Document:

EX-10.18

 Exhibit 10.18 

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

SECOND AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 

TRADE STREET OPERATING PARTNERSHIP, LP 
 a Delaware limited partnership 
 Dated as of March 26, 2013 

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
		
	 Article I. DEFINED TERMS
	  	 	1	  
		
	 Article II. ORGANIZATIONAL MATTERS
	  	 	20	  
	 Section 2.01
	 	Organization	  	 	20	  
	 Section 2.02
	 	Name	  	 	20	  
	 Section 2.03
	 	Registered Office and Agent; Principal Office	  	 	20	  
	 Section 2.04
	 	Power of Attorney.	  	 	20	  
	 Section 2.05
	 	Term	  	 	21	  
	 Section 2.06
	 	Partnership Interests as Securities	  	 	21	  
		
	 Article III. PURPOSE
	  	 	22	  
	 Section 3.01
	 	Purpose and Business	  	 	22	  
	 Section 3.02
	 	Powers.	  	 	22	  
	 Section 3.03
	 	Partnership Only for Partnership Purposes Specified	  	 	22	  
	 Section 3.04
	 	Representations and Warranties by the Parties.	  	 	23	  
		
	 Article IV. CAPITAL CONTRIBUTIONS
	  	 	24	  
	 Section 4.01
	 	Capital Contributions of the Partners	  	 	24	  
	 Section 4.02
	 	Classes and Series of Partnership Units	  	 	24	  
	 Section 4.03
	 	Issuances of Additional Partnership Interests.	  	 	25	  
	 Section 4.04
	 	Additional Funds and Capital Contributions.	  	 	26	  
	 Section 4.05
	 	Equity Incentive Plan.	  	 	28	  
	 Section 4.06
	 	LTIP Units.	  	 	29	  
	 Section 4.07
	 	Conversion of LTIP Units.	  	 	32	  
	 Section 4.08
	 	No Interest; No Return	  	 	34	  
	 Section 4.09
	 	Other Contribution Provisions	  	 	34	  
	 Section 4.10
	 	Not Publicly Traded	  	 	35	  
	 Section 4.11
	 	No Third Party Beneficiary	  	 	35	  
		
	 Article V. DISTRIBUTIONS
	  	 	35	  
	 Section 5.01
	 	Requirement and Characterization of Distributions	  	 	35	  
	 Section 5.02
	 	Interests in Property Not Held Through the Partnership	  	 	36	  
	 Section 5.03
	 	Distributions In-Kind	  	 	36	  
	 Section 5.04
	 	Amounts Withheld	  	 	36	  
	 Section 5.05
	 	Distributions Upon Liquidation	  	 	36	  
	 Section 5.06
	 	Distributions to Reflect Issuance of Additional Partnership Units	  	 	36	  
	 Section 5.07
	 	Restricted Distributions	  	 	36	  
		
	 Article VI. ALLOCATIONS
	  	 	37	  
	 Section 6.01
	 	Timing and Amount of Allocations of Net Income and Net Loss	  	 	37	  
	 Section 6.02
	 	General Allocations.	  	 	37	  
	 Section 6.03
	 	Additional Allocation Provisions	  	 	39	  
	 Section 6.04
	 	Tax Allocations.	  	 	42	  

  
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	 Article VII. MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	42	  
	 Section 7.01
	 	Management.	  	 	42	  
	 Section 7.02
	 	Certificate of Limited Partnership	  	 	47	  
	 Section 7.03
	 	Restrictions on General Partner’s Authority.	  	 	47	  
	 Section 7.04
	 	Reimbursement of the General Partner and Parent.	  	 	49	  
	 Section 7.05
	 	Outside Activities of the General Partner	  	 	50	  
	 Section 7.06
	 	Contracts with Affiliates.	  	 	50	  
	 Section 7.07
	 	Indemnification.	  	 	51	  
	 Section 7.08
	 	Liability of the General Partner.	  	 	53	  
	 Section 7.09
	 	Other Matters Concerning the General Partner and the Parent.	  	 	55	  
	 Section 7.10
	 	Title to Partnership Assets	  	 	55	  
	 Section 7.11
	 	Reliance by Third Parties	  	 	55	  
		
	 Article VIII. RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	56	  
	 Section 8.01
	 	Limitation of Liability	  	 	56	  
	 Section 8.02
	 	Management of Business	  	 	56	  
	 Section 8.03
	 	Outside Activities of Limited Partners	  	 	56	  
	 Section 8.04
	 	Return of Capital	  	 	57	  
	 Section 8.05
	 	Adjustment Factor	  	 	57	  
	 Section 8.06
	 	Redemption Rights.	  	 	57	  
		
	 Article IX. BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	59	  
	 Section 9.01
	 	Records and Accounting.	  	 	59	  
	 Section 9.02
	 	Reports.	  	 	59	  
		
	 Article X. TAX MATTERS
	  	 	60	  
	 Section 10.01
	 	Preparation of Tax Returns	  	 	60	  
	 Section 10.02
	 	Tax Elections.	  	 	60	  
	 Section 10.03
	 	Tax Matters Partner.	  	 	61	  
	 Section 10.04
	 	Withholding	  	 	62	  
	 Section 10.05
	 	Organizational Expenses	  	 	63	  
		
	 Article XI. TRANSFERS AND WITHDRAWALS
	  	 	63	  
	 Section 11.01
	 	Transfer.	  	 	63	  
	 Section 11.02
	 	Transfer of General Partner’s Partnership Interest.	  	 	63	  
	 Section 11.03
	 	Transfer of Limited Partners’ Partnership Interests.	  	 	64	  
	 Section 11.04
	 	Substituted Limited Partners.	  	 	66	  
	 Section 11.05
	 	Assignees	  	 	66	  
	 Section 11.06
	 	General Provisions.	  	 	67	  
		
	 Article XII. ADMISSION OF PARTNERS
	  	 	68	  
	 Section 12.01
	 	Admission of Successor General Partner	  	 	68	  
	 Section 12.02
	 	Admission of Additional Limited Partners.	  	 	68	  
	 Section 12.03
	 	Amendment of Agreement and Certificate of Limited Partnership	  	 	69	  
	 Section 12.04
	 	Limit on Number of Partners	  	 	69	  
	 Section 12.05
	 	Admission	  	 	69	  

  
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	 Article XIII. DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	70	  
	 Section 13.01
	 	Dissolution	  	 	70	  
	 Section 13.02
	 	Winding Up.	  	 	70	  
	 Section 13.03
	 	Deemed Distribution and Recontribution	  	 	73	  
	 Section 13.04
	 	Rights of Limited Partners	  	 	74	  
	 Section 13.05
	 	Notice of Dissolution	  	 	74	  
	 Section 13.06
	 	Cancellation of Certificate of Limited Partnership	  	 	74	  
	 Section 13.07
	 	Reasonable Time for Winding-Up	  	 	74	  
		
	 Article XIV. PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS
	  	 	74	  
	 Section 14.01
	 	Procedures for Actions and Consents of Partners	  	 	74	  
	 Section 14.02
	 	Amendments	  	 	74	  
	 Section 14.03
	 	Meetings of the Partners.	  	 	75	  
		
	 Article XV. GENERAL PROVISIONS
	  	 	76	  
	 Section 15.01
	 	Addresses and Notice	  	 	76	  
	 Section 15.02
	 	Titles and Captions	  	 	76	  
	 Section 15.03
	 	Pronouns and Plurals	  	 	76	  
	 Section 15.04
	 	Further Action	  	 	76	  
	 Section 15.05
	 	Binding Effect	  	 	76	  
	 Section 15.06
	 	Waiver.	  	 	76	  
	 Section 15.07
	 	Counterparts	  	 	77	  
	 Section 15.08
	 	Applicable Law.	  	 	77	  
	 Section 15.09
	 	Entire Agreement	  	 	77	  
	 Section 15.10
	 	Invalidity of Provisions	  	 	77	  
	 Section 15.11
	 	Limitation to Preserve REIT Qualification	  	 	78	  
	 Section 15.12
	 	No Partition	  	 	78	  
	 Section 15.13
	 	No Third-Party Rights Created Hereby	  	 	79	  
	 Section 15.14
	 	No Rights as Members of the General Partner Nor as Stockholders of the Parent.	  	 	79	  
		
	 Article XVI. CLASS A PREFERRED UNITS
	  	 	79	  
	 Section 16.01
	 	Designation and Number	  	 	79	  
	 Section 16.02
	 	Rank	  	 	79	  
	 Section 16.03
	 	Voting	  	 	79	  
	 Section 16.04
	 	Nonliquidating Distributions	  	 	80	  
	 Section 16.05
	 	Liquidation Preference.	  	 	82	  
	 Section 16.06
	 	Conversion.	  	 	82	  
		
	 Article XVII. CLASS B CONTINGENT UNITS
	  	 	83	  
	 Section 17.01
	 	Designation and Number	  	 	83	  
	 Section 17.02
	 	Rank	  	 	83	  
	 Section 17.03
	 	Voting	  	 	83	  
	 Section 17.04
	 	Nonliquidating Distributions	  	 	83	  
	 Section 17.05
	 	Conversion of Class B Contingent Units.	  	 	84	  

  
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	 Exhibit A
	 	Partners and Partnership Units	  	 	A-1	  
	 Exhibit B
	 	Notice of Redemption of OP Units	  	 	B-1	  
	 Exhibit C
	 	DRO Partners and DRO Amounts	  	 	C-1	  
	 Exhibit D
	 	Notice of Election by Partner to Convert Profits Interest LTIP Units into OP Units	  	 	D-1	  
	 Exhibit E
	 	Notice of Election by Partnership to Force Conversion of LTIP Units into OP Units	  	 	E-1	  
	 Exhibit F-1
	 	Certification of Non-Foreign Status (Entities)	  	 	F-1	  
	 Exhibit F-2
	 	Certification of Non-Foreign Status (Individuals)	  	 	F-2	  

  
 iv 

 THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF TRADE STREET
OPERATING PARTNERSHIP, LP, dated as of March 26, 2013, is entered into by and among Trade Street OP GP, LLC, a Delaware limited liability company (the “General Partner”), and the limited partners listed on Exhibit A
hereto (each a “Limited Partner”). 
 WHEREAS, a Certificate of Limited Partnership of the Partnership
was filed in the office of the Secretary of State of the State of Delaware on April 26, 2012; 
 WHEREAS, the
General Partner and the Limited Partners entered into an Agreement of Limited Partnership of Trade Street Operating Partnership, LP, dated as of June 1, 2012, to set forth the rights and obligations of the General Partner and the Limited
Partners (the “Original Agreement”); 
 WHEREAS, the General Partner and the Limited Partners entered
into a First Amended and Restated Agreement of Limited Partnership of Trade Street Operating Partnership, LP, dated as of February 8, 2013, to amend and restate the Original Agreement and to set forth the rights and obligations of the General
Partner and the Limited Partners (the “First A&R Agreement”); and 
 WHEREAS, the General Partner
and the Limited Partners desire to amend and restate the First A&R Agreement in its entirety by entering into this Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree to amend and restate the First A&R Agreement in its entirety and agree to continue the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as
follows: 
 ARTICLE I. 
 DEFINED TERMS 
 The following definitions shall be for all purposes, unless
otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “Act” means the
Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17-101 et seq.), as it may be amended from time to time, and any successor to such statute. 
 “Additional Funds” has the meaning set forth in Section 4.04(a) hereof. 
 “Additional Limited Partner” means a Person who is admitted to the Partnership as a Limited Partner pursuant to Section 4.03 and Section 12.02 hereof and who is
shown as such on the books and records of the Partnership. 
 “Adjusted Capital Account” means the Capital
Account maintained for each Partner, which, as of the end of each Partnership Year or other applicable period, is (i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed
to be obligated to restore pursuant to the penultimate sentences of Regulations 

  
 1 

 
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. 
 “Adjustment Event”
shall have the meaning set forth in Section 4.06(a)(i) hereof. 
 “Adjustment Factor” means 1.0;
provided, however, that in the event that: 
 (a) the Parent (a) declares or pays a dividend on its outstanding
Common REIT Shares wholly or partly in Common REIT Shares or makes a distribution to all holders of its outstanding Common REIT Shares wholly or partly in Common REIT Shares, (b) splits or subdivides its outstanding Common REIT Shares or
(c) effects a reverse stock split or otherwise combines its outstanding Common REIT Shares into a smaller number of Common REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a
fraction, (1) the numerator of which shall be the number of Common REIT Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such
dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (2) the denominator of which shall be the actual number of Common REIT Shares (determined without the above assumption) issued and
outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; 
 (b) the
Parent distributes any rights, options or warrants to all holders of its Common REIT Shares to subscribe for or to purchase or to otherwise acquire Common REIT Shares (or other securities or rights convertible into, exchangeable for or exercisable
for Common REIT Shares) at a price per share less than the Value of a Common REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights, or, if
later, the time such Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the sum of (1) the number of
Common REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus (2) the maximum number of Common REIT Shares purchasable under such Distributed Rights and (b) the
denominator of which shall be the sum of (1) the number of Common REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus (2) a fraction (A) the numerator of which
is the maximum number of Common REIT Shares purchasable under such Distributed Rights multiplied by the minimum purchase price per Common REIT Share under such Distributed Rights and (B) the denominator of which is the Value of a Common REIT
Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided, however, that if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted,
effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced maximum number of Common REIT Shares or any change in the minimum purchase price for the purposes of the above fraction; 

  
 2 

 (c) the Parent shall, by dividend or otherwise, distribute to all holders of its Common REIT
Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (a) or (b) above), which evidences of indebtedness or assets relate to assets not received by the
Parent or its Subsidiaries pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor in effect immediately prior to the close of
business on the date fixed for determination of stockholders of the Parent entitled to receive such distribution by a fraction (a) the numerator of which shall be such Value of a Common REIT Share on the date fixed for such determination and
(b) the denominator of which shall be (1) the Value of a Common REIT Share on the dates fixed for such determination minus (2) the then fair market value (as determined by Parent, whose determination shall be conclusive) of the
portion of the evidences of indebtedness or assets so distributed applicable to one Common REIT Share; and 
 (d) an entity
other than an Affiliate of the Parent shall acquire a majority of the issued and outstanding shares of stock of the Parent (by vote or value) pursuant to any merger, consolidation or combination of the Parent with or into another entity (the
“Successor Entity”), the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor by the number of shares of the Successor Entity into which one Common REIT Share is converted pursuant to such merger, consolidation
or combination, determined as of the date of such merger, consolidation or combination. 
 Any adjustments to the Adjustment
Factor shall become effective immediately after the effective date of such event, retroactive to the record date, if any, for such event. Notwithstanding the foregoing, the Adjustment Factor shall not be adjusted in connection with an event
described in clauses (a) or (b) above if, in connection with such event, the Partnership makes a distribution of cash, Partnership Units, REIT Shares and/or rights, options or warrants to acquire Partnership Units and/or REIT Shares with
respect to all applicable OP Units (including LTIP Units) or effects a reverse split of, or otherwise combines, the OP Units (including LTIP Units), as applicable, that is comparable as a whole in all material respects with such an event, or if in
connection with an event described in clause (d) above, the consideration in Section 11.02(b) hereof is paid to the Holders of OP Units. 
 “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling or controlled by or under common control with such Person, (ii) any Person
owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any Person of which such Person owns or controls ten percent (10%) or more of the voting interests or (iv) any officer,
director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii), and (iii) above. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 

  
 3 

 “Agreement” means this Second Amended and Restated Agreement of Limited
Partnership of Trade Street Operating Partnership, LP, as it may be further amended, supplemented or restated from time to time. 
 “Assignee” means a Person to whom one or more Partnership Units have been Transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and
who has the rights set forth in Section 11.05 hereof. 
 “Available Cash” means, with respect to
any period for which such calculation is being made, the amount of cash available for distribution by the Partnership to the Partners as determined by the General Partner in its sole and absolute discretion. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to close. 
 “Bylaws” means the Bylaws of the Parent, as amended, supplemented or
restated from time to time. 
 “Capital Account” means, with respect to any Partner, the Capital Account
maintained by the General Partner for such Partner on the Partnership’s books and records in accordance with the following provisions: 
 (a) To each Partner’s Capital Account, there shall be added such Partner’s Capital Contributions, such Partner’s distributive share of Net Income and any items in the nature of income or
gain that are specially allocated pursuant to Section 6.03 hereof, and the principal amount of any Partnership liabilities assumed by such Partner or that are secured by any property distributed to such Partner. 

(b) From each Partner’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of any property
distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to Section 6.03 hereof,
and the principal amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership. 
 (c) In the event any Partnership Interest is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent that it relates
to the Transferred interest. 
 (d) In determining the principal amount of any liability for purposes of subsections
(a) and (b) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 (e) The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a
manner consistent with such Regulations. If the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such

  
 4 

 
modification provided, that such modification will not have a material effect on the amounts distributable to any Partner without such Partner’s Consent. The General Partner may, in
its sole discretion, (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as
computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (ii) make any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations
Section 1.704-1(b) or Section 1.704-2. 
 “Capital Account Deficit” has the meaning set forth in
Section 13.02(c) hereof. 
 “Capital Account Limitation” has the meaning set forth in
Section 4.07(b) hereof. 
 “Capital Contribution” means, with respect to any Partner, the amount of
money and the initial Gross Asset Value of any Contributed Property that such Partner contributes to the Partnership or is deemed to contribute to the Partnership pursuant to Section 4.04 hereof. 

“Cash Amount” means, with respect to a Tendering Partner, an amount of cash equal to the product of (A) the Value
of a Common REIT Share and (B) such Tendering Partner’s Common REIT Shares Amount determined as of the date of receipt by the General Partner of such Tendering Partner’s Notice of Redemption or, if such date is not a Business Day, the
immediately preceding Business Day. 
 “Certificate” means the Certificate of Limited Partnership of the
Partnership filed in the office of the Secretary of State of the State of Delaware on April 26, 2012, as amended from time to time in accordance with the terms hereof and the Act. 

“Charity” means an entity described in Code Section 501(c)(3) or any trust all the beneficiaries of which are such
entities. 
 “Charter” means the Articles of Incorporation of the Parent as filed with the State Department of
Assessments and Taxation of Maryland, as amended, supplemented or restated from time to time. 
 “Class A Preferred
Return” has the meaning set forth in Section 16.04(a) hereof. 
 “Class A Preferred Return
Rate” has the meaning set forth in Section 16.04(a) hereof. 
 “Class A Preferred Unit”
means a fractional share of the Partnership Interests of all Partners described in Article XVI and issued pursuant to Sections 4.01, 4.03 and 4.04 hereof. 

“Class A Preferred REIT Share” means a share of the Parent’s class A preferred common stock, par value $100.00 per
share. 
 “Class B Contingent Base Amount” has the meaning set forth in Section 17.05(c) hereof.

  
 5 

 “Class B Contingent Unit” means a fractional share of the Partnership
Interests of all Partners described in Article XVII and issued pursuant to Sections 4.01, 4.03 and 4.04 hereof. 
 “Closing Price” has the meaning set forth in the definition of “Value.” 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any
reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 
 “Common REIT Share” means a share of the Parent’s common stock, par value $0.01 per share. Where relevant in this Agreement, “Common REIT Share” includes a share of
the Parent’s common stock, par value $0.01 per share, issued upon conversion of a Preferred REIT Shares or Junior REIT Shares. 
 “Common REIT Share FMV” means with respect to a determination date (i) the average closing sales price of a Common REIT Share on the securities exchange, if any, on which Common REIT
Shares are Publicly Traded or (ii) if the Common REIT Shares are not Publicly Traded, the average of the bid and ask prices as quoted at the end of the trading day in an interdealer market, in either case, for the twenty (20) Business Days
immediately preceding the determination date. Notwithstanding the foregoing, if the Adjustment Factor is increased or decreased during such twenty (20) Business Day period, the General Partner shall take into account such increase or decrease
in determining the Common REIT Share FMV. If the determination Date of the Common REIT Share FMV is other than a Business Day, the Common REIT Share FMV shall be determined as of the Business Day immediately preceding such day as if it were the
determination date of the Common REIT Share FMV. 
 “Common REIT Shares Amount” means a number of Common REIT
Shares equal to the product of (a) the number of Tendered Units and (b) the Adjustment Factor in effect on the Specified Redemption Date with respect to such Tendered Units; provided, however, that in the event that the Parent
issues to all holders of Common REIT Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the Parent’s stockholders to subscribe for or purchase REIT Shares, or any other securities or
property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption
Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the Common REIT Shares Amount shall also include such Rights that a holder of that number of Common REIT Shares would be entitled to receive, expressed,
where relevant hereunder, in a number of Common REIT Shares determined by the General Partner in good faith. 

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

  
 6 

 “Contributed Property” means each item of Property or other asset, in such
form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a “new” partnership pursuant to Code Section 708) net of any liabilities
assumed by the Partnership relating to such Contributed Property and any liability to which such Contributed Property is subject. 
 “Contributing Entity” has the meaning set forth in the definition of “Indemnitee.” 
 “Controlled Entity” means, as to any Partner, (a) any corporation more than twenty five percent (25%) of the outstanding voting stock of which is owned by such Partner and such
Partner’s Family Members and Affiliates, (b) any trust, whether or not revocable, of which such Partner and such Partner’s Family Members and Affiliates are the sole initial income beneficiaries, (c) any partnership of which such
Partner or such Partner’s Family Members and Affiliates are the managing partners and in which such Partner, such Partner’s Family Members and Affiliates hold partnership interests representing at least twenty-five percent (25%) of
such partnership’s capital and profits and (d) any limited liability company of which such Partner or such Partner’s Family Members and Affiliates are the managers or otherwise control the management of such limited liability company
and in which such Partner, such Partner’s Family Members and Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. 

“Conversion Date” shall have the meaning set forth in Section 4.07(b). 

“Conversion Notice” shall have the meaning set forth in Section 4.07(b). 

“Conversion Right” shall have the meaning set forth in Section 4.07(a). 

“Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments
guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the
extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted
accounting principles, should be capitalized. 
 “Depreciation” means, for each Partnership Year or other
applicable period, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or
other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is
zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

  
 7 

 “Distributed Right” has the meaning set forth in the definition of
“Adjustment Factor.” 
 “DRO Amount” means the amount specified on Exhibit C with
respect to any DRO Partner, as such Exhibit may be amended from time to time. 
 “DRO Partner” means a Partner
who has agreed in writing to be a DRO Partner and has agreed and is obligated to make certain Capital Contributions, not in excess of such DRO Partner’s DRO Amount, to the Partnership with respect to such Partner’s Capital Account Deficit
upon the occurrence of certain events. 
 “Economic Capital Account Balances” has the meaning set forth in
Section 6.03(d) hereof. 
 “Effective Date” means the date of this Agreement. 

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Equity Incentive Plan” means any equity incentive plan hereafter adopted by the Partnership or
the Parent. 
 “Family Member” means, as to a Person that is an individual, such Person’s spouse,
ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any limited liability company or inter vivos or testamentary trusts (whether revocable or irrevocable)
of which only such Person, his or her spouse, ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister are initial income beneficiaries. 

“Final Adjustment” has the meaning set forth in Section 10.03(b)(ii) hereof. 

“First A&R Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership,
dated as of February 8, 2013. 
 “Florida Courts” shall have the meaning set forth in
Section 15.08(b). 
 “Forced Redemption” shall have the meaning set forth in
Section 4.07(c). 
 “Forced Redemption Notice” shall have the meaning set forth in
Section 4.07(c). 
 “Funding Debt” means the incurrence of any Debt for the purpose of providing
funds to the Partnership by or on behalf of the Parent or any wholly owned subsidiary of the Parent. 

  
 8 

 “General Partner” means Trade Street OP GP, LLC, a Delaware limited
liability company, and its successors and assigns, as the general partner of the Partnership. 
 “General Partner
Interest” means the Partnership Interest held by the General Partner, which Partnership Interest is an interest as a general partner under the Act. The General Partner will not be required to make a Capital Contribution to the Partnership
in exchange for the General Partner Interest. 
 “Gross Asset Value” means, with respect to any asset, the
asset’s adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial Gross Asset Value of any
asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset as determined by the General Partner in its sole discretion. 
 (b) The Gross Asset Values of all Partnership assets immediately prior to the occurrence of any event described in clause (i), clause (ii), clause (iii) or clause (iv) hereof shall be adjusted
to equal their respective gross fair market values, as determined by the General Partner in its sole discretion using such reasonable method of valuation as it may adopt, as of the following times: 

(i) the acquisition of an additional Partnership Interest (other than in connection with the execution of this Agreement but including,
without limitation, acquisitions pursuant to Section 4.02 hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.02 hereof) by a new or existing Partner in exchange for more than a de
minimis Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; provided, that the issuance of any
LTIP Unit shall be deemed to require a recalculation pursuant to this subsection; 
 (ii) the distribution by the Partnership to
a Partner of more than a de minimis amount of Property as consideration for an Partnership Interest, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of
the Partners in the Partnership; 
 (iii) the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and 
 (iv) at such other times as the General Partner shall reasonably determine necessary
or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 
 (c) The Gross Asset Value of any
Partnership asset distributed to a Partner shall be the gross fair market value of such asset on the date of distribution as determined by the distributee and the General Partner provided, that, if the distributee is the General Partner or if
the distributee and the General Partner cannot agree on such a determination, such gross fair market value shall be determined by an independent third party experienced in the valuation of similar assets, selected by the General Partner in good
faith. 

  
 9 

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

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

  
 10 

 
other Persons (including (A) Affiliates of the General Partner, the Parent or the Partnership, (B) a present or former member, manager, shareholder, director, limited partner, general
partner, officer or controlling person of (1) Trade Street Capital, LLC, Trade Street Investment Advisor, LLLP, Trade Street Property Management, LLC, Trade Street Property Fund I, LP, or BCOM Real Estate Fund, LLC (each such entity, a
“Contributing Entity”) or (2) any direct or indirect partner or member, or any employee benefit plan or other enterprise thereof or (C) any agent for participants in any Contributing Entity or any direct or indirect
partner or member thereof) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

“Independent Directors” means the independent directors of the Board of Directors of the Parent as determined by the
rules and regulations of the New York Stock Exchange then in effect. 
 “IRS” means the Internal Revenue
Service, which administers the internal revenue laws of the United States. 
 “Junior REIT Share” means a share
of capital stock of the Parent now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the Common REIT Shares. 

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

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

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

“Liquidating Event” has the meaning set forth in Section 13.01 hereof. 

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

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

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

“LTIP Unit” means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other
privileges and restrictions, qualifications, and limitations set forth in Section 4.06 hereof (except as may be varied by the designations applicable to any 

  
 11 

 
particular class or series of LTIP Units) and elsewhere in this Agreement (including any exhibit hereto creating any new class or series of LTIP Units) or in the Equity Incentive Plan or the
award, vesting, or other agreement pursuant to which an LTIP Unit is granted to the holder thereof. The allocation of LTIP Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time. 

“LTIP Unitholder” means a Partner that holds LTIP Units. 

“LV Safe Harbor” has the meaning set forth in Section 10.02(b) hereof. 

“LV Safe Harbor Election” has the meaning set forth in Section 10.02(b) hereof. 

“LV Safe Harbor Interests” has the meaning set forth in Section 10.02(b) hereof. 

“Maitland Property” means the property indirectly owned by the Partnership known as The Estates at Maitland and located
in Maitland, Florida. 
 “Majority in Interest of the Outside Limited Partners” means Limited Partners
(excluding for this purpose (i) any Limited Partnership Interests held by the General Partner or its Subsidiaries, (ii) any Person of which the General Partner or its Subsidiaries directly or indirectly owns or controls more than 50% of
the voting interests and (iii) any Person directly or indirectly owning or controlling more than 50% of the outstanding interests of the General Partner) in the aggregate owning or controlling Percentage Interests that are greater than 50% of
the aggregate Percentage Interests of all such Limited Partners of all classes that are not excluded for the purpose of granting Consent to the applicable action. 
 “Mandatory Conversion Event” means the occurrence of any of the following events: 
 (a) the public announcement of the execution of a definitive agreement the consummation of which would result in a Parent Change of Control; 

(b) a public announcement by a person other than Parent of a tender or exchange offer that, if successfully completed, would result in a
Parent Change of Control; 
 (c) Parent makes an assignment for the benefit of its creditors; 

(d) Parent voluntarily files a petition under the United States bankruptcy code and rules promulgated thereunder; 

(e) Parent seeks, consents to or acquiesces in the appointment of a custodian, receiver or any trustee for it or a substantial part of
its assets primarily for the benefit of its creditors; 
 (f) Parent commences a proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or 
 (g) a petition of the nature described in subparagraph (f) above is filed, or any such proceeding is commenced against Parent, in which an order for relief is entered or which remains undismissed for
a period of more than sixty (60) days from the date of filing or commencement, as applicable. 

  
 12 

 “Market Price” has the meaning set forth in the definition of
“Value.” 
 “Midlothian Property” means the property indirectly owned by the Partnership known as
“Midlothian Town Center – East” and located in Midlothian, Virginia. 
 “Millenia II Property”
means the property indirectly owned by the Partnership known as Estates at Millenia - Phase II and located in Orlando, Florida. 

“Net Income” or “Net Loss” means, for each Partnership Year of the Partnership, an amount equal to the
Partnership’s taxable income or loss for such year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1)
shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the
Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the
case may be) such taxable income (or loss); 
 (b) Any expenditure of the Partnership described in Code
Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of
“Net Income” or “Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 
 (c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection (c) of the definition of “Gross Asset Value,” the amount of such
adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the
property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be taken into account in computing such taxable income or loss, there shall be taken into account
Depreciation for such Partnership Year; 
 (f) To the extent that an adjustment to the adjusted tax basis of any
Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other
than in liquidation of a Partner’s Partnership Interest, the amount of such adjustment shall be treated as an item 

  
 13 

 
of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for
purposes of computing Net Income or Net Loss; and 
 (g) Notwithstanding any other provision of this definition
of “Net Income” or “Net Loss”, any item that is specially allocated pursuant to Section 6.03 hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of
Partnership income, gain, loss or deduction available to be specially allocated pursuant to Section 6.03 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or
“Net Loss”. 
 “Net Operating Income” has the meaning set forth in Section 6.03(c)
hereof. 
 “New REIT Securities” means (i) any rights, options, warrants or convertible or exchangeable
securities having the right to subscribe for or purchase REIT Shares, except that “New REIT Securities” shall not mean any Preferred REIT Shares, Junior REIT Shares or grants under the Equity Incentive Plans and (ii) any Debt
issued by the Parent that provides any of the rights described in clause (i). 
 “Nonrecourse Deductions” has
the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

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

“Notice of Redemption” means the Notice of Redemption substantially in the form of Exhibit B attached to this
Agreement. 
 “OP Unit” means a fractional share of the Partnership Interests of all Partners issued pursuant
to Sections 4.01, 4.03 and 4.04 hereof, but does not include any LTIP Unit, Preferred Unit, Junior Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than an OP Unit. 

“OP Unit Economic Balance” has the meaning set forth in Section 6.03(d) hereof. 

“Original Agreement” means the original Agreement of Limited Partnership of the Partnership, dated as of June 1,
2012. 
 “Outside Interest” has the meaning set forth in Section 5.02 hereof. 

“Parent” means Trade Street Residential, Inc., a Maryland corporation. 

“Parent Change of Control” means a merger, acquisition, share exchange, or consolidation that would result in
stockholders of Parent at the time of such transaction to fail to own at least 51.0% of the outstanding voting equity securities of Parent upon consummation of such transaction or a sale of assets of Parent that, under state law or the rules of any
securities exchange on which Common REIT Shares are then Publicly Traded, requires a vote of the stockholders of Parent. 

  
 14 

 “Parent Employee” means any employee of the Partnership, the General
Partner, the Parent and any of their Subsidiaries. 
 “Partner” means the General Partner or a Limited Partner,
and “Partners” means the General Partner and the Limited Partners. 
 “Partner Minimum Gain”
means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations
Section 1.704-2(i)(3). 
 “Partner Nonrecourse Debt” has the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed under the Act by the filing of the Certificate and governed pursuant
to this Agreement, and any successor thereto. 
 “Partnership Interest” means an ownership interest in the
Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of OP Units, LTIP Units, Preferred Units, Junior Units or other
Partnership Units. 
 “Partnership Minimum Gain” has the meaning set forth in Regulations
Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d). 
 “Partnership Record Date” means a record date established by the General Partner
for the distribution of Available Cash pursuant to Section 5.01 hereof, which record date shall generally be the same as the record date established by the Parent for a distribution to its stockholders of some or all of its portion of
such distribution. 
 “Partnership Unit” shall mean an OP Unit, an LTIP Unit, a Preferred Unit, a Junior Unit
or any other fractional share of the Partnership Interests that is established in Section 4.02 or that the General Partner has authorized pursuant to Article IV hereof. 

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

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

  
 15 

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

“Person” means an individual or a corporation, partnership (including, but not limited to, any general or limited
partnership), trust, estate, custodian, nominee, unincorporated organization, association, limited liability company or any other individual or entity in its own or any representative capacity. 

“Preferred Parity Units” means Class A Preferred Units and all other classes or series of Preferred Units issued by
the Partnership, the terms of which specifically provide that such Preferred Units rank on a parity with Class A Preferred Units with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership.

 “Preferred REIT Share” means a share of capital stock of the Parent now or hereafter authorized or
reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common REIT Shares and includes a Class A Preferred REIT Share. 

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

“Preferred Unit Distribution Payment Date” means the 15th day of January, April, July and October of each year or, if
not a Business Day, the next succeeding Business Day. 
 “Preferred Unit Distribution Record Date” has the
meaning set forth in Section 16.04(a) hereof. 
 “Properties” means any assets and property of the
Partnership such as, but not limited to, interests in real property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint
ventures or partnerships, interests in mortgages, and Debt instruments as the Partnership may hold from time to time and “Property” shall mean any one such asset or property. 

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

  
 16 

 “Qualified Assets” means any of the following assets: (i) interests,
rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests in Qualified
REIT Subsidiaries (or other entities disregarded from their sole owner for federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a one percent (1%) equity interest
in any partnership or limited liability company at least ninety-nine percent (99%) of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment of administrative expenses or pending distribution to
security holders of the Parent or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the
Partnership and its Subsidiaries. 
 “Qualified REIT Subsidiary” means any Subsidiary of the General Partner
that is a “qualified REIT subsidiary” within the meaning of Code Section 856(i). 
 “Qualified
Transferee” means an “Accredited Investor” as defined in Rule 501 promulgated under the Securities Act. 

“Recourse Liabilities” means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and
liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-(2)(i)). 

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

“Regular Class B Cash Distribution” has the meaning set forth in Section 17.04(a) hereof. 

“Regulations” means the applicable income tax regulations promulgated by the United States Treasury Department, whether
such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Regulatory Allocations” has the meaning set forth in Section 6.03(a)(vii) hereof. 
 “REIT” means an entity that is treated as a real estate investment trust for federal income tax purposes under Code Sections 856 through 860. 

“REIT Payment” has the meaning set forth in Section 15.11 hereof. 

“REIT Requirements” has the meaning set forth in Section 5.01 hereof. 

“REIT Share” means a Common REIT Share, a Preferred REIT Share (including, but not limited to, a Class A Preferred
REIT Share), a Junior REIT Share or share of any other class or series of stock issued by the Parent. 

“Rights” has the meaning set forth in the definition of “Common REIT Shares Amount.” 

  
 17 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “Services Agreement” means any management, development or
advisory agreement with a property and/or asset manager for the provision of property management, asset management, leasing, development and/or similar services with respect to the Properties and any agreement for the provision of services of
accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, financial advisors and other professional services. 
 “Specified Redemption Date” means the 10th Business Day following receipt by the General Partner of a Notice of Redemption; provided, that, if the Common REIT Shares are not
Publicly Traded, the Specified Redemption Date means the 30th Business Day following receipt by the General Partner of a Notice of Redemption. 
 “Stabilization” means the time at which a given apartment community (e.g., the Maitland Property, the Midlothian Property, the Millenia II Property or the Venetian Property) has been
placed in service and achieved a ninety percent (90%) physical occupancy. 
 “Subsidiary” means, with
respect to any Person, any other Person (which is not an individual) of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership
pursuant to Section 11.04 hereof. 
 “Successor Entity” has the meaning set forth in the definition
of “Adjustment Factor.” 
 “Tendered Units” has the meaning set forth in
Section 8.06(a) hereof. 
 “Tendering Partner” has the meaning set forth in
Section 8.06(a) hereof. 
 “Terminating Capital Transaction” means any sale or other disposition of
all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 

“Termination Transaction” has the meaning set forth in Section 11.02(b) hereof. 

“Transaction” shall have the meaning set forth in Section 4.07(f). 

“Transfer,” when used with respect to a Partnership Unit, or all or any portion of a Partnership Interest, means any
sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of law;
provided, however, that when the term is used in Article XI hereof, “Transfer” does not include (a) any Redemption of Partnership Units by the Partnership or the Parent, or acquisition of Tendered Units by the
General Partner or the Parent, pursuant to Section 8.06 hereof or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms “Transferred” and “Transferring”
have correlative meanings. 

  
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 “Unvested LTIP Units” has the meaning set forth in
Section 4.06(c)(i) hereof. 
 “Value” means, on any date of determination with respect to a Common
REIT Share, the average of the daily Market Prices for twenty consecutive trading days immediately preceding the date of determination except that, as provided in Section 4.05(b) hereof, the Market Price for the trading day immediately
preceding the date of exercise of a stock option under any Equity Incentive Plan shall be substituted for such average of daily market prices for purposes of Section 4.05 hereof; provided, however, that for purposes of
Section 8.06, the “date of determination” shall be the date of receipt by the Parent of a Notice of Redemption or, if such date is not a Business Day, the immediately preceding Business Day. The term “Market
Price” on any date shall mean, with respect to any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The “Closing Price” on any date shall mean the last sale price for such
REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction reporting system
with respect to securities listed or admitted to trading on the American Stock Exchange or the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the American Stock Exchange or the New York Stock Exchange, as
reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such REIT Shares are listed or admitted to trading or, if such REIT Shares are not listed or
admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low ask prices in the principal automated quotation system that may then be in use or, if such REIT Shares are not
quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors of the Parent or, in the event that no trading price
is available for such REIT Shares, the fair market value of such REIT Shares, as determined in good faith by the Board of Directors of the Parent. 
 In the event that the Common REIT Shares Amount includes Rights that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the Parent acting in good
faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 

“Venetian Property” means the property directly or indirectly owned by the Partnership known as The Venetian and located
in Fort Meyers, Florida. 
 “Vested LTIP Units” has the meaning set forth in Section 4.06(c)(i)
hereof. 
 “Vesting Agreement” means each or any, as the context implies, an agreement entered into by an LTIP
Unitholder upon acceptance of an award of LTIP Units under an Equity Incentive Plan. 

  
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 ARTICLE II. 
 ORGANIZATIONAL MATTERS 
 Section 2.01 Organization. The
Partnership is a limited partnership organized pursuant to the provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary; the rights and obligations of the
Partners and the administration and termination of the Partnership, shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 

Section 2.02 Name. The name of the Partnership is “Trade Street Operating Partnership, 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 General Partner in its sole and absolute discretion may
change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners. 
 Section 2.03 Registered Office and Agent; Principal Office. The address of the registered office of the Partnership in the State of Delaware is located at 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 is The Corporation Trust Company. The principal office of the Partnership
is located at 19950 West Country Club Drive, Suite 800, Aventura, FL 33180 or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other place or
places within or outside the State of Delaware as the General Partner deems advisable. 
 Section 2.04 Power of
Attorney. 
 (a) By executing this Agreement, each Limited Partner and each Assignee irrevocably constitutes and appoints the
General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority
in its name, place and stead to: 
 (i) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate
public offices (a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the General Partner or the Liquidator deems
appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the
State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or the Liquidator deems appropriate or necessary to reflect any amendment, change,
modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and
liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and 

  
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other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms
of this Agreement; (e) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article XI, Article XII or Article XIII hereof or the Capital
Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges relating to Partnership Interests; and 

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

Nothing contained herein shall be construed as authorizing the General Partner or the Liquidator to amend this Agreement except in
accordance with Article XIV hereof or as may be otherwise expressly provided for in this Agreement. 
 (b) The foregoing
power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Limited Partners and Assignees will be relying upon the power of the General Partner or the Liquidator
to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any
portion of such Limited Partner’s or Assignee’s Partnership Units or Partnership Interest and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner
or Assignee hereby agrees to be bound by any representation made by the General Partner or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses that may
be available to contest, negate or disaffirm the action of the General Partner or the Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator,
within 15 days after receipt of the General Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to
effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this Section 2.04(b), no Limited Partner shall incur any personal liability for any action of the General Partner or the Liquidator
taken under such power of attorney. 
 Section 2.05 Term. Pursuant to Sections 17-201(b) and 17-801 of the Act, the
term of the Partnership commenced on April 26, 2012 and shall continue perpetually, unless it is dissolved pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 

Section 2.06 Partnership Interests as Securities. All Partnership Interests shall be securities within the meaning of, and
governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction. 

  
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 ARTICLE III. 
 PURPOSE 
 Section 3.01 Purpose and Business. The purpose and
nature of the Partnership is to conduct any business, enterprise or activity permitted by or under the Act; provided, however, such business and arrangements and interests may be limited to and conducted in such a manner as to permit the Parent, in
its sole and absolute discretion, at all times to be classified as a REIT unless the Parent, in accordance with its Charter and Bylaws, in its sole discretion has chosen to cease to qualify as a REIT or has chosen not to attempt to qualify as a REIT
for any reason or for reasons whether or not related to the business conducted by the Partnership. Without limiting the General Partner’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that the
qualification of the Parent as a REIT inures to the benefit of all Partners and not solely to the Parent, the General Partner or its Affiliates. In connection with the foregoing, the Partnership shall have full power and authority to enter into,
perform and carry out contracts of any kind, to borrow and lend money and to issue and guarantee evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or indirectly, to acquire and construct
additional Properties necessary, useful or desirable in connection with its business. 
 Section 3.02 Powers.

 (a) The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental
to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership. 
 (b) The Partnership may contribute from time to time Partnership capital, including Properties, to one or more newly formed entities solely in exchange for equity interests therein (or in a wholly owned
subsidiary entity thereof). 
 (c) Notwithstanding any other provision in this Agreement, the General Partner may cause the
Partnership not to take, or to refrain from taking, any action that, in the judgment of the General Partner, in its sole and absolute discretion, (i) could adversely affect the ability of the Parent to continue to qualify as a REIT,
(ii) could subject the Parent to any federal income or excise taxes or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner, the Parent, their securities or the
Partnership. 
 Section 3.03 Partnership Only for Partnership Purposes Specified. This Agreement shall not be deemed
to create a company, venture or partnership between or among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.01 hereof. Except as otherwise
provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its Properties or any other Partner. No Partner, in its

  
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capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, and the Partnership shall not be responsible or liable for any
indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as
limited by the terms of this Agreement and the Act. 
 Section 3.04 Representations and Warranties by the Parties.

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

(b) Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to
becoming an Additional Limited Partner or a Substituted Limited Partner) represents, warrants and agrees that it has acquired and continues to hold its Partnership Interest for its own account for investment purposes only and not for the purpose of,
or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any
predetermined circumstances in 

  
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violation of applicable laws. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial and tax matters for itself,
particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment.

 (c) The representations and warranties contained in Sections 3.04(a) and 3.04(b) hereof shall survive the
execution and delivery of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the
Partnership) and the dissolution, liquidation and termination of the Partnership. 
 (d) Each Partner (including, without
limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows,
funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by the Parent, any Partner or any employee or representative or Affiliate of the Parent or any Partner, and that projections and any other
information, including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or
implied. 
 (e) Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, permit the
modification of any of the representations and warranties contained in Sections 3.04(a) and 3.04(b) above as applicable to any Partner (including, without limitation any Additional Limited Partner or Substituted Limited Partner or any
transferee of either), provided, that such representations and warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by such Partner or (ii) a separate
writing addressed to the Partnership and the General Partner. 
 ARTICLE IV. 

CAPITAL CONTRIBUTIONS 
 Section 4.01 Capital Contributions of the Partners. Each Partner has made a Capital Contribution to the Partnership, and each Partner owns Partnership Units in the amount and designation set
forth for such Partner on Exhibit A, as the same may be amended from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges, conversions or other Transfers, redemptions, Capital Contributions, the
issuance of additional Partnership Units, or similar events having an effect on a Partner’s ownership of Partnership Units. Except as provided by law or in Section 4.04, 10.04 or 13.02(d) hereof, the Partners shall
have no obligation or right to make any additional Capital Contributions or loans to the Partnership. 
 Section 4.02
Classes and Series of Partnership Units. Until such time as additional classes or series of Partnership Units are created pursuant to Section 4.03(a) below, the Partnership shall have the following four (4) classes of
Partnership Units: “OP Units”, “Class A Preferred Units”, “Class B Contingent Units”, and “LTIP Units.” Subject to Section 4.06, OP 

  
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Units, Class A Preferred Units, Class B Contingent Units, LTIP Units, or Partnership Units of any additional class or series, at the election of the General Partner, in its sole and absolute
discretion, may be issued to newly admitted Partners in exchange for any Capital Contributions by such Partners and/or the provision of services by such Partners; provided, that any Partnership Unit that is not specifically designated by the
General Partner as being of a particular class shall be deemed to be an OP Unit. 
 Section 4.03 Issuances of Additional
Partnership Interests. 
 (a) General. Notwithstanding Section 7.03(b) hereof, the General Partner is
hereby authorized to cause the Partnership to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner or Parent) or to
other Persons, and to admit such Persons as Additional Limited Partners, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any
Limited Partners. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any Debt, Partnership Units or other securities
issued by the Partnership, (ii) for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the Parent and the Partnership and (iii) in connection with any merger
of any other Person into the Partnership or any Subsidiary of the Partnership if the applicable merger agreement provides that Persons are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any
Subsidiary of the Partnership. Subject to Delaware law, any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating,
optional or other special rights, powers and duties as shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner, and set forth in a written document thereafter attached to and made
an exhibit to this Agreement which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit Designation”). Without limiting the generality of the foregoing, the
General Partner shall have authority to specify (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (b) the right of each such class or series of
Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (d) the
voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership Interests. Upon the issuance of any additional
Partnership Interest, the General Partner shall amend Exhibit A as appropriate to reflect such issuance. 
 (b)
Issuances to the General Partner. No additional Partnership Units shall be issued to the General Partner or Parent unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage
Interests with respect to the class of Partnership Units so issued, (ii) (a) the additional Partnership Units are (x) OP Units issued in connection with an issuance of Common REIT Shares or (y) Partnership Units (other than OP
Units) issued in connection with an issuance of Preferred REIT Shares, Junior REIT Shares, New REIT Securities or other interests in the Parent (other than Common REIT Shares), which 

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

Section 4.04 Additional Funds and Capital Contributions. 

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

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

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

  
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 (d) Partner Loans. The General Partner, on behalf of the Partnership, may obtain any
Additional Funds by causing the Partnership to incur Debt to the General Partner and/or the Parent, as the case may be, if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest
rate, repayment schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner and/or the Parent, as the case may be, the net proceeds of which are loaned to the Partnership to provide such
Additional Funds or (ii) such Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if
(a) a breach, violation or default of such Debt would be deemed to occur by virtue of the Transfer by any Limited Partner of any Partnership Interest or (b) such Debt is recourse to any Partner (unless the Partner otherwise expressly
agrees). 
 (e) Issuance of Securities by the Parent. The Parent shall not issue any additional REIT Shares or New REIT
Securities unless the Parent contributes directly or indirectly the cash proceeds or other consideration, if any, received from the issuance of such additional REIT Shares or New REIT Securities, as the case may be, and from the exercise of the
rights contained in any such additional New REIT Securities, to the Partnership in exchange for (x) in the case of an issuance of Common REIT Shares, OP Units or (y) in the case of an issuance of Preferred REIT Shares, Junior REIT Shares
or New REIT Securities, Partnership Units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred REIT Shares,
Junior REIT Shares or New REIT Securities; provided, however, that notwithstanding the foregoing, the Parent may issue REIT Shares or New REIT Securities (a) pursuant to Section 4.05 or 8.06(b) hereof,
(b) pursuant to a dividend or distribution (including any stock split) wholly or partly of REIT Shares or New REIT Securities to all of the holders of REIT Shares or New REIT Securities, as the case may be, (c) upon a conversion,
redemption or exchange of Preferred REIT Shares or Junior REIT Shares, (e) upon a conversion, redemption, exchange or exercise of New REIT Securities, (f) pursuant to share grants or awards made pursuant to any equity incentive plan of the
Parent, or (g) if the Parent determines that the best interests of the Parent would be served by contributing such cash proceeds or other consideration to another Subsidiary of the Parent. In the event of any issuance of additional REIT Shares
or New REIT Securities by the Parent, and the direct or indirect contribution to the Partnership, by the Parent, of the cash proceeds or other consideration received from such issuance, if any, the Partnership shall pay the Parent’s expenses
associated with such issuance, including any underwriting discounts or commissions (it being understood that if the proceeds actually received by the Parent are less than the gross proceeds of such issuance as a result of any underwriter’s
discount or other expenses paid or incurred by the Parent in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount of the gross proceeds of such issuance and the
Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to Section 7.04(b) for the amount of such underwriter’s discount or other expenses). Nothing in this Agreement shall prohibit the General
Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that such issuance is in the best interest of the Partnership. 

(f) Redemption of Securities of the Parent. Except as otherwise provided in Section 8.06(b), if, at any time, any REIT
Shares or New REIT Securities are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of 

  
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another arrangement) by the Parent for cash, the Partnership shall, immediately prior to such redemption or repurchase, redeem or repurchase, in the case of Common REIT Shares, an equal number of
OP Units (after giving effect to application of the Adjustment Factor) held by the Parent or, in the case of Preferred REIT Shares, Junior REIT Shares or New REIT Securities, an equal number of Partnership Units (after giving effect to application
of the Adjustment Factor) held by the Parent with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred REIT Shares,
Junior REIT Shares or New REIT Securities, in either case, upon the same terms and for the same price per Partnership Unit as such REIT Shares or New REIT Securities, as applicable, are redeemed. 

Section 4.05 Equity Incentive Plan. 
 (a) Options Granted to Parent Employees and Independent Directors. If at any time or from time to time, in connection with an Equity Incentive Plan, a stock option granted for REIT Shares to a
Parent Employee or Independent Director is duly exercised: 
 (i) the Parent shall, as soon as practicable after such exercise,
make or cause to be made directly or indirectly a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Parent by such exercising party in connection with the exercise of such stock option. 

(ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.05(a)(i) hereof, the Parent
shall be deemed to have contributed directly or indirectly to the Partnership, as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Units), an amount equal to the Value of
a Common REIT Share as of the date of exercise multiplied by the number of Common REIT Shares then being issued in connection with the exercise of such stock option. 
 (iii) An equitable Percentage Interest adjustment shall be made in which the Parent shall be treated as having made a cash contribution to the Partnership equal to the amount described in
Section 4.05(a)(ii) hereof. 
 (b) Special Valuation Rule. For purposes of this Section 4.05, in
determining the Value of a Common REIT Share, if such Common REIT Shares are Publicly Traded, only the trading date immediately preceding the exercise of the relevant stock option under the Equity Incentive Plan shall be considered. 

(c) Future Equity Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Parent from
adopting, modifying or terminating any Equity Incentive Plan, for the benefit of employees, directors or other business associates of the Parent, the Partnership or any of their Affiliates. The Limited Partners acknowledge and agree that, in the
event that any such plan is adopted, modified or terminated by the Parent, amendments to this Section 4.05 may become necessary or advisable and that any approval or consent of the Limited Partners required pursuant to the terms of this
Agreement in order to effect any such amendments requested by the General Partner shall not be unreasonably withheld or delayed. 

  
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 Section 4.06 LTIP Units. 

(a) Issuance of LTIP Units. The General Partner may from time to time issue LTIP Units, in one or more classes or series
established in accordance with Section 4.03, to Persons who provide services to the Partnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Any provision
herein relating to LTIP Units or LTIP Unitholders may be varied by the provisions applicable to an individual class or series of LTIP Units. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each LTIP Unit is intended
to qualify as a profits interest in the Partnership within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this Section 4.06 and the special
provisions of Sections 4.07 and 6.03(d), LTIP Units shall be treated as OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP
Units shall be treated as holders of OP Units, and LTIP Units shall be treated as OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and OP Units for conversion, distribution and other
purposes, including without limitation complying with the following procedures: 
 (i) If an Adjustment Event (as defined
below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain the same correspondence between OP Units and LTIP Units as existed prior to such Adjustment Event. The following shall be Adjustment Events:
(A) the Partnership makes a distribution on all outstanding OP Units in Partnership Units, (B) the Partnership subdivides the outstanding OP Units into a greater number of units or combines the outstanding OP Units into a smaller number of
units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding OP Units by way of a reclassification or recapitalization of its OP Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units
need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the
issuance of Partnership Units in a financing, reorganization, acquisition or other similar business transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or
(z) the issuance of any Partnership Units to the General Partner or Parent in respect of a capital contribution to the Partnership of proceeds from the sale of securities by the Parent. If the Partnership takes an action affecting the OP Units
other than actions specifically described above as “Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above,
the General Partner shall have the right to make such adjustment to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be
appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a
brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after the filing of such certificate, the Partnership shall mail a notice to
each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment; and 

  
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 (ii) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General
Partner with respect to any particular class or series of LTIP Units, the LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions
in an amount per LTIP Unit equal to the distributions per OP Unit (the “Partnership Unit Distribution”), paid to holders of OP Units on such Partnership Record Date established by the General Partner with respect to such
distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall be authorized, declared or paid on OP Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on
the LTIP Units. Subject to the terms of any LTIP Award or Vesting Agreement, an LTIP Unitholder shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of OP Units are entitled to
transfer their OP Units pursuant to Article XI of this Agreement. 
 (b) Priority. Subject to the provisions of
this Section 4.06 and the special provisions of Section 6.03(d), the LTIP Units shall rank pari passu with the OP Units as to the payment of regular and special periodic or other distributions and, subject to Sections
13.02(a)(v) and 13.02(c) distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of
Partnership Units or Partnership Interests which by its terms specifies that it shall rank junior to, on a parity with, or senior to the OP Units shall also rank junior to, on a parity with, or senior to, as the case may be, the LTIP Units.

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

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

  
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 (iii) Allocations. LTIP Unitholders shall be entitled to certain special allocations
of gain under Section 6.03(d). 
 (iv) Redemption. The Redemption right provided to Limited Partners under
Section 8.06 shall not apply with respect to LTIP Units unless and until they are converted to OP Units as provided in clause (v) below and Section 4.07. 

(v) Conversion to OP Units. Vested LTIP Units are eligible to be converted into OP Units under Section 4.07.

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

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise
be required will be effected, all outstanding LTIP Units shall have been converted into OP Units. 

  
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 Section 4.07 Conversion of LTIP Units. 

(a) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or
series of LTIP Units, an LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into OP Units; provided, however, that a
holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert
Unvested LTIP Units into OP Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP
Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership
subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into OP Units. In all cases, the conversion of any LTIP Units into OP Units shall be subject to the conditions and procedures
set forth in this Section 4.07. 
 (b) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the
General Partner with respect to any particular class or series of LTIP Units, a holder of Vested LTIP Units may convert such Units into an equal number of fully paid and nonassessable OP Units, giving effect to all adjustments (if any) made pursuant
to Section 4.06. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent
attributable to its ownership of LTIP Units, divided by (y) the OP Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”). In order to exercise his or her
Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as Exhibit D to the Partnership (with a copy to the General Partner) not less than 10 nor more than 60 days prior to a
date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Transaction (as defined below in
Section 4.07(f)) at least 30 days prior to the effective date of such Transaction, then LTIP Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the 10th day after such notice from the General
Partner of a Transaction or (y) the third business day immediately preceding the effective date of such Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.01. Each LTIP Unitholder covenants and
agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 4.07(b) shall be free and clear of all liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of
Redemption pursuant to Section 8.06(a) of this Agreement relating to those OP Units that will be issued to such holder upon conversion of such LTIP Units into OP Units in advance of the Conversion Date; provided, however, that the
redemption of such OP Units by the Partnership shall in no event take place until after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if he or she so wishes, the
OP Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner or the Parent elects to assume the
Partnership’s redemption obligation with respect to such OP Units under Section  

  
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8.06(b) of this Agreement by delivering to such holder Common REIT Shares rather than cash, then such holder can have such Common REIT Shares issued to him or her simultaneously with the
conversion of his or her Vested LTIP Units into OP Units. The General Partner shall reasonably cooperate with an LTIP Unitholder to coordinate the timing of the different events described in the foregoing sentence. 

(c) The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by an LTIP
Unitholder to be converted (a “Forced Redemption”) into an equal number of OP Units, giving effect to all adjustments (if any) made pursuant to Section 4.06; provided, however, that the Partnership may not cause
Forced Redemption of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.07(b). In order to exercise its right of Forced Redemption, the Partnership shall
deliver a notice (a “Forced Redemption Notice”) in the form attached as Exhibit E to the applicable LTIP Unitholder not less than 10 nor more than 60 days prior to the Conversion Date specified in such Forced Redemption
Notice. A Forced Redemption Notice shall be provided in the manner provided in Section 15.01. 
 (d) A conversion of
Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has given a Forced Redemption Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the
part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of OP Units issuable upon such
conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of OP Units and remaining LTIP Units, if
any, held by such person immediately after such conversion. The Assignee of any Limited Partner pursuant to Article XI hereof may exercise the rights of such Limited Partner pursuant to this Section 4.07 and such Limited Partner
shall be bound by the exercise of such rights by the Assignee. 
 (e) For purposes of making future allocations under
Section 6.03(d) and applying the Capital Account Limitation, the portion of the Economic Capital Account balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date
of conversion, by the product of the number of LTIP Units converted and the OP Unit Economic Balance. 
 (f) If the Partnership
or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all OP Units or other business combination or reorganization, or sale of all
or substantially all of the Partnership’s assets, but excluding any transaction which constitutes an Adjustment Event) in each case as a result of which OP Units shall be exchanged for or converted into the right, or the holders of such Units
shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (any of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the
Transaction, exercise its right to cause a Forced Redemption with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would occur in
connection with the Transaction if the assets of the 

  
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Partnership were sold at the Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of
the Transaction (in which case the Conversion Date shall be the effective date of the Transaction). 
 In anticipation of such
Forced Redemption and the consummation of the Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Transaction in consideration for the OP
Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a holder of the same number of OP Units,
assuming such holder of OP Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an affiliate of a Constituent Person. In the event that holders of OP Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the
General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of
consideration to be received upon conversion of each LTIP Unit held by such holder into OP Units in connection with such Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon
conversion of each LTIP Unit held by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a OP Unit would receive if such OP Unit holder failed to make such an election. 

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

  
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 Section 4.10 Not Publicly Traded. The General Partner, on behalf of the
Partnership, shall use its best efforts not to take any action which would result in the Partnership being a “publicly traded partnership” under and as such term is defined in Code Section 7704(b), and by reason thereof, taxable as a
corporation for federal income tax purposes. 
 Section 4.11 No Third Party Beneficiary. No creditor or other third
party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and
agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to
make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or
pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of
money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property; such obligation shall
be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the
Partnership. 
 ARTICLE V. 
 DISTRIBUTIONS 
 Section 5.01 Requirement and Characterization of
Distributions. Subject to the terms of any Partnership Unit Designation, the General Partner may cause the Partnership to distribute at least quarterly all, or such portion as the General Partner may in its sole and absolute discretion
determine, Available Cash generated by the Partnership during such quarter to the Holders of Partnership Units on such Partnership Record Date with respect to such quarter: (1) first, with respect to any Partnership Interests that are entitled
to any preference in distribution, in accordance with the rights of such class(es) of Partnership Interests (and, within such class(es), pro rata in proportion to the respective Percentage Interests on such Partnership Record Date) and
(2) second, with respect to any Partnership Interests that are not entitled to any preference in distribution, in accordance with the rights of such class of Partnership Interests (and, within such class, pro rata in proportion to the
respective Percentage Interests on such Partnership Record Date). At the election of the General Partner, distributions payable with respect to any Partnership Units that were not outstanding during the entire quarterly period in respect of which
any distribution is made may be prorated based on the portion of the period that such Partnership Units were outstanding. 

  
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 The General Partner in its sole and absolute discretion may distribute to the Holders
Available Cash on a more frequent basis and provide for an appropriate Partnership Record Date. Notwithstanding anything herein to the contrary, the General Partner shall make such reasonable efforts, as determined by it in its sole and absolute
discretion and consistent with the Parent’s qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable the Parent, for so long as the Parent has determined to qualify as a REIT, to pay stockholder dividends
that will (a) satisfy the requirements for its qualification as a REIT under the Code and Regulations (the “REIT Requirements”) and (b) except to the extent otherwise determined by the Parent, in its sole and absolute
discretion, avoid any federal income or excise tax liability of the Parent. 
 Section 5.02 Interests in Property Not
Held Through the Partnership. To the extent that the Parent, the General Partner or any Affiliate of the Parent or General Partner receives a distribution of cash or other property attributable to property in which the Parent or the General
Partner or any Affiliate of the Parent or General Partner holds a direct or indirect interest other than through the Partnership (an “Outside Interest”), (i) the amounts distributed by the Partnership to the Parent will be
reduced so as to take into account amounts received pursuant to the Outside Interest and (ii) the amounts distributed by the Partnership to the Limited Partners will be increased to the extent necessary so that the overall effect of the
distributions by the Partnership is to distribute what would have been distributed had such Outside Interest been held through the Partnership (treating any distribution of cash or other property attributable to an Outside Interest as if such
distribution had been distributed by the Partnership to the Parent). 
 Section 5.03 Distributions In-Kind. No right
is given to any Partner to demand and receive property other than cash as provided in this Agreement. The General Partner may determine, in its sole and absolute discretion, to make a distribution in-kind of Partnership assets to the Holders, and
such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles V, VI and X hereof. 
 Section 5.04 Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of any state or local tax law and Section 10.04 hereof with respect to any allocation,
payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to Section 5.01 hereof for all purposes under this Agreement. 

Section 5.05 Distributions Upon Liquidation. Notwithstanding the other provisions of this Article V, net proceeds from
a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders in accordance with Section 13.02 hereof.

 Section 5.06 Distributions to Reflect Issuance of Additional Partnership Units. Notwithstanding
Section 7.03(b) hereof, in the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, subject to Section 7.03(d), the General Partner is hereby authorized to
make such revisions to this Article V as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions to certain classes of Partnership
Units. 
 Section 5.07 Restricted Distributions. Notwithstanding any provision to the contrary contained in this
Agreement, neither the Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder on account of its Partnership Interest or interest in Partnership Units if such distribution would violate
Section 17-607 of the Act or other applicable law. 

  
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 ARTICLE VI. 
 ALLOCATIONS 
 Section 6.01 Timing and Amount of Allocations of Net
Income and Net Loss. Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year of the Partnership as of the end of each such year. Except as otherwise provided in this Article VI,
and subject to Section 11.06(c) hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in
computing Net Income or Net Loss. 
 Section 6.02 General Allocations. 

(a) Allocations of Net Income and Net Loss. 
 (i) Net Income. Except as otherwise provided herein and specifically after taking into account the provisions of Section 6.03 below, Net Income for any Partnership Year or other
applicable period shall be allocated in the following order and priority: 
 (A) First, to the General Partner to the extent
the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(F) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(A); 

(B) Second, to each DRO Partner until the cumulative Net Income allocated to such DRO Partner pursuant to this subparagraph (i)(B)
equals the cumulative Net Loss allocated to such DRO Partner under subparagraph (ii)(E) below (and, among the DRO Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all DRO Partners
pursuant to subparagraph (ii)(E) below); 
 (C) Third, to the General Partner until the cumulative Net Income allocated to the
General Partner pursuant to this subparagraph (i)(C) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(D) below; 
 (D) Fourth, to the holders of any Partnership Interests that are entitled to any preference in distribution upon liquidation until the cumulative Net Income allocated under this subparagraph (i)(D) equals
the cumulative Net Loss allocated to such Partners under subparagraph (ii)(C); and 
 (E) Thereafter, with respect to
Partnership Units that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and,
within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made). 

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

(C) Third, with respect to classes of Partnership Units that are entitled to any preference in distribution upon liquidation, in reverse
order of the priorities of each such class (and within each such class, pro rata in proportion to their respective Percentage Interests as of the last day of the period for which such allocation is being made); provided, that Net Loss
shall not be allocated to any Partner pursuant to this subparagraph (ii)(C) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit)
(determined in each case by not including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to
Section 13.02(d)) at the end of such Partnership Year or other applicable period; 
 (D) Fourth, to the General
Partner in an amount equal to the excess of (a) the amount of the Partnership’s Recourse Liabilities over (b) the aggregate DRO Amounts of all DRO Partners; 
 (E) Fifth, to and among the DRO Partners, in proportion to their respective DRO Amounts, until such time as the DRO Partners as a group have been allocated cumulative Net Loss pursuant to this
subparagraph (ii)(E) equal to the aggregate DRO Amounts of all DRO Partners; and 
 (F) Thereafter, to the General Partner.

  
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 (b) Allocations to Reflect Issuance of Additional Partnership Units. Notwithstanding
Section 7.03(b) hereof, in the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, the General Partner is hereby authorized to make such revisions to this
Section 6.02 as it determines are necessary or desirable to reflect the terms of the issuance of such additional Partnership Units. 
 Section 6.03 Additional Allocation Provisions. Notwithstanding the foregoing provisions of this Article VI: 
 (a) Regulatory Allocations. 
 (i) Minimum Gain Chargeback. Except
as otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.02 hereof, or any other provision of this Article VI, if there is a net decrease in Partnership Minimum Gain during any
Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as
determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be
determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.03(a)(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and
shall be interpreted consistently therewith. 
 (ii) Partner Minimum Gain Chargeback. Except as otherwise provided in
Regulations Section 1.704-2(i)(4) or in Section 6.03(a)(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the Partner
Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years)
in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be allocated to each General Partner, Limited Partner and other Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations
Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.03(a)(ii) is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be
interpreted consistently therewith. 
 (iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse
Deductions for any Partnership Year shall be specially allocated to the Holders of OP Units in accordance with their OP Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the
economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

  
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 (iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment,
allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an
amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible. It is intended that this Section 6.03(a)(iv) qualify and be construed as a
“qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (v) Gross Income Allocation. In the event that any Holder has an Adjusted Capital Account Deficit at the end of any Partnership Year, each such Holder shall be specially allocated items of
Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible. 
 (vi)
Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its Partnership Interest, the
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the
Holders in accordance with their Partnership Units in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holders to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4)
applies. 
 (vii) Curative Allocations. The allocations set forth in Sections 6.03(a)(i), (ii),
(iii), (iv), (v), and (vi) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and
1.704-2. Notwithstanding the provisions of Section 6.01 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders of Partnership Units so that to the
extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder of a Partnership Unit shall be equal to the net amount that
would have been allocated to each such Holder if the Regulatory Allocations had not occurred. 
 (b) Allocation of Excess
Nonrecourse Liabilities. The Partnership shall allocate “nonrecourse liabilities” (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method
chosen by the General Partner in accordance with Regulations Section 1.752-3(a)(3) and (b). The Partnership shall allocate “excess nonrecourse liabilities” of the Partnership under any method approved under Regulations
Section 1.752-3(a)(3) as chosen by the General Partner. 
 (c) Priority Allocations With Respect To Class A
Preferred Units and Class B Contingent Units. After giving effect to the allocations set forth in Sections 6.03(a) and 6.03(b) hereof, but before giving effect to the allocations set forth in Sections 6.02(a) and
6.03(d), Net Operating Income shall be allocated to the holders of Class A Preferred Units and Class B Contingent Units, pro rata to each such class in accordance with their rights with respect to preferential cash distributions under
Sections 16.04(a) and 17.04(a) (and, within such class, 

  
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pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made) until the aggregate amount of Net Operating Income
allocated to the holders of Class A Preferred Units and Class B Contingent Units under this Section 6.03(c) for the current and all prior years equals the aggregate amount of the preferential cash distributions under Sections
16.04(a) and 17.04(a) paid to the holders of Class A Preferred Units and Class B Contingent Units for the current and all prior years. For purposes of this Section 6.03(c), “Net Operating Income” means
the excess, if any, of the Partnership’s gross income over its expenses (but not taking into account depreciation, amortization, or any other noncash expenses of the Partnership), calculated in accordance with the principles set forth in the
definition of Net Income and Net Loss. 
 (d) Special Allocations Regarding LTIP Units. Notwithstanding the provisions of
Section 6.02 above, after giving effect to the allocations set forth in Sections 6.03(a), 6.03(b) and 6.03(c) hereof, Liquidating Gains shall first be allocated to the LTIP Unitholders until the Economic Capital
Account Balances of such Holders, to the extent attributable to their ownership of LTIP Units, are equal to (i) the OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For this purpose, “Liquidating
Gains” means net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment
to the Gross Asset Value of Partnership assets under Code Section 704(b). The “Economic Capital Account Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their
ownership of LTIP Units, plus the amount of their allocable share of any Partner Minimum Gain or Partnership Minimum Gain attributable to such LTIP Units. Similarly, the “OP Unit Economic Balance” shall mean (i) the Capital
Account balance of the Parent, plus the amount of the Parent’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the Parent’s ownership of OP Units and computed on a hypothetical
basis after taking into account all allocations through the date on which any allocation is made under this Section 6.03(d) (including, without limitation, any expenses of the Partnership reimbursed to the General Partner pursuant to
Section 7.04(b)), divided by (ii) the number of the Parent’s OP Units. Any such allocations shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this
Section 6.03(d). The parties agree that the intent of this Section 6.03(d) is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the
Parent’s OP Units (on a per-OP Unit/LTIP Unit basis). The General Partner shall be permitted to interpret this Section 6.03(d) or to amend this Agreement to the extent necessary and consistent with this intention. 

(e) Allocations to Reflect Outside Interests. Items of income, gain, loss or deduction of the Partnership shall be specially
allocated so as to take into account amounts received by, and income or loss allocated to the Parent or any Affiliate of the Parent with respect to any Outside Interest so that the overall effect is to allocate items of income, gain, loss or
deduction in the same manner as would have occurred had such Outside Interest been held through the Partnership (treating any items of income, gain, loss or deduction recognized by the Partner in respect of Outside Interests as if such items of
income, gain, loss or deduction had been allocated by the Partnership to the Parent). 

  
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 Section 6.04 Tax Allocations. 

(a) In General. Except as otherwise provided in this Section 6.04, for income tax purposes under the Code and the
Regulations each Partnership item of income, gain, loss and deduction shall be allocated among the Holders of Partnership Units in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to
Sections 6.02 and 6.03 hereof. 
 (b) Allocations Respecting Section 704(c) Revaluations.
Notwithstanding Section 6.04(a) hereof, items of income, gain, loss or deduction with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its adjusted basis in the hands of the
contributing Partner immediately preceding the date of contribution shall be allocated among the Holders of Partnership Units for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such
variation. The Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner, including, without limitation, the “remedial allocation
method” as described in Regulations Section 1.704-3(d); provided, however, that the “traditional method” shall be used for any assets acquired pursuant to the contributions to the Partnership of 100% of the equity
interests in Trade Street Investment Advisor, LLLP and Trade Street Property Management, LLC by Trade Street Capital, LLC. In the event that the Gross Asset Value of any partnership asset is adjusted pursuant to subsection (b) of the definition
of “Gross Asset Value” (provided in Article I hereof), subsequent allocations of items of income, gain, loss or deduction with respect to such asset shall take account of the variation, if any, between the adjusted basis of
such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations or under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner.

 ARTICLE VII. 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
 Section 7.01
Management. 
 (a) Except as otherwise expressly provided in this Agreement, all management powers over the business and
affairs of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The
General Partner may not be removed by the Partners with or without cause, except with the consent of the General Partner. In addition to the powers now or hereafter granted to a general partner of a limited partnership under applicable law or that
are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, without limitation, Section 7.03, shall have full power and authority to do all

  
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things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.02 hereof and to effectuate the purposes set forth
in Section 3.01 hereof, including, without limitation: 
 (i) the making of any expenditures, the lending or
borrowing of money (including, without limitation, making prepayments on loans and borrowing money or selling assets to permit the Partnership to make distributions in such amounts as will permit the Parent (so long as the Parent desires to maintain
or restore its qualification as a REIT) to avoid the payment of any income or excise tax under the Code and to make distributions to its stockholders sufficient to permit the Parent to maintain or restore REIT qualification or otherwise to satisfy
the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust or other
lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that it deems necessary for the conduct of the activities of the Partnership; 
 (ii) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership;

 (iii) subject to Section 11.02 hereof, the acquisition, sale, lease, transfer, exchange or other disposition of
any, all or substantially all of the assets of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time
held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 
 (iv) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the Partnership in trust for creditors or on the promise of the assignee to pay
the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms that it sees fit, including, without limitation, the
financing of the operations and activities of the General Partner, the Parent, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the Partnership’s Subsidiaries)
and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the making of capital contributions to and equity investments in the Partnership’s Subsidiaries;

 (v) the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with
the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the Parent, the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of
funds to other Persons (including, without limitation, the Parent, the General Partner and its Subsidiaries and the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in
which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; 
 (vi) the
management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement of any Property, including, without limitation, any Contributed Property, or other asset of the Partnership or any Subsidiary, whether pursuant
to a Services Agreement or otherwise; 

  
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 (vii) the negotiation, execution and performance of any contracts, leases, conveyances or
other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors,
developers, consultants, government authorities, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets; 

(viii) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding, management,
investment and reinvestment of cash and other assets of the Partnership and the collection and receipt of revenues, rents and income of the Partnership; 
 (ix) the maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the Partnership and the Partners (including, without limitation, the Parent and
the General Partner) as the General Partner deems necessary or appropriate, including, without limitation, (i) casualty, liability and other insurance on the Properties and (ii) liability insurance for the Indemnitees hereunder;

 (x) the formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general
partnerships, limited liability companies, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any
other Person in which it has an equity investment from time to time); provided, however, that as long as the Parent desires to maintain or restore its qualification as a REIT, the General Partner may not engage in any such formation,
acquisition or contribution that would cause the Parent to fail to qualify as a REIT; 
 (xi) the filing of applications,
communicating and otherwise dealing with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

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

(xiii) the undertaking of any action in connection with the Partnership’s direct or indirect investment in any Subsidiary or any
other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 
 (xiv)
except as otherwise specifically set forth in this Agreement, the determination of the fair market value of any Partnership property distributed in-kind using such reasonable method of valuation as it may adopt; provided, that such methods
are otherwise consistent with the requirements of this Agreement; 

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

(xvi) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power-of-attorney, of any
right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 
 (xvii) the exercise of
any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such
Subsidiary or other Person; 
 (xviii) the exercise of any of the powers of the General Partner enumerated in this Agreement on
behalf of any Person in which the Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (xix) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure Debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties,
indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

(xx) the issuance of additional Partnership Units, as appropriate and in the General Partner’s sole and absolute discretion, in
connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article IV hereof; 
 (xxi) the selection and dismissal of Parent Employees (including, without limitation, employees having titles or offices such as president, vice president, secretary and treasurer), and agents, outside
attorneys, accountants, consultants and contractors of the Partnership, the Parent or the General Partner, the determination of their compensation and other terms of employment or hiring and the delegation to any such Parent Employee the authority
to conduct the business of the Partnership in accordance with the terms of this Agreement; 
 (xxii) the distribution of cash
to acquire Partnership Units held by a Limited Partner in connection with a Limited Partner’s exercise of its Redemption right under Section 8.06 hereof; 
 (xxiii) the amendment and restatement of Exhibit A hereto to reflect accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to
time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement,
notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement; 

  
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 (xxiv) the determination regarding whether a payment to a Partner who exercises its
Redemption right under Section 8.06 that is assumed by the General Partner will be paid in the form of the Cash Amount or the Common REIT Shares Amount, except as such determination may be limited by Section 8.06. 

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

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

  
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 (e) In exercising its authority under this Agreement, the General Partner may, but shall be
under no obligation to, take into account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by it. Except as may be provided in a separate written agreement between the Partnership and the Limited
Partners, the General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of a tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner
pursuant to its authority under this Agreement provided, that the General Partner has acted in good faith and pursuant to its authority under this Agreement. 
 Section 7.02 Certificate of Limited Partnership. To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall
file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and
each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property. Except as otherwise required under the Act, the General Partner shall not be required, before or after filing,
to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or
appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and any other
state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 

Section 7.03 Restrictions on General Partner’s Authority. 

(a) The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the
written consent of a Majority in Interest of the Outside Limited Partners and may not (1) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided
herein or under the Act; or (2) enter into any contract, mortgage, loan or other agreement that expressly prohibits or restricts (a) the Parent, the General Partner or the Partnership from performing its specific obligations under
Section 8.06 hereof in full or (b) a Limited Partner from exercising its rights under Section 8.06 hereof to effect a Redemption in full, except, in either case, with the written consent of such Limited Partner affected
by the prohibition or restriction. 
 (b) The General Partner shall not, without the written consent of a Majority in Interest
of the Outside Limited Partners, except as provided in Sections 4.03(a), 5.06, 6.02(b), 6.03(d) and 7.03(c) hereof, amend, modify or terminate this Agreement. 

(c) Notwithstanding Sections 7.03(b) and 14.02, the General Partner shall have the exclusive power, without the prior
consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

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

(iii) to reflect a change that is of an inconsequential nature or does not adversely affect the Limited Partners as such in any material
respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent
with law or with the provisions of this Agreement; 
 (iv) to satisfy any requirements, conditions or guidelines contained in
any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; 
 (v)
to set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units or
Partnership Interests issued or established pursuant to this Agreement; 
 (vi)(a) to reflect such changes as are reasonably
necessary for the Parent to maintain or restore its qualification as a REIT or to satisfy the REIT Requirements; or (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner, the Parent and any Qualified
REIT Subsidiary or entity that is disregarded as an entity separate from the Parent for federal income tax purposes; 
 (vii)
to modify either or both the manner in which items of Net Income or Net Loss are allocated pursuant to Article VI or the manner in which Capital Accounts are adjusted, computed or maintained (but only to the extent set forth in the definition
of “Capital Account” or contemplated by the Code or the Regulations); 
 (viii) to issue additional
Partnership Interests in accordance with Section 4.03; and 
 (ix) to reflect any other modification to this
Agreement as is reasonably necessary for the business or operations of the Partnership or the General Partner and which does not violate Section 7.03(d). 
 The General Partner will provide notice to the Limited Partners subsequent to any action under this Section 7.03(c) taken by the General Partner. 

(d) Notwithstanding Sections 7.03(b) and 7.03(c) hereof, this Agreement shall not be amended, and no action may be taken by
the General Partner, without the consent of each Partner adversely affected thereby, if such amendment or action would (i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a result of the

  
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General Partner acquiring such Partnership Interest), (ii) modify the limited liability of a Limited Partner (iii) alter the rights of any Partner to receive the distributions to which
such Partner is entitled, pursuant to Article V or Section 13.02(a)(v) hereof, or alter the allocations specified in Article IV hereof (except, in any case, as permitted pursuant to Sections 4.03, 7.03(c) and
Article IV hereof), (iv) alter or modify the Redemption rights, Cash Amount or Common REIT Shares Amount as set forth in Section 8.06 hereof, or amend or modify any related definitions, (v) alter or modify
Section 11.02 hereof or (vi) amend this Section 7.03(d). Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Section 7.03 without the consent
specified therein. Any such amendment or action consented to by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 

Section 7.04 Reimbursement of the General Partner and Parent. 

(a) Except as provided in this Section 7.04 and elsewhere in this Agreement (including the provisions of Articles V and
VI regarding distributions, payments and allocations to which the General Partner may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b) The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s, the General Partner’s
and the Parent’s organization, the ownership of their assets and their operations. The General Partner and/or the Parent are hereby authorized to pay compensation for accounting, administrative, legal, technical, management and other services
rendered to the Partnership. Except to the extent provided in this Agreement, the General Partner, the Parent and their Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and
absolute discretion, for all expenses that the General Partner, the Parent and their Affiliates incur relating to the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses);
provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner and/or the Parent with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The
Partners acknowledge that all such expenses of the General Partner and/or the Parent are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to
Section 7.07 hereof. In the event that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner and/or the Parent), such expenses will be allocated to the Partnership and such
other entities in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership
incurred on its behalf, and not as expenses of the General Partner and/or the Parent. 
 (c) If the Parent shall elect to
purchase from its stockholders REIT Shares for the purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the Parent, any employee stock purchase plan adopted by the Parent or any similar
obligation or arrangement undertaken by the Parent in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the Parent for such REIT Shares and any other expenses incurred by the Parent in connection with such
purchase shall be 

  
 49 

 
considered expenses of the Partnership and shall be advanced to the Parent or reimbursed to the Parent, subject to the condition that: (1) if such REIT Shares subsequently are sold by the
Parent, the Parent shall pay or cause to be paid to the Partnership any proceeds received by the Parent for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program;
provided, that a transfer of REIT Shares for Partnership Units pursuant to Section 8.06 would not be considered a sale for such purposes); and (2) if such REIT Shares are not retransferred by the Parent within 30 days after
the purchase thereof, or the Parent otherwise determines not to retransfer such REIT Shares, the Parent shall cause the Partnership to redeem a number of Partnership Units held by the Parent equal to the number of such REIT Shares, as adjusted for
stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the
General Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Partnership Units held
by the General Partner). 
 (d) As set forth in Section 4.03, the General Partner shall be treated as having made a
Capital Contribution in the amount of all expenses that the Parent incurs relating to the Parent’s offering of REIT Shares or New REIT Securities. 
 (e) If and to the extent any reimbursements to the General Partner pursuant to this Section 7.04 constitute gross income of the General Partner (as opposed to the repayment of advances made by
the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments with respect to capital within the meaning of Code Section 707(c), shall be treated consistently therewith by the Partnership and all Partners,
and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
 Section 7.05
Outside Activities of the General Partner. Without the consent of a Majority in Interest of the Outside Limited Partners, the General Partner shall not directly or indirectly enter into or conduct any business, other than in connection with
(a) the ownership, acquisition and disposition of Partnership Interests, (b) the management of the business of the Partnership, (c) financing or refinancing of any type related to the Partnership or its assets or activities,
(d) any of the foregoing activities as they relate to a Subsidiary of the Partnership, and (e) such activities as are incidental thereto. Nothing contained herein shall be deemed to prohibit the General Partner from (i) executing
guarantees of Partnership Debt for which it would otherwise be liable in its capacity as General Partner, (ii) holding such bank accounts or similar instruments or accounts in its name as it deems necessary to carry out its responsibilities and
purposes as contemplated under this Agreement and its organizational documents (provided, that accounts held on behalf of the Partnership to permit the General Partner to carry out its responsibilities under this Agreement shall be considered
to belong to the Partnership and the interest earned thereon shall, subject to Section 7.04(b), be applied for the benefit of the Partnership) or (iii) acquiring Qualified Assets. 

Section 7.06 Contracts with Affiliates. 
 (a) The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow

  
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funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor
of any Subsidiary or any other Person. 
 (b) The Partnership may transfer assets to joint ventures, limited liability
companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General
Partner, in its sole and absolute discretion, believes to be advisable. 
 (c) Except as expressly permitted by this Agreement,
neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and
reasonable. 
 (d) The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners,
may propose and adopt on behalf of the Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of
services performed, directly or indirectly, for the benefit of the Partnership or any of the Partnership’s Subsidiaries. 

(e) The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, any Services Agreement with
Affiliates of any of the Partnership or the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are advisable. 
 Section 7.07 Indemnification. 
 (a) The Partnership shall, to the
maximum extent permitted by applicable law in effect from time to time, indemnify, and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final
disposition of a proceeding to each Indemnitee; provided, however, that the Partnership shall not indemnify an Indemnitee (1) for material acts or omissions that were committed in bad faith or were the result of active and deliberate
dishonesty, (2) for any transaction for which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement, or (3) in the case of any criminal proceeding,
the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise (unless otherwise provided by
the terms of any such guaranty or other instrument), for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed
or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.07 in favor of any Indemnitee
having or potentially having liability for any such indebtedness. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the

  
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requisite standard of conduct set forth in this Section 7.07(a). The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent
by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.07(a) with respect to the
subject matter of such proceeding. Any indemnification pursuant to this Section 7.07 shall be made only out of the assets of the Partnership and any insurance proceeds from the liability policy covering the General Partner and any
Indemnitees, and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this
Section 7.07. 
 (b) To the fullest extent permitted by law, and without requiring a preliminary determination of
the Indemnitee’s ultimate entitlement to indemnification under Section 7.07(a) above, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any proceeding shall
be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the proceeding upon receipt by the Partnership of (1) a written affirmation by the Indemnitee of the Indemnitee’s good faith
belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.07(b) has been met and (2) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall
ultimately be determined that the standard of conduct has not been met. 
 (c) The indemnification provided by this
Section 7.07 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an
Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing
pursuant to which such Indemnitee is indemnified. 
 (d) The Partnership may, but shall not be obligated to, purchase and
maintain insurance, on behalf of any of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the
Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(e) Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership, the General Partner, or the Parent
(whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the
IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or
judgments or fines under this Section 7.07, unless such liabilities arise as a result of (1) material acts or omissions that were committed in bad faith or were the result of active and deliberate dishonesty, (2) any
transaction in which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement or applicable law, or (3) in the case of any criminal proceeding, the Indemnitee
had reasonable cause to believe that the act or omission was unlawful. 

  
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 (f) In no event may an Indemnitee subject any of the Partners to personal liability by
reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification
in whole or in part under this Section 7.07 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

 (h) The provisions of this Section 7.07 are for the benefit of the Indemnitees, their heirs, successors, assigns
and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.07 or any provision hereof shall be prospective only and shall not in any way
affect the obligations of the Partnership or the limitations on the Partnership’s liability to any Indemnitee under this Section 7.07 as in effect immediately prior to such amendment, modification or repeal with respect to claims
arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 (i) If and to the extent any payments to the General Partner pursuant to this Section 7.07 constitute gross income to the General Partner (as opposed to the repayment of advances made on
behalf of the Partnership) such amounts shall be treated as “guaranteed payments” for the use of capital within the meaning of Code Section 707(c), shall be treated consistently therewith by the Partnership and all Partners, and shall
not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
 Section 7.08 Liability
of the General Partner. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, to the maximum extent
that Delaware law in effect from time to time permits, neither the Parent, the General Partner nor any of their directors or officers shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees for losses
sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission if the General Partner or such director or officer acted in good faith. 

(b) The Limited Partners expressly acknowledge that the General Partner is acting for the benefit of the Partnership and the Limited
Partners (including the Parent in its capacity as a Limited Partner) and that the General Partner is under no obligation to give priority to the separate interests of any Limited Partner (including, without limitation, the tax consequences to any
Limited Partner or Assignee) in deciding whether to cause the Partnership to take (or decline to take) any actions. If there is a conflict between or among the interests of any Limited Partners (including the Parent in its capacity as a Limited
Partner), the Limited Partners expressly acknowledge that the General Partner will fulfill its fiduciary duties to such parties by utilizing commercially reasonable efforts in good faith to resolve such conflict in a

  
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manner that is not adverse to any Limited Partners (including the Parent in its capacity as a Limited Partner). The General Partner shall not be liable under this Agreement to the Partnership or
to any Limited Partner for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions; provided, that the General Partner has acted in good faith. 

(c) Subject to its obligations and duties as General Partner set forth in Section 7.01 hereof, the General Partner may
exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents (subject to the supervision and control of the General Partner). The General
Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 

(d) To the extent that, at law or in equity, the General Partner has duties (including fiduciary duties) and liabilities relating thereto
to the Partnership or the Limited Partners, the General Partner shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. 

(e) Notwithstanding anything herein to the contrary, except for fraud, willful misconduct or gross negligence, or pursuant to any express
indemnities given to the Partnership by any Partner pursuant to any other written instrument, no Partner shall have any personal liability whatsoever, to the Partnership or to the other Partner(s), for the debts or liabilities of the Partnership or
the Partnership’s obligations hereunder, and the full recourse of the other Partner(s) shall be limited to that Partner’s Partnership Interest. To the fullest extent permitted by law, no officer, director, member or stockholder of the
General Partner shall be liable to the Partnership for money damages except for (1) active and deliberate dishonesty established by a nonappealable final judgment or (2) actual receipt of an improper benefit or profit in money, property or
services. Without limitation of the foregoing, and except for fraud, willful misconduct or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than its Partnership Interest, shall be subject to
levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this Agreement. 

(f) Any amendment, modification or repeal of this Section 7.08 or any provision hereof shall be prospective only and shall
not in any way affect the limitations on the General Partner’s, and its officers’ and directors’, liability to the Partnership and the Limited Partners under this Section 7.08 as in effect immediately prior to such
amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

  
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 Section 7.09 Other Matters Concerning the General Partner and the Parent.

 (a) The General Partner and the Parent may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or
parties. 
 (b) The General Partner and the Parent may consult with legal counsel, accountants, appraisers, management
consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that the General
Partner and the Parent reasonably believe to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

(c) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty that
is permitted or required to be done by the General Partner hereunder. 
 (d) Notwithstanding any other provision of this
Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is
necessary or advisable in order (1) to protect the ability of the Parent to continue to qualify as a REIT, (2) without limitation of the foregoing clause (1) or clause (3), for the Parent otherwise to satisfy the REIT Requirements, or
(3) without limitation of the foregoing clauses (1) or (2), to avoid the Parent incurring any federal income or excise taxes, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

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

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

  
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Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General
Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm
any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to
inquire into the necessity or expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives
shall be conclusive evidence in favor of any and every Person relying in good faith thereon or claiming thereunder that (1) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force
and effect, (2) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (3) such certificate, document or instrument was duly
executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

ARTICLE VIII. 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.01 Limitation of Liability. The Limited Partners shall have no liability under this Agreement (other than for breach thereof) except as expressly provided in Sections 10.04 or
13.02(d) or under the Act. 
 Section 8.02 Management of Business. No Limited Partner or Assignee (other than
the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent or director of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operations,
management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such
business by the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent, representative, stockholder or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such,
shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 
 Section 8.03 Outside Activities of Limited Partners. Subject to any agreements entered into pursuant to Section 7.06(e) hereof and any other agreements entered into by a Limited
Partner or its Affiliates with the General Partner, the Partnership, the Parent or any Affiliate thereof (including, without limitation, any employment agreement), any Limited Partner and any Assignee, officer, director, employee, agent, trustee,
Affiliate, partner, member or shareholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities
that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any
Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in

  
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any business ventures of any other Person (other than the General Partner, to the extent expressly provided herein), and such Person shall have no obligation pursuant to this Agreement, subject
to Section 7.06(e) hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership, the Parent or any Affiliate thereof, to offer any interest in any such business ventures to
the Partnership, any Limited Partner, the Parent or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner, the Parent or such other Person, could be taken by such Person.

 Section 8.04 Return of Capital. Except pursuant to the rights of Redemption set forth in Section 8.06
hereof, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement, upon termination of the Partnership as provided herein. Except to the extent
provided in Articles V and VI hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to
profits, losses or distributions. 
 Section 8.05 Adjustment Factor. The Partnership shall notify any Limited
Partner, on request, of the then current Adjustment Factor or any change made to the Adjustment Factor. 
 Section 8.06
Redemption Rights. 
 (a) On or after the date 12 months after the date of the initial issuance of OP Units and except as
otherwise provided in Sections 16.06 and 17.05, each Limited Partner (other than the Parent) shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the
Partnership to redeem all or a portion of the OP Units held by such Limited Partner (such OP Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”) unless the terms
of such OP Units or a separate agreement entered into between the Partnership and the Holder of such OP Units provide that such OP Units are not entitled to a right of Redemption or provide for a shorter or longer period before such Holder may
exercise such right of Redemption or impose conditions on the exercise of such right of Redemption. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the
right (the “Tendering Partner”). The Cash Amount shall be payable to the Tendering Partner on the Specified Redemption Date. The Tendering Partner shall have no right, with respect to any OP Units so redeemed, to receive any
distributions paid on or after the Specified Redemption Date. 
 (b) Notwithstanding Section 8.06(a) above, if a
Limited Partner has delivered to the General Partner a Notice of Redemption then the Parent may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to assume and
satisfy the Partnership’s Redemption obligation and acquire some or all of the Tendered Units from the Tendering Partner in exchange for the Common REIT Shares Amount (as of the Specified Redemption Date) and, if the Parent so elects, the
Tendering Partner shall sell the Tendered Units to the Parent in exchange for the Common REIT Shares Amount. In such event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units. The Parent shall give such
Tendering Partner written notice of its election on or before the close of business on the fifth Business Day after its receipt of the Notice of Redemption. 

  
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 (c) The Common REIT Shares Amount, if applicable, shall be delivered as duly authorized,
validly issued, fully paid and nonassessable Common REIT Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter or the Bylaws of the Parent, the Securities Act, relevant state
securities or blue sky laws and any applicable registration rights agreement with respect to such Common REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to Section 8.06(e)), the
Tendering Partner shall be deemed the owner of such Common REIT Shares for all purposes, including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the Common REIT Shares for
which the Partnership Units might be exchanged shall also bear the legend set forth in the Charter. 
 (d) Each Limited Partner
covenants and agrees with the General Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with
respect to such Tendered Units, the General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its
Tendered Units to the General Partner (or its designee), such Limited Partner shall assume and pay such transfer tax. 
 (e)
Notwithstanding the provisions of Sections 8.06(a), 8.06(b) or 8.06(c) or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash or an exchange for Common REIT
Shares to the extent the ownership or right to acquire Common REIT Shares pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person to violate the restrictions on ownership and transfer
of Common REIT Shares set forth in the Charter of the Parent and (ii) shall have no rights under this Agreement to acquire Common REIT Shares which would otherwise be prohibited under the Charter. To the extent any attempted Redemption or
exchange for Common REIT Shares would be in violation of this Section 8.06(e), it shall be null and void ab initio and such Limited Partner shall not acquire any rights or economic interest in the cash otherwise payable upon such
Redemption or the Common REIT Shares otherwise issuable upon such exchange. 
 (f) Notwithstanding anything herein to the
contrary (but subject to Section 8.06(e)), with respect to any Redemption or exchange for Common REIT Shares pursuant to this Section 8.06: (i) without the consent of the General Partner, each Limited Partner may effect
a Redemption only one time in each fiscal quarter; (ii) without the consent of the General Partner, each Limited Partner may not effect a Redemption for less than 1,000 OP Units or, if the Limited Partner holds less than 1,000 OP Units, all of
the OP Units held by such Limited Partner; (iii) without the consent of the General Partner, each Limited Partner may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the
record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution; (iv) the consummation of any Redemption or exchange for Common REIT Shares shall be subject to the
expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; 

  
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and (v) each Tendering Partner shall continue to own all OP Units subject to any Redemption or exchange for Common REIT Shares, and be treated as a Limited Partner with respect to such OP
Units for all purposes of this Agreement, until such OP Units are transferred to the General Partner and paid for or exchanged on the Specified Redemption Date. Until a Tendering Partner receives Common REIT Shares on an applicable Specified
Redemption Date, the Tendering Partner shall have no rights as a stockholder of the General Partner with respect to such Tendering Partner’s OP Units that are tendered for such Common REIT Shares. 

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

ARTICLE IX. 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 Section 9.01 Records and Accounting. 
 (a) The General Partner shall
keep or cause to be kept at the principal office of the Partnership those records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s
business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.05 or 9.03 hereof. Any
records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form for, magnetic tape, photographs, micrographics or any other information storage device, provided, that the records
so maintained are convertible into clearly legible written form within a reasonable period of time. 
 (b) The books of the
Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with generally accepted accounting principles, or on such other basis as the General Partner determines to be necessary or appropriate. To the
extent permitted by sound accounting practices and principles, the Partnership and the General Partner may operate with integrated or consolidated accounting records, operations and principles. The Partnership also shall maintain its tax books on
the accrual basis. 
 Section 9.02 Reports. 
 (a) As soon as practicable, but in no event later than the date on which the Parent mails its annual report to its stockholders, the General Partner shall cause to be mailed to each Limited Partner an
annual report, as of the close of the most recently ended Partnership Year, containing financial statements of the Partnership, or of the Parent if such statements are prepared solely on a consolidated basis with the Partnership, for such
Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the Parent. 

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

 (c) The General Partner may satisfy its obligations under Sections 9.02(a) and 9.02(b) by posting or making
available the reports required by this Section 9.02 on the website maintained from time to time by the Partnership provided, that such reports are able to be printed or downloaded from such website. 

(d) At the request of any Limited Partner, the General Partner shall provide access to the books, records and work papers upon which the
reports required by this Section 9.02 are based, to the extent required by the Act. 
 ARTICLE X. 

TAX MATTERS 
 Section 10.01 Preparation of Tax Returns. The General Partner shall arrange for the preparation and timely filing of all returns with respect to Partnership income, gains, deductions, losses
and other items required of the Partnership for federal and state income tax purposes and shall use reasonable effort to furnish, within 90 days of the close of each taxable year, the tax information reasonably required by Limited Partners for
federal and state income tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to the Contributed Properties, including tax basis and other relevant information, as may be reasonably
requested by the General Partner from time to time. 
 Section 10.02 Tax Elections. 

(a) Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any
available election pursuant to the Code, including, but not limited to, the election under Code Section 754 and the election to use the “recurring item” method of accounting provided under Code Section 461(h) with respect to
property taxes imposed on the Partnership’s Properties. The General Partner shall have the right to seek to revoke any such election (including, without limitation, any election under Code Sections 461(h) and 754) upon the General
Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

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

  
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and directed to execute and file the LV Safe Harbor Election on behalf of the Partnership and the Partners. The Partnership and the Partners (including any person to whom a Partnership Interest
is transferred in connection with the performance of services) hereby agree to comply with all requirements of the LV Safe Harbor (including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare and file all federal
income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent with such final LV Safe Harbor guidance. The Partnership is also authorized to take such actions as are necessary to achieve, under
the LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe Harbor referred to above would be intended to achieve under Proposed Treasury Regulation § 1.83-3, including amending this Agreement.

 Section 10.03 Tax Matters Partner. 
 (a) The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. The tax matters partner shall receive no compensation for its services. All
third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in addition to any reimbursement pursuant to
Section 7.04 hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the
Partnership for such services is reasonable. 
 (b) The tax matters partner is authorized, but not required: 

(i) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of
Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”),
and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code
and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who is a “notice partner” (as defined in Code
Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 
 (ii) in the event
that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the tax matters partner, to seek judicial
review of such Final Adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the
district in which the Partnership’s principal place of business is located; 
 (iii) to intervene in any action brought by
any other Partner for judicial review of a Final Adjustment; 

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

  
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 Section 10.05 Organizational Expenses. The Partnership shall elect to amortize
expenses, if any, incurred by it in organizing the Partnership ratably over a 180-month period as provided in Code Section 709. 
 ARTICLE XI. 
 TRANSFERS AND WITHDRAWALS 

Section 11.01 Transfer. 
 (a) No part of a Partner’s Partnership Interest shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily
alienated or encumbered except as may be specifically provided for in this Agreement. 
 (b) No Partnership Interest shall be
Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article XI. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article XI shall be null
and void ab initio unless consented to by the General Partner in its sole and absolute discretion. 
 (c) Notwithstanding
the other provisions of this Article XI (other than Section 11.06(d) hereof), the General Partner Interest may be Transferred, at any time or from time to time, to the Parent or any of its Affiliates. Any transferee of the entire
General Partner Interest pursuant to this Section 11.01(c) shall automatically become, without further action or consent of any Limited Partners, the sole general partner of the Partnership, subject to all the rights, privileges, duties
and obligations under this Agreement and the Act relating to a general partner. Upon any Transfer permitted by this Section 11.01(c), the transferor Partner shall be relieved of all its obligations under this Agreement. The provisions of
Sections 11.02(b), 11.03 and 11.04 hereof shall not apply to any Transfer permitted by this Section 11.01(c). 
 (d) No Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the
Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner in its sole and absolute discretion; provided, that as a condition to such consent, the lender will be required to enter into an
arrangement with the Partnership and the General Partner to redeem or exchange for Common REIT Shares any Partnership Units in which a security interest is held by such lender concurrently with such time as such lender would be deemed to be a
partner in the Partnership for purposes of allocating liabilities to such lender under Code Section 752. 

Section 11.02 Transfer of General Partner’s Partnership Interest. 

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

  
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General Partner withdraw as General Partner except in connection with a transaction permitted under Section 11.02(b) or any merger, consolidation, or other combination permitted under
clause (ii) of this Section 11.02(a). 
 (b) The General Partner shall not engage in any merger (including,
without limitation, a triangular merger), consolidation or other combination with or into another Person (other than any transaction permitted by Section 11.02(a)), any sale of all or substantially all of its assets or any
reclassification, recapitalization or change of outstanding REIT Shares (other than a change in par value, or from par value to no par value, or as a result of a subdivision or combination as described in the definition of “Adjustment
Factor”) (“Termination Transaction”), unless (i) it receives the consent of a Majority in Interest of the Outside Limited Partners, (ii) following such merger or other consolidation, substantially all of the
assets of the surviving entity consist of Partnership Units or (iii) in connection with which all Partners (other than the General Partner) who hold OP Units either will receive, or will have the right to receive, for each OP Unit an amount of
cash, securities, or other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of REIT Shares in consideration of one such REIT Share at any time during the period
from and after the date on which the Termination Transaction is consummated; provided, however, that, if in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders
of the percentage required for the approval of mergers under the organizational documents of the General Partner, each holder of OP Units shall receive, or shall have the right to receive without any right of Consent set forth above in this
Section 11.02(b), the greatest amount of cash, securities, or other property which such holder would have received had it exercised the Redemption right and received Common REIT Shares in exchange for its OP Units immediately prior to
the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer. 

(c) The General Partner shall not enter into an agreement or other arrangement providing for or facilitating the creation of a general
partner of the Partnership other than the General Partner, unless the successor General Partner executes and delivers a counterpart to this Agreement in which such General Partner agrees to be fully bound by all of the terms and conditions contained
herein that are applicable to a general partner. 
 Section 11.03 Transfer of Limited Partners’ Partnership
Interests. 
 (a) No Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without
the written consent of the General Partner, which consent may be withheld in its sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without the consent or approval of the General Partner, unless this
Agreement, an applicable Partnership Unit Designation or other writing executed by the relevant parties provides otherwise (i) Transfer all or part of its Partnership Interest to any Family Member (including a Transfer by a Family Member that
is an inter vivos or testamentary trust (whether revocable or irrevocable) to a Family Member that is a beneficiary of such trust), any Charity, any Controlled Entity or any Affiliate or (ii) pledge all or any portion of its Partnership
Interest to a lending institution as collateral or security for a bona fide loan or other extension of credit, and Transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or
extension of credit. To the extent such a Transfer is 

  
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made to a Controlled Entity or any Affiliate and such transferee thereafter ceases to be a Controlled Entity or Affiliate of the Transferor, then a Transfer to such transferee, subject to this
Article, shall be deemed to occur at such time as such transferee ceases to be a Controlled Entity or any Affiliate of the Transferor. 
 (b) Notwithstanding any other provision of this Article XI (other than Section 11.06(d) hereof), the Partnership Interests of the General Partner may be Transferred in whole or in part,
at any time and from time to time to any Person that is, at the time of such Transfer, the Parent or any successor thereto or any Qualified REIT Subsidiary. 
 (c) Without limiting the generality of Section 11.03(a) hereof, it is expressly understood and agreed that the General Partner will not consent to any Transfer of all or any portion of any
Partnership Interest pursuant to Section 11.03(a) above unless such Transfer meets each of the following conditions: 
 (i) Such Transfer is made only to a single Qualified Transferee; provided, however, that for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or
funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee. 
 (ii) The transferee in such Transfer assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred
Partnership Interest; provided, that no such Transfer (unless made pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Limited Partner are assumed by a successor corporation by operation
of law) shall relieve the transferor Limited Partner of its obligations under this Agreement without the approval of the General Partner, in its sole and absolute discretion. Notwithstanding the foregoing, any transferee of any Transferred
Partnership Interest shall be subject to any and all ownership limitations contained in the Charter that may limit or restrict such transferee’s ability to exercise its Redemption rights, including, without limitation, the applicable
restrictions on ownership of shares of the Parent imposed under the Charter. 
 (iii) Any transferee, whether or not admitted
as a Substituted Limited Partner, shall take subject to the obligations of the transferor Limited Partner hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise,
shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.05 hereof. 
 (iv)
Such Transfer is effective as of the first day of a fiscal quarter of the Partnership. 
 (d) 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 Partnership Interest. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or
terminate the Partnership. 

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

Section 11.04 Substituted Limited Partners. 
 (a) A transferee of a Limited Partner’s Partnership Interest pursuant to a Transfer consented to by the General Partner pursuant to Section 11.03(a) may be admitted as a Substituted
Limited Partner only with the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The failure or refusal by the General Partner to permit a transferee of any such
interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Limited Partner until and
unless it furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, including, without limitation, the
power of attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such Assignee, and (iii) such other documents and instruments as may be required or advisable, in the sole and
absolute discretion of the General Partner, to effect such Assignee’s admission as a Substituted Limited Partner. 
 (b) A
transferee who has been admitted as a Substituted Limited Partner in accordance with this Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement.

 (c) Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect the
name, address and number of Partnership Units of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and number of Partnership Units of the predecessor of such Substituted Limited Partner. 

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

  
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 Section 11.06 General Provisions. 

(a) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such Limited
Partner’s Partnership Units in accordance with this Article XI, with respect to which the transferee becomes a Substituted Limited Partner, or pursuant to a redemption (or acquisition by the General Partner) of all of its Partnership
Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation. 
 (b)
Any Limited Partner who shall Transfer all of its Partnership Units in a Transfer (i) consented to by the General Partner or otherwise permitted pursuant to this Article XI where such transferee was admitted as a Substituted Limited
Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation, or (iii) to the
General Partner, whether or not pursuant to Section 8.06(b) hereof, shall cease to be a Limited Partner. 
 (c) If
any Partnership Unit is Transferred in compliance with the provisions of this Article XI, or is redeemed by the Partnership, or acquired by the General Partner pursuant to Section 8.06 hereof, on any day other than the first day
of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner or the
Tendering Partner, as the case may be, and, in the case of a Transfer or assignment other than a Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code
Section 706(d) and the corresponding Regulations, using the “interim closing of the books” method (unless the General Partner in its sole and absolute discretion elects to adopt another permissible method, in which case Net Income or
Net Loss shall be allocated based upon the applicable method selected by the General Partner). All distributions of Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such
Transfer, assignment or Redemption shall be made to the transferor Partner or the Tendering Partner, as the case may be, and, in the case of a Transfer other than a Redemption, all distributions of Available Cash thereafter attributable to such
Partnership Unit shall be made to the transferee Partner. 
 (d) In no event may any Transfer or assignment of a Partnership
Interest by any Partner (including any Redemption, any acquisition of Partnership Units by the General Partner or any other acquisition of Partnership Units by the Partnership) be made (i) to any Person who lacks the legal right, power or
capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) that consists of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other
components of a Partnership Interest; (iv) in the event that such Transfer would cause the Parent to cease to comply with the REIT Requirements; (v) except with the consent of the General Partner, if such Transfer, in the opinion of
counsel to the Partnership or the General Partner, would create a significant risk that the Partnership would terminate for federal or state income tax purposes; (vi)

  
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if such Transfer would, in the opinion of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of
the Redemption (or acquisition by the General Partner) of all Partnership Units held by all Limited Partners; (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) without the consent of the General Partner, to any benefit plan investor within the
meaning of Department of Labor Regulations Section 2510.3-101(f); (ix) except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, cause any portion of
the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (x) if such Transfer requires the registration of such Partnership Interest pursuant to any
applicable federal or state securities laws; (xi) except with the consent of the Parent, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, adversely affect the ability of the Parent to continue
to qualify as a REIT or would subject the Parent to any federal income or excise taxes; (xii) except with the consent of the General Partner, if such transfer would be effectuated through an “established securities market” or a
“secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 (provided, that this clause (xiii) shall not be the basis for limiting or restricting in any manner the exercise of a
Redemption right unless, and only to the extent that, in the absence of such limitation or restriction, in the opinion of legal counsel to the Partnership, there is a significant risk that the Partnership will be treated as a “publicly traded
partnership” and, by reason thereof, taxable as a corporation for federal income tax purposes); (xiv) if such Transfer causes the Partnership (as opposed to the Parent) to become a reporting company under the Exchange Act; or (xiv) if
such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 
 ARTICLE XII. 
 ADMISSION OF PARTNERS 

Section 12.01 Admission of Successor General Partner. A successor to all of the General Partner’s General Partner
Interest pursuant to Section 11.02 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to such Transfer. Any such successor shall
carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this
Agreement and such other documents or instruments as may be required to effect the admission. 
 Section 12.02 Admission
of Additional Limited Partners. 
 (a) After the date hereof, a Person (other than an existing Partner) who makes a Capital
Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance satisfactory
to the General Partner, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by

  
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such Person, and (iii) such other documents or instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person’s admission as an
Additional Limited Partner and the satisfaction of all the conditions set forth in this Section 12.02. 
 (b)
Notwithstanding anything to the contrary in this Section 12.02, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s
sole and absolute discretion. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the
General Partner to such admission. 
 (c) If any Additional Limited Partner is admitted to the Partnership on any day other than
the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Partners and Assignees for such Partnership Year shall be allocated pro rata
among such Additional Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books”
method or another permissible method selected by the General Partner. Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among
all the Partners and Assignees including such Additional Limited Partner, in accordance with the principles described in Section 11.06(c) hereof. All distributions of Available Cash with respect to which the Partnership Record Date is
before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional
Limited Partner. 
 Section 12.03 Amendment of Agreement and Certificate of Limited Partnership. For the admission
to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including
an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.04. 

Section 12.04 Limit on Number of Partners. Unless otherwise permitted by the General Partner, no Person shall be admitted to
the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange Act. 

Section 12.05 Admission. A Person shall be admitted to the Partnership as a Limited Partner of the Partnership only upon
strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as an Additional Limited Partner. Concurrently with, and as evidence of, the admission of an Additional
Limited Partner, the General Partner shall amend Exhibit A and the books and records of the Partnership to reflect the name, address and number of Partnership Units of such Additional Limited Partner. 

  
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 ARTICLE XIII. 
 DISSOLUTION, LIQUIDATION AND TERMINATION 
 Section 13.01
Dissolution. The Partnership shall not be dissolved by the admission of Additional Limited Partners or Substituted Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the
withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the
following (each a “Liquidating Event”): 
 (a) a final and nonappealable judgment is entered by a court of
competent jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and nonappealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state
bankruptcy or insolvency laws as now or hereafter in effect, unless, prior to the entry of such order or judgment, a Majority in Interest of the remaining Outside Limited Partners agree in writing, in their sole and absolute discretion, to continue
the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a successor General Partner; 
 (b) an election to dissolve the Partnership made by the General Partner in its sole and absolute discretion, with or without the Consent of a Majority in Interest of the Outside Limited Partners;

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

(d) the occurrence of a Terminating Capital Transaction; or 
 (e) the Incapacity or withdrawal of the General Partner, unless all of the remaining Partners in their sole and absolute discretion agree in writing to continue the business of the Partnership and to the
appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner. 
 Section 13.02
Winding Up. 
 (a) Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of
winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and Partners. After the occurrence of a Liquidating Event, no Partner shall take any action that is inconsistent with, or not necessary to
or appropriate for, the winding up of the Partnership’s business and affairs. The General Partner or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or
ceased to operate, any Person elected by a Majority in Interest of the Outside Limited Partners (the General Partner or such other Person being referred to herein as the “Liquidator”) shall be responsible for overseeing the winding
up and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property, and the 

  
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Partnership’s property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following
order: 
 (i) First, to the satisfaction of all of the Partnership’s Debts and liabilities to creditors other than the
Partners and their Assignees (whether by payment or the making of reasonable provision for payment thereof); 
 (ii) Second, to
the satisfaction of all of the Partnership’s Debts and liabilities to the General Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under
Section 7.04 hereof; 
 (iii) Third, to the satisfaction of all of the Partnership’s Debts and liabilities to
the Limited Partners and any Assignees (whether by payment or the making of reasonable provision for payment thereof); 
 (iv)
Fourth, to the Holders of Class A Preferred Units in accordance with the liquidation preference set forth in Sections 16.05; and 
 (v) The balance, if any, to the General Partner, the Limited Partners and any Assignees in accordance with their Capital Account balances, after giving effect to all contributions, distributions and
allocations for all periods. 
 The General Partner shall not receive any additional compensation for any services performed
pursuant to this Article XIII. 
 (b) Notwithstanding the provisions of Section 13.02(a) hereof that require
liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the Partnership’s
assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the
Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.02(a) hereof, undivided interests in such Partnership
assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be
subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine
the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
 (c) If
any Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs) (a “Capital Account
Deficit”), such Partner shall not be required to make any contribution to the capital of the Partnership with respect to such Capital Account Deficit and such Capital Account Deficit shall not be considered a debt owed to the Partnership or
any other Person for any purpose whatsoever. 

  
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 (d) Notwithstanding the provisions of Section 13.02(c), (i) if the General
Partner has a Capital Account Deficit, the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such Capital Account Deficit balance to zero; (ii) if a DRO Partner has a Capital Account Deficit,
such DRO Partner shall be obligated to make a contribution to the Partnership with respect to such DRO Partner’s Capital Account Deficit balance upon a liquidation of the Partnership or a “liquidation” of such Partner’s
Partnership Interest within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (which term shall include a redemption by the Partnership of such DRO Partner’s Partnership Interest upon exercise of the Redemption right) in an amount
equal to the lesser of (x) such DRO Partner’s Capital Account Deficit balance or (y) such DRO Partner’s DRO Amount; and (iii) the second sentence of Section 13.02(c) shall not apply with respect to any other
Partner to the extent, but only to the extent, that such Partner previously has agreed in writing, with the consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit that may exist in its Capital
Account upon a liquidation of the Partnership. Solely for purposes of determining a DRO Partner’s Capital Account balance upon a liquidation of such Partner’s Partnership Interest, the General Partner shall redetermine the Gross Asset
Value of the Partnership’s assets on such date based upon the principles set forth in the definition of “Gross Asset Value,” and shall take into account the DRO Partner’s allocable share of any unrealized gain or
unrealized loss resulting from such adjustment in determining the DRO Partner’s Capital Account balance. No Partner shall have any right to become a DRO Partner, to increase its DRO Amount, or otherwise agree to restore any portion of any
Capital Account Deficit without the express written consent of the General Partner, in its sole and absolute discretion. The General Partner shall not have the right to eliminate or decrease any Partner’s DRO Amount without the written consent
of such Partner unless otherwise agreed to by such parties. Any contribution required of a Partner under this Section 13.02(d) shall be made on or before the later of (i) the end of the Partnership Year in which the interest is
liquidated or (ii) the ninetieth (90th) day following the date of such liquidation. The proceeds of any contribution to the Partnership made by a DRO Partner with respect to such DRO Partner’s Capital Account Deficit balance shall be
treated as a Capital Contribution by such DRO Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in Section 13.02(a). 

(e) In furtherance of Section 13.02(d)(ii), a DRO Partner shall cease to be a DRO Partner six months after the disposition of
all of such DRO Partner’s remaining Partnership Units (including upon an exercise of a Redemption right) unless at the time of, or during the six-month period following, such disposition, there has been any of the following: 

(i) an entry of a decree or order for relief in respect of the Partnership by a court having jurisdiction over a substantial part of the
Partnership’s assets, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Partnership or of any substantial part of its property, or ordering the winding up or liquidation
of the Partnership’s affairs, in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law; or 

(ii) the commencement against the Partnership of an involuntary case under the federal bankruptcy laws, as now or hereafter constituted,
or any other applicable federal or state bankruptcy, insolvency or other similar law; or 

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

(iv) the Partnership becoming insolvent. 
 Following the passage of the six-month period described in this Section 13.02(e), a DRO Partner shall cease to be a DRO Partner at the first time, if any, that all of the conditions set forth
in (i) through (iv) above are not in existence. 
 (f) In the sole and absolute discretion of the General Partner or
the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Partners pursuant to this Article XIII may be: 
 (i) distributed to a trust established for the benefit of the General Partner and the Limited Partners for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and
paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the
General Partner and the Limited Partners, from time to time, in the reasonable discretion of the General Partner or the Liquidator, in the same proportions and amounts as would otherwise have been distributed to the General Partner and the Limited
Partners pursuant to Section 13.02(a); or 
 (ii) withheld or escrowed to provide a reasonable reserve for
Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the General
Partner and Limited Partners in the manner and order of priority set forth in Section 13.02(a) hereof as soon as practicable. 
 Section 13.03 Deemed Distribution and Recontribution. Notwithstanding any other provision of this Article XIII, in the event that the Partnership is liquidated within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the Partnership’s Property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged and the Partnership’s affairs
shall not be wound up. Instead, for federal income tax purposes, the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and, immediately
thereafter, distributed interests in the new partnership to the Partners in accordance with their respective Capital Accounts in liquidation of the Partnership, and the new partnership is deemed to continue the business of the Partnership. Nothing
in this Section 13.03 shall be deemed to convert any Assignee to a Substituted Limited Partner without compliance with the provisions of Section 11.04 hereof. 

  
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 Section 13.04 Rights of Limited Partners. Except as otherwise provided in this
Agreement, (a) each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Limited Partner shall have the right or power to demand or receive property other than cash from the
Partnership, and (c) no Limited Partner (other than any Limited Partner who holds Preferred Units, to the extent specifically set forth herein and in the applicable Partnership Unit Designation) shall have priority over any other Limited
Partner as to the return of its Capital Contributions, distributions or allocations. 
 Section 13.05 Notice of
Dissolution. In the event that a Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Partners pursuant to Section 13.01 hereof, result in a dissolution of the Partnership, the
General Partner shall, within 30 days thereafter, provide written notice thereof to each of the Partners and, in the General Partner’s sole and absolute discretion or as required by the Act, to all other parties with whom the Partnership
regularly conducts business (as determined in the sole and absolute discretion of the General Partner), and the General Partner may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in
which the Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner). 

Section 13.06 Cancellation of Certificate of Limited Partnership. Upon the completion of the liquidation of the
Partnership’s cash and property as provided in Section 13.02 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the Partnership as a foreign
limited partnership or association in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

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

PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; 
 MEETINGS 
 Section 14.01 Procedures for Actions and Consents of
Partners. The actions requiring consent or approval of Limited Partners pursuant to this Agreement, including Section 7.03 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article
XIV. 
 Section 14.02 Amendments. Amendments to this Agreement requiring Consent of the Limited Partners may be
proposed only by the General Partner. Following such proposal, the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written consent of the Limited Partners on the proposed amendment or
shall call a meeting to vote thereon and to transact any other business that the General Partner may deem appropriate. For purposes of obtaining a written consent, the General Partner may 

  
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require a response within a reasonable specified time, but not less than 10 days, and failure to respond in such time period shall constitute a consent that is consistent with the General
Partner’s recommendation with respect to the proposal; provided, however, that an action shall become effective at such time as requisite consents are received even if prior to such specified time. Notwithstanding anything to the
contrary in this Agreement, the General Partner shall have the power, without the consent of the Limited Partners, to amend this Agreement as may be required to reflect the admission, substitution, termination or withdrawal of Partners or an
increase or decrease in a Partner’s DRO Amount in accordance with this Agreement (which may be affected through the replacement of Exhibit C with an amended Exhibit C). 

Section 14.03 Meetings of the Partners. 
 (a) Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request by a Majority in Interest of the Outside Limited
Partners. Notice of any such meeting shall be given to all Partners not less than seven days nor more than 30 days prior to the date of such meeting and shall state the nature of the business to be transacted. Partners may vote in person or by proxy
at such meeting. Whenever the vote or Consent of Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in
Section 14.03(b) hereof. 
 (b) Any action required or permitted to be taken at a meeting of the Partners may be
taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement for the action in question). Such
consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement). Such
consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
 (c) Each Limited Partner may authorize any Person or Persons to act for it by proxy on all matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting
or participating at a meeting. Every proxy must be signed by the Limited Partner or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy (or there is receipt of
a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the Limited Partner
executing such proxy. The use of proxies will be governed in the same manner as in the case of corporations organized under the Delaware General Corporation Law (including Section 212 thereof). 

(d) Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant
to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may be conducted in the same manner as meetings of the
Parent’s stockholders and may be held at the same time as, and as part of, the meetings of the Parent’s stockholders. 

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

ARTICLE XV. 

GENERAL PROVISIONS 
 Section 15.01 Addresses and Notice. Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall
be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy, facsimile, electronic mail or commercial courier service) to the Partner
or Assignee at the address set forth in Exhibit A or such other address of which the Partner shall notify the General Partner in accordance with this Section 15.01. 

Section 15.02 Titles and Captions. All article or section titles or captions in this Agreement are for convenience only. They
shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” or
“Sections” are to Articles and Sections of this Agreement. 
 Section 15.03 Pronouns and Plurals.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

Section 15.04 Further Action. The parties shall execute and deliver all documents, provide all information and take or
refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 15.05
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.06 Waiver. 
 (a) No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall
constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 (b) The restrictions, conditions
and other limitations on the rights and benefits of the Limited Partners contained in this Agreement, and the duties, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and,
except for an obligation to pay money to the Partnership, may be waived or relinquished by the General Partner, in its sole and absolute discretion, on behalf of the Partnership in one or more instances from time to time and at any time. 

  
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 Section 15.07 Counterparts. This Agreement may be executed in counterparts, all
of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon
affixing its signature hereto. 
 Section 15.08 Applicable Law. 

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

(b) Each Partner hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Florida
(collectively, the “Florida Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute,
(ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Florida Courts, that its property is exempt or immune
from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner’s last known address as set forth in the Partnership’s books and records, and (iv) irrevocably
waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 
 Section 15.09 Entire Agreement. This Agreement contains all of the understandings and agreements between and among the Partners with respect to the subject matter of this Agreement and the
rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding the immediately preceding sentence, the Partners hereby acknowledge and agree that the General Partner, without the approval of any Limited Partner,
may enter into side letters or similar written agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of such Limited Partner to the Partnership, affecting the terms hereof, as
negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or provisions contained in such side letters or similar written
agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 
 Section 15.10 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby. 

  
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 Section 15.11 Limitation to Preserve REIT Qualification. Notwithstanding
anything else in this Agreement, to the extent that the amount paid, credited, distributed or reimbursed by the Partnership to the Parent or the General Partner or their trustees, officers, directors, employees or agents, whether as a reimbursement,
fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the Parent for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision of this Agreement, the
amount of such REIT Payments, as selected by the General Partner in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the REIT Payments, as so
reduced, for or with respect to the Parent or the General Partner, shall not exceed the lesser of: 
 (a) an amount equal to the
excess, if any, of (a) 4.9% of the Parent’s total gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over
(b) the amount of gross income (within the meaning of Code Section 856(c)(2)) derived by the Parent from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the
amount of any REIT Payments); or 
 (b) an amount equal to the excess, if any, of (a) 24% of the Parent’s total gross
income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income (within the meaning of Code
Section 856(c)(3)) derived by the Parent from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments); provided, however, that REIT
Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts shall not adversely affect
the Parent’s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Partnership Year as a consequence of the limitations set forth in this Section 15.11, such REIT Payments shall carry over and shall be
treated as arising in the following Partnership Year. The purpose of the limitations contained in this Section 15.11 is to prevent the Parent from failing to qualify as a REIT by reason of the Parent’s share of items, including
distributions, payments, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this Section 15.11 shall be interpreted and applied to effectuate such purpose. 

Section 15.12 No Partition. No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement
remains in effect to have any Property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or in equity to have such Property of the Partnership partitioned, and each Partner, on behalf of itself and its
successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this
Agreement, and that the rights of the Partners and their successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

  
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 Section 15.13 No Third-Party Rights Created Hereby. The provisions of this
Agreement are solely for the purpose of defining the interests of the Partners, inter se; and no other Person that is not a signatory hereto (or a permitted successor to such signatory hereto) shall have any right, power, title or interest by
way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Partnership (other than as expressly set forth herein with respect to Indemnitees) shall
have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or obligations of the Partners
herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or obligations be sold, transferred or assigned by
the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners. 
 Section 15.14 No Rights as Members of the General Partner Nor as Stockholders of the Parent. Nothing contained in this Agreement shall be construed as conferring upon the Holders of
Partnership Units any rights whatsoever as members of the General Partner or as stockholders of the Parent, including without limitation any right to receive dividends or other distributions made to members of the General Partner or stockholders of
the Parent or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or of any meeting of the stockholders of the Parent for the election of directors or
any other matter. 
 ARTICLE XVI. 
 CLASS A PREFERRED UNITS 
 Section 16.01 Designation and Number.
A series of Partnership Units in the Partnership, designated as the “Class A Preferred Units,” is hereby established. The number of Class A Preferred Units shall be 309,130. Except as set forth in Articles VI and XIII
and this Article XVI, and except where the context elsewhere in this Agreement otherwise requires, Class A Preferred Units shall have the same rights, privileges and preferences as the OP Units. 

Section 16.02 Rank. Class A Preferred Units will, with respect to distribution rights and rights upon liquidation,
dissolution or winding up of the Partnership, rank (a) prior or senior to the OP Units, and to all classes or series of Preferred Units ranking junior to Class A Preferred Units with respect to distribution rights or rights upon
liquidation, dissolution or winding up of the Partnership; (b) on a parity with the Preferred Parity Units; (c) junior to all classes or series of Preferred Units issued by the Partnership, the terms of which specifically provide that such
Preferred Units rank senior to Class A Preferred Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership; and (d) junior to all existing and future indebtedness of the Partnership.

 Section 16.03 Voting. Holders of Class A Preferred Units shall not have any voting rights, except with
respect to those matters required by law, in which case holders of Class A Preferred Units only shall vote as a single class. 

  
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 Section 16.04 Nonliquidating Distributions. 

(a) Holders of Class A Preferred Units shall be entitled to receive, when and as authorized by the General Partner, and declared by
the Partnership out of funds of the Partnership legally available for payment, preferential cumulative cash distributions at the Class A Preferred Return Rate (the “Class A Preferred Return”). Such distributions shall be
cumulative from the date of original issue and shall be payable quarterly, in equal amounts, on or before the period ending on such Preferred Unit Distribution Payment Date. Any quarterly distribution payable on the Class A Preferred Units for
any partial distribution period will be computed on the basis of twelve 30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of Class A Preferred Units as they appear on the records of the Partnership
at the close of business on the applicable record date, which shall be the first day of the calendar month in which the applicable Preferred Unit Distribution Payment Date occurs or such other date designated by the General Partner for the payment
of distributions that is not more than 90 nor less than 10 days prior to such Preferred Unit Distribution Payment Date (each, a “Preferred Unit Distribution Record Date”). The “Class A Preferred Return Rate” shall
be (i) 1.00% per annum of the Class A Preferred Base Liquidation Preference (as defined below) per Class A Preferred Unit with respect to the period prior to June 1, 2015, (ii) 2.00% per annum of the Class A
Preferred Base Liquidation Preference per Class A Preferred Unit with respect to the period commencing on June 1, 2015 and ending on June 1, 2016, and (iii) 3.00% per annum of the Class A Preferred Base Liquidation
Preference per Class A Preferred Unit commencing on June 1, 2016. 
 (b) No distribution on Class A Preferred
Units shall be authorized by the General Partner or declared or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the General Partner or the Partnership, including any agreement relating to
the indebtedness of either of them, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such
declaration or payment shall be restricted or prohibited by law. 
 (c) Notwithstanding the foregoing, distributions on
Class A Preferred Units will accrue whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are declared and whether or not such
is prohibited by agreement. Accumulated but unpaid distributions on Class A Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they become payable or on the date of redemption, as the case may be.
Accrued but unpaid distributions on Class A Preferred Units will not bear interest and holders of Class A Preferred Units will not be entitled to any distributions (other than upon voluntary or involuntary liquidation) in excess of full
cumulative distributions described above. Except as set forth in the next sentence, no distributions will be declared or paid or set apart for payment on Preferred Parity Units, OP Units or other Partnership Units ranking junior to Class A
Preferred Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership, for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof is set apart for such payment on Class A Preferred Units for all past distribution periods and the then current distribution period. When distributions are not paid in full (or a sum sufficient for such
full 

  
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payment is not so set apart) upon Class A Preferred Units and other Preferred Parity Units, all distributions declared upon Class A Preferred Units and other Preferred Parity Units
shall be declared pro rata so that the amount of distributions declared per Class A Preferred Unit and other Preferred Parity Unit shall in all cases bear to each other the same ratio that accrued distributions per Class A Preferred Unit
and other Preferred Parity Unit (which shall not include any accrual in respect of unpaid distributions for prior distribution periods with respect to any Preferred Parity Units that are not entitled to cumulative distributions) bear to each other.
No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on Class A Preferred Units which may be in arrears. 
 (d) Except as provided in the immediately preceding paragraph, unless full cumulative distributions on Class A Preferred Units have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof is set apart for payment for all past distribution periods and the then current distribution period, no distributions (other than in OP Units or Preferred Units ranking junior to Class A Preferred Units
with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon any Preferred Parity Units, OP
Units, Class B Contingent Units, LTIP Units or other Partnership Units ranking junior to Class A Preferred Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership, nor shall any
Preferred Parity Units, OP Units or other Partnership Units ranking junior to Class A Preferred Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership be redeemed, purchased or
otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Partnership (except (i) by conversion into or exchange for OP Units or other Partnership Units
ranking junior to Class A Preferred Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership, (ii) in connection with the redemption, purchase or acquisition of equity securities
under incentive, benefit or share purchase plans of the Parent for officers, trustees or employees or others performing or providing similar services, or (iii) by other redemption, purchase or acquisition of such equity securities by the Parent
for the purpose of preserving the Parent’s status as a REIT). Nothing in this paragraph shall be construed to prohibit the Parent from acquiring OP Units pursuant to Section 8.06(b) above. Holders of Class A Preferred Units
shall not be entitled to any distribution, whether payable in cash, property or stock, in excess of full cumulative distributions on Class A Preferred Units as provided above. Any distribution made on Class A Preferred Units shall first be
credited against the earliest accrued but unpaid distribution due with respect to such shares which remains payable. 
 (e) In
determining whether a distribution (other than upon voluntary or involuntary liquidation), redemption or other acquisition of the Partnership Units or otherwise is permitted under Delaware law, no effect shall be given to the amounts that would be
needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights upon distribution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution.

  
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 Section 16.05 Liquidation Preference. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the holders of
Class A Preferred Units are entitled to be paid out of the assets of the Partnership legally available for distribution to its Partners a liquidation preference equal to the sum of (i) $100.00 per Class A Preferred Unit (the
“Class A Preferred Base Liquidation Preference”), and (ii) an amount equal to all accumulated and unpaid distributions to, but not including, the date of the redemption, in cash or property at its fair market value as
determined by the General Partner before any distribution of assets is made with respect to OP Units or other Partnership Units ranking junior to Class A Preferred Units with respect to distribution rights or rights upon liquidation,
dissolution or winding up of the Partnership. 
 (b) If upon any liquidation, dissolution or winding up of the Partnership, the
assets of the Partnership, or proceeds thereof, distributable among the holders of Class A Preferred Units shall be insufficient to pay in full the above described preferential amount and liquidating payments on any other class or series of
Preferred Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of Class A Preferred Units and any such other Preferred Parity Units ratably in the same proportion as the respective amounts that would
be payable on such Class A Preferred Units and any such other Preferred Parity Units if all amounts payable thereon were paid in full. 
 (c) Upon any liquidation, dissolution or winding up of the Partnership, after payment shall have been made in full to the holders of Class A Preferred Units and any other Preferred Parity Units,
Class A Preferred Units and any other Preferred Parity Units shall not be entitled to receive any and all assets remaining to be paid or distributed to the Partners. 
 (d) None of a consolidation or merger of the Partnership with or into another entity, a merger of another entity with or into the Partnership, a sale, lease or conveyance of all or substantially all of
the Partnership’s property or business or an occurrence of a Mandatory Conversion Event shall be considered a liquidation, dissolution or winding up of the affairs of the Partnership for purposes of this Section 16.05. 

Section 16.06 Conversion. 
 (a) In the event that a holder of Class A Preferred REIT Shares of the Parent exercises its right to convert Class A Preferred REIT Shares into Common REIT Shares, or Class A Preferred REIT
Shares are converted as a result of a Mandatory Conversion Event, in either case, in accordance with the governing documents of the Parent, then, concurrently therewith, an equivalent number of Class A Preferred Units of the Partnership held by
the Parent shall be automatically converted into a number of OP Units equal to the number of Common REIT Shares issued upon conversion of such Class A Preferred REIT Shares; provided, however, that if a holder of Class A Preferred REIT
Shares receives cash or other consideration in addition to or in lieu of Common REIT Shares in connection with such conversion, then the Parent, as the holder of the Class A Preferred Units, shall be entitled to receive cash or such other
consideration equal (in amount and form) to the cash or other consideration to be paid by the Parent to such holder of the Class A Preferred REIT Shares. Any such conversion will be effective at the same time the conversion of Class A
Preferred REIT Shares into Common REIT Shares is effective. 

  
 82 

 (b) Notwithstanding any provision to the contrary, no fractional units will be issued in
connection with the conversion of Class A Preferred Units into OP Units. In lieu of fractional OP Units, holders of Class A Preferred Units shall be entitled to receive a cash payment in an amount equal to the fractional OP Unit interest
multiplied by the Common REIT Share FMV, determined as of the date Class A Preferred REIT Shares are surrendered for conversion by a holder thereof. 
 ARTICLE XVII. 
 CLASS B CONTINGENT UNITS 

Section 17.01 Designation and Number. A series of Partnership Units in the Partnership, designated as the “Class B
Contingent Units,” is hereby established. The number of Class B Contingent Units shall be 210,915. Except as set forth in Article VI and this Article XVII, and except where the context elsewhere in this Agreement otherwise
requires, Class B Contingent Units shall have the same rights, privileges and preferences as the OP Units. 
 Section 17.02
Rank. The Class B Contingent Units, with respect to rights upon liquidation, dissolution or winding up of the Partnership, will rank (a) on a parity with the OP Units; (b) junior to the Preferred Parity Units and all classes or
series of Preferred Units issued by the Partnership, the terms of which specifically provide that such Preferred Units rank senior to the OP Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the
Partnership; and (c) junior to all existing and future indebtedness of the Partnership. 
 Section 17.03
Voting. Holders of Class B Contingent Units shall not have any voting rights, except with respect to those matters required by law, in which case holders of Class B Contingent Units only shall vote as a single class. 

Section 17.04 Nonliquidating Distributions. 
 (a) Holders of the Class B Contingent Units shall be entitled to receive, if and when and as authorized by the General Partner, and declared by the Partnership out of funds of the Partnership legally
available for payment, and only if a regular quarterly cash distribution shall have been declared by the General Partner with respect to the OP Units (as described in Section 17.04(c) below), non-cumulative quarterly cash distributions
(“Regular Class B Cash Distributions”) per Class B Contingent Unit equal to: (i) from the Effective Date through December 31, 2014, 0.375% per quarter of the Class B Contingent Base Amount, (ii) from
January 1, 2015 through December 31, 2015, 0.75% per quarter of the Class B Contingent Base Amount and (iii) thereafter, 1.125% per quarter of the Class B Contingent Base Amount. Distributions with respect to Class B
Contingent Units shall not be cumulative. Any Regular Class B Cash Distribution shall be payable quarterly, on the regular quarterly OP Unit distribution date. Any Distributions paid with respect to Class B Contingent Units will be payable in
arrears to holders of record of the Class B Contingent Units as they appear on the 

  
 83 

 
records of the Partnership at the close of business on the applicable Partnership Record Date. No interest, or sum of money in lieu of interest, shall be payable in lieu of any distribution
payment or payments on Class B Contingent Units. 
 (b) In determining whether a distribution (other than upon voluntary or
involuntary liquidation), redemption or other acquisition of the Partnership Units or otherwise is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be dissolved at the time of the
distribution, to satisfy the preferential rights upon distribution of Holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 
 (c) Unless full distributions on Class B Contingent Units with respect to a particular quarter have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof
is set apart for payment for the then current distribution period, no distributions (other than in OP Units) shall be declared or paid or set aside for payment for such quarter upon any OP Units, LTIP Units or other Partnership Units ranking junior
to Class B Contingent Units with respect to distribution rights or rights upon liquidation, dissolution or winding up of the Partnership for such quarter. Holders of Class B Contingent Units shall not be entitled to any distribution (other than
distributions in connection with a dissolution and liquidation of the Partnership pursuant to Article XIII), whether payable in cash, property or stock, in excess of the non-cumulative distributions on Class B Contingent Units as provided
above. 
 Section 17.05 Conversion of Class B Contingent Units. 

(a) Class B Contingent Units shall be convertible only in the manner provided in this Section 17.05. Except as provided in
Section 17.05(b), Class B Contingent Units shall be converted into OP Units in the following amounts at the following times: 
 (i) 52,728.75 Class B Contingent Units shall be converted into OP Units upon the earlier to occur of (A) the Stabilization of the Maitland Property or (B) the sale of the Maitland Property to a
Person other than the General Partner or any Affiliate of the General Partner; 
 (ii) 52,728.75 Class B Contingent Units shall
be converted into OP Units upon the earlier to occur of (A) the Stabilization of the Millenia II Property or (B) the sale of the Millenia II Property to a Person other than the General Partner or any Affiliate of the General Partner; and

 (iii) 105,457.50 Class B Contingent Units shall be converted into OP Units upon the earlier to occur of (A) the
Stabilization of either the Midlothian Property or the Venetian Property or (B) the sale of either the Midlothian Property or the Venetian Property to a Person other than the General Partner or any Affiliate of the General Partner. 

(b) Notwithstanding Section 17.05(a), effective immediately prior to any Mandatory Conversion Event, all outstanding Class B
Contingent Units shall be converted into OP Units in the manner described in this Section 17.05. 

  
 84 

 (c) All Class B Contingent Units that are converted into OP Units pursuant to this
Section 17.05 shall be converted into OP Units at a rate per Class B Contingent Unit equal to (i) $100.00 (the “Class B Contingent Base Amount”) divided by (ii) the greater of (A) nine dollars ($9.00) divided
by the Adjustment Factor and (B) Common REIT Share FMV, determined as of the date of conversion. 
 (d) Notwithstanding any
provision to the contrary, no fractional OP Units will be issued in connection with the conversion of Class B Contingent Units into OP Units. In lieu of fractional OP Units, the Holder of the fractional Class B Contingent Unit shall be entitled to
receive a cash payment in an amount equal to the fractional OP Unit interest multiplied by the Common REIT Share FMV, determined as of the date of conversion. 
 (e) Notwithstanding the restriction set forth in Section 8.06 with respect to redeeming OP Units within 12 months of issuance, any OP Units received as a result of a conversion of Class B
Contingent Units to OP Units pursuant to this Section 17.05 shall be redeemable at the option of the Holder thereof pursuant to Section 8.06 at any time after June 1, 2013. 

(f) All conversions of Class B Contingent Units pursuant to this Section 17.05 shall be automatic and shall require no action
on the part of the holder of Class B Contingent Units so converted. All conversions of Class B Contingent Units shall be applied pro rata among the holders of record of the Class B Contingent Units based on the number of Class B Contingent Units
they hold as of the record date. Notice of conversion of any Class B Contingent Units shall be mailed by the General Partner to each holder of record of the Class B Contingent Units by first class mail, postage prepaid at such holder’s address
as the same appears on the records of the Partnership. No failure to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the conversion of any Class B Contingent Units. Each notice shall
state (i) the date of any conversion of any Class B Contingent Units, (ii) the number of Class B Contingent Units converted and (iii) the conversion rate of Class B Contingent Units to OP Units. 

[signature page follows] 

  
 85 

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

							
	 GENERAL PARTNER:

	
	Trade Street OP GP, LLC
		
		 	By:  Trade Street Residential, Inc., its sole member
				
		 		 	By:	 	 /s/ Michael Baumann

		 		 	Name:	 	Michael Baumann
		 		 	Title:	 	Chief Executive Officer and President

 
					
	
	LIMITED PARTNERS:
	
	Trade Street Residential, Inc.
			
		 	By:	 	 /s/ Michael Baumann

		 	Name:	 	Michael Baumann
		 	Title:	 	Chief Executive Officer and President
	
	Trade Street Capital, LLC
			
		 	By:	 	 /s/ Michael Baumann

		 	Name:	 	Michael Baumann
		 	Title:	 	Chairman
	
	Trade Street Advisor GP, Inc.
			
		 	By:	 	 /s/ Michael Baumann

		 	Name:	 	Michael Baumann
		 	Title:	 	President
	
	 /s/ Michael Baumann

	Michael Baumann
	
	 /s/ Heidi Baumann

	Heidi Baumann

  
 86 

 Exhibit A 

PARTNERS AND PARTNERSHIP UNITS 
  

													
	 Name and Address
	  	OP Units
(Percentage)	 	 	Class A
Preferred Units
(Percentage)	 	 	Class B
Contingent Units
(Percentage)	 
	 GENERAL PARTNER:
	  				 				 			
	 Trade Street OP GP, LLC
	  	 	0	  	 	 	0	  	 	 	0	  
	 19950 West Country Club Drive, Suite 800
	  				 				 			
	 Aventura, FL 33180
	  	 	0	% 	 	 	0	% 	 	 	0	% 
	 LIMITED PARTNERS:
	  				 				 			
	 Trade Street Residential, Inc.
	  	 	4,717,375	  	 	 	309,130	  	 	 	0	  
	 19950 West Country Club Drive, Suite 800
	  				 				 			
	 Aventura, FL 33180
	  	 	100	% 	 	 	100	% 	 	 	0	% 
	 Trade Street Capital, LLC
	  	 	0	  	 	 	0	  	 	 	70,298	  
	 19950 West Country Club Drive, Suite 800
	  				 				 			
	 Aventura, FL 33180
	  	 	0	% 	 	 	0	% 	 	 	33.33	% 
	 Trade Street Adviser GP, Inc.
	  	 	0	  	 	 	0	  	 	 	1,413	  
	 19950 West Country Club Drive, Suite 800
	  				 				 			
	 Aventura, FL 33180
	  	 	0	% 	 	 	0	% 	 	 	.67	% 
	 Michael and Heidi Baumann
	  	 	0	  	 	 	0	  	 	 	139,204	  
	 19950 West Country Club Drive, Suite 800
	  				 				 			
	 Aventura, FL 33180
	  	 	0	% 	 	 	0	% 	 	 	66.00	% 
	 TOTAL
	  	 	4,717,375	  	 	 	309,130	  	 	 	210,915	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 A-1

 Exhibit B 
 NOTICE OF REDEMPTION OF OP UNITS 
 The undersigned Limited Partner hereby
irrevocably (i) hereby tenders for redemption the number of OP Units in Trade Street Operating Partnership, LP (the “Partnership”) set forth below into OP Units in accordance with the terms of the Second Amended and Restated
Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any Common REIT Shares and any cash that may be deliverable upon such redemption be delivered to the address specified below. The undersigned hereby
represents, warrants, and certifies that the undersigned (a) has title to such OP 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 redemption of such OP 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 redemption. 

 
  

			
	Name of Limited Partner:	 	  

		 	(Please Print: Exact Name as Registered with Partnership)

 

			
	Number of OP Units to be Redeemed:	 	  

 

					
	Date of this Notice:	 	  
	 	

  

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

  

			
	  
	 	
	(Street Address)	 	

  

					
	  
	 		 	
	(City)                    (State)
                    (Zip Code)	 		 	

  

			
	Signature Guaranteed by:	 	  

 

			
	Issue Check Payable to (if applicable):	 	  

 

			
	 Issue Common REIT Shares to (if applicable):
	 	  

 

			
	Please Insert Social Security or Identifying Number:	 	  

  
 B-1

 Exhibit C 
 DRO PARTNERS AND DRO AMOUNTS 
 None 

  
 C-1

 Exhibit D 
 NOTICE OF ELECTION BY PARTNER TO CONVERT 
 PROFITS INTEREST LTIP UNITS
INTO OP UNITS 
 The undersigned LTIP Unitholder hereby irrevocably (i) elects to convert the number of LTIP Units in
Trade Street Operating Partnership, LP (the “Partnership”) set forth below into OP Units in accordance with the terms of the Second Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and
(ii) directs that any cash in lieu of OP Units that may be deliverable upon such conversion to be deliverable upon such conversion be delivered to the address specified below. 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 LTIP Unitholder:	 	  

		 	(Please Print: Exact Name as Registered with Partnership)

 

			
	Number of LTIP Units to be Converted:	 	  

 

					
	Date of this Notice:	 	  
	 	

  

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

  

			
	  
	 	
	(Street Address)	 	

  

					
	  
	 		 	
	(City)                (State)
                (Zip Code)	 		 	

  

			
	Signature Guaranteed by:	 	  

 

			
	Issue Check Payable to (if applicable):	 	  

 

			
	Issue OP Units to (if applicable):	 	  

 

			
	Please Insert Social Security or Identifying Number:	 	  

  
 D-1

 Exhibit E 
 NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION 
 OF LTIP UNITS INTO
OP UNITS 
 Trade Street Operating Partnership, LP (the “Partnership”) hereby irrevocably (i) elects
to cause the number of LTIP Units held by the LTIP Unitholder set forth below to be converted into Partnership Units in accordance with the terms of the Second Amended and Restated Agreement of Limited Partnership of the Partnership, as amended.

  

			
	Name of LTIP Unitholder:	 	  

		 	(Please Print: Exact Name as Registered with Partnership)

 

			
	Number of LTIP Units to be Converted:	 	  

 

					
	Date of this Notice:	 	  
	 	

  
 E-1

 Exhibit F-1 
 CERTIFICATION OF NON-FOREIGN STATUS 
 (FOR LIMITED PARTNERS THAT ARE
ENTITIES) 
 Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in
the event of a disposition by a non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”), as defined in
Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the
disposition. To inform Trade Street Residential, Inc. (“Parent”), Trade Street OP GP, LLC (the “General Partner”), and Trade Street Operating Partnership, LP (the “Partnership”), that no withholding
is required with respect to the redemption or conversion by                             
(“Partner”) of its Partnership Units in the Partnership, the undersigned hereby certifies the following on behalf of Partner: 
  

	 	1.	Partner is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are defined in the Code and the Treasury regulations
thereunder. 

	 	2.	Partner is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii). 

	 	3.	The U.S. employer identification number of Partner is
                                        .

	 	4.	The principal business address of Partner is:
                            ,
                             and Partner’s place of incorporation is:
                                        .

	 	5.	Partner agrees to inform Parent and General Partner if it becomes a foreign person at any time during the three-year period immediately following the date of this
notice. 

	 	6.	Partner understands that this certification may be disclosed to the Internal Revenue Service by Parent or General Partner and that any false statement contained herein
could be punished by fine, imprisonment, or both. 

  

			
	PARTNER:
	
	  

		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

 Under penalties of perjury, I declare that I have examined this certification and, to the best of my knowledge and
belief, it is true, correct, and complete, and I further declare that I have authority to sign this document on behalf of Partner. 
  

			
	  

		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

 

			
	 Date:
	 	  

  
 F-1

 Exhibit F-2 
 CERTIFICATION OF NON-FOREIGN STATUS 
 (FOR LIMITED PARTNERS THAT ARE
INDIVIDUALS) 
 Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”),
in the event of a disposition by a non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”), as defined in
Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the
disposition. To inform Trade Street Residential, Inc. (“Parent”), Trade Street OP GP, LLC (the “General Partner”), and Trade Street Operating Partnership, LP (the “Partnership”) that no withholding
is required with respect to my redemption or conversion of my Partnership Units in the Partnership, I,
                            , hereby certify the following: 

 

	 	1.	I am not a nonresident alien for purposes of U.S. income taxation. 

	 	2.	My U.S. taxpayer identification number (social security number) is
                                . 

	 	3.	My home address is:
                                         
                       . 

	 	4.	I agree to inform Parent and General Partner promptly if I become a nonresident alien at any time during the three-year period immediately following the date of this
notice. 

	 	5.	I understand that this certification may be disclosed to the Internal Revenue Service by Parent or General Partner and that any false statement contained herein could
be punished by fine, imprisonment, or both. 

  

			
	  

		
	Name:	 	  

 Under penalties of perjury, I declare that I have examined this certification and, to the best of my knowledge and
belief, it is true, correct, and complete. 
  

			
	  

		
	Name:	 	  

 

			
	Title:	 	  

 

			
	Date:	 	  

  
 F-2EX-4.7

 Exhibit 4.7 
 SPARK NETWORKS, INC. 
 Issuer 

AND 

[                      
              ] 
 Trustee 

INDENTURE 

Dated as of
                    , 20     
 Senior Debt Securities 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINITIONS	  	 	1	  
			
	 Section 1.1
	  	Definitions Of Terms	  	 	1	  
		
	ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	 	5	  
			
	 Section 2.1
	  	Designation And Terms Of Securities	  	 	5	  
	 Section 2.2
	  	Form Of Securities And Trustee’s Certificate	  	 	7	  
	 Section 2.3
	  	Denominations: Provisions For Payment	  	 	7	  
	 Section 2.4
	  	Execution And Authentication	  	 	9	  
	 Section 2.5
	  	Registration Of Transfer And Exchange	  	 	10	  
	 Section 2.6
	  	Temporary Securities	  	 	11	  
	 Section 2.7
	  	Mutilated, Destroyed, Lost Or Stolen Securities	  	 	11	  
	 Section 2.8
	  	Cancellation	  	 	12	  
	 Section 2.9
	  	Benefits Of Indenture	  	 	12	  
	 Section 2.10
	  	Authenticating Agent	  	 	12	  
	 Section 2.11
	  	Global Securities	  	 	13	  
		
	ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	  	 	14	  
			
	 Section 3.1
	  	Redemption	  	 	14	  
	 Section 3.2
	  	Notice Of Redemption	  	 	14	  
	 Section 3.3
	  	Payment Upon Redemption	  	 	15	  
	 Section 3.4
	  	Sinking Fund	  	 	16	  
	 Section 3.5
	  	Satisfaction Of Sinking Fund Payments With Securities	  	 	16	  
	 Section 3.6
	  	Redemption Of Securities For Sinking Fund	  	 	16	  
		
	ARTICLE 4 COVENANTS	  	 	16	  
			
	 Section 4.1
	  	Payment Of Principal, Premium And Interest	  	 	16	  
	 Section 4.2
	  	Maintenance Of Office Or Agency	  	 	17	  
	 Section 4.3
	  	Paying Agents	  	 	17	  
	 Section 4.4
	  	Appointment To Fill Vacancy In Office Of Trustee	  	 	18	  
	 Section 4.5
	  	Compliance With Consolidation Provisions	  	 	18	  
		
	ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	 	19	  
			
	 Section 5.1
	  	Company To Furnish Trustee Names And Addresses Of Securityholders	  	 	19	  
	 Section 5.2
	  	Preservation Of Information; Communications With Securityholders	  	 	19	  
	 Section 5.3
	  	Reports By The Company	  	 	19	  
	 Section 5.4
	  	Reports By The Trustee	  	 	19	  

  
 ii 

							
	ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	 	20	  
			
	 Section 6.1
	  	Events Of Default	  	 	20	  
	 Section 6.2
	  	Collection Of Indebtedness And Suits For Enforcement By Trustee	  	 	22	  
	 Section 6.3
	  	Application Of Moneys Collected	  	 	23	  
	 Section 6.4
	  	Limitation On Suits	  	 	23	  
	 Section 6.5
	  	Rights And Remedies Cumulative; Delay Or Omission Not Waiver	  	 	24	  
	 Section 6.6
	  	Control By Securityholders	  	 	24	  
	 Section 6.7
	  	Undertaking To Pay Costs	  	 	25	  
	 Section 6.8
	  	Liability of Stockholders, Officers, Directors and Incorporators	  	 	25	  
		
	ARTICLE 7 CONCERNING THE TRUSTEE	  	 	26	  
			
	 Section 7.1
	  	Certain Duties And Responsibilities Of Trustee	  	 	26	  
	 Section 7.2
	  	Certain Rights Of Trustee	  	 	27	  
	 Section 7.3
	  	Trustee Not Responsible For Recitals Or Issuance Or Securities	  	 	28	  
	 Section 7.4
	  	May Hold Securities	  	 	28	  
	 Section 7.5
	  	Moneys Held In Trust	  	 	29	  
	 Section 7.6
	  	Compensation And Reimbursement	  	 	29	  
	 Section 7.7
	  	Reliance On Officers’ Certificate	  	 	29	  
	 Section 7.8
	  	Disqualification; Conflicting Interests	  	 	30	  
	 Section 7.9
	  	Corporate Trustee Required; Eligibility	  	 	30	  
	 Section 7.10
	  	Resignation And Removal; Appointment Of Successor	  	 	30	  
	 Section 7.11
	  	Acceptance Of Appointment By Successor	  	 	31	  
	 Section 7.12
	  	Merger, Conversion, Consolidation Or Succession To Business	  	 	33	  
	 Section 7.13
	  	Preferential Collection Of Claims Against The Company	  	 	33	  
	 Section 7.14
	  	Notice Of Default	  	 	33	  
		
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS	  	 	33	  
			
	 Section 8.1
	  	Evidence Of Action By Securityholders	  	 	33	  
	 Section 8.2
	  	Proof Of Execution By Securityholders	  	 	34	  
	 Section 8.3
	  	Who May Be Deemed Owners	  	 	34	  
	 Section 8.4
	  	Certain Securities Owned By Company Disregarded	  	 	35	  
	 Section 8.5
	  	Actions Binding On Future Securityholders	  	 	35	  
		
	ARTICLE 9 SUPPLEMENTAL INDENTURES	  	 	35	  
			
	 Section 9.1
	  	Supplemental Indentures Without The Consent Of Securityholders	  	 	35	  
	 Section 9.2
	  	Supplemental Indentures With Consent Of Securityholders	  	 	37	  
	 Section 9.3
	  	Effect Of Supplemental Indentures	  	 	37	  
	 Section 9.4
	  	Securities Affected By Supplemental Indentures	  	 	37	  
	 Section 9.5
	  	Execution Of Supplemental Indentures	  	 	38	  
		
	ARTICLE 10 SUCCESSOR ENTITY	  	 	38	  
			
	 Section 10.1
	  	Company May Consolidate, Etc.	  	 	38	  
	 Section 10.2
	  	Successor Entity Substituted	  	 	39	  
	 Section 10.3
	  	Evidence Of Consolidation, Etc. To Trustee	  	 	39	  

  
 ii 

							
	ARTICLE 11 SATISFACTION AND DISCHARGE	  	 	39	  
			
	 Section 11.1
	  	Satisfaction And Discharge Of Indenture	  	 	39	  
	 Section 11.2
	  	Discharge Of Obligations	  	 	40	  
	 Section 11.3
	  	Deposited Moneys To Be Held In Trust	  	 	40	  
	 Section 11.4
	  	Payment Of Moneys Held By Paying Agents	  	 	40	  
	 Section 11.5
	  	Repayment To Company	  	 	40	  
		
	ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, AND DIRECTORS	  	 	41	  
			
	 Section 12.1
	  	No Recourse	  	 	41	  
		
	ARTICLE 13 MISCELLANEOUS PROVISIONS	  	 	41	  
			
	 Section 13.1
	  	Effect On Successors And Assigns	  	 	41	  
	 Section 13.2
	  	Actions By Successor	  	 	41	  
	 Section 13.3
	  	Surrender Of Company Powers	  	 	42	  
	 Section 13.4
	  	Notices	  	 	42	  
	 Section 13.5
	  	Governing Law; Waiver of Jury Trial	  	 	42	  
	 Section 13.6
	  	Treatment Of Securities As Debt	  	 	42	  
	 Section 13.7
	  	Compliance Certificates And Opinions	  	 	42	  
	 Section 13.8
	  	Payments On Business Days	  	 	43	  
	 Section 13.9
	  	Conflict With Trust Indenture Act	  	 	43	  
	 Section 13.10
	  	Counterparts	  	 	43	  
	 Section 13.11
	  	Separability	  	 	43	  
	 Section 13.12
	  	Compliance Certificates	  	 	43	  
	 Section 13.13
	  	Force Majeure	  	 	44	  
	 Section 13.14
	  	U.S.A. Patriot Act	  	 	44	  

  
 iii

 INDENTURE 
 INDENTURE, dated as of             , 20__, among Spark Networks, Inc., a Delaware corporation (the “Company”), and
            , as trustee (the “Trustee”): 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without
coupons, to be authenticated by the certificate of the Trustee; 
 WHEREAS, to provide the terms and conditions upon which the
Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually
covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.1 Definitions Of Terms. 
 The terms defined in this Section
(except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings
specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities
Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities
Act as in force at the date of the execution of this instrument. 
 “Authenticating Agent” means an authenticating
agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10. 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 

“Board of Directors” means the Board of Directors of the Company or any duly authorized committee of such Board. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 

 “Business Day” means, with respect to any series of Securities, any day other than
a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, are authorized or obligated by law, executive order or regulation to close. 

“Certificate” means a certificate signed by the chairman of the Board of Directors, any principal executive officer, any chief
executive officer, any president, any senior vice president, any vice president, any principal financial officer or any principal accounting officer, any treasurer or any assistant treasurer, any controller or any assistant controller, any secretary
or any assistant secretary of the Company. The Certificate need not comply with the provisions of Section 13.7. 

“Company” means Spark Networks, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and,
subject to the provisions of Article Ten, shall also include its successors and assigns. 
 “Corporate Trust
Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at
                  . 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Default” means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 “Depositary” means, with respect to Securities of any series for which the Company shall determine that such
Securities will be issued as a Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Securities and Exchange Act of 1934, as amended (the “Exchange
Act”), or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1 or 2.11. 
 “Event of Default” means, with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of time, if any, therein designated. 

“Global Security” means, with respect to any series of Securities, a Security executed by the Company and delivered by the
Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee. 

“Governmental Obligations” means securities that are (a) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at 

  
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the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with
respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 
 “herein,”
“hereof” and “hereunder,” and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into in accordance with the terms hereof. 
 “Interest Payment Date,” when
used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which
an installment of interest with respect to Securities of that series is due and payable. 
 “Officers’
Certificate” means a certificate signed by a chief executive officer, a president, a senior vice president or a vice president and by the chief financial officer or the treasurer or an assistant treasurer or the controller or an assistant
controller or the secretary or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Each such certificate shall include the statements provided for in Section 13.7, if and to the extent
required by the provisions thereof. 
 “Opinion of Counsel” means an opinion in writing subject to customary
exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.7, if and to the
extent required by the provisions thereof. 
 “Outstanding,” when used with reference to Securities of any series,
means, subject to the provisions of Section 8.4, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the
Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in
the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article Three provided, or provision satisfactory to the Trustee shall
have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.7. 

  
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 “Person” means any individual, corporation, partnership, joint venture,
joint-stock company, limited liability company, unincorporated organization or government or any agency or political subdivision thereof. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 

“Responsible Officer” when used with respect to the Trustee means any vice president, any assistant vice president, any trust
officer or assistant trust officer, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Securities” means the debt Securities authenticated and delivered under this Indenture. 

“Securityholder,” “holder of Securities,” “registered holder,” or other similar term, means the Person or
Persons in whose name or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms of this Indenture. 
 “Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person
or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the
time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner. 

“Trustee” means
                  , and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more
than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“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 2 
 ISSUE, DESCRIPTION, TERMS, EXECUTION, 
 REGISTRATION AND EXCHANGE OF
SECURITIES 
 Section 2.1 Designation And Terms Of Securities. 

(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial
issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto: 

(1) the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 (2) any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 
 (3) the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to the Securities of that series upon their issuance, the principal
amount due at maturity, and the place(s) of payment; 
 (4) the rate or rates at which the Securities of the series shall bear
interest or the manner of calculation of such rate or rates, if any; 
 (5) the date or dates from which such interest shall
accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any
such Interest Payment Dates or the manner of determination of such record dates; 
 (6) the right, if any, to extend the interest
payment periods and the duration of such extension; 
 (7) the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company; 

(8) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory
redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and
conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  
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 (9) the form of the Securities of the series including the form of the Certificate of
Authentication for such series; 
 (10) if other than denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, the denominations in which the Securities of the series shall be issuable; 
 (11) whether the Securities of
the series will be guaranteed by any Subsidiary of the Company; 
 (12) any and all other terms (including terms, to the extent
applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the
terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 (13) whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary
for such series; 
 (14) whether the Securities will be convertible into or exchangeable for shares of common stock or other
securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be
adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period; 

(15) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1; 
 (16) any additional or different
Events of Default or restrictive covenants (which may include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities;
create liens; pay dividends or make distributions in respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries placing restrictions on their ability to pay dividends, make distributions or transfer assets; make
investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders and affiliates; issue or sell stock of their Subsidiaries; or effect a consolidation or
merger) or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based or asset-based ratios)
provided for with respect to the Securities of the series; 
 (17) if other than dollars, the coin or currency in which the
Securities of the series are denominated (including, but not limited to, foreign currency); 

  
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 (18) the terms and conditions, if any, upon which the Company shall pay amounts in addition
to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes; and 

(19) any restrictions on transfer, sale or assignment of the Securities of the series. 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to any such Board Resolution or in any indentures supplemental hereto. 
 If any of the terms of the series are
established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate of the Company setting forth the terms of the series. 
 Securities of any particular
series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different redemption dates. 
 Section 2.2 Form Of Securities
And Trustee’s Certificate. The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental
hereto or as provided in a Board Resolution, and set forth in an Officers’ Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any
securities exchange on which Securities of that series may be listed, or to conform to usage. 
 Section 2.3 Denominations:
Provisions For Payment. The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.1(10). The Securities of a particular
series shall bear interest payable on the dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity,
shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State
of New York. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 

The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for
Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the 

  
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close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption
date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.3.

 Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall
be paid by the Company, at its election, as provided in clause (1) or clause (2) below: 
 (1) The Company may make
payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall
not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special
record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or
her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date. 

(2) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee. 
 Unless otherwise set forth in a Board Resolution
or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any
Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is
the fifteenth day of a month, whether or not such date is a Business Day. 

  
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 Subject to the foregoing provisions of this Section, each Security of a series delivered
under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 

Section 2.4 Execution And Authentication. The Securities shall be signed on behalf of the Company by its chief executive officer,
or one of its presidents, or one of its senior vice presidents, or one of its vice presidents, or its chief financial officer, or its chief legal officer, or its treasurer, or one of its assistant treasurers, or its controller or one of its
assistant controllers, or its secretary, or one of its assistant secretaries, under its corporate seal attested by its secretary or one of its assistant secretaries. Signatures may be in the form of a manual or facsimile signature. 

The Company may use the facsimile signature of any Person who shall have been a chief executive officer, president, senior vice president
or vice president thereof, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, secretary or assistant secretary thereof, notwithstanding the fact that at the time the Securities shall
be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced
on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 

A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed
by the chief executive officer, the president, any senior vice president or vice president, the chief financial officer, the chief legal officer, the treasurer or any assistant treasurer, or the controller or any assistant controller, and its
secretary or any assistant secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities. 
 In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 7.1) shall be fully protected in relying upon, an Officers’ Certificate and Opinion of Counsel, each stating that the form and terms thereof have been established in conformity with the provisions of this Indenture. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

  
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 Section 2.5 Registration Of Transfer And Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose
in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge
in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or
Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New York, or such other location designated by the
Company, a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this
Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board
Resolution (the “Security Registrar”). 
 Upon surrender for transfer of any Security at the office or agency of the
Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security
presented for a like aggregate principal amount. 
 All Securities presented or surrendered for exchange or registration of
transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by
the registered holder or by such holder’s duly authorized attorney in writing. 
 (c) Except as provided pursuant to
Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to
Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer. 
 (d) The Company shall not be required
(i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same
series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such
Securities being redeemed in part. The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof. 

  
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 Section 2.6 Temporary Securities. Pending the preparation of definitive Securities of
any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the
definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be
executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will
furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose in
the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such
series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the
same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 
 Section
2.7 Mutilated, Destroyed, Lost Or Stolen Securities. In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the
Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of
and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may,
instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or
indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 

  
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 Every replacement Security issued pursuant to the provisions of this Section shall
constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without their surrender. 
 Section 2.8 Cancellation.
All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee,
shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to
the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company
shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 Section 2.9 Benefits Of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give or
be construed to give to any Person, other than the parties hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained;
all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating Agent. So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee
shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed
to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it,
sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or
examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

  
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 Any Authenticating Agent may at any time resign by giving written notice of resignation to
the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon
resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
 Section 2.11 Global Securities. 
 (a) If the Company shall establish
pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee,
(iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 

(b) Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and
in the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 

(c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the
Depositary, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time
determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and,
subject to Section 2.4, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive
registered form without coupons, in authorized denominations, the Global Security 

  
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shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names
and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the
Persons in whose names such Securities are so registered. 
 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 
 Section 3.1 Redemption. The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to
Section 2.1 hereof. 
 Section 3.2 Notice Of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be
redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the
Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives
the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction. 
 Each such
notice of redemption shall identify the Securities by their applicable CUSIP number, specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption
price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such Securities, that interest accrued to the date fixed for
redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the
notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 
 In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the
redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

  
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 (b) If less than all the Securities of a series are to be redeemed, the Company shall give
the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall
deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of
instructions signed on its behalf by its chief executive officer, president or any senior vice president or vice president, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and
to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by
the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies
or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section. 
 Section 3.3 Payment Upon Redemption. 
 (a) If the giving of notice of
redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the
payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice,
said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest
installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.3). 
 (b) Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is
presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 

  
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 Section 3.4 Sinking Fund. The provisions of Sections 3.4, 3.5 and 3.6 shall be
applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for Securities of such series. 
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 3.5. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

Section 3.5 Satisfaction Of Sinking Fund Payments With Securities. The Company (i) may deliver Outstanding Securities of a
series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of
such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of
the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 Section 3.6 Redemption Of
Securities For Sinking Fund. Not less than 45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together
with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Section 3.3. 
 ARTICLE 4 

COVENANTS 

Section 4.1 Payment Of Principal, Premium And Interest. The Company will duly and punctually pay or cause to be paid the principal
of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided
herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in 

  
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the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the
applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the
time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S.
dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions in
writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date). 
 Section 4.2
Maintenance Of Office Or Agency. So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect to each such series and at
such other location or locations as may be designated as provided in this Section 4.2, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for
registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or
agency until the Company shall, by written notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Trustee as its paying agent with respect to the Securities. 

Section 4.3 Paying Agents. 
 (a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section: 
 (1) that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities)
in trust for the benefit of the Persons entitled thereto; 
 (2) that it will give the Trustee notice of any failure by the
Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 

  
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 (3) that it will, at any time during the continuance of any failure referred to in the
preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 
 (4) that it will perform all other duties of paying agent as set forth in this Indenture. 
 (b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of
that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying
agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or
failure so to act. 
 (c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust
as provided in this Section is subject to the provisions of Section 11.5, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any
paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and,
upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 
 Section 4.4 Appointment To Fill Vacancy In Office Of Trustee. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in
Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
 Section 4.5 Compliance With
Consolidation Provisions. The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or
substantially all of its property to any other Person unless the provisions of Article Ten hereof are complied with. 

  
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 ARTICLE 5 
 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE 
 TRUSTEE

 Section 5.1 Company To Furnish Trustee Names And Addresses Of Securityholders. The Company will furnish or cause
to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such
regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar. 
 Section 5.2 Preservation Of Information; Communications With Securityholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to
it as provided in Section 5.1 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity). 

(b) The Trustee may destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished. 

(c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect
to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of
Section 312(b) of the Trust Indenture Act. 
 Section 5.3 Reports By The Company. 

(a) The Company covenants and agrees to provide a copy to the Trustee, within 15 days after the Company is required to file the same with
the Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Securities and Exchange Commission may from time to time by rules and
regulations prescribe) that the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The availability of the foregoing materials on the Securities and
Exchange Commission’s EDGAR service (or any successor to the EDGAR service) shall be deemed to satisfy the Company’s delivery obligations. 
 (b) The delivery by the Company of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein. 
 Section 5.4 Reports By The Trustee. 

(a) On or before May 1 in each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class
postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the preceding May 1, if and to the extent required under Section 313(a) of the Trust Indenture Act.

  
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 (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 (c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the
Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 ARTICLE 6 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF 
 DEFAULT

 Section 6.1 Events Of Default. 
 (a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing: 

(1) the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 30 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not
constitute a default in the payment of interest for this purpose; 
 (2) the Company defaults in the payment of the principal of
(or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund
established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or
premium, if any; 
 (3) the Company fails to observe or perform any other of its covenants or agreements with respect to that
series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit
of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder,
shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 

(4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the
entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

  
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 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that
(i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains
unstayed and in effect for 90 days. 
 (b) In each and every such case (other than an Event of Default specified in clause
(4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series
to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and
unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on
Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6. 
 No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon. 
 (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of
such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken. 

  
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 Section 6.2 Collection Of Indebtedness And Suits For Enforcement By Trustee.

 (a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of
the Securities of a series, and such default shall have continued for a period of 90 Business Days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same
shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series as and
when the same shall have become due and payable, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and
payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under
applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the
amount payable to the Trustee under Section 7.6. 
 (b) If the Company shall fail to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action
or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by
law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated. 
 (c)
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such
proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to
have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may
become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under
Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent
to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6. 
 (d) All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the
possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.6, be for the ratable benefit of the holders of the Securities of such series. 

  
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 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law. 
 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding. 
 Section 6.3 Application Of Moneys Collected. Any moneys collected by the
Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or
premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 

FIRST: To the payment of reasonable costs and expenses of collection and of all amounts payable by the Company to the Trustee under
Section 7.6; 
 SECOND: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and
premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and
premium, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company or any other
Person lawfully entitled thereto. 
 Section 6.4 Limitation On Suits. No holder of any Security of any series shall have
any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its
own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity against 

  
 23 

 
the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 

Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any
Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to
institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue
or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right
under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section 6.5 Rights And
Remedies Cumulative; Delay Or Omission Not Waiver. 
 (a) Except as otherwise provided in Section 2.7, all powers and
remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by
judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy
given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

Section 6.6 Control By Securityholders. The holders of a majority in aggregate principal amount of the Securities of any series at
the time Outstanding, determined in accordance with Section 8.4, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow
any such direction 

  
 24 

 
if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture
Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time
Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established
pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the
terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.1(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 Section 6.7 Undertaking To Pay Costs. All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate
principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this Indenture. 
 Section 6.8 Liability of
Stockholders, Officers, Directors and Incorporators. 
 No stockholder, officer, director or incorporator, as such, past,
present or future, of the Company, or any of its successor corporations, will have any personal liability in respect of the Company’s obligations under this Indenture or any Securities by reason of his or its status as such stockholder,
officer, director or incorporator; provided, however, that nothing in this Indenture or in the Securities will prevent recourse to and enforcement of the liability of any holder or subscriber to common or preferred stock of the Company which has not
been fully paid up. 

  
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 ARTICLE 7 
 CONCERNING THE TRUSTEE 
 Section 7.1 Certain Duties And
Responsibilities Of Trustee. 
 (a) The Trustee, prior to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as
are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived),
the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs. 
 (b) No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  

	 	(i)	prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to
that series that may have occurred: 

  

	 	(A)	the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 

  

	 	(B)	in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirement of this Indenture; 

  
 26 

	 	(ii)	the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts; 

  

	 	(iii)	the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less
than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon
the Trustee under this Indenture with respect to the Securities of that series; and 

  

	 	(iv)	None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or
adequate indemnity against such risk is not reasonably assured to it. 

 Section 7.2 Certain Rights Of
Trustee. Except as otherwise provided in Section 7.1: 
 (a) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties; 
 (b) Any request, direction, order or demand of the Company mentioned herein shall
be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c) The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 
 (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the
provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs; 

  
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 (e) The Trustee shall not be liable for any action taken or omitted to be taken by it in
good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as
provided in Section 8.4); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of
every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 

(g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 
 (h) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Indenture. 
 Section 7.3 Trustee Not Responsible For Recitals Or Issuance Or Securities. 

(a) The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. 
 (b) The Trustee makes no representations as to the validity or sufficiency of
this Indenture or of the Securities. 
 (c) The Trustee shall not be accountable for the use or application by the Company of
any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.1, or for the use or
application of any moneys received by any paying agent other than the Trustee. 
 Section 7.4 May Hold Securities. The
Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 

  
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 Section 7.5 Moneys Held In Trust. Subject to the provisions of Section 11.5, all
moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon. 
 Section 7.6 Compensation And Reimbursement. 
 (a) The Company
covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the
Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise
expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including
the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct and
except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense
incurred without negligence, bad faith or willful misconduct on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against
any claim of liability in the premises. . The Trustee will notify the Company promptly of any claim for which it may seek indemnity; provided that any failure to so notify the Company will not relieve the Company of its indemnification obligations
hereunder except if the indemnifying party is prejudiced by such failure to give notice. The Company need not pay for any settlement made without its prior written consent. 
 (b) The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute
additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the
holders of particular Securities. 
 Section 7.7 Reliance On Officers’ Certificate. Except as otherwise provided in
Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action
hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’
Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of
this Indenture upon the faith thereof. 

  
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 Section 7.8 Disqualification; Conflicting Interests. If the Trustee has or shall
acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 Section 7.9 Corporate Trustee Required; Eligibility. There shall at all times be a Trustee with respect to the
Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person
permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a
combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 
 Section 7.10 Resignation And Removal; Appointment Of Successor. 
 (a)
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage
prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such
series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of
such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. The retiring Trustee shall have no responsibility or liability for the action or inaction of any successor
Trustee. 

  
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 (b) In case at any time any one of the following shall occur: 

 

	 	(i)	the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder who has been a bona fide
holder of a Security or Securities for at least six months; or 

  

	 	(ii)	the Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written request therefor by the Company or
by any such Securityholder; or 

  

	 	(iii)	the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee
or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case, the
Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 (c) The holders of a majority in aggregate principal amount of the Securities of any series at the time
Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company. 

(d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 
 (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee
with respect to the Securities of any particular series. 
 Section 7.11 Acceptance Of Appointment By Successor.

 (a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor
trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor trustee, without any further act, deed or conveyance, shall become vested with all the 

  
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rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee
hereunder. 
 (b) In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but
not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to
act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall
with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates. 

(c) Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
 (d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article. 

(e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the
succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

  
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 Section 7.12 Merger, Conversion, Consolidation Or Succession To Business. Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all
or substantially all of the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the
provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case
any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 7.13 Preferential Collection Of Claims Against The Company. The Trustee shall comply with Section 311(a) of the
Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent
included therein. 
 Section 7.14 Notice Of Default. If any Default or any Event of Default occurs and is continuing
and if such Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default
or Event of Default within 45 days after it occurs, unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security,
the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the withholding of such notice is in the interest of the Securityholders. 

ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 
 Section 8.1 Evidence Of Action By Securityholders. Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 

  
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 If the Company shall solicit from the Securityholders of any series any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the
requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that
series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than six months after the record date. 
 Section 8.2 Proof Of Execution By
Securityholders. Subject to the provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the
Securities shall be sufficient if made in the following manner: 
 (a) The fact and date of the execution by any such Person of
any instrument may be proved in any reasonable manner acceptable to the Trustee. 
 (b) The ownership of Securities shall be
proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof. 
 The Trustee may
require such additional proof of any matter referred to in this Section as it shall deem necessary. 
 Section 8.3 Who
May Be Deemed Owners. Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered
upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar
shall be affected by any notice to the contrary. 

  
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 Section 8.4 Certain Securities Owned By Company Disregarded. In determining whether
the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on
the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so
owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right
so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such
right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
 Section 8.5
Actions Binding On Future Securityholders. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to
such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation
in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 
 ARTICLE 9

 SUPPLEMENTAL INDENTURES 
 Section 9.1 Supplemental Indentures Without The Consent Of Securityholders. In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from
time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following
purposes: 
 (a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b) to comply with Article Ten; 

  
 35 

 (c) to provide for uncertificated Securities in addition to or in place of certificated
Securities; 
 (d) to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of
the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are
expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to
surrender any right or power herein conferred upon the Company; 
 (e) to add to, change or eliminate any of the provisions of
this Indenture in respect of one or more series of Securities; provided, however, that any such addition, change or elimination not otherwise permitted under this Section 9.1 shall (i) neither (A) apply to any Security of any series
created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Securityholder of any such Security with respect to such provision or (ii) become effective only
when there is no such Security outstanding; 
 (f) to make any change that does not adversely affect the legal rights of any
Securityholder in any material respect; 
 (g) to provide for the issuance of and establish the form and terms and conditions of
the Securities of any series as provided in Section 2.1, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any
series of Securities; 
 (h) to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 (i) to provide for one or more guarantees of all or any series of Securities; or 

(j) to comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification of
this Indenture under the Trust Indenture Act. 
 The Trustee is hereby authorized to join with the Company in the execution of
any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of
this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2. 

  
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 Section 9.2 Supplemental Indentures With Consent Of Securityholders. With the consent
(evidenced as provided in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when
authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.1 the rights of the holders of the Securities of
such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any
series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of
which are required to consent to any such supplemental indenture. 
 It shall not be necessary for the consent of the
Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 9.3 Effect Of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this
Article or of Section 10.1, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.4 Securities Affected By Supplemental Indentures. Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental
indenture pursuant to the provisions of this Article or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any
matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 

  
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 Section 9.5 Execution Of Supplemental Indentures. Upon the request of the Company,
accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but
shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such
Officers’ Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.1 hereof. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Trustee shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the
Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

ARTICLE 10 

SUCCESSOR ENTITY 
 Section 10.1 Company May Consolidate, Etc. Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or
more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or
mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or
substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any
such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any) and interest on all of
the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established
with respect to such series pursuant to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably
satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the

  
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event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such
supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the
number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale,
conveyance, transfer or other disposition. 
 Section 10.2 Successor Entity Substituted. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology
and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 (c) Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or
otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company). 
 Section
10.3 Evidence Of Consolidation, Etc. To Trustee. The Trustee, subject to the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale,
conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article. 
 ARTICLE 11

 SATISFACTION AND DISCHARGE 
 Section 11.1 Satisfaction And Discharge Of Indenture. If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.7 and Securities for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.5); or (b) all such Securities of
a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the 

  
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giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination
thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not
theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause
to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3
and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the
Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series. 
 Section 11.2 Discharge Of Obligations. If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as
described in Section 11.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under
this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.5, 2.7, 4.2, 4.3, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities shall mature and be paid. 

Thereafter, Sections 7.6 and 11.5 shall survive. 
 Section 11.3 Deposited Moneys To Be Held In Trust. All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.2 shall be held in trust and shall be available
for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Trustee. 
 Section 11.4 Payment Of Moneys Held By Paying Agents. In connection
with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 
 Section 11.5
Repayment To Company. Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular
series that 

  
 40 

 
are not applied but remain unclaimed by the holders of such Securities for two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have
respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request (if then held by
the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled
to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 
 ARTICLE
12 
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, AND 

DIRECTORS 

Section 12.1 No Recourse. No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security,
or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer, or director past, present or future as such, of the Company or of any predecessor or successor corporation, either directly
or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers, or directors as such, of the
Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the
Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer, or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom,
are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
 ARTICLE 13 
 MISCELLANEOUS PROVISIONS 

Section 13.1 Effect On Successors And Assigns. All the covenants, stipulations, promises and agreements in this Indenture made by
or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 
 Section 13.2 Actions By
Successor. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the
corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

  
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 Section 13.3 Surrender Of Company Powers. The Company by instrument in writing
executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 Section 13.4 Notices. Except as otherwise expressly provided herein, any notice, request or demand that by any
provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first
class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: Spark Networks, Inc.:             . Any notice,
election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Trustee. 
 Section 13.5 Governing Law; Waiver of Jury Trial. 

(a) This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York without
regard to conflicts of laws principles thereof to the extent that the application of the laws of another jurisdiction would be required thereby, and for all purposes shall be construed in accordance with the laws of such jurisdiction, except to the
extent that the Trust Indenture Act (or other federal law) is applicable. 
 (b) EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 13.6 Treatment Of Securities As Debt. It is intended that the Securities will be treated as indebtedness and not as equity
for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention. 
 Section
13.7 Compliance Certificates And Opinions. 
 (a) Upon any application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

  
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 (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is
reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has
been complied with. 
 Section 13.8 Payments On Business Days. Except as provided pursuant to Section 2.1 pursuant
to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption
of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no
interest shall accrue for the period after such nominal date. 
 Section 13.9 Conflict With Trust Indenture Act. If and
to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 

Section 13.10 Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but
such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as
to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.11 Separability. In case any one or more of the provisions contained in this Indenture or in the Securities of any
series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such
Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section 13.12 Compliance Certificates. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an
Officers’ Certificate stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial
officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants
under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If any of the officers of the Company 

signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or Event of Default and its
status. 

  
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 Section 13.13 Force Majeure. In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 13.14 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to
help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 44 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as
of the day and year first above written. 
  

					
	SPARK NETWORKS, INC.	 	
			
	By:	 	 	 	

 
					
	Name:	 	 	 	
	Title:	 	 	 	

 
					
			
	[ 	 	 	 	]

 
					
		 		 	
	By:	 	 	 	

 
					
	Name:	 	 	 	
	Title:

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