Document:

Agreement of Limited Partnership of Spirit Realty, L.P.

 Exhibit 10.1 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 

SPIRIT REALTY, L.P. 
 a Delaware limited partnership 
  

 
 THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE
SKY” LAWS. 
 dated as of September 25, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	  
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	 	17	  
			
	 Section 2.1
	 	 Formation
	  	 	17	  
	 Section 2.2
	 	 Name
	  	 	17	  
	 Section 2.3
	 	 Registered Office and Registered Agent; Principal Executive Office
	  	 	18	  
	 Section 2.4
	 	 Power of Attorney
	  	 	18	  
	 Section 2.5
	 	 Term
	  	 	19	  
	 Section 2.6
	 	 Partnership Interests Are Securities
	  	 	19	  
		
	 ARTICLE 3 PURPOSE
	  	 	20	  
			
	 Section 3.1
	 	 Purpose and Business
	  	 	20	  
	 Section 3.2
	 	 Powers
	  	 	20	  
	 Section 3.3
	 	 Partnership Only for Purposes Specified
	  	 	20	  
	 Section 3.4
	 	 Representations and Warranties by the Partners
	  	 	21	  
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	 	23	  
			
	 Section 4.1
	 	 Capital Contributions of the Partners
	  	 	23	  
	 Section 4.2
	 	 Issuances of Additional Partnership Interests
	  	 	23	  
	 Section 4.3
	 	 Additional Funds and Capital Contributions
	  	 	24	  
	 Section 4.4
	 	 Stock Option Plans and Equity Plans
	  	 	26	  
	 Section 4.5
	 	 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan
	  	 	26	  
	 Section 4.6
	 	 No Interest; No Return
	  	 	26	  
	 Section 4.7
	 	 Conversion or Redemption of REIT Shares and Capital Shares
	  	 	27	  
	 Section 4.8
	 	 Other Contribution Provisions
	  	 	27	  
		
	 ARTICLE 5 DISTRIBUTIONS
	  	 	28	  
			
	 Section 5.1
	 	 Requirement and Characterization of Distributions
	  	 	28	  
	 Section 5.2
	 	 Distributions in Kind
	  	 	28	  
	 Section 5.3
	 	 Amounts Withheld
	  	 	28	  
	 Section 5.4
	 	 Distributions upon Liquidation
	  	 	28	  
	 Section 5.5
	 	 Distributions to Reflect Additional Partnership Units
	  	 	29	  
	 Section 5.6
	 	 Restricted Distributions
	  	 	29	  
		
	 ARTICLE 6 ALLOCATIONS
	  	 	29	  
			
	 Section 6.1
	 	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	29	  
	 Section 6.2
	 	 General Allocations
	  	 	29	  

  
 iv 

							
	 Section 6.3
	 	 Additional Allocation Provisions
	  	 	30	  
	 Section 6.4
	 	 Regulatory Allocation Provisions
	  	 	31	  
	 Section 6.5
	 	 Tax Allocations
	  	 	33	  
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	34	  
			
	 Section 7.1
	 	 Management
	  	 	34	  
	 Section 7.2
	 	 Certificate of Limited Partnership
	  	 	38	  
	 Section 7.3
	 	 Restrictions on General Partner’s Authority
	  	 	39	  
	 Section 7.4
	 	 Reimbursement of the General Partner and the Special Limited Partner
	  	 	40	  
	 Section 7.5
	 	 Outside Activities of the General Partner and the Special Limited Partner
	  	 	42	  
	 Section 7.6
	 	 Transactions with Affiliates
	  	 	43	  
	 Section 7.7
	 	 Indemnification
	  	 	43	  
	 Section 7.8
	 	 Liability of the General Partner and the Special Limited Partner
	  	 	46	  
	 Section 7.9
	 	 Other Matters Concerning the General Partner and the Special Limited Partner
	  	 	48	  
	 Section 7.10
	 	 Title to Partnership Assets
	  	 	49	  
	 Section 7.11
	 	 Reliance by Third Parties
	  	 	49	  
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	50	  
			
	 Section 8.1
	 	 Limitation of Liability
	  	 	50	  
	 Section 8.2
	 	 Management of Business
	  	 	50	  
	 Section 8.3
	 	 Outside Activities of Limited Partners
	  	 	50	  
	 Section 8.4
	 	 Return of Capital
	  	 	51	  
	 Section 8.5
	 	 Rights of Limited Partners Relating to the Partnership
	  	 	51	  
	 Section 8.6
	 	 Partnership Right to Call Limited Partner Interests
	  	 	52	  
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	52	  
			
	 Section 9.1
	 	 Records and Accounting
	  	 	52	  
	 Section 9.2
	 	 Partnership Year
	  	 	52	  
	 Section 9.3
	 	 Reports
	  	 	53	  
		
	 ARTICLE 10 TAX MATTERS
	  	 	53	  
			
	 Section 10.1
	 	 Preparation of Tax Returns
	  	 	53	  
	 Section 10.2
	 	 Tax Elections
	  	 	53	  
	 Section 10.3
	 	 Tax Matters Partner
	  	 	54	  
	 Section 10.4
	 	 Withholding
	  	 	55	  
	 Section 10.5
	 	 Organizational Expenses
	  	 	55	  
	 Section 10.6
	 	 Treatment of Partnership as Disregarded Entity
	  	 	55	  
		
	 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS
	  	 	55	  
			
	 Section 11.1
	 	 Transfer
	  	 	55	  

							
	 Section 11.2
	 	 Transfer of General Partner’s Partnership Interest
	  	 	56	  
	 Section 11.3
	 	 Limited Partners’ Rights to Transfer
	  	 	58	  
	 Section 11.4
	 	 Admission of Substituted Limited Partners
	  	 	61	  
	 Section 11.5
	 	 Assignees
	  	 	61	  
	 Section 11.6
	 	 General Provisions
	  	 	62	  
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	 	64	  
			
	 Section 12.1
	 	 Admission of Successor General Partner
	  	 	64	  
	 Section 12.2
	 	 Admission of Additional Limited Partners
	  	 	64	  
	 Section 12.3
	 	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	65	  
	 Section 12.4
	 	 Limit on Number of Partners
	  	 	65	  
	 Section 12.5
	 	 Admission
	  	 	65	  
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	65	  
			
	 Section 13.1
	 	 Dissolution
	  	 	65	  
	 Section 13.2
	 	 Winding Up
	  	 	66	  
	 Section 13.3
	 	 Deemed Contribution and Distribution
	  	 	68	  
	 Section 13.4
	 	 Rights of Holders
	  	 	68	  
	 Section 13.5
	 	 Notice of Dissolution
	  	 	68	  
	 Section 13.6
	 	 Cancellation of Certificate of Limited Partnership
	  	 	68	  
	 Section 13.7
	 	 Reasonable Time for Winding-Up
	  	 	68	  
		
	 ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS
	  	 	69	  
			
	 Section 14.1
	 	 Procedures for Actions and Consents of Partners
	  	 	69	  
	 Section 14.2
	 	 Amendments
	  	 	69	  
	 Section 14.3
	 	 Actions and Consents of the Partners
	  	 	69	  
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	 	70	  
			
	 Section 15.1
	 	 Redemption Rights of Qualifying Parties
	  	 	70	  
	 Section 15.2
	 	 Addresses and Notice
	  	 	74	  
	 Section 15.3
	 	 Titles and Captions
	  	 	74	  
	 Section 15.4
	 	 Pronouns and Plurals
	  	 	74	  
	 Section 15.5
	 	 Further Action
	  	 	75	  
	 Section 15.6
	 	 Binding Effect
	  	 	75	  
	 Section 15.7
	 	 Waiver
	  	 	75	  
	 Section 15.8
	 	 Counterparts
	  	 	75	  
	 Section 15.9
	 	 Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial
	  	 	75	  
	 Section 15.10
	 	 Entire Agreement
	  	 	76	  
	 Section 15.11
	 	 Invalidity of Provisions
	  	 	76	  
	 Section 15.12
	 	 Limitation to Preserve REIT Status
	  	 	76	  
	 Section 15.13
	 	 No Partition
	  	 	77	  
	 Section 15.14
	 	 No Third-Party Rights Created Hereby
	  	 	77	  
	 Section 15.15
	 	 No Rights as Stockholders
	  	 	78	  

 Exhibits List 

 

							
	 Exhibit A
	  	 PARTNERS AND PARTNERSHIP UNITS
	  	 	A-1	  
			
	 Exhibit B
	  	 EXAMPLES REGARDING ADJUSTMENT FACTOR
	  	 	B-1	  
			
	 Exhibit C
	  	 NOTICE OF REDEMPTION
	  	 	C-1	  

 AGREEMENT OF LIMITED PARTNERSHIP OF SPIRIT REALTY, L.P. 

THIS AGREEMENT OF LIMITED PARTNERSHIP OF SPIRIT REALTY, L.P., dated as of September 25, 2012, is made and entered
into by and among Spirit General OP Holdings, LLC, a Delaware limited liability company, as the General Partner, Spirit Realty Capital, Inc., a Maryland corporation, as the Special Limited Partner, and the Persons whose names are set forth on
Exhibit A attached hereto, as limited partners, and any Additional Limited Partner that is admitted from time to time to the Partnership and listed on Exhibit A attached hereto. This Agreement shall be effective at the Effective Time.

 WHEREAS, the Partnership was originally formed as Spirit Finance Acquisitions, LLC, a Delaware limited
liability company (the “Original LLC”), pursuant to (i) that certain Certificate of Formation of Spirit Finance Acquisitions, LLC, filed with the Secretary of State of the State of Delaware (the “Secretary of State”) on
March 19, 2004 and (ii) the Operating Agreement of the LLC, dated as of March 19, 2004 (the “Original Operating Agreement”), executed by the Special Limited Partner (under the name Spirit Finance Corporation), as the sole
member; 
 WHEREAS, on September 25, 2012, pursuant to a Contribution Agreement between the Special Limited
Partner and the General Partner, the Special Limited Partner contributed a portion of its interest in the Original LLC to the General Partner, the General Partner was admitted as a member of the Original LLC and the Original LLC continued without
dissolution; 
 WHEREAS, the General Partner and the Special Limited Partner, in their capacities as members of
the Original LLC desire to convert the Original LLC into a Delaware limited partnership with the name Spirit Realty, L.P. pursuant to (i) that certain Certificate of Conversion (the “Certificate of Conversion”), as filed with the
Secretary of State of the State of Delaware on September 25, 2012 (the “Conversion Date”), (ii) that certain Certificate of Limited Partnership of the Partnership, as filed with the Secretary of State of the State of Delaware on
the Conversion Date, and (iii) this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants
and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1 

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

“Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time,
and any successor to such statute. 
 “Actions” has the meaning set forth in Section 7.7
hereof. 
 “Additional Funds” has the meaning set forth in Section 4.3.A hereof.

 (Agreement of Limited Partnership of Spirit Realty, L.P.) 

 “Additional Limited Partner” means a Person who is admitted
to the Partnership as a limited partner pursuant to Section 12.2(A) hereof and listed on Exhibit A hereto. 
 “Adjusted Capital Account” means, with respect to any Partner, the balance in such Partner’s Capital Account as of the end of the relevant Partnership Year or other applicable
period, after giving effect to the following adjustments: 
 (i) increase such Capital Account by any amounts
that such Partner is obligated to restore pursuant to this Agreement upon liquidation of such Partner’s Partnership Interest or that such Person is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or
the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 
 (ii)
decrease such Capital Account by the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith. 
 “Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit
balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Partnership Year or other applicable period. 
 “Adjustment Factor” means 1.0; provided, however, that in the event that: 
 (i) the Special Limited Partner (a) declares or pays a dividend on its outstanding REIT Shares wholly or partly in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares
wholly or partly in REIT Shares, (b) splits or subdivides its outstanding REIT Shares or (c) effects a reverse stock split or otherwise combines its outstanding REIT Shares into a smaller number of REIT Shares, the Adjustment Factor shall
be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (i) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision,
reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (ii) the denominator of which shall be the actual number of REIT
Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; 

(ii) the Special Limited Partner distributes any rights, options or warrants to all holders of its REIT Shares to
subscribe for or to purchase or to otherwise acquire REIT Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares, at a price per share less than the Value of a REIT Share on the record date for such
distribution (other than REIT Shares issuable pursuant to a Qualified DRIP/COPP or as compensation to employees or other service providers) (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights
or, if later, the time such Distributed Rights become exercisable, the Adjustment Factor shall 

  
 2 

 
be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date
(or, if later, the date such Distributed Rights become exercisable) plus the maximum number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number of REIT Shares issued and outstanding on
the record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights times the minimum purchase price per
REIT Share under such Distributed Rights and (2) the denominator of which is the Value of a REIT Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided, however, that, if any such Distributed
Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced maximum number of REIT Shares or any change in the minimum
purchase price for the purposes of the above fraction; and 
 (iii) the Special Limited Partner shall, by
dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (i) or (ii) above), which evidences of
indebtedness or assets relate to assets not received by the Special Limited Partner pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment
Factor in effect immediately prior to the close of business as of the record date by a fraction (a) the numerator of which shall be such Value of a REIT Share as of the record date and (b) the denominator of which shall be the Value of a
REIT Share as of the record date less the then fair market value (as determined by the General Partner, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one REIT Share.

 Notwithstanding the foregoing, no adjustments to the Adjustment Factor will be made for any class or series of
Partnership Interests to the extent that the Partnership makes or effects any correlative distribution or payment to all of the Partners holding Partnership Interests of such class or series, or effects any correlative split or reverse split in
respect of the Partnership Interests of such class or series. Any adjustments to the Adjustment Factor shall become effective immediately after such event, retroactive to the record date, if any, for such event. For illustrative purposes, examples
of adjustments to the Adjustment Factor are set forth on Exhibit B attached hereto. 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling or
controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Affiliated REIT” means the Special Limited Partner and any Affiliate of the Special Limited Partner that
has elected to be taxed as a REIT under the Code. 

  
 3 

 “Agreement” means this Limited Partnership Agreement of
Spirit Realty, L.P., as now or hereafter amended, restated, modified, supplemented or replaced. 

“Applicable Percentage” has the meaning set forth in Section 15.1.B hereof. 

“Appraisal” means, with respect to any assets, the written opinion of an independent third party
experienced in the valuation of similar assets, selected by the General Partner. Such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by the General Partner is fair, from a
financial point of view, to the Partnership. 
 “Assignee” means a Person to whom a Partnership
Interest has been Transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 hereof. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York
City are authorized by law to close. 
 “Capital Account” means, with respect to any Partner,
the capital account maintained by the General Partner for such Partner on the Partnership’s books and records in accordance with the following provisions: 
 (i) To each Partner’s Capital Account, there shall be added such Partner’s Capital Contributions, such Partner’s distributive share of Net Income and any items in the nature of income or
gain that are specially allocated pursuant to Section 6.3 or 6.4 hereof, and the amount of any Partnership liabilities assumed by such Partner or that are secured by any property distributed to such Partner. 

(ii) From each Partner’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of
any Partnership property distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to
Section 6.3 or 6.4 hereof, and the amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership (except to the extent already reflected in the amount of
such Partner’s Capital Contribution). 
 (iii) In the event any interest in the Partnership is Transferred
in accordance with the terms of this Agreement (which Transfer does not result in the termination of the Partnership for federal income tax purposes), the transferee shall succeed to the Capital Account of the transferor to the extent that it
relates to the Transferred interest. 
 (iv) In determining the amount of any liability for purposes of
subsections (i) and (ii) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(v) The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with
Regulations promulgated under Section 704 of the 

  
 4 

 
Code, and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall determine that it is necessary or prudent to modify the manner in which the
Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification, provided that such modification is not likely to have any material effect on the amounts distributable to any Partner pursuant
to Article 13 hereof upon the dissolution of the Partnership. The General Partner may, in its sole and absolute discretion, (a) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the
Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (b) make any appropriate modifications in the
event that unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 
 “Capital Contribution” means, with respect to any Partner, the amount of money and the initial Gross Asset Value of any Contributed Property that such Partner contributes or is deemed to
contribute to the Partnership pursuant to Article 4 hereof. 
 “Capital Share” means a share of
any class or series of stock of the Special Limited Partner now or hereafter authorized other than a REIT Share. 

“Cash Amount” means an amount of cash equal to the product of (i) the Value of a REIT Share and
(ii) the REIT Shares Amount determined as of the applicable Valuation Date. 

“Certificate” means the Certificate of Limited Partnership of the Partnership filed with the Secretary of
State for the State of Delaware, as amended from time to time in accordance with the terms hereof and the Act. 

“Charity” means an entity described in Section 501(c)(3) of the Code or any trust all the
beneficiaries of which are such entities. 
 “Charter” means the charter of the Special Limited
Partner, within the meaning of Section 1-101(e) of the Maryland General Corporation Law. 
 “Closing
Price” has the meaning set forth in the definition of “Value.” 

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

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Partner given in
accordance with Article 14 hereof. 
 “Consent of the General Partner” means the Consent of
the sole General Partner, which Consent, except as otherwise specifically required by this Agreement, may be obtained prior to or after the taking of any action for which it is required by this Agreement and may be given or withheld by the General
Partner in its sole and absolute discretion. 

  
 5 

 “Consent of the Limited Partners” means the Consent of a
Majority in Interest of the Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each Limited
Partner in its sole and absolute discretion. 
 “Contributed Property” means each Property or
other asset, in such form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a “new” partnership pursuant to Code Section 708).

 “Controlled Entity” means, as to any Partner, (a) any corporation more than fifty
percent (50%) of the outstanding voting stock of which is owned by such Partner or such Partner’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Partner or such Partner’s Family Members or
Affiliates are the sole beneficiaries, (c) any partnership of which such Partner or its Affiliates are the managing partners and in which such Partner, such Partner’s Family Members or Affiliates hold partnership interests representing at
least twenty-five percent (25%) of such partnership’s capital and profits and (d) any limited liability company of which such Partner or its Affiliates are the managers and in which such Partner, such Partner’s Family Members or
Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. 
 “Cut-Off Date” means the fifth (5th) Business Day after the General Partner’s receipt of a Notice of Redemption. 

“Debt” means, as to any Person, as of any date of determination: (i) all indebtedness of such Person
for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar
instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person,
to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted
accounting principles, should be capitalized. 
 “Delaware Courts” has the meaning set forth in
Section 15.9.B hereof. 
 “Depreciation” means, for each Partnership Year or other
applicable period, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or
other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or
other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

  
 6 

 “Disregarded Entity” means, with respect to any Person,
(i) any “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)) of such Person, (ii) any entity treated as a disregarded entity for federal income tax purposes with respect to such Person, or
(iii) any grantor trust if the sole owner of the assets of such trust for federal income tax purposes is such Person. 
 “Distributed Right” has the meaning set forth in the definition of “Adjustment Factor.” 

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

“Equity Plan” means any stock or equity purchase plan, restricted stock or equity plan or other similar
equity compensation plan now or hereafter adopted by the Partnership or the General Partner, including the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto,
and the rules and regulations of the SEC promulgated thereunder. 
 “Family Members” means, as
to a Person that is an individual, such Person’s spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, nieces and nephews and inter vivos or testamentary trusts (whether
revocable or irrevocable) of which only such Person and his or her spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters and nieces and nephews are beneficiaries. 

“Flow-Through Partners” has the meaning set forth in Section 3.4.C hereof. 

“Flow-Through Entity” has the meaning set forth in Section 3.4.C hereof. 

“Fourteen-Month Period” means (a) as to an Original Limited Partner or any Assignee of an Original
Limited Partner that is a Qualifying Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of the date of this Agreement and (b) as to any other Qualifying Party, a fourteen-month period ending on the day
before the first fourteen-month anniversary of such Qualifying Party’s first becoming a Holder of Partnership Common Units; provided, however, that the General Partner may, in its sole and absolute discretion, by written agreement
with a Qualifying Party, shorten or lengthen the applicable Fourteen-Month Period to a period of shorter or longer than fourteen (14) months with respect to a Qualifying Party other than an Original Limited Partner or an Assignee of an Original
Limited Partner. 
 “Funding Debt” means any Debt incurred by or on behalf of the General
Partner or the Special Limited Partner for the purpose of providing funds to the Partnership. 
 “General
Partner” means Spirit General OP Holdings, LLC and its successors and assigns as a general partner of the Partnership, in each case, that is admitted from time to time to the Partnership as a general partner pursuant to the Act and this
Agreement and is listed as a general partner on Exhibit A, as such Exhibit A may be amended or updated from time to time, in such Person’s capacity as a general partner of the Partnership. 

  
 7 

 “General Partner Interest” means the entire Partnership
Interest held by a General Partner hereof, which Partnership Interest may be expressed as a number of Partnership Common Units, Partnership Preferred Units or any other Partnership Units. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income
tax purposes, except as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to
the Partnership shall be the gross fair market value of such asset on the date of contribution, as determined by the General Partner and agreed to by the contributing Person. 

(b) The Gross Asset Values of all Partnership assets immediately prior to the occurrence of any event described in clauses
(i) through (v) below shall be adjusted to equal their respective gross fair market values, as determined by the General Partner using such reasonable method of valuation as it may adopt, as of the following times: 

(i) the acquisition of an additional interest in the Partnership (other than in connection with the execution of this
Agreement but including, without limitation, acquisitions pursuant to Section 4.2 hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.2 hereof) by a new or existing Partner in exchange for more than
a de minimis Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as
consideration for an interest in the Partnership if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(iii) the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

(iv) the grant of an interest in the Partnership (other than a de minimis interest) 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 or in anticipation of becoming a Partner of the Partnership, if the General Partner
reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; and 
 (v) at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 

(c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such
asset on the date of distribution, as 

  
 8 

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

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

“Hart-Scott-Rodino Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 “Holder” means either (a) a Partner or (b) an Assignee owning a Partnership
Interest. 
 “Incapacity” or “Incapacitated” means: (i) as to any Partner
who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a corporation or limited
liability company, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Partner that is a partnership, the dissolution and commencement of winding up of the
partnership; (iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust that is a Partner, the termination of the trust (but not the
substitution of a new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding
seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and non-appealable
order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors,
(d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks,
consents to or acquiesces in the appointment of a trustee, receiver or Liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under
any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the 

  
 9 

 
appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an
appointment referred to in clause (g) above is not vacated within ninety (90) days after the expiration of any such stay. 
 “Indemnitee” means (i) any Person made, or threatened to be made, a party to a proceeding by reason of its status as (a) the General Partner or the Special Limited Partner or
(b) a member, manager or managing member of the General Partner or a director or officer of the Special Limited Partner or an employee or agent of the Partnership, the Special Limited Partner or the General Partner and (ii) such other
Persons (including Affiliates or employees of the General Partner, the Special Limited Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its
sole and absolute discretion. 
 “IRS” means the United States Internal Revenue Service.

 “Limited Partner” means any Person that is admitted from time to time to the Partnership as a
limited partner pursuant to the Act and this Agreement and is listed as a limited partner on Exhibit A attached hereto, as such Exhibit A may be amended or updated from time to time, including the Special Limited Partner, any
Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a limited partner of the Partnership. 
 “Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the Partnership Interests of all Limited Partners and
includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner
Interest may be expressed as a number of Partnership Common Units, Partnership Preferred Units or other Partnership Units. 
 “Liquidating Event” has the meaning set forth in Section 13.1 hereof. 
 “Liquidating Gains” means any net gain realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership (including upon the
occurrence of any Liquidating Event or Terminating Capital Transaction), including but not limited to net gain realized in connection with an adjustment to the Gross Asset Value of Partnership assets under the definition of Gross Asset Value in
Section 1 of this Agreement. 
 “Liquidator” has the meaning set forth in
Section 13.2.A hereof. 
 “Majority in Interest of the Limited Partners” means Limited
Partners holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Limited Partners. 

“Majority in Interest of the Partners” means Partners holding in the aggregate Percentage Interests that
are greater than fifty percent (50%) of the aggregate Percentage Interests of all Partners entitled to Consent to or withhold Consent from a proposed action. 

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

  
 10 

 “Net Income” or “Net Loss” means, for each
Partnership Year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or other applicable period, determined in accordance with Code Section 703(a) (for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing
Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the case may be) such taxable income (or loss); 

(b) Any expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as a Code
Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net
Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 
 (c) In
the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection (c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss
from the disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) Gain or loss
resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax
basis of such property differs from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization and
other cost recovery deductions that would otherwise be taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year or other applicable period; 

(f) To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code
Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a
Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of
the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 
 (g)
Notwithstanding any other provision of this definition of “Net Income” or “Net Loss,” any item that is specially allocated pursuant to Section 6.3 or 6.4 hereof shall not be taken into account in computing Net Income or Net
Loss. The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated 

  
 11 

 
pursuant to Section 6.3 or 6.4 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or “Net Loss.” 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities
having the right to subscribe for or purchase REIT Shares or Preferred Shares, excluding grants under the Stock Option Plans, or (ii) any Debt issued by the Special Limited Partner that provides any of the rights described in clause (i).

 “Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1),
and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 
 “Nonrecourse Liability” has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2). 

“Notice of Redemption” means the Notice of Redemption substantially in the form of Exhibit C
attached to this Agreement. 
 “Optionee” means a Person to whom a stock option is granted under
any Stock Option Plan. 
 “Original Limited Partner” means any Person that is a Limited Partner
as of the close of business on the date of the closing of the issuance of REIT Shares pursuant to the initial public offering of REIT Shares, and does not include any Assignee or other transferee, including, without limitation, any Substituted
Limited Partner succeeding to all or any part of the Partnership Interest of any such Person. 

“Ownership Limit” means the restriction or restrictions on the ownership and transfer of stock of the
Special Limited Partner imposed under the Charter. 
 “Partner” means the General Partner or a
Limited Partner, and “Partners” means the General Partner and the Limited Partners. 

“Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the
Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

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

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

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

  
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 “Partnership Common Unit” means a fractional, undivided
share of the Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.2 hereof, but does not include any Partnership Preferred Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than
a Partnership Common Unit. 
 “Partnership Equivalent Units” has the meaning set forth in
Section 4.7.A hereof. 
 “Partnership Interest” means an ownership interest in the
Partnership held by either a Limited Partner or a General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of Partnership Common Units, Partnership Preferred Units or other
Partnership Units. 
 “Partnership Minimum Gain” has the meaning set forth in Regulations
Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d). 
 “Partnership Preferred Unit” means a fractional, undivided share of
the Partnership Interests that the General Partner has authorized pursuant to Section 4.2 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Partnership Common Units.

 “Partnership Record Date” means the record date established by the General Partner for a
distribution pursuant to Section 5.1 hereof, which record date shall generally be the same as the record date established by the Special Limited Partner for a distribution to its stockholders of some or all of its portion of such distribution.

 “Partnership Unit” means a Partnership Common Unit, a Partnership Preferred Unit or any other
unit of the fractional, undivided share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.1, Section 4.2 or Section 4.3 hereof; provided, however, that Partnership Units
comprising a General Partner Interest or a Limited Partner Interest shall have the differences in rights and privileges as specified in this Agreement. 
 “Partnership Unit Designation” shall have the meaning set forth in Section 4.2.A hereof. 
 “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year. 
 “Percentage Interest” means, with respect to each Partner, the fraction, expressed as a percentage, the numerator of which is the aggregate number of Partnership Units of all classes and
series held by such Partner and the denominator of which is the total number of Partnership Units of all classes and series held by all Partners; provided, however, that, to the extent applicable in context, the term “Percentage
Interest” means, with respect to a Partner, the fraction, expressed as a percentage, the numerator of which is the aggregate number of Partnership Units of a specified class or series (or specified group of classes and/or series) held

  
 13 

 
by such Partner and the denominator of which is the total number of Partnership Units of such specified class or series (or specified group of classes and/or series) held by all Partners.

 “Permitted Transfer” has the meaning set forth in Section 11.3.A hereof. 

“Person” means an individual or a corporation, partnership, trust, unincorporated organization,
association, limited liability company or other entity. 
 “Plan” means the Spirit Realty
Capital, Inc and Spirit Realty, LP 2012 Incentive Award Plan. 
 “Pledge” has the meaning set
forth in Section 11.3.A hereof. 
 “Preferred Share” means a share of stock of the Special
Limited Partner of any class or series now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares. 

“Properties” means any assets and property of the Partnership such as, but not limited to, interests in
real property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt
instruments as the Partnership may hold from time to time and “Property” means any one such asset or property. 
 “Qualified DRIP/COPP” means a dividend reinvestment plan or a cash option purchase plan of the Special Limited Partner that permits participants to acquire REIT Shares using the proceeds
of dividends paid by the Special Limited Partner or cash of the participant, respectively; provided, however, that if such shares are offered at a discount, such discount must (i) be designed to pass along to the stockholders of the Special
Limited Partner the savings enjoyed by the Special Limited Partner in connection with the avoidance of stock issuance costs, and (ii) not exceed 5% of the value of a REIT Share as computed under the terms of such plan. 

“Qualified Transferee” means an “accredited investor” as defined in Rule 501 promulgated under
the Securities Act. 
 “Qualifying Party” means (a) a Limited Partner, (b) an Assignee
or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Limited Partner Interest in a Permitted Transfer; provided, however, that a Qualifying Party shall not include the Special
Limited Partner. 
 “Redemption” has the meaning set forth in Section 15.1.A hereof.

 “Regulations” means the income tax regulations under the Code, whether such regulations are
in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Regulatory Allocations” has the meaning set forth in Section 6.4.A(viii) hereof. 
 “REIT” means a real estate investment trust qualifying under Code Section 856. 

  
 14 

 “REIT Partner” means (a) the Special Limited Partner
or any Affiliate of the Special Limited Partner to the extent such person has in place an election to qualify as a REIT and, (b) any Disregarded Entity with respect to any such Person. 

“REIT Payment” has the meaning set forth in Section 15.12 hereof. 

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

“REIT Share” means a share of common stock of the Special Limited Partner, $0.01 par value per share, but
shall not include any class or series of the Special Limited Partner’s common stock classified after the date of this Agreement. 
 “REIT Shares Amount” means a number of REIT Shares equal to the product of (a) the number of Tendered Units and (b) the Adjustment Factor; provided, however, that,
in the event that the Special Limited Partner issues to all holders of REIT Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the Special Limited Partner’s stockholders to subscribe
for or purchase REIT Shares, or any other securities or property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on
the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the REIT Shares Amount shall also include such Rights that a holder of that number of REIT Shares
would be entitled to receive, expressed, where relevant hereunder, in a number of REIT Shares determined by the Special Limited Partner. 
 “Related Party” means, with respect to any Person, any other Person to whom ownership of shares of the Special Limited Partner’s stock by the first such Person would be attributed
under Code Section 544 (as modified by Code Section 856(h)(1)(B)) or Code Section 318(a) (as modified by Code Section 856(d)(5)). 
 “Rights” has the meaning set forth in the definition of “REIT Shares Amount.” 
 “Safe Harbors” has the meaning set forth in Section 11.3.D hereof. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder. 

“Special Limited Partner” means Spirit Realty Capital, Inc., a Maryland corporation, and its successors
and assigns as the Special Limited Partner of the Partnership, in each case, that is admitted from time to time as a Limited Partner pursuant to the Act and this Agreement and is listed as the Special Limited Partner on Exhibit A, as such
Exhibit A may be amended or updated from time to time, in such Person’s capacity as the Special Limited Partner of the Partnership. 
 “Special Redemption” has the meaning set forth in Section 15.1.A hereof. 

  
 15 

 “Specified Redemption Date” means the tenth
(10th) Business Day after the receipt by the General Partner of a Notice of Redemption; provided, however, that no Specified Redemption Date shall occur during the first Fourteen-Month Period (except pursuant to a Special
Redemption). 
 “Stock Option Plans” means any stock option plan now or hereafter adopted by the
Partnership or the General Partner or the Special Limited Partner. 
 “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; provided,
however, that, with respect to the Partnership, “Subsidiary” means solely a partnership or limited liability company (taxed, for federal income tax purposes, as a partnership or as a Disregarded Entity and not as an association or publicly
traded partnership taxable as a corporation) of which the Partnership is a member or any “taxable REIT subsidiary” of the Special Limited Partner in which the Partnership owns shares of stock, unless the ownership of shares of stock of a
corporation or other entity (other than a “taxable REIT subsidiary”) will not jeopardize the Special Limited Partner’s status as a REIT or any Special Limited Partner Affiliate’s status as a “qualified REIT subsidiary”
(within the meaning of Code Section 856(i)(2)), in which event the term “Subsidiary” shall include such corporation or other entity. 
 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant (i) Section 11.4 hereof or (ii) pursuant to any Partnership
Unit Designation. 
 “Surviving Partnership” has the meaning set forth in
Section 11.2.B(ii) hereof. 
 “Tax Items” has the meaning set forth in Section 6.5.A
hereof. 
 “Tendered Units” has the meaning set forth in Section 15.1.A hereof. 

“Tendering Party” has the meaning set forth in Section 15.1.A hereof. 

“Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the
assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership, in any case, not in the ordinary course of the
Partnership’s business. 
 “Termination Transaction” has the meaning set forth in
Section 11.2.B hereof. 
 “Transfer” means any sale, assignment, bequest, conveyance,
devise, gift (outright or in trust), Pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary, involuntary or by operation of law; provided, however, that when the
term is used in Article 11 hereof, except as otherwise expressly provided, “Transfer” does not include (a) any Redemption of Partnership Common Units by the Partnership, or acquisition of Tendered Units by the Special Limited
Partner, pursuant to Section 15.1 or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms “Transferred” and “Transferring” have correlative meanings. 

  
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 “Valuation Date” means the date of receipt by the General
Partner of a Notice of Redemption pursuant to Section 15.1 herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day. 

“Value” means, on any Valuation Date with respect to a REIT Share, the average of the daily Market Prices
for ten (10) consecutive trading days immediately preceding the Valuation Date (except that the Market Price for the trading day immediately preceding the date of exercise of a stock option under any Stock Option Plans shall be substituted for
such average of daily market prices for purposes of Section 4.4 hereof). The term “Market Price” on any date means, with respect to any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such
date. The “Closing Price” on any date means the last sale price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares,
in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the New
York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such REIT Shares are listed or admitted to trading or, if such REIT
Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association
of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the General Partner or, in the event that no trading price is available for such REIT Shares, the fair market value of the REIT
Shares, as determined by the Special Limited Partner. 
 In the event that the REIT Shares Amount includes Rights
that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the Special Limited Partner on the basis of such quotations and other information as it considers appropriate. 

ARTICLE 2 

ORGANIZATIONAL MATTERS 
 Section 2.1 Formation. The Partnership is a limited partnership heretofore formed and continued pursuant to the provisions of the Act and upon the terms and subject to the conditions set forth
in this Agreement. The Partners hereby approve, ratify and confirm the conversion of the Original LLC into the Partnership on the Conversion Date, and this Agreement shall be effective upon the effectiveness of the Certificate of Conversion (the
“Effective Time”). Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each
Partner shall be personal property for all purposes. 
 Section 2.2 Name. The name of the Partnership is “Spirit
Realty, L.P.” The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited 

  
 17 

 
Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of
any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the
Partners. 
 Section 2.3 Registered Office and Registered Agent; Principal Executive Office. The address of the
registered office of the Partnership in the State of Delaware is located at c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, or such other place as the General Partner may from time to time
designate, and the registered agent of the Partnership in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, or such other registered agent as the General Partner may from time
to time designate. The principal office of the Partnership is located at 14631 North Scottsdale Road, Suite 200, Scottsdale, Arizona 85254, or such other place as the General Partner may from time to time designate by notice to the Limited Partners.
The Partnership may maintain offices at such other place or places as the General Partner deems advisable. 
 Section 2.4
Power of Attorney. 
  

	A.	Each Limited Partner and Assignee hereby irrevocably constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each
(the “Attorney in Fact”), and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to:

 (1) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices:
(a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the Attorney in Fact deems appropriate or necessary to form,
qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and in all other
jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the Attorney in Fact deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement duly
adopted in accordance with its terms; (c) all conveyances and other instruments or documents that the Attorney in Fact deems appropriate or necessary to reflect the dissolution and winding up of the Partnership pursuant to the terms of this
Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the Attorney in Fact deems appropriate or necessary to reflect the distribution or exchange of assets of the
Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Partner pursuant to the terms of this Agreement or the Capital Contribution of any
Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges relating to Partnership Interests; and 

  
 18 

 (2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers,
certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the Attorney in Fact, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the
Partners hereunder or is consistent with the terms of this Agreement. 
 Nothing contained herein shall be construed as
authorizing the Attorney in Fact to amend this Agreement except in accordance with Section 14.2 hereof or as may be otherwise expressly provided for in this Agreement. 

 

	B.	The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Limited
Partners and Assignees will be relying upon the power of the Attorney in Fact to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent
Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Person’s Partnership Interest and shall extend to such Person’s heirs, successors, assigns and personal representatives. Each such Limited Partner
and Assignee hereby agrees to be bound by any representation made by the Attorney in Fact, acting in good faith pursuant to such power of attorney; and, to the fullest extent permitted by law, each such Limited Partner and Assignee hereby waives any
and all defenses that may be available to contest, negate or disaffirm the action of the General Partner or the Liquidator, taken in good faith under such power of attorney. Each Limited Partner and Assignee shall execute and deliver to the General
Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the
Liquidator (as the case may be) deems necessary to effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this Section 2.4.B, no Limited Partner shall incur any personal liability for any
action of the Attorney in Fact taken under such power of attorney. 

 Section 2.5 Term. The term of the
Partnership shall continue indefinitely unless the Partnership is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law. 
 Section 2.6 Partnership Interests Are Securities. All Partnership Interests in the Partnership shall constitute a “security” within the meaning of, and governed by, (i) Article
8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the corresponding provisions of the Uniform Commercial Code of any other applicable jurisdiction
that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on
February 14, 1995. 
 Section 2.7 Admission. The General Partner is hereby admitted as the
general partner of the Partnership upon its execution of this Agreement or a counterpart hereof. A Person shall be admitted as a limited partner of the Partnership on the date hereof at the time that (a) this Agreement or a counterpart hereof
is executed by or on behalf of such Person and (b) such Person is listed by the General Partner as a limited partner of the Partnership on Exhibit  

  
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A attached hereto. Notwithstanding the foregoing, the Special Limited Partner is hereby admitted as a limited partner of the Partnership. The General Partner hereby Consents to the
admission of any Person as a limited partner of the Partnership pursuant to this Section 2.7. 
 ARTICLE 3

 PURPOSE 
 Section 3.1 Purpose and Business. The purpose and nature of the Partnership is to conduct any business, enterprise or activity permitted by or under the Act, including, without limitation,
(i) to conduct the business of ownership, construction, reconstruction, development, redevelopment, alteration, improvement, maintenance, operation, sale, leasing, transfer, encumbrance, conveyance and exchange of the Properties, (ii) to
acquire and invest in any securities and/or loans relating to the Properties, (iii) to enter into any partnership, joint venture, business or statutory trust arrangement, limited liability company or other similar arrangement to engage in any
business permitted by or under the Act, or to own interests in any entity engaged in any business permitted by or under the Act, (iv) to conduct the business of providing property and asset management and brokerage services, whether directly or
through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited liability companies or similar arrangements, and (v) to do anything necessary or incidental to the foregoing. 

Section 3.2 Powers. The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper,
advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership including, without limitation, full power and authority, directly or
through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, to
acquire, own, manage, improve and develop real property and lease, sell, transfer and dispose of real property. However, the Partnership may not, without the General Partner’s specific consent, which it may give or withhold in its sole and
absolute discretion, take or refrain from taking, any action that, in its judgment, in its sole and absolute discretion (i) could adversely affect the Special Limited Partner’s ability to continue to qualify as a REIT, (ii) could
subject the Special Limited Partner to any taxes under Sections 857 or 4981 of the Code or any other related or successor provision under the Code, or (iii) could violate any law or regulation of any governmental body or agency having
juristication over the Special Limited Partner, its securities or the Partnership. 
 Section 3.3 Partnership Only for
Purposes Specified. The Partnership shall be a limited partnership formed pursuant to the Act to conduct its business in accordance with this Agreement, and this Agreement shall not be deemed to create a company, venture or partnership between
or among the Partners or any other Persons with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Partner
shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or
liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such
Partner, except as to 

  
 20 

 
those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 

Section 3.4 Representations and Warranties by the Partners. 

 

	A.	Each Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an
Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) the consummation of the transactions contemplated by this Agreement to be performed by such Partner will
not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) if
five percent (5%) or more (by value) of the Partnership’s interests are or will be owned by such Partner within the meaning of Code Section 7704(d)(3), such Partner does not, and for so long as it is a Partner will not, own, directly
or indirectly, (a) stock of any corporation that is a tenant of (I) the Special Limited Partner or any Disregarded Entity with respect to the Special Limited Partner, (II) the Partnership or (III) any partnership, venture or limited
liability company of which the Special Limited Partner, any Disregarded Entity with respect to the Special Limited Partner, or the Partnership is a direct or indirect member or (b) an interest in the assets or net profits of any non-corporate
tenant of (I) the Special Limited Partner or any Disregarded Entity with respect to the Special Limited Partner, (II) the Partnership or (III) any partnership, venture, or limited liability company of which the Special Limited Partner, any
Disregarded Entity with respect to the Special Limited Partner, or the Partnership is a direct or indirect member, (iii) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder, and
(iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. Notwithstanding the foregoing, a Partner that is an individual shall not be subject to the ownership restrictions set forth in clause
(ii) of the immediately preceding sentence to the extent such Partner obtains the written Consent of the General Partner prior to violating any such restrictions. Each Partner that is an individual shall also represent and warrant to the
Partnership that such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e). 

 

	B.	 Each Partner that is not an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to
becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) all transactions contemplated by this Agreement to be performed by it have been duly authorized
by all necessary action, including, without limitation, that of its general partner(s), manager(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s) (as the case may be) as required, (ii) the consummation of such
transactions shall not result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, charter or bylaws (as the case may be) any material agreement by which such Partner or any of such Partner’s
properties or any of its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, members, trustees, beneficiaries
or stockholders (as the case may be) is or are subject, (iii) if five percent (5%) or more (by value) of the Partnership’s interests are or will be owned by such Partner within the meaning of Code Section 7704(d)(3), such Partner
does not, and for so long as it is a Partner will not, own, directly or indirectly, (a) stock of any 

  
 21 

	 	
corporation that is a tenant of (I) the Special Limited Partner or any Disregarded Entity with respect to the Special Limited Partner, (II) the Partnership or (III) any partnership, venture
or limited liability company of which the Special Limited Partner, any Disregarded Entity with respect to the Special Limited Partner, or the Partnership is a direct or indirect member or (b) an interest in the assets or net profits of any
non-corporate tenant of (I) the Special Limited Partner, or any Disregarded Entity with respect to the Special Limited Partner, (II) the Partnership or (III) any partnership, venture or limited liability company for which the Special Limited
Partner, any Disregarded Entity with respect to the Special Limited Partner, or the Partnership is a direct or indirect member, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms.
Notwithstanding the foregoing, a Partner that is not an individual shall not be subject to the ownership restrictions set forth in clause (iii) of the immediately preceding sentence to the extent such Partner obtains the written Consent of the
General Partner prior to violating any such restrictions. Each Partner that is not an individual shall also represent and warrant to the Partnership that such Partner is neither a “foreign person” within the meaning of Code
Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e). 

  

	C.	Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or
Substituted Limited Partner) represents, warrants and agrees that (i) it is an “accredited investor” as defined in Rule 501 promulgated under the Securities Act, (ii) it has acquired and continues to hold its interest in the
Partnership for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise
distributing such interest or any part thereof at any particular time or under any predetermined circumstances in violation of applicable laws, (iii) it is a sophisticated investor, able and accustomed to handling sophisticated financial
matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and
illiquid investment, and (iv) without the Consent of the General Partner, it shall not take any action that would cause (a) the Partnership at any time to have more than 100 partners, including as partners those persons
(“Flow-Through Partners”) indirectly owning an interest in the Partnership through an entity treated as a partnership, Disregarded Entity, S corporation or grantor trust (each such entity, a “Flow-Through Entity”),
but only if substantially all of the value of such person’s interest in the Flow-Through Entity is attributable to the Flow-Through Entity’s interest (direct or indirect) in the Partnership; or (b) the Partnership Interest initially
issued to such Partner or its predecessors to be held by more than two partners, including as partners any Flow-Through Partners. 

  

	D.	The representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C hereof shall survive the execution and delivery of this Agreement by each Partner
(and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the dissolution, winding up and
termination of the Partnership. 

  

	E.	 Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional
Limited Partner or Substituted Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership, the Special Limited Partner or the

  
 22 

	 	
General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that projections and any other information, including, without limitation,
financial and descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

 

	F.	Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, permit the modification of any of the representations and warranties
contained in Sections 3.4.A, 3.4.B and 3.4.C above as applicable to any Partner (including, without limitation any Additional Limited Partner or Substituted Limited Partner or any transferee of either), provided that such representations and
warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by such Partner or (ii) a separate writing addressed to the Partnership and the General Partner.

 ARTICLE 4 
 CAPITAL CONTRIBUTIONS 
 Section 4.1 Capital Contributions of the
Partners. The Partners have heretofore made Capital Contributions to the Partnership. Each Partner owns Partnership Units in the amount set forth for such Partner on Exhibit A, as the same may be amended or updated from time to time
by the General Partner to the extent necessary to reflect accurately sales, exchanges or other Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect on a Partner’s
ownership of Partnership Units. Except as provided by law or in Section 4.2, 4.3, or 10.4 hereof, the Partners shall have no obligation or, except with the prior Consent of the General Partner, right to make any additional Capital Contributions
or loans to the Partnership. 
 Section 4.2 Issuances of Additional Partnership Interests. Subject to the rights of
any Holder of any Partnership Interest set forth in a Partnership Unit Designation: 
  

	A.	 General. The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests, in the form of Partnership
Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner and the Special Limited Partner) or to other Persons, and to admit such Persons as Additional Limited Partners, for such
consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner or any other Person. Without limiting the foregoing, the General
Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any Debt, Partnership Units, or other securities issued by the Partnership, (ii) for less than fair
market value, (iii) for no consideration and (iv) in connection with any merger or consolidation of any other Person into the Partnership. Any additional Partnership Interests may be issued in one or more classes, or one or more series of
any of such classes, with such designations, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption (including, without limitation, terms
that may be senior or otherwise entitled to preference over existing Partnership Units) as shall be determined by the General Partner, in its sole and absolute discretion and without the approval of any Limited Partner or any other Person, and set
forth in a written document thereafter attached 

  
 23 

	 	
to and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit
Designation”). Without limiting the generality of the foregoing, the General Partner shall have authority to specify, in its sole and absolute discretion: (a) the allocations of items of Partnership income, gain, loss, deduction and
credit to each such class or series of Partnership Interests; (b) the right of each such class or series of Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of
each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange
rights applicable to each such class or series of Partnership Interests. Upon the issuance of any additional Partnership Interest, the General Partner shall update Exhibit A and the books and records of the Partnership as appropriate to
reflect such issuance. 

  

	B.	Issuances to the General Partner or Special Limited Partner. No additional Partnership Units shall be issued to the General Partner or the Special Limited
Partner unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests, (ii) (a) the additional Partnership Units are (x) Partnership Common Units issued in
connection with an issuance of REIT Shares, or (y) Partnership Equivalent Units (other than Partnership Common Units) issued in connection with an issuance of Preferred Shares, New Securities or other interests in the Special Limited Partner
(other than REIT Shares), with corresponding economic terms, and (b) the General Partner or the Special Limited Partner (as the case may be) contributes directly or indirectly to the Partnership the cash proceeds or other consideration received
in connection with the issuance of such REIT Shares, Preferred Shares, New Securities or other interests in the Special Limited Partner, (iii) the additional Partnership Units are issued upon the conversion, redemption or exchange of Debt,
Partnership Units or other securities issued by the Partnership or (iv) the additional Partnership Units are issued pursuant to Section 4.3.B, Section 4.3.E, Section 4.4 or Section 4.5. 

 

	C.	No Preemptive Rights. Except as specified in Section 4.2.B(i) hereof, no Person, including, without limitation, any Partner or Assignee, shall have any
preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

 Section 4.3 Additional Funds and Capital Contributions. 
  

	A.	General. The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds (“Additional
Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine, in its sole and absolute discretion. Additional Funds may be
obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval of any Limited Partner or any other Person. 

 

	B.	 Additional Capital Contributions. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by accepting Capital
Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized, in its sole and absolute discretion, to cause the Partnership from time to time to
issue additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor 

  
 24 

	 	
and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the issuance of such additional Partnership Units. 

 

	C.	Loans by Third Parties. The General Partner, in its sole and absolute discretion on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to any Person (other than the General Partner or the Special Limited Partner (but, for this purpose, disregarding any Debt that may be deemed incurred to the General Partner or the Special Limited Partner by virtue of
clause (iii) of the definition of Debt)) upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership Units or REIT Shares; provided, however,
that the Partnership shall not incur any such Debt if any Limited Partner would be personally liable for the repayment of such Debt (unless such Limited Partner otherwise agrees). 

 

	D.	General Partner and Special Limited Partner Loans. The General Partner, in its sole and absolute discretion on behalf of the Partnership, may obtain any
Additional Funds by causing the Partnership to incur Debt to the General Partner and/or the Special Limited Partner if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate,
repayment schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner or the Special Limited Partner, as applicable, the net proceeds of which are loaned to the Partnership to provide such
Additional Funds, or (ii) such Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such
Debt if any Limited Partner would be personally liable for the repayment of such Debt (unless such Limited Partner otherwise agrees). 

  

	E.	 Issuance of Securities by the Special Limited Partner. The Special Limited Partner shall not issue any additional REIT Shares, Capital Shares or
New Securities unless the Special Limited Partner contributes the cash proceeds or other consideration received from the issuance of such additional REIT Shares, Capital Shares or New Securities (as the case may be) and from the exercise of the
rights contained in any such additional Capital Shares or New Securities directly or indirectly to the Partnership in exchange for (x) in the case of an issuance of REIT Shares, Partnership Common Units, or (y) in the case of an issuance
of Capital Shares or New Securities, Partnership Equivalent Units; provided, however, that notwithstanding the foregoing, the Special Limited Partner may issue REIT Shares, Capital Shares or New Securities (a) pursuant to
Section 4.4 or Section 15.1.B hereof, (b) pursuant to a dividend or distribution (including any stock split) of REIT Shares, Capital Shares or New Securities to all of the holders of REIT Shares, Capital Shares or New Securities (as
the case may be), (c) upon a conversion, redemption or exchange of Capital Shares, (d) upon a conversion, redemption, exchange or exercise of New Securities, or (e) in connection with an acquisition of Partnership Units or a property
or other asset to be owned, directly or indirectly, by the Special Limited Partner. In the event of any issuance of additional REIT Shares, Capital Shares or New Securities by the Special Limited Partner, and the contribution to the Partnership,
directly or indirectly, by the Special Limited Partner, of the cash proceeds or other consideration received from such issuance (or property acquired with such proceeds), if any, if the cash proceeds actually received by the Special Limited 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 Special Limited Partner shall be deemed to have made a Capital
Contribution to the Partnership in the 

  
 25 

	 	
amount equal to the sum of the cash proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by the Special Limited Partner (which discount and
expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). In the event that the Special Limited Partner issues any additional REIT Shares, Capital Shares or New Securities and contributes, directly
or indirectly, the cash proceeds or other consideration received from the issuance thereof to the Partnership, the Partnership is expressly authorized to issue a number of Partnership Common Units or Partnership Equivalent Units to the Special
Limited Partner equal to the number of REIT Shares, Capital Shares or New Securities so issued, divided by the Adjustment Factor then in effect, in accordance with this Section 4.3.E without any further act, approval or vote of any Partner or
any other Persons. 

 Section 4.4 Stock Option Plans and Equity Plans. 

 

	A.	Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the General Partner or the Special Limited Partner
from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the General Partner, the Special Limited Partner, the Partnership or any of their Affiliates. The General Partner
may implement such plans and any actions taken under such plans (such as the grant or exercise of options to acquire REIT Shares, or the issuance of restricted REIT Shares), whether taken with respect to or by an employee or other service provider
of the Special Limited Partner, the Partnership or its Subsidiaries, in a manner reasonably determined by the General Partner, which may be set forth in plan implementation guidelines that the General Partner may establish or amend from time to
time. The Partners acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the General Partner or the Special Limited Partner, amendments to this Agreement may become necessary or advisable and that any such
amendments requested by the General Partner or the Special Limited Partner shall not require any Consent or approval by the Limited Partners. 

  

	B.	Issuance of Partnership Common Units. The Partnership is expressly authorized to issue Partnership Common Units as contemplated by this Section 4.4 without
any further act, approval or vote of any Partner or any other Persons. 

 Section 4.5 Dividend Reinvestment
Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this Article 4, all amounts received or deemed received by the Special Limited Partner in respect of any dividend reinvestment plan,
cash option purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the Special Limited Partner to effect open market purchases of REIT Shares, or (b) if the Special Limited Partner
elects instead to issue new REIT Shares with respect to such amounts, shall be contributed by the Special Limited Partner to the Partnership in exchange for additional Partnership Common Units. Upon such contribution, the Partnership will issue to
the Special Limited Partner a number of Partnership Common Units equal to the quotient of (i) the new REIT Shares so issued, divided by (ii) the Adjustment Factor then in effect. The Partnership is expressly authorized to issue Partnership
Common Units as contemplated by this Section 4.5 without any further act, approval or vote of any Partner or any other Persons. 
 Section 4.6 No Interest; No Return. No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account. Except as provided herein or by law, no

  
 26 

 
Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 
 Section 4.7 Conversion or Redemption of REIT Shares and Capital Shares. 
  

	A.	Conversion of Capital Shares. If, at any time, any of the Capital Shares are converted into REIT Shares, in whole or in part, then a number of Partnership Units
with preferences, conversion and other rights, restrictions (other than restrictions on transfer), rights and limitations as to dividends and other distributions and qualifications that are substantially the same as the preferences, conversion and
other rights, restrictions (other than restrictions on transfer), rights and limitations as to distributions and qualifications of such Capital Shares (for the avoidance of doubt, Partnership Equivalent Units need not have voting rights, redemption
rights or restrictions on transfer that are substantially equivalent to such Capital Shares) (“Partnership Equivalent Units”) equal to the number of Capital Shares so converted shall automatically be converted into a number of
Partnership Common Units equal to the quotient of (i) the number of REIT Shares issued upon such conversion divided by (ii) the Adjustment Factor then in effect, and the Percentage Interests of the General Partner and the Limited Partners
shall be adjusted to reflect such conversion. 

  

	B.	Redemption of Capital Shares or REIT Shares. Except as otherwise provided in Section 7.4.C., if, at any time, any Capital Shares are redeemed or otherwise
repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Special Limited Partner for cash, the Partnership shall, immediately prior to such redemption or repurchase of Capital Shares, redeem or
repurchase an equal number of the corresponding Partnership Equivalent Units held by the Special Limited Partner upon the same terms and for the same price per Partnership Equivalent Unit as such Capital Shares are redeemed. If, at any time, any
REIT Shares are forfeited or redeemed or otherwise repurchased or reacquired by the Special Limited Partner, the Partnership shall, immediately prior to such forfeiture, redemption, reacquisition or repurchase of REIT Shares, forfeit, redeem,
reacquire or repurchase a number of Partnership Common Units held by the Special Limited Partner equal to the quotient of (i) the REIT Shares so forfeited, redeemed, reacquired or repurchased, divided by (ii) the Adjustment Factor then in
effect, such forfeiture, redemption, reacquisition or repurchase to be upon the same terms and for the same price per Partnership Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are forfeited, redeemed,
repurchased or otherwise reacquired. 

 Section 4.8 Other Contribution Provisions. In the event that
any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such
partner in cash and such Partner had contributed the cash that the Partner would have received to the capital of the Partnership. In addition, with the Consent of the General Partner, one or more Partners (including the Special Limited Partner) may
enter into contribution agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership (and/or a wholly-owned Subsidiary of the Partnership). 

  
 27 

 ARTICLE 5 
 DISTRIBUTIONS 
 Section 5.1 Requirement and Characterization of
Distributions. Subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner may cause the Partnership to distribute such amounts, at such times, as the General Partner may, in
its sole and absolute discretion, determine to the Holders as of any Partnership Record Date: (i) first, with respect to any Partnership Units that are entitled to any preference in distribution, in accordance with the rights of Holders of such
class(es) of Partnership Units (and, within each such class, among the Holders of each such class, pro rata in proportion to their respective Percentage Interests of such class on such Partnership Record Date); and (ii) second, with respect to
any Partnership Units that are not entitled to any preference in distribution, in accordance with the rights of Holders of such class(es) of Partnership Units, as applicable (and, within each such class, among the Holders of each such class, pro
rata in proportion to their respective Percentage Interests of such class on such Partnership Record Date). Distributions payable with respect to any Partnership Units, other than any Partnership Units issued to the General Partner or the Special
Limited Partner in connection with the issuance of REIT Shares by the Special Limited Partner, that were not outstanding during the entire quarterly period in respect of which any distribution is made shall be prorated based on the portion of the
period that such Partnership Units were outstanding. The General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the Special Limited Partner’s qualification as a REIT, to
cause the Partnership to distribute sufficient amounts to enable the Special Limited Partner, for so long as the Special Limited Partner has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements
for qualifying as a REIT under the Code and Regulations (the “REIT Requirements”) and (b) except to the extent otherwise determined by the Special Limited Partner, eliminate any federal income or excise tax liability of the
Special Limited Partner. 
 Section 5.2 Distributions in Kind. Except as expressly provided herein, no right is given
to any Holder to demand and receive property other than cash as provided in this Agreement. The General Partner may determine, in its sole and absolute discretion, to make a distribution in kind of Partnership assets to the Holders, and such assets
shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6 and 13 hereof; provided, however, that the General Partner shall not make a distribution in
kind to any Holder unless the Holder has been given 90 days prior written notice of such distribution. 
 Section 5.3
Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of any state, local or non-United States tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated
as amounts paid or distributed to such Holder pursuant to Section 5.1 hereof for all purposes under this Agreement. 

Section 5.4 Distributions upon Liquidation. Notwithstanding the other provisions of this Article 5, net proceeds from a
Terminating Capital Transaction, and any other amounts distributed after the occurrence of a Liquidating Event, shall be distributed to the Holders in accordance with Section 13.2 hereof. 

  
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 Section 5.5 Distributions to Reflect Additional Partnership Units. In the event
that the Partnership issues additional Partnership Units pursuant to the provisions of Article 4 hereof, subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner is hereby
authorized to amend this Article 5 and Articles 6, 11 and 12 hereof as it determines, in its sole an absolute discretion, are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without
limitation, making preferential distributions to Holders of certain classes of Partnership Units all without the consent of any other Person. 
 Section 5.6 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the Partnership nor the General Partner, on behalf of the Partnership,
shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 
 ARTICLE 6

 ALLOCATIONS 
 Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year as
of the end of each such year, provided that the General Partner may, in its sole and absolute discretion, allocate Net Income and Net Loss for a shorter period as of the end of such period (and, for purposes of this Article 6, references to the term
“Partnership Year” may include such shorter periods). Except as otherwise provided in this Article 6, and subject to Section 11.6.C hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an
allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 
 Section 6.2 General Allocations. Except as otherwise provided in this Article 6 and Section 11.6.C hereof, Net Income and Net Loss for any Partnership Year shall be allocated to each of
the Holders as follows: 
  

	A.	Net Income. 

 (i)
First, 100% to the General Partner in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the General Partner pursuant to clause (iii) in Section 6.2.B for all prior Partnership Years minus the cumulative
Net Income allocated to the General Partner pursuant to this clause (i) for all prior Partnership Years; 

(ii) Second, 100% to each Holder in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to
each such Holder pursuant to clause (ii) in Section 6.2.B for all prior Partnership Years minus the cumulative Net Income allocated to such Holder pursuant to this clause (ii) for all prior Partnership Years; and 

(iii) Third, 100% to the Holders of Partnership Common Units in accordance with their respective Percentage Interests in
the Partnership Common Units. 
 To the extent the allocations of Net Income set forth above in any paragraph of this
Section 6.2.A are not sufficient to entirely satisfy the allocation set forth in such paragraph, such 

  
 29 

 
allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard to such shortfall. 

 

	B.	Net Losses. 

 (i)
First, 100% to the Holders of Partnership Common Units in accordance with their respective Percentage Interests in the Partnership Common Units (to the extent consistent with this clause (i)) until the Adjusted Capital Account (ignoring for this
purpose any amounts a Holder is obligated to contribute to the capital of the Partnership or is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)) of all such Holders is zero; 

(ii) Second, 100% to the Holders (other than the General Partner) to the extent of, and in proportion to, the positive
balance (if any) in their Adjusted Capital Accounts; and 
 (iii) Third, 100% to the General Partner. 

 

	C.	Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the Partnership issues additional Partnership Interests to the General Partner,
the Special Limited Partner or any Additional Limited Partner pursuant to Section 4.2 or 4.3, the General Partner shall amend this Section 6.2 or Sections 12.2.C or 13.2.A as it determines, in its sole and absolute discretion, are
necessary to reflect the terms of the issuance of such additional Partnership Interests, including making preferential allocations to certain classes of Partnership Interests, subject to the terms of any Partnership Unit Designation with respect to
Partnership Interests then outstanding. 

 Section 6.3 Additional Allocation Provisions.
Notwithstanding the foregoing provisions of this Article 6: 
  

	A.	Special Allocations Upon Liquidation. Notwithstanding any provision in this Article 6 to the contrary, in the event that the Partnership disposes of all or
substantially all of its assets in a transaction that will lead to a liquidation of the Partnership pursuant to Article 13 hereof, then any Net Income or Net Loss realized in connection with such transaction and thereafter (and, if necessary,
constituent items of income, gain, loss and deduction) shall be specially allocated for such Partnership Year (and to the extent permitted by Section 761(c) of the Code, for the immediately preceding Partnership Year) among the Holders as
required so as to cause liquidating distributions pursuant to Section 13.2.A(4) hereof to be made in the same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article 5 hereof. In
addition, if there is an adjustment to the Gross Asset Value of the assets of the Partnership pursuant to paragraph (b) of the definition of Gross Asset Value, allocations of Net Income or Net Loss arising from such adjustment shall be
allocated in the same manner as described in the prior sentence. 

  

	B.	 Offsetting Allocations. Notwithstanding the provisions of Sections 6.1, 6.2.B and 6.2.C, but subject to Sections 6.3 and 6.4, in the event Net
Income or items thereof are being allocated to a Partner to offset prior Net Loss or items thereof which have been allocated to such Partner, the General Partner shall attempt to allocate such offsetting Net Income or items thereof which are

  
 30 

	 	
of the same or similar character (including without limitation Section 704(b) book items versus tax items) to the original allocations with respect to such Partner. 

Section 6.4 Regulatory Allocation Provisions. Notwithstanding the foregoing provisions of this Article 6: 

 

	A.	Regulatory Allocations. 

 (i) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.2 hereof, or any other provision of this
Article 6, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal
to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be
allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.4.A(i) is intended to qualify as a “minimum gain
chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (ii) Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4) or in Section 6.4.A(i) hereof, if there is a net decrease in Partner Minimum
Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5),
shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be
so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.4.A(ii) is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the
meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 
 (iii)
Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holders in accordance with their respective Percentage Interests. Any Partner Nonrecourse
Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with
Regulations Section 1.704-2(i). 
 (iv) Qualified Income Offset. If any Holder unexpectedly receives
an adjustment, allocation or distribution described in Regulations Section 1.704-

  
 31 

 
1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an
amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible, provided that an allocation pursuant to this Section 6.4.A(iv) shall be made
if and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.4.A(iv) were not in the Agreement. It is
intended that this Section 6.4.A(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(v) Gross Income Allocation. In the event that any Holder has a deficit Capital Account at the end of any
Partnership Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Partnership upon complete liquidation of such Holder’s Partnership Interest (including, the Holder’s interest in
outstanding Partnership Preferred Units and other Partnership Units) and (2) the amount that such Holder is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible, provided that an allocation
pursuant to this Section 6.4.A(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as
if this Section 6.4.A(v) and Section 6.4.A(iv) hereof were not in the Agreement. 
 (vi)
Limitation on Allocation of Net Loss. To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other
Holders of Partnership Common Units in accordance with their respective Percentage Interests with respect to Partnership Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as determined by the General
Partner, subject to the limitations of this Section 6.4.A(vi). 
 (vii) Section 754 Adjustment.
To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations
Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its interest in the Partnership, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders in accordance with their respective
Percentage Interests in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

  
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 (viii) Curative Allocations. The allocations set forth in
Sections 6.4.A(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations
Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so
that to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would
have been allocated to each such Holder if the Regulatory Allocations had not occurred. 
  

	B.	Allocation of Excess Nonrecourse Liabilities. For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the
Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with respect to Partnership Common Units, except as
otherwise determined by the General Partner. 

 Section 6.5 Tax Allocations. 

 

	A.	In General. Except as otherwise provided in this Section 6.5, for income tax purposes under the Code and the Regulations, each Partnership item of income, gain,
loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Sections 6.2, 6.3 and
6.4 hereof. 

  

	B.	Section 704(c) Allocations. Notwithstanding Section 6.5.A hereof, Tax Items with respect to Property that is contributed to the Partnership with an
initial Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code
Section 704(c) so as to take into account such variation. The Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In
the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value” (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to
such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in a manner consistent with Code Section 704(c) and the applicable Regulations and using the method chosen by the
General Partner. Allocations pursuant to this Section 6.5.B are solely for purposes of federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of
Net Income, Net Loss, or any other items or distributions pursuant to any provision of this Agreement. 

  
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 ARTICLE 7 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
 Section 7.1 Management.

  

	A.	Except as otherwise expressly provided in this Agreement, including any Partnership Unit Designation, all management powers over the business and affairs of the
Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner, in its capacity as a Limited Partner, shall have any right to participate in or exercise control or management power over the business and affairs of the
Partnership (provided, however, that the Special Limited Partner, in its capacity as the sole member of the General Partner and not in its capacity as a limited partner of the Partnership, may have the power to direct the actions of the General
Partner with respect to the Partnership). No General Partner may be removed by the Partners, with or without cause, except with the Consent of the General Partner, which it may give or withhold at its sole and absolute discretion. In addition to the
powers now or hereafter granted a general partner of a limited partnership under applicable law or that are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof
including, without limitation, Section 3.2 and Section 7.3, and the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, shall have full and exclusive power and authority, in its sole and absolute
discretion, without the consent or approval of any Limited Partner, to do or authorize all things deemed necessary or desirable by it to conduct the business and affairs of the Partnership and the General Partner, to exercise or direct the exercise
of all of the powers of the Partnership under the Act and this Agreement and to effectuate the purposes of the Partnership including, without limitation: 

 (1) the making of any expenditures, the lending or borrowing of money or selling of assets (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make
distributions to the Holders in such amounts as will permit the Special Limited Partner (so long as the Special Limited Partner qualifies as a REIT) (a) to prevent the imposition of any federal income tax on the Special Limited Partner
(including, for this purpose, any excise tax pursuant to Code Section 4981), (b) to make distributions to its stockholders and (c) payments to any taxing authority sufficient to permit the Special Limited Partner to maintain REIT
status or otherwise to satisfy the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt,
mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that the General Partner deems necessary for the conduct of the activities of the Partnership; 

(2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having
jurisdiction over the business or assets of the Partnership; 
 (3) the taking of any and all acts necessary or prudent to ensure
that the Partnership will not be classified as a “publicly traded partnership” under Code Section 7704; 
 (4)
subject to Section 11.2 hereof, the acquisition, sale, transfer, exchange or other disposition of any, all or substantially all of the assets (including the goodwill) of the Partnership (including, but not limited to, the exercise or grant of
any conversion, option, privilege or 

  
 34 

 
subscription right or any other right available in connection with any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the
Partnership with or into another entity; 
 (5) the mortgage, pledge, encumbrance or hypothecation of any assets of the
Partnership, the assignment of any assets of the Partnership in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any
purpose consistent with the terms of this Agreement and on any terms that the General Partner sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Partnership or any of the
Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the General Partner and/or the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any
other Person in which the Partnership has an equity investment, and the making of capital contributions to and equity investments in the Partnership’s Subsidiaries; 
 (6) the management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement of any Property; 
 (7) the negotiation, execution and performance of any contracts, including leases (including ground leases), easements, management agreements, rights of way and other property-related agreements,
conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with
contractors, developers, consultants, governmental authorities, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation, as applicable, out of the Partnership’s assets;

 (8) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding,
management, investment and reinvestment of cash and other assets of the Partnership, and the collection and receipt of revenues, rents and income of the Partnership; 
 (9) the selection and dismissal of employees of the Partnership (if any) or the General Partner (if any) (including, without limitation, employees having titles or offices such as “president,”
“vice president,” “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and contractors of the Partnership or the General Partner and the determination of their compensation and other
terms of employment or hiring; 
 (10) the maintenance of such insurance (including, without limitation, directors and officers
insurance) for the benefit of the Partnership and the Partners (including, without limitation, the Special Limited Partner) as the General Partner deems necessary or appropriate; 

(11) the formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships,
limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in which the
General Partner has an equity investment from time to time); provided, however, that, as long as the Special Limited Partner has determined to continue to qualify as a REIT, the Partnership will not

  
 35 

 
engage in any such formation, acquisition or contribution that would cause the Special Limited Partner to fail to qualify as a REIT; 

(12) the control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission
to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings, administrative
proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal
expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 
 (13) the
undertaking of any action in connection with the Partnership’s direct or indirect investment in any Subsidiary or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons);

 (14) the determination of the fair market value of any Partnership property distributed in kind using such reasonable method
of valuation as the General Partner may adopt; provided, however, that such methods are otherwise consistent with the requirements of this Agreement; 
 (15) the enforcement of any rights against any Partner pursuant to representations, warranties, covenants and indemnities relating to such Partner’s contribution of property or assets to the
Partnership; 
 (16) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power
of attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 
 (17)
the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly
with any such Subsidiary or other Person; 
 (18) the exercise of any of the powers of the General Partner enumerated in this
Agreement on behalf of any Person in which the Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (19) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties,
indemnities, waivers, releases, confessions of judgment or any other legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner
enumerated in this Agreement; 
 (20) the issuance of additional Partnership Units in connection with Capital Contributions by
Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article 4 hereof; 

  
 36 

 (21) an election to dissolve the Partnership pursuant to Section 13.1.B hereof;

 (22) the distribution of cash to acquire Partnership Common Units held by a Limited Partner in connection with a Redemption
under Section 15.1 hereof; 
 (23) an election to require the Special Limited Partner to acquire Tendered Units in exchange
for REIT Shares; 
 (24) Any update to Exhibit A hereto to reflect accurately at all times the Capital Contributions and
Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any
Substituted Limited Partner or otherwise, which update, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the matter or event being reflected in Exhibit A hereto
otherwise is authorized by this Agreement; and 
 (25) the registration of any class of securities of the Partnership under the
Securities Act or the Exchange Act, and the listing of any debt securities of the Partnership on any exchange. 
 B. Each of the
Limited Partners agrees that, except as provided in Section 7.3 hereof and subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner, in its sole and absolute discretion, is
authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership, and otherwise to exercise any power of the General Partner under this Agreement and the Act, without any further act, approval
or vote of the Partners or any other Persons, notwithstanding any other provision of the Act or any applicable law, rule or regulation, and, for so long as the Special Limited Partner is the sole member of the General Partner and in the absence of
any specific corporate action on the part of the Special Limited Partner, or any specific limited liability company action of the General Partner, to the contrary, the taking of any such action or the execution of any such document or writing by an
officer of the Special Limited Partner, in the name and on behalf of the Special Limited Partner, in the Special Limited Partner’s capacity as the sole member of the General Partner, in the General Partner’s capacity as the general partner
of the Partnership, shall conclusively evidence (1) the approval thereof by the General Partner, in its capacity as the general partner of the Partnership, (2) the General Partner’s determination that such action, document or writing
is necessary or desirable to conduct the business and affairs of the Partnership, exercise the powers of the Partnership under this Agreement and the Act or effectuate the purposes of the Partnership, or any other determination by the General
Partner required by this Agreement in connection with the taking of such action or execution of such document or writing, (3) the authority of such officer with respect thereto, and (4) the authorization of such document or writing under
this Agreement. The Partnership is hereby authorized to execute, deliver and perform, and the General Partner on behalf of the Partnership is hereby authorized to execute and deliver, an Underwriting Agreement relating to the issuance and sale of
common stock of the Special Limited Partner and all documents, agreements or certificates contemplated thereby or related thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this
Agreement. The foregoing authorization shall not be deemed a restriction on the powers of the General Partner to enter into other agreements on behalf of the Partnership. 

  
 37 

	C.	At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on
the Properties and (ii) liability insurance for the Indemnitees hereunder. 

  

	D.	At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts
as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

  

	E.	In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to (except as otherwise provided by this Agreement with
respect to the qualification of the Special Limited Partner as a REIT), take into account the tax consequences to any Partner of any action taken (or not taken) by it. The General Partner, the Special Limited Partner and the Partnership shall not
have liability to a Limited Partner under any circumstances as a result of any income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement.

  

	F.	The determination as to any of the following matters, made by or at the direction of the General Partner consistent with the this Agreement and the Act, shall be final
and conclusive and shall be binding upon the Partnership and every Limited Partner and shall not constitute a breach of this Agreement, of any agreement contemplated herein or therein, or of any duty existing at law, in equity or otherwise,
including any fiduciary duty: the amount of assets at any time available for distribution or the redemption of Partnership Common Units; the amount and timing of any distribution; the amount, purpose, time of creation, increase or decrease,
alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); the amount of any
Partner’s Capital Account, Adjusted Capital Account or Adjusted Capital Account Deficit; the amount of Net Income, Net Loss or Depreciation for any period; the Gross Asset Value of any Partnership asset; the Value of any REIT Share; any
interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or distributions, qualifications or terms or conditions of redemption of any class or series of Partnership
Interest; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Partnership or of any Partnership Interest; the number of authorized or outstanding Units of any class or
series; any matter relating to the acquisition, holding and disposition of any assets by the Partnership; or any other matter relating to the business and affairs of the Partnership or required or permitted by applicable law, this Agreement or
otherwise to be determined by the General Partner. 

 Section 7.2 Certificate of Limited Partnership.
To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as
a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do
business or own property. Subject to the terms of Section 8.5.A hereof, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General
Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, 

  
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continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of
Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 
 Section 7.3 Restrictions on General Partner’s Authority. 
  

	A.	The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the Consent of the Limited Partners, and
may not, without limitation: 

 (1) take any action that would make it impossible to carry on the ordinary business
of the Partnership, except as otherwise provided in this Agreement; or 
 (2) perform any act that would subject a Limited
Partner to liability as a general partner in any jurisdiction or any other liability except as provided herein or under the Act. 
  

	B.	Except as provided in Section 7.3.C hereof, the General Partner shall not, without the prior Consent of the Limited Partners, amend, modify or terminate this
Agreement. 

  

	C.	Notwithstanding Section 7.3.B and 14.2 hereof but subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the
General Partner shall have the power, without the Consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of
the General Partner for the benefit of the Limited Partners; 
 (2) to reflect the admission, substitution or withdrawal of
Partners, a Transfer or any other redemption, conversion or purchase of any Partnership Interest, the termination of the Partnership in accordance with this Agreement and to update Exhibit A in connection with such admission,
substitution, withdrawal, Transfer, adjustment or other event; 
 (3) to reflect a change that is of an inconsequential nature or
does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters
arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 
 (4) to set forth
or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the Holders of any additional Partnership Interests issued
pursuant to Article 4, including as contemplated by Section 4.2.A and Section 5.5; 
 (5) to satisfy any requirements,
conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; 

  
 39 

 (6) (a) to reflect such changes as are reasonably necessary for the Special Limited
Partner to maintain its status as a REIT or to satisfy the REIT Requirements, or (b) to reflect the Transfer of all or any part of a Partnership Interest among the Special Limited Partner and any Disregarded Entity with respect to the Special
Limited Partner; 
 (7) to modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to
Article 6 or the manner in which Capital Accounts are adjusted, computed, or maintained (but in each case only to the extent otherwise provided in this Agreement and as may be permitted under applicable law); 

(8) to reflect the issuance of additional Partnership Interests in accordance with Section 4.2; 

(9) to reflect any modification to this Agreement permitted by Section 4.4.A or any other provision of this Agreement that authorizes
the General Partner to make amendments without the consent of any other Person; and 
 (10) to reflect any other modification to
this Agreement as is reasonably necessary for the business or operations of the Partnership or the Special Limited Partner and which does not violate Section 7.3.D. 

 

	D.	Notwithstanding Sections 7.3.B, 7.3.C and 14.2 hereof, this Agreement shall not be amended, and no action may be taken by the General Partner, without the Consent
of each Partner adversely affected thereby, if such amendment or action would (i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a result of the General Partner acquiring such Partnership
Interest), (ii) modify the limited liability of a Limited Partner, (iii) alter the rights of any Partner to receive the distributions to which such Partner is entitled pursuant to Article 5 or Section 13.2.A(4) hereof, or alter
the allocations specified in Article 6 hereof (except, in any case, as permitted pursuant to Sections 4.2, 5.5, 7.3.C and Article 6 hereof), (iv) alter or modify the Redemption rights, Cash Amount or REIT Shares Amount as set
forth in Section 15.1 hereof, or amend or modify any related definitions, (v) subject to Section 7.9.D, remove, alter or amend the powers and restrictions related to REIT Requirements or permitting the Special Limited Partner to avoid
paying tax under Code Sections 857 or 4981 contained in Sections 3.2, 7.1 and 7.3, or (vi) amend this Section 7.3.D. Any such amendment or action consented to by any Partner shall be effective as to that Partner, notwithstanding
the absence of such consent by any other Partner. Further, no amendment may alter the restrictions on the General Partner’s powers expressly set forth elsewhere in this Agreement (including, without limitation, this Section 7.3) without
the Consent specified therein. 

 Section 7.4 Reimbursement of the General Partner and the Special Limited
Partner. 
  

	A.	Neither the General Partner nor the Special Limited Partner shall be compensated for its services as general partner or limited partner of the Partnership except as
provided in this Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which the General Partner or Special Limited Partner may be entitled in its capacity as the General Partner or the
Special Limited Partner, as applicable). 

  

	B.	 Subject to Sections 7.4.D and 15.12 hereof, the Partnership shall be responsible for and shall pay all expenses relating to the
Partnership’s, the Special Limited Partner’s and the General Partner’s 

  
 40 

	 	
organization and the ownership of each of their assets and operations. The General Partner is hereby authorized to cause the Partnership to pay compensation for accounting, administrative, legal,
technical, management and other services rendered to the Partnership. The Partnership shall be liable for, and shall reimburse the General Partner or the Special Limited Partnership, as applicable, on a monthly basis, or such other basis as the
General Partner may determine in its sole and absolute discretion, for all sums expended in connection with the Partnership’s business, including, without limitation, (i) expenses relating to the ownership of interests in and management
and operation of the Partnership, (ii) compensation of officers and employees, including, without limitation, payments under future compensation plans, of the Special Limited Partner, the General Partner, or the Partnership that may provide for
stock units, or phantom stock, pursuant to which employees of the Special Limited Partner, the General Partner, or the Partnership will receive payments based upon dividends on or the value of REIT Shares, (iii) director fees and expenses of
the Special Limited Partner or its Affiliates, (iv) any expenses (other than the purchase price) incurred by the Special Limited Partner in connection with the redemption or other repurchase of REIT Shares or Capital Shares, and (v) all
costs and expenses of the Special Limited Partner being a public company, including, without limitation, costs of filings with the SEC, reports and other distributions to its stockholders; provided, however, that the amount of any
reimbursement shall be reduced by any interest earned by the General Partner or the Special Limited Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership as permitted pursuant to
Section 7.5 hereof. The Partners acknowledge that all such expenses of the General Partner and the Special Limited Partner are deemed to be for the benefit of the Partnership. Such reimbursements shall be in addition to any reimbursement of the
General Partner and the Special Limited Partner as a result of indemnification pursuant to Section 7.7 hereof. 

  

	C.	 If the Special Limited Partner shall elect to purchase from its stockholders REIT Shares or Capital Shares for the purpose of delivering such REIT
Shares or Capital Shares to satisfy an obligation under any dividend reinvestment program adopted by the Special Limited Partner, any employee stock purchase plan adopted by the Special Limited Partner or any similar obligation or arrangement
undertaken by the Special Limited Partner in the future, in lieu of the treatment specified in Section 4.7.B., the purchase price paid by the Special Limited Partner for such REIT Shares or Capital Shares shall be considered expenses of the
Partnership and shall be advanced to the Special Limited Partner or reimbursed to the Special Limited Partner, subject to the condition that: (1) if such REIT Shares subsequently are sold by the Special Limited Partner, the Special Limited
Partner shall pay or cause to be paid to the Partnership any proceeds received by the Special Limited Partner for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar
program; provided, that a transfer of REIT Shares for Partnership Common Units pursuant to Section 15.1 would not be considered a sale for such purposes); and (2) if such REIT Shares are not retransferred by the Special Limited Partner
within 30 days after the purchase thereof, or the Special Limited Partner otherwise determines not to retransfer such REIT Shares, the Partnership shall redeem from the Special Limited Partner a number of Partnership Common Units determined in
accordance with Section 4.7.B, as adjusted, to the extent the General Partner determines is necessary or advisable in its sole and absolute discretion, (x) pursuant to Section 7.5 (in the event the Special Limited Partner acquires
material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of
evidences of indebtedness or 

  
 41 

	 	
assets relating to assets not received by the Special Limited Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be
treated as having been made as a distribution in redemption of such number of Partnership Units held by the Special Limited Partner). 

  

	D.	To the extent practicable, Partnership expenses shall be billed directly to and paid by the Partnership and, subject to Section 15.12 hereof, if and to the extent
any reimbursements to the General Partner, the Special Limited Partner or any of its Affiliates by the Partnership pursuant to this Section 7.4 constitute gross income to such Person (as opposed to the repayment of advances made by such Person
on behalf of the Partnership), such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners’ Capital
Accounts. 

 Section 7.5 Outside Activities of the General Partner and the Special Limited Partner.
Neither the General Partner nor the Special Limited Partner shall directly or indirectly enter into or conduct any business, other than in connection with, (a) the ownership, acquisition and disposition of Partnership Interests, (b) with
respect to the General Partner, the management of the business and affairs of the Partnership, (c) with respect to the Special Limited Partner, the operation of the Special Limited Partner as a reporting company with a class (or classes) of
securities registered under the Exchange Act, (d) with respect to the Special Limited Partner, its operations as a REIT, (e) with respect to the Special Limited Partner, the offering, sale, syndication, private placement or public offering
of stock, bonds, securities or other interests, (f) financing or refinancing of any type related to the Partnership or its assets or activities, and (g) such activities as are incidental thereto; provided, however, that,
except as otherwise provided herein, any funds raised by the Special Limited Partner pursuant to the preceding clauses (e) and (f) shall be made available to the Partnership, whether as Capital Contributions, loans or otherwise, as
appropriate, and, provided, further that each of the General Partner and the Special Limited Partner may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the
Partnership so long as the General Partner or the Special Limited Partner, as applicable, takes commercially reasonable measures to ensure that the economic benefits and burdens of such Property are otherwise vested in the Partnership, through
assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Partnership, the Partners shall negotiate in good faith to amend this Agreement, including, without limitation, the definition of
“Adjustment Factor,” to reflect such activities and the direct ownership of assets by the General Partner or the Special Limited Partner, as applicable. Nothing contained herein shall be deemed to prohibit the General Partner from
executing guarantees of Partnership debt. The General Partner, the Special Limited Partner and all Disregarded Entities with respect to the Special Limited Partner, taken as a group, shall not own any assets or take title to assets (other than
temporarily in connection with an acquisition prior to contributing such assets to the Partnership) other than (i) interests in Disregarded Entities with respect to the Special Limited Partner, (ii) Partnership Interests as the General
Partner or Special Limited Partner, (iii) a minority interest in any Subsidiary of the Partnership that the General Partner or the Special Limited Partner holds to maintain such Subsidiary’s status as a partnership for federal income tax
purposes or otherwise, and (iv) such cash and cash equivalents, bank accounts or similar instruments or accounts as such group deems reasonably necessary, taking into account Section 7.1.D hereof and the requirements necessary for the
Special Limited Partner to qualify as a REIT and for the General Partner and the Special Limited Partner to carry 

  
 42 

 
out their respective responsibilities contemplated under this Agreement and the Charter. Any Limited Partner Interests acquired by the General Partner, shall be automatically converted into a
General Partner Interest comprised of an identical number of Partnership Units with the same terms as the class or series so acquired. Any Affiliates of the General Partner may acquire Limited Partner Interests and shall, except as expressly
provided in this Agreement, be entitled to exercise all rights of a Limited Partner relating to such Limited Partner Interests. 

Section 7.6 Transactions with Affiliates. 
  

	A.	The Partnership may lend or contribute funds to, and borrow funds from, Persons in which the Partnership has an equity investment, and such Persons may borrow funds
from, and lend or contribute funds to, 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 Person.

  

	B.	Except as provided in Section 7.5 hereof, the Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business
trusts, statutory trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law. 

 

	C.	The General Partner, the Special Limited Partner and their respective Affiliates may sell, transfer or convey any property to, or purchase any property from, the
Partnership, directly or indirectly, on terms and conditions established by the General Partner in its sole and absolute discretion. 

  

	D.	The General Partner or the Special Limited Partner, in their respective sole and absolute discretion and without the approval of the Partners or any of them or any
other Persons, may propose and adopt (on behalf of the Partnership) employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Special Limited Partner, the Partnership, Subsidiaries of the Partnership
or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the General Partner, the Special Limited Partner, the Partnership or any of the Partnership’s Subsidiaries. 

Section 7.7 Indemnification. 
  

	A.	 To the fullest extent permitted by applicable law, the Partnership shall indemnify each Indemnitee from and against any and all losses, claims,
damages, liabilities, joint or several, expenses (including, without limitation, reasonable attorney’s fees and other 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, whether by or in the right of the Partnership or otherwise (subject to (y) below) that relate to the operations of the Partnership (“Actions”) as set forth
in this Agreement in which such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise; provided, however, that the Partnership shall not indemnify an Indemnitee (i) if the act or omission of the
Indemnitee was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, if the Indemnitee had reasonable cause to
believe that the act or omission was unlawful; or (iii) for any loss resulting from any transaction for which such Indemnitee actually received an improper 

  
 43 

	 	
personal benefit in money, property or services or otherwiese in violation or breach of any provision of this Agreement; and provided, further, that no payments pursuant to this
Agreement shall be made by the Partnership (x) to indemnify or advance expenses to any Indemnitee with respect to any Action initiated or brought voluntarily by such Indemnitee (and not by way of defense) unless (I) approved or authorized
by the General Partner or (II) incurred to establish or enforce such Indemnitee’s right to indemnification under this Agreement, (y) to advance expenses in connection with one or more Actions or claims brought by or in the right of the
Partnership or (z) to indemnify an Indemnitee in connection with one or more Actions involving such Indemnitee if such Indemnitee is found liable to the Partnership with respect to such claim or Action. If Indemnitee is entitled to
indemnification hereunder with respect to one or more but less than all claims, issues or matters in any Action, the Partnership shall provide indemnification hereunder in connection with each such claim, issue or matter, allocated on a reasonable
and proportionate basis. 

 Without limitation, the foregoing indemnity shall extend to any
liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the
Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, in its sole and absolute discretion on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions
of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. It is the intention of this Section 7.7.A that the Partnership indemnify each Indemnitee to the fullest extent permitted by
law and this Agreement. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any
proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee
acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and neither
the General Partner nor any other Holder shall have any obligation to pay or otherwise satisfy such indemnification obligation or to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its
obligations under this Section 7.7. 
  

	B.	To the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any
Action shall be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the Action upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good
faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.7.A has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall
ultimately be determined that the standard of conduct has not been met. 

  

	C.	 The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person may be
entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has 

  
 44 

	 	
ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such
Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 

  

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

  

	E.	Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership, the General Partner or the Special Limited Partner (whether as a
fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the IRS, penalties
assessed by the U.S. Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments
or fines under this Section 7.7, unless such liabilities arise as a result of (i) an act or omission of such Indemnitee that was material to the matter giving rise to the Action and either was committed in bad faith or was the result of
active and deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission that such Indemnitee had reasonable cause to believe was unlawful, or (iii) any transaction in which such Indemnitee actually received an
improper personal benefit in violation or breach of any provision of this Agreement. 

  

	F.	In no event may an Indemnitee subject any of the Holders to personal liability by reason of the indemnification provisions set forth in this Agreement.

  

	G.	An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee had an interest in the transaction with respect
to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

  

	H.	The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create
any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the Partnership’s liability to
any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or
repeal, regardless of when such claims may arise or be asserted. 

  

	I.	It is the intent of the parties that any amounts paid by the Partnership to the General Partner or the Special Limited Partner pursuant to this Section 7.7 shall
be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

  
 45 

 Section 7.8 Liability of the General Partner and the Special Limited Partner.

  

	A.	To the fullest extent permitted by law: (i) The General Partner (and the Special Limited Partner, as the sole member of the General Partner) is acting for the
benefit of not only the Partnership and the Partners, but also the Special Limited Partner’s stockholders collectively; (ii) in the event of a conflict between the interests of the Partnership or any Partner, on the one hand, and the
separate interests of the Special Limited Partner or its stockholders, on the other hand, the General Partner and the Special Limited Partner, as the sole member of the General Partner, are under no obligation not to give priority to the separate
interests of the Special Limited Partner or the stockholders of the Special Limited Partner and may give priority to the separate interests of the Special Limited Partner and its stockholders in a manner that is adverse to the Partnership and its
Partners, and any action or failure to act on the part of the Special Limited Partner or its directors that gives priority to the separate interests of the Special Limited Partner or its stockholders does not violate the duty of loyalty otherwise
owed by the General Partner or the Special Limited Partner, as the sole member of the General Partner, to the Partnership and/or the Partners or any other Person bound by this Agreement; and (iii) neither the General Partner nor the Special
Limited Partner shall be liable to the Partnership or to any Partner or any other Person bound by this Agreement for monetary damages for losses sustained, liabilities incurred or benefits not derived by the Partnership or any Partner in connection
with such decisions, except for liability for the General Partner’s or the Special Limited Partner’s intentional harm or gross negligence. In furtherance and not in limitation of the foregoing, to the fullest extent permitted by law and
notwithstanding any other provision of this Agreement or any other agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever a conflict arises between the interests of stockholders of the Special Limited Partner,
on one hand, and any other Limited Partner, on the other hand, the General Partner will endeavor in good faith to resolve the conflict in a manner not adverse to either the stockholders of the Special Limited Partner or any other Limited Partner;
provided, however, that for so long as the Special Limited Partner owns a controlling interest in the Partnership, any conflict that cannot be resolved in a manner not adverse to either the stockholders of the Special Limited Partner or any other
Limited Partner shall be resolved in favor of the stockholders of the Special Limited Partner, and any action taken by the General Partner in connection with any such conflict of interests shall not constitute a breach of this Agreement or any duty
in law, at equity or otherwise. 

  

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

  

	C.	 Any obligation or liability whatsoever of the General Partner or the Partnership which may arise at any time under this Agreement or any other
instrument, transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the General Partner or the Partnership only. To the fullest extent permitted by law, no such obligation or liability shall be
personally binding upon, nor shall resort for the enforcement thereof be had to, any of the General Partner’s members, managers or agents, or the directors, officers, stockholders, employees or agents of the General Partner’s members or
managers, regardless of whether such 

  
 46 

	 	
obligation or liability is in the nature of contract, tort or otherwise. Notwithstanding anything to the contrary set forth in this Agreement, none of the members, managers or agents of the
General Partner, and none of the directors, officers, stockholders, employees or agents of the General Partner’s members or managers, shall be liable or accountable in damages or otherwise to the Partnership, any Partners, or any other Person
bound by this Agreement for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission, except for liability for such Person’s intentional harm or gross
negligence. 

  

	D.	Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the
liability of the General Partner or the members, managers or agents of the General Partner, the Special Limited Partner, or of the directors, officers, stockholders, employees or agents of the Special Limited Partner, or the Indemnitiees, to the
Partnership, the Partners or any other Person bound by this Agreement under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole
or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

  

	E.	Notwithstanding anything herein to the contrary, except for liability for intentional harm or gross negligence on the part of such Partner or pursuant to any express
indemnities given to the Partnership by any Partner pursuant to any other written instrument to the fullest extent permitted by law, no Partner shall have any personal liability whatsoever, to the Partnership or to the other Partners or to any other
Person bound by this Agreement, including any damages arising out of the breach of any such Partner’s fiduciary duties as such duties may have been modified by this Agreement. Without limitation of the foregoing, no property or assets of such
Partner, other than its interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) or any other Person bound by
this Agreement and arising out of, or in connection with, this Agreement. This Agreement is executed by the officers of the Special Limited Partner, in the name and on behalf of the Special Limited Partner, in its capacity as managing member of the
General Partner, solely as officers of the Special Limited Partner, and not in their own individual capacities. 

  

	F.	To the extent that, at law or in equity, the General Partner or the Special Limited Partner, as the managing member of the General Partner or in its capacity as a
Limited Partner, has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, neither the General Partner nor the Special Limited Partner, as the managing member of the General Partner or in
its capacity as a Limited Partner, shall be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties
and liabilities of the General Partner, the Special Limited Partner or any other Person under the Act or otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of the General Partner and the
Special Limited Partner. 

  

	G.	 To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or any other agreement contemplated herein or
applicable provisions of law or equity or otherwise, whenever in this Agreement any Person is permitted or required to make a decision 

  
 47 

	 	
(i) in its “sole and absolute discretion,” “sole discretion”, “discretion”, “at its election” or under a grant of similar authority or latitude, such
Person shall be entitled to consider only such interests and factors as it desires, including its own interests, shall have no duty or obligation to give any consideration to any interest or factors affecting the Partnership, the Partners, or any
other Person bound by this Agreement, and shall be entitled to act in a manner adverse to the interests of the Partnership, the Partners or any other Person bound by this Agreement, or (ii) in its “good faith” or under another
expressed standard, such Person shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or
otherwise. If any question should arise with respect to the operation of the Partnership, which is not otherwise specifically provided for in this Agreement or the Act, or with respect to the interpretation of this Agreement, the General Partner is
hereby authorized to make a final determination with respect to any such question and to interpret this Agreement in such a manner as it shall deem, in its sole discretion, to be fair and equitable, and its determination and interpretations so made
shall be final and binding on all parties and shall not constitute a breach of this Agreement, of any agreement contemplated herein or therein, or of any duty existing at law, in equity or otherwise, including any fiduciary duty.

  

	H.	To the fullest extent permitted by applicable law, no Indemnitee shall be liable to the Partnership, any Partner or any other Person bound by this Agreement for any
loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnitee in good faith on behalf of the Partnership and in a manner reasonably believed to be within the scope of the authority conferred on such
Indemnitee by this Agreement, except that an Indemnitee shall be liable for any such loss, damage or claim incurred by reason of such Indemnitee’s intentional harm or gross negligence. 

Section 7.9 Other Matters Concerning the General Partner and the Special Limited Partner. 

 

	A.	The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 

 

	B.	The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental
consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within such Person’s
professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

  

	C.	The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any duly authorized agents or a duly appointed
attorney or attorneys-in-fact (including, without limitation, the Special Limited Partner). Each such agent or attorney shall, to the extent authorized by the General Partner, have full power and authority to do and perform all and every act and
duty that is permitted or required to be done by the General Partner hereunder. 

  
 48 

	D.	Notwithstanding any other provision of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner
to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the Special Limited Partner to continue to qualify as a REIT,
(ii) for the Special Limited Partner otherwise to satisfy the REIT Requirements, (iii) for the Special Limited Partner to avoid incurring any taxes under Code Section 857 or Code Section 4981, or (iv) for any Special Limited
Partner Affiliate to continue to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners and shall not
constitute a breach of this Agreement, of any agreement contemplated herein or therein, or of any duty existing at law, in equity or otherwise, including any fiduciary duty. 

 

	E.	To the extent the Special Limited Partner, or its officers or directors, take any action in the name or on behalf of the General Partner, in the General Partner’s
capacity as the sole general partner of the Partnership, the Special Limited Partner and its officers and directors shall be entitled to the same protection as the General Partner and its members, managers and agents. 

Section 7.10 Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or
intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any
or all of the Partnership assets may be held in the name of the Partnership, the General Partner, or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner or the Special Limited 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 or the Special Limited Partner shall be held by the General Partner
or such nominee or Affiliate for the use and benefit of the Partnership in accordance with the provisions of this Agreement. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the
name in which legal title to such Partnership assets is held. 
 Section 7.11 Reliance by Third Parties.
Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner or Person, to
encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal
with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. To the fullest extent permitted by law, each Limited Partner hereby waives any and all defenses or other remedies that may be
available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that
the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the
Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that 

  
 49 

 
(i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such
certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions
of this Agreement and is binding upon the Partnership. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.1 Limitation of Liability. No Limited Partner, including the Special Limited Partner, acting in its capacity as such, shall have any liability under this Agreement except for
intentional harm or gross negligence on the part of such Limited Partner or as expressly provided in this Agreement (including, without limitation, Section 10.4 hereof) or under the Act. 

Section 8.2 Management of Business. No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or
any member, manager, employee, partner or agent of the General Partner or the Partnership, in their capacity as such, including the Special Limited Partner, in its capacity as the sole member of the General Partner) shall take part in the
operations, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of
any such business by the General Partner, or any member, manager or agent of the General Partner, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this
Agreement. 
 Section 8.3 Outside Activities of Limited Partners. To the fullest extent permitted by law and
notwithstanding any other provision of this Agreement or any other agreement contemplated herein or applicable provisions of law or equity or otherwise, subject to any agreements entered into pursuant to Section 7.6 hereof and any other
agreements entered into by a Limited Partner or any of its Affiliates with the General Partner, the Partnership or a Subsidiary (including, without limitation, any employment agreement), any Limited Partner (including, subject to Section 7.5
hereof, the Special Limited Partner) and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in
addition to those relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. To the fullest extent permitted by
law and notwithstanding any other provision of this Agreement or any other agreement contemplated herein or applicable provisions of law or equity or otherwise, neither the Partnership nor any Partner shall have any rights by virtue of this
Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby
in any business ventures of any other Person (other than the General Partner or the Special Limited Partner, to the extent expressly provided herein), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.6
hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or a Subsidiary, to offer any interest in any such business ventures to the Partnership, any Limited Partner, or any such
other Person, even if such opportunity is of a character that, if 

  
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presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. Notwithstanding any other provision of this Agreement, or any other agreement contemplated
herein or applicable provisions of law or equity or otherwise, to the fullest extent permitted by law, including without limitation Section 7.1.A and Section 7.5, one or more Affiliates of the Special Limited Partner may own membership
interests or similar equity interests in one or more Subsidiaries, provided that the aggregate amount of such interests owned by the Affiliates of the Special Limited Partner in any one Subsidiary shall not exceed 5% of such Subsidiary’s
outstanding membership or similar equity interests. 
 Section 8.4 Return of Capital. Except pursuant to the rights
of Redemption set forth in Section 15.1 hereof or in any Partnership Unit Designation, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this
Agreement or upon termination of the Partnership as provided herein. Except to the extent provided in Article 5 and Article 6 hereof or otherwise expressly provided in this Agreement or in any Partnership Unit Designation, no Limited Partner or
Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. 
 Section 8.5 Rights of Limited Partners Relating to the Partnership. 
  

	A.	Except as limited by Section 8.5.C hereof, the General Partner shall deliver to each Limited Partner a copy of any information mailed or electronically delivered
to all of the common stockholders of the Special Limited Partner as soon as practicable after such mailing. 

  

	B.	The Partnership shall notify any Limited Partner that is a Qualifying Party, on request, of the then current Adjustment Factor and any change made to the Adjustment
Factor shall be set forth in the quarterly report required by Section 9.3.B hereof immediately following the date such change becomes effective. 

  

	C.	Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners (or any of them), for such period of
time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner believes to be in the nature of trade secrets or other information the disclosure of which the General
Partner in good faith believes is not in the best interests of the Partnership or the General Partner or (ii) the Partnership or the General Partner is required by law or by agreement to keep confidential. 

 

	D.	 Upon written request by any Limited Partner, the General Partner shall cause the ownership of Partnership Units by such Limited Partner to be evidenced
by a certificate for units in such form as the General Partner may determine with respect to any class of Partnership Units issued from time to time under this Agreement. Any officer of the General Partner may direct a new certificate or
certificates to be issued in place of any certificate or certificates theretofore issued by the Partnership alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the
certificate to be lost, destroyed, stolen or mutilated. Unless otherwise determined by an officer of the General Partner, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall
be required, as a condition precedent to the issuance of a new certificate or certificates, to 

  
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give the Partnership a bond in such sums as the General Partner may direct as indemnity against any claim that may be made against the Partnership. 

Section 8.6 Partnership Right to Call Limited Partner Interests. 

Notwithstanding any other provision of this Agreement, on and after the date on which the aggregate Percentage Interests
of the Limited Partners (other than the Special Limited Partner) are less than one percent (1%), the Partnership shall have the right, but not the obligation, from time to time and at any time to redeem any and all outstanding Limited Partner
Interests (other than the Special Limited Partner’s Limited Partner Interests) by treating any Limited Partner as a Tendering Party who has delivered a Notice of Redemption pursuant to Section 15.1 hereof for the amount of Partnership
Common Units to be specified by the General Partner, in its sole and absolute discretion, by notice to such Limited Partner that the Partnership has elected to exercise its rights under this Section 8.6. Such notice given by the General Partner
to a Limited Partner pursuant to this Section 8.6 shall be treated as if it were a Notice of Redemption delivered to the General Partner by such Limited Partner. For purposes of this Section 8.6, (a) any Limited Partner (whether or
not otherwise a Qualifying Party) may, in the General Partner’s sole and absolute discretion, be treated as a Qualifying Party that is a Tendering Party and (b) the provisions of Sections 15.1.F(2) and 15.1.F(3) hereof shall not
apply, but the remainder of Section 15.1 hereof shall apply, mutatis mutandis. 
 ARTICLE 9 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 Section 9.1 Records and Accounting. 
  

	A.	The General Partner shall keep or cause to be kept at the principal place of business of the Partnership those records and documents, if any, required to be maintained
by the Act and any other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary to provide to the Limited Partners any
information, lists and copies of documents required to be provided pursuant to Section 8.5.A, Section 9.3 or Article 13 hereof. Any records maintained by or on behalf of the Partnership in the regular course of its business may be
kept on any information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

 

	B.	The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting
principles, or on such other basis as the General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and the General Partner may operate with integrated or
consolidated accounting records, operations and principles. 

 Section 9.2 Partnership Year. For
purposes of this Agreement, “Partnership Year” means the fiscal year of the Partnership, which shall be the same as the tax year of the Partnership. The tax year shall be the calendar year unless otherwise required by the Code. 

  
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 Section 9.3 Reports. 

 

	A.	As soon as practicable, but in no event later than one hundred five (105) days after the close of each Partnership Year, the General Partner shall cause to be
mailed to each Limited Partner of record as of the close of the Partnership Year, financial statements of the Partnership, or of the Special Limited Partner if such statements are prepared solely on a consolidated basis with the Special Limited
Partner, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner.

  

	B.	As soon as practicable, but in no event later than sixty (60) days after the close of each calendar quarter (except the last calendar quarter of each year), the
General Partner shall cause to be mailed to each Limited Partner of record as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership for such calendar quarter, or of the Special Limited Partner
if such statements are prepared solely on a consolidated basis with the Special Limited Partner, and such other information as may be required by applicable law or regulation or as the General Partner determines to be appropriate.

  

	C.	The General Partner shall have satisfied its obligations under Section 9.3.A and Section 9.3.B by posting or making available the reports required by this
Section 9.3 on the website maintained from time to time by the Partnership or the Special Limited Partner, provided that such reports are able to be printed or downloaded from such website. 

 

	D.	At the request of any Limited Partner, for any purpose reasonably related to such Limited Partner’s interest in the Partnership, the General Partner shall, subject
to Section 17-305(b) of the Act, provide access to the books, records and workpapers upon which the reports required by this Section 9.3 are based, to the extent required by the Act. 

ARTICLE 10 

TAX MATTERS 
 Section 10.1 Preparation of Tax Returns. The General Partner shall arrange for the preparation and timely filing of all returns with respect to Partnership income, gains, deductions, losses
and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by Limited
Partners for federal and state income tax and any other tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to the Contributed Properties as is readily available to the Limited
Partners, including tax basis and other relevant information, as may be reasonably requested by the General Partner from time to time. 
 Section 10.2 Tax Elections. Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to
the Code, including, but not limited to, the election under Code Section 754. The General Partner shall have the right to seek to revoke any such election (including, without limitation, any election under Code Section 754) upon the
General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

  
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 Section 10.3 Tax Matters Partner. 

 

	A.	The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. The tax matters partner shall receive no
compensation for its services. All third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in addition to any
reimbursement pursuant to Section 7.4 hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder. 

 

	B.	The tax matters partner is authorized, but not required: 

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

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

(5) to enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item required to be
taken into account by a Partner for tax purposes, or an item affected by such item; and 
 (6) to take any other action on behalf
of the Partners or any of them in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. 
 The taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute
discretion of the tax matters partner and the provisions relating to indemnification 

  
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of the General Partner set forth in Section 7.7 hereof shall be fully applicable to the tax matters partner in its capacity as such. 

Section 10.4 Withholding. Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with
respect to such Limited Partner any amount of federal, state, local or foreign taxes that the General Partner determines, in its sole and absolute discretion, the Partnership is required to withhold or pay with respect to any amount distributable or
allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Section 1441, Code Section 1442, Code Section 1445 or Code
Section 1446. Any amount withheld with respect to a Limited Partner pursuant to this Section 10.4 shall be treated as paid or distributed, as applicable, to such Limited Partner for all purposes under this Agreement. Any amount paid on
behalf of or with respect to a Limited Partner, in excess of any such withheld amount, shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within thirty (30) days after the
affected Limited Partner receives written notice from the General Partner that such payment must be made, provided that the Limited Partner shall not be required to repay such deemed loan if either (i) the Partnership withholds such payment
from a distribution that would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the funds of the Partnership that would, but for such
payment, be distributed to the Limited Partner. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the
Wall Street Journal (but not higher than the maximum lawful rate) from the date such amount is due (i.e., thirty (30) days after the Limited Partner receives written notice of such amount) until such amount is paid in full. 

Section 10.5 Organizational Expenses. The General Partner may cause the Partnership to elect to deduct expenses, if any,
incurred by it in organizing the Partnership ratably over a 180-month period as provided in Section 709 of the Code. 

Section 10.6 Treatment of Partnership as Disregarded Entity. Notwithstanding anything to the contrary in this Agreement, if
the Partnership is treated as a Disregarded Entity with respect to the Special Limited Partner during any period, then the other provisions of this Agreement shall be applied (or not applied) in a manner consistent with such treatment with respect
to such period, as determined by the General Partner in its sole and absolute discretion. In the event of any conflict between this Section 10.6 and any other provision of this Agreement, this Section 10.6 shall control. 

ARTICLE 11 

PARTNER TRANSFERS AND WITHDRAWALS 
 Section 11.1 Transfer. 
  

	A.	To the fullest extent permitted by law, no part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or support, or to
legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

  
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	B.	No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. To the fullest
extent permitted by law, any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio. 

 

	C.	No Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of
the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the Consent of the General Partner; provided, however, that, as a condition to such Consent, the lender may be required to enter
into an arrangement with the Partnership and the General Partner to redeem or exchange for the REIT Shares Amount any Partnership Units in which a security interest is held by such lender 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 (provided that, for purpose of calculating the REIT Shares Amount in this Section 11.1.C, “Tendered
Units” shall mean all such Partnership Units in which a security interest is held by such lender). 

Section 11.2 Transfer of General Partner’s Partnership Interest. 

 

	A.	Subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner may not Transfer all or any portion of
its Partnership Interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise) without the Consent of the Limited Partners (but may do so with the Consent of the Limited Partners). It is a condition to any
Transfer of a Partnership Interest of a General Partner otherwise permitted hereunder that: (i) coincident with such Transfer, the transferee is admitted as a General Partner pursuant to Section 12.1 hereof; (ii) the transferee
assumes, by operation of law or express agreement, all of the obligations of the transferor General Partner under this Agreement with respect to such Transferred Partnership Interest; and (iii) the transferee has executed such instruments as
may be necessary to effectuate such admission and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired and the admission of such transferee as
a General Partner. 

  

	B.	Certain Transactions of the General Partner. Subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the
General Partner may, without the Consent of the Limited Partners, Transfer all of its Partnership Interest in connection with (a) a merger, consolidation or other combination of its assets with another entity, (b) a sale of all or
substantially all of its assets not in the ordinary course of the Partnership’s business or (c) a reclassification, recapitalization or change of any outstanding shares of the General Partner’s stock or other outstanding equity
interests (each, a “Termination Transaction”) if: 

 (i) in connection with such
Termination Transaction, all of the Limited Partners will receive, or will have the right to elect to receive, for each Partnership Common Unit an amount of cash, securities or other property equal to the product of the Adjustment Factor and the
greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one REIT Share pursuant to the terms of such Termination Transaction; provided, that if, in connection with such Termination Transaction, a
purchase, tender or exchange offer shall have been made to and accepted 

  
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by the holders of the outstanding REIT Shares, each holder of Partnership Common Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities or other
property which such holder of Partnership Common Units would have received had it exercised its right to Redemption pursuant to Article 15 hereof and received REIT Shares in exchange for its Partnership Common Units immediately prior to the
expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; or 

(ii) all of the following conditions are met: (w) substantially all of the assets directly or indirectly owned by the
surviving entity are owned directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the
“Surviving Partnership”); (x) the Limited Partners that held Partnership Common Units immediately prior to the consummation of such Termination Transaction own a percentage interest of the Surviving Partnership based on the
relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction; (y) the rights, preferences and privileges in the Surviving
Partnership of such Limited Partners are at least as favorable as those in effect with respect to the Partnership Common Units immediately prior to the consummation of such transaction and as those applicable to any other limited partners or
non-managing members of the Surviving Partnership; and (z) the rights of such Limited Partners include at least one of the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration available to
such persons pursuant to Section 11.2.B(i) or (b) the right to redeem their interests in the Surviving Partnership for cash on terms substantially equivalent to those in effect with respect to their Partnership Common Units
immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the
determination of relative fair market value of such securities and the REIT Shares. 
  

	C.	Notwithstanding the other provisions of this Article 11 (other than Section 11.6.D hereof), the General Partner may Transfer all of its Partnership Interests
at any time to any Person that is, at the time of such Transfer an Affiliate of the General Partner, including any “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), without the Consent of any Limited
Partners. The provisions of Section 11.2.B, 11.3, 11.4.A and 11.5 hereof shall not apply to any Transfer permitted by this Section 11.2.C. 

  

	D.	Except in connection with Transfers permitted in this Article 11 and as otherwise provided in Section 12.1 in connection with the Transfer of the General
Partner’s entire Partnership Interest, the General Partner may not voluntarily withdraw as a general partner of the Partnership without the Consent of the Limited Partners. 

  
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 Section 11.3 Limited Partners’ Rights to Transfer. 

 

	A.	General. Prior to the end of the first Fourteen-Month Period and except as provided in Section 11.1.C hereof, no Limited Partner shall Transfer all or any
portion of its Partnership Interest to any transferee without the Consent of the General Partner, which may be given or withheld in its sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without
the consent or approval of the General Partner, (i) Transfer all or part of its Partnership Interest to any Family Member (including a Transfer by a Family Member that is an inter vivos or testamentary trust (whether revocable or irrevocable)
to a Family Member that is a beneficiary of such trust), any Charity, any Controlled Entity or any Affiliate, or (ii) pledge (a “Pledge”) all or any portion of its Partnership Interest to a lending institution as collateral or
security for a bona fide loan or other extension of credit, and Transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension of credit (any Transfer or Pledge
permitted by this proviso is hereinafter referred to as a “Permitted Transfer”). After such first Fourteen-Month Period, each Limited Partner, and each transferee of Partnership Units or Assignee pursuant to a Permitted Transfer,
shall have the right to Transfer all or any portion of its Partnership Interest to any Person, without the Consent of the General Partner but subject to the provisions of Section 11.4 hereof and to satisfaction of each of the following
conditions: 

 (1) Special Limited Partner Right of First Refusal. The transferor Limited Partner (or the
Partner’s estate in the event of the Partner’s death) shall give written notice of the proposed Transfer to the General Partner and the Special Limited Partner, which notice shall state (i) the identity and address of the proposed
transferee and (ii) the amount and type of consideration proposed to be received for the Transferred Partnership Units. The Special Limited Partner shall have ten (10) Business Days upon which to give the transferor Limited Partner notice
of its election to acquire the Partnership Units on the terms set forth in such notice. If it so elects, it shall purchase the Partnership Units on such terms within ten (10) Business Days after giving notice of such election; provided,
however, that in the event that the proposed terms involve a purchase for cash, the Special Limited Partner may at its election deliver in lieu of all or any portion of such cash a note from the Special Limited Partner payable to the
transferor Limited Partner at a date as soon as reasonably practicable, but in no event later than one hundred eighty (180) days after such purchase, and bearing interest at an annual rate equal to the total dividends declared with respect to
one (1) REIT Share for the four (4) preceding fiscal quarters of the Special Limited Partner, divided by the Value as of the closing of such purchase; and provided, further, that such closing may be deferred to the extent
necessary to effect compliance with the Hart-Scott-Rodino Act, if applicable, and any other applicable requirements of law. If it does not so elect, the transferor Limited Partner may Transfer such Partnership Units to a third party, on terms no
more favorable to the transferee than the proposed terms, subject to the other conditions of this Section 11.3. 
 (2)
Qualified Transferee. Any Transfer of a Partnership Interest shall be made only to a single Qualified Transferee; provided, however, that, for such purposes, all Qualified Transferees that are Affiliates, or that comprise
investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee; and provided, further, that each Transfer meeting the minimum Transfer
restriction of Section 11.3.A(4) hereof may be to a separate Qualified Transferee. 

  
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 (3) Opinion of Counsel. The transferor Limited Partner shall deliver or cause to be
delivered to the General Partner an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of
the Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred; provided, however, that the General Partner may,
in its sole and absolute discretion, waive this condition upon the request of the transferor Limited Partner. If, in the opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act or would
otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units, the General Partner may prohibit any Transfer otherwise permitted under this Section 11.3 by a Limited Partner of
Partnership Interests. 
 (4) Minimum Transfer Restriction. Any Transferring Partner must Transfer not less than the
lesser of (i) five hundred (500) Partnership Units or (ii) all of the remaining Partnership Units owned by such Transferring Partner, without, in each case, the Consent of the General Partner; provided, however, that,
for purposes of determining compliance with the foregoing restriction, all Partnership Units owned by Affiliates of a Limited Partner shall be considered to be owned by such Limited Partner. 

(5) Exception for Permitted Transfers. The conditions of Sections 11.3.A(1) through 11.3.A(4) hereof shall not apply in
the case of a Permitted Transfer. 
 It is a condition to any Transfer otherwise permitted hereunder (whether or not such
Transfer is effected during or after the first Fourteen-Month Period) that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred
Partnership Interest, and no such Transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the
transferor Partner of its obligations under this Agreement without the Consent of the General Partner. Notwithstanding the foregoing, any transferee of any Transferred Partnership Interest shall be subject to any restrictions on ownership and
transfer of stock of the Special Limited Partner contained in the Charter that may limit or restrict such transferee’s ability to exercise its Redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not
admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall
have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof. 
  

	B.	Certain Transactions of the Special Limited Partner. Notwithstanding anything to the contrary in this Agreement, the Special Limited Partner may Transfer its
interest in the Partnership in connection with a Termination Transaction with the Consent of the Limited Partners or without the Consent of the Limited Partners if: 

(1) In connection with such Termination Transaction, all of the Limited Partners (other than the Special Limited Partner) will receive, or
will have the right to elect to receive, for each Partnership Common Unit an amount of cash, securities or other property equal to the product of 

  
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the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one REIT Share pursuant to the terms of such Terminating
Transaction; provided, that if, in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the outstanding REIT Shares, each holder of Partnership Common Units
(other than the Special Limited Partner) shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Partnership Common Units would have received had it exercised its
right to Redemption pursuant to Article 15 hereof and received REIT Shares in exchange for its Partnership Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender
or exchange offer and then such Termination Transaction shall have been consummated; or 
 (2) the following conditions are met:
(w) substantially all of the assets directly or indirectly owned by the surviving entity are owned directly or indirectly by the Surviving Partnership; (x) the Limited Partners that held Partnership Common Units immediately prior to the
consummation of such Termination Transaction own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior
to the consummation of such transaction; (y) the rights, preferences and privileges of such Limited Partners in the Surviving Partnership are at least as favorable as those in effect with respect to Partnership Common Units immediately prior to
the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving Partnership; and (z) the rights of such Limited Partners include at least one of the following: (a) the
right to redeem their Partnership Units for the consideration available to such persons pursuant to Section 11.3.B(1) or cash on terms equivalent to those in effect with respect to their Partnership Common Units immediately prior to the
consummation of such transaction, or, if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the determination of relative fair
market value of such securities and the REIT Shares. 
  

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

 

	D.	 Adverse Tax Consequences. Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the authority (but shall
not be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion to prevent the Partnership from being taxable as a corporation for federal income tax purposes. In furtherance of the foregoing, except
with the Consent of the General Partner, no Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the Special Limited Partner or the General Partner or any acquisition of
Partnership Units by the Partnership) may be made to or by any Person if such Transfer could (i) result in the Partnership being treated as an association taxable as a corporation; (ii) result in a termination of the Partnership under Code
Section 708; (iii) be treated as effectuated through an “established 

  
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securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 and the Regulations promulgated thereunder,
(iv) result in the Partnership being unable to qualify for one or more of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under
which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”) or (v) in the General
Partner’s judgment in its sole and absolute discretion, adversely affect the ability of the Special Limited Partner to continue to qualify as a REIT or subject the Special Limited Partner to any additional taxes under Code Section 857 or
Code Section 4981. 

 Section 11.4 Admission of Substituted Limited Partners. 

 

	A.	No Limited Partner shall have the right to substitute a transferee (including any transferees pursuant to Transfers permitted by Section 11.3 hereof) as a Limited
Partner in its place. A transferee of a Limited Partner Interest may be admitted as a Substituted Limited Partner only with the Consent of the General Partner, which may be given or withheld in its sole and absolute discretion. The failure or
refusal by the General Partner to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee
shall not be admitted as a Substituted Limited Partner until and unless it furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable
obligations of this Agreement, (ii) a counterpart signature page to this Agreement executed by such Assignee and (iii) such other documents and instruments as may be required or advisable, in the sole and absolute discretion of the General
Partner, to effect such Assignee’s admission as a Substituted Limited Partner. 

  

	B.	Concurrently with, and as evidence of, the admission of a Substituted Limited Partner, the General Partner shall update Exhibit A and the books and records
of the Partnership to reflect the name, address and number and class and/or series of Partnership Units of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and number of Partnership Units of the
predecessor of such Substituted Limited Partner. 

  

	C.	A transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all
the restrictions and liabilities of a Limited Partner under this Agreement. 

 Section 11.5 Assignees.
If the General Partner does not Consent to the admission of any permitted transferee under Section 11.3 hereof as a Substituted Limited Partner, as described in Section 11.4 hereof, or in the event that any Partnership Interest is deemed
to have been Transferred notwithstanding the restrictions set forth in this Article 11, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited
partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Partnership attributable to the
Partnership Interest assigned to such transferee and the rights to Transfer the Partnership Interest provided in this Article 11, but shall not be deemed to be a holder of a Partnership Interest for any other purpose under this Agreement (other
than as expressly provided in Section 15.1 hereof with respect to a 

  
 61 

 
Qualifying Party that becomes a Tendering Party), and shall not be entitled to effect a Consent or vote with respect to such Partnership Interest on any matter presented to the Partners for
approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). In the event that any such transferee desires to make a further Transfer of any such
Partnership Interest, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make a Transfer of a Limited Partner Interest. 

Section 11.6 General Provisions. 
  

	A.	No Limited Partner may withdraw from the Partnership other than as a result of: (i) a permitted Transfer of all of such Limited Partner’s Partnership Units in
accordance with this Article 11 with respect to which the transferee becomes a Substituted Limited Partner; (ii) pursuant to a redemption (or acquisition by the Special Limited Partner) of all of its Partnership Units pursuant to a
Redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation or (iii) the acquisition by the General Partner or the Special Limited Partner of all of such Limited Partner’s Partnership Interest, whether or
not pursuant to Section 15.1.B hereof. 

  

	B.	Any Limited Partner who shall Transfer all of its Partnership Units in a Transfer (i) permitted pursuant to this Article 11 where such transferee was admitted
as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation or
(iii) to the Special Limited Partner, whether or not pursuant to Section 15.1.B hereof, shall cease to be a Limited Partner. 

  

	C.	If any Partnership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Partnership, or acquired by the Special Limited
Partner pursuant to Section 15.1 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership
Unit for such Partnership Year shall be allocated to the transferor Partner or the Tendering Party (as the case may be) and, in the case of a Transfer other than a Redemption, to the transferee Partner, by taking into account their varying interests
during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the General Partner in its sole and absolute discretion. Solely for purposes
of making such allocations, unless the General Partner decides in its sole and absolute discretion to use another method permitted under the Code, each of such items for the calendar month in which a Transfer occurs shall be allocated to the
transferee Partner and none of such items for the calendar month in which a Transfer or a Redemption occurs shall be allocated to the transferor Partner, or the Tendering Party (as the case may be) if such Transfer occurs on or before the fifteenth
(15th) day of the month, otherwise such items shall be allocated to the transferor. All distributions of funds attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer,
assignment or Redemption shall be made to the transferor Partner or the Tendering Party (as the case may be) and, in the case of a Transfer other than a Redemption, all distributions of funds thereafter attributable to such Partnership Unit shall be
made to the transferee Partner. 

  
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	D.	In addition to any other restrictions on Transfer herein contained, in no event may any Transfer of a Partnership Interest by any Partner (including any Redemption, any
acquisition of Partnership Units by the Special Limited Partner or any other acquisition of Partnership Units by the Partnership) be made: (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest;
(ii) in violation of applicable law; (iii) except with the Consent of the General Partner, which may be given or withheld in its sole and absolute discretion, of any component portion of a Partnership Interest, such as the Capital Account,
or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) in the event that such Transfer could cause either the Special Limited Partner or any Special Limited Partner Affiliate to cease to comply
with the REIT Requirements or to cease to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)); (v) except with the Consent of the General Partner, which may be given or withheld in its sole and
absolute discretion, if such Transfer could, based on the advice of counsel to the Partnership or the General Partner, cause a termination of the Partnership for federal or state income tax purposes (except as a result of the Redemption (or
acquisition by the Special Limited Partner) of all Partnership Common Units held by all Limited Partners (other than the Special Limited Partner)); (vi) if such Transfer could, based on the advice of legal counsel to the Partnership or the
General Partner, cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the Special Limited Partner) of all Partnership Common Units held by all
Limited Partners (other than the Special Limited Partner)); (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in
ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) if such Transfer could, based on the advice of legal counsel to the Partnership or the General Partner, cause any portion of the
assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (ix) if such Transfer requires the registration of such Partnership Interest pursuant to any
applicable federal or state securities laws; (x) except with the Consent of the General Partner, if such Transfer could (1) be treated as effectuated through an “established securities market” or a “secondary market”
(or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and the Regulations promulgated thereunder, (2) cause the Partnership to become a “publicly traded partnership,” as such term is defined in
Sections 469(k)(2) or 7704(b) of the Code, (3) could be in violation of Section 3.4.C(iii), or (4) could cause the Partnership to fail one or more of the Safe Harbors; (xi) if such Transfer causes the Partnership (as opposed to
the Special Limited Partner) to become a reporting company under the Exchange Act; or (xii) if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as
amended. The General Partner shall, in its sole and absolute discretion, be permitted to take all action necessary to prevent the Partnership from being classified as a “publicly traded partnership” under Code Section 7704.

  

	E.	Transfers pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner, in its sole and
absolute discretion, otherwise Consents. 

  
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 ARTICLE 12 
 ADMISSION OF PARTNERS 
 Section 12.1 Admission of Successor General
Partner. A successor to all of the General Partner’s General Partner Interest pursuant to a Transfer permitted by Section 11.2 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as
the General Partner, effective immediately upon such Transfer. Upon any such Transfer and the admission of any such transferee as a successor General Partner in accordance with this Section 12.1, the transferor General Partner shall be relieved
of its obligations under this Agreement and shall cease to be a general partner of the Partnership without any separate Consent of the Limited Partners or the consent or approval of any other Partners. Any such successor General Partner shall carry
on the business and affairs of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this
Agreement and such other documents or instruments as may be required to effect the admission of such Person as a General Partner. Upon any such Transfer, the transferee shall become the successor General Partner for all purposes herein, and shall be
vested with the powers and rights of the transferor General Partner, and shall be liable for all obligations and responsible for all duties of the General Partner. Concurrently with, and as evidence of, the admission of a successor General Partner,
the General Partner shall update Exhibit A and the books and records of the Partnership to reflect the name, address and number and classes and/or series of Partnership Units of such successor General Partner. 

Section 12.2 Admission of Additional Limited Partners. 

 

	A.	After the admission to the Partnership of the Original Limited Partners, a Person (other than an existing Partner) who makes a Capital Contribution to the Partnership
in exchange for Partnership Units and in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance
satisfactory to the General Partner, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature page to this Agreement executed by
such Person and (iii) such other documents or instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. Concurrently with, and as
evidence of, the admission of an Additional Limited Partner, the General Partner shall update Exhibit A and the books and records of the Partnership to reflect the name, address and number and classes and/or series of Partnership Units
of such Additional Limited Partner. 

  

	B.	Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited Partner without the Consent of the General
Partner, which may be given or withheld in its sole and absolute discretion. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on Exhibit A and the
books and records of the Partnership, following the Consent of the General Partner to such admission and the satisfaction of all the conditions set forth in Section 12.2.A. 

  
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	C.	If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item
thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Partnership Year shall be allocated among such Additional Limited Partner and all other Holders by taking into account their varying interests
during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the General Partner, in its sole and absolute discretion. Solely for
purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Holders including such Additional Limited Partner, in accordance with the
principles described in Section 11.6.C hereof. All distributions of funds with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited
Partner, and all distributions of funds thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 

  

	D.	Any Additional Limited Partner admitted to the Partnership that is an Affiliate of the Special Limited Partner shall be deemed to be a “Special Limited Partner
Affiliate” hereunder and shall be reflected as such on Exhibit A and the books and records of the Partnership. 

 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership. For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and
appropriate under the Act to update the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (and to update Exhibit A) and, if required by law, shall prepare and file an amendment
to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.4 Limit on Number of Partners. Unless otherwise permitted by the General Partner in its sole and absolute
discretion, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company
under the Exchange Act. 
 Section 12.5 Admission. A Person shall be admitted to the Partnership as a limited partner
of the Partnership or a general partner of the Partnership only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as a Limited Partner or a General
Partner. 
 ARTICLE 13 
 DISSOLUTION, LIQUIDATION AND TERMINATION 
 Section 13.1
Dissolution. The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the
withdrawal of the General Partner, any successor General Partner shall continue the business and affairs of the Partnership without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of
any of the following (each a “Liquidating Event”): 

  
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	A.	an event of withdrawal, as defined in Section 17-402 of the Act (including, without limitation, bankruptcy), or the withdrawal in violation of this Agreement, of
the last remaining General Partner unless, within ninety (90) days after the withdrawal, a Majority in Interest of the Partners remaining agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and
to the appointment, effective as of the date of such withdrawal, of a successor General Partner; 

  

	B.	an election to dissolve the Partnership made by the General Partner in its sole and absolute discretion, with or without the Consent of the Limited Partners;

  

	C.	entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 

 

	D.	any sale or other disposition of (other than the attachment of a lien or security interest in) all or substantially all of the assets of the Partnership outside the
ordinary course of the Partnership’s business or a related series of transactions that, taken together, result in the sale or other disposition of (other than the attachment of a lien or security interest in) all or substantially all of the
assets of the Partnership outside the ordinary course of the Partnership’s business; and 

  

	E.	at any time that there are no limited partners of the Partnership unless the business of the Partnership is continued in accordance with the Act.

 Section 13.2 Winding Up. 

 

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

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

 (2) Second, to the satisfaction of all of the Partnership’s debts and liabilities to the General Partner and the Special
Limited Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.4 hereof; 

(3) Third, to the satisfaction of all of the Partnership’s debts and liabilities to the other Holders (whether by payment or the
making of reasonable provision for payment thereof); and 

  
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 (4) Fourth, to the Partners in accordance with their positive Capital Account balances,
determined after taking into account all Capital Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs (other than those made as a result of the liquidating distribution set forth in this
Section 13.2.A(4)). 
 The General Partner shall not receive any additional compensation for any services performed pursuant
to this Article 13 other than reimbursement of its expenses as set forth in Section 7.4. 
  

	B.	Notwithstanding the provisions of Section 13.2.A hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth
therein, if prior to the termination of the Partnership, the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Holders, the Liquidator may, in its sole
and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership (including to those Holders as creditors) and/or distribute to the Holders, in lieu of cash, as
tenants in common and in accordance with the provisions of Section 13.2.A hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the
good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Holders, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and
equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt.

  

	C.	If any Holder has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the
year during which such liquidation occurs), except as otherwise agreed to by such Holder, such Holder shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be
considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 

  

	D.	In the sole and absolute discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be applied and distributed in the order of priority
set forth in Section 13.2A may be: 

 (1) distributed to a trust established for the Partnership for the
purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent, conditional or unmatured liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with
the Partnership and/or Partnership activities. The assets of any such trust shall be applied and distributed, from time to time, in the sole and absolute discretion of the Liquidator, in the same proportions and amounts as would otherwise have been
applied and distributed as set forth in Section 13.2A; or 
 (2) withheld or escrowed to provide a reasonable reserve for
Partnership liabilities (contingent, conditional or unmatured) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be

  
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applied and distributed in the manner and order of priority set forth in Section 13.2.A hereof as soon as practicable. 

Section 13.3 Deemed Contribution and Distribution. Notwithstanding any other provision of this Article 13, in the event
that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the Partnership’s Property shall not be liquidated, the Partnership’s liabilities shall not be
paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for federal income tax purposes the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an
interest in the new partnership; and immediately thereafter, distributed Partnership Units to the Partners in the new partnership in accordance with their respective Capital Accounts in liquidation of the Partnership, and the new partnership is
deemed to continue the business of the Partnership. Nothing in this Section 13.3 shall be deemed to have constituted a Transfer to an Assignee as a Substituted Limited Partner without compliance with the provisions of Section 11.4 or
Section 13.3 hereof. 
 Section 13.4 Rights of Holders. Except as otherwise provided in this Agreement and
subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, (a) each Holder shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b) no Holder shall
have the right or power to demand or receive property other than cash from the Partnership and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations. 

Section 13.5 Notice of Dissolution. In the event that a Liquidating Event occurs, the General Partner shall, within thirty
(30) days thereafter, provide written notice thereof to each Holder and, in the General Partner’s sole and absolute discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business (as
determined in the sole and absolute discretion of the General Partner), and the General Partner may publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined in the
sole and absolute discretion of the General Partner). 
 Section 13.6 Cancellation of Certificate of Limited
Partnership. Upon the completion of the winding up of the Partnership the Certificate shall be canceled in the manner required by the Act. 
 Section 13.7 Reasonable Time for Winding-Up. A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets
pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Partners during the period of winding up; provided,
however, reasonable efforts shall be made to complete such winding-up within twenty-four (24) months after the adoption of a plan of liquidation of the General Partner, as provided in Section 562(b)(1)(B) of the Code, if necessary, in the
sole and absolute discretion of the General Partner. 

  
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 ARTICLE 14 
 PROCEDURES FOR ACTIONS AND CONSENTS 
 OF PARTNERS; AMENDMENTS; MEETINGS

 Section 14.1 Procedures for Actions and Consents of Partners. The actions requiring Consent of any Partner or
Partners pursuant to this Agreement, including Section 7.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14. 

Section 14.2 Amendments. Amendments to this Agreement may be proposed by the General Partner or by Limited Partners holding
twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners and, except as set forth in Section 7.3.C and subject to Section 7.3.D and the rights of any Holder of any Partnership Interest set forth in a
Partnership Unit Designation. Following such proposal, the General Partner shall submit to the Partners entitled to vote thereon any proposed amendment that, pursuant to the terms of this Agreement, requires the consent, approval or vote of such
Partners. The General Partner shall seek the consent, approval or vote of the Partners entitled to vote thereon on any such proposed amendment in accordance with Section 14.3 hereof. 

Section 14.3 Actions and Consents of the Partners. 

 

	A.	Meetings of the Partners may be called only by the General Partner to transact any business that the General Partner determines. The call shall state the nature of the
business to be transacted. Notice of any such meeting shall be given to all Partners entitled to act at the meeting not less than seven (7) days nor more than sixty (60) days prior to the date of such meeting. Partners may vote in person
or by proxy at such meeting. Unless approval by a different number or proportion of the Partners is required by this Agreement, the Consent of the General Partner and the Consent of the Limited Partners shall be required to approve such proposal at
a meeting of the Partners. Whenever the Consent of Partners is permitted or required under this Agreement, such Consent may be given at a meeting of Partners or in accordance with the procedure prescribed in Section 14.3.B hereof.

  

	B.	Any action requiring the Consent of any Partner or group of Partners pursuant to this Agreement or that is required or permitted to be taken at a meeting of the
Partners may be taken without a meeting if a Consent in writing or by electronic transmission (as defined in Section 17-405(d) of the Act) setting forth the action so taken or consented to is given by Partners whose Consent would be sufficient
to approve such action at a meeting of the Partners. Such Consent may be in one instrument or in several instruments, and shall have the same force and effect as the affirmative vote of such Partners at a meeting of the Partners. Such Consent shall
be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic transmission, the General Partner may
require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with the General Partner’s recommendation with respect to
the proposal; provided, however, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time. 

  
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	C.	Each Partner entitled to act at a meeting of the Partners may authorize any Person or Persons to act for it by proxy on all matters in which a Partner is entitled to
participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date
thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the Partnership’s receipt
of written notice of such revocation from the Partner executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 

 

	D.	The General Partner may set, in advance, a record date for the purpose of determining the Partners (i) entitled to Consent to any action, (ii) entitled to
receive notice of any meeting of the Partners or (iii) in order to make a determination of Partners for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall
be not more than ninety (90) days and, in the case of a meeting of the Partners, not less than five (5) days, before the date on which the meeting is to be held. If no record date is fixed, the record date for the determination of Partners
entitled to notice of a meeting of the Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any other determination of Partners shall be the effective date of such Partner action,
distribution or other event. When a determination of the Partners entitled to Consent at any meeting of the Partners has been made as provided in this section, such determination shall apply to any adjournment thereof. 

 

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

 ARTICLE 15 
 GENERAL PROVISIONS 

Section 15.1 Redemption Rights of Qualifying Parties. 

 

	A.	 After the applicable Fourteen-Month Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require
the Partnership to redeem all or a portion of the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in
exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof
prior to the end of the applicable Fourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the General Partner first receives a legal opinion to
the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner and the Special Limited Partner by the Qualifying Party
when exercising the Redemption right (the “Tendering Party”). 

  
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The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the General Partner, on behalf of
the Partnership, notifies the Tendering Party that the Partnership has declined to elect to require the Special Limited Partner to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption
and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the General Partner’s sole and absolute discretion,
in immediately available funds, in each case, on or before the tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption from the Tendering Party. 

 

	B.	 Notwithstanding the provisions of Section 15.1.A hereof, on or before the close of business on the Cut-Off Date, the Partnership may, in the
General Partner’s sole and absolute discretion, elect to require the Special Limited Partner to acquire some or all (such percentage being referred to as the “Applicable Percentage”) of the Tendered Units from the Tendering
Party in exchange for REIT Shares. If the Partnership elects to require the Special Limited Partner to acquire some or all of the Tendered Units pursuant to this Section 15.1.B, the Partnership shall give written notice thereof to the Tendering
Party on or before the close of business on the Cut-Off Date. If the Partnership elects to require the Special Limited Partner to acquire any of the Tendered Units for REIT Shares, the Special Limited Partner shall issue and deliver such REIT Shares
to the Tendering Party pursuant to the terms of this Section 15.1.B, in which case (1) the Special Limited Partner shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party’s exercise of its
Redemption right with respect to such Tendered Units and (2) such transaction shall be treated, for federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the Special Limited Partner in exchange for the REIT
Shares Amount. If the Partnership so elects, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the Special Limited Partner in exchange for a number of REIT Shares equal to the product of the REIT
Shares Amount and the Applicable Percentage. The Tendering Party shall submit (i) such information, certification or affidavit as the Special Limited Partner may reasonably require in connection with the application of the Ownership Limit to
any such acquisition and (ii) such written representations, investment letters, legal opinions or other instruments necessary, in the Special Limited Partner’s view, to effect compliance with the Securities Act. In the event of an election
by the Partnership to require the Special Limited Partner to purchase the Tendered Units pursuant to this Section 15.1.B, the Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Units
and, upon notice to the Tendering Party by the Partnership given on or before the close of business on the Cut-Off Date that the Partnership has elected to require the Special Limited Partner to acquire some or all of the Tendered Units pursuant to
this Section 15.1.B, the obligation of the Partnership to effect a Redemption of the Tendered Units as to which the General Partner’s notice relates shall not accrue or arise. A number of REIT Shares equal to the product of the Applicable
Percentage and the REIT Shares Amount, if applicable, shall be delivered by the Special Limited Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance
or restriction, other than the Ownership Limit, the Securities Act and relevant state securities or “blue sky” laws. Neither any Tendering Party whose Tendered Units are acquired by the Special Limited Partner pursuant to this
Section 15.1.B, any Partner, any Assignee nor any other interested Person shall have any right to require or cause the Special Limited Partner to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT
Shares 

  
 71 

	 	
are issued pursuant to this Section 15.1.B, with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock
exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement between the Special Limited Partner and any such Person. Notwithstanding
any delay in such delivery, the Tendering Party shall be deemed the owner of such REIT Shares and Rights for all purposes, including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified
Redemption Date. REIT Shares issued upon an acquisition of the Tendered Units by the Special Limited Partner pursuant to this Section 15.1.B may contain such legends regarding restrictions under the Securities Act and applicable state
securities laws as the Special Limited Partner in good faith determines to be necessary or advisable in order to ensure compliance with such laws. 

  

	C.	Notwithstanding the provisions of Section 15.1.A and 15.1.B hereof, the Tendering Parties shall have no rights under this Agreement that would otherwise be
prohibited by the Charter and shall have no rights to require the Partnership to redeem Tendered Units or require the Special Limited Partner to acquire Tendered Units if such a redemption or the acquisition of such Tendered Units by the Special
Limited Partner pursuant to Section 15.1.B hereof would cause any Person to violate the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Units by the Special Limited Partner pursuant to
Section 15.1.B hereof would be in violation of this Section 15.1.C, to the fullest extent permitted by law, it shall be null and void ab initio, and the Tendering Party shall not acquire any rights or economic interests in REIT
Shares otherwise issuable by the Special Limited Partner under Section 15.1.B hereof or cash otherwise payable under Section 15.1.A hereof. 

  

	D.	If the Partnership does not elect to require the Special Limited Partner to acquire the Tendered Units pursuant to Section 15.1.B hereof: 

(1) The Partnership may elect to raise funds for the payment of the Cash Amount either (a) by requiring that the Special Limited
Partner contribute to the Partnership funds from the proceeds of a registered public offering by the Special Limited Partner of REIT Shares sufficient to purchase the Tendered Units or (b) from any other sources (including, but not limited to,
the sale of any Property and the incurrence of additional Debt) available to the Partnership. The Special Limited Partner shall make a Capital Contribution of any such amounts to the Partnership in exchange for additional Partnership Units, and the
Partnership is hereby authorized from time to time to issue such additional Partnership Units in consideration therefor without any further act, approval or vote of any Partner or other Persons. Any such contribution shall entitle the Special
Limited Partner to an equitable Percentage Interest adjustment. 
 (2) If the Cash Amount is not paid on or before the Specified
Redemption Date, interest shall accrue with respect to the Cash Amount from the day after the Specified Redemption Date to and including the date on which the Cash Amount is paid at a rate equal to 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 (but not higher than the maximum lawful rate). 
  

	E.	Notwithstanding the provisions of Section 15.1.B hereof, the Special Limited Partner shall not acquire any Tendered Units in exchange for REIT Shares if such
exchange would be prohibited under the Charter. 

  
 72 

	F.	Notwithstanding anything herein to the contrary (but subject to Section 15.1.C hereof), with respect to any Redemption (or any tender of Partnership Common Units
for Redemption if the Tendered Units are acquired by the Special Limited Partner pursuant to Section 15.1.B hereof) pursuant to this Section 15.1: 

 (1) All Partnership Common Units acquired by the Special Limited Partner pursuant to Section 15.1.B hereof shall automatically, and without further action required, be converted into and deemed to be
a Special Limited Partner’s Partnership Interest comprised of the same number of Partnership Common Units. 
 (2) Subject to
the Ownership Limit, no Tendering Party may effect a Redemption for less than one thousand (1,000) Partnership Common Units or, if such Tendering Party holds (as a Limited Partner or, economically, as an Assignee) less than one thousand
(1,000) Partnership Common Units, all of the Partnership Common Units held by such Tendering Party, without, in each case, the Consent of the General Partner, which may be given or withheld in its sole and absolute discretion. 

(3) If (i) a Tendering Party surrenders its Tendered Units during the period after the Partnership Record Date with respect to a
distribution and before the record date established by the Special Limited Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (ii) the Partnership elects to require the Special
Limited Partner to acquire any of such Tendered Units in exchange for REIT Shares pursuant to Section 15.1.B, such Tendering Party shall pay to the Special Limited Partner on the Specified Redemption Date an amount in cash equal to the portion
of the Partnership distribution in respect of the Tendered Units exchanged for REIT Shares, insofar as such distribution relates to the same period for which such Tendering Party would receive a distribution in respect of such REIT Shares.

 (4) The consummation of such Redemption (or an acquisition of Tendered Units by the Special Limited Partner pursuant to
Section 15.1.B hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Act. 
 (5) The Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Partnership Common Units subject to any Redemption, and be treated as
a Limited Partner or an Assignee, as applicable, with respect to such Partnership Common Units for all purposes of this Agreement, until such Partnership Common Units are either paid for by the Partnership pursuant to Section 15.1.A hereof or
transferred to the Special Limited Partner and paid for, by the issuance of the REIT Shares, pursuant to Section 15.1.B hereof on the Specified Redemption Date. Until a Specified Redemption Date and an acquisition of the Tendered Units by the
Special Limited Partner pursuant to Section 15.1.B hereof, the Tendering Party shall have no rights as a stockholder of the Special Limited Partner with respect to the REIT Shares issuable in connection with such acquisition. 

 

	G.	In connection with an exercise of Redemption rights pursuant to this Section 15.1, except as otherwise Consented to by the General Partner, in its sole and
absolute discretion, the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption: 

  
 73 

 (1) A written affidavit, dated the same date as the Notice of Redemption,
(a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) to the best of their knowledge any Related Party and
(b) representing that, after giving effect to the Redemption or an acquisition of the Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof, neither the Tendering Party nor to the best of their knowledge any
Related Party will own REIT Shares in violation of the Ownership Limit; 
 (2) A written representation that neither the
Tendering Party nor to the best of their knowledge any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption or an acquisition of the Tendered Units by the Special Limited Partner pursuant to
Section 15.1.B hereof on the Specified Redemption Date; 
 (3) An undertaking to certify, at and as a condition to the
closing of (i) the Redemption or (ii) the acquisition of the Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof on the Specified Redemption Date, that either (a) the actual and constructive ownership
of REIT Shares by the Tendering Party and to the best of their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 15.1.G(1) or (b) after giving effect to the Redemption or an acquisition
of the Tendered Units by the Special Limited Partner pursuant to Section 15.1.B hereof, neither the Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in violation of the Ownership Limit; and 

(4) In connection with any Special Redemption, the Special Limited Partner shall have the right to receive an opinion of counsel
reasonably satisfactory to it to the effect that the proposed Special Redemption will not cause the Partnership, the General Partner or the Special Limited Partner to violate any federal or state securities laws or regulations applicable to the
Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to the Section 15.1.B of this Agreement. 

Section 15.2 Addresses and Notice. Any notice, demand, request or report required or permitted to be given or made to a
Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy,
facsimile, electronic mail or commercial courier service) to the Partner, or Assignee at the address set forth in Exhibit A or such other address of which the Partner shall notify the General Partner in accordance with this
Section 15.2. 
 Section 15.3 Titles and Captions. All article or section titles or captions in this Agreement
are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” or
“Sections” are to Articles and Sections of this Agreement. 
 Section 15.4 Pronouns and Plurals.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

  
 74 

 Section 15.5 Further Action. The parties shall execute and deliver all
documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 15.6 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives
and permitted assigns. 
 Section 15.7 Waiver. 

 

	A.	To the fullest extent permitted by law, no failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or
to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

 

	B.	The restrictions, conditions and other limitations on the rights and benefits of the Limited Partners contained in this Agreement, and the duties, covenants and other
requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or relinquished by the General Partner, in its sole and absolute
discretion, on behalf of the Partnership in one or more instances from time to time and at any time; provided, however, that any such waiver or relinquishment may not be made if it would have the effect of (i) creating liability
for any other Limited Partner, (ii) causing the Partnership to cease to qualify as a limited partnership, (iii) reducing the amount of cash otherwise distributable to the Limited Partners (other than any such reduction that affects all of
the Limited Partners holding the same class or series of Partnership Units on a uniform or pro rata basis, if approved by a Majority in Interest of the Limited Partners holding such class or series of Partnership Units), (iv) resulting in the
classification of the Partnership as an association or publicly traded partnership taxable as a corporation for federal income tax purposes or (v) violating the Securities Act, the Exchange Act or any state “blue sky” or other
securities laws; and provided, further, that any waiver relating to compliance with the Ownership Limit or other restrictions in the Charter shall be made and shall be effective only as provided in the Charter.

 Section 15.8 Counterparts. This Agreement may be executed in counterparts, all of which together
shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its
signature hereto. 
 Section 15.9 Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial. 

 

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

 

	B.	 Each Partner hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Delaware (collectively,
the “Delaware Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, (ii) to the
fullest extent 

  
 75 

	 	
permitted by law, irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any
of the Delaware Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) to the fullest extent permitted by law, agrees
that notice or the service of process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner’s
last known address as set forth in the Partnership’s books and records, and (iv) to the fullest extent permitted by law, irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this
Agreement or the transactions contemplated hereby. 

 Section 15.10 Entire Agreement. This Agreement
contains all of the understandings and agreements between and among the Partners with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding anything
to the contrary in this Agreement, the Partners hereby acknowledge and agree that the General Partner, on its own behalf and/or on behalf of the Partnership, without the approval of any Limited Partner, may enter into side letters or similar written
agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of such Limited Partner to the Partnership, which have the effect of establishing rights under, or altering or
supplementing, the terms hereof, as negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or provisions contained in
such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 
 Section 15.11 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby. 
 Section 15.12 Limitation to Preserve REIT
Status. Notwithstanding anything else in this Agreement, to the extent that the amount to be paid, credited, distributed or reimbursed by the Partnership to any REIT Partner or its officers, directors, employees or agents, whether as a
reimbursement, fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the REIT Partner for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision of
this Agreement, the amount of such REIT Payments, as selected by the General Partner in its sole and absolute discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership
Year so that the REIT Payments, as so reduced, for or with respect to such REIT Partner shall not exceed the lesser of: 
 (i) an amount equal to the excess, if any, of (a) four and nine-tenths percent (4.9%) of the REIT Partner’s total gross income (but excluding the amount of any REIT Payments and amounts
excluded from gross income pursuant to Section 856(c)(5)(G) of the Code) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over (b) the amount of gross income (within the
meaning of Code Section 856(c)(2)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the amount of

  
 76 

 
any REIT Payments and amounts excluded from gross income pursuant to Section 856(c)(5)(G) of the Code); or 

(ii) an amount equal to the excess, if any, of (a) twenty-four percent (24%) of the REIT Partner’s total
gross income (but excluding the amount of any REIT Payments and amounts excluded from gross income pursuant to Section 856(c)(5)(G) of the Code) for the Partnership Year that is described in subsections (A) through (I) of Code
Section 856(c)(3) over (b) the amount of gross income (within the meaning of Code Section 856(c)(3)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code
Section 856(c)(3) (but not including the amount of any REIT Payments and amounts excluded from gross income pursuant to Section 856(c)(5)(G) of the Code); 
 provided, however, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the General Partner, as a condition precedent, obtains an opinion of
tax counsel that the receipt of such excess amounts should not adversely affect the REIT Partner’s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Partnership Year as a consequence of the limitations set
forth in this Section 15.12, such REIT Payments shall carry over and shall be treated as arising in the following Partnership Year if such carry over does not adversely affect the REIT Partner’s ability to qualify as a REIT, provided,
however, that any such REIT Payment shall not be carried over more than three Partnership Years, and any such remaining payments shall no longer be due and payable. The purpose of the limitations contained in this Section 15.12 is to prevent
any REIT Partner from failing to qualify as a REIT under the Code by reason of such REIT Partner’s share of items, including distributions, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership,
and this Section 15.12 shall be interpreted and applied to effectuate such purpose. 
 Section 15.13 No
Partition. No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or in
equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their
successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of the Partners and their respective successors-in-interest shall be subject to the limitations and
restrictions as set forth in this Agreement. 
 Section 15.14 No Third-Party Rights Created Hereby. The provisions of
this Agreement are solely for the purpose of defining the interests of the Holders, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right,
power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or
obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or obligations of the Partners herein set forth to make Capital
Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or 

  
 77 

 
obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners.

 Section 15.15 No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon
the Holders of Partnership Units any rights whatsoever as stockholders of the Special Limited Partner, including without limitation any right to receive dividends or other distributions made to stockholders of the Special Limited Partner or to vote
or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the Special Limited Partner or any other matter. 
 [Remainder of Page Left Blank Intentionally] 

  
 78 

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

					
	GENERAL PARTNER:
	
	SPIRIT GENERAL OP HOLDINGS, LLC,
	a Delaware limited liability company,
		
	By:	 	 /s/ Joni G. Barrett

		 	Name: Joni G. Barrett
		 	Its: Vice President – Operations and Secretary
	
	SPECIAL LIMITED PARTNER:
	
	SPIRIT REALTY CAPITAL, INC.
	a Maryland corporation,
		
	By:	 	 /s/ Joni G. Barrett

		 	Name: Joni G. Barrett
		 	Its: Vice President – Operations and Secretary

 (Agreement of Limited Partnership of Spirit Realty, L.P.) 

	
	LIMITED PARTNER:
	
	  

	Name:

  
 2 

 As of             ,
201     
 EXHIBIT A 
 PARTNERS AND PARTNERSHIP UNITS 
  

			
	Name and Address of Partners	  	Partnership Units (Type and Amount)
	  

	 General Partner:
  

Spirit General OP Holdings, LLC
	  	Partnership Common Units        
	  

	 Special Limited Partner:
  

Spirit Realty Capital, Inc.
	  	Partnership Common Units        

  
  

Limited Partners: 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

			
	TOTAL:	  	Partnership Common Units

  
 A-1

 EXHIBIT B 

EXAMPLES REGARDING ADJUSTMENT FACTOR 
 For purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on              is 1.0 and (b) on
             (the “Partnership Record Date” for purposes of these examples), prior to the events described in the examples, there are 100 REIT Shares issued and
outstanding. 
 Example 1 
 On
the Partnership Record Date, the Special Limited Partner declares a dividend on its outstanding REIT Shares in REIT Shares. The amount of the dividend is one REIT Share paid in respect of each REIT Share owned. Pursuant to Paragraph (i) of the
definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the stock dividend is declared, as follows: 

1.0 * 200/100 = 2.0 

Accordingly, the Adjustment Factor after the stock dividend is declared is 2.0. 
 Example 2 
 On the Partnership Record Date, the Special Limited Partner distributes options
to purchase REIT Shares to all holders of its REIT Shares. The amount of the distribution is one option to acquire one REIT Share in respect of each REIT Share owned. The strike price is $4.00 a share. The Value of a REIT Share on the Partnership
Record Date is $5.00 per share. Pursuant to Paragraph (ii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the options are distributed, as
follows: 
 1.0 * (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111 
 Accordingly, the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the retroactive adjustment specified in Paragraph (ii) of
the definition of “Adjustment Factor” shall apply. 
 Example 3 
 On the Partnership Record Date, the Special Limited Partner distributes assets to all holders of its REIT Shares. The amount of the distribution is one asset with a fair market value (as determined by the
Special Limited Partner) of $1.00 in respect of each REIT Share owned. It is also assumed that the assets do not relate to assets received by the Special Limited Partner pursuant to a pro rata distribution by the Partnership. The Value of a REIT
Share on the Partnership Record Date is $5.00 a share. Pursuant to Paragraph (iii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the
assets are distributed, as follows: 
 1.0 * $5.00/($5.00 - $1.00) = 1.25 

Accordingly, the Adjustment Factor after the assets are distributed is 1.25. 

  
 B-1

 EXHIBIT C 

NOTICE OF REDEMPTION 
  

			
	 To:
	  	[                    ]
		  	[                    ]
		  	[                    ]

 The undersigned Limited Partner or Assignee hereby irrevocably tenders for Redemption Partnership Common
Units in Spirit Realty, L.P. in accordance with the terms of the Agreement of Limited Partnership of Spirit Realty, L.P., dated as of
[                    ] as amended (the “Agreement”), and the Redemption rights referred to therein. The undersigned Limited Partner
or Assignee: 
 (a) undertakes (i) to surrender such Partnership Common Units and any certificate therefor
at the closing of the Redemption and (ii) to furnish to the General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1.G of the Agreement; 

(b) directs that the certified check representing the Cash Amount, or the REIT Shares Amount, as applicable, deliverable
upon the closing of such Redemption be delivered to the address specified below; 
 (c) represents, warrants,
certifies and agrees that: 
 (i) the undersigned Limited Partner or Assignee is a Qualifying Party, 

(ii) the undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and
unencumbered title to such Partnership Common Units, free and clear of the rights or interests of any other person or entity, 
 (iii) the undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Partnership Common Units as provided
herein, and 
 (iv) the undersigned Limited Partner or Assignee has obtained the consent or approval of all
persons and entities, if any, having the right to consent to or approve such tender and surrender; and 
 (d)
acknowledges that he will continue to own such Partnership Common Units until and unless either (1) such Partnership Common Units are acquired by the Special Limited Partner pursuant to Section 15.1.B of the Agreement or (2) such
redemption transaction closes. 
 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 

							
	Dated:	 	  
	 		 	Name of Limited Partner or Assignee:
				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Signature of Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

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

			
		 		 	  

	Issue Check Payable to:	 		 	
		 		 	  

	Please insert social security or identifying number:	 		 	
		 		 	  

  
 C-2Registration Rights Agreement among Spirit Realty Capital, Inc.

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 September 25, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	SECTION 1.	 	 TITLE
	  	 	1	  
			
	SECTION 2.	 	 [RESERVED]
	  	 	1	  
			
	SECTION 3.	 	 INCIDENTAL REGISTRATION
	  	 	1	  
			
	SECTION 4.	 	 REGISTRATION ON REQUEST
	  	 	3	  
			
	SECTION 5.	 	 REGISTRATION PROCEDURES
	  	 	5	  
			
	SECTION 6.	 	 INDEMNIFICATION IN CONNECTION WITH REGISTRATION OF SECURITIES
	  	 	8	  
			
	SECTION 7.	 	 RULE 144
	  	 	11	  
			
	SECTION 8.	 	 SELECTION OF COUNSEL
	  	 	11	  
			
	SECTION 9.	 	 HOLDBACK AGREEMENT
	  	 	11	  
			
	SECTION 10.	 	 [RESERVED]
	  	 	12	  
			
	SECTION 11.	 	 [RESERVED]
	  	 	12	  
			
	SECTION 12.	 	 DURATION OF AGREEMENT
	  	 	12	  
			
	SECTION 13.	 	 DEFINITIONS
	  	 	12	  
			
	SECTION 14.	 	 MISCELLANEOUS
	  	 	16	  

 Schedules 
  

	A	Investors List 

  

	B	Specified Persons List 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (as amended or supplemented from time to time, this “Agreement”) is entered into as
of September 25, 2012. 
 RECITALS 
 WHEREAS, Redford Holdco, LLC, a Delaware limited liability company (“Redford Holdco”), Spirit Realty Capital, Inc. (f/k/a Spirit Finance Corporation), a Maryland corporation (the
“Company”), those Persons whose names and addresses are set forth on Schedule A hereto (each, an “Investor”, and collectively, the “Investors”) and those Persons whose names and addresses are set
forth on Schedule B hereto (each, a “Specified Person”, and collectively, the “Specified Persons”) entered into that certain Amended and Restated Stockholder Rights Agreement dated as of November 14, 2007, as
amended on November 10, 2011 (the “Stockholder Rights Agreement”); 
 WHEREAS, Section 14(e) of the
Stockholder Rights Agreement provides that the Stockholder Rights Agreement may be amended by supermajority approval of the board of directors of Redford Holdco; and 
 WHEREAS, the board of directors of Redford Holdco unanimously desires to amend and restate the Stockholder Rights Agreement in its entirety as set forth below. 

NOW, THEREFORE, in consideration of the foregoing, the parties hereto, intending to be legally bound, hereby agree that, effective upon
the IPO Date, the Stockholder Rights Agreement is amended and restated in its entirety as follows: 
 AGREEMENT

 SECTION 1. TITLE 
 The Stockholder Rights Agreement, as amended and restated in its entirety by this Agreement, shall be hereafter known as the “Registration Rights Agreement”. 

SECTION 2. [RESERVED] 
 SECTION 3.
INCIDENTAL REGISTRATION 
 (a) If at any time on or after the IPO Date (other than in connection with an IPO)
the Company proposes to register shares of its Common Stock under the Securities Act (other than (i) a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes, or (ii) a registration
statement with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act or any successor rule promulgated for similar purposes), whether or not for sale for its own account (including, without limitation, any
registration effected pursuant to Section 4 hereof), in a manner which would permit registration of Registrable Securities for sale to the public under the Securities 

 
Act, each Holder shall have the right to include in such registration all or part of the Registrable Securities held by such Holder (the “Piggyback Registration Right”).

 (b) At such time, the Company shall give prompt written notice to all Holders of Registrable Securities of its
intention to register its shares of Common Stock. 
 (c) Any Holder wishing to exercise its Piggyback
Registration Right shall deliver to the Company a written notice within fifteen (15) days after the receipt of the Company’s notice. Such Holder’s written notice shall specify the number of shares of Common Stock intended to be
disposed of by such Holder, which might be all or a portion of such Holder’s holdings in the Company’s Common Stock. The Company will, subject to Sections 3(d) and (g) below, use its reasonable best efforts to effect the registration
under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Holders thereof, to the extent requisite to permit the disposition of the Company’s Registrable Securities so to be registered;
provided that (x) if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall
determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the Company may, at its election, give written notice of such determination to each Holder of Registrable Securities and, thereupon, shall be
relieved of its obligation to register any Registrable Securities in connection with such registration (provided, however, that this clause (c)(x) shall not relieve the Company of its obligations in connection with any registration effected or
required to be effected under Section 4 hereof), and (y) if such registration involves an underwritten offering, all Holders of Registrable Securities requesting to be included in the Company’s registration must sell their Registrable
Securities to the underwriters selected by the Company on the same terms and conditions as apply to the Company (including entering into an underwriting agreement in customary form with the underwriter or underwriters selected for such offering by
the Company), as may be customary or appropriate in combined primary and secondary offerings. 
 (d) If a
registration requested pursuant to this Section 3 involves an underwritten public offering, any Holder of Registrable Securities requesting to be included in such registration may elect, in writing at least one (1) day prior to the first
use of a preliminary prospectus in connection with such registration, not to register such securities in connection with such registration. 
 (e) All Holders of Registrable Securities requesting to be included in any registration shall cooperate with the Company in all reasonable respects by supplying information and executing documents
relating to such Holder or the Registrable Securities owned by such Holder in connection with such registration and shall enter into such undertakings and take such other action relating to a proposed offering which the Company or the underwriters
may reasonably request as being necessary to ensure compliance with federal and state securities laws and the rules or other requirements of a securities exchange listing or otherwise to effectuate an offering. 

(f) The Company shall pay all Registration Expenses incurred in connection with each registration of Registrable
Securities pursuant to this Section 3. All Selling Expenses 

  
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applicable to Registrable Securities sold by Holders incurred in connection with each registration pursuant to this Section 3 shall be borne by the Holders of the Registrable Securities so
registered pro rata based on the number of securities so registered. 
 (g) If a registration
pursuant to this Section 3 involves an underwritten offering and the managing underwriter determines in good faith (or, in the case of an offering involving an “Underwritten Take-Down” (as such term is defined in the Registration
Agreement) pursuant to Section 2 of the Registration Agreement, the managing underwriter of such offering determines in good faith) that marketing factors require a limitation on the number of securities to be underwritten, the number of
securities that may be included will be limited to the number of securities that, in the opinion of such underwriter , should be included, and the securities to be included in the underwriting shall be allocated, first, to the Company or to the
holders of “Registrable Securities” participating in an “Underwritten Take-Down” pursuant to Section 2 of the Registration Agreement (as each such term is defined in the Registration Agreement) based on whether the initial
registration of Common Stock under Section 3(a) hereof is for the account of the Company or such holders, second, until the first (1st) anniversary of the IPO Date, pro rata to all requesting Holders who are “Electing Lenders” (as such
term is defined in the Joinder Agreement) on the basis of the relative number of Registrable Securities then held by each such Holder (provided that any securities thereby allocated to any such Holder that exceed such Holder’s request will be
reallocated among the remaining requesting Holders in like manner) and, third, pro rata to all other requesting Holders on the basis of the relative number of Registrable Securities then held by each such Holder (provided that any securities thereby
allocated to any such Holder that exceed such Holder’s request will be reallocated among the remaining requesting Holders in like manner). 

SECTION 4. REGISTRATION ON REQUEST 
 (a) Following the earliest to occur of (i) the second (2nd) anniversary of the IPO Date, (ii) the date the holders of “Registrable Securities” (as defined in the Registration Agreement) under the Registration Agreement have completed two
“Underwritten Take-Downs” (as such term is defined in the Registration Agreement) pursuant to Section 2 of the Registration Agreement and (iii) the date there are no “Registrable Securities” (as defined in the
Registration Agreement) under the Registration Agreement, each Demand Party shall have the right, but not the obligation, to require the Company to effect the registration under the Securities Act (which may include, subject to Section 5
hereof, a so-called “shelf registration”) of all or part of Registrable Securities held by such Demand Party (a “Demand”); provided that no Demand Notice shall be permitted unless the Registrable Securities
requested to be registered pursuant to such Demand have a Market Value of at least $60,000,000 on the date written notice is to be given pursuant to Section 4(b); provided further that, for the avoidance of doubt, no Demand shall
be made prior to the first (1st) anniversary of the
IPO Date in a manner that would materially adversely affect the “Electing Lenders” (as such term is defined in the Joinder Agreement) as Holders under this Agreement, as determined by the Board in good faith. 

(b) Any Demand Party, alone or jointly with another Demand Party or Demand Parties, wishing to exercise its Demand shall
give the Company prompt written notice (a 

  
 3 

 
“Demand Notice”), specifying the number of Registrable Securities that each Demand Party wishes to dispose of and the intended method of disposition of those Registrable
Securities. 
 (c) The Company thereupon shall, as expeditiously as possible, use its reasonable best efforts to
effect the registration under the Securities Act of (x) such Registrable Securities which the Company has been so requested to register by the Demand Party, (y) such Registrable Securities which the Company has been requested to register
by other Holders of Registrable Securities exercising their rights under Section 3 hereof with respect to such registration and (z) any shares of Common Stock that the Company desires to include in such registration, in each case, to the
extent necessary to permit the disposition (in accordance with the intended method thereof as aforesaid) of the Registrable Securities to be so registered. 
 (d) The Company shall pay all Registration Expenses incurred in connection with each registration of Registrable Securities pursuant to this Section 4. All Selling Expenses applicable to the
Registrable Securities sold by the Demand Party or other Holders incurred in connection with each registration pursuant to this Section 4 shall be borne by the Demand Party and the other Holders pro rata based on the number of Registrable
Securities so sold. 
 (e) If a requested registration pursuant to this Section 4 involves an underwritten
offering and the managing underwriter (who shall be selected by the Board; provided that such managing underwriter shall be reasonably acceptable to the Holders of a majority of Registrable Securities included in such underwritten offering)
determines in good faith that marketing factors require a limitation on the number of securities to be underwritten, the number of securities that may be included will be limited to the number of securities that, in the opinion of such managing
underwriter, should be included and the securities to be included in the registration shall be allocated, first, to the Demand Party and to the other Holders requesting inclusion of Registrable Securities in such registration on the basis of the
relative number of Registrable Securities then held by each such Holder (provided that any securities thereby allocated to any such Holder that exceed such Holder’s request shall be reallocated among the remaining Holders in like manner) and,
second, to the Company. 
 (f) (i) If the Company shall, at any time, furnish to a Demand Party a Board
resolution stating that in the Board’s good faith judgment it would (because of the existence of, or in anticipation of, any acquisition or other material event or transaction the public disclosure of which at the time would be materially
prejudicial to the Company) be materially disadvantageous (a “Disadvantageous Condition”) to the Company for such a registration statement to be filed and become effective, the Company shall be entitled to delay the filing of any
such registration statement, until such Disadvantageous Condition no longer exists (written notice of which the Company shall promptly deliver to each Demand Party); provided that the filing of any such registration statement may not be
delayed for a period in excess of 90 days due to the occurrence of any particular Disadvantageous Condition and the Company may exercise its delay rights pursuant to this clause (f)(i) on only one occasion in connection with any Demand or any
one-year period, and (ii) if an investment banking firm of recognized national standing shall advise the Company that the registration and offering otherwise required by this Section 4 would have an adverse effect on a then contemplated
public offering of the Company’s Common Stock, the Company may postpone the filing of a registration statement required by this Section 4 for a period not in excess of ninety (90) days; provided 

  
 4 

 
that the Company may exercise its postponement rights pursuant to this clause (f)(ii) on only one occasion in connection with any Demand or any one-year period. The Company shall promptly give
each Demand Party requesting registration thereof pursuant to this Section 4 written notice of any postponement made in accordance with this paragraph (f). 
 SECTION 5. REGISTRATION PROCEDURES 
 (a) If and whenever the
Company is required to use its reasonable best efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall prepare and, as expeditiously as possible (and in any
event within ninety (90) days after the end of the period within which a request for registration may be given to the Company pursuant to Section 3 or 4 hereof), file with the SEC a registration statement with respect to such Registrable
Securities and use its reasonable best efforts to cause such registration statement to become effective. The Company shall furnish each seller of Registrable Securities and each underwriter with a copy of such registration statement and all
amendments thereto and shall supply each such seller of Registrable Securities and each underwriter with copies of any prospectus included therein (including a preliminary prospectus and all amendments and supplements thereto) (each, a
“Prospectus”) and such other documents as such seller or underwriter may reasonably request, in each case in such quantities as may be reasonably necessary for the purposes of the proposed sale or distribution covered by such
registration. The Company shall not be required to maintain a registration statement (other than a Form S-3 Registration Statement filed pursuant to Rule 415 under the Securities Act) effective or to supply copies of a prospectus for a period beyond
one hundred eighty (180) days after the effective date of such registration statement and, at the end of such period, the Company may deregister any securities covered by such registration statement not then sold or distributed. In no event
shall the Company be required to effect a so-called “shelf registration” of any Common Stock, including pursuant to Rule 415 under the Securities Act, unless the Company is eligible to file such registration on Form S-3 (a “Form
S-3 Registration Statement”); provided, however, that in no event shall the Company be required to maintain any Form S-3 Registration Statement effective for a period beyond three (3) years. In addition, in the event the Company
prepares and files a registration statement, the Company shall, as expeditiously as possible: 
 (i) prepare and
file with the SEC such amendments, post-effective amendments and supplements to such registration statement as may be necessary to keep such registration statement effective for the relevant time period referenced in the first paragraph of this
Section 5; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act; and comply with the provisions of the Securities Act, the
Exchange Act and the rules and regulations of the SEC thereunder with respect to the disposition of all securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the
seller or sellers thereof set forth in such registration statement or supplement to such Prospectus; 
 (ii)
promptly notify the sellers of Registrable Securities and the managing underwriter, (A) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a registration statement or any
post-

  
 5 

 
effective amendment, when the same has become effective, (B) of any request by the SEC or any state securities commission for amendments or supplements to a registration statement or related
Prospectus or for additional information, (C) of the issuance by the SEC or any state securities commission of any stop order suspending the effectiveness of a registration statement or the initiation of any proceedings for that purpose,
(D) of the receipt by the Company of any notification with respect to the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and
(E) of the existence of any fact which results in a registration statement, a Prospectus or any document incorporated therein by reference containing an untrue statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; 
 (iii) use its reasonable best
efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement; 

(iv) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the managing
underwriter or the sellers holding a majority of the Registrable Securities being registered agree should be included therein relating to the sale of such Registrable Securities, including without limitation information with respect to the amount of
Registrable Securities being sold to the underwriters, the public offering price, the purchase price being paid therefor by such underwriters and with respect to any other terms of the underwritten (or best efforts underwritten) offering of the
Registrable Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as notified of the matters to be incorporated in such Prospectus supplement or post-effective
amendment; 
 (v) use its reasonable best efforts to register or qualify such Registrable Securities covered by
such registration under such other securities or blue sky laws in such jurisdictions as each seller shall reasonably request, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign
corporation in any jurisdiction where, but for the requirements of this clause (v), it would not be obligated to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such
jurisdiction; 
 (vi) cooperate with the seller of Registrable Securities and the underwriters to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold pursuant to such registration statement and not bearing any restrictive legends, and enable such Registrable Securities to be in such denominations and
registered in such names as the underwriters may request at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters; 
 (vii) if any fact described in clause (ii)(E) of this Section 5 exists, promptly prepare a supplement or post-effective amendment to the applicable 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 

  
 6 

 
Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein
not misleading; 
 (viii) [Reserved]; 

(ix) use its reasonable best efforts to list such Registrable Securities on any securities exchange on which the
Registrable Securities are then listed if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of such exchange; 

(x) in the event of an underwritten public offering, enter into an underwriting agreement in usual and customary form with
the managing underwriter of such offering; 
 (xi) in the event of an underwritten public offering, use its
reasonable best efforts to furnish to the underwriters and the selling Holders, on the date that such Registrable Securities are delivered to the underwriters for sale, a “cold comfort” letter from the Company’s independent public
accounts in form and substance as is customarily given by independent public accountants to underwriters in an underwritten public offering; 
 (xii) in the event of an underwritten public offering, use its reasonable best efforts to furnish to the underwriters, on the date that such Registrable Securities are delivered to the underwriters for
sale, an opinion of counsel for the Company, dated as of such date, in form and substance as is customarily given to underwriters in an underwritten public offering; 

(xiii) use its reasonable best efforts to make available the senior executive officers of the Company to participate in
customary “road show” presentations that may be reasonably requested by the sellers of a majority of the Registrable Securities being registered and the managing underwriter in any underwritten public offering; provided that the
participation of such senior executive officers shall not unreasonably interfere with the conduct of their duties to the Company; 
 (xiv) provide a CUSIP number for all Registrable Securities included in such registration statement, not later than the effective date of the applicable registration statement; and 

(xv) cooperate and assist with any filings required to be made with the Financial Industry Regulatory Authority, Inc.

 (b) Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company of the
existence of any fact of the kind described in clause (ii)(E) of this Section 5, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such
Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by clause (vii) of this Section 5 and, if so directed by the Company, such Holder shall deliver to the Company (at the

  
 7 

 
Company’s expense) all copies of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the
one hundred eighty (180) day period mentioned in the first paragraph of this Section 5 shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to clause (ii)(E) of this
Section 5 to and including the date when each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended Prospectus contemplated by clause (vii) of this
Section 5. 
 (c) In connection with the preparation and filing of each registration statement registering
Registrable Securities under the Securities Act pursuant to Sections 3 or 4, the Company shall give the underwriters, if any, to the extent that any selling Holders have the benefit of a due diligence defense, such selling Holders, and their
respective counsel and accountants, such reasonable and customary access to its books, records and properties and such opportunities to discuss the business and affairs of the Company with its officers and the independent public accountants who have
certified the financial statements of the Company as shall be necessary, in the opinion of such underwriters or selling Holders, as the case may be, or their respective counsel, to conduct a reasonable investigation within the meaning of the
Securities Act; provided that the underwriters, such selling Holders, and their respective counsel and accountants shall use their reasonable best efforts to coordinate any such investigations of the books, records and properties of the
Company and any such discussions with the Company’s officers and accountants so that all such investigations occur at the same time and all such discussions occur at the same time. 
 SECTION 6. INDEMNIFICATION IN CONNECTION WITH REGISTRATION OF SECURITIES 
 (a) Indemnification by the Company. In the event of any registration of any securities of the Company under the Securities Act pursuant to Sections 3 or 4 hereof, the Company shall indemnify and
hold harmless the seller of any Registrable Securities covered by such registration statement, each Affiliate of such seller and their respective directors and officers, stockholders, members or general and limited partners (including any director,
officer, Affiliate, employee, agent and controlling Person of any of the foregoing), each other Person who participates as an underwriter in the offering or sale of such securities and each other Person, if any, who controls such seller or any such
underwriter within the meaning of the Securities Act, against any and all losses, claims, damages or liabilities, joint or several, and expenses (including reasonable attorney’s fees and reasonable expenses of investigation) to which such
indemnified party may become subject under the Securities Act, common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof, whether or not such indemnified party is a party thereto)
arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary, final or
summary prospectus contained therein, or any amendment or supplement thereto, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not misleading, and the 

  
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Company shall reimburse such indemnified party for any legal or any other expenses reasonably incurred by it in connection with investigating or defending against any such loss, claim, liability,
action or proceeding; provided that the Company shall not be liable to any indemnified party in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or
is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement or amendment or supplement thereto or in any such preliminary, final or summary prospectus or a document incorporated
by reference into any of the foregoing in reliance upon and in conformity with written information furnished to the Company by such seller specifically for use in the preparation thereof. 

(b) Indemnification by the Seller. In the event of any registration of any securities of the Company under the
Securities Act pursuant to Sections 3 or 4 hereof, each seller of Registrable Securities included in such registration shall indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 6(a)) the Company, each
Affiliate of the Company and their respective directors, officers, stockholders, members or general and limited partners (including any director, officer, Affiliate, employee, agent and controlling Person of any of the foregoing), each other Person
who participates as an underwriter in the offering or sale of such securities and all other sellers of Registrable Securities covered by such registration statement, each Affiliate of such seller and their respective directors, officers,
stockholders, members or general and limited partners (including any director, officer, Affiliate, employee, agent and controlling person of any of the foregoing) and each other Person, if any, who controls the Company or such underwriter or such
seller within the meaning of the Securities Act, with respect to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration statement, any preliminary, final or summary prospectus contained therein, or
any amendment or supplement, to the extent such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information relating to such selling Holder furnished to the
Company by such seller specifically for use in the preparation of such registration statement, preliminary, final or summary prospectus or amendment or supplement, or a document incorporated by reference into any of the foregoing. In no event shall
the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification
obligation. Each selling Holder’s obligation to indemnify pursuant to this Section are several in the proportion that the net proceeds of the offering received by such selling Holder bear to the total net proceeds of the offering received by
all selling Holders and not joint. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 6, such indemnified party shall, if a claim in respect thereof is to be
made against an indemnifying party, give written notice to the latter of the commencement of such action; provided that the failure of the indemnified party to give notice as provided herein shall not relieve the indemnifying party of its
obligations under this Section 6, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an 

  
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indemnified party, the indemnifying party shall be entitled to participate in and to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party. No indemnifying
party will consent to entry of any judgment or enter into any settlement which does not include, as 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. In any such action, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the sole expense of such indemnified party unless (i) the indemnifying party
and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such indemnified party representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them, in which case the fees and expenses of such counsel shall be at the sole expense of the indemnifying party. It is understood that the indemnifying party shall not, in connection with any claim or action or
related proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such indemnified parties, and that all such fees and
expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Holders as indemnified parties (“Indemnified Holders”), such firm shall be designated in writing by the Indemnified Holders that hold a
majority of Registrable Securities held by all Indemnified Holders. The indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent. 

(d) Contribution. If the indemnification provided for in this Section 6 from the indemnifying party is
unavailable to an indemnified party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and such indemnified party in connection with the
actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and such indemnified party shall be determined by reference to,
among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such
indemnifying party or indemnified parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 6(d) as a result of
the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. In no event shall the liability of any selling Holder of Registrable Securities hereunder
be greater in amount than the dollar amount of the 

  
 10 

 
net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation. Each selling Holder’s obligation to make contribution pursuant
to this Section are several in the proportion that the net proceeds of the offering received by such selling Holder bear to the total net proceeds of the offering received by all selling Holders and not joint. 

SECTION 7. RULE 144 
 With a view to making available the benefits of certain rules and regulations of the SEC which may permit the sale of restricted securities to the public without registration, the Company agrees to:

 (a) use its reasonable best efforts to make and keep public information available as those terms are
understood and defined in Rule 144 under the Securities Act (“Rule 144”), at all times from and after ninety (90) days following the effective date of the IPO; 

(b) use its reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; 
 (c) use its reasonable best efforts to cause all conditions to the availability of Form S-3 (or any successor form) under the Securities Act for the filing of registration statements under this Agreement
to be met as soon as practicable after the IPO; 
 (d) furnish to any Holder upon request, (i) a written
statement by the Company as to the status of its compliance with the reporting requirements of Rule 144 at any time from and after ninety (90) days following the effective date of the IPO, and of the Securities Act and the Exchange Act (at any
time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents so filed as the Holder may reasonably request in
availing itself of any rule of regulation of the SEC allowing the Holder to sell any such securities without registration; and 
 (e) within thirty (30) days after receiving a written request from a Holder, use its reasonable best efforts to cause removal of any restrictive legend from such Holder’s Registrable Securities
that are (i) specified in such request and (ii) Freely Tradable. 
 SECTION 8. SELECTION OF COUNSEL 

In connection with any registration of Registrable Securities pursuant to Sections 3 or 4 hereof, the Holders of a
majority of the Registrable Securities covered by any such registration may select one counsel to represent all Holders of Registrable Securities covered by such registration. 
 SECTION 9. HOLDBACK AGREEMENT 
 (a) If the Company effects
any registration in connection with an underwritten public offering of Common Stock pursuant to this Agreement, each Holder of Registrable 

  
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Securities participating in such underwritten public offering will, or (b) if the Company effects any registration in connection with an underwritten public offering of Common Stock solely
for its own account (subject to the rights of holders of Registrable Securities to participate in such registration pursuant to Section 3 hereof after the first (1st) anniversary of the IPO Date), each Holder of Registrable Securities will, if requested by the Company, enter
into an agreement with the Company and the underwriter or underwriters of such offering (in form reasonably acceptable to the Company) pursuant to which such Holder will agree not to sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any equity securities of the Company, or of any security convertible into or exchangeable or exercisable for any equity security of the Company
(in each case, other than as part of such underwritten public offering), for a period of ninety (90) days after the effective date of such registration (each, a “Lockup Period”, and together the “Lockup
Periods”). The Company may impose stop-transfer instructions with respect to the Registrable Securities subject to the foregoing restriction until the end of said Lockup Periods; provided that the terms of any such restrictions
applicable to Holders of Registrable Securities shall be at least as favorable to such Holders as the terms on which any other Person (other than the Company) is permitted to participate in such registration. The Company hereby also agrees to use
its reasonable best efforts to cause each other holder of Registrable Securities or securities convertible into or exchangeable or exercisable for Registrable Securities (other than in the case of equity securities issued under dividend reinvestment
plans or employee incentive plans) purchased from the Company otherwise than in a public offering to so agree. Notwithstanding the foregoing, if (i) during the last 17 days of a Lock-Up Period, the Company issues an earnings release or material
news or a material event relating to the Company occurs or (ii) prior to the expiration of such Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-Up
Period, then the restrictions imposed in this paragraph shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the announcement of the material news or the occurrence of the material
event, unless the underwriter waives such extension in writing. 
 SECTION 10. [RESERVED] 

SECTION 11. [RESERVED] 
 SECTION 12.
DURATION OF AGREEMENT 
 This Agreement shall terminate upon the earliest to occur of (i) the mutual agreement of the
Investors; provided that any decision to terminate any registration rights set forth herein (other than registration rights provided pursuant to Section 4) shall also require the approval of Specified Persons holding a majority of the
Registrable Securities held by all the Specified Persons, or (ii) with respect to any Investor, Specified Person or Holder, the date on which such Investor, Specified Person or Holder, as the case may be, no longer owns any Registrable
Securities. 
 SECTION 13. DEFINITIONS 
 (a) As used in this Agreement, the following terms have the following meanings: 

  
 12 

 “Access Holders” means MTAA Superannuation Fund (Spirit Finance
Corporation) Property Pty Ltd, Statewide Superannuation Trust, Prime Super, Nambawan Superannuation Fund and Sunsuper Superannuation Fund and any of their respective Affiliates to the extent that they are issued Registrable Securities and any
subsequent transferees of the foregoing. 
 “Affiliate” means, with respect to any Person, any Person directly
or indirectly controlling, controlled by or under common control with such Person. 
 “Agreement” has the
meaning set forth in the preamble. 
 “Board” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, a Sunday or a legal holiday recognized or declared as such by the
Government of the United States of America or the State of New York, on which banks are generally open in New York City. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any securities issued in respect
thereof, or in substitution therefore, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 

“Company” has the meaning set forth in the recitals. 

“Demand” has the meaning set forth in Section 4. 

“Demand Party” means (a) at any time after the five (5) year anniversary of August 1, 2007, any of
(i) the Holder or Holders of 50% or more of the Registrable Securities held by the Macquarie Holders, (ii) the Holder or Holders of 50% or more of the Registrable Securities held by the Kaupthing Holders, (iii) the Holder or Holders
of 50% or more of the Registrable Securities held by the TPG-Axon Holders or (iv) the Holder or Holders of 50% or more of the Registrable Securities held by the Access Holders and (b) at any time after the IPO Date, the Holder or Holders
of 50% of more of the Registrable Securities held by any Investor and its Affiliates to the extent that they are issued Registrable Securities. 
 “Disadvantageous Condition” has the meaning set forth in Section 4(f). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations in effect thereunder. 

“Form S-3 Registration Statement” has the meaning set forth in Section 5. 

“Freely Tradable” means, with respect to Registrable Securities, such Registrable Securities that are eligible to be
sold by a person who has not been an Affiliate of the Company during the preceding 90 days without any volume or manner of sale restrictions under Rule 144. 
 “Group” has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act. 
 “Holder” means each holder of Registrable Securities that is or becomes a party hereto. 

  
 13 

 “Investor” has the meaning set forth in the recitals. 

“IPO” means the initial registered offering of equity securities of the Company to the public. 

“IPO Date” means the date on which the Company consummates the IPO. 

“Joinder Agreement” means that certain Joinder dated July 8, 2011 among the Company, Redford Holdco and the other
parties thereto. 
 “Kaupthing Holders” means Kaupthing h.f., Isis Investments Limited (in Liquidation) and any
of its respective Affiliates to the extent that they are issued Registrable Securities and any subsequent transferees of the foregoing. 
 “Lockup Period” has the meaning set forth in Section 9. 

“Macquarie Holders” means Macquarie Group (US) Holdings No.1 Pty Ltd. and any of their respective Affiliates to the
extent that they are issued Registrable Securities and any subsequent transferees of the foregoing. 
 “Market
Value” means, with respect to the Common Stock, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the date written notice of the exercise of a Demand is provided to the Company
pursuant to Section 4(b). The market price for each such trading day shall be: (i) if the Common Stock is listed or admitted to trading on any securities exchange or the NASDAQ-National Market System, the closing price, regular way, on
such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as reported in the principal consolidated transaction reporting system, (ii) if the Common Stock is not listed or
admitted to trading on any securities exchange or the NASDAQ-National Market System, 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 Company, or (iii) if the Common Stock is not listed or admitted to trading on any securities exchange or the NASDAQ-National Market System 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 Company, 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 (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 Market Value of the Common Stock shall be determined by the Board acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

 “Person” includes any individual, corporation, association, partnership (general or limited), joint venture,
trust, estate, limited liability company, or other legal entity or organization. 
 “Piggyback Registration
Right” has the meaning set forth in Section 3. 

  
 14 

 “Prospectus” has the meaning set forth in Section 5. 

“Redford Holdco” has the meaning set forth in the recitals. 

“Registrable Securities” means any shares of Common Stock held at any time by any Holder and any shares of Common Stock
which may be issued or distributed in respect thereof by way of stock dividend or stock split or other distribution, recapitalization or reclassification. Any particular Registrable Securities that are issued shall cease to be Registrable Securities
when (i) a registration statement with respect to the sale by the Holder of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement,
(ii) such securities shall have been distributed to the public pursuant to Rule 144 (or any successor provision) under the Securities Act, (iii) all of the Registrable Securities then owned by such Holder and its Affiliates equal less than
three percent (3%) of the then outstanding shares of Common Stock or (iv) such securities shall have ceased to be outstanding. 
 “Registration Agreement” means that certain Registration Agreement dated as of July 8, 2011 among the Company and the other parties thereto. 

“Registration Expenses” means any and all expenses incident to performance of or compliance with this Agreement,
including, without limitation, (i) all SEC and stock exchange or the Financial Industry Regulatory Authority, Inc. (“FINRA”) registration and filing fees (including, if applicable, the fees and expenses of any “qualified
independent underwriter,” as such term is defined in FINRA rule 5121, and of its counsel), (ii) all fees and expenses of complying with securities or blue sky laws (including fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses, (iv) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange and all rating agency fees, (v) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or “cold comfort” letters required by or
incident to such performance and compliance, and (vi) other reasonable out-of-pocket expenses of Holders, including any fees and expenses of no more than one legal counsel for the Holders. 

“Rule 144” has the meaning set forth in Section 7. 

“SEC” means the Securities and Exchange Commission or any other federal agency at the time administering the Securities
Act or the Exchange Act. 
 “Securities Act” means the Securities Act of 1933, as amended, or any similar
federal statute then in effect; and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute. 

“Selling Expenses” means any underwriting discounts and commissions and transfer taxes, if any, applicable to the sale
of Registrable Securities. 
 “Specified Person” has the meaning set forth in the recitals. 

  
 15 

 “Stockholder Rights Agreement” has the meaning set forth in the recitals.

 “Subsidiary” means each Person in which a Person owns or controls, directly or indirectly, capital stock or
other equity interests representing more than 50% of the outstanding capital stock or other equity interests. 

“TPG-Axon Holders” means TPG-Axon Partners, LP and TPG-Axon Spirit Holdings Ltd. and any of their respective Affiliates
to the extent that they are issued Registrable Securities and any subsequent transferees of the foregoing. 
 (b)
Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms
“hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement; (iv) the terms “Article” or “Section” refer to the specified Article or Section of this Agreement;
(v) the word “including” shall mean “including, without limitation”, and (vi) the word “or” shall be disjunctive but not exclusive. 

(c) References to agreements and other documents shall be deemed to include all subsequent amendments and other
modifications thereto. 
 (d) References to statutes shall include all regulations promulgated thereunder and
references to statutes or regulations shall be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation. 

(e) The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party. 
 SECTION 14. MISCELLANEOUS 

(a) Amendment. This Agreement may not be amended or otherwise modified (whether by merger or otherwise) except by
majority approval of Holders holding a majority of the Registrable Securities then held by all Holders; provided that if such amendment or modification materially adversely affects the rights of any Investor or Specified Person, such
modification or amendment shall require the consent of such Investor or Specified Person; provided, further, that in the event that such amendment, or modification would treat the Specified Persons adversely different from the
Investors, then such amendment or modification will require the consent of the Specified Persons holding a majority of the Registrable Securities then held by all the Specified Persons. The terms, conditions, covenants, representations and
warranties hereof may be waived only by a written instrument executed by the party waiving compliance. The failure of a party at any time or from time to time to require performance of any provisions hereof shall in no manner affect its rights at a
later time to enforce the same. No waiver by a party of any condition or any breach of any term, covenant, representation or warranty contained in this Agreement in any one or more instances shall be deemed to be, or be construed as, a further or
continuing waiver of any such condition or breach of any other term, covenant, representation or warranty. 

  
 16 

 (b) Successors, Assigns and Transferees. Neither this Agreement nor
any right or obligation arising hereunder may be assigned by any party without unanimous consent of the Holders; provided that any Holder may assign its respective rights and obligations hereunder to its respective Affiliates; and
provided further that any Holder may assign all or part of its rights and obligations under this Agreement to any transferee who has acquired Registrable Securities from any such Holder to the extent that such transferee agrees in
writing to be bound by the terms of this Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, heirs, legatees, successors, and permitted assigns. 

(c) Integration. This Agreement, together with the agreements referenced herein, constitutes the entire agreement
between the parties hereto pertaining to the subject matter hereof and fully and supersedes all prior agreements, understandings, negotiations and statements, both written and oral, among the parties or any of their affiliates with respect to the
subject matter contained herein, except for such other agreements as are referenced herein, which shall continue in full force and effect in accordance with their terms. 

(d) Further Assurances. Each of the parties hereto does hereby covenant and agree on behalf of itself, its
successors and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such other action as may be required by law or reasonably
necessary to effectively carry out the purposes of this Agreement. 
 (e) Specific Performance. Each
party, in addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, shall be entitled to specific performance of each other party’s obligations under this Agreement. The parties agree
that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by any of them of the provisions of this Agreement and each hereby agrees to waive the defense in any action for specific performance that a remedy
at law would be adequate. 
 (f) Governing Law; Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAWS PROVISION OR RULE THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN NEW YORK. Each party hereby
irrevocably submits to the personal jurisdiction of any state or federal court located in the State of New York over any suit, action or proceeding arising out of or relating to or concerning this Agreement. In addition, to the fullest extent
permitted by law, each party (i) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, (ii) waives any claim of improper venue or any claim that the courts of the
State of New York are an inconvenient forum for any action, suit or proceeding between any of the parties hereto arising out of this Agreement or any transaction contemplated hereby, and (iii) agrees that it will not bring any action relating
to this Agreement in any court other than the courts of the State of New York. 
 (g) Waiver of Jury
Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS 

  
 17 

 
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(h) Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing
to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach
or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

(i) Captions; Pronouns. Any titles or captions contained in this Agreement are for convenience only and shall not
be deemed part of the text of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as appropriate. 

(j) Notices. Any notice, consent, payment, demand, or communication required or permitted to be given by any
provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed, or (b) given or made by e-mail, facsimile or other writing and e-mailed,
faxed, mailed or delivered to the intended recipient addressed if to the Company or the Holders at the address set forth in Schedule A, or to such other address as such Schedule A may from time to time be updated. Any such notice shall be deemed to
be delivered, given and received for all purposes as of: (i) the date so delivered, if delivered personally, (ii) upon receipt, if sent by email or facsimile, or (iii) on the date of receipt or refusal indicated on the return receipt,
if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed. 
 (k) Recapitalization, Exchange, Etc. Affecting the Company’s Common Stock. The provisions of this Agreement shall apply, to the full extent set forth herein, with respect to any and all Common
Stock of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets, conversion to a corporation or otherwise) that may be issued in respect of, in exchange for, or in substitution of, the share of Common
Stock and shall be appropriately adjusted for any dividends, splits, reverse splits, combinations, recapitalizations, and the like occurring after the date hereof. 

(l) Binding Effect. Except as otherwise expressly provided herein, this Agreement shall be binding on and inure to
the benefit of the Company and the Holders, their heirs, executors, administrators, successors, and all other Persons hereafter holding, having, or receiving an interest in the Company. 

(m) Severability. If any provision of this Agreement as applied to any party or to any circumstance, shall be
adjudged by a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision in this Agreement, the 

  
 18 

 
application of such provision in any other circumstance or with respect to any other party, or the validity or enforceability of the Agreement as a whole. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. 
 (n) Counterparts. This Agreement may be executed in any number of multiple
counterparts, each of which shall be deemed to be an original copy and all of which shall constitute one agreement, binding on all parties hereto. 
 (o) Termination. If the IPO Date has not occurred by December 31, 2012, this Agreement will terminate and be of no further force and effect, and the Stockholder Rights Agreement as in effect
prior to this Agreement shall continue in full force and effect without any amendment provided for herein. 

  
 19 

 IN WITNESS WHEREOF, Redford Holdco, acting based on the unanimous approval of its board of
directors, has executed this Agreement as of the date first above written. 
  

	
	REDFORD HOLDCO, LLC
	
	 /s/ Kevin Charlton

	Kevin Charlton
	Director
	
	 /s/ Thomas Nolan

	Thomas Nolan
	Director
	
	 /s/ Kui Leong Ng

	Kui Leong Ng
	Director

 Schedule A 
 INVESTORS & ADDRESSES 
 Macquarie Group (US) Holdings No.1 Pty Ltd.

 c/o Macquarie Bank 
 Company
Secretarial 
 125 West 55th Street 

Level 22 
 New York, N.Y. 10019 

Attention: Christine Rivera 
 Facsimile:
212-231-1555 
 Email: Christine.Rivera@macquarie.com 
 Kaupthing h.f. 
 Borgartún 26 

105 Reykjavik,Iceland 
 Attention: Brjánn
Bjarnason 
 Facsimile: +354 444 6129 

Email: brjann.bjarnason@kaupthing.com 
 Isis
Investments Limited (in Liquidation) 
 c/o Kaupthing h.f. 
 13-15 Hope Street 
 Douglas, Isle of Man, IM1 1AQ 

Attention: Paul Shimmin (as Liquidator of Isis Investments Limited) 
 Facsimile: +44 (0) 1624 629666 
 Email: Paul@Shimminwilson.com 

Cc: Chris@shimminwilson.com 
 TPG-Axon Spirit
Holdings Ltd. 
 c/o TPG-Axon Capital Management, LP 
 888 Seventh Avenue, 38th Floor 
 New York, NY 10019 

Attention: Mary Lee 
 Facsimile:
(212) 479-2144 
 Email: mlee@tpgaxon.com 
 TPG-Axon Partners, LP 
 c/o TPG-Axon Capital Management, LP 

888 Seventh Avenue, 38th Floor 

  
 1 

 New York, NY 10019 
 Attention: Mary Lee 
 Facsimile: (212) 479-2144 

Email: mlee@tpgaxon.com 
 MTAA Superannuation
Fund (Spirit Finance Corporation) Property Pty Ltd 
 Motor Trade Association House 
 39 Brisbane Avenue 
 BARTON ACT 2600 
 Statewide Superannuation Trust 
 Statewide House 

99 Gawler Place 
 ADELAIDE SA 5000 

Prime Super 
 Level 15 

190 Queen Street 
 MELBOURNE VIC 3000 

Nambawan Superannuation Fund 
 Level 2,
Deloitte Tower 
 Douglas Street 
 PORT
MORESBY PNG 
 Sunsuper Superannuation Fund 
 30 Little Crib Street 
 MILTON QLD 4064 
 Gandhara Master Fund Limited 
 c/o Gandhara Advisors Asia Limited 

21st floor Henley Building 
 5 Queens Road

 Central, Hong Kong 
 China

 Attention: Sacha Thacker 
 Facsimile:
+852 3518 7100 
 Email: Sacha.Thacker@gancap.com 

  
 2 

 OZ Overseas Intermediate Fund, L.P. 
 OZ Overseas Intermediate Fund II, L.P. 
 OZ Asia Overseas Fund, Ltd. 

OZ Global Special Investments Intermediate Fund, L.P. 
 c/o Goldman Sachs (Cayman) Trust, Ltd. 
 Harbour Centre 

P.O. Box 896 
 George Town, Grand Cayman

 Cayman Islands 
 with a copy (for
informational purposes only) to: 
 Och-Ziff Capital Management Group, L.L.C. 
 9 West 57th Street 
 13th Floor 
 New York, NY 10019 
 Attention: Joel Frank 
 Facsimile: 212-790-0077 
 Email: joel.frank@azcap.com 

OZ Domestic Partners, L.P. 
 OZ
Domestic Partners II, L.P. 
 OZ Asia Domestic Partners, L.P. 
 OZ Global Special Investments, L.P. 
 c/o Och-Ziff Capital Management Group, L.L.C.

 9 West 57th Street 
 13th Floor

 New York, NY 10019 
 Attention: Joel
Frank 
 Facsimile: 212-790-0077 

Email: jfrank@ozcap.com 

  
 3 

 Schedule B 
 SPECIFIED PERSONS & ADDRESSES 
 Spirit Finance Holdings, LLC 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Chris Volk

Facsimile: 480-606-0826 
 Morton H. Fleischer

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Morton H. Fleischer 

Facsimile: 480-606-0826 
 Christopher H. Volk

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Chris Volk

Facsimile: 480-606-0826 
 The Fleischer
Foundation, An Arizona Non Profit Corporation 
 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Morton H. Fleischer, Trustee 

Facsimile: 480-606-0826 
 Donna H. Fleischer

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Donna Fleischer 

Facsimile: 480-606-0826 
 Michael T. Bennett

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Michael Bennett 

Facsimile: 480-606-0826 
 Christopher K.
Burbach 
 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Chris Burbach 

Facsimile: 480-606-0826 

  
 1 

 Stacy C. Burbach 
 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 

Attention: Chris Burbach 
 Facsimile:
480-606-0826 
 Julie N. Dimond 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Julie Dimond 

Facsimile: 480-606-0826 
 Sean D. Hufford

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Sean Hufford 

Facsimile: 480-606-0826 
 Victoria L. Hufford

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Sean Hufford 

Facsimile: 480-606-0826 
 Catherine Long

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Catherine Long 

Facsimile: 480-606-0826 
 Dennis P. Pepperd

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Dennis Pepperd 

Facsimile: 480-606-0826 
 Daniel J. Rice

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 
 Attention: Dan Rice 

Facsimile: 480-606-0826 
 Gregg A. Seibert

 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 

  
 2 

 Attention: Gregg Seibert 
 Facsimile: 480-606-0826 
 Jeffrey M. Fleischer 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Jeffrey M. Fleischer 
 Facsimile: 480-606-0826 
 Michael J. Zieg 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Michael J. Zieg 
 Facsimile: 480-606-0826 
 Elizabeth J. Burm 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Elizabeth J. Burm 
 Facsimile: 480-606-0826 
 Joni G. Barrett 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Joni G. Barrett 
 Facsimile: 480-606-0826 
 Michael E. Burch 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Michael E. Burch 
 Facsimile: 480-606-0826 
 Andrew Kuscsik 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Andrew Kuscsik 
 Facsimile: 480-606-0826 
 Robin R. Mora 

14631 N. Scottsdale Road, Suite 200 
 Scottsdale,
AZ 85254-2711 
 Attention: Robin R. Mora 
 Facsimile: 480-606-0826 

  
 3 

 Catherine A. Phillips 
 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 

Attention: Catherine A. Phillips 
 Facsimile:
480-606-0826 
 Michael A. Bender 
 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 

Attention: Michael A. Bender 
 Facsimile:
480-606-0826 
 Rebecca L. Kitson 
 14631 N. Scottsdale Road, Suite 200 
 Scottsdale, AZ 85254-2711 

Attention: Rebecca L. Kitson 
 Facsimile:
480-606-0826 

  
 4

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