordance with
the Act) Consent in writing to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal,
of a substitute General Partner;

 

(ii)            from
and after the date of this Agreement through December 31, 2067, an election to dissolve the Partnership made by the General
Partner with the Consent of a Majority in Interest;

 

(iii)           on
or after January 1, 2068, an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion;

 

(iv)           entry
of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

 

(v)            ninety
(90) days after the sale of all or substantially all of the assets and properties of the Partnership for cash or for marketable
securities; or

 

(vi)           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
or within ninety days after of the entry of such order or judgment a Majority in Interest of the remaining Partners Consent in
writing 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 substitute General Partner.

 

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Section 13.2         Winding
Up.

 

A.            General.
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. 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 there is no remaining General Partner, any Person elected by a Majority in Interest
of the Limited Partners (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 equity or other securities of the General Partner or any other entity)
shall be applied and distributed in the following order:

 

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

 

		(2)	Second, to the payment and
                                         discharge of all of the Partnership’s debts and liabilities to the General Partner;

 

		(3)	Third, to the payment and
                                         discharge of all of the Partnership’s debts and liabilities to the other Partners;

 

		(4)	Fourth, to the holders of
                                         Partnership Interests of any class or series that is entitled to any preference in distribution
                                         upon liquidation in accordance with the rights of any such class or series of Partnership
                                         Interests (and, within each such class or series, to each holder thereof pro rata based
                                         on its Percentage Interest in such class); and

 

		(5)	The balance, if any, to the
                                         General Partner and Limited Partners in accordance with their Capital Accounts, 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, other than reimbursement of its expenses as provided in Section 7.4.

 

B.             Deferred
Liquidation. Notwithstanding the provisions of Section 13.2.A hereof which 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 13.2.A hereof, undivided
interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall
be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the 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.

 

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C.             Deferred
Liquidation. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to
the General Partner and Limited Partners pursuant to this Article XIII may be:

 

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

 

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

 

Section 13.3         Compliance
with Timing Requirements of Regulations.

 

Subject to Section 13.4 below, in the
event 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 General Partner and Limited Partners who have positive Capital Accounts
in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Partner has a deficit balance in his or its Capital
Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during
which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership
with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for
any purpose whatsoever.

 

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Section 13.4         Deemed
Distribution and Recontribution.

 

Notwithstanding any other provision of this
Article XIII, in the event 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
and for purposes of maintaining Capital Accounts pursuant to Exhibit B hereto, the Partnership shall be deemed to
have contributed all Partnership property and liabilities to a new limited partnership in exchange for an interest in such new
limited partnership and immediately thereafter, the Partnership will be deemed to liquidate by distributing interests in the new
limited partnership to the Partners.

 

Section 13.5         Rights
of Limited Partners.

 

Except as otherwise provided in this Agreement,
each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions and shall
have no right or power to demand or receive property other than cash from the Partnership. Except as otherwise expressly provided
in this Agreement, no Limited Partner shall have priority over any other Limited Partner as to the return of its Capital Contributions,
distributions, or allocations.

 

Section 13.6         Notice
of Dissolution.

 

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

 

Section 13.7         Termination
of Partnership and Cancellation of Certificate of Limited Partnership.

 

Upon the completion of the winding up of
the Partnership and liquidation of its assets, as provided in Section 13.2 hereof, the Partnership shall be terminated by
filing a certificate of cancellation with the Secretary of State of the State of Delaware, canceling all qualifications of the
Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware and taking such other actions as
may be necessary to terminate the Partnership.

 

Section 13.8         Reasonable
Time for Winding Up.

 

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

 

Section 13.9         Waiver
of Partition.

 

Each Partner hereby waives any right to partition
of the Partnership property.

 

    -75-

     

    

 

Section 13.10       Liability
of Liquidator.

 

The Liquidator shall be indemnified and held
harmless by the Partnership in the same manner and to the same degree as an Indemnitee may be indemnified pursuant to Section 7.7
hereof.

 

ARTICLE XIV

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS

 

Section 14.1         Amendments.

 

A.            General.
Amendments to this Agreement may be proposed only by the General Partner. Following such proposal (except an amendment pursuant
to Section 14.1.B below), the General Partner shall submit any proposed amendment to the Limited Partners and shall seek
the written vote of the Partners on the proposed amendment or shall call a meeting to vote thereon and to transact any other business
that it may deem appropriate. For purposes of obtaining a written vote, the General Partner may require a response within a reasonable
specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a vote which
is consistent with the General Partner’s recommendation with respect to the proposal. Except as otherwise provided in this
Agreement, a proposed amendment shall be adopted and be effective as an amendment hereto if it is approved by the General Partner
and it receives the Consent of a Majority in Interest.

 

B.             Amendments
Not Requiring Limited Partner Approval. Subject to Section 14.1.C and 14.1.D, the General Partner shall have the power,
without the Consent of the Limited Partners, to amend this Agreement as may be required to reflect any changes to this Agreement
that the General Partner deems necessary or appropriate in its sole discretion. Without limitation, the General Partner shall
have the power, without the 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 issuance of additional Partnership Units or the admission, substitution, termination, or withdrawal of Partners in
accordance with this Agreement;

 

(iii)           to
set forth or amend the designations, rights (including redemption rights that differ from those specified in Section 8.6),
powers, duties, and preferences of Partnership Units issued pursuant to Section 4.2.A hereof;

 

(iv)           to
reflect a change that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect,
or to cure any ambiguity or correct any provision in this Agreement not inconsistent with law or with other provisions;

 

(v)            to
reflect such changes as are reasonably necessary for the General Partner to maintain its status as a REIT, including changes which
may be necessitated due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the IRS;

 

    -76-

     

    

 

(vi)           to
include provisions in this Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance
regarding the federal income tax treatment of compensatory partnership interests issued and made effective after the date hereof
or in connection with any elections that the General Partner determines to be necessary or advisable in respect of any such guidance.
Any such amendment may include, without limitation, (a) a provision authorizing or directing the General Partner to make
any election under the such guidance, (b) a covenant by the Partnership and all of the Partners to agree to comply with the
such guidance, (c) an amendment to the capital account maintenance provisions and the allocation provisions contained in
this Agreement so that such provisions comply with (I) the provisions of the Code and the Regulations as they apply to the
issuance of compensatory partnership interests and (II) the requirements of such guidance and any election made by the General
Partner with respect thereto, including, a provision requiring “forfeiture allocations” as appropriate. Any such amendments
to this Agreement shall be binding upon all Partners; and

 

(vii)          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.

 

The General Partner shall notify the Limited Partners when
any action under this Section 14.1.B is taken.

 

C.             Amendments
Requiring Certain Limited Partner Approval. Notwithstanding Sections 14.1.A and 14.1.B hereof, this Agreement shall not be
amended with respect to any Partner adversely affected without the Consent of such Partner adversely affected if such amendment
would (i) convert a Limited Partner’s interest in the Partnership into a General Partnership Interest; (ii) modify
the limited liability of a Limited Partner in a manner adverse to such Limited Partner; (iii) impose on the Limited Partners
any obligation to make additional Capital Contributions to the Partnership; (iv) alter or modify Article V or Article XIII
(including the related definitions) or the rights of such Partner to receive distributions pursuant to such Articles, or Article VI
(including the related definitions) or the allocations specified in Article VI (except as permitted pursuant to Section 4.2,
Section 5.6, Section 6.2 and Section 14.1.B(iii) hereof), in each case in a manner adverse to such Partner;
(v) alter or modify Section 8.6 (including the related definitions), including the Redemption Right and Shares Amount
as set forth in Section 8.6, in a manner adverse to such Partner (except as permitted in Section 8.6.E); (vi) cause
the termination of the Partnership prior to the time set forth in Section 2.5 or 13.1; or (vii) amend this Section 14.1.C;
provided, however, that for the avoidance of doubt, Consent of a majority of the holders of Formation Units shall
be required for any amendment or action that disproportionately and adversely affects holders of Formation Units (including without
limitation any amendments to or impacting Sections 6.1.E(ii), 6.1.F and 6.1.G) and Consent of a majority of the LTIP Unitholders
shall be required for any amendment or action that disproportionately and adversely affects holders of LTIP Units. Any amendment
consented to by any Partner shall be effective as to that Partner, notwithstanding the absence of such Consent by any other Partner.
For the avoidance of doubt, any amendment that would require the Consent of Partners adversely affected pursuant to this Section 14.1.C
shall be effective with respect to all Partners who are not adversely affected thereby without the Consent of such Partners.

 

D.            Other
Amendments Requiring Limited Partner Approval. Notwithstanding Section 14.1.A or Section 14.1.B hereof, the General
Partner shall not amend Sections 4.2.A, 4.2.B, 7.5, 7.6, 11.2, 11.3, 14.1.D or 14.2 without the Consent of the Outside Limited
Partners.

 

    -77-

     

    

 

E.             Amendment
and Restatement of the Partner Registry Not An Amendment. Notwithstanding anything in this Article XIV or elsewhere in
this Agreement to the contrary, any amendment and restatement of the Partner Registry by the General Partner to reflect events
or changes otherwise authorized or permitted by this Agreement, whether pursuant to Section 7.1.A(20) hereof or otherwise,
shall not be deemed an amendment of this Agreement and may be done at any time and from time to time, as necessary by the General
Partner without the Consent of the Limited Partners.

 

F.             Amendment
by Merger. In the event that the Partnership participates in any merger (including a triangular merger), consolidation or
combination with another entity in a transaction not otherwise prohibited by this Agreement and as a result of such merger, consolidation
or combination this Agreement is to be amended (or a new agreement for a limited partnership or limited liability company, as
applicable, is to be adopted for the surviving entity) and any of the Limited Partners will hold equity interests in the continuing
or surviving entity, then any such amendments to this Agreement (or changes from this Agreement reflected in the new agreement
for the surviving entity) that would have required the consents provided in Section 14.1.C and 14.1.D shall require such
consents.

 

Section 14.2         Meetings
of the Partners.

 

A.            General.
Meetings of the Partners may be called only by the General Partner. The call shall state the nature of the business to be transacted.
Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior
to the date of such meeting; provided that a Partner’s attendance at any meeting of Partners shall be deemed a waiver
of the foregoing notice requirement with respect to such Partner (except where such attendance is to object to the holding 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 14.1.A above. Except as otherwise expressly provided in this Agreement, the Consent of
holders of a Majority in Interest shall control.

 

B.             Actions
Without a Meeting. Except as otherwise expressly provided by this Agreement, 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 in Interest (or such other percentage as is expressly required by this Agreement). 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 in Interest (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.             Proxy.
Each Limited Partner may authorize any Person or Persons to act for such Limited Partner 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 his or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11)
months from the date thereof unless otherwise provided in the proxy. 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 executive such proxy.

 

    -78-

     

    

 

D.            Conduct
of Meeting. 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.
Without limitation, meetings of Partners may be conducted in the same manner as meetings of the shareholders of the General Partner.

 

E.             Record
Date. The General Partner may set, in advance, the Partnership Record Date for the purpose of determining the Partners (i) entitled
to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Partners or (iii) in order
to make a determination of Partners for any other proper purpose. Such date, in any case, (x) shall not be prior to the close
of business on the day the Partnership Record Date is fixed and shall be not more than ninety (90) days and, in the case of a
meeting of the Partners, not less than ten (10) days, before the date on which the meeting is to be held or Consent is to
be given and (y) shall be, with respect to the determination of the existence of Partnership Approval, the record date established
by the General Partner Entity for the approval of its shareholders for the event constituting an Extraordinary Transaction. If
no record date is fixed, the record date for the determination of Partners entitled to notice of or to vote at a meeting of the
Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any
other determination of Partners shall be the effective date of such Partner action, distribution or other event. When a determination
of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such determination
shall apply to any adjournment thereof.

 

ARTICLE XV

GENERAL PROVISIONS

 

Section 15.1         Addresses
and Notice.

 

Any notice, demand, request or report required
or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or
made when delivered in person or when sent by first class United States mail or by other means of written communication to such
Partner or Assignee at the address set forth in the Partner Registry or such other address of which such Partner or Assignee shall
notify the General Partner in writing. Notwithstanding the foregoing, the General Partner may elect to deliver any such notice,
demand, request or report by e-mail or by any other electronic means, in which case such communication shall be deemed given or
made one day after being sent.

 

Section 15.2         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”
and “Sections” are to Articles and Sections of this Agreement.

 

    -79-

     

    

 

Section 15.3         Pronouns
and Plurals.

 

Whenever the context may require, any pronoun
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 15.4         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 15.5         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 15.6         Creditors;
Other Third Parties.

 

Other than as expressly set forth herein
with regard to any Indemnitee, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by,
any creditor of the Partnership or other third party having dealings with the Partnership, it being understood and agreed that
the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their
respective successors and assigns.

 

Section 15.7         Waiver.

 

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 a waiver of any such breach or any other covenant, duty, agreement or condition.

 

Section 15.8         Counterparts.

 

This Agreement may be executed in counterparts,
all of which together shall constitute one agreement binding on all of 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 his or its signature hereto.

 

    -80-

     

    

 

Section 15.9         Applicable
Law.

 

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.

 

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       Entire
Agreement.

 

This Agreement and all Exhibits attached
hereto (which Exhibits are incorporated herein by reference as if fully set forth herein) contains the entire understanding and
agreement among the Partners with respect to the subject matter hereof and supersedes any prior written or oral understandings
or agreements among them with respect thereto.

 

Section 15.12       No
Rights as Shareholders.

 

Nothing contained in this Agreement shall
be construed as conferring upon the holders of the Partnership Units any rights whatsoever as shareholders of the General Partner
Entity or the General Partner (if different), including, without limitation, any right to receive dividends or other distributions
made to shareholders of the General Partner Entity or the General Partner (if different) or to vote or to consent or receive notice
as shareholders in respect to any meeting of shareholders for the election of directors of the General Partner Entity or the General
Partner (if different) or any other matter.

 

Section 15.13       Limitation
to Preserve REIT Status.

 

To the extent that any amount paid or credited
to the General Partner or the General Partner Entity or its officers, directors, employees or agents pursuant to Section 7.4
or Section 7.7 hereof would constitute gross income to the General Partner Entity or the General Partner (if it is to be
qualified as a REIT) for purposes of Section 856(c)(2) or 856(c)(3) of the Code (a “General Partner Payment”)
then, notwithstanding any other provision of this Agreement, the amount of such General Partner Payments for any fiscal year shall
not exceed the lesser of:

 

(i)             an
amount equal to the excess, if any, of (a) 5% of the General Partner Entity’s or the General Partner’s (if it
is to be qualified as a REIT) total gross income (but not including the amount of any General Partner Payments) for the fiscal
year over (b) the amount of gross income (within the meaning of Section 856(c)(2) of the Code) derived by the General
Partner Entity or the General Partner (if it is to be qualified as a REIT) from sources other than those described in subsections
(A) through (H) of Section 856(c)(2) of the Code (but not including the amount of any General Partner Payments);
or

 

(ii)            an
amount equal to the excess, if any of (a) 25% of the General Partner Entity’s or the General Partner’s (if it
is to be qualified as a REIT) total gross income (but not including the amount of any General Partner Payments) for the fiscal
year over (b) the amount of gross income (within the meaning of Section 856(c)(3) of the Code) derived by the General
Partner Entity or the General Partner (if it is to be qualified as a REIT) from sources other than those described in subsections
(A) through (I) of Section 856(c)(3) of the Code (but not including the amount of any General Partner Payments);
provided, however, that General Partner Payments in excess of the amounts set forth in subparagraphs (i) and
(ii) above may be made if the General Partner Entity or the General Partner (if it is to be qualified as a REIT), as a condition
precedent, obtains an opinion of tax counsel that the receipt of such excess amounts would not adversely affect the General Partner
Entity’s or the General Partner’s (if it is to be qualified as a REIT) ability to qualify as a REIT. To the extent
General Partner Payments may not be made in a year due to the foregoing limitations, such General Partner Payments shall carry
over and be treated as arising in the following year, provided, however, that such amounts shall not carry over
for more than five years, and if not paid within such five year period, shall expire; provided, further, that (i) as
General Partner Payments are made, such payments shall be applied first to carry over amounts outstanding, if any, and (ii) with
respect to carry over amounts for more than one Partnership Year, such payments shall be applied to the earliest Partnership Year
first.

 

    -81-

     

    

 

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

 

	 	JBG SMITH PROPERTIES

 

	 	By:	 /s/ Steven A. Museles
	 	 	Name:      Steven A. Museles
	 	 	Title:        Chief Legal Officer and Corporate Secretary

 

[Signature
Page to JBG SMITH Properties LP Partnership Agreement]

 

    

     

    

 

EXHIBIT A

FORM OF PARTNER REGISTRY

 

	Partner	Common  Partnership
    Units	LTIP
    Units	Formation
    Units
	Number	Agreed

    Initial

 Capital

 Account	Percentage
    Interest	Number	Issue
    Date	Number	Issue
    Date
	 	 	 	 	 	 	 	 

 

    A-1

     

    

 

EXHIBIT B

CAPITAL ACCOUNT MAINTENANCE

 

	1.	Capital Accounts of the Partners

 

A.            The
Partnership shall maintain for each Partner a separate Capital Account in accordance with the rules of Regulations Section l.704-l(b)(2)(iv).
Such Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions
made by such Partner to the Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including
income and gain exempt from tax) computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to
Section 6.1 of the Agreement and Exhibit C hereof, and decreased by (x) the amount of cash or Agreed Value
of all actual and deemed distributions of cash or property made to such Partner pursuant to this Agreement and (y) all items
of Partnership deduction and loss computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to
Section 6.1 of the Agreement and Exhibit C hereof.

 

B.            For
purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’ Capital
Accounts, unless otherwise specified in this Agreement, the determination, recognition and classification of any such item shall
be the same as its determination, recognition and classification for federal income tax purposes determined in accordance with
Section 703(a) of the Code (for this purpose all items of income, gain, loss or deduction required to be stated separately
pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments:

 

		(1)	Except as otherwise provided in Regulations Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain,
loss and deduction shall be made without regard to any election under Section 754 of the Code which may be made by the Partnership,
provided that the amounts of any adjustments to the adjusted bases of the assets of the Partnership made pursuant to Section 734
of the Code as a result of the distribution of property by the Partnership to a Partner (to the extent that such adjustments have
not previously been reflected in the Partners’ Capital Accounts) shall be reflected in the Capital Accounts of the Partners
in the manner and subject to the limitations prescribed in Regulations Section l.704-1(b)(2)(iv) (m)(4).

 

		(2)	The computation of all items of income, gain, and deduction shall be made without regard to the fact that items described in
Sections 705(a)(l)(B) or 705(a)(2)(B) of the Code are not includable in gross income or are neither currently deductible
nor capitalized for federal income tax purposes.

 

		(3)	Any income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the
adjusted basis of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with
respect to such property as of such date.

 

		(4)	In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such fiscal year.

 

		(5)	In the event the Carrying Value of any Partnership Asset is adjusted pursuant to Section 1.D hereof, the amount of any
such adjustment shall be taken into account as gain or loss from the disposition of such asset.

 

		(6)	Any items specially allocated under Section 2 of Exhibit C hereof shall not be taken into account.

 

    B-1

     

    

 

C.            Generally,
a transferee (including any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the transferor.
The Capital Accounts of such reconstituted Partnership shall be maintained in accordance with the principles of this Exhibit B.

 

D.            Consistent
with the provisions of Regulations Section 1.704-1(b)(2)(iv)(f), and as provided in Section 1.D(2), the Carrying Values
of all Partnership assets shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to
such Partnership property, as of the times of the adjustments provided in Section 1.D(2) hereof, as if such Unrealized
Gain or Unrealized Loss had been recognized on an actual sale of each such property and allocated pursuant to Section 6.1
of the Agreement.

 

		(7)	Such adjustments shall be made as of the following times: (a) immediately prior to the acquisition of an additional interest
in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) immediately
prior to 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; (c) immediately prior to the acquisition of more than a de minimis additional interest in the
Partnership by any new or existing Partner in consideration for such Partner's provision of services to or for the benefit of the
Partnership; (d) immediately prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-l(b)(2)(ii)(g) and
(e) at such other times as permitted or required by Regulations promulgated under Section 704(b), provided, however,
that adjustments pursuant to clauses (a), (b), (c) and (e) (to the extent permitted and not required) above shall be
made only if the General Partner determines that such adjustments are necessary or appropriate to reflect the relative economic
interests of the Partners in the Partnership.

 

		(8)	In accordance with Regulations Section  1.704-l(b)(2)(iv)(e), the Carrying Value of Partnership assets distributed in
kind shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property,
as of the time any such asset is distributed.

 

		(9)	In determining Unrealized Gain or Unrealized Loss for purposes of this Exhibit B, the aggregate cash amount and
fair market value of all Partnership assets (including cash or cash equivalents) shall be determined by the General Partner using
such reasonable method of valuation as it may adopt, or in the case of a liquidating distribution pursuant to Article XIII
of the Agreement, shall be determined and allocated by the Liquidator using such reasonable methods of valuation as it may adopt.
The General Partner, or the Liquidator, as the case may be, shall allocate such aggregate fair market value among the assets of
the Partnership in such manner as it determines in its sole and absolute discretion to arrive at a fair market value for individual
properties.

 

E.            The
provisions of the Agreement (including this Exhibit B and the other Exhibits to the Agreement) relating to the maintenance
of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a
manner consistent with such Regulations. In the event the General Partner shall determine that it is prudent to modify the manner
in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities
which are secured by contributed or distributed property or which are assumed by the Partnership, the General Partner, or the Limited
Partners) are computed in order to comply with such Regulations, the General Partner may make such modification without regard
to Article IV of the Agreement, provided that it is not likely to have a material effect on the amounts distributable
to any Person pursuant to Article XIII of the Agreement upon the dissolution of the Partnership. The General Partner also
shall (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 l.704-l(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event
unanticipated events might otherwise cause this Agreement not to comply with Regulations Section l.704-1(b).

 

    B-2

     

    

 

	2.	No Interest

 

No interest shall be paid by the Partnership
on Capital Contributions or on balances in Partners’ Capital Accounts.

 

	3.	No Withdrawal

 

No Partner shall be entitled to withdraw any
part of its Capital Contribution or Capital Account or to receive any distribution from the Partnership, except as provided in
Articles IV, V, VIII and XIII of the Agreement.

 

    B-3

     

    

 

EXHIBIT C

SPECIAL ALLOCATION RULES

 

	1.	Special Allocation Rules.

 

Notwithstanding any other provision of the
Agreement or this Exhibit C, the following special allocations shall be made in the following order:

 

A.            Minimum
Gain Chargeback. Notwithstanding the provisions of Section 6.1 of the Agreement or any other provisions of this Exhibit C,
if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Partner shall be specially allocated items
of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’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 Partner pursuant
thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f)(6). This Section 1.A
is intended to comply with the minimum gain chargeback requirements in Regulations Section 1.704-2(f) and for purposes
of this Section 1.A only, each Partner’s Adjusted Capital Account Deficit shall be determined prior to any other allocations
pursuant to Section 6.1 of this Agreement with respect to such Partnership Year and without regard to any decrease in Partner
Minimum Gain during such Partnership Year.

 

B.            Partner
Minimum Gain Chargeback. Notwithstanding any other provision of Section 6.1 of this Agreement or any other provisions
of this Exhibit C (except Section 1.A hereof), if there is a net decrease in Partner Minimum Gain attributable
to a Partner Nonrecourse Debt during any Partnership Year, each Partner 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 Partner’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) (5). Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each General Partner and Limited Partner pursuant thereto. The items to be so allocated
shall be determined in accordance with Regulations Section 1.704-2(i) (4). This Section 1.B is intended to comply
with the minimum gain chargeback requirement in such Section of the Regulations and shall be interpreted consistently therewith.
Solely for purposes of this Section 1.B, each Partner’s Adjusted Capital Account Deficit shall be determined prior to
any other allocations pursuant to Section 6.1 of the Agreement or this Exhibit with respect to such Partnership Year,
other than allocations pursuant to Section 1.A hereof.

 

C.            Qualified
Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in Regulations
Sections 1.704-l(b)(2)(ii)(d)(4), l.704-1(b)(2)(ii)(d)(5), or 1.704- l(b)(2)(ii)(d)(6), and after giving effect to the allocations
required under Sections 1.A and 1.B hereof with respect to such Partnership Year, such Partner has an Adjusted Capital Account
Deficit, items of Partnership income and gain (consisting of a pro rata portion of each item of Partnership income, including gross
income and gain for the Partnership Year) shall be specially allocated to such Partner in an amount and manner sufficient to eliminate,
to the extent required by the Regulations, its Adjusted Capital Account Deficit created by such adjustments, allocations or distributions
as quickly as possible. This Section 1.C is intended to constitute a “qualified income offset” under Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

D.            Gross
Income Allocation. In the event that any Partner has an Adjusted Capital Account Deficit at the end of any Partnership Year
(after taking into account allocations to be made under the preceding paragraphs hereof with respect to such Partnership Year),
each such Partner shall be specially allocated items of Partnership income and gain (consisting of a pro rata portion of each item
of Partnership income, including gross income and gain for the Partnership Year) in an amount and manner sufficient to eliminate,
to the extent required by the Regulations, its Adjusted Capital Account Deficit.

 

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E.            Nonrecourse
Deductions. Nonrecourse Deductions for any Partnership Year shall be allocated to the Partners in accordance with their respective
Percentage Interests. If the General Partner determines in its good faith discretion that the Partnership’s Nonrecourse Deductions
must be allocated in a different ratio to satisfy the safe harbor requirements of the Regulations promulgated under Section 704(b) of
the Code, the General Partner is authorized, upon notice to the Limited Partners, to revise the prescribed ratio for such Partnership
Year to the numerically closest ratio which would satisfy such requirements.

 

F.            Partner
Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Partner
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 Sections 1.704-2(b)(4) and 1.704-2(i).

 

G.            Code
Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or
743(b) of the Code is required, pursuant to Regulations Section 1.704- l(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, 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 item of gain or loss shall be specially
allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant
to such Section of the Regulations.

 

H.            Loss
Limitation. Net Losses shall not be allocated to any Limited Partner pursuant to Section 6.1.B of the Agreement to the
extent that such allocation would cause such Limited Partner to have an Adjusted Capital Account Deficit (or increase any existing
Adjusted Capital Account Deficit) at the end of such taxable year and shall, instead, be allocated to the General Partner.

 

	2.	Allocations for Tax Purposes

 

A.            Except
as otherwise provided in this Section 2, for federal income tax purposes, each item of income, gain, loss and deduction shall
be allocated among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction
is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C.

 

B.            In
an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain,
loss, and deduction shall be allocated for federal income tax purposes among the Partners as follows:

 

	 	(1)	(a)	In the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners consistent with the principles of Section 704(c) of the Code to take into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution (taking into account Section 2.C of this Exhibit C); and
	 	 	 	 
	 	 	(b)	any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C.
	 	 	 	 
	 	(2)	(a)	In the case of an Adjusted Property, such items shall
	 	 	 	 
	 	 	 	(i)	first, be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Exhibit B; 

 

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	 	 	 	(ii)	second, in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 2.B(1) of this Exhibit C; and
	 	 	 	 	 
	 	 	(b)	any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement  and Section 1 of this Exhibit C.

 

C.            To
the extent Regulations promulgated pursuant to Section 704(c) of the Code permit a Partnership to utilize alternative
methods to eliminate the disparities between the Carrying Value of property and its adjusted basis, the General Partner shall,
subject to the following, have the authority to elect the method to be used by the Partnership and such election shall be binding
on all Partners.

 

Notwithstanding anything to the contrary in
this Section 2 of Exhibit C, the General Partner shall elect to apply the “traditional method” set forth
in Regulations Section 1.704-3(b) to eliminate the disparities between the Carrying Value of property and its adjusted
tax bases of the properties contributed to the Partnership in consideration for Partnership Units pursuant to the transactions
contemplated by the Master Transaction Agreement, dated as of October 31, 2016, by and among Vornado Realty Trust, Vornado
Realty L.P., JBG Properties Inc., JBG/Operating Partners, L.P., certain affiliates of JBG Properties Inc. and JBG/Operating Partners,
L.P., the General Partner and the Partnership, and such election shall be binding on all Partners.

 

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EXHIBIT D

NOTICE OF REDEMPTION

 

The undersigned hereby irrevocably (i) elects
to redeem __________ Partnership Units in JBG SMITH Properties LP in accordance with the terms of the Limited Partnership Agreement
of JBG SMITH Properties LP, as amended (the “Partnership Agreement”), and the Redemption Right referred to therein,
(ii) surrenders such Partnership Units and all right, title and interest therein and (iii) directs that promptly after
the Specified Redemption Date the Cash Amount or Shares Amount (as determined by the General Partner) deliverable upon exercise
of the Redemption Right be delivered to the address specified below, and if Shares are to be delivered, such Shares be registered
or placed in the name(s) and at the address(es) specified below. The undersigned hereby represents, warrants, and certifies
that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free and clear of the rights of
or interests of any other person or entity, (b) has the full right, power and authority to redeem and surrender such Partnership
Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right
to consult or approve such redemption and surrender. Capitalized terms used herein have the meanings assigned to them in the Partnership
Agreement.

 

	Dated:	
	 	Name of Limited Partner:	

 

 

	 	

	 	(Signature of Limited Partner)
	 	 
	 	 
	 	(Street Address)
	 	 
	 	 
	 	(City)	(State)	(Zip Code)

 

If Shares are to be issued, issue to:

 

Name:

 

Please insert social security or identifying number:

 

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EXHIBIT E

DESIGNATION OF THE PREFERENCES, CONVERSION

AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS,

LIMITATIONS AS TO DISTRIBUTIONS, QUALIFICATIONS AND TERMS

AND CONDITIONS OF REDEMPTION

OF THE

LTIP UNITS

 

The following are the terms of the LTIP
Units:

 

		1.	Vesting.

 

 A.    Vesting, Generally. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of an award, vesting or other similar agreement (a “Vesting Agreement”). The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the terms of any plan pursuant to which the LTIP Units are issued, if applicable. LTIP Units that have vested and are no longer subject to forfeiture under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units are referred to as “Unvested LTIP Units.” Subject to the terms of any Vesting Agreement, a holder of LTIP Units shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Common Partnership Units are entitled to transfer their Common Partnership Units pursuant to Article XI of the Agreement.

 

 B.    Forfeiture or Transfer of Unvested LTIP Units. Unless otherwise specified in the relevant Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in either the forfeiture of any LTIP Units, or the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price, then upon the occurrence of the circumstances resulting in such forfeiture or if the Partnership or the General Partner exercises such right to repurchase, then the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled or transferred to the General Partner, as applicable, and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with a record date prior to the effective date of the forfeiture. In connection with any forfeiture or repurchase of LTIP Units, the balance of the portion of the Capital Account of the holder that is attributable to all of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.1.E of the Agreement, calculated with respect to the holder’s remaining LTIP Units, if any.

 

C.    Legend.
Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that additional terms, conditions and restrictions
on transfer, including without limitation any Vesting Agreement, apply to the LTIP Unit.

 

		2.	Distributions.

 

 D.    LTIP Distribution Amount. Commencing from the Distribution Participation Date (as defined below) established for any LTIP Units, for any quarterly or other period, holders of such LTIP Units shall be entitled to receive, if, when and as authorized by the General Partner out of funds legally available for the payment of distributions, regular cash distributions in an amount per unit equal to the amount that would have been payable to such holders if the LTIP Units had been Common Partnership Units for the quarterly or other period to which such distributions relate (assuming such LTIP Units was held for the entire quarter or other period) (the “LTIP Distribution Amount”). In addition, from and after the Distribution Participation Date, LTIP Units shall be entitled to receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of distributions, non-liquidating special, extraordinary or other distributions which may be made from time to time, in an amount per unit equal to the amount of any non-liquidating special, extraordinary or other distributions that would have been payable to such holders if the LTIP Units had been Common Partnership Units (if applicable, assuming such LTIP Units were held for the entire period to which such distributions relate) which may be made from time to time. LTIP Units shall also be entitled to receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of distributions, distributions representing proceeds of a sale or other disposition of all or substantially all of the assets of the Partnership in an amount per unit equal to the amount of any such distributions payable on the Common Partnership Units, whether made prior to, on or after the Distribution Participation Date, provided that the amount of such distributions shall not exceed the positive balances of the Capital Accounts of the holders of such LTIP Units to the extent attributable to the ownership of such LTIP Units. Distributions on the LTIP Units, if authorized, shall be payable on such dates and in such manner as may be authorized by the General Partner (any such date, a “Distribution Payment Date”); provided that the Distribution Payment Date and the record date for determining which holders of LTIP Units are entitled to receive a distribution shall be the same as the corresponding dates relating to the corresponding distribution on the Common Partnership Units. Notwithstanding anything in the forgoing to the contrary, prior to the Distribution Participation Date with respect to an LTIP Unit, such LTIP Unit will only be entitled to receive such distributions, other than distributions representing proceeds of a sale or other disposition of all or substantially all of the assets of the Partnership, in an amount equal to the product of the LTIP Unit Initial Sharing Percentage for such LTIP Unit and the amount otherwise distributable with respect to such LTIP Unit pursuant to this Section 2.A.

 

    

     

    

 

 E.    Distribution Participation Date. The “Distribution Participation Date” for each LTIP Unit will be either such date as may be specified in the Vesting Agreement or other documentation pursuant to which such LTIP Units are issued, or if no Distribution Participation Date is so specified, the date on which such LTIP Unit is issued.

 

		3.	Allocations.

 

Commencing with the portion of the taxable
year of the Partnership that begins on the Distribution Participation Date established for any LTIP Units, such LTIP Units shall
be allocated Net Income and Net Loss in amounts per LTIP Unit equal to the amounts allocated per Common Partnership Unit. The allocations
provided by the preceding sentence shall be subject to the proviso to the first sentence of Section 6.1.B of the Agreement
and in addition to any special allocations required by Section 6.1.E of the Agreement. The General Partner is authorized in
its discretion to delay or accelerate the participation of the LTIP Units in allocations of Net Income and Net Loss under this
Section 3, or to adjust the allocations made under this Section 3 after the Distribution Participation Date, so that
the ratio of (i) the total amount of Net Income or Net Loss allocated with respect to each LTIP Unit in the taxable year in
which that LTIP Unit’s Distribution Participation Date falls (excluding special allocations under Section 6.1.E of the
Agreement), to (ii) the total amount distributed to that LTIP Unit with respect to such period, is more nearly equal to the
ratio of (i) the Net Income and Net Loss allocated with respect to the General Partner’s Common Partnership Units in
such taxable year to (ii) the amounts distributed to the General Partner with respect to such Common Partnership Units and
such taxable year. Until the Distribution Participation Date, each LTIP Unit will only be entitled to receive such allocations
in an amount equal to the product of the LTIP Unit Initial Sharing Percentage for such LTIP Unit and the amount otherwise allocable
with respect to such LTIP Unit pursuant to this Section 3.

 

		4.	Adjustments.

 

The Partnership shall maintain at all times
a one-to-one correspondence between LTIP Units and Common Partnership Units for conversion, distribution and other purposes, including
without limitation complying with the following procedures; provided that the foregoing is not intended to alter the special
allocations pursuant to Section 6.1.E of the Agreement, differences between non−liquidating distributions to be made
with respect to the LTIP Units and Common Partnership Units prior to the Distribution Participation Date for such LTIP Units, differences
between liquidating distributions to be made with respect to the LTIP Units and Common Partnership Units pursuant to Section 13.2
of the Agreement or Section 2.A of this Exhibit E in the event that the Capital Accounts attributable to the LTIP Units
are less than those attributable to the Common Partnership Units due to insufficient special allocations pursuant to Section 6.1.E
of the Partnership Agreement or related provisions. If an Adjustment Event (as defined below) occurs, then the General Partner
shall make a corresponding adjustment to the LTIP Units to effect the adjustments described above or to maintain such one-for-one
correspondence between Common Partnership Units and LTIP Units. The following shall be “Adjustment Events”:
(A) the Partnership makes a distribution on all outstanding Common Partnership Units in Partnership Units, (B) the Partnership
subdivides the outstanding Common Partnership Units into a greater number of units or combines the outstanding Common Partnership
Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding
Common Partnership Units by way of a reclassification or recapitalization of its Common Partnership 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 Common Partnership
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 the terms of any plan pursuant
to which the LTIP Units have been issued, in such manner and at such time as the General Partner, in its sole discretion, may determine
to be appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided the Partnership shall
promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief
statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment
absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to each holder of LTIP Units
setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment.

 

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		5.	Ranking.

 

The LTIP Units shall rank on parity with the
Common Partnership Units in all respects, subject to the proviso in the first sentence of Section 4 of this Exhibit E.

 

		6.	No Liquidation Preference.

 

The LTIP Units shall have no liquidation preference.

 

		7.	Right to Convert LTIP Units into Common Partnership Units.

 

 A.    Conversion Right. A holder of LTIP Units 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 Common Partnership Units. Holders of LTIP Units shall not have the right to convert Unvested LTIP Units into Common Partnership Units until they become Vested LTIP Units; provided, however, that when a holder of LTIP Units is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such Person may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting, and such Conversion Notice, unless subsequently revoked by the holder of the LTIP Units prior to conversion, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Partnership Units. In all cases, the conversion of any LTIP Units into Common Partnership Units shall be subject to the conditions and procedures set forth in this Section 7.

 

 B.    Number of Units Convertible. A holder of Vested LTIP Units may convert such Vested LTIP Units into an equal number of fully paid and non-assessable Common Partnership Units, giving effect to all adjustments (if any) made pursuant to Section 4. Notwithstanding the foregoing, in no event may an LTIP Unitholder convert a Vested LTIP Unit unless the Economic Capital Account Balance associated with such Vested LTIP Unit equals the Common Partnership Unit Economic Balance.

 

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 C.    Notice. In order to exercise his or her Conversion Right, a holder of LTIP Units shall deliver a notice (a “Conversion Notice”) in the form attached as Attachment A to this Exhibit E to the Partnership not less than 10 nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice. Each holder of LTIP Units covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 7 shall be free and clear of all liens. Notwithstanding anything herein to the contrary or the holding period requirement of Section 8.6A(i) of the Agreement (but subject to the remainder of Section 8.6 of the Agreement), a holder of LTIP Units may deliver a Redemption Notice pursuant to Section 8.6 of the Agreement relating to those Common Partnership Units that will be issued to such holder upon conversion of such LTIP Units into Common Partnership Units in advance of the Conversion Date; provided, however, that the redemption of such Common Partnership Units by the Partnership shall in no event take place until the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a holder of LTIP Units in a position where, if he or she so wishes, the Common Partnership Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such conversion notwithstanding such Common Partnership Units were not held for one (1) year, with the further consequence that, if the General Partner elects to assume the Partnership’s redemption obligation with respect to such Common Partnership Units under Section 8.6 of the Agreement by delivering to such holder Shares rather than cash, then such holder can have such Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Common Partnership Units. The General Partner shall cooperate with a holder of LTIP Units to coordinate the timing of the different events described in the foregoing sentence.

 

D.    Forced Conversion.
The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by a holder
of LTIP Units to be converted (a “Forced Conversion”) into an equal number of Common Partnership Units, giving
effect to all adjustments (if any) made pursuant to Section 4; provided, that the Partnership may not cause a Forced
Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of the holder of such LTIP Units
pursuant to Section 7.B above. In order to exercise its right to cause a Forced Conversion, the Partnership shall deliver
a notice (a “Forced Conversion Notice”) in the form attached as Attachment B to this Exhibit E to the
applicable holder not less than 10 nor more than 60 days prior to the Conversion Date specified in such Forced Conversion Notice.
A Forced Conversion Notice shall be provided in the manner provided in Section 15.1 of the Agreement.

 

 E.    Conversion Procedures. A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such holder of LTIP Units, as of which time such holder of LTIP Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Common Partnership Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such holder of LTIP Units, upon his or her written request, a certificate of the General Partner certifying the number of Common Partnership Units and remaining LTIP Units, if any, held by such Person immediately after such conversion.

 

 F.    Treatment of Capital Account. For purposes of making future allocations under Section 6.1.E of the Agreement, the Economic Capital Account Balance of the applicable LTIP Unitholder shall be reduced, as of the date of conversion, by the amount of such Economic Capital Account Balance attributable to the converted LTIP Units.

 

 G.    Mandatory Conversion in Connection with a Transaction. If the Partnership or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all Common Partnership 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 Common Partnership Units shall be exchanged for or converted into the right, or the holders of Common Partnership Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the 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 and the conversion shall occur immediately prior to the effectiveness of the Transaction).

 

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In anticipation of such Forced Conversion
and the consummation of the Transaction, the Partnership shall use commercially reasonable efforts to cause each holder of LTIP
Units to be afforded the right to receive in connection with such Transaction in consideration for the Common Partnership 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 Common Partnership Units, assuming
such holder of Common Partnership Units is not a Person with which the Partnership consolidated or into which the Partnership merged
or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”),
or an affiliate of a Constituent Person. In the event that holders of Common Partnership 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 holder of LTIP Units of such election, and shall use commercially reasonable efforts to
afford such holders the right to elect, by written notice to the General Partner, the form or type of consideration to be received
upon conversion of each LTIP Unit held by such holder into Common Partnership Units in connection with such Transaction. If a holder
of LTIP Units fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP
Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Common
Partnership Unit would receive if such holder of Common Partnership Units failed to make such an election.

 

Subject to the rights of the Partnership and
the General Partner under any Vesting Agreement and the terms of any plan under which LTIP Units are issued, the Partnership shall
use commercially reasonable efforts to cause the terms of any Transaction to be consistent with the provisions of this Section 7
and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any holders of LTIP
Units whose LTIP Units will not be converted into Common Partnership 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 Common Partnership Units and (ii) preserve as far as reasonably
possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Agreement
for the benefit of the holders of LTIP Units.

 

		8.	Redemption at the Option of the Partnership.

 

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

 

		9.	Voting Rights.

 

 A.    Voting with Common Partnership Units. Holders of LTIP Units shall have the right to vote on all matters submitted to a vote of the holders of Common Partnership Units; holders of LTIP Units and Common Partnership Units shall vote together as a single class, together with any other class or series of units of limited partnership interest in the Partnership upon which like voting rights have been conferred. In any matter in which the LTIP Units are entitled to vote, including an action by written consent, each LTIP Unit shall be entitled to vote a Percentage Interest equal on a per unit basis to the Percentage Interest of the Common Partnership Units.

 

 B.    Special Approval Rights. Except as provided in Section 9.A above, holders of LTIP Units shall only (a) have those voting rights required from time to time by non-waivable provisions of applicable law, if any, and (b) have the additional voting rights that are expressly set forth in this Section 9.B. The General Partner and/or the Partnership shall not, without the affirmative vote of holders of more than 50% of the then outstanding LTIP Units affected thereby, given in person or by proxy, either in writing or at a meeting (voting separately as a class), take any action that would materially and adversely alter, change, modify or amend, whether by merger, consolidation or otherwise, the rights, powers or privileges of such LTIP Units, subject to the following exceptions:

 

(i)            no
separate consent of the holders of LTIP Units will be required if and to the extent that any such alteration, change, modification
or amendment would equally, ratably and proportionately alter, change, modify or amend the rights, powers or privileges of the
Common Partnership Units (in which event the holders of LTIP Units shall only have such voting rights, if any, as provided in Section 14.1
of the Agreement in accordance with Section 9.A above);

 

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(ii)           with
respect to any merger, consolidation or other business combination or reorganization, so long as the LTIP Units either (x) are
converted into Common Partnership Units immediately prior to the effectiveness of the transaction, (y) remain outstanding
with the terms thereof materially unchanged, or (z) if the Partnership is not the surviving entity in such transaction, are
exchanged for a security of the surviving entity with terms that are materially the same with respect to rights to allocations,
distributions, redemption, conversion and voting as the LTIP Units and without any income, gain or loss expected to be recognized
by the holder upon the exchange for federal income tax purposes (and with the terms of the Common Partnership Units or such other
securities into which the LTIP Units (or the substitute security therefor) are convertible materially the same with respect to
rights to allocations, distributions, redemption, conversion and voting), such merger, consolidation or other business combination
or reorganization shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges
of the LTIP Units, provided further, that if some, but not all, of the LTIP Units are converted into Common Partnership Units immediately
prior to the effectiveness of the transaction (and neither clause (y) or (z) above is applicable), then the consent required
pursuant to this Section will be the consent of the holders of more than 50% of the LTIP Units to be outstanding following
such conversion and Common Partnership Units outstanding voting together as a single class pursuant to Section 9.A above;

 

(iii)          any
creation or issuance of any Common Partnership Units or of any class of series of Common Partnership Units or Preference Units
of the Partnership (whether ranking junior to, on a parity with or senior to the LTIP Units with respect to payment of distributions,
redemption rights and the distribution of assets upon liquidation, dissolution or winding up), which either (x) does not require
the consent of the holders of Common Partnership Units or (y) does require such consent and is authorized by a vote of the
holders of Common Partnership Units and LTIP Units voting together as a single class pursuant to Section 9.A above, together
with any other class or series of units of limited partnership interest in the Partnership upon which like voting rights have been
conferred, shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the
LTIP Units;

 

(iv)           any
waiver by the Partnership of restrictions or limitations applicable to any outstanding LTIP Units with respect to any holder or
holders thereof shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges
of the LTIP Units with respect to other holders. The foregoing voting provisions will not apply if, as of or prior to the time
when the action with respect to which such vote would otherwise be required will be taken or be effective, all outstanding LTIP
Units shall have been converted and/or redeemed, or provision is made for such redemption and/or conversion to occur as of or prior
to such time; and

 

(v)            the
General Partner shall have the power, without the consent of holders of LTIP Units, to amend the Agreement as may be required to
reflect any change to the Agreement not otherwise specifically permitted by this Section 9.B that the General Partner deems
necessary or appropriate in its sole discretion, provided that such change does not adversely affect or eliminate any right granted
to holders of LTIP Units requiring their approval.

 

[End of text]

 

    E-7

     

    

 

Attachment A to Exhibit E

 

Notice of Election by Partner to Convert

LTIP Units into Common Partnership Units

 

The undersigned holder of LTIP Units hereby
irrevocably elects to convert the number of Vested LTIP Units in JBG SMITH Properties LP (the “Partnership”)
set forth below into Common Partnership Units in accordance with the terms of the Limited Partnership Agreement of the Partnership,
as amended. The undersigned hereby represents, warrants, and certifies that the undersigned: (a) has title to such LTIP Units,
free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has the full right,
power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the consent or approval
of all persons or entities, if any, having the right to consent or approve such conversion.

 

	Name of Holder:	 
	 	(Please Print: Exact Name as Registered with Partnership)

 

	Number of LTIP Units to be Converted:	 	 

 

	Conversion Date:	 	 

 

	 	 
	(Signature of Holder: Sign Exact Name as Registered with Partnership)
	 
	 	 
	(Street Address)
	 
	 	 
	(City)	(State)	(Zip Code)	 

 

    

     

    

 

Attachment B to Exhibit E

 

Notice of Election by Partnership to
Force Conversion

of LTIP Units into Common Partnership Units

 

JBG SMITH Properties LP (the “Partnership”)
hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units set forth below to be converted into
Common Partnership Units in accordance with the terms of the Limited Partnership Agreement of the Partnership.

 

	Name of Holder:	 
	 	(Please Print: Exact Name as Registered with Partnership)

 

	Number of LTIP Units to be Converted:	 	 

 

	Conversion Date:	 	 

 

    

     

    

 

EXHIBIT F

DESIGNATION OF THE PREFERENCES, CONVERSION

AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS,

LIMITATIONS AS TO DISTRIBUTIONS, QUALIFICATIONS AND TERMS

AND CONDITIONS OF REDEMPTION

OF THE

FORMATION UNITS

 

The following are the terms of the Formation
Units:

 

		1.	Vesting.

 

 A.    Vesting, Generally. Formation Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of an award, vesting or other similar agreement (a “Formation Unit Vesting Agreement”). The terms of any Formation Unit 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 Formation Unit Vesting Agreement or by the terms of any plan pursuant to which the Formation Units are issued, if applicable. Formation Units that have vested and are no longer subject to forfeiture under the terms of a Formation Unit Vesting Agreement are referred to as “Vested Formation Units”; all other Formation Units are referred to as “Unvested Formation Units”.

 

 B.    Forfeiture or Transfer of Unvested Formation Units. Unless otherwise specified in the relevant Formation Unit Vesting Agreement, upon the occurrence of any event specified in a Formation Unit Vesting Agreement as resulting in either the forfeiture of any Formation Units, or the right of the Partnership or the General Partner to repurchase Formation Units at a specified purchase price, then upon the occurrence of the circumstances resulting in such forfeiture or if the Partnership or the General Partner exercises such right to repurchase, then the relevant Formation Units shall immediately, and without any further action, be treated as cancelled or transferred to the General Partner, as applicable, and no longer outstanding for any purpose. Unless otherwise specified in the Formation Unit Vesting Agreement, no consideration or other payment shall be due with respect to any Formation Units that have been forfeited, other than any distributions declared with a record date prior to the effective date of the forfeiture.

 

 C.    Legend. Any certificate evidencing a Formation Unit shall bear an appropriate legend indicating that additional terms, conditions and restrictions on transfer, including without limitation provisions set forth in the Formation Unit Vesting Agreement, apply to the Formation Unit.

 

		2.	Distributions.

 

Holders of Formation Units shall not be entitled
to receive any distributions from the Partnership unless and until such Formation Units have vested and been converted into Vested
LTIP Units; as soon as practicable after conversion of a Formation Unit to a Vested LTIP Unit in accordance with Section 6
below, the holder of such Vested LTIP Unit will be entitled to receive in a lump sum a portion of any regular cash distributions
made in respect of Common Partnership Units, equal to the product of (x) the amount that would have been payable to such holder
if the Formation Unit had been a Common Partnership Unit during the period between grant of the Formation Unit and conversion to
a Vested LTIP, for the quarterly or other period to which such distributions relate (assuming such Formation Unit was held for
the entire quarter or other period) times (y) the “Formation Unit Fraction” specified in the award agreement
applicable to such Formation Unit. Vested LTIP Units shall have the right to receive distributions from the Partnership as set
forth on Exhibit E of the Agreement.

 

    F-1

     

    

 

		3.	Allocations.

 

Commencing
with the portion of the taxable year of the Partnership that begins on the date any Formation Units are entitled to distributions
pursuant to section 2 above, such Formation Units shall be allocated Net Income and Net Loss in amounts per Formation Unit
such that the ratio of (i) the total amount of Net Income or Net Loss allocated with respect to each Formation Unit in such
taxable year, to (ii) the total amount distributed to that Formation Unit with respect to such period, is equal (as nearly
as practicable) to the ratio of (i) the Net Income and Net Loss allocated with respect to the General Partner’s Common
Partnership Units in such taxable year to (ii) the amounts distributed to the General Partner with respect to such Common
Partnership Units and such taxable year. The General Partner is authorized in its discretion to delay or accelerate the participation
of the Formation Units in allocations of Net Income and Net Loss under this Section 3, or to adjust the allocations made under
this Section 3 to effectuate the purposes of the economic arrangement contemplated by the parties.

 

		4.	Adjustments.

 

If an Adjustment Event (as defined below)
occurs, then the General Partner shall make a corresponding adjustment to each Formation Unit to adjust by the same increment for
which a Common Partnership Unit was adjusted, provided that to the extent that the Value of a common Share was less than
the applicable Formation Unit Participation Threshold as of the date of an Adjustment Event, the adjustment for a Formation Unit
shall only be for the amount by which the increment of the Common Partnership Unit adjustment would have exceeded such Formation
Unit Participation Threshold, provided that, notwithstanding the foregoing, if an Adjustment Event occurs, the General Partner
may make such adjustments to the Formation Units as it determines to be appropriate in order to achieve the intended economics
of the Formation Units. The following shall be “Adjustment Events”: (A) the Partnership makes a distribution
on all outstanding Common Partnership Units in Partnership Units, (B) the Partnership subdivides the outstanding Common Partnership
Units into a greater number of units or combines the outstanding Common Partnership Units into a smaller number of units, or (C) the
Partnership issues any Partnership Units in exchange for its outstanding Common Partnership Units by way of a reclassification
or recapitalization of its Common Partnership Units. If more than one Adjustment Event occurs, the adjustment to the Formation
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 Common Partnership 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 Formation Units to effect the adjustments described above, the General Partner shall have the right to make such adjustment
to the Formation Units, to the extent permitted by law and by the terms of any plan pursuant to which the Formation Units have
been issued, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under
the circumstances to effect the adjustments described above. If an adjustment is made to the Formation Units as herein provided
the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such
adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the
correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice
to each holder of Formation Units setting forth the adjustment to his or her Formation Units and the effective date of such adjustment.

 

		5.	No Liquidation Preference.

 

The Formation Units shall have no liquidation
preference.

 

		6.	Right to Convert Formation Units into Vested LTIP Units.

 

 A.    Formation Unit Conversion Right. A holder of Formation Units shall have the right (the “Formation Unit Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested Formation Units into Vested LTIP Units, in accordance with the provisions of Section 6.B., below. Holders of Formation Units shall not have the right to convert Unvested Formation Units into Vested LTIP Units until they become Vested Formation Units; provided, however, that when a holder of Formation Units is notified of the expected occurrence of an event that will cause his or her Unvested Formation Units to become Vested Formation Units, such Person may give the Partnership a Formation Unit Conversion Notice conditioned upon and effective as of the time of vesting, and such Formation Unit Conversion Notice, unless subsequently revoked by the holder of the Formation Units prior to conversion, 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 Formation Units into Vested LTIP Units. In all cases, the conversion of any Formation Units into Vested LTIP Units shall be subject to the conditions and procedures set forth in this Section 6.

 

    F-2

     

    

 

 B.     Number of Units Convertible. A holder of Vested Formation Units may convert such Vested Formation Units into a number (or fraction thereof) of fully paid and non-assessable Vested LTIP Units, giving effect to all adjustments (if any) made pursuant to Section 4 equal to the Formation Unit Conversion Factor (as defined below).

 

“Formation Unit Conversion Factor”
shall mean the quotient of (i) the excess of the Value of a common Share as of the date of conversion over the Formation Unit
Participation Threshold (as defined below) for such Vested Formation Unit, divided by (ii) the Value of a common Share as
of the date of conversion.

 

“Formation Unit Participation Threshold”
shall mean, for each Formation Unit, the amount specified as such in the relevant Formation Unit Vesting Agreement or other documentation
pursuant to which such Formation Unit is granted. The Formation Unit Participation Threshold of a Formation Unit is intended to
be the Value of a common Share as of the date of issuance of such Formation Unit.

 

C.    Notice. In order to exercise his
or her Formation Unit Conversion Right, a holder of Formation Units shall deliver a notice (a “Formation Unit Conversion
Notice”) in the form attached as Attachment A to this Exhibit F to the Partnership not less than 10 nor more than
60 days prior to a date (the “Conversion Date”) specified in such Formation Unit Conversion Notice. Each holder
of Formation Units covenants and agrees with the Partnership that all Vested Formation Units to be converted pursuant to this
Section 6 shall be free and clear of all liens. Notwithstanding anything herein to the contrary or the holding period requirement
of Section 8.6A(i) of the Agreement (but subject to the remainder of Section 8.6 of the Agreement), a holder of
Formation Units may deliver a Redemption Notice pursuant to Section 8.6 of the Agreement relating to those Vested LTIP Units
that will be issued to such holder upon conversion of such Formation Units into Vested LTIP Units in advance of the Conversion
Date; provided, however, that the redemption of such Vested LTIP Units by the Partnership shall in no event take
place until the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a holder of Formation
Units in a position where, if he or she so wishes, the Vested LTIP Units into which his or her Vested Formation Units will be
converted can be redeemed by the Partnership simultaneously with such conversion notwithstanding such Vested LTIP Units were not
held for one (1) year, with the further consequence that, if the General Partner elects to assume the Partnership’s
redemption obligation with respect to such Vested LTIP Units under Section 8.6 of the Agreement by delivering to such holder
Shares rather than cash, then such holder can have such Shares issued to him or her simultaneously with the conversion of his
or her Vested Formation Units into Vested LTIP Units. The General Partner shall cooperate with a holder of Formation Units to
coordinate the timing of the different events described in the foregoing sentence.

 

D.    Formation Unit Forced Conversion.
The Partnership, at any time at the election of the General Partner, may cause any number of Vested Formation Units held by a
holder of Formation Units to be converted (a “Formation Unit Forced Conversion”) into a number of Vested LTIP
Units equal to the Formation Unit Conversion Factor, giving effect to all adjustments (if any) made pursuant to Section 4
,and may cause any number of such resulting Vested LTIP Units to be converted into a number of Common Partnership Units in accordance
with Exhibit E of the Agreement; provided that the Partnership may not cause a Formation Unit Forced Conversion of
any Formation Units that would not at the time be eligible for conversion at the option of the holder of such Formation Units
pursuant to Section 6.B. above. In order to exercise its right to cause a Formation Unit Forced Conversion, the Partnership
shall deliver a notice (a “Formation Unit Forced Conversion Notice”) in the form attached as Attachment B to
this Exhibit F to the applicable holder not less than 10 nor more than 60 days prior to the Conversion Date specified in
such Formation Unit Forced Conversion Notice. A Formation Unit Forced Conversion Notice shall be provided in the manner provided
in Section 15.1 of the Agreement.

 

    F-3

     

    

 

 E.    Conversion Procedures. A conversion of Vested Formation Units for which the holder thereof has given a Formation Unit Conversion Notice or the Partnership has given a Formation Unit Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such holder of Formation Units, as of which time such holder of Formation Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Common Partnership Units issuable upon such conversion. After the conversion of Formation Units as aforesaid, the Partnership shall deliver to such holder of Formation Units, upon his or her written request, a certificate of the General Partner certifying the number of Vested LTIP Units and remaining Formation Units, if any, held by such Person immediately after such conversion.

 

 F.    Treatment of Capital Account. For purposes of making future allocations under the Agreement, the Economic Capital Account Balance of the applicable Formation Unitholder shall be reduced, as of the date of conversion, by the amount of such Economic Capital Account Balance attributable to the converted Formation Units and such amount thereafter shall be included in the Economic Capital Account Balance of the Vested LTIP Units into which the Formation Units were converted.

 

 G.    Mandatory Conversion in Connection with a Transaction. If the Partnership or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all Common Partnership 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 Common Partnership Units shall be exchanged for or converted into the right, or the holders of Common Partnership Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Formation Unit Forced Conversion with respect to all Formation 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 and the conversion shall occur immediately prior to the effectiveness of the Transaction).

 

In anticipation of such Formation Unit Forced
Conversion and the consummation of the Transaction, the Partnership shall use commercially reasonable efforts to cause each holder
of Formation Units to be afforded the right to receive in connection with such Transaction in consideration for the Vested LTIP
Units and Common Partnership Units into which his or her Formation Units will be converted into 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 Common Partnership Units (after giving effect to the Formation Unit Conversion Factor in the case of Formation
Units), assuming such holder of Common Partnership Units is not a Person with which the Partnership consolidated or into which
the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an affiliate of a Constituent Person. In the event that holders of Common Partnership 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 holder of Formation Units of such election, and shall use commercially reasonable
efforts to afford such holders the right to elect, by written notice to the General Partner, the form or type of consideration
to be received upon conversion of each Formation Unit held by such holder into Common Partnership Units in connection with such
Transaction. If a holder of Formation Units fails to make such an election, such holder (and any of its transferees) shall receive
upon conversion of each Formation Unit held by him or her (or by any of his or her transferees) the same kind and amount of consideration
that a holder of a Common Partnership Unit would receive if such holder of Common Partnership Units failed to make such an election.

 

    F-4

     

    

 

		7.	Redemption at the Option of the Partnership.

 

Formation Units will not be redeemable at
the option of the Partnership; provided, however, that the foregoing shall not prohibit the Partnership from repurchasing
Formation Units from the holder thereof if and to the extent such holder agrees to sell such Formation Unit.

 

		8.	Voting Rights.

 

 A.     Voting with Common Partnership Units. Except as provided in Section 8.B, holders of Formation Units shall not have the right to vote on any matters submitted to a vote of the Limited Partners.

 

 B.      Special Approval Rights. Holders of Formation Units shall only (a) have those voting rights required from time to time by non-waivable provisions of applicable law, if any, and (b) have the additional voting rights that are expressly set forth in this Section 8.B. The General Partner and/or the Partnership shall not, without the affirmative vote of holders of more than 50% of the then outstanding Formation Units affected thereby, given in person or by proxy, either in writing or at a meeting (voting separately as a class), take any action that would materially and adversely alter, change, modify or amend, whether by merger, consolidation or otherwise, the rights, powers or privileges of such Formation Units, subject to the following exceptions:

 

(i)            no
separate consent of the holders of Formation Units will be required if and to the extent that any such alteration, change, modification
or amendment would equally, ratably and proportionately alter, change, modify or amend the rights, powers or privileges of the
Common Partnership Units (in which event the holders of Formation Units shall only have such voting rights, if any, as provided
in Section 14.1 of the Agreement in accordance with Section 8.A above);

 

(ii)           with
respect to any merger, consolidation or other business combination or reorganization, so long as the Formation Units either (x) are
converted into Common Partnership Units immediately prior to the effectiveness of the transaction, (y) remain outstanding
with the terms thereof materially unchanged, or (z) if the Partnership is not the surviving entity in such transaction, are
exchanged for a security of the surviving entity with terms that are materially the same with respect to rights to allocations,
distributions, redemption, conversion and voting as the Formation Units and without any income, gain or loss expected to be recognized
by the holder upon the exchange for federal income tax purposes (and with the terms of the Common Partnership Units or such other
securities into which the Formation Units (or the substitute security therefor) are convertible materially the same with respect
to rights to allocations, distributions, redemption, conversion and voting), such merger, consolidation or other business combination
or reorganization shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges
of the Formation Units, provided further, that if some, but not all, of the Formation Units are converted into Common Partnership
Units immediately prior to the effectiveness of the transaction (and neither clause (y) or (z) above is applicable),
then the consent required pursuant to this Section will be the consent of the holders of more than 50% of the Formation Units
to be outstanding following such conversion, Vested LTIP Units and Common Partnership Units outstanding voting together as a single
class pursuant to Section 8.A above;

 

(iii)          any
creation or issuance of any Common Partnership Units or of any class of series of Common Partnership Units or Preference Units
of the Partnership (whether ranking junior to, on a parity with or senior to the Formation Units or with respect to payment of
distributions, redemption rights and the distribution of assets upon liquidation, dissolution or winding up), which either (x) does
not require the consent of the holders of Common Partnership Units or (y) does require such consent and is authorized by a
vote of the holders of Common Partnership Units, Vested LTIP Units and Formation Units voting together as a single class pursuant
to Section 8.A above, together with any other class or series of units of limited partnership interest in the Partnership
upon which like voting rights have been conferred, shall not be deemed to materially and adversely alter, change, modify or amend
the rights, powers or privileges of the Formation Units;

 

    F-5

     

    

 

(iv)           any
waiver by the Partnership of restrictions or limitations applicable to any outstanding Formation Units with respect to any holder
or holders thereof shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges
of the Formation Units with respect to other holders. The foregoing voting provisions will not apply if, as of or prior to the
time when the action with respect to which such vote would otherwise be required will be taken or be effective, all outstanding
Formation Units shall have been converted and/or redeemed, or provision is made for such redemption and/or conversion to occur
as of or prior to such time; and

 

(v)            the
General Partner shall have the power, without the consent of holders of Formation Units, to amend the Agreement as may be required
to reflect any change to the Agreement not otherwise specifically permitted by this Section 8.B that the General Partner deems
necessary or appropriate in its sole discretion, provided that such change does not adversely affect or eliminate any right granted
to holders of Formation Units requiring their approval.

 

		9.	Other.

 

If there is a change in applicable tax law
such that the Formation Units become taxable to the holder of such Formation Units as ordinary income, the Partnership, at any
time at the election of the General Partner, may cause the Formation Units to be restructured and/or substituted for other awards
in a way that permits a tax deduction to the Partnership or the General Partner while preserving substantially similar pre-tax
economics to the holder of such Formation Units.

 

[End of text]

 

    F-6

     

    

 

Attachment A to Exhibit F

 

Notice of Election by Partner to Convert

Formation Units into Vested LTIP Units

 

The undersigned holder of Formation Units
hereby irrevocably elects to convert the number of Vested Formation Units in JBG SMITH Properties LP (the “Partnership”)
set forth below into Vested LTIP Units in accordance with the terms of the Limited Partnership Agreement of the Partnership, as
amended. The undersigned hereby represents, warrants, and certifies that the undersigned: (a) has title to such Formation
Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has the full
right, power, and authority to cause the conversion of such Formation Units as provided herein; and (c) has obtained the consent
or approval of all persons or entities, if any, having the right to consent or approve such conversion.

 

	Name of Holder:	 
	 	(Please Print: Exact Name as Registered with Partnership)

 

	Number
    of Formation Units to be Converted:	 	 

 

	Conversion Date:	 	 

 

	 	 
	(Signature of Holder: Sign Exact Name as Registered with Partnership)
	 
	 	 
	(Street Address)
	 
	 	 
	(City)	(State)	(Zip Code)	 

 

    

     

    

 

Attachment B to Exhibit F

 

Notice of Election by Partnership to
Force Conversion

of Formation Units into Vested LTIP Units

 

JBG SMITH Properties LP (the “Partnership”)
hereby irrevocably elects to cause the number of Formation Units held by the holder of Formation Units set forth below to be converted
into Vested LTIP Units in accordance with the terms of the Limited Partnership Agreement of the Partnership.

 

	Name of Holder:	 
	 	(Please Print: Exact Name as Registered with Partnership)

 

	Number
    of Formation Units to be Converted:	 	 

 

	Conversion Date:	 	 

 

    

     

    

 

EXHIBIT G

CONSTRUCTIVE OWNERSHIP DEFINITION

 

The term “Constructively Owns” means ownership determined
through the application of the constructive ownership rules of Section 318 of the Code, as modified by Section 856(d)(5) of
the Code. Generally, as of the date first set forth above, these rules provide the following:

 

a. an individual is considered as owning
the Ownership Interest that is owned, actually or constructively, by or for his spouse, his children, his grandchildren, and his
parents;

 

b. an Ownership Interest that is owned,
actually or constructively, by or for a partnership, limited liability company or estate is considered as owned proportionately
by its partners or beneficiaries;

 

c. an Ownership Interest that is owned,
actually or constructively, by or for a trust is considered as owned by its beneficiaries in proportion to the actuarial interest
of such beneficiaries (provided, however, that in the case of a “grantor trust” the Ownership Interest
will be considered as owned by the grantors);

 

d. if ten (10) percent or more in value
of the stock in a corporation is owned, actually or constructively, by or for any person, such person shall be considered as owning
the Ownership Interest that is owned, actually or constructively, by or for such corporation in that proportion which the value
of the stock which such person so owns bears to the value of all the stock in such corporation;

 

e. an Ownership Interest that is owned,
actually or constructively, by or for a partner or member which actually or constructively owns a 25% or greater capital interest
or profits interest in a partnership or limited liability company, or by or to or for a beneficiary of an estate or trust shall
be considered as owned by the partnership, limited liability company, estate, or trust (or, in the case of a grantor trust, the
grantors);

 

f. if ten (10) percent or more in value
of the stock in a corporation is owned, actually or constructively, by or for any person, such corporation shall be considered
as owning the Ownership Interest that is owned, actually or constructively, by or for such person;

 

g. if any person has an option to acquire
an Ownership Interest (including an option to acquire an option or any one of a series of such options), such Ownership Interest
shall be considered as owned by such person;

 

h. an Ownership Interest that is
constructively owned by a person by reason of the application of the rules described in paragraphs (a) through
(g) above shall, for purposes of applying paragraphs (a) through (g), be considered as actually owned by such
person; provided, however, that (i) an Ownership Interest constructively owned by an individual by reason
of paragraph (a) shall not be considered as owned by him for purposes of again applying paragraph (a) in order to
make another person the constructive owner of such Ownership Interest, (ii) an Ownership Interest constructively owned
by a partnership, estate, trust, or corporation by reason of the application of paragraphs (e) or (f) shall not be
considered as owned by it for purposes of applying paragraphs (b), (c), or (d) in order to make another person the
constructive owner of such Ownership Interest, (iii) if an Ownership Interest may be considered as owned by an
individual under paragraph (a) or (g), it shall be considered as owned by him under paragraph (g), and (iv) for
purposes of the above described rules, an S corporation shall be treated as a partnership and any shareholder of the S
corporation shall be treated as a partner of such partnership except that this rule shall not apply for purposes of
determining whether stock in the S corporation is constructively owned by any person.

 

i. For purposes of the above summary of
the constructive ownership rules, the term “Ownership Interest” means the ownership of stock with respect to
a corporation and, with respect to any other type of entity, the ownership of an interest in either its assets or net profits.

 

    G-1

     

    

 

EXHIBIT H

SCHEDULE OF PARTNERS’ OWNERSHIP WITH RESPECT TO TENANTS

 

	Partner	Tenant	Ownership Percentage

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