Document:

EX-10.2

 Exhibit 10.2 

THIRD AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP II, L.P. 
 Strategic Storage Operating Partnership II, L.P. (the “Partnership”) was formed as a
limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on January 9, 2013. This Third Amended and Restated Limited
Partnership Agreement (“Agreement”) is entered into effective as of June 28, 2019, among Strategic Storage Trust II, Inc., a Maryland corporation (the “General Partner”) and the Limited Partners party hereto
from time to time. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 

WHEREAS, the General Partner and Strategic Storage Advisor II, LLC, as the “Original Limited Partner” entered into that
certain Agreement of Limited Partnership of Strategic Storage Operating Partnership II, L.P., dated as of January 10, 2013, pursuant to which the Partnership was formed (the “Original Agreement”); 

WHEREAS, the General Partner and the Limited Partners entered into a First Amended and Restated Limited Partnership Agreement of the
Partnership, dated as of January 10, 2014 (the “First Amended and Restated Agreement”), to amend and restate the Original Agreement; 

WHEREAS, the General Partner and the Limited Partners entered into a Second Amended and Restated Limited Partnership Agreement of the
Partnership (the “Second Amended and Restated Agreement”), dated as of November 3, 2014, to designate and reclassify the existing Partnership Units into “Common Units,” reflect the designation of the “Preferred
Units,” make certain revisions to the allocation and distribution provisions and make other conforming changes; 
 WHEREAS,
simultaneous with the entry into the Second Amended and Restated Agreement, the General Partner and the Limited Partners entered into Amendment No. 1 to the Second Amended and Restated Limited Partnership Agreement of the Partnership, dated as
of November 3, 2014, to establish a new series of “Preferred Units” of Limited Partnership Interest and subsequently issued a certain number of such Preferred Units, which Preferred Units were fully redeemed effective November 9,
2015; 
 WHEREAS, the General Partner and the Limited Partners entered into Amendment No. 2 to the Second Amended and Restated
Agreement, dated as of September 25, 2015, to, among other things, designate and reclassify the existing partnership units into “Class A Common Units” and “Class T Common Units”; 

WHEREAS, the General Partner and the Limited Partners entered into Amendment No. 3 to the Second Amended and Restated Agreement,
dated as of September 20, 2018, to revise certain definitions to reflect the original intent of the parties; 
 WHEREAS,
concurrently herewith, the Special Limited Partner and the General Partner entered into that certain Redemption of Limited Partner Interest Agreement, whereby the Partnership redeemed the Special Limited Partner interest and other partnership
interests held by the Original Limited Partner; and 
 WHEREAS, the General Partner now desires to amend and restate the Second
Amended and Restated Agreement to reflect the redemption of all of the partnership interests held by the Original Limited Partner, the elimination of the Special Limited Partner interest, and to make other conforming amendments. 

  
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 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the
parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Second Amended and Restated Agreement in its entirety and continue the
Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows:  

ARTICLE 1 
 DEFINED TERMS

 The following defined terms used in this Agreement shall have the meanings specified below: 

Act means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time.  

Additional Funds has the meaning set forth in Section 4.3.  

Additional Securities means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to
Section 8.4 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.2(a)(ii).  

Adjusted Capital Account means the Capital Account maintained for each Partner as of the end of each Partnership Year
(i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.701-4(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.  

Administrative Expenses means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those
administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners
have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any
administrative costs and expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership (other than this Partnership) that are owned by the General Partner directly.  

Affiliate or Affiliated means, as to any other Person, any of the following:  

(a)    any Person directly or indirectly owning, controlling or holding, with power to vote, ten percent (10%) or more of
the outstanding voting securities of such other Person; 
 (b)    any Person ten percent (10%) or more of whose
outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; 

(c)    any Person directly or indirectly controlling, controlled by or under common control with such other Person; 

(d)    any executive officer, director, trustee or general partner of such other Person; and 

  
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 (e)    any legal entity for which such Person acts as an executive
officer, director, trustee or general partner. 
 Agreed Value means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner. The names and addresses of the General Partner and Limited Partners, number of Partnership Units
issued to each of them, and their respective Capital Contributions as of the date of contribution is set forth on Exhibit A.  

Agreement means this Third Amended and Restated Limited Partnership Agreement, as amended, modified supplemented or restated from time
to time, as the context requires.  
 Articles of Incorporation means the General Partner’s Articles of
Incorporation filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time.  

Capital Account has the meaning provided in Section 4.4 hereof.  

Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than
cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by
a predecessor holder of the Partnership Interest of such Partner.  
 Cash Amount means an amount of cash equal to the
product of the Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange.  

Certificate means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in
which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted
to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the
admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 

Class A REIT Shares means the REIT Shares classified as Class A common stock in the Articles of Incorporation.

 Class A Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class A
Unit as provided in this Agreement. 
 Class A-1 Unit means a Partnership
Unit representing a Limited Partnership Interest issued to SmartStop OP Holdings, LLC pursuant to the Contribution Agreement and having the rights, privileges, limitations, and restrictions described on Exhibit C. 

Class A-2 Unit means a Partnership Unit representing a Limited Partnership
Interest issued to SmartStop OP Holdings, LLC as consideration pursuant to the terms of the Contribution Agreement and having the rights, privileges, limitations, and restrictions described on Exhibit D. 

Class T REIT Shares means the REIT Shares classified as Class T common stock in the Articles of Incorporation.

  
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 Class T Unit means a Partnership Unit entitling the holder thereof
to the rights of a holder of a Class T Unit as provided in this Agreement. 
 Code means the Internal Revenue Code of 1986, as
amended, and as hereafter amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code.  

Common Stockholders means holders of REIT Shares.  

Common Unit means a Partnership Unit that is not a Preferred Unit or a Class A-2
Unit.  
 Contribution Agreement means that certain Contribution Agreement by and among the Partnership, SmartStop OP
Holdings, LLC, and various other parties dated June 28, 2019. 
 Conversion Factor means 1.0, provided that in the event that
the General Partner (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a Distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or
(iii) combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and
outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be
the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner
pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the
Successor Entity into which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such
dividend, distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or
combination. A separate Conversion Factor shall be determined for each class of Partnership Units by taking into account only the outstanding REIT Shares having the same class designation as the applicable class of Partnership Units. 

Designated Individual has the meaning set forth in Section 10.5(a) hereof. 

Distributions means any dividends or other distributions of money or other property paid by the General Partner to the holders of its
REIT Shares or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes.  

Earn-Out Consideration shall consist of the
Class A-2 Units.  
 Event of Bankruptcy as to any Person means the filing of a
petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or
bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets;
commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any 

  
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jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval
of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

Exchanged REIT Shares has the meaning set forth in Section 7.1(e) hereof. 

Exchange Right has the meaning provided in Section 8.4(a) hereof.  

Exchanging Partner has the meaning provided in Section 8.4(a) hereof.  

GAAP means generally accepted accounting principles consistently applied as used in the United States.  

General Partner means Strategic Storage Trust II, Inc., a Maryland corporation, and any Person who becomes a substitute or additional
General Partner as provided herein, and any of their successors as General Partner.  
 General Partnership Interest
means a Partnership Interest held by the General Partner that is a general partnership interest. The number of Common Units held by the General Partner equal to one percent (1%) of all outstanding Common Units from time to time is hereby designated
as the General Partnership Interest.  
 Indemnitee means (i) the General Partner or a director, officer or employee
of the General Partner or Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion.  

Independent Director means a director of the General Partner who is not an officer or employee of the General Partner and meets the
requirements for independence as defined by the General Partner’s Articles of Incorporation.  
 Joint Venture or
Joint Ventures means those joint venture or general partnership arrangements in which the General Partner or the Partnership is a co-venturer or general partner which are established to acquire
Properties.  
 Limited Partner means any Person named as a Limited Partner on Exhibit A attached hereto, and any
Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. A Limited Partner may hold Class A-2 Units, Common Units, Preferred Units, or any
combination thereof.  
 Limited Partnership Interest means the ownership interest of a Limited Partner in the
Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner
to comply with all the provisions of this Agreement and of such Act.  
 Liquidation Preference means, with respect to
any Preferred Unit as of any date of determination, the amount (including distributions accumulated, due or payable through the date of determination) payable with respect to such Preferred Unit (as established by the instrument designating such
Preferred Unit) upon the voluntary or involuntary dissolution or winding up of the Partnership as a preference over distributions to Partnership Units ranking junior to such Preferred Unit.  

  
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 Listing means the approval of the REIT Shares, issued by the General Partner pursuant
to an effective registration statement, on a National Securities Exchange. Upon Listing, the shares shall be deemed Listed.  

Loss has the meaning provided in Section 5.1(f) hereof.  

National Securities Exchange means any securities exchange registered with the SEC pursuant to Section 6 of the Securities
Exchange Act of 1934, as amended.  
 Net Sale Proceeds means in the case of a transaction described in clause
(a) of the definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Partnership. In the case of a transaction described in clause (b) of such definition, Net
Sale Proceeds means the net proceeds of any such transaction less the amount of any legal and other selling expenses incurred by the Partnership in connection with such transaction. In the case of a transaction described in clause (c) of such
definition, Net Sale Proceeds means the net proceeds of any such transaction actually distributed to the Partnership from the Joint Venture less any expenses incurred by the Partnership in connection with such transaction. In the case of a
transaction or series of transactions described in clause (d) of the definition of Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs paid by the Partnership. In the case
of a transaction described in clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Partnership in connection with such
transaction. Net Sale Proceeds shall also include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the General Partner, in its capacity as general partner of the Partnership
determines, in its discretion, to be economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall be calculated after repayment of any outstanding indebtedness secured by the asset disposed of in the sale.  

Notice of Exchange means the Notice of Exercise of Exchange Right substantially in the form attached as Exhibit B
hereto.  
 Offer has the meaning set forth in Section 7.1(b)(ii) hereof.  

Offering means an offering of Stock that is either (a) registered with the SEC, or (b) exempt from such registration,
excluding Stock offered under any employee benefit plan.  
 Opt-out Election has
the meaning set forth in Section 10.5(c) hereof. 
 Partner means any General Partner or Limited Partner.  

Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations
Section 1.704-2(i). A Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations
Section 1.704-2(i)(5).  
 Partnership means Strategic Storage Operating
Partnership II, L.P., a Delaware limited partnership.  
 Partnership Interest means an ownership interest in the
Partnership held by either a limited partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement.  

  
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 Partnership Minimum Gain has the meaning set forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership
nonrecourse liability, any gain the Partnership would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A
Partner’s share of Partnership Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(g)(1).  

Partnership Record Date means the record date established by the General Partner for the distribution of cash pursuant to
Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a Distribution to the Stockholders of some or all of its portion of such distribution.  

Partnership Representative has the meaning set forth in Section 10.5(a) hereof. 

Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, including
Class A Units, Class A-1 Units, Class A-2 Units, and Class T Units. Without limitation on the authority of the General Partner as set forth in
Section 4.2 hereof, the General Partner may designate any Partnership Units, when issued, as Common Units or Preferred Units, may establish any other class of Partnership Units, and may designate one or more series of any class of Partnership
Units. The allocation of Partnership Units of each class among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 

Partnership Year means the fiscal year of the Partnership, which shall be the calendar year. 

Percentage Interest means as to a Partner, with respect to any class or series of Partnership Units held by such Partner, its interest
in such class or series of Partnership Units as determined by dividing the number of Partnership Units in such class or series owned by such Partner by the total number of Partnership Units in such class or series then outstanding. For purposes of
determining the rights and relationships among the various classes and series of Partnership Units, Preferred Units shall not be considered to have any share of the aggregate Percentage Interest in the Partnership unless, and only to the extent,
provided otherwise in the instrument creating such class or series of Preferred Units.  
 Person means any individual,
partnership, limited liability company, corporation, joint venture, trust or other entity.  
 Preferred Unit means any
Partnership Unit issued from time to time pursuant to Section 4.2 hereof that is specifically designated by the General Partner at the time of its issuance as a Preferred Unit. Each class or series of Preferred Units shall have such
designations, preferences, and relative, participating, optional, or other special rights, powers, and duties, including rights, powers and duties senior to the Common Units, all as determined by the General Partner, subject to compliance with the
requirements of Section 4.2 hereof.  
 Profit has the meaning provided in Section 5.1(f) hereof. 

 Property or Properties means the real properties or real estate investments which are acquired by the General Partner
either directly or through the Partnership, Joint Ventures, partnerships or other entities.  
 Push-out Election has the meaning set forth in Section 10.5(c) hereof. 
 Received REIT
Shares has the meaning set forth in Section 7.1(e) hereof. 

  
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 Regulations means the federal income tax regulations promulgated under the Code, as
amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations.  

Regulatory Allocations has the meaning set forth in Section 5.1(i) hereof.  

REIT means a real estate investment trust under Sections 856 through 860 of the Code.  

REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General
Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to
any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any Offering and registration of securities or exemption from registration by the General Partner and all statements, reports, fees and expenses
incidental thereto, including, without limitation, underwriting discounts and sales commissions applicable to any such Offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any
underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports
and communications by the General Partner under federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated
by any regulatory body, including the SEC and any National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General
Partner, (vii) costs and expenses incurred by the General Partner relating to any issuance or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary
course of its business on behalf of or in connection with the Partnership.  
 REIT Share means a share of common stock,
par value $0.001 per share, in the General Partner (or successor entity, as the case may be), including Class A REIT Shares and Class T REIT Shares, the terms and conditions of which are set forth in the Articles of Incorporation. 

REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership Units offered for exchange by an
Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or
exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Exchange Date, then the
REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights.  

Sale or Sales means any transaction or series of transactions whereby: (a) the Partnership sells, grants, transfers,
conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance
proceeds or condemnation awards; (b) the Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint Venture in which the Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any
Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion
thereof, including any event with respect to any asset which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of
the Partnership. 

  
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 SEC means the Securities and Exchange Commission.  

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

Service means the Internal Revenue Service.  

Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the General
Partner of the Notice of Exchange.  
 Stock means shares of stock of the General Partner of any class or series,
including REIT Shares, preferred stock or shares-in-trust.  

Stockholder Servicing Fee has the meaning set forth in the General Partner’s prospectus. 

Stockholders means the registered holders of the General Partner’s Stock.  

Subsidiary means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the
voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.  

Subsidiary Partnership means any partnership of which the partnership interests therein are owned by the General Partner or a direct or
indirect Subsidiary of the General Partner.  
 Substitute Limited Partner means any Person admitted to the Partnership
as a Limited Partner pursuant to Section 9.3 hereof.  
 Successor Entity has the meaning provided in the definition
of “Conversion Factor” contained herein.  
 Surviving General Partner has the meaning set forth in
Section 7.1(c) hereof.  
 Transaction has the meaning set forth in Section 7.1(b) hereof.  

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

Value means, with respect to REIT Shares, the average of the daily market price of such REIT Share for the ten (10) consecutive
trading days immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on such day, or if no such sale takes place on such day, the
average of the closing bid and asked prices, regular way, on such day; (ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on
such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Shares are not Listed and no such last reported sale price or closing bid and asked prices are available, the average of the reported
high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on
the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten (10) days prior to the date in
question, the value of the REIT Shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the REIT Shares
Amount 

  
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includes rights that a holder of REIT Shares would be entitled to receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1.    Formation. The Partnership was formed as a limited partnership pursuant to the Act for the purposes and
upon the terms and conditions set forth in this Agreement. 
 2.2.    Name, Office and Registered Agent. The name
of the Partnership is Strategic Storage Operating Partnership II, L.P. The specified office and place of business of the Partnership shall be 10 Terrace Road, Ladera Ranch, California 92694. The General Partner may at any time change the location of
such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington,
Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 

2.3.    Partners 

(a)    The General Partner of the Partnership is Strategic Storage Trust II, Inc., a Maryland corporation. Its principal
place of business is the same as that of the Partnership. 
 (b)    The Limited Partners are those Persons identified as
Limited Partners on Exhibit A hereto, as amended from time to time. 
 2.4.    Term and Dissolution

(a)    The Partnership shall have perpetual duration, except that the Partnership shall be dissolved upon the first to
occur of any of the following events: 
 (i)    The occurrence of an Event of Bankruptcy as to a General Partner or the
dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the
dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is
continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii)    The passage of ninety (90) days after the sale or other disposition of all or substantially all of the
assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until
such time as such note or notes are paid in full); 
 (iii)    The exchange of all Limited Partnership Interests (other
than any of such interests held by the General Partner or Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 

(iv)    The election by the General Partner that the Partnership should be dissolved. 

  
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 (b)    Upon dissolution of the Partnership (unless the business of the
Partnership is continued pursuant to Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and
distribute the proceeds thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of
the Partnership (including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 

2.5.    Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute,
acknowledge, record and file at the expense of the Partnership, the Certificate any and all amendments thereto and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to
be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business. 

2.6.    Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its
option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of
such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance
with the provisions of the Third Amended and Restated Limited Partnership Agreement of Strategic Storage Operating Partnership II, L.P., as amended from time to time. 

ARTICLE 3 
 BUSINESS OF
THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that
may be lawfully conducted by a limited partnership organized pursuant to the Act; provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a
REIT, unless the General Partner otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any
of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the
Partners acknowledge that the General Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the
foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner shall also be empowered to do any and
all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 

ARTICLE 4 
 CAPITAL
CONTRIBUTIONS AND ACCOUNTS 
 4.1.    Capital Contributions. The General Partner and Limited Partners have
made Capital Contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as amended from time to time. 

  
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 4.2.    Additional Capital Contributions and Issuances of Additional
Partnership Interests. Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may
contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 

(a)    Issuances of Additional Partnership Interests. 

(i)    General. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of
such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to any Common Units, all as shall be determined by the General Partner in
its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or
series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and
liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

(1)    (A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares or
other interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights, all such that the
economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to the General Partner by the partnership in accordance with this Section 4.2 (without limiting the
foregoing, for example, the Partnership shall issue Partnership Interests consisting of Class A Units to the General Partner in connection with the issuance of Class A REIT Shares and shall issue Partnership Interests consisting of
Class T Units to the General Partner in connection with the issuance of Class T REIT Shares) and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with
the issuance of such shares of stock of or other interests in the General Partner. 
 (2)    the
additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

(3)    additional Partnership Interests are issued to all Partners holding Partnership Units in proportion
to their respective Percentage Interests. 
 In addition, the General Partner may acquire Partnership Interests from other Partners pursuant
to this Agreement. In the event that the Partnership issues Partnership Interests pursuant to this Section 4.2(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited
Partners) as it deems necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 

  
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 Without limiting the foregoing, the General Partner is expressly authorized to cause the
Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 

(ii)    Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities
other than to all holders of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or
exchangeable securities of the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net
proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly through the General Partner, to the Partnership (without limiting the foregoing, for example, the Partnership
shall issue Limited Partnership Interests consisting of Class A Units to the General Partner in connection with the issuance of Class A REIT Shares and shall issue Limited Partnership Interests consisting of Class T Units to the
General Partner in connection with the issuance of Class T REIT Shares); provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a property to be held directly by the General
Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors (as
defined in the General Partner’s Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to
the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including without limitation, the
issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that
is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General
Partner issues REIT Shares of any class for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership, the General Partner shall be issued a number of additional Partnership Units having the same class designation
as the issued REIT Shares equal to the product of (A) the number of such REIT Shares of that class issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and
the denominator of which is the Conversion Factor for that class of Partnership Units in effect on the date of such contribution. 

(b)    Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all
issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner are less than the gross
proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the
aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with the required issuance of additional
Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof, and any such expenses shall be allocable solely to the class of Partnership Units issued to the General Partner at such time. 

4.3.    Additional Funding. If the General Partner determines that it is in the best interests of the Partnership
to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, 

  
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the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide such
Additional Funds to the Partnership through loans or otherwise. 
 4.4.    Capital Accounts. A separate capital
account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires
an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest,
(iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership Interest (other than a de minimis interest) is granted as consideration
for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity in anticipation of being a Partner, the General Partner shall revalue the
property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations
Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the
Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute
discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 

4.5.    Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a
taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided
by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the Profits and Losses for the taxable year in
which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the
taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the
taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the year
shall be based on the adjusted Percentage Interests. 
 4.6.    No Interest on Contributions. No Partner shall be
entitled to interest on its Capital Contribution. 
 4.7.    Return of Capital Contributions. No Partner shall be
entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no
obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 

4.8.    No Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall
have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement
shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or 

  
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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 and upon a liquidation within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), if any
Partner has a deficit Capital Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall
have no obligation to make any Capital Contribution to reduce or eliminate the negative balance of such Partner’s Capital Account. 

ARTICLE 5 
 PROFITS AND
LOSSES; DISTRIBUTIONS 
 5.1.    Allocation of Profit and Loss. 

(a)    General. After giving effect to the special allocations set forth in Sections 5.1(b) and 5.1(c) and the
priority allocation with respect to the Preferred Units in Section 5.1(d) below, the Partnership’s Profits and Losses shall be allocated among the Partners in each taxable year (or portion thereof) as provided below. 

(i)    Profits. Profits shall be allocated: 

(A)    first, to Partners holding Preferred Units (and if there are Preferred Units with different
priorities in preference in distribution, then in the order of their preference in distribution) to the extent that Losses previously allocated to such Partners pursuant to Section 5.1(a)(ii)(B) below exceed Profits previously allocated to such
Partners pursuant to this Section 5.1(a)(i)(A); 
 (B)    second, to the General Partner to the
extent that Losses previously allocated to the General Partner pursuant to Section 5.1(a)(ii)(C) below exceed Profits previously allocated to the General Partner pursuant to this Section 5.1(a)(i)(B); 

(C)    third, to those Partners, including the General Partner, holding Common Units who have been
allocated Losses pursuant to Section 5.1(a)(ii)(A) below in excess of Profits previously allocated to such Partners pursuant to this Section 5.1(a)(i)(C) (and as among such Partners, in proportion to their respective excess amounts); 

(D)    fourth, to the Partners in accordance with their respective Percentage Interests in Common Units.

 (ii)    Losses. Losses shall be allocated: 

(A)    first, to the Partners, including the General Partner, holding Common Units in accordance with their
respective Percentage Interests in Common Units, until the Adjusted Capital Account (ignoring for this purpose any amounts a 

  
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Partner is obligated to contribute to the capital of the Partnership or is deemed obligated to contribute pursuant to Regulations
Section 1.704-1(b)(2)(ii)(c)(2)) of each Partner is reduced to zero; 

(B)    second, to Partners holding Preferred Units in accordance with each such Partner’s respective
percentage interests in the Preferred Units determined under the respective terms of the Preferred Units (and if there are preferred Units with different priorities in preference in distribution, then in the reverse order of their preference in
distribution), until the Adjusted Capital Account (modified in the same manner as in clause (A)) of each such holder is reduced to zero; and 

(C)    third, to the General Partner. 

(b)    Minimum Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the
Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests,
(ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the
“economic risk of loss” with respect to the “partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is
attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations
Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items
of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations
Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4)
for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among the Partners in accordance with
Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership
profits” for purposes of determining its share of the nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage
Interest. 
 (c)    Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an
adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s
Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital
Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this Section 5.1(c) shall be made only if and to the
extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively made as if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to
constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

(d)    Priority Allocation With Respect to Preferred Units. Profits, and if necessary, items of Partnership gross
income or gain for the current taxable year, shall be specially allocated to Partners that own Preferred Units in an amount equal to the excess, if any, of the cumulative distributions received by such Partner for or with respect to the current
taxable year and all prior taxable years with respect to such Preferred Units (with a distribution made on the first business day after the end of a year being 

  
 16 

 
treated as made with respect to such year) (other than distributions that are treated as being in satisfaction of the Liquidation Preference for any Preferred Units held by such Partner or
amounts paid in redemption of any Preferred Units, except to the extent that the Liquidation Preference or amount paid in redemption includes accrued and unpaid distributions) over the cumulative allocations of Partnership Profits, gross income and
gain to such Partner under this Section 5.1(d) for all prior taxable years. 
 (e)    Allocations Between
Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be
allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without
regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be
used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner. 

(f)    Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain,
expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and
Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax
purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The
General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a
disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners. 

(g)    Curative Allocations. The allocations set forth in Section 5.1(b) and (c) of this Agreement (the
“Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of
other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such
offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the
Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a), 5.1(d) and 5.1(e). 

(h)    Special Allocations of Class-Specific Items. To the extent that any items of income, gain, loss or deduction
of the General Partner are allocable to a specific class or classes of REIT Shares as provided in the General Partner’s prospectus, including, without limitation, Stockholder Servicing Fees, such items, or an amount equal thereto, shall be
specially allocated to the class or classes of Partnership Units corresponding to such class or classes of REIT Shares. 

(i)    Allocation of Excess Nonrecourse Liabilities. All excess nonrecourse liabilities of the Partnership shall be
allocated in accordance with such Partner’s “interests in Partnership profits” as defined in Regulations Section 1.752-3(a)(3). 

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

5.2.    Distributions. 

(a)    Cash Available for Distribution. The Partnership shall distribute cash (other than Net Sale Proceeds) on a
quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such
quarter (or other distribution period) in the following order of priority: 
 (i)    First, to the holders of the
Preferred Units in such amounts as is required for the Partnership to pay all distributions and any other amounts with respect to such Preferred Units accumulated, due or payable in accordance with the instruments designating such Preferred Units
through the last day of such quarter or other distribution period (such distributions shall be made to such Partners in such order of priority and with such preferences as have been established with respect to such Preferred Units as of the last day
of such quarter or other distribution period); and 
 (ii)    Then, to the holders of the Common Units, including the
General Partner, in proportion to their respective Percentage Interests in the Common Units on the Partnership Record Date, provided that the aggregate distributions made hereunder to the holders of Class T Units shall be reduced (but not below
zero) by the aggregate Stockholder Servicing Fee payable by the General Partner with respect to the Class T REIT Shares with respect to such Record Date. 

Provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution on any date other than
the next day after a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional Partnership Interest (or relating to the
Partnership Record Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such additional Partnership Interest is held by such Partner bears to
(ii) the number of days between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date. 

(b)    Net Sale Proceeds. Subject to the distribution, liquidation preference, redemption, repurchase and other
rights, if any, of the holders of any Preferred Units, Net Sale Proceeds shall be distributed 100% to the Partners who are Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record
Date. 
 (c)    Withholding; Partnership Loans. Notwithstanding any other provision of this Agreement, the
General Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including,
without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any
Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be
treated as a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount
required to be withheld over the actual amount to 

  
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be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A
Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to
pay any amount owed to the Partnership with respect to the Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion,
may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the
Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner
shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the
General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. 

Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(b) shall bear interest at the lesser of
(i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue
from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 

(d)    Limitation on Distributions. In no event may a Partner receive a distribution of cash with respect to a
Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

5.3.    REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause
the Partnership to distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in
Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 

5.4.    No Right to Distributions In Kind. No Partner shall be entitled to demand property other than cash in
connection with any distributions by the Partnership. 
 5.5.    Limitations of Return of Capital Contributions.
Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital
Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of
the Partnership’s assets. 
 5.6.    Distributions Upon Liquidation. Upon liquidation of the Partnership,
after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with their
respective positive Capital Account balances, subject to the rights of the holders of Preferred Units to receive the Liquidation Preference, with appropriate adjustments to the Capital Accounts of such holders of the Preferred Units entitled to
receive the Liquidation Preference to reflect payment of the Liquidation Preference. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections
4.4, 5.1 and 5.2 resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a
liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 

  
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 5.7.    Substantial Economic Effect. It is the intent of the
Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt)
within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent. 

ARTICLE 6 
 RIGHTS,
OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 
 6.1.    Management of the Partnership. 

(a)    Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and
exclusive discretion to manage and control the business of the Partnership for the purposes herein stated and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this
Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 

(i)    to acquire, purchase, own, operate, lease and dispose of (other than in a “prohibited transaction”
within the meaning of Section 857(b)(6)(B)(iii) of the Code) any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best
interests of the business of the Partnership; 
 (ii)    to construct buildings and make other improvements on the
properties owned or leased by the Partnership; 
 (iii)    to authorize, issue, sell, redeem or otherwise purchase any
Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or
appreciation rights relating to any Partnership Interests) of the Partnership; 
 (iv)    to borrow or lend money for
the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness
by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
 (v)    to pay, either directly or
by reimbursement, for all Administrative Expenses to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 

(vi)    to guarantee or become a co-maker of indebtedness of the General Partner
or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust,
pledge or other lien on the Partnership’s assets; 
 (vii)    to use assets of the Partnership (including, without
limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of
either, to third parties or to the General Partner as set forth in this Agreement; 

  
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 (viii)    to lease all or any portion of any of the Partnership’s
assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in
part to others, for such consideration and on such terms as the General Partner may determine; 
 (ix)    to prosecute,
defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with
respect to the Partners, the Partnership, or the Partnership’s assets; 
 (x)    to file applications,
communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

(xi)    to make or revoke any election permitted or required of the Partnership by any taxing authority; 

(xii)    to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for
the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as it shall determine from time to time; 

(xiii)    to determine whether or not to apply any insurance proceeds for any property to the restoration of such
property or to distribute the same; 
 (xiv)    to establish one or more divisions of the Partnership, to hire and
dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with
the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 

(xv)    to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor
such remuneration as the General Partner may deem reasonable and proper; 
 (xvi)    to negotiate and conclude
agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 

(xvii)    to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on
behalf of the Partnership; 
 (xviii)    to distribute Partnership cash or other Partnership assets in accordance with
this Agreement; 
 (xix)    to form or acquire an interest in, and contribute property to, any further limited or
general partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other
Person in which it has an equity interest from time to time); 
 (xx)    to establish Partnership reserves for working
capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 

  
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 (xxi)    to merge, consolidate or combine the Partnership with or into
another Person; 
 (xxii)    to do any and all acts and things necessary or prudent to ensure that the Partnership will
not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 

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

(b)    Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds
to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to
authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

6.2.    Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations
hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as
the General Partner may approve. 
 6.3.    Indemnification and Exculpation of Indemnitees. 

(a)    The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities,
joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative,
that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. 

Notwithstanding the foregoing, the Partnership shall not provide for indemnification for an Indemnitee for any liability or loss suffered by
any of them in contravention of Delaware law and unless all of the following conditions are met: 
 (i)    The
Indemnitee determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Partnership. 

(ii)    The Indemnitee was acting on behalf of or performing services for the Partnership. 

(iii)    Such liability or loss was not the result of: 

(A)    In the case of an Indemnitee who is not an Independent Director, negligence or misconduct by the
Indemnitee; or 
 (B)    In the case of an Independent Director, the gross negligence or willful
misconduct by the Independent Director. 

  
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 Any indemnification pursuant to this Section 6.3 shall be made only out of the assets
of the Partnership. 
 (b)    Notwithstanding the foregoing, the Partnership shall not indemnify an Indemnitee or any
Person acting as a broker-dealer for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a
successful adjudication on the merits of each count involving alleged material securities law violations as to the particular Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as
to the particular Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court
considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities were offered or sold as to
indemnification for violations of securities laws. 
 (c)    The Partnership shall pay or reimburse reasonable legal
expenses and other costs incurred by the Indemnitee in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (a) the proceeding relates to acts or
omissions with respect to the performance of duties or services on behalf of the Partnership, (b) the legal proceeding was initiated by a third party who is not a Limited Partner or, if by a Limited Partner acting in his or her capacity as
such, a court of competent jurisdiction approves such advancement, and (c) the Indemnitee undertakes to repay the amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately
determined that the Indemnitee is not entitled to indemnification. 
 (d)    The indemnification provided by this
Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee
who has ceased to serve in such capacity. 
 (e)    The Partnership may purchase and maintain insurance, on behalf of
the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of
whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(f)    For purposes of this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as
fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an
Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the
performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 

(g)    In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification
provisions set forth in this Agreement. 
 (h)    An Indemnitee shall not be denied indemnification in whole or in part
under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

  
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 (i)    The provisions of this Section 6.3 are for the benefit of
the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 

(j)    Neither the amendment nor repeal of this Section 6.3, nor the adoption or amendment of any other provision of
the Agreement inconsistent with Section 6.3, shall apply to or affect in any respect the applicability with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

6.4.    Liability of the General Partner. 

(a)    Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for
monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of
any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms
of this Agreement. 
 (b)    The Limited Partners expressly acknowledge that the General Partner is acting on behalf of
the Partnership, itself and its stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax
consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited
Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner
directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall
be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the
General Partner has acted in good faith. 
 (c)    Subject to its obligations and duties as General Partner set forth in
Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be
responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 

(d)    Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of
the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the
General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is
deemed approved by all of the Limited Partners. 
 (e)    Any amendment, modification or repeal of this Section 6.4
or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such
amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

  
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 6.5.    Reimbursement of General Partner. 

(a)    Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5
and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b)    The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may
determine in its sole and absolute discretion, for all Administrative Expenses, provided, however, that any such reimbursement shall not exceed five percent (5%) of the gross income of the General Partner to the extent that all or any portion of the
reimbursement is treated as a gross income to the REIT. 
 6.6.    Outside Activities. Subject to the Articles of
Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and
may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor
any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the
partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and
activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

6.7.    Employment or Retention of Affiliates. 

(a)    Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the
Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner
determines to be fair and reasonable. 
 (b)    The Partnership may lend or contribute to its Subsidiaries or other
Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right
or benefit in favor of any Subsidiary or any other Person. 
 (c)    The Partnership may transfer assets to joint
ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement and applicable law.

 (d)    Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall
sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the Partnership. 

  
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 6.8.    General Partner Participation. The General Partner agrees
that all business activities of the General Partner, including activities pertaining to the acquisition, development or ownership of self-storage properties or other properties, shall be conducted through the Partnership or one or more Subsidiary
Partnerships; provided, however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and
issuance have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 

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

6.10.    Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed
in accordance with the share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General
Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares (without limiting the foregoing, for example, the Partnership shall purchase
from the General Partner Partnership Interests consisting of Class A Units in connection with the exchange of Class A REIT Shares and shall purchase from the General Partner Partnership Interests consisting of Class T Units in
connection with the exchange of Class T REIT Shares). Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the
General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General
Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor (without limiting the foregoing, for example, the Partnership shall redeem from the General Partner Partnership Interests consisting
of Class A Units in connection with the exchange of Class A REIT Shares and shall redeem from the General Partner Partnership Interests consisting of Class T Units in connection with the exchange of Class T REIT Shares). 

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

(a)    The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as
General Partner except as provided in or in connection with a transaction contemplated by Section 7.1(b), (c) or (d). 

(b)    Except as otherwise provided in Section 7.1(c) or (d) hereof, the General Partner shall not engage in any
merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner’s state 

  
 26 

 
of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 

(i)    the approval of the holders of a majority of the Common Units is obtained; 

(ii)    as a result of such Transaction all Limited Partners will receive for each Common Unit an amount of cash,
securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that if, in
connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than fifty percent (50%) of the outstanding REIT Shares, each holder of Common Units shall
be given the option to exchange its Common Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received had it (A) exercised its Exchange Right and (B) sold, tendered or exchanged
pursuant to the Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 

(iii)    the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do
not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) receive an amount of cash, securities, or other property (expressed as an amount per REIT Share)
that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares. 

(c)    Notwithstanding Section 7.1(b), the General Partner may merge with or into or consolidate with another entity
if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units held by the General Partner, are
contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Surviving General Partner in good faith
and (ii) the Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General Partner shall have the right and duty to amend
this Agreement as set forth in this Section 7.1(c). The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any
such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property
that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units been exchanged
immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to
the Conversion Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.4 hereof so as to approximate the existing rights and obligations set forth in
Section 8.4 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts
to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise
of the General Partner’s board of directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 

  
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 (d)    Notwithstanding Section 7.1(b), 

(i)    a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned
Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 

(ii)    the General Partner may engage in Transactions not required by law or by the rules of any National Securities
Exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 (e)    If
the General Partner exchanges any REIT Shares of any class (“Exchanged REIT Shares”) for REIT Shares of a different class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to,
exchange a number of Partnership Units having the same class designation as the Exchanged REIT Shares, as determined based on the application of the Conversion Factor, for Partnership Units having the same class designation as the Received REIT
Shares on the same terms that the General Partner exchanged the Exchanged REIT Shares. The exchange of Units shall occur automatically after the close of business on the applicable date of the exchange of REIT Shares, as of which time the holder of
class of Units having the same designation as the Exchanged REIT Shares 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 applicable number of Units having the same
designation as the Received REIT Shares. 
 7.2.    Admission of a Substitute or Additional General Partner. A
Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

(a)    the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound
by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate
evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 

(b)    if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it
shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

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

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

7.4.    Removal of a General Partner. 

(a)    Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner
shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such
partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause.

 (b)    If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued
pursuant to Section 7.3 hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in
accordance with Section 7.3(b) hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner
the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by
the General Partner and a majority in interest of the Limited Partners within ten (10) days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a
majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within thirty (30) days of
the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the
lower appraisal by more than twenty percent (20%) of the amount of the lower appraisal, the two (2) appraisers, no later than forty (40) days after the removal of the General Partner, shall select a third (3rd) appraiser who shall complete
an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than sixty (60) days after the removal of the General Partner. In such case, the fair market value of the removed General
Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 

  
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 (c)    The General Partnership Interest of a removed General Partner,
during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management
and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General
Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d)    All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such
documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

8.1.    Management of the Partnership. The Limited Partners shall not participate in the management or control of
Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

8.2.    Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful
attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or
record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their
terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 

8.3.    Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities,
contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner
shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

8.4.    Exchange Right. 

(a)    Subject to Sections 8.4(b), 8.4(c), 8.4(d), and 8.4(e) and the provisions of any agreements between the Partnership
and one or more holders of Common Units with respect to Common Units held by them, each holder of Common Units shall have the right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date all or a
portion of the Common Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Common Units shall have been outstanding for at least one year. The Exchange
Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided,
however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Common Units subject to the Notice of 

  
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Exchange pursuant to Section 8.4(b); and provided, further, that no holder of Common Units may deliver more than two (2) Notices of Exchange during each calendar year. A
Limited Partner may not exercise the Exchange Right for less than 1,000 Common Units or, if such Limited Partner holds less than 1,000 Common Units, all of the Common Units held by such Partner. The Exchanging Partner shall have no right, with
respect to any Common Units so exchanged, to receive any distribution paid with respect to Common Units if the record date for such distribution is on or after the Specified Exchange Date. 

(b)    Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right shall be
deemed to have offered to sell the Common Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Common Units by paying to the
Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Common Units offered for
exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. Without limiting the foregoing, if the General Partner elects to purchase such Common Units by paying the REIT Shares
Amount to the Exchanging Partner, the General Partner shall purchase either (i) Limited Partnership Interests consisting of Class A Units or Class A-1 Units which shall be exchanged for
Class A REIT Shares and/or (ii) Limited Partnership Interests consisting of Class T Units which shall be exchanged for Class T REIT Shares, as applicable. The class of the shares purchased by the General Partner and exchanged by
the Exchanging Partner shall be designated on the Notice of Exchange. If the General Partner shall elect to exercise its right to purchase Common Units under this Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the
Exchanging Partner within five (5) Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Common Units from the
Exchanging Partner pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the Exchanging Partner’s exercise of the Exchange Right. In the event the General
Partner shall exercise its right to purchase Common Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of this Section 8.4(b), the Partnership shall have no obligation to pay any amount to the
Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the General Partner, as the case may be, shall treat the transaction between the General
Partner, as the case may be, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Common Units to the General Partner, as the case may be. Each Exchanging Partner agrees to execute such documents as
the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 

(c)    Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a Limited Partner shall not be entitled to
exercise the Exchange Right if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.4(b) (regardless of whether or not the General Partner would in fact exercise its rights
under Section 8.4(b)) would (i) result in such Partner or any other person owning, directly or indirectly, REIT Shares in excess of the Ownership Limit (as defined in the Articles of Incorporation and calculated in accordance therewith),
except as provided in the Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any rules of attribution), except as provided in the Articles of Incorporation,
(iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, or (iv) cause the General Partner to own, directly or constructively, nine and nine-tenths percent (9.9%) or more of
the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.4(c). 

  
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 (d)    Any Cash Amount to be paid to an Exchanging Partner pursuant to
this Section 8.4 shall be paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional one hundred eighty (180) days to
the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to
cause the closing of the acquisition of exchanged Common Units hereunder to occur as quickly as reasonably possible. 

(e)    Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on
the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General
Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership
which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of the Code. 

(f)    Each Limited Partner covenants and agrees with the General Partner that all Common Units delivered for exchange
shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all liens; and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any
obligation to acquire Common Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax is payable as a result of the transfer of its Common Units to the Partnership or the
General Partner, such Limited Partner shall assume and pay such transfer tax. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1.    Purchase for Investment. 

(a)    Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the
acquisition of its Partnership Interests is made as a principal for its account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

(b)    Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any
fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not
to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 

9.2.    Restrictions on Transfer of Limited Partnership Interests. 

(a)    Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or
otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a
“Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be considered to be null and
void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 

  
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 (b)    No Limited Partner may withdraw from the Partnership other than
as a result of a permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or
pursuant to an exchange of all of its Common Units pursuant to Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

(c)    Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner,
all or a portion of its Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such
Limited Partner and/or any such Person(s), of which trust such Limited Partner or any such Person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity,
its beneficial owners. 
 (d)    No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole
or in part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 

(e)    No Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if
(i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of
Section 856(i) of the Code), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under
Section 857 or Section 4981 of the Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of
Section 7704 of the Code. 
 (f)    No transfer of any Partnership Units may be made to a lender to the Partnership
or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter
into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner
in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 

(g)    Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall
not be binding upon, or recognized by, the Partnership. 
 (h)    Prior to the consummation of any Transfer under this
Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

9.3.    Admission of Substitute Limited Partner. 

(a)    Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited
Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed 

  
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admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 

(i)    The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing
a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner. 

(ii)    To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii)    The assignee shall have
delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 

(iv)    If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with
evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 

(v)    The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi)    The assignee shall have paid all legal fees and other expenses of the Partnership
and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 

(vii)    The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute
Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

(b)    For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute
Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date
specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 

(c)    The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the
documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person
as a Limited Partner of the Partnership. 
 9.4.    Rights of Assignees of Partnership Interests. 

(a)    Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership
shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 

(b)    Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest but
does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Limited Partnership Interest. 

  
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 9.5.    Effect of Bankruptcy, Death, Incompetence or Termination of a
Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not
cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies,
his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as
the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

 9.6.    Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint
tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be
required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the
counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a
right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it
shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately
by each of the former owners. 
 9.7.    Redemption of Partnership Units. The General Partner will cause the
Partnership to redeem Partnership Units, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of capital stock in itself. The number and class or series of Partnership Units redeemed and the
redemption price shall equal the number (multiplied by the Conversion Factor) of shares of capital stock the General Partner redeems and the redemption price at which the General Partner redeems such shares, respectively. 

ARTICLE 10 
 BOOKS AND
RECORDS; ACCOUNTING; TAX MATTERS 
 10.1.    Books and Records. At all times during the continuance of the
Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name
and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports,
(d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized
representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 

10.2.    Custody of Partnership Funds; Bank Accounts. 

(a)    All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such
banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

  
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 (b)    All deposits and other funds not needed in the operation of the
business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and
municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this
Section 10.2(b). 
 10.3.    Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall
be the calendar year. 
 10.4.    Annual Tax Information and Report. Within ninety (90) days after the end
of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be
reasonably required by law. 
 10.5.    Partnership Representative; Tax Elections; Special Basis Adjustments.

 (a)    The General Partner is hereby designated as the “partnership representative” of the Partnership
within the meaning of Section 6223(a) of the Code. If any state or local tax law provides for a partnership representative or person having similar rights, powers, authority or obligations, the person designated above shall also serve in such
capacity (in any such federal, state or local capacity, the “Partnership Representative”). The General Partner may name a replacement Partnership Representative at any time; provided, however, that the designated Partnership
Representative shall serve as the Partnership Representative until resignation, death, incapacity, or removal. In such capacity, the Partnership Representative shall have all of the rights, authority and power, and shall be subject to all of the
obligations, of a partnership representative to the extent provided in the Code and the Regulations, and the Partners hereby agree to be bound by any actions taken by the Partnership Representative in such capacity. The Partnership Representative
shall represent the Partnership in all tax matters to the extent allowed by law. Without limiting the foregoing, the Partnership Representative is authorized and required to represent the Partnership (at the Partnership’s expense) in connection
with all examinations of the Partnership’s affairs by tax authorities, including administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Any decisions made by the
Partnership Representative, including, without limitation, whether or not to settle or contest any tax matter, and the choice of forum for any such contest, and whether or not to extend the period of limitations for the assessment or collection of
any tax, shall be made in the Partnership Representative’s sole discretion. The Partnership Representative (i) shall have the sole authority to make any elections on behalf of the Partnership permitted to be made pursuant to the Code or
the Regulations promulgated thereunder and (ii) may, in its sole discretion, make an election on behalf of the Partnership under Sections 6221(b) or 6226 of the Code as in effect for the first fiscal year beginning on or after January 1,
2018 and thereafter, (iii) may request a modification to any assessment of an imputed underpayment, including a modification for any Partner who is a real estate investment trust or regulated investment company as defined in Sections 586 and
851, respectively, based on such Partner making a deficiency dividend pursuant to Section 860 and a modification based on the tax-exempt status of a reviewed year Partner, and (iv) may take all
actions the Partnership Representative deems necessary or appropriate in connection with the foregoing. The Partnership Representative and any individual who has been appointed as a designated individual with respect to the Partnership
Representative in accordance with Treasury Regulations Section 301.6223-1(b)(3)(ii) (“Designated Individual”) shall be reimbursed and indemnified by the Partnership for all claims,
liabilities, losses, costs, damages and expenses, and for 

  
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reasonable legal and accounting fees, incurred in connection with the performance of its duties as Partnership Representative or Designated Individual, as applicable, in accordance with the terms
hereof, unless the actions of the Partnership Representative or the Designated Individual, as applicable constitute gross negligence or intentional misconduct. 

(b)    Each Partner hereby covenants to cooperate with the Partnership Representative and to do or refrain from doing any
or all things reasonably requested by the Partnership Representative with respect to examinations of the Partnership’s affairs by tax authorities (including, without limitation, promptly filing amended tax returns and promptly paying any
related taxes, including penalties and interest) and shall provide promptly and update as necessary at any times requested by the Partnership Representative, all information, documents, self-certifications, tax identification numbers, tax forms, and
verifications thereof, that the Partnership Representative deems necessary in connection with (1) any information required for the Partnership to determine the application of Sections 6221-6235 of the Code to the Partnership; (2) an
election by the Partnership under Section 6221(b) or 6226 of the Code, and (3) an audit or a final adjustment of the Partnership by a tax authority. The Partnership and the Partners hereby agree and acknowledge that (i) the actions of
the Partnership Representative in connection with examinations of the Partnership’s affairs by tax authorities shall be binding on the Partnership and the Partners; and (ii) neither the Partnership nor the Partners have any right to
contact the IRS with respect to an examination of the Partnership or participate in an audit of the Partnership or proceedings under Sections 6221-6235 of the Code. 

(c)    The Partners acknowledge that the Partnership intends to elect the application of Section 6221(b) of the Code
(the “Opt-out Election”) for its first taxable year beginning on or after January 1, 2018 and for each Fiscal Year thereafter. If the Partnership is not eligible to make such election,
the Partners acknowledge that the Partnership intends to elect the application of Section 6226 of the Code (the “Push-out Election”) for its first taxable year beginning on or after
January 1, 2018 and for each Fiscal Year thereafter. This acknowledgement applies to each Partner whether or not the Partner owns a Partnership Interest in both the reviewed year and the year of the tax adjustment. If the Partnership elects the
application of Section 6226 of the Code, the Partners shall take into account and report to the IRS (or any other applicable tax authority) any adjustment to their tax items for the reviewed year of which they are notified by the Partnership in
a written statement, in the manner provided in Section 6226(b), whether or not the Partner owns a Partnership Interest at such time. Any Partner that fails to report its share of such adjustments on its tax return, shall indemnify and hold
harmless the Partnership, the General Partner, the Partnership Representative, and each of their Affiliates from and against any and all liabilities related to taxes (including penalties and interest) imposed on the Partnership as a result of the
Partner’s failure. In addition, each Partner shall indemnify and hold the Partnership, the General Partner, the Partnership Representative, and each of their Affiliates harmless from and against any and all liabilities related to taxes
(including penalties and interest) imposed on the Partnership (i) pursuant to Section 6221 of the Code, which liabilities relate to adjustments that would have been made to the tax items allocated to such Partner had such adjustments been
made for a tax year beginning prior to January 1, 2018 (and assuming that the Partnership had not made an election to have Section 6221 of the Code apply for such earlier tax years) and (ii) resulting from or attributable to such
Partner’s failure to comply with the preceding subsection (b) or this subsection (c). Each Partner acknowledges and agrees that no Partner shall have any claim against the Partnership, the General Partner, the Partnership Representative,
or any of their Affiliates for any tax, penalties or interest resulting from the Partnership’s election under Section 6226 of the Code. 

(d)    If the Partnership does not make an election under Section 6226 of the Code, the amount of any imputed
underpayment assessed upon the Partnership, pursuant to Code Section 6232, attributable to a Partner (or former Partner), as reasonably determined by the Partnership Representative, shall be treated as a withholding tax with respect to such
Partner. To the extent any portion of such 

  
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imputed underpayment cannot be withheld from a current distribution, any such Partner (or former Partner) shall be liable to the Partnership for the amount that cannot be withheld and agrees to
pay such amount to the Partnership. Any such amount withheld, or any such payment shall not be treated as a Capital Contribution for purposes of any provision herein that affects distributions to the Partners and any amount not paid by any such
Partner (or former Partner) at the time reasonably requested by the Partnership Representative shall accrue interest at the rate set by the IRS for the underpayment of federal taxes, compounded quarterly, until paid. 

(e)    The provisions of this Section 10 shall survive the termination of the Partnership, the termination of this
Agreement and, with respect to any Partner, the transfer or assignment of any portion of such Partner’s Partnership Interest. 

(f)    The Partnership Representative shall keep the Partners reasonably informed as to the status of any tax
investigations, audits, lawsuits or other judicial or administrative tax proceedings and shall promptly copy all other Partners on any correspondence to or from the IRS or applicable state, local or foreign tax authority relating to such
proceedings. The Partnership Representative shall inform the IRS, as promptly as possible upon the commencement of any examination or proceeding, of the tax-exempt status of any Partners and shall take any
actions or refrain from taking any action to the extent necessary to preserve the tax-exempt status of such Partners and shall afford such Partners tax-free treatment,
to the extent permissible under the Code. The Partnership Representative has an obligation to perform its duties as the Partnership Representative in good faith and in such manner as will serve the best interests of the Partnership and all of the
Partners. 
 (g)    The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership
as provided in Section 709 of the Code. 
 10.6.    Reports Made Available to Limited Partners. 

(a)    As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), upon
written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General Partner if such
statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year, upon written
request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are
prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. 

(b)    Any Partner shall further have the right to a private audit of the books and records of the Partnership at the
expense of such Partner, provided such audit is made for Partnership purposes and is made during normal business hours. 
 ARTICLE 11

 AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a
transaction pursuant to Section 7.1(b), (c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of the General Partner and holders
of a majority of the Common Units: 
 (a)    any amendment affecting the operation of the Conversion Factor or the
Exchange Right (except as provided in Section 8.4(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 

  
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 (b)     any amendment that would adversely affect the rights of the
Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; 

(c)    any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other
than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; or 

(d)    any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to
the Partnership. 
 ARTICLE 12 

GENERAL PROVISIONS 

12.1.    Notices. All communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any
Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 

12.2.    Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding
upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 

12.3.    Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge
and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 

12.4.    Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in
any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

12.5.    Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the
Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 

12.6.    Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the
intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 

12.7.    Headings. The Article headings or sections in this Agreement are for convenience only and shall not be
used in construing the scope of this Agreement or any particular Article. 
 12.8.    Counterparts. This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not
have signed the same counterpart. 

  
 39 

 12.9.    Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 12.9. 

[Signatures appear on next page.]  

  
 40 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Third
Amended and Restated Limited Partnership Agreement, all as of the 28th day of June, 2019. 
  

			
	GENERAL PARTNER:
	
	STRATEGIC STORAGE TRUST II, INC.
		
	By:	 	 /s/ Michael S. McClure

		 	Michael S. McClure, President
	
	CLASS A-1 LIMITED PARTNER:
	
	SMARTSTOP OP HOLDINGS, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, Chief Executive Officer
	
	CLASS A-2 LIMITED PARTNER:
	
	SMARTSTOP OP HOLDINGS, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, Chief Executive Officer
	
	OTHER LIMITED PARTNERS:
	
	SS GROWTH ADVISOR, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, Chief Executive Officer

 Signature Page to Third Amended and Restated Limited Partnership Agreement of Strategic Storage
Operating Partnership II, L.P. 

			
	SS TORONTO REIT ADVISORS, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz, Chief Executive Officer
	
	SAN JUAN CAPITAL, LLC
		
	By:	 	 /s/ Burke Dambly

		 	Burke Dambly, President
	
	JDW 1998 TRUST
		
	By:	 	 /s/ James M. Walsh

		 	James M. Walsh, Trustee

 EXHIBIT A 

GENERAL PARTNER AND LIMITED PARTNER, 

CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS 

AS OF JUNE 28, 2019 
  

													
	Percentage Partner Interest	  	 Cash

Contribution
	 	  	 Agreed Value of

Capital

Contribution
	 	  	Number and
Class of
Partnership
Units	 
	 GENERAL PARTNER: (1)

 
  
  

Strategic Storage Trust II, Inc.
	  	$	608,127,041	 	  	$	608,127,041	 	  	 
  
 

	50,762,554
 Class A 

7,602,618
Class T
	 
   
  
 

				
	  
 LIMITED PARTNERS:

 
  

SmartStop OP Holdings, LLC
	  	$	127,730,874	 	  	$	127,730,874	 	  	 
  
 

	8,464,434
Class A-1  

3,283,302
Class A-2
	 
   
  
 

	 SS Growth Advisor, LLC
	  	$	4,111,964	 	  	$	4,111,964	 	  	 
	386,100
Class A	 
 
	 SS Toronto REIT Advisors, LLC
	  	$	738	 	  	$	738	 	  	 
 
	73
 Class A
	 
  

	 San Juan Capital, LLC
	  	$	1,302,718	 	  	$	1,302,718	 	  	 
 
  

 
	4,950
 Class A
  

117,261
 Class A-1
	 
  
  

 
  

	 JDW 1998 Trust
	  	$	1,302,718	 	  	$	1,302,718	 	  	 
 
  

 
	4,950
 Class A
  

117,261
 Class A-1
	 
  
  

 
  

		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	742,576,051	 	  	$	742,576,051	 	  	 	70,743,504	 

  

	(1)	 The initial cash contribution of the General Partner in the amount of $1,000 was made on August 2, 2013.

 Upon the Partnership’s issuance of any Preferred Units in accordance with this Agreement, the General Partner shall update this
Exhibit A to reflect any Preferred Units outstanding. 

 EXHIBIT B 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

In accordance with Section 8.4 of the Third Amended and Restated Limited Partnership Agreement (the “Agreement”) of
Strategic Storage Operating Partnership II, L.P., the undersigned hereby irrevocably (i) presents for exchange Class                      Common
Units in Strategic Storage Operating Partnership II, L.P., in accordance with the terms of the Agreement and the Exchange Right referred to in Section 8.4 thereof, (ii) surrenders such Common Units and all right, title and interest
therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT
Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. 
  

	
	Dated:                     
	
	    
	  
 (Name of Limited
Partner)

	
	     

	(Signature of Limited Partner)
	
	     

	(Mailing Address)
	
	     

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

	
	If REIT Shares are to be issued, issue to:
	
	    
	Name:
	
	     

	
	Social Security or Tax I.D. Number:
	
	     

 EXHIBIT C 

DESCRIPTION OF CLASS A-1 UNITS 

In accordance with Section 4.2(a)(i) of the Agreement, the Partnership has issued the
Class A-1 Units. The Class A-1 Units shall have the following terms, rights and restrictions: 

1.    Limits on Redemption. Notwithstanding anything to the contrary contained in this Agreement (including but not
limited to Section 6 of this Agreement), the Partnership and the General Partner shall not be permitted to redeem the Class A-1 Units until June 28, 2021 or later. 

2.    Rights and Obligations; Exchangeability. Other than as set forth in this Exhibit C, the Class A-1 Units shall be entitled to all rights, and shall be obligated to perform all duties, on parity with the Class A Units in the Partnership. In the event of an exchange of Class A-1 Units for REIT Shares, as described in the Agreement, including, but not limited to, Section 8.4 the Class A-1 Units shall be exchangeable on a 1:1
basis with Class A REIT Shares. 
 3.    Vote on Extraordinary Matters. If the General Partner seeks to
submit an Extraordinary Matter for a vote of the General Partner’s stockholders, the General Partner agrees that the consent of the Partnership will be required (the “OP Consent”). The OP Consent will be determined by a vote of
the Partners, and the General Partner hereby agrees that its vote on the OP Consent will be voted in proportion to the votes cast by the General Partner’s stockholders on the Extraordinary Matter. The term Extraordinary Matter means any
merger, sale of all or substantially all of the assets, share exchange, conversion, dissolution or charter amendment, in each case where the vote of the SST II stockholders is required under Maryland law 

4.    Applicability of the Agreement. To the extent not inconsistent with the terms set forth in this Exhibit C,
the Class A-1 Units are subject to the terms of the Agreement which apply to Limited Partnership Interests and Partnership Units generally. All defined terms not otherwise defined in this Exhibit C shall
have the definitions set forth in the remainder of the Agreement. 

 EXHIBIT D 

DESCRIPTION OF CLASS A-2 UNITS 

In accordance with Section 4.2(a)(i) of the Agreement, the Partnership has issued the
Class A-2 Units as additional consideration for the Contributed Assets (as defined in the Contribution Agreement), contributed by SmartStop OP Holdings, LLC (“SS OP Holdings”) to the
Partnership. The Class A-2 Units have the value per unit as set forth on Schedule 1.4(c)(ii) to the Contribution Agreement. The initial number of Class A-2
Units shall be 3,283,302. 
 The Class A-2 Units shall have the following terms, rights and
restrictions: 
 1.    No Distribution Rights or Profits Allocation. Article 5 of the Partnership Agreement
notwithstanding, the Class A-2 Units are Partnership Units that are not entitled to cash distributions or the allocation of any Profit or Loss of the Partnership unless and until the Class A-2 Units are converted into Class A-1 Units as described herein. 

2.    No Voting Rights. The Class A-2 Units shall have no voting or
consent rights. Notwithstanding the foregoing, the approval of the holders of Class A-2 Units shall be required for any amendment to the rights and obligations of the
Class A-2 Units as set forth herein. 
 3.    Earn-Out Consideration Conversion. The Class A-2 Units shall be converted as follows: 

(i)    following the Closing (as defined in the Contribution Agreement), the first time the aggregate AUM equals or
exceeds $300,000,000 (the “First Earn-Out Tier”) (the date on which such aggregate AUM is achieved, the “First Earn-Out Tier Achievement
Date”), one-third of the Class A-2 Units shall automatically convert into Class A-1 Units; 

(ii)     following the Closing, the first time the aggregate AUM equals or exceeds $500,000,000 (the “Second Earn-Out Tier”) (the date on which such aggregate AUM is achieved, the “Second Earn-Out Tier Achievement Date”),
one-third of the Class A-2 Units shall automatically convert into Class A-1 Units; and 

(iii)    following the Closing, the first time the aggregate AUM equals or exceeds $700,000,000 (the “Third Earn-Out Tier” and together with the First Earn-Out Tier and the Second Earn-Out Tier, the “Earn-Out Tiers”) (the date on which such aggregate AUM is achieved, the “Third Earn-Out Tier Achievement Date” and, together with the First Earn-Out Tier Achievement Date and the Second Earn-Out Tier Achievement Date, each an “Earn-Out Tier Achievement
Date”), one-third of the Class A-2 Units shall automatically convert into Class A-1 Units. 

On each Earn-Out Tier Achievement Date, the Class A-2 Units shall be
automatically converted at the Earn-Out Exchange Ratio. The term “Earn-Out Exchange Ratio” shall mean the quotient, expressed as a percentage, of (x) the
agreed value per unit set forth on Schedule 1.4(c)(i) of the Contribution Agreement divided by (y) the then-current value of the Class A-1 Units, determined as provided in Schedule 7.8 of the
Contribution Agreement. 
 4.    Special Allocation. Notwithstanding the provisions of Section 5.1(a)(i) of
the Agreement, Liquidating Gain first shall be allocated to SS OP Holdings with respect to its converted Class A-2 Units to the extent attributable to the appreciation in the value of the Partnership
assets after the date of issuance of the Class A-2 Units. As a result of the special allocation, the Section 704(b) capital account attributable to the converted
Class A-2 Units shall be equal to the Section 704(b) capital account for each Class A-1 Unit issued and outstanding as of the date of the conversion on a
pro rata basis. 

 5.    Rights upon Liquidation. Notwithstanding Section 5.6
or any other provision of this Agreement to the contrary, if, after the conversion of any Class A-2 Unit into a Class-A-1
Unit, the Liquidation Gain from a sale, exchange, merger, liquidation or other transaction (each a “Capital Event”) is insufficient to cause the converted Class A-2 Unit holders to receive an
amount of cash or property (at minimum) equal to the liquidation right for Class A-1 Unit holders on a unit by unit basis, the parties hereby acknowledge and agree that each such unit holder shall
nevertheless receive an amount equal to the liquidation right for Class A-1 Unit holders on a unit by unit basis, for each converted Class A-2 Unit (the “A-2 Unit Liquidation Preference”). Upon the actual liquidation of the Partnership, the cash payment of the A-2 Unit Liquidation Preference shall be treated as
(1) a liquidation distribution from the Partnership to the extent of the section 704(b) capital account attributable to the converted Class A-2 Units and (2) a guaranteed payment for U.S.
federal income tax purposes for the excess of the A-2 Unit Liquidation Preference in cash over the Class A-2 Unit holder’s section 704(b) capital account
balance for each such converted Class A-2 Unit. For avoidance of doubt, the Class A-2 Units are subject to all of the terms and conditions set forth in this
Exhibit D prior to conversion and are not entitled to any liquidation right until conversion. 
 6.    Expiration of Earn-Out Consideration Conversion. All conversion rights hereunder shall expire on the date that is seven (7) years following the Closing Date (as defined in the Contribution Agreement) (the “Earn-Out Expiration Date”). If the Earn-Out Tiers have not been achieved by the Earn-Out Expiration Date, the Class A-2 Units will be deemed to not have been converted and they shall be cancelled and redeemed for no consideration. 

7.    Acceleration of the Class A-2 Unit Conversion.
Notwithstanding the foregoing, the Earn-Out Consideration shall be converted and automatically accelerate (the “Accelerated Earn-Out Achievement Date”)
if, prior to the Earn-Out Expiration Date, there occurs an Earn-Out Acceleration Event, in which case the entire Earn-Out
Consideration shall be immediately converted into Class A-1 Units. 

8.    Transfer of Class A-2 Units. Until the Class A-2 Units convert to Class A-1 Units, SS OP Holdings may not transfer in any manner, any portion of the Class A-2
Units, and SS OP Holdings may not dispose of the Class A-2 Units within two years of receipt of such Class A-2 Units. 

9.    FMV of Class A-2 Units. The fair market value at
the time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the Class A-2 Units was zero per
Class A-2 Unit pursuant to the liquidation value method of IRS Revenue Procedures 93-27 and 2001-43. This profits interest
is a “Safe Harbor” partnership interest as defined in IRS Revenue Procedures 93-27 and 2001-43. 

10.    Additional Definitions. 

“AUM” means the additional assets under management with respect to the self storage-focused programs advised
or sponsored by the General Partner or its Affiliates as well as any future self storage-focused programs so advised or sponsored (the “Self Storage Programs”), measured against the assets under management with respect to the Self
Storage Programs as of the Closing Date; provided, however, that (I) for the purposes of determining AUM as it relates to a particular property, the value shall be the sum of (a) the closing purchase price of such property and
(b) the development costs and costs capitalized pursuant to GAAP (before depreciation and amortization) related to real estate, if any, associated with such property, (II) for the purposes of determining AUM as it relates to unconsolidated
joint ventures, the value shall be the pro rata ownership of such joint venture’s gross real estate related GAAP cost basis, and (III) for the purposes of determining AUM as it relates to all other assets, the value shall be the fair
market value of such real estate related assets and investments, as reasonably and mutually determined by SAM and SST II, in good faith. 

 “Earn-Out Acceleration
Event” means the occurrence of any of the following: (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act is or becomes the “beneficial owner” (as defined in rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the General Partner representing a majority of the voting power of General Partner’s then outstanding securities, (ii) a change in
the composition of the board of directors of the General Partner occurs such that the individuals who, as of immediately after the Closing, constitute the board of directors of the General Partner cease for any reason to constitute at least a
majority of the board of directors of the General Partner, other than in the case of any individual who becomes a member of the board of directors of the General Partner subsequent to the Closing whose election or nomination for election by equity
holders of the General Partner was approved by a vote of at least a majority of those individuals who were former members of the board of directors of the General Partner, (iii) a reorganization, merger or consolidation, sale or other
disposition of all or substantially all of the assets of the General Partner or other transaction is consummated (other than a transaction between the General Partner or one of its Affiliates, on the one hand, and any entity that is, at the time of
such transaction, sponsored or advised by SmartStop Asset Management, LLC or the General Partner or their Affiliates, on the other hand) and unless, in each case, immediately following such transaction or disposition, the individuals and entities
who were the beneficial owners of the voting securities of the General Partner immediately prior to the transaction or disposition beneficially own, directly or indirectly, a majority of the voting power of the then outstanding voting securities of
the surviving entity in the transaction or disposition (including an entity which as a result of such transaction owns the General Partner or all or substantially all of its assets), or (iv) H. Michael Schwartz is removed either as a member of
the board of directors or as an executive officer of the General Partner for any reason other than for Cause (as that term is defined in the General Partner’s Executive Severance and Change of Control Plan in existence as of the date of the
Contribution Agreement). 
 “Liquidating Gain” means any capital gain realized in connection with the
actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to capital gain realized in connection with an adjustment of Section 704(b) basis of Partnership assets. 

11.    Conversion of the Class A-2 Units. The Class A-2 Units shall be automatically converted at the Earn-Out Exchange Ratio into Class A-1 Units on each respective Earn-Out Tier Achievement Date or the Accelerated Earn-Out Achievement Date, as applicable (each such issuance date, an
“Earn-Out Issuance Date”). For the avoidance of doubt, the actual date of each such Earn-Out Issuance Date shall be the actual date of the corresponding
Earn-Out Tier Achievement Date irrespective of when such date is actually determined. On each Earn-Out Issuance Date, following the Partnership’s receipt of a
certification from SS OP Holdings that the statements contained in Section 3.20 of the Contribution Agreement are true and correct as if made as of the Earn-Out Issuance Date, the Partnership shall
convert the Class A-2 Units into Class A-1 Units having all rights, privileges, limitations, and restrictions of the
Class A-1 Units under the terms of this Agreement and shall deliver such evidence of conversion accompanied by such other good and sufficient instruments of transfer, redemption, or issuance (as the case
may be) to SS OP Holdings as SS OP Holdings reasonably deems necessary and appropriate, to evidence the conversion of the Class A-2 Units into Class A-1 Units.

 12.    Conduct of Business. From and after the Closing until the Third
Earn-Out Tier Achievement Date, the Partnership shall, and shall cause SmartStop Storage Advisors, LLC (“SSA”) and each SSA Subsidiary to, operate the Business (as defined under the Contribution
Agreement) in good faith and take into account the potential for the Earn-Out Consideration conversion. Neither the Partnership nor any of its Affiliates shall take any action, nor shall the Partnership nor
any of its Affiliates refrain from taking any action, in either event with the specific intent to reduce the likelihood of the occurrence of any Earn-Out Tier Achievement Date. 

 13.    Re-calculation of the Earn-Out Tiers. In the event of a reorganization, merger or consolidation, sale or other disposition of all or substantially all of the assets of a Self Storage Program (as defined in the Contribution Agreement)
(the “Target Program”) to any Person other than another Self Storage Program, the AUM of such Target Program shall be calculated as of the date of the closing of the transaction (the “Closing AUM”), and the dollar
amount for each Earn-Out Tier that is set forth in this Exhibit D of this Agreement shall be reduced by the Closing AUM for the purposes of calculating the achievement of future
Earn-Out Tiers. 
 14.     Applicability of the Agreement. To the extent
not inconsistent with the terms set forth in this Exhibit D, the Class A-2 Units are subject to the terms of this Agreement which apply to Limited Partnership Interests and Partnership Units generally.
All defined terms not otherwise defined herein shall have the definitions set forth in this Agreement.EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of June 28, 2019, is made by and among
STRATEGIC STORAGE TRUST II, INC., a Maryland corporation (“SST II”), STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (“Operating Partnership”), and SMARTSTOP OP
HOLDINGS, LLC, a Delaware limited liability company (“SS OP Holdings”), SS GROWTH ADVISOR, LLC, a Delaware limited liability company (“SS Growth Advisor”), STRATEGIC 1031, LLC, a Delaware limited
liability company (“Strategic 1031”), SS TORONTO REIT ADVISORS, INC., a Delaware corporation (“SS Toronto REIT Advisors”), SAN JUAN CAPITAL, LLC (“San Juan Capital”), and JDW 1998
TRUST (“JDW”). 
 RECITALS 

WHEREAS, SST II, the Operating Partnership, SS OP Holdings and SmartStop Asset Management, LLC have entered into a Contribution
Agreement dated as of the date hereof (the “Contribution Agreement”), pursuant to which SS OP Holdings and SmartStop Asset Management, LLC (“SAM”) are contributing to the Operating Partnership personnel and certain
other assets used in the operation of the self storage sponsor platform of SAM in exchange for the consideration described therein, including units of Class A-1 limited partnership interest in the
Operating Partnership (the “Class A-1 OP Units”) and units of Class A-2 limited partnership interest in the Operating
Partnership (which, once converted in accordance with their terms, will be Class A-1 OP Units for all purposes, including for purposes of this Agreement); 

WHEREAS, SS Growth Advisor, Strategic 1031, SS Toronto REIT Advisors, San Juan Capital and JDW each own units of Class A limited
partnership interest in the Operating Partnership (the “Class A OP Units”; and together with the Class A-1 OP Units, the “OP Units”); 

WHEREAS, upon the terms and subject to the conditions contained in the Operating Partnership Agreement, as amended, the OP Units will
be redeemable for shares of common stock of SST II, par value $0.001 per share (the “Common Stock”), provided, however, such OP Units may not be redeemed by SS OP Holdings for Common Stock of SST II until June 28, 2021 (the
“Lock-Up Expiration”); 
 WHEREAS, SS OP Holdings has agreed to the Lock-Up Expiration and SST II has agreed to grant the registration rights set forth herein, after the Lock-Up Expiration; and 

WHEREAS, the parties hereto desire to enter into this Agreement to evidence the foregoing agreement of SST II and the mutual covenants
of the parties relating thereto. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.    Definitions. In this Agreement, the following terms have the following
respective meanings: 
 “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. The term “control” (including the terms “controlling,” “controlled by” and “under common
control with”) means possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

  
 1 

 “Agreement” means this Registration Rights Agreement, as it may be amended,
supplemented or restated from time to time. 
 “Board” means the board of directors of SST II. 

“Business Day” means any day other than a Saturday, Sunday or any day on which banks located in the State of New York are
authorized or required to be closed for the conduct of regular banking business. 
 “Common Stock” has the meaning ascribed
to it in the recitals hereof. 
 “Contribution Agreement” has the meaning ascribed to it in the recitals hereof. 

“Demand Registration” has the meaning ascribed to it in Section 2(a). 

“End of Suspension Notice” has the meaning ascribed to it in Section 4(c). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder.

 “FINRA” means the Financial Industry Regulatory Authority. 

“Holder” means each Person holding Registrable Shares, including (i) the undersigned and (ii) each Person holding
Registrable Shares as a result of a transfer, distribution or assignment to that Person of Registrable Shares (other than pursuant to an effective Resale Registration Statement or Rule 144), provided, if applicable, such transfer, distribution or
assignment is made in accordance with Section 10 of this Agreement. For the avoidance of doubt, the term “Holder” shall include any Person holding OP Units that are or have been issued pursuant to the Contribution
Agreement even if such Person has not exchanged such OP Units for Common Stock. For purposes of this Agreement, a Person shall be deemed to be a Holder, and the Registrable Shares shall be deemed to be in existence, whenever such Person has the
right to acquire, directly or indirectly, such Registrable Shares (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or
not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Shares hereunder; provided a holder of Registrable Shares may only request that Registrable Shares in the
form of Common Stock that is registered or to be registered as a class under Section 12 of the Exchange Act be registered pursuant to this Agreement. 

“Indemnified Party” has the meaning ascribed to it in Section 8(a). 

“Indemnifying Party” has the meaning ascribed to it in Section 8(c). 

“Lock-Up Expiration” has the meaning ascribed to it in the recitals hereof.

 “Losses” has the meaning ascribed to it in Section 8(a). 

“Maximum Number of Shares” has the meaning ascribed to it in Section 2(b). 

  
 2 

 “NYSE” means the New York Stock Exchange. 

“Operating Partnership Agreement” means that certain Third Amended and Restated Limited Partnership Agreement of the
Operating Partnership entered into concurrently herewith, as may be amended. 
 “OP Units” has the meaning ascribed to it
in the recitals hereof. 
 “Person” means any natural person, corporation, general partnership, limited partnership,
limited liability company, proprietorship, joint venture, other business organization, trust, union, association or any federal, state, municipal or local government, any instrumentality, subdivision, court, administrative or regulatory agency or
commission or other authority thereof, or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority. 

“Piggyback Registration” has the meaning ascribed to it in Section 3(a). 

“Prospectus” means the prospectus included in any Resale Registration Statement (including a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Shares covered by such Resale Registration Statement and all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such prospectus. “Prospectus” shall also include any “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act, relating to the Registrable Shares. 

“Registrable Shares” means, with respect to any Holder, the shares of Common Stock that are held (now owned or hereafter
acquired) by or issued or issuable to such Holder, including, without limitation, shares issued or issuable pursuant to (i) the Operating Partnership Agreement and (ii) any additional securities issued or issuable as a dividend or
distribution on, in exchange for, or otherwise in respect of, such shares of Common Stock (including as a result of combinations, recapitalizations, mergers, consolidations, reorganizations or otherwise); provided that shares of Common Stock shall
cease to be Registrable Shares with respect to any Holder at the time such shares have been (a) sold pursuant to a Resale Registration Statement or sold pursuant to Rule 144, or (b) sold to SST II or any of its subsidiaries. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with this Agreement,
including (i) all fees of the SEC, the NYSE or such other exchange on which the Registrable Shares are listed from time to time, and FINRA, (ii) all fees and expenses incurred in connection with compliance with federal or state securities
or blue sky laws (including any registration, listing and filing fees and fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and compliance with
the rules of FINRA and NYSE or other applicable exchange), (iii) internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (iv) all expenses of any Persons in
preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Resale Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates and any
other documents relating to the performance under and compliance with this Agreement, (v) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on the NYSE or other applicable exchange
pursuant to Section 5(j), (vi) the fees and disbursements of counsel for SST II and of the independent public accountants of SST II (including the expenses of any special audit, agreed upon procedures and “cold
comfort” letters required by or incident to such performance), and (vii) any fees and disbursements 

  
 3 

 
customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by SST II in connection with any Resale Registration Statement); provided, however,
that Registration Expenses will exclude brokers’ or underwriters’ discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and disbursements of any counsel to
the Holders other than as provided for in clause (ii) above. 
 “Renewal Deadline” has the meaning ascribed to it in
Section 2(f). 
 “Resale Registration Statement” means any one or more registration statements of
SST II filed under the Securities Act, whether pursuant to a Demand Registration, Piggyback Registration or otherwise, covering the resale of any of the Registrable Shares pursuant to the provisions of this Agreement, and all amendments and
supplements to any such registration statements, including post-effective amendments and new registration statements, in each case including the prospectus contained therein, all exhibits thereto and all materials and documents incorporated by
reference therein. 
 “Rule 144” means Rule 144 under the Securities Act. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Expenses” means, if any, all underwriting or broker fees, discounts and selling commissions or
similar fees or arrangements, fees of counsel to the selling Holder(s) (other than as specifically provided in the definition of “Registration Expenses” above) and transfer taxes allocable to the sale of the Registrable Shares included in
the applicable offering. 
 “SST II” has the meaning set forth to it in the preamble hereof and includes SST II’s
successors by merger, acquisition, reorganization or otherwise. 
 “Suspension Event” has the meaning ascribed to it in
Section 4(c). 
 “Suspension Notice” has the meaning ascribed to it in
Section 4(c). 
 Section 2.    Demand Registration Rights. 

(a)    Subject to the provisions hereof, each Holder at any time from and after the
Lock-Up Expiration, may request registration for resale under the Securities Act of all or part of the Registrable Shares (a “Demand Registration”) of such Holder by giving written notice
thereof to SST II, which request will specify the number of shares of Registrable Shares to be offered by such Holder, whether the intended manner of sale will include or involve an underwritten offering and whether such Resale Registration
Statement will be a “shelf” Resale Registration Statement under Rule 415 promulgated under the Securities Act. Notwithstanding the foregoing, each Holder may provide notice of its intent to request a Demand Registration up to 60 days prior
to the Lock-Up Expiration, provided, however, that no such registration shall become effective until after the Lock-Up Expiration. Subject to Sections 2(c) and
2(e) below and the last sentence of this Section 2(a), SST II will use commercially reasonable efforts (i) to file a Resale Registration Statement (which will be a “shelf” Resale Registration Statement
under Rule 415 promulgated under the Securities Act if requested pursuant to the Holder’s request pursuant to the first sentence of this Section 2(a)) registering for resale such number of Registrable Shares as
requested to be so registered within 30 days after such Holder’s request therefor in the case of a registration on Form S-3 (and 60 days in the case of a registration on Form S-11 or such other appropriate form), and (ii) to cause 

  
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such Resale Registration Statement to be declared effective by the SEC as soon as reasonably practicable thereafter. Notwithstanding the foregoing, SST II will not be required to effect a
registration pursuant to this Section 2(a) with respect to securities that are not Registrable Shares. If permitted under the Securities Act, such Resale Registration Statement will be one that is automatically effective
upon filing. Notwithstanding anything to the contrary contained in this Section 2(a), if at the time SST II receives a request for a Demand Registration, SST II has an effective shelf registration statement, SST II may
include all or part of the Registrable Shares covered by such request in such registration statement, including by virtue of including the Registrable Shares in a prospectus supplement to such shelf registration statement and filing such prospectus
supplement pursuant to Rule 424(b)(7) under the Securities Act (in which event, SST II shall be deemed to have satisfied its registration obligation under this Section 2(a) with respect to such Demand Registration request
and such shelf registration statement shall be deemed to be a Resale Registration Statement for purposes of this Agreement). 

(b)    If such Demand Registration is in respect of an underwritten offering and the managing underwriters of the
requested Demand Registration advise SST II and the Holders that in the reasonable opinion of the managing underwriters the number of shares of Common Stock proposed to be included in the Demand Registration exceeds the number of shares of Common
Stock that can be sold in such underwritten offering without materially delaying or jeopardizing the success of the offering (including the offering price per share) (such maximum number of shares, the “Maximum Number of Shares”),
SST II will include in such Demand Registration only such number of shares of Common Stock that, in the reasonable opinion of the managing underwriters, can be sold without materially delaying or jeopardizing the success of the offering (including
the offering price per share), provided that SST II will include in such registration, unless otherwise agreed by SST II and the Holders, (i) first the number of shares of Common Stock requested to be included therein by the Holders, and
(ii) second, (and only to the extent the amount of such shares of Common Stock to be sold by the Holders is less that the Maximum Number of Shares), the Registrable Shares requested to be included in such registration by other holders, pro rata
among the other holders on the basis of the number of Registrable Shares and other shares of Common Stock requested to be included by each such holder. 

(c)    If any of the Registrable Shares covered by a Demand Registration are to be sold in an underwritten offering, SST
II shall have the right to (i) select the underwriters (and their roles) in the offering, and (ii) determine the structure of the offering and negotiate the terms of any underwritten agreement as they relate to the Holders, including the
number of shares to be sold (if not all shares offered can be sold at the highest price offered by the underwriters), the offering price and underwriting discount; provided that the identity of the underwriters and such structure and terms are
reasonably acceptable to the Holders. 
 (d)    Notwithstanding the foregoing, if the Board determines in its good faith
judgment that the filing of a Demand Registration would (i) be materially detrimental to SST II in that such registration would interfere with a material corporate transaction, or (ii) require the disclosure of material non-public information concerning SST II that at the time is not, in the good faith judgment of the Board, in the best interest of SST II to disclose and is not, in the opinion of SST II’s counsel, otherwise
required to be disclosed, then (x) SST II will have the right to defer such filing for a period of not more than 60 days after receipt of any demand by any Holder, and (y) SST II will not exercise its right to defer a Demand Registration
more than once in any 12-month period. SST II will give written notice of its determination to the Holders to defer the filing and of the fact the purpose for such deferral no longer exists, in each case,
promptly after the occurrence thereof. 
 (e)    Upon the effectiveness of any Demand Registration, SST II will use
commercially reasonable efforts to keep the Resale Registration Statement continuously effective until such time as all of the Registrable Shares covered by such Demand Registration have been sold pursuant to such Demand Registration. 

  
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 (f)    If, by the third anniversary (the “Renewal
Deadline”) of the initial effective date of a Resale Registration Statement filed pursuant to Section 2(a), any of the Registrable Shares included on such registration statement remain unsold by any Holder, SST II
will file, if it has not already done so and is eligible to do so, a new Resale Registration Statement covering the Registrable Shares included on the prior Resale Registration Statement; if at the Renewal Deadline SST II is not eligible to file an
automatic shelf registration statement, SST II will, if it has not already done so, file a new Resale Registration Statement and will use commercially reasonable efforts to cause such Resale Registration Statement to be declared effective within 180
days after the Renewal Deadline; and SST II will take all other action necessary or appropriate to permit the public offering and sale of the Registrable Shares to continue as contemplated in the expired Resale Registration Statement. References
herein to Resale Registration Statement shall include such new shelf registration statement. 
 Section 3.    Piggyback
Registration. 
 (a)    If at any time SST II has registered, or has determined to register, any of its securities
for its own account or for the account of other security holders of SST II on any registration form (other than Form S-4 or S-8) that permits the inclusion of the
Registrable Shares (a “Piggyback Registration”), SST II will give the Holders written notice thereof promptly (but in no event less than 20 days prior to the anticipated filing date) and, subject to
Section 3(b), will include in such registration all Registrable Shares requested to be included therein pursuant to the written request of any Holder. Notwithstanding the foregoing, SST II will not be required to include
any Registrable Shares in any registration under this Section 3(a) prior to the Lock-Up Expiration. 

(b)    If a Piggyback Registration is initiated as a primary underwritten offering on behalf of SST II, and the managing
underwriters advise SST II and the Holders that, in the reasonable opinion of the managing underwriters, the number of shares of Common Stock proposed to be included in such registration exceeds the Maximum Number of Shares, SST II will include in
such registration, unless otherwise agreed by SST II and the Holders, (i) first, the number of shares of Common Stock that SST II proposes to sell, and (ii) second, the Registrable Shares of such Holders. 

(c)    If a Piggyback Registration is initiated as an underwritten registration on behalf of a holder of shares of Common
Stock other than under this Agreement, and the managing underwriters advise SST II that, in the reasonable opinion of the managing underwriters, the number of shares of Common Stock proposed to be included in such registration exceeds the Maximum
Number of Shares, then SST II will include in such registration, unless otherwise agreed by SST II and the holders (including the Holders, if any), (i) first the number of shares of Common Stock requested to be included therein by the holder(s)
requesting such registration, and (ii) second, (to the extent the amount of such shares of Common Stock to be sold by such other holders is less that the Maximum Number of Shares), the Registrable Shares requested to be included in such
registration by the Holders and the shares of Common Stock requested to be included in such registration by other holders, pro rata among the Holders and other holders on the basis of the number of Registrable Shares and other shares of Common Stock
requested to be included by each such Holder and other holder, respectively. 
 (d)    If any Piggyback Registration is
a primary or secondary underwritten offering, SST II will have the right to select, in its sole discretion, the managing underwriter or underwriters to administer any such offering. 

  
 6 

 (e)    SST II will not grant to any Person the right to request SST II
to register any Common Stock in a Piggyback Registration unless such rights are consistent with the provisions of this Section 3. 

(f)    Nothing in this Section 3 shall create any liability on the part of SST II to the Holders
if SST II in its sole discretion decides not to file a registration statement previously proposed to be filed as described in Section 3(a) on which the Holders’ Piggyback Registration request was based or to withdraw
such registration statement subsequent to its filing. 
 Section 4.    Suspension. 

(a)    Subject to the provisions of this Section 4 and a good faith determination by SST II that
it is in the best interests of SST II to suspend the use of any Resale Registration Statement following the effectiveness of such Resale Registration Statement (and the filings with any U.S. federal or state securities commission), SST II, by
written notice to the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to such Resale Registration Statement for such times as SST II reasonably may determine is necessary and advisable (but in no event for more
than 30 days in any 90-day period or 90 days in any 365-day period), if any of the following events will occur: (i) an underwritten public offering of Common Stock
by SST II if SST II is advised by the underwriters that the concurrent resale of the Registrable Shares by the Holders pursuant to the Resale Registration Statement would have a material adverse effect on SST II’s offering, (ii) there is
material non-public information regarding SST II that (A) SST II determines not to be in SST II’s best interest to disclose, (B) would, in the good faith determination of SST II, require a
revision to the Resale Registration Statement so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and (C) SST II is not otherwise required to disclose, or (iii) there is a significant bona fide business opportunity (including the acquisition or disposition of assets (other than
in the ordinary course of business), including any significant merger, consolidation, tender offer or other similar transaction) available to SST II that SST II determines not to be in SST II’s best interests to disclose. 

(b)    Upon the earlier to occur of (i) SST II delivering to the Holders an End of Suspension Notice (as defined
below), or (ii) the end of the maximum permissible suspension period, SST II will use commercially reasonable efforts to promptly amend or supplement the Resale Registration Statement so as to permit the Holders to resume sales of the
Registrable Shares as soon as possible. 
 (c)    In the case of an event that causes SST II to suspend the use of a
Resale Registration Statement (a “Suspension Event”), SST II will give written notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable Shares, and such notice will state that such
suspension will continue only for so long as the Suspension Event or its effect is continuing and SST II is taking all reasonable steps to terminate suspension of the effectiveness of the Resale Registration Statement as promptly as possible. The
Holders will not affect any sales of the Registrable Shares pursuant to such Resale Registration Statement (or such filings) at any time after it has received a Suspension Notice from SST II prior to receipt of an End of Suspension Notice (as
defined below). If so directed by SST II, the Holders will deliver to SST II (at the reasonable expense of SST II) all copies other than permanent file copies then in the Holders’ possession of the Prospectus covering the Registrable Shares at
the time of receipt of the Suspension Notice. Any Holder may recommence effecting sales of the Registrable Shares pursuant to the Resale Registration Statement (or such filings) following further notice to such effect (an “End of Suspension
Notice”) from SST II, which End of Suspension Notice will be given by SST II to the Holders in the manner described above promptly following the conclusion of any Suspension Event and its effect. 

  
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 Section 5.    Registration Procedures. In connection
with the obligations of SST II with respect to any registration pursuant to this Agreement, SST II will: 

(a)    prepare and file with the SEC, as specified in this Agreement, each Resale Registration Statement, which will
comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith, and use commercially reasonable efforts to cause any Resale Registration
Statement to become and remain effective as set forth in Section 2; 
 (b)    subject to
Section 4, (i) prepare and file with the SEC such amendments and post-effective amendments to each such Resale Registration Statement as may be necessary to keep such Resale Registration Statement effective for the period
described in Section 2 hereof, (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may
be adopted under the Securities Act, and (iii) comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by each Resale Registration Statement during the applicable
period in accordance with the intended method or methods of distribution specified by the Holders; 
 (c)    furnish to
the Holders, without charge, such number of copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as any such Holder may reasonably request, in order to facilitate the
public sale or other disposition of the Registrable Shares; SST II hereby consents to the use of such Prospectus, including each preliminary Prospectus, by the Holders in connection with the offering and sale of the Registrable Shares covered by any
such Prospectus; 
 (d)    use commercially reasonable efforts to register or qualify, or obtain exemption from
registration or qualification for, all Registrable Shares by the time the applicable Resale Registration Statement is declared effective by the SEC under all applicable state securities or “blue sky” laws of such domestic jurisdiction as
any Holder may reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Resale Registration Statement is required to be kept effective pursuant to Section 2
and do any and all other acts and things that may be reasonably necessary or advisable to enable the Holders to consummate the disposition in each such jurisdiction of such Registrable Shares owned by the Holders; 

(e)    notify the Holders and, if requested, confirm such advice in writing (i) when such Resale Registration
Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of such Resale
Registration Statement or the initiation of any proceedings for that purpose, (iii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Resale Registration Statement or related
Prospectus or for additional information, and (iv) of the happening of any event during the period such Resale Registration Statement is effective as a result of which such Resale Registration Statement or the related Prospectus or any document
incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (which information will be accompanied by
an instruction to suspend the use of the Resale Registration Statement and the Prospectus until the requisite changes have been made); 

(f)    during the period of time referred to in Section 2, use its best efforts to avoid the
issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Resale Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares
for sale in any jurisdiction, as promptly as practicable; 

  
 8 

 (g)    upon request, furnish to the Holders, without charge, at least
one conformed copy of such Resale Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

(h)    except as provided in Section 4, upon the occurrence of any event contemplated by
Section 5(e)(iii) or (iv), use commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Resale Registration Statement or the related Prospectus or any document incorporated therein
by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, upon request, promptly furnish to the Holders a reasonable number of copies of each such supplement or
post-effective amendment; 
 (i)    enter into customary agreements and take all other action in connection therewith in
order to expedite or facilitate the distribution of the Registrable Shares included in such Resale Registration Statement; 

(j)    use commercially reasonable efforts (including seeking to cure SST II’s listing or inclusion application of
any deficiencies cited by the exchange or market) to list or include all Registrable Shares on any securities exchange on which similar securities issued by SST II are then listed and, if not so listed, to be listed on a securities exchange, and
enter into such customary agreements including a supplemental listing application and indemnification agreement in customary form; 

(k)    prepare and file in a timely manner all documents and reports required by the Exchange Act and, to the extent SST
II’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Resale Registration Statement as required by Section 2 hereof,
SST II will register the Registrable Shares under the Exchange Act and maintain such registration through the effectiveness period required by Section 2; 

(l)    (i) otherwise use commercially reasonable efforts to comply in all material respects with all applicable rules and
regulations of the SEC, (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements (which need not be audited) covering at least 12 months that satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder, and (iii) delay filing any Resale Registration Statement or Prospectus or amendment or supplement to such Resale Registration Statement or Prospectus to which the Holders will have reasonably objected on
the grounds that such Resale Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, the Holders having been furnished with a copy thereof at least two
Business Days prior to the filing thereof; provided, however, that SST II may file such Resale Registration Statement or Prospectus or amendment or supplement following such time as SST II will have made a good faith effort to resolve any such issue
with the Holders and will have advised the Holders in writing of its reasonable belief that such filing complies in all material respects with the requirements of the Securities Act; 

(m)    cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Resale Registration
Statement from and after a date not later than the effective date of such Resale Registration Statement; 

  
 9 

 (n)    in connection with any sale or transfer of the Registrable Shares
(whether or not pursuant to a Resale Registration Statement) that will result in the securities being delivered no longer constituting Registrable Shares, cooperate with the Holders to facilitate the timely preparation and delivery of certificates
representing the Registrable Shares to be sold, which certificates will not bear any transfer restrictive legends arising under federal or state securities laws, and to enable such Registrable Shares to be in such denominations and registered in
such names as the Holders may request at least three Business Days prior to any sale of the Registrable Shares; 

(o)    in connection with a public offering of Registrable Shares, whether or not such offering is an underwritten
offering, use commercially reasonable efforts to obtain a “comfort” letter from the independent public accountant for SST II and any acquisition target of SST II whose financial statements are required to be included or incorporated by
reference in any Resale Registration Statement, in form and substance customarily given by independent certified public accountants in an underwritten public offering, addressed to the underwriters, if any, and to the Holders; 

(p)    execute and deliver all instruments and documents (including an underwriting agreement or placement agent
agreement, as applicable in customary form) and take such other actions and obtain such certificates and opinions as sellers of the Registrable Shares being sold reasonably request in order to effect a public offering of such Registrable Shares and
in such connection, whether or not an underwriting agreement is entered into and whether or not the offering is an underwritten offering, (i) make such representations and warranties to the Holders and the underwriters, if any, with respect to
the business of SST II and its subsidiaries, and the Resale Registration Statement and documents, if any, incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in
underwritten offerings, and, if true, confirm the same if and when requested, and (ii) use commercially reasonable efforts to furnish to the Holders and the underwriters of such Registrable Shares opinions and negative assurance letters of
counsel to SST II and updates thereof (which counsel and opinions (in form, scope and substance) will be reasonably satisfactory to the managing underwriters, if any, and counsels to the Holders), covering the matters customarily covered in opinions
requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and any such underwriters; and 

(q)    upon reasonable request of any Holder, SST II will file an amendment to any applicable Resale Registration
Statement (or Prospectus supplement, as applicable), to update the information provided by such Holder in connection with such Holder’s disposition of Registrable Shares. 

Section 6.    Required Information. 

(a)    SST II may require a Holder to furnish in writing to SST II such information regarding such Holder and the proposed
distribution of Registrable Shares by such Holder as SST II may from time to time reasonably request in writing or as will be required to effect registration of the Registrable Shares. Each Holder further agrees to furnish promptly to SST II in
writing all information required from time to time to make the information previously furnished by such Holder not misleading. 

(b)    Each Holder agrees that, upon receipt of any notice from SST II of the happening of any event of the kind described
in Sections 5(e)(ii), 5(e)(iii) or 5(e)(iv) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Resale Registration Statement until (i) any such stop order is vacated, or
(ii) if an event described in Sections 5(e)(iii) or 5(e)(iv) occurs, such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so directed by SST II, each Holder will deliver to SST II (at the
reasonable expense of SST II) all copies, other than permanent file copies then in such Holder’s possession, in its possession of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 

  
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 Section 7.    Registration Expenses. SST II will pay
all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement and any other actions that may be taken in connection with the registration contemplated herein. Other than the Registration Expenses,
each Holder will bear all Selling Expenses incurred by such Holder and any other expense incurred by such Holder relating to a registration of Registrable Shares pursuant to this Agreement and any other Selling Expenses incurred by such Holder
relating to the sale or disposition of such Holder’s Registrable Shares pursuant to any Resale Registration Statement. 

Section 8.    Indemnification. 

(a)    SST II will indemnify and hold harmless each Holder, each Person who controls each Holder (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, members, managers, stockholders, partners, limited partners, agents and employees of each of them (each an “Indemnified
Party”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including reasonable attorneys’ fees) and expenses (collectively, “Losses”), as
incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in the Resale Registration Statement or any Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under
which they were made) not misleading, or (ii) any violation or alleged violation by SST II of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its
obligations under this Agreement; in each case except to the extent that such untrue statement or omission is based upon information regarding such Holder furnished in writing to SST II by or on behalf of such Holder expressly for use therein. 

(b)    Each Holder will indemnify and hold harmless SST II, and the directors of SST II, each officer of SST II who will
sign a Resale Registration Statement, each underwriter, broker or other Person acting on behalf of the holders of securities included in a Resale Registration Statement, and each Person who controls any of the foregoing Persons (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) against any Losses, as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in a Resale Registration Statement or
any Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
(in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, but only to the extent that such untrue statement or omission is based upon information regarding such Holder furnished
in writing to SST II by or on behalf of such Holder expressly for use therein; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder. 

(c)    Each Indemnified Party under this Section 8 will give notice to the party required to
provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, but the omission to so notify the Indemnifying Party will not relieve it
from any liability which it may have to the Indemnified Party pursuant to the provisions of this Section 8 except to the extent of the actual damages suffered by such delay in notification. The Indemnifying Party will
assume the defense of such action, including the employment of counsel to be chosen by the Indemnifying Party to be reasonably satisfactory to the Indemnified Party, and payment of expenses. The Indemnified Party will have the right to employ its
own counsel in any such case, but the legal fees and expenses of such counsel will be at the expense of the Indemnified Party, unless (i) the employment of such counsel will have been authorized in writing by

  
 11 

 
the Indemnifying Party in connection with the defense of such action, (ii) the Indemnifying Party will not have employed counsel to take charge of the defense of such action or
(iii) the Indemnified Party will have reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party will not
have the right to direct the defense of such action on behalf of the Indemnified Party), in any of which events such fees and expenses will be borne by the Indemnifying Party. No Indemnifying Party, in the defense of any such claim or litigation,
will, except with the consent of each Indemnified Party, consent to the entry of any judgment or enter into any settlement unless such judgment or settlement (i) includes an unconditional term thereof the giving by the claimant or plaintiff to
such Indemnified Party of a release from all liability in respect to such claim or litigation, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

(d)    If the indemnification provided for in this Section 8 is unavailable to a party that
would have been an Indemnified Party under this Section 8 in respect of any expenses, claims, losses, damages and liabilities referred to herein, then each party that would have been an Indemnifying Party hereunder will, in
lieu of indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such expenses, claims, losses, damages and liabilities in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party on the one hand and such Indemnified Party on the other in connection with the statement or omission which resulted in such reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or such Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. SST II and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable consideration referred to above in this Section 8(d). 

(e)    No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f)    In
no event will any Holder be liable for any expenses, claims, losses, damages or liabilities pursuant to this Section 8 in excess of the net proceeds to such Holder of any Registrable Shares sold by such Holder. 

Section 9.    Rule 144. SST II shall, at SST II’s expense, for so long as any Holder holds any
Registrable Shares, promptly take all actions reasonably requested by such Holder to facilitate any proposed sale of Registrable Shares by the Holders in accordance with the provisions of Rule 144, including by(i) complying with the current public
information requirements of Rule 144 and (ii) providing opinions of counsel as may be reasonably necessary in order for the Holders to avail themselves of such rule to allow the Holders to sell such Registrable Shares without registration. 

Section 10.    Transfer of Registration Rights. The rights and obligations of SS OP Holdings under this
Agreement may be transferred or otherwise assigned to a transferee or assignee of Registrable Shares, provided (i) such transferee or assignee becomes a party to this Agreement or agrees in writing to be subject to the terms hereof to the same
extent as if such transferee or assignee were an original party hereunder, and (ii) SST II is given written notice by SS OP Holdings of such transfer or assignment stating the name and address of such transferee or assignee and identifying the
securities with regard to which such rights and obligations are being transferred or assigned. 

  
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 Section 11.    Miscellaneous. 

(a)    Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement and any claim, controversy or dispute
arising under or related in any way to this Agreement, the relationship of the parties, the transactions contemplated by this Agreement and/or the interpretation and enforcement of the rights and duties of the parties hereunder or related in any way
to the foregoing, will be governed by and construed in accordance with the laws of the State of Maryland without giving effect to any choice or conflict of law provision or rule (whether of the State of Maryland or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Maryland. 
 EACH PARTY IRREVOCABLY SUBMITS TO
THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE STATE OF MARYLAND FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND AGREES
THAT ALL CLAIMS IN RESPECT OF THE SUIT, ACTION OR OTHER PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH PARTY AGREES TO COMMENCE ANY SUCH SUIT, ACTION OR OTHER PROCEEDING IN ANY STATE OR FEDERAL COURT SITTING IN THE STATE OF MARYLAND.
EACH PARTY WAIVES ANY DEFENSE OF IMPROPER VENUE OR INCONVENIENT FORUM TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY, OR OTHER SECURITY THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT THERETO. ANY PARTY
MAY MAKE SERVICE ON ANY OTHER PARTY BY SENDING OR DELIVERING A COPY OF THE PROCESS TO THE PARTY TO BE SERVED AT THE ADDRESS AND IN THE MANNER PROVIDED FOR THE GIVING OF NOTICES IN SECTION 11(E). NOTHING IN THIS SECTION 11(A),
HOWEVER, WILL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AT EQUITY. EACH PARTY AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SO BROUGHT WILL BE CONCLUSIVE AND MAY BE ENFORCED BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW OR AT EQUITY. 
 EACH OF THE PARTIES HEREBY WAIVES ITS RIGHT TO A JURY
TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS AND OBLIGATIONS. EACH OF THE PARTIES (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (II) ACKNOWLEDGES THAT SUCH OTHER PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN. 

(b)    Entire Agreement. This Agreement, together with the Contribution Agreement, constitutes the full and entire
understanding and agreement among the parties with regard to the subject hereof. 
 (c)    Interpretation and Usage.
In this Agreement, unless there is a clear contrary intention: (i) when a reference is made to a section, an annex or a schedule, that reference is to a section, an annex or a schedule of or to this Agreement; (ii) the singular
includes the plural and vice versa; (iii) reference to 

  
 13 

 
any agreement, document or instrument means that agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (iv) reference
to any statute, rule, regulation or other law means that statute, rule, regulation or law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated
thereunder, and reference to any section or other provision of any law means that section or provision from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of that section or
provision; (v) “hereunder,” “hereof,” “hereto,” and words of similar import will be deemed references to this Agreement as a whole and not to any particular article, section or other provision of this Agreement; (vi)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; (vii) references to agreements, documents or instruments will be deemed to refer as
well to all addenda, exhibits, schedules or amendments thereto; and (viii) the terms “writing,” “written” and words of similar import will be deemed to include communications and documents in
e-mail, fax or any other similar electronic or documentary form. 

(d)    Amendment. No supplement, modification, waiver or termination of this Agreement will be binding unless
executed in writing by SST II and SS OP Holdings; provided that no such amendment, modification or waiver that would materially and adversely affect a Holder in a manner materially different than any other Holder (provided that the
accession by additional Holders to this Agreement pursuant to Section 10 shall not be deemed to adversely affect any Holder) shall be effective against such Holder without the consent of such Holder that is materially and adversely affected
thereby. 
 (e)    Notices, etc. Any notice or other communication hereunder must be given in writing and either
(a) delivered in Person, (b) transmitted by electronic mail or facsimile or (c) mailed by certified or registered mail, postage prepaid, return receipt requested as follows: 

If to SS OP Holdings, addressed to: 

c/o SmartStop Asset Management, LLC 

10 Terrace Road 
 Ladera Ranch, CA
90245 
 Attention: H. Michael Schwartz; James L. Berg 

Email: hms@sam.com; jberg@sam.com 

With a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

650 Town Center Drive, 20th Floor 

Costa Mesa, California 92626 

Attention: William Cernius 

Email: William.Cernius@LW.com 

If to SS Growth Advisor, addressed to: 

c/o SmartStop Asset Management, LLC 

10 Terrace Road 
 Ladera Ranch, CA
90245 
 Attention: H. Michael Schwartz; James L. Berg 

Email: hms@sam.com; jberg@sam.com 

  
 14 

 If to Strategic 1031, addressed to: 

c/o SmartStop Asset Management, LLC 

10 Terrace Road 
 Ladera Ranch, CA
90245 
 Attention: H. Michael Schwartz; James L. Berg 

Email: hms@sam.com; jberg@sam.com 

If to SS Toronto REIT Advisors, addressed to: 

c/o SmartStop Asset Management, LLC 

10 Terrace Road 
 Ladera Ranch, CA
90245 
 Attention: H. Michael Schwartz; James L. Berg 

Email: hms@sam.com; jberg@sam.com 

If to San Juan Capital, addressed to: 

Burke Dambly 
 31103 Rancho Viejo
Road 2-132 
 San Juan Capistrano, CA 92675 

Attention: Burke Dambly 
 Email:
Burke@privateassetgroupinc.com 
 If to JDW, addressed to: 

James Walsh, Trustee 
 1706
Avenida Crescenta 
 San Clemente, CA 92672 

Attention: James M. Walsh 
 Email:
Jamesmwalsh@cox.net 
 If to SST II, addressed to: 

Strategic Storage Trust II, Inc. 

10 Terrace Road 
 Ladera Ranch, CA
92694 
 Attention: Michael McClure; Nicholas Look 

Email: mmcclure@sam.com; nlook@sam.com 

With a copy (which shall not constitute notice) to: 

Nelson Mullins Riley & Scarborough LLP 

201 17th Street NW, Suite 1700 

Atlanta, GA 30363 
 Attention:
Michael K. Rafter, Esq. 
 Email: mike.rafter@nelsonmullins.com 

or to such other address or to such other Person as each party shall have last designated by such notice to the other parties. Each such notice or other
communication shall be effective (i) when delivered in Person, (ii) if given by telecommunication, when transmitted to the applicable number so specified in (or pursuant to) this Section 11(e) and an appropriate
confirmation is received, and (iii) if given by mail, three (3) Business Days after delivery or the first attempted delivery. 

  
 15 

 (f)    Counterparts. This Agreement may be executed in any number
of counterparts, any of which may be executed and transmitted by facsimile, and each of which shall be deemed an original of this Agreement, and all of which, when taken together, shall be deemed to constitute one and the same Agreement. 

(g)    Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable by
any governmental entity, the remaining provisions of this Agreement shall remain in full force and effect; provided that the essential terms and conditions of this Agreement for all parties remain valid, binding and enforceable. In the event of any
such determination, the parties agree to negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intents and purposes hereof. To the extent permitted by law, the parties hereby to the same extent waive any
provision of law that renders any provision hereof prohibited or unenforceable in any respect. 
 (h)    Section
Titles. Section titles are for descriptive purposes only and will not control or alter the meaning of this Agreement as set forth in the text. 

(i)    Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective
successors and permitted assigns and will inure to the benefit of the parties hereto and their respective successors and permitted assigns. If any successor or permitted assignee of SS OP Holdings will acquire Registrable Shares in any manner,
whether by operation of law or otherwise, (a) such successor or permitted assignee will be entitled to all of the benefits of SS OP Holdings under this Agreement and (b) such Registrable Shares will be held subject to all of the terms of
this Agreement, and by taking and holding such Registrable Shares such Person will be conclusively deemed to have agreed to be bound by all of the terms and provisions hereof. 

(j)    Remedies; No Waiver. Each party acknowledges and agrees that the other parties would be irreparably damaged
in the event that the covenants set forth in this Agreement were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that each party hereto will be entitled to seek an injunction to specifically
enforce the terms of this Agreement solely in the courts specified in Section 11(a), in addition to any other remedy to which such party may be entitled hereunder, at law or in equity. 

No failure or delay by a party in exercising any right or remedy provided by law or under this Agreement will impair such right or remedy or
operate or be construed as a waiver or variation of it or preclude its exercise at any subsequent time and no single or partial exercise of any such right or remedy will preclude any further exercise of it or the exercise of any other remedy.
 
 (k)    Changes in Securities Laws. In the event any amendment, repeal or other change in the securities
laws will render the provisions of this Agreement inapplicable, SST II will provide each Holder with substantially similar rights to those granted under this Agreement and use it good faith efforts to cause such rights to be as comparable as
possible to the rights granted to such Holder hereunder. 
 [Signatures appear on next page] 

  
 16 

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

					
	SS OP HOLDINGS:
	
	SMARTSTOP OP HOLDINGS, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz
		 	Chief Executive Officer
	
	SST II:
	
	STRATEGIC STORAGE TRUST II, INC.
	a Maryland corporation
		
	By:	 	 /s/ Michael S. McClure

		 	Michael S. McClure
		 	President
	
	OPERATING PARTNERSHIP:
	
	STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P.
	a Delaware limited partnership
		
	By:	 	STRATEGIC STORAGE TRUST II, INC.
		 	Its General Partner
			
		 	By:	 	 /s/ Michael S. McClure

		 		 	Michael S. McClure
		 		 	President
	
	SS GROWTH ADVISOR
	
	SS GROWTH ADVISOR, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz
		 	Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	STRATEGIC 1031
	
	STRATEGIC 1031, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz
		 	Manager
	
	SS TORONTO REIT ADVISORS
	
	SS TORONTO REIT ADVISORS, INC.
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz
		 	President
	
	SAN JUAN CAPITAL
	
	SAN JUAN CAPITAL, LLC
		
	By:	 	 /s/ Burke Dambly

		 	Burke Dambly
		 	President
	
	JDW
	
	JDW 1998 TRUST
		
	By:	 	 /s/ James M. Walsh

		 	James M. Walsh
		 	Trustee

  
 [Signature Page to
Registration Rights Agreement]

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