Document:

Second Amended & Restated Agreement of Limited Partnership

 Exhibit 10.1 
 EXECUTION COPY 
 SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 HUDSON PACIFIC PROPERTIES, L.P. 

a Maryland 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
December 10, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	  
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	 	24	  
		
	 Section 2.1         Formation
	  	 	24	  
	 Section 2.2         Name
	  	 	24	  
	 Section 2.3         Principal Office and Resident Agent; Principal Executive
Office
	  	 	24	  
	 Section 2.4         Power of Attorney
	  	 	25	  
	 Section 2.5         Term
	  	 	26	  
		
	 ARTICLE 3 PURPOSE
	  	 	26	  
		
	 Section 3.1         Purpose and Business
	  	 	26	  
	 Section 3.2         Powers
	  	 	26	  
	 Section 3.3         Partnership Only for Purposes Specified
	  	 	27	  
	 Section 3.4         Representations and Warranties by the Partners
	  	 	27	  
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	 	30	  
		
	 Section 4.1         Capital Contributions of the Partners
	  	 	30	  
	 Section 4.2         Issuances of Additional Partnership Interests
	  	 	30	  
	 Section 4.3         Additional Funds and Capital Contributions
	  	 	31	  
	 Section 4.4         Stock Option Plans and Equity Plans
	  	 	33	  
	 Section 4.5         Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock
Incentive Plan or Other Plan
	  	 	35	  
	 Section 4.6         No Interest; No Return
	  	 	35	  
	 Section 4.7         Conversion or Redemption of Capital Shares
	  	 	35	  
	 Section 4.8         Other Contribution Provisions
	  	 	36	  
		
	 ARTICLE 5 DISTRIBUTIONS
	  	 	36	  
		
	 Section 5.1         Requirement and Characterization of
Distributions
	  	 	36	  
	 Section 5.2         Distributions in Kind
	  	 	37	  
	 Section 5.3         Amounts Withheld
	  	 	37	  
	 Section 5.4         Distributions Upon Liquidation
	  	 	37	  
	 Section 5.5         Distributions to Reflect Additional Partnership
Units
	  	 	38	  
	 Section 5.6         Restricted Distributions
	  	 	38	  
		
	 ARTICLE 6 ALLOCATIONS
	  	 	38	  
		
	 Section 6.1         Timing and Amount of Allocations of Net Income and Net
Loss
	  	 	38	  
	 Section 6.2         Allocations of Net Income and Net Loss
	  	 	38	  
	 Section 6.3         Additional Allocation Provisions
	  	 	41	  
	 Section 6.4         Tax Allocations
	  	 	43	  

  
 i 

					
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	44	  
		
	 Section 7.1         Management
	  	 	44	  
	 Section 7.2         Certificate of Limited Partnership
	  	 	47	  
	 Section 7.3         Restrictions on General Partner’s Authority
	  	 	48	  
	 Section 7.4         Reimbursement of the General Partner
	  	 	50	  
	 Section 7.5         Outside Activities of the General Partner
	  	 	51	  
	 Section 7.6         Transactions with Affiliates
	  	 	51	  
	 Section 7.7         Indemnification
	  	 	52	  
	 Section 7.8         Liability of the General Partner
	  	 	55	  
	 Section 7.9         Other Matters Concerning the General Partner
	  	 	56	  
	 Section 7.10       Title to Partnership Assets
	  	 	57	  
	 Section 7.11       Reliance by Third Parties
	  	 	57	  
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	58	  
		
	 Section 8.1         Limitation of Liability
	  	 	58	  
	 Section 8.2         Management of Business
	  	 	58	  
	 Section 8.3         Outside Activities of Limited Partners
	  	 	58	  
	 Section 8.4         Return of Capital
	  	 	59	  
	 Section 8.5         Rights of Limited Partners Relating to the
Partnership
	  	 	59	  
	 Section 8.6         Partnership Right to Call Limited Partner
Interests
	  	 	60	  
	 Section 8.7         Rights as Objecting Partner
	  	 	61	  
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	61	  
		
	 Section 9.1         Records and Accounting
	  	 	61	  
	 Section 9.2         Partnership Year
	  	 	61	  
	 Section 9.3         Reports
	  	 	61	  
		
	 ARTICLE 10 TAX MATTERS
	  	 	62	  
		
	 Section 10.1       Preparation of Tax Returns
	  	 	62	  
	 Section 10.2       Tax Elections
	  	 	62	  
	 Section 10.3       Tax Matters Partner
	  	 	62	  
	 Section 10.4       Withholding
	  	 	64	  
	 Section 10.5       Organizational Expenses
	  	 	64	  
		
	 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS
	  	 	64	  
		
	 Section 11.1       Transfer
	  	 	64	  
	 Section 11.2       Transfer of General Partner’s Partnership Interest
	  	 	65	  
	 Section 11.3       Limited Partners’ Rights to Transfer
	  	 	66	  
	 Section 11.4       Admission of Substituted Limited Partners
	  	 	69	  
	 Section 11.5       Assignees
	  	 	69	  
	 Section 11.6       General Provisions
	  	 	70	  
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	 	71	  

  
 ii 

					
	 Section 12.1       Admission of Successor General Partner
	  	 	72	  
	 Section 12.2       Admission of Additional Limited Partners
	  	 	72	  
	 Section 12.3       Amendment of Agreement and Certificate of Limited
Partnership
	  	 	73	  
	 Section 12.4       Limit on Number of Partners
	  	 	73	  
	 Section 12.5       Admission
	  	 	73	  
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	73	  
		
	 Section 13.1       Dissolution
	  	 	73	  
	 Section 13.2       Winding Up
	  	 	74	  
	 Section 13.3       Deemed Contribution and Distribution
	  	 	76	  
	 Section 13.4       Rights of Holders
	  	 	76	  
	 Section 13.5       Notice of Dissolution
	  	 	76	  
	 Section 13.6       Cancellation of Certificate of Limited Partnership
	  	 	77	  
	 Section 13.7       Reasonable Time for Winding-Up
	  	 	77	  
		
	 ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS
	  	 	77	  
		
	 Section 14.1       Procedures for Actions and Consents of Partners
	  	 	77	  
	 Section 14.2       Amendments
	  	 	77	  
	 Section 14.3       Meetings of the Partners
	  	 	78	  
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	 	79	  
		
	 Section 15.1       Redemption Rights of Qualifying Parties
	  	 	79	  
	 Section 15.2       Addresses and Notice
	  	 	83	  
	 Section 15.3       Titles and Captions
	  	 	83	  
	 Section 15.4       Pronouns and Plurals
	  	 	83	  
	 Section 15.5       Further Action
	  	 	83	  
	 Section 15.6       Binding Effect
	  	 	83	  
	 Section 15.7       Waiver
	  	 	83	  
	 Section 15.8       Counterparts
	  	 	84	  
	 Section 15.9       Applicable Law; Consent to Jurisdiction; Waiver of Jury
Trial
	  	 	84	  
	 Section 15.10     Entire Agreement
	  	 	85	  
	 Section 15.11     Invalidity of Provisions
	  	 	85	  
	 Section 15.12     Limitation to Preserve REIT Status
	  	 	85	  
	 Section 15.13     No Partition
	  	 	86	  
	 Section 15.14     No Third-Party Rights Created Hereby
	  	 	86	  
	 Section 15.15     No Rights as Stockholders
	  	 	86	  
		
	 ARTICLE 16 SERIES A PREFERRED UNITS
	  	 	87	  
		
	 Section 16.1       Designation and Number
	  	 	87	  
	 Section 16.2       Rank
	  	 	87	  
	 Section 16.3       Distributions
	  	 	87	  
	 Section 16.4       Liquidation Preference
	  	 	88	  
	 Section 16.5       Redemption of Series A Preferred Units
	  	 	88	  

  
 iii

					
	 Section 16.6         Conversion
	  	 	94	  
	 Section 16.7         Voting Rights
	  	 	96	  
	 Section 16.8         Provisions Effective After General Partner Fundamental
Change
	  	 	97	  
	 Section 16.9         Amendments
	  	 	99	  
	 Section 16.10       Exclusion of Other Rights
	  	 	99	  
		
	 ARTICLE 17 SERIES B PREFERRED UNITS
	  	 	99	  
		
	 Section 17.1         Designation
	  	 	99	  
	 Section 17.2         Distributions
	  	 	100	  
	 Section 17.3         Liquidation Preference
	  	 	102	  
	 Section 17.4         Rank
	  	 	102	  
	 Section 17.5         Voting Rights
	  	 	102	  
	 Section 17.6         Transfer Restrictions
	  	 	102	  
	 Section 17.7         No Conversion Rights
	  	 	102	  
	 Section 17.8         No Sinking Fund
	  	 	103	  

  
 iv 

							
	Exhibits List	  		  			
			
	 Exhibit A
	  	PARTNERS AND PARTNERSHIP UNITS	  	 	A-1	  
			
	 Exhibit B
	  	EXAMPLES REGARDING ADJUSTMENT FACTOR	  	 	B-1	  
			
	 Exhibit C
	  	COMMON NOTICE OF REDEMPTION	  	 	C-1	  
			
	 Exhibit D
	  	SERIES A NOTICE OF REDEMPTION	  	 	D-1	  
			
	 Exhibit E
	  	SERIES A NOTICE OF CONVERSION	  	 	E-1	  

  
 iv 

 FORM OF 
 SECOND AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP

 OF HUDSON PACIFIC PROPERTIES, L.P. 
 THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF HUDSON PACIFIC PROPERTIES, L.P., dated as of December 10, 2010, is made and entered into by and among, HUDSON PACIFIC PROPERTIES,
INC., a Maryland corporation, as the General 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. 
 WHEREAS, a Certificate of Limited Partnership of the Partnership was filed with
the State Department of Assessments and Taxation of Maryland on January 15, 2010 (the “Formation Date”) and the initial general partner and limited partners of the Partnership entered into an original agreement of
limited partnership of the Partnership effective as of January 15, 2010 (the “Original Partnership Agreement”); 
 WHEREAS, the Original Partnership Agreement was amended and restated by that certain Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29,
2010 (the “First Amended and Restated Partnership Agreement”), by and among the General Partner and the limited partners of the Partnership, in connection with the initial public offering of the General Partner’s common
stock; 
 WHEREAS, pursuant to Section 7.3.C(10), the Partnership Agreement may be amended by the General Partner to
reflect the issuance of additional Partnership Interests pursuant to Sections 4.2, 5.5 and 6.2.D and to set forth the designations, rights, powers, duties and preferences of the holders of any additional Partnership Interests issued pursuant to
Section 4.2; and 
 WHEREAS, the General Partner and the Partnership believe it is desirable and in the best interest of
the Partnership to amend and restate the First Amended and Restated Partnership Agreement as set forth herein. 
 NOW,
THEREFORE, BE IT RESOLVED, that the General Partner, on its own behalf and as attorney-in-fact for the Limited Partners, hereby amends and restates the First Amended and Restated Partnership Agreement 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 Maryland Revised Uniform Limited Partnership Act, Title 10 of the Corporations and Associations
Article of the Annotated Code of Maryland, as it may be amended from time to time, and any successor to such statute. 

  
 1 

 “Actions” has the meaning set forth in Section 7.7 hereof.

 “Additional Funds” has the meaning set forth in Section 4.3.A hereof. 

“Additional Limited Partner” means a Person who is admitted to the Partnership as a limited partner pursuant to
the Act and Section 4.2 and Section 12.2 hereof and who is shown as such on the books and records of the Partnership. 

“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. 

“Adjusted Leverage Ratio” has the meaning set forth in Section 16.8.C hereof. 

“Adjusted Net Income” means for each Partnership Year or other applicable period, an amount equal to the
Partnership’s Net Income or Net Loss for such year or other period (other than any Net Income or Net Loss or items thereof allocated with respect to such year or other period prior to the allocation of Adjusted Net Income), computed without
regard to the items set forth below; provided, that if the Adjusted Net Income for such year or other period is a negative number (i.e., a net loss), then the Adjusted Net Income for that year or other period shall be treated as if it
were zero: 
 (a) Depreciation; and 

(b) Net gain or loss realized in connection with the actual or hypothetical sale of any or all of the assets of the
Partnership, including but not limited to net gain or loss treated as realized in connection with an adjustment to the Gross Asset Value of the Partnership’s assets as set forth in the definition of “Gross Asset Value.” 

“Adjustment Factor” means 1.0; provided, however, that in the event that: 

  
 2 

 (i) the General Partner (a) declares or pays a dividend on its
outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (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, (1) 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 (2) the denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split
or combination; 
 (ii) the General Partner distributes any rights, options or warrants to all holders of its
REIT Shares to subscribe for or to purchase or to otherwise acquire REIT Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares (other than REIT Shares issuable pursuant to a Qualified DRIP / COPP),
at a price per share less than the Value of a REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights or, if later, the time such
Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the number of REIT Shares issued and outstanding on the
record date (or, if later, the date such Distributed Rights become exercisable) plus the maximum number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number of REIT Shares issued and
outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights times the minimum
purchase price per REIT Share under such Distributed Rights and (2) the denominator of which is the Value of a REIT Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided,
however, that, if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced
maximum number of REIT Shares or any change in the minimum purchase price for the purposes of the above fraction; and 
 (iii) the General Partner shall, by dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or
distribution referred to in subsection (i) or (ii) above), which evidences of indebtedness or assets relate to assets not received by the General Partner 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. 

  
 3 

 Notwithstanding the foregoing, no adjustments to the Adjustment Factor will be made for any
class of Limited Partnership Interests to the extent that the Partnership makes or effects any correlative distribution or payment to all of the Limited Partners of such class, or effects any correlative split or reverse split in respect of its
Limited Partnership Interests. 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. 
 “Agreement” means this Second Amended and Restated
Limited Partnership Agreement of Hudson Pacific Properties, L.P., as now or hereafter amended, restated, modified, supplemented or replaced. 
 “Applicable Percentage” means, as applicable, (i) the proportion of a Common Tendering Party’s Tendered Common Units that will be acquired by the General Partner for REIT
Shares in accordance with Section 15.1 to the Tendering Party’s Tendered Common Units, or (ii) the proportion of a Series A Tendering Party’s Tendered Series A Units that will be acquired by the General Partner for REIT Shares in
accordance with Section 16.5 to the Tendering Party’s Tendered Series A Units. 
 “Applicable
Rate” means 6.25% per annum. 
 “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 in good faith. 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 one or more Partnership Units have been Transferred in a manner permitted under
this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 hereof. 
 “Available Cash” means, with respect to any period for which such calculation is being made, 

(i) the sum, without duplication, of: 

(1) the Partnership’s Net Income or Net Loss (as the case may be) for such period, 

(2) Depreciation and all other noncash charges to the extent deducted in determining Net Income or Net Loss for such
period, 

  
 4 

 (3) the amount of any reduction in reserves of the Partnership referred to
in clause (ii)(6) below (including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary), 
 (4) the excess, if any, of the net cash proceeds from the sale, exchange, disposition, financing or refinancing of Partnership property for such period over the gain (or loss, as the case may be)
recognized from such sale, exchange, disposition, financing or refinancing during such period (excluding Terminating Capital Transactions), and 
 (5) all other cash received (including amounts previously accrued as Net Income and amounts of deferred income) or any net amounts borrowed by the Partnership for such period that was not included in
determining Net Income or Net Loss for such period; 
 (ii) less the sum, without duplication, of: 

(1) all principal debt payments made during such period by the Partnership, 

(2) capital expenditures made by the Partnership during such period, 

(3) investments in any entity (including loans made thereto) to the extent that such investments are not otherwise
described in clause (ii)(1) or clause (ii)(2) above, 
 (4) all other expenditures and payments not deducted
in determining Net Income or Net Loss for such period (including amounts paid in respect of expenses previously accrued), 
 (5) any amount included in determining Net Income or Net Loss for such period that was not received by the Partnership during such period, 

(6) the amount of any increase in reserves (including, without limitation, working capital reserves) established during
such period that the General Partner determines are necessary or appropriate in its sole and absolute discretion, 
 (7) any amount distributed or paid in redemption of any Limited Partner Interest or Partnership Units, including, without limitation, any Common Unit Cash Amount or Series A Cash Amount paid, and

 (8) the amount of any working capital accounts and other cash or similar balances which the General Partner
determines to be necessary or appropriate in its sole and absolute discretion. 
 Notwithstanding the foregoing, Available Cash shall not
include (a) any cash received or reductions in reserves, or take into account any disbursements made, or reserves established, 

  
 5 

 
after dissolution and the commencement of the liquidation and winding up of the Partnership or (b) any Capital Contributions, whenever received or any payments, expenditures or investments
made with such Capital Contributions. 
 “Board of Directors” means the Board of Directors of the
General Partner. 
 “Business Combination” has the meaning set forth in Section 16.6.C(1) hereto.

 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in The
City of New York, New York or Los Angeles, California are authorized by law to close except that, for purposes of Article 17, the term “Business Day” means any day, other than a Saturday or a Sunday, which is not a day on which banking
institutions in New York, New York are authorized or required by law, regulation or executive order 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 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 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. 
 (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 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 

  
 6 

 
the Partnership. The General Partner may, in its sole 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 General Partner now or hereafter authorized other than a REIT Share. 

“Certificate” means the Certificate of Limited Partnership of the Partnership filed with the SDAT, 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 General 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. 
 “Common Limited Partner” means any Limited Partner that is a Holder of Common Units, including
any Substituted Common Limited Partner, in its capacity as such. 
 “Common Redemption” has the meaning
set forth in Section 15.1.A hereof. 
 “Common Redemption Right” has the meaning set forth in
Section 15.1.A hereto. 
 “Common Tendering Party” has the meaning set forth in Section 15.1.A
hereof. 
 “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 Preferred Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than a Common Unit; provided,
however, that the General Partner Interest and the Limited Partner Interests shall have the differences in rights and privileges as specified in this Agreement. 
 “Common Unit Cash Amount” means an amount of cash equal to the product of (i) the Value of a REIT Share and (ii) the Common Unit REIT Shares Amount determined as of the
applicable Valuation Date. 

  
 7 

 “Common Unit Notice of Redemption” means the Common Unit Notice of
Redemption substantially in the form of Exhibit C attached to this Agreement. 
 “Common Unit REIT Shares
Amount” means a number of REIT Shares equal to the product of (a) the number of Tendered Common Units and (b) the Adjustment Factor; provided, however, that, in the event that the General Partner
issues to all holders of REIT Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the General Partner’s stockholders to subscribe for or purchase REIT Shares, or any other securities
or property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on the date of the Common Unit Notice of Redemption and ending on the day immediately preceding the
Specified Redemption Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the Common Unit 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 General Partner in good faith. 

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Partner given in
accordance with Article 14 hereof. 
 “Consent of the Common Limited Partners” means the Consent of
a Majority in Interest of the Common 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
Common Limited Partner in its sole and absolute discretion. 
 “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. 
 “Consent of the Partners” means the
Consent of the General Partner and the Consent of a Majority in Interest of the 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 the General Partner or the Limited Partners in their sole and absolute discretion; provided, however, that if any such action affects only certain classes or series of Partnership
Units, “Consent of the Partners” means the Consent of the General Partner and the Consent of a Majority in Interest of the affected classes or series of Partnership Units. 

“Consent of the Series A Limited Partners” means the Consent of a Majority in Interest of the Series A 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 Series A 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). 

  
 8 

 “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 (i) in the case of a Common Unit Notice of Redemption, the fifth (5th) Business
Day after the General Partner’s receipt of such notice, or (ii) in the case of a Series A Notice of Redemption, the tenth (10th) Business Day after the General Partner’s receipt of such notice. 

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

“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.” 

  
 9 

 “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 Plans. 
 “Equity Requirement” has the meaning set forth in Section 16.8.B hereof. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder and any successor statute thereto. 

“Event” has the meaning set forth in Section 16.7.B(3). 

“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 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. 
 “50%
Leverage Ratio” has the meaning set forth in Section 16.8.C(1) hereof. 
 “Final
Adjustment” has the meaning set forth in Section 10.3.B(2) hereof. 
 “First Amended and Restated
Partnership Agreement” has the meaning set forth in the Recitals hereof. 
 “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. 
 “Formation Date” has the meaning set forth in
the Recitals hereof. 
 “Fourteen-Month Period” means (a) as to an Original Limited Partner or any
successor-in-interest of an Original Limited Partner that is a Qualifying Common 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
Common Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of such Qualifying Common Party’s first becoming a Holder of Common Units; provided, however, that the General
Partner may, in its sole and absolute discretion, by written agreement with a Qualifying Common Party, shorten or lengthen the first Fourteen-Month Period to a period of shorter or longer than fourteen (14) months with respect to a Qualifying
Common Party other than an Original Limited Partner or a successor-in-interest of an Original Limited Partner. 

“Funding Debt” means any Debt incurred by or on behalf of the General Partner for the purpose of providing funds
to the Partnership. 
 “General Partner” means Hudson Pacific Properties, Inc. and its successors and
assigns, in each case, that is admitted from time to time to the Partnership as a general partner pursuant to 

  
 10 

 
the Act and this Agreement and is listed as a general partner on Exhibit A, as such Exhibit A may be amended from time to time, in such Person’s capacity as a general partner
of the Partnership. 
 “General Partner Affiliate” means any Affiliates of the General Partner, each of
which shall be designated as a “General Partner Affiliate” on Exhibit A attached hereto, as amended from time to time, and shown as such in the books and records of the Partnership. 

“General Partner Fundamental Change” means a Termination Transaction as a result of which no class of stock of
the General Partner continues to be Publicly Traded and/or the Common Units are no longer exchangeable at the General Partner’s election for any Publicly Traded stock of the General Partner. 

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

“General Partner Loan” has the meaning set forth in Section 4.3.D hereof. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for Federal income tax
purposes, except as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the
Partnership shall be the gross fair market value of such asset 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); 

  
 11 

 (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, including, without limitation, if the General Partner so determines, upon the conversion of any Series A Preferred Units into Common Units, provided that in connection with such adjustment, the
Gross Asset Value of the Partnership’s assets shall be determined by taking into account the Value of REIT Shares used for purposes of such conversion. 
 (c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such asset on the date of distribution, as determined by the distributee and the General
Partner; provided, 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 Unit. 
 “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 

  
 12 

 
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 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 subject to a claim or demand, or made a party or threatened to be made a party to a proceeding, by reason of its status as (a) the General Partner or (b) a director of the General Partner or an officer or employee of the Partnership
or the General Partner and (ii) such other Persons (including Affiliates of the General 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.

 “Junior Units” means any Partnership Unit representing any class or series of Partnership Interest
ranking, as to distributions, or rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, junior to Series A Preferred Units. 
 “Legal Requirements” has the meaning set forth in Section 7.3.C(7) hereof. 
 “Leverage Ratio” has the meaning set forth in Section 16.8.C(4) hereof. 
 “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 from time to time, including any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a limited partner of the Partnership.
Limited Partners may be Common Limited Partners, Series A Limited Partners or any other class or group of Partners that is designated or defined herein. 
 “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

  
 13 

 
terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Common Units, Preferred Units or other Partnership Units. 

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

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

“Majority in Interest of the Common Limited Partners” means Common Limited Partners (other than any Common
Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage
Interests of all such Common Limited Partners entitled to Consent to or withhold Consent from a proposed action. 

“Majority in Interest of the Limited Partners” means Limited Partners (other than any Limited Partner fifty
percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all such
Limited Partners entitled to Consent to or withhold Consent from a proposed action. For purposes of calculating Percentage Interests in connection with this definition, the Series A Limited Partners will be deemed to have effected a Series A
Conversion immediately prior to the record date for the applicable vote or Consent. 
 “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. For purposes of calculating Percentage Interests in connection with this definition, the Series A Limited Partners will be deemed to have effected a Series A Conversion immediately prior to the record date for the applicable vote or Consent.

 “Majority in Interest of the Series A Limited Partners” means Series A Limited Partners (other than
any Series A Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate
Percentage Interests of all such Series A Limited Partners entitled to Consent to or withhold Consent from a proposed action. 

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

“Maryland Courts” has the meaning set forth in Section 15.9.B hereof. 

“Maximum Leverage Restriction” has the meaning set forth in Section 16.8.C(4) hereof. 

“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 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: 

  
 14 

 (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; 
 (g)
Notwithstanding any other provision of this definition of “Net Income” or “Net Loss,” any item that is specially allocated pursuant to Article 6 hereof shall not be taken into account in computing Net Income or Net Loss. The
amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated pursuant to Article 6 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or
“Net Loss;” and 
 (h) To the extent any Adjusted Net Income has been allocated for a Partnership Year
or other applicable period, the terms Net Income and Net Loss for that year or other period shall thereafter refer to the remaining items of Net Income or Net Loss, as applicable. 

  
 15 

 “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 General 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).

 “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 date of the closing of the
issuance of REIT Shares pursuant to the initial public offering of the General Partner. 
 “Original Partnership
Agreement” has the meaning set forth in the Recitals hereof. 
 “Ownership Limit” means the
applicable restriction or restrictions on the ownership and transfer of stock of the General Partner imposed under the Charter. 

“Parity Preferred Unit” means any class or series of Partnership Interests of the Partnership now or hereafter
issued and outstanding, which, by its terms ranks on a parity with the Series B Preferred Units with respect to distributions or rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, or both, as the context
may require. 
 “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. 

  
 16 

 “Partnership Employee” means an employee or other service provider
of the Partnership or an employee of a Subsidiary of the Partnership, if any, acting in such capacity. 

“Partnership Equivalent Units” shall have 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 Common Units, Preferred Units or other Partnership Units. The Partnership Interests represented by the Common
Units, the Series A Preferred Units and the Series B Preferred Units and each such type of Unit is a separate class of Partnership Interest for purposes of this Agreement. 
 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease
in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
 “Partnership Record Date” means the record date established by the General Partner for the distribution of Available Cash pursuant to Section 5.1 hereof, which record date
shall generally be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution or, as applicable, any Series B Distribution Record Date. 

“Partnership Series A Redemption Right” shall have the meaning set forth in Section 16.5.B hereof.

 “Partnership Unit” means a Common Unit, a Preferred Unit, a Performance Unit or any other partnership
unit or 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. 

“Partnership Unit Designation” shall have the meaning set forth in Section 4.2.A hereof. 

“Partnership Year” has the meaning set forth in Section 9.2 hereof. 

“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, or the aggregate number of Partnership Units of any specified class or series or specified group of classes and/or series, as applicable, held by such Partner and the
denominator of which is the total number of Partnership Units of all classes and series, or the total number of Partnership Units of such specified class or series or specified group of classes and/or series, as applicable, held by all Partners.

 “Performance Unit” has the meaning set forth in Section 4.2.B hereof. 

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

  
 17 

 “Person” means an individual or a corporation, partnership, trust,
unincorporated organization, association, limited liability company or other entity. 
 “Plans” means
the Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan and the Hudson Pacific Properties, Inc. Director Stock Plan. 
 “Pledge” has the meaning set forth in Section 11.3.A hereof. 
 “Preferred Distribution Shortfall” means, with respect to any outstanding Unit or other Partnership Interest that is entitled to any preference in distributions of Available Cash
pursuant to this Agreement, the aggregate amount of the required distributions for such Unit or Partnership Interest for all prior distribution periods minus the aggregate amount of the distributions made with respect to such Unit or Partnership
Interest pursuant to this Agreement. 
 “Preferred Unit” means a fractional, undivided share of the
Partnership Interests that the General Partner has authorized pursuant to Section 4.1 or Section 4.2 or Section 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or
prior to the Common Units. Preferred Units shall include, but not be limited to, Series A Preferred Units and Series B Preferred Units. 
 “Preferred Share” means a share of preferred stock of the General Partner of any class or series now or hereafter authorized 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. 

“Publicly Traded” means having common equity securities listed or admitted to trading on any U.S. national
securities exchange. 
 “Qualified DRIP/ COPP” means a dividend reinvestment plan or a cash option
purchase plan of the General Partner that permits participants to acquire REIT Shares using the proceeds of dividends paid by the General 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 General Partner the savings enjoyed by the General 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 Common Party” means (a) a Common Limited Partner, (b) an Assignee of a Common Limited
Partner, or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Common Limited Partner Interest in a Permitted Transfer; provided, however, that a Qualifying Common
Party shall not include the General Partner. 

  
 18 

 “Qualifying Series A Party” means (a) a Series A Limited
Partner, (b) an Assignee of a Series A Limited Partner, or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Series A Limited Partner Interest in a Permitted Transfer;
provided, however, that a Qualifying Series A Party shall not include the General Partner. 

“Redemption” means a Common Redemption or a Special Redemption. 

“Registered REIT Share” means any REIT Share issued by the General Partner pursuant to an effective registration
statement under the Securities Act. 
 “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 6.3.A(viii) hereof. 

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

“REIT Partner” means (a) the General Partner or any Affiliate of the General 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 Series B Preferred Share” means a share of the 8.375% Series B Cumulative Redeemable Preferred Stock, $0.01
par value per share, of the General Partner. 
 “REIT Share” means a share of common stock of the
General Partner, $0.01 par value per share (but shall not include any series or class of the General Partner’s common stock classified after the date of this Agreement). 
 “Related Party” means, with respect to any Person, any other Person to whom ownership of shares of the General 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 (as modified by Code Section 856(d)(5)). 
 “Rights” has the meaning set forth in the definition of “Common Unit REIT Shares Amount.” 
 “Safe Harbors” shall have the meaning set forth in Section 11.3.C hereof. 
 “SDAT” means the State Department of Assessments and Taxation of Maryland. 
 “SEC” means the Securities and Exchange Commission. 

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

  
 19 

 “Series A Cash Amount” means an amount per Series A Preferred Unit
equal to, as applicable, (i) in the case of a Tendered Preferred Unit, the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable Specified Series A Redemption Date, or (ii) in the
case of a Series A Preferred Unit tendered for conversion pursuant to Section 16.6.A(1), the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable Series A Conversion Date. 

“Series A Conversion” shall have the meaning set forth in Section 16.6.A(1). 

“Series A Conversion Amount” means a number of whole Common Units equal to the quotient of (a) the product
of (x) the number of Series A Preferred Units tendered for conversion pursuant to Section 16.6, multiplied by (y) the Series A Cash Amount, divided by (b) the product of (x) the Value of a REIT Share as of the
applicable Valuation Date, multiplied by (y) the Adjustment Factor. If the foregoing would result in the issuance of a fractional Common Unit, the General Partner shall pay a cash amount in lieu of issuing such fractional Common Unit in
accordance with Section 16.6.A.2. 
 “Series A Conversion Date” has the meaning set forth in
Section 16.6.B(3) hereof. 
 “Series A Conversion Right” has the meaning set forth in
Section 16.6.A(1) hereof. 
 “Series A Converting Party” has the meaning set forth in
Section 16.6.B(1) hereof. 
 “Series A Limited Partner” means Limited Partner that is the holder of
Series A Preferred Units, including any Substituted Series A Limited Partner, in its capacity as such. 
 “Series A
Notice of Conversion” means the Series A Notice of Conversion substantially in the form of Exhibit E attached to this Agreement. 
 “Series A Notice of Redemption” means the Series A Notice of Redemption substantially in the form of Exhibit D attached to this Agreement. 

“Series A Percentage Interest” means, as to a Series A Limited Partner, the percentage determined by dividing the
Series A Preferred Units owned by such Series A Limited Partner by the total number of Series A Preferred Units then outstanding, both as specified on Exhibit A attached hereto, as such Exhibit A may be modified from time to time.

 “Series A Preference” means $25.00 per Series A Preferred Unit. 

“Series A Preferred Unit” means the Partnership’s 6.25% Series A Cumulative Redeemable Convertible
Partnership Units, with the rights, priorities and preferences set forth herein. 
 “Series A Preferred Unit
Distribution Payment Date” has the meaning set forth in Section 16.3.A hereof. 
 “Series A
Priority Return” means an amount equal to 6.25% per annum, determined on the basis of a 360-day year consisting of twelve 30-day months (and for any period shorter than a 

  
 20 

 
full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the ratio of the actual number of days elapsed in such period to
ninety (90) days), cumulative to the extent not distributed for any given distribution period pursuant to Section 16.3 hereof, of the Series A Preference, commencing on the date of issuance of such Series A Preferred Units. 

“Series A Redemption” shall have the meaning set forth in Section 16.5.A(1) hereof. 

“Series A Redemption Right” shall have the meaning set forth in Section 16.5.A(1) hereof. 

“Series A REIT Shares Amount” means a number of whole Registered REIT Shares equal to the product of (a) the
number of Tendered Series A Units, multiplied by (b) the quotient of (x) the Series A Cash Amount, divided by (y) the Value of a REIT Share as of the applicable Valuation Date; provided,
however, that, in the event that the General Partner issues to all holders of REIT Shares as of a certain record date Rights, with the record date for such Rights issuance falling within the period starting on the date of the Series A
Notice of Redemption and ending on the day immediately preceding the Specified Series A Redemption Date, which Rights will not be distributed before the relevant Specified Series A Redemption Date, then the Series A 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 General Partner in good faith. If the foregoing would result in the
issuance of a fractional REIT Share, the General Partner shall pay a cash amount in lieu of issuing such fractional REIT Share in accordance with Section 16.5.A.7(vi). 
 “Series A Tendering Party” has the meaning set forth in Section 16.5 hereof. 
 “Series B Distribution Record Date,” with respect to any distribution payable on Series B Preferred Units, means the close of business on the record date fixed for the
determination of holders of record of REIT Series B Preferred Shares entitled to receive a distribution on such REIT Series B Preferred Shares. 
 “Series B Preferred Shares Original Issue Date” shall have the meaning set forth in Section 17.2.A hereof. 

“Series B Preferred Shares Terms” means the terms of the REIT Series B Preferred Shares, as
set forth in the Articles Supplementary of the General Partner for the REIT Series B Preferred Shares, accepted for record by the SDAT on December 8, 2010, as such terms may be amended or restated or incorporated into the Charter from time to
time. 
 “Series B Preferred Units” means the Partnership’s 8.375% Series B Cumulative
Redeemable Preferred Units, with the rights, priorities and preferences set forth herein. 
 “Series B Preferred Unit
Distribution Payment Date” shall have the meaning set forth in Section 17.2.A hereof. 
 “Series B
Priority Return” shall mean, with respect to any Series B Preferred Unit, an amount equal to 8.375% per annum on the stated value of $25.00 of the Series B Preferred Unit 

  
 21 

 
(equivalent to the fixed annual amount of $2.09375 per Series B Preferred Unit), commencing on the Series B Preferred Shares Original Issuance Date or, if later, the first day of any distribution
period during which such Series B Preferred Unit is issued, subject to adjustment as specified in Section 17.2.E. For any distribution period greater than or less than a full distribution period, the amount of the Series B Priority Return shall
be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. For any quarterly period, the amount of the Series B Priority Return shall be computed by dividing the applicable annual distribution rate by four.

 “Special Redemption” has the meaning set forth in Section 15.1.A hereof. 

“Specified Redemption Date” means the tenth (10th) Business Day after the receipt by the General Partner of
a Common Unit Notice of Redemption; provided, however, that no Specified Redemption Date shall occur during the first Fourteen-Month Period (except pursuant to a Special Redemption). 

“Specified Series A Redemption Date” shall have the meaning set forth in Section 16.5.A(1) hereof.

 “Stock Option Plans” means any stock option plan now or hereafter adopted by the Partnership or the
General 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 General 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 General Partner’s status as a REIT or any General 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 Common
Limited Partner” means a Person who is admitted as a Common Limited Partner to the Partnership pursuant to the Act and Section 11.4 hereof. 
 “Substituted Limited Partner” means (i) a Substituted Common Limited Partner, (ii) a Substituted Series A Limited Partner or (iii) a Person who is admitted as a
Limited Partner to the Partnership pursuant to the Act and any Partnership Unit Designation. 
 “Substituted Series A
Limited Partner” means a Person who is admitted as a Series A Limited Partner pursuant to the Act and Section 11.4 hereof. 
 “Surviving Partnership” has the meaning set forth in Section 11.2.B(ii) hereof. 
 “Tax Items” has the meaning set forth in Section 6.4.A hereof. 

  
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 “Tendered Common Units” has the meaning set forth in
Section 15.1.A hereof. 
 “Tendered Series A Units” has the meaning set forth in
Section 16.5.A(1) hereof. 
 “Termination Transaction” has the meaning set forth in
Section 11.2.B 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. 
 “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, “Transfer” does not include (a) any Common Redemption or Series A Redemption by the Partnership, any Series A Conversion, or acquisition of Tendered Common
Units or Tendered Series A Units by the General Partner, pursuant to Section 15.1 or Section 16.5 hereof, as applicable, or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms
“Transferred” and “Transferring” have correlative meanings. 
 “Units Junior to the Series B
Preferred Units” means any Partnership Unit representing any class or series of Partnership Interest ranking, as to distributions and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, junior
to Series B Preferred Units. 
 “Valuation Date” means the date of receipt by the General Partner of
(i) a Common Unit Notice of Redemption pursuant to Section 15.1 herein, (ii) a Series A Notice of Redemption pursuant to Section 16.5 herein, (iii) a Series A Notice of Conversion pursuant to Section 16.6 herein or
(iv) such other date as specified herein; provided, in each case, that if such date is not a Business Day, then the Valuation Date shall be 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, 

  
 23 

 
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 Board of Directors or, in the event that no trading price is available for such REIT Shares, the fair market value of the REIT Shares, as determined in good faith by the Board of Directors.

 In the event that the Common Unit REIT Shares Amount or the Series A REIT Shares Amount includes Rights that a holder of REIT
Shares would be entitled to receive, then the Value of such Rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

 “Vesting Date” has the meaning set forth in Section 4.4.C(2) hereof. 

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. 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
“Hudson Pacific Properties, 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; provided,
however, that the name of the General Partner (or any Subsidiary thereof) may not include the name (or any derivative thereof) of any Limited Partner without such Limited Partner’s prior written consent. The words “Limited
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 Principal Office and Resident Agent; Principal Executive Office. The address of the principal office of the Partnership in the State
of Maryland is located at c/o The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, MD 21201, or such other place within the State of Maryland as the General Partner may from time to time designate, and the resident agent of the
Partnership in the State of Maryland is The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, MD 21201, or such other resident of the State of Maryland as the General Partner may from time to time designate. The principal

  
 24 

 
executive office of the Partnership is located at 11601 Wilshire Blvd, Suite 1600, Los Angeles, California 90025 or such other place as the General Partner may from time to time designate by
notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Maryland 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, 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 General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited
liability to the extent provided by applicable law) in the State of Maryland and in all other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or any Liquidator deems
appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or the Liquidator deems
appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents
that the General Partner or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, 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, in accordance with
the terms hereof, of the rights, preferences and privileges relating to Partnership Interests; and 
 (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 General Partner or any Liquidator, to make, evidence, give,
confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement. 
 Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator 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 General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it
on behalf of the Partnership, 

  
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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 Units or
Partnership Interest (as the case may be) 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 General
Partner or the Liquidator, acting in good faith pursuant to such power of attorney; and 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 General Partner or the Liquidator taken under such power of attorney. 

Section 2.5 Term. The term of the Partnership commenced on January 15, 2010, the date that the original Certificate was filed with the SDAT
in accordance with the Act, and shall continue indefinitely unless the Partnership is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law. 

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 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. 
 A. The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper,
advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership including, without limitation, full power and authority, directly or
through its 

  
 26 

 
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, acquire, own, manage, improve and develop real property and lease, sell, transfer and dispose of real property. 
 B. Notwithstanding any other provision in this Agreement, the Partnership shall not take, or to refrain from taking, any action that, in the judgment of the General Partner, in its sole and absolute
discretion, (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, (ii) could subject the General Partner to any taxes under Code Section 857 or Code Section 4981 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 jurisdiction over the General Partner, its securities or the Partnership , unless, in any such case, such action (or
inaction) under clause (i), clause (ii), or clause (iii) above shall have been specifically consented to by the General Partner which consent may be given or withheld in its sole and absolute discretion. 

Section 3.3 Partnership Only for Purposes Specified. The Partnership shall be a limited partnership only for the purposes specified in
Section 3.1 hereof, 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 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 (severally, and not jointly or jointly and severally with any other Person), 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 General Partner or any Disregarded Entity with respect to
the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of which the General Partner, any Disregarded Entity with respect to the General Partner, or the Partnership is a direct or indirect member or
(b)

  
 27 

 
an interest in the assets or net profits of any non-corporate tenant of (I) the General Partner or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III)
any partnership, venture, or limited liability company of which the General Partner, any Disregarded Entity with respect to the General 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, as such enforceability may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity and the discretion of the court before which any proceeding therefor may
be brought. 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, which consent the General Partner may give or withhold in its sole and absolute discretion. 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 (severally, and not jointly or jointly and severally with any other Person), each other Partner that (i) the consummation of the transactions contemplated by this
Agreement to be performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s), committee(s), trustee(s), beneficiaries, 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 corporation that is a tenant of (I) the General Partner or any Disregarded Entity
with respect to the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of which the General Partner, any General Partner, any Disregarded Entity with respect to the General 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 General Partner, or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III)
any partnership, venture or limited liability company for which the General Partner, any General Partner, any Disregarded Entity with respect to the General 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, as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity and the discretion of the court before which any proceeding therefor may be brought. 

  
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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, which consent the General Partner may give or withhold in its sole and absolute discretion. 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 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, (ii) 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 (iii) without the consent of the General
Partner, which consent may be given or withheld in the General Partner’s sole discretion, it shall not take any action that would cause (a) the Partnership at any time to have more than 100 partners, including for these purposes as
partners those Persons (“Flow-Through Partners”) indirectly owning an interest in the Partnership through an entity treated as a partnership, Disregarded Entity or S corporation (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 by the Partnership to such Partner or its predecessors to be held by more than three (3) 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, liquidation 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 or the 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. 

  
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 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 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 written 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 Section 16.7, in the case of Series A Preferred Units, and/or the rights of any Holder of other Partnership Units 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) 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, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, and (iii) in connection with any merger of any other
Person into the Partnership. 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 without the approval of any Limited Partner or any other Person, and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an
amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit Designation”). 

  
 30 

 
Without limiting the generality of the foregoing, the General Partner shall have authority to specify: (a) the allocations of items of Partnership income, gain, loss, deduction and credit to
each such class or series of Partnership Interests; (b) the right of each such class or series of Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such
class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights
applicable to each such class or series of Partnership Interests. Upon the issuance of any additional Partnership Interest, the General Partner shall amend Exhibit A and the books and records of the Partnership as appropriate to reflect such
issuance. 
 B. Issuances of Performance Units. Without limiting the generality of the foregoing, the General Partner is
hereby authorized to create one or more classes or series of additional Partnership Interests, in the form of Partnership Units (each such class or series of Partnership Interests is referred to as “Performance Units”), for
issuance at any time or from time to time to directors, officers or employees of the General Partner or any Affiliate of the foregoing, and to admit such Persons as Additional Limited Partners or General Partners, for such consideration and on such
terms and conditions as shall be established by the General Partner, all without approval of any Limited Partner or any other Person. The General Partner shall determine, in its sole and absolute discretion without the approval of any Limited
Partner or any other Person, and set forth in a Partnership Unit Designation, the designations, 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 Performance Units (including, without limitation, the extent to which the value or number of each such class or series of Performance Units is subject to adjustment based on the financial
performance of the General Partner). Upon the issuance of any class or series of Performance Units, the General Partner shall amend the Partnership Agreement, including Exhibit A and the books and records of the Partnership as appropriate to
reflect such issuance. 
 C. Issuances to the General Partner. No additional Partnership Units shall be issued to the
General Partner unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests, (ii) (a) the additional Partnership Units are (x) Common Units issued in connection
with an issuance of REIT Shares, or (y) Partnership Equivalent Units (other than Common Units) issued in connection with an issuance of Preferred Shares, New Securities or other interests in the General Partner (other than REIT Shares), and
(b) the General Partner contributes 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 General 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. 
 D. No Preemptive Rights. Except as
specified in Section 4.2.C(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. 

  
 31 

 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 to cause the
Partnership from time to time to issue additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the
issuance of such additional Partnership Units. 
 C. Loans by Third Parties. The General Partner, on behalf of the
Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt to any Person (other than the General Partner) upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or
exchangeable for Partnership Units or REIT Shares; provided, however, that the Partnership shall not incur any such Debt if any Partner (or any Affiliate, partner, member, stockholder, principal, director, officer,
adviser, beneficiary or trustee of any Partner) would be personally liable for the repayment of such Debt (unless such Partner or other affected Person otherwise agrees in writing). 

D. General Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to the General Partner (a “General Partner Loan”) if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment
schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner, the net proceeds of which are loaned to the Partnership to provide such Additional Funds, or (ii) such Debt is on terms and
conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if (a) any Partner (or any
Affiliate, partner, member, stockholder, principal, director, officer, adviser, beneficiary or trustee of any Partner) would be personally liable for the repayment of such Debt (unless such Partner or other affected Person otherwise agrees in
writing) or (b) a breach or violation of, or default under, the terms of such Debt would be deemed to occur by virtue of the Transfer of any Partnership Units or Partnership Interest held by any Person other than the General Partner.

 E. Issuance of Securities by the General Partner. The General Partner shall not issue any additional REIT Shares,
Capital Shares or New Securities unless the General 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 to the Partnership in exchange for (x) in the case of an issuance of REIT Shares, Common Units, or (y) in the case of an issuance of Capital Shares or New
Securities, Partnership Equivalent Units; 

  
 32 

 
provided, however, that notwithstanding the foregoing, the General 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 General Partner if the General Partner determines that such acquisition is in the best interests of the Partnership; and provided, further, that in the event that
the General Partner issues REIT Shares, Capital Shares or New Securities pursuant to the foregoing clauses (c) or (d), the General Partner shall contribute to the Partnership the cash proceeds or other consideration received from such issuance
(or property acquired with such proceeds). In the event of any issuance of additional REIT Shares, Capital Shares or New Securities by the General Partner, and the contribution to the Partnership, by the General Partner, of the cash proceeds or
other consideration received from such issuance (or property acquired with such proceeds), if the cash proceeds actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount
or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the 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 General Partner (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). 

Section 4.4 Stock Option Plans and Equity Plans. 
 A. Options Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with any Stock Option Plan, a stock option granted for stock in the General
Partner to a Person other than a Partnership Employee is duly exercised: 
 (1) The General Partner, shall, as
soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the General Partner by such exercising party in connection with the exercise of such stock option. 

(2) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4.A(1) hereof,
the General Partner shall be deemed to have contributed to the Partnership as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of an additional Limited Partner Interest (expressed in and as additional
Common Units), an amount equal to the Value of a REIT Share as of the date of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. 

(3) An equitable Percentage Interest adjustment shall be made in which the General Partner shall be treated as having made
a cash contribution equal to the amount described in Section 4.4.A(2) hereof. 
 B. Options Granted to Partnership
Employees. If at any time or from time to time, in connection with any Stock Option Plan, a stock option granted for stock in the General Partner to a Partnership Employee is duly exercised: 

  
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 (1) The General Partner shall sell to the Optionee, and the Optionee shall
purchase from the General Partner, for a cash price per share equal to the Value of a REIT Share at the time of the exercise, the number of REIT Shares equal to (a) the exercise price payable by the Optionee in connection with the exercise of
such stock option divided by (b) the Value of a REIT Share at the time of such exercise. 
 (2) The General
Partner shall sell to the Partnership (or if the Optionee is an employee or other service provider of a Partnership Subsidiary, the General Partner shall sell to such Partnership Subsidiary), and the Partnership (or such subsidiary, as applicable)
shall purchase from the General Partner, a number of REIT Shares equal to (a) the number of REIT Shares as to which such stock option is being exercised less (b) the number of REIT Shares sold pursuant to Section 4.4.B(1) hereof. The
purchase price per REIT Share for such sale of REIT Shares to the Partnership (or such subsidiary) shall be the Value of a REIT Share as of the date of exercise of such stock option. 

(3) The Partnership shall transfer to the Optionee (or if the Optionee is an employee or other service provider of a
Partnership Subsidiary, the Partnership Subsidiary shall transfer to the Optionee) at no additional cost, as additional compensation, the number of REIT Shares described in Section 4.4.B(2) hereof. 

(4) The General Partner shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership
of an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the General Partner in connection with the exercise of such stock option. An equitable Percentage
Interest adjustment shall be made as a result of such contribution. 
 C. Restricted Stock Granted to Persons other than
Partnership Employees. If at any time or from time to time, in connection with any Equity Plan (other than a Stock Option Plan), any REIT Shares are issued to a Person other than a Partnership Employee in consideration for services performed for
the General Partner: 
 (1) The General Partner shall issue such number of REIT Shares as are to be issued to
such Person in accordance with the Equity Plan; and 
 (2) On the date (such date, the “Vesting
Date”) that the Value of such shares is includible in taxable income of such Person, the following events will be deemed to have occurred: (a) the General Partner shall be deemed to have contributed the Value of such REIT Shares to
the Partnership as a Capital Contribution, and (b) the Partnership shall issue to the General Partner on the Vesting Date a number of Common Units equal to the number of newly issued REIT Shares divided by the Adjustment Factor then in effect.

 D. Restricted Stock Granted to Partnership Employees. If at any time or from time to time, in connection with any
Equity Plan (other than a Stock Option Plan), any REIT Shares are issued to a Partnership Employee (including any REIT Shares that are subject to forfeiture in the event such Partnership Employee terminates his employment by the Partnership or the
Partnership Subsidiaries) in consideration for services performed for the Partnership or the Partnership Subsidiaries: 

  
 34 

 (1) The General Partner shall issue such number of REIT Shares as are to be
issued to the Partnership Employee in accordance with the Equity Plan; 
 (2) On the Vesting Date, the following
events will be deemed to have occurred: (a) the General Partner shall be deemed to have sold such shares to the Partnership (or if the Partnership Employee is an employee or other service provider of a Partnership Subsidiary, to such
Partnership Subsidiary) for a purchase price equal to the Value of such shares, (b) the Partnership (or such Partnership Subsidiary) shall be deemed to have delivered the shares to the Partnership Employee, (c) the General Partner shall be
deemed to have contributed the purchase price to the Partnership as a Capital Contribution, and (d) in the case where the Partnership Employee is an employee of a Partnership Subsidiary, the Partnership shall be deemed to have contributed such
amount to the capital of the Partnership Subsidiary; and 
 (3) The Partnership shall issue to the General
Partner on the Vesting Date a number of Common Units equal to the number of newly issued REIT Shares divided by the Adjustment Factor then in effect in consideration for the Capital Contribution described in Section 4.4.D(2)(c) above.

 E. Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the
General Partner from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the General Partner, the Partnership or any of their Affiliates. The Partners acknowledge and agree
that, in the event that any such plan is adopted, modified or terminated by the General Partner, or for any other reason as determined by the General Partner, amendments to this Section 4.4 may become necessary or advisable, any approval or
Consent to any such amendments requested by the General Partner shall be deemed granted by the Limited Partners. 
 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 General 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 General Partner to effect open market purchases of REIT Shares, or (b) if the General
Partner elects instead to issue new REIT Shares with respect to such amounts, shall be contributed by the General Partner to the Partnership in exchange for additional Common Units. Upon such contribution, the Partnership will issue to the General
Partner a number of Common Units equal in value to the product of (i) the Value as of the date of issuance of each REIT Share so issued by the General Partner multiplied by (ii) the number of REIT Shares so issued. 

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 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 Capital Shares. 

  
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 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), limitations and rights as to distributions (including upon
liquidation, dissolution or winding up) and qualifications that are substantially the same as those of such Capital Shares (but, for the avoidance of doubt, shall not be required to have the same voting rights, redemption rights or restrictions on
transfer of such Capital Shares) (“Partnership Equivalent Units”) equal to the number of Capital Shares so converted shall automatically be converted into a number of Common Units equal to (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. If, at any time, any Capital Shares are redeemed (whether by exercise of a put or
call, automatically or by means of another arrangement) by the General Partner for cash, the Partnership shall, immediately prior to such redemption of Capital Shares, redeem an equal number of Partnership Equivalent Units held by the General
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 redeemed or otherwise repurchased by the General Partner for cash pursuant to Article VI of
the Charter, the Partnership shall, immediately prior to such redemption of REIT Shares, redeem an equal number of Common Units held by the General Partner upon the same terms and for the same price per Common Unit as such REIT Shares are redeemed.

 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 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). 
 ARTICLE 5 

DISTRIBUTIONS 
 Section
5.1 Requirement and Characterization of Distributions. Subject to the terms of Sections 16.3 and 17.2 and/or the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner shall cause the
Partnership to distribute quarterly all, or such portion as the General Partner may in its sole and absolute discretion determine, of Available Cash generated by the Partnership during such quarter to the Holders on the Partnership Record Date with
respect to such quarter: 
 (i) First, with respect to any Partnership Units that are entitled to any
preference in distribution, in accordance with the rights of such class(es) of Partnership Units 

  
 36 

 
(and, within such class(es), among the Holders pro rata in proportion to their respective Percentage Interests in each class of Partnership Units held 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 such class of Partnership Units, as applicable (and, within such class, among the Holders pro rata in proportion to their respective Percentage Interests in such class of Partnership Units held on such
Partnership Record Date). 
 Distributions payable with respect to any Partnership Units that were not outstanding during the
entire quarterly period in respect of which any distribution is made, other than any Partnership Units issued to the General Partner in connection with the issuance of REIT Shares or Capital Shares by the General Partner, shall be prorated based on
the portion of the period that such Partnership Units were outstanding. Notwithstanding the foregoing, the General Partner, in its sole and absolute discretion, may cause the Partnership to distribute Available Cash to the Holders on a more or less
frequent basis than quarterly and provide for an appropriate record date. The General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the General Partner’s qualification as
a REIT, to cause the Partnership to distribute sufficient amounts to enable the General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for
qualifying as a REIT under the Code and Regulations (the “REIT Requirements”) and (b) except to the extent otherwise determined by the General Partner, eliminate any Federal income or excise tax liability of the General
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 10 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 cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the
Holders in accordance with Section 13.2 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, the General Partner is hereby authorized to make such revisions to Articles 5, 6 and 12 hereof as it determines are necessary or desirable to reflect the
issuance of such additional Partnership Units, including, without limitation, making preferential distributions to certain classes of Partnership Units. 
 Section 5.6 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 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 to the extent 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 Allocations of Net Income and Net Loss. 
 A. In General.
Except as otherwise provided in this Article 6 and Section 11.6.C, Net Income and Net Loss allocable with respect to a class of Partnership Interests shall be allocated to each of the Holders holding such class of Partnership Interests in
accordance with their respective Percentage Interest of such class. 
 B. Net Income. Except as provided in Sections
6.2.E, 6.2.F and 6.3, Net Income (or in the case of clause (iv) or (vi) below, Adjusted Net Income) for any Partnership Year shall be allocated in the following manner and order of priority: 

(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 (v) in Section 6.2.C 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 (iv) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holder pursuant to this clause (ii) for all prior Partnership
Years; 

  
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 (iii) Third, 100% to the Holders of Series A Preferred Units in an
amount equal to the remainder, if any, of the cumulative Net Losses allocated to such Holder pursuant to clause (iii) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holders
pursuant to this clause (iii) for all prior Partnership Years; 
 (iv) Fourth, 100% of the Adjusted
Net Income (or Net Income to the extent there is insufficient Adjusted Net Income) to the Holders of Series A Preferred Units in an amount equal to the excess of the cumulative Series A Priority Return to the last day of the current Partnership Year
or to the date of redemption or conversion, to the extent Series A Preferred Units are redeemed or converted during such year, over the cumulative Adjusted Net Income (or Net Income) allocated to the Holders of such units pursuant to this clause
(iv) for all prior Partnership Years; 
 (v) Fifth, 100% to the Holders of Series B Preferred Units
in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to such Holder pursuant to clause (ii) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holders
pursuant to this clause (v) for all prior Partnership Years; 
 (vi) Sixth, any remaining Adjusted
Net Income (or Net Income to the extent there is insufficient Adjusted Net Income) to the Holders of Series B Preferred Units in an amount equal to the excess of the cumulative Series B Priority Return to the last day of the current Partnership Year
or to the date of redemption, to the extent Series B Preferred Units are redeemed during such year, over the cumulative Adjusted Net Income (or Net Income) allocated to the Holders of such units pursuant to this clause (vi) for all prior
Partnership Years; and 
 (vii) Seventh, 100% to the Holders of Common Units in accordance with their
respective Percentage Interests in the Common Units. 
 To the extent the allocations of Net Income set forth above in any paragraph of this
Section 6.2.B are not sufficient to entirely satisfy the allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard to such
shortfall. 
 C. Net Loss. Except as provided in Sections 6.2.E, 6.2.F and 6.3, Net Losses for any Partnership Year shall
be allocated in the following manner and order of priority: 
 (i) First, 100% to the Holders of Common
Units in accordance with their respective Percentage Interests in the 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) and ignoring the portion of any such Holder’s Capital Account attributable to Series A Preferred Units or Series B
Preferred Units) of all such Holders is zero; 
 (ii) Second, 100% to the Holders of Series B Preferred
Units, pro rata to each such Holder’s 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

  
 39 

 
to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so modified) of each such Holder is zero; 

(iii) Third, 100% to the Holders of Series A Preferred Units, pro rata to each such Holder’s 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)), until the Adjusted Capital Account
(as so modified) of each such Holder is zero; 
 (iv) Fourth, 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 
 (v) Fifth, 100% to the General Partner. 
 D. Allocations to Reflect
Issuance of Additional Partnership Interests. In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Section 4.2 or 4.3, the General Partner shall make
such revisions to this Section 6.2 or to Section 12.2.C or 13.2.A as it determines 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 Article 16 and Article 17 below and the terms of any Partnership Unit Designation with respect to Partnership Interests then outstanding. 
 E. Special Allocations Regarding Preferred Units. Subject to Sections 6.2.F and 6.3, if any Preferred Units are redeemed pursuant to Section 4.7.B hereof (treating a full liquidation of the
General Partner’s General Partner Interest for purposes of this Section 6.2.E as including a redemption of any then outstanding Preferred Units pursuant to Section 4.7.B hereof), or Section 16.5 for the Partnership Year that
includes such redemption (and, if necessary, for subsequent Partnership Years) (a) gross income and gain (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder(s) of such
Preferred Units to the extent that the redemption amounts paid or payable with respect to the Preferred Units so redeemed (or treated as redeemed) exceeds the aggregate Capital Account balances allocable to the Preferred Units so redeemed (or
treated as redeemed) and (b) deductions and losses (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder(s) of such Preferred Units to the extent that the aggregate Capital
Account balances allocable to the Preferred Units so redeemed (or treated as redeemed) exceeds the redemption amount paid or payable with respect to the Preferred Units so redeemed (or treated as redeemed). 

F. Special Allocations Upon Liquidation. Notwithstanding any provision in this Article 6 to the contrary but subject to
Section 6.3, 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, in the discretion of the General Partner, 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 

  
 40 

 
Year) among the Holders as required so as to cause liquidating distributions pursuant to Section 13.2.A 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. 
 G. 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 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 6.3 Additional 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 6.3.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 6.3.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 6.3.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 with respect to Common Units.
Any 

  
 41 

 
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 1.704-1(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 6.3.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 6.3.A(iv) were not in the Agreement.
It is intended that this Section 6.3.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 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 6.3.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 6.3.A(v) and Section 6.3.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 Common Units in accordance with their respective Percentage Interests with respect to 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 6.3.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 interests
in the Partnership in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the 

  
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Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(viii) Curative Allocations. The allocations set forth in Sections 6.3.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 Common Units, except as otherwise determined by the General Partner. 
 Section 6.4
Tax Allocations. 
 A. In General. Except as otherwise provided in this Section 6.4, 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 and 6.3 hereof. 
 B.
Section 704(c) Allocations. Notwithstanding Section 6.4.A hereof, Tax Items with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing
Partner immediately preceding the date of contribution shall be allocated among the Holders 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 the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner. Allocations pursuant to this Section 6.4.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, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right or obligation to participate in or exercise control or management power over the business and affairs of the Partnership, or any liability in
connection with the General Partner’s exercise of such control and management power. The General Partner may not be removed by the Partners, with or without cause, except with the consent of the General Partner. 

In addition to the powers now or hereafter granted 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 3.1, Section 3.2, and Section 7.3, shall have full and exclusive power
and authority, without the consent or approval of any Limited Partner, to do all things deemed necessary or desirable by it to conduct the business of the Partnership, 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 set forth in Section 3.1 hereof, 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 General Partner (so long as the General Partner qualifies as a REIT) to prevent the imposition of any Federal income tax on the General Partner (including, for this purpose, any excise
tax pursuant to Code Section 4981) and to make distributions to its stockholders sufficient to permit the General 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” taxable as a corporation under Code Section 7704; 
 (4)
subject to Section 11.2 and Section 16.7 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 subscription right or any other right available in connection with 

  
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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 (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 General
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, 

  
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however, that, as long as the General Partner has determined to continue to qualify as a REIT, the Partnership will not engage in any such formation, acquisition or contribution
that would cause the General 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; 

  
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 (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; 
 (21) an election to dissolve the Partnership pursuant to Section 13.1.B hereof; 
 (22) the distribution of cash to acquire Common Units held by a Common Limited Partner in connection with a Common Redemption under Section 15.1 hereof; 

(23) the distribution of cash to acquire Series A Preferred Units held by a Series A Limited Partner in connection with a
Series A Redemption under Section 16.5 hereof; 
 (24) an election to acquire Tendered Common Units or
Tendered Series A Units in exchange for REIT Shares; and 
 (25) the redemption of Series B Preferred Units.

 B. Each of the Limited Partners agrees that, except as provided in Section 7.3 hereof, the General Partner is authorized
to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners or any other Persons, notwithstanding any other provision of the Act or any
applicable law, rule or regulation. 
 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 of the Partnership 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 and subject to Section 7.8.B, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner
of any action taken (or not taken) by it. The General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of any 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. 
 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 Maryland 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 

  
 47 

 
of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be
reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the
State of Maryland 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.
Proscriptions. The General Partner may not take any action in contravention of this Agreement, including, 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; 

(2) possess Partnership property, or assign any rights in specific Partnership property, for other than a Partnership
purpose except as otherwise provided in this Agreement, including, without limitation, Section 7.10; 
 (3)
admit a Person as a Partner, except as otherwise provided in this Agreement; 
 (4) perform any act that would
subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided herein or under the Act; or 
 (5) enter into any contract, mortgage, loan or other agreement that expressly prohibits or restricts, or that has the effect of prohibiting or restricting, (a) the General Partner or the Partnership
from performing its specific obligations under Section 15.1 or Section 16.5.A hereof in full, (b) a Common Limited Partner from exercising its rights under Section 15.1 hereof to effect a Common Redemption in full or (c) a
Series A Limited Partner from exercising its rights under (x) Section 16.5.A hereof to effect a Series A Redemption in full or (y) under Section 16.6 hereof to effect a Series A Conversion, except, in the case of any of clauses
(a), (b) or (c), with the written consent of any Limited Partner affected by the prohibition or restriction. 
 B.
Actions Requiring Consent of the Partners. Except as provided in Section 7.3.C hereof, the General Partner shall not, without the prior Consent of the Partners, amend, modify or terminate this Agreement. 

C. Amendments without Consent. Notwithstanding Sections 7.3.B and 14.2 hereof but subject to the terms of any Partnership
Unit Designation with respect to Partnership Interests then outstanding, the General Partner shall have the power, without the Consent of the Partners, to amend this Agreement as may be required to facilitate or implement any of the following
purposes: 

  
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 (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, the Transfer of any Partnership Interest or the termination of the Partnership in accordance with this Agreement, and to amend
Exhibit A in connection with such admission, substitution, withdrawal or Transfer; 
 (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) subject to Section 16.7, 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; 

(5) to reflect the termination of the class of Series A Preferred Units if and from the time that all of the Series A
Preferred Units shall no longer be, or be deemed to be, outstanding for any purpose; 
 (6) to reflect any change
to the designation or terms of the Series B Preferred Units as set forth in Article 17 or otherwise in this Agreement; 
 (7) 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 (collectively,
“Legal Requirements”); 
 (8) (a) to reflect such changes as are reasonably
necessary for the General 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 General Partner and any Disregarded Entity with respect
to the General Partner; 
 (9) 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); or 

(10) the issuance of additional Partnership Interests in accordance with Section 4.2. 

The General Partner will provide reasonably prompt advance written notice to the Limited Partners whenever the General Partner proposes to take any of
the foregoing actions under this Section 7.3.C. 

  
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 D. Actions Requiring Consent of Affected Partners. 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, Section 13.2.A, or Article 16 hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as permitted
pursuant to Sections 4.2, 7.3.C and Article 6 hereof); (iv) alter or modify the redemption rights, conversion rights, Common Unit Cash Amount or Common Unit REIT Shares Amount as set forth in Section 15.1, Section 16.5 and
Section 16.6 hereof, or amend or modify any related definitions; (v) alter or modify Section 11.2 hereof; (vi) remove, alter or amend the powers and restrictions related to REIT Requirements or permitting the General Partner to
avoid paying tax under Code Sections 857 or 4981 contained in Sections 3.1, 3.2, 7.1 and 7.3; (vii) reduce any Limited Partner’s rights to indemnification; (viii) create any liability of any Limited Partner not already
provided in this Agreement; or (ix) amend this Section 7.3.D. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Agreement without the consent specified therein. Any such
amendment or action consented to by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 
 Section 7.4 Reimbursement of the General Partner. 
 A. The General Partner
shall not be compensated for its services as General 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
may be entitled in its capacity as the General Partner). 
 B. Subject to Sections 7.4.C and 15.12 hereof, the Partnership
shall be liable for, and shall reimburse the General Partner 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, or for the benefit of, the Partnership, (ii) compensation of officers and employees, including, without limitation,
payments under future compensation plans, of the General Partner or the Partnership that may provide for stock units, or phantom stock, pursuant to which employees of the General Partner or the Partnership will receive payments based upon dividends
on or the value of REIT Shares, (iii) director or manager fees and expenses of the General Partner or its Affiliates, and (iv) all costs and expenses of the General Partner being a public company, including 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 with respect to bank accounts or other
instruments or accounts held by it on behalf of the Partnership as permitted pursuant to Section 7.3 hereof; and, provided, further, that the General Partner shall not be reimbursed for expenses it incurs relating to the
organization of the Partnership and the General Partner or the initial public offering. Such reimbursements shall be in addition to any reimbursement of the General Partner as a result of indemnification pursuant to Section 7.7 hereof.

  
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 C. 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 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. The General
Partner shall not, directly or indirectly, enter into or conduct any business, other than in connection with, (a) the ownership, acquisition and disposition of Partnership Interests as the General Partner, (b) the management of the
business of the Partnership, (c) the operation of the General Partner as a reporting company with a class (or classes) of securities registered under the Exchange Act, (d) its operations as a REIT, (e) the offering, sale, syndication,
private placement or public offering of stock, bonds, securities or other interests related to the Partnership or its assets or activities or the activities of the General Partner in its capacity as general partner of the Partnership,
(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 General Partner pursuant to the preceding clauses (e) and (g) shall be made available to the Partnership, whether as Capital Contributions, loans or otherwise, as appropriate; and, provided,
further, that the General 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 takes commercially
reasonable measures to ensure that the economic benefits and burdens of such Property are otherwise vested in the Partnership, whether 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. Nothing contained herein shall be deemed to prohibit the General Partner from executing guarantees of Partnership debt. The General Partner and all Disregarded Entities with respect to the General 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 General Partner,
(ii) Partnership Interests as the General Partner and (iii) 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 General Partner to qualify as a REIT and for the General Partner to carry out its responsibilities contemplated under this Agreement and the Charter. Any Limited Partner Interests acquired by the General Partner,
whether pursuant to the exercise by a Limited Partner of its right to Redemption, or otherwise, 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. 
 Section 7.6 Transactions with Affiliates. 

  
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 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 and
subject to Section 3.1 hereof, the Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such
terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, believes, in good faith, to be advisable. 
 C. Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates may sell, transfer or convey any property to, or purchase any property from, the Partnership,
directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. 
 D. The General Partner in its sole and absolute discretion and without the approval of the 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 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 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 reasonable legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all
claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership (“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 transaction for which such Indemnitee actually received an improper personal benefit in money, property or services or otherwise, in violation or breach of any provision of this Agreement; and provided,
further, that (x) no payments pursuant to this Agreement shall be made by the Partnership to indemnify or advance funds 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, and (y) the Partnership shall not be liable for any
expenses incurred by an Indemnitee in connection with one or more Actions or claims brought by the Partnership or involving such Indemnitee if such Indemnitee is found liable to the Partnership on any portion of any claim in any such Action.

  
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 Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a
loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to),
and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having
liability for any such indebtedness. It is the intention of this Section 7.7.A that the Partnership shall 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 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 ceased to serve in such
capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified.

 D. The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees
and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the
Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 E.
Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership or the General Partner (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or
any related trust or 

  
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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 money, property or services or otherwise, in violation or
breach of any provision of this Agreement or applicable law. 
 F. Notwithstanding anything to the contrary in this Agreement,
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, and any such indemnification shall be satisfied solely out of the assets of the Partnership.

 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 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. 
 J. The Partnership shall indemnify each Limited Partner and its Affiliates, their respective directors, officers,
stockholders and any other individual acting on its or their behalf, from and against any costs (including costs of defense) incurred by it as a result of any litigation or other proceeding in which any Limited Partner is named as a defendant or any
claim threatened or asserted against any Limited Partner, in either case which relates to the operations of the Partnership or any obligation assumed by the Partnership, unless such costs are the result of intentional harm or gross negligence on the
part of, or a breach of this Agreement by, such Limited Partner; provided, however, that no Partner shall have any personal liability with respect to the foregoing indemnification, any such indemnification to be satisfied
solely out of the assets of the Partnership. 

  
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 K. Any obligation or liability whatsoever of the General Partner 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. 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 directors, stockholders, officers, employees, or agents, regardless of whether such obligation or liability is in the nature of contract, tort or
otherwise. 
 Section 7.8 Liability of the General Partner. 
 A. Notwithstanding anything to the contrary set forth in this Agreement, neither the General Partner nor any of its directors or officers shall be liable or accountable in damages or otherwise to the
Partnership, any Partners, or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission if the General Partner or such director or officer
acted in good faith. 
 B. The Limited Partners agree that: (i) the General Partner is acting for the benefit of the
Partnership, the Limited Partners and the General Partner’s stockholders collectively; (ii) the General Partner is under no obligation not to give priority to the separate interests of the General Partner or the stockholders of the General
Partner, and any action or failure to act on the part of the General Partner or its directors that gives priority to the separate interests of the General Partner or its stockholders that does not result in a violation of the contract rights of the
Limited Partners under this Agreement does not violate the duty of loyalty owed by the General Partner to the Partnership and/or its partners; and (iii) the General Partner shall not be liable to the Partnership or to any Partner for monetary
damages for losses sustained, liabilities incurred or benefits not derived by the Partnership or any Limited Partner in connection with such decisions, except for liability for the General Partner’s intentional harm or gross negligence.

 C. Subject to its obligations and duties as General Partner set forth in the Act and this Agreement, 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. The General Partner shall not be responsible for any misconduct or
negligence on the part of any such agent appointed by it in good faith. 
 D. 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 General Partner’s and its officers’ and directors’ liability to the Partnership and the Limited Partners under
this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of
when such claims may arise or be asserted. 
 E. Notwithstanding anything herein to the contrary, except for liability for
intentional harm or gross negligence, or pursuant to any express indemnities given to the Partnership by any Partner pursuant to any other written instrument, no Partner shall have any personal liability whatsoever, to the Partnership or to the
other Partners, or for the debts or liabilities of the Partnership or the Partnership’s obligations hereunder, and the full recourse of the other Partner(s) shall be limited to the interest of that Partner in the Partnership. Without

  
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limitation of the foregoing, and except for liability for intentional harm or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than its
interest in the Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this
Agreement. This Agreement is executed by the officers of the General Partner solely as officers of the same and not in their own individual capacities. 
 F. To the extent that, under applicable law, the General Partner has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, the General Partner
shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or modify the duties and liabilities of the General
Partner under the Act or otherwise existing under applicable law, are agreed by the Partners to replace such other duties and liabilities of such General Partner. 
 G. Whenever in this Agreement the General Partner is permitted or required to make a decision in its “sole and absolute discretion,” “sole discretion” or “discretion” or
under a grant of similar authority or latitude, the General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any
interest or factors affecting the Partnership or the Partners or any of them, or (ii) in its “good faith” or under another expressed standard, the General Partner 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. The General Partner’s “sole and absolute
discretion,” “sole discretion” and “discretion” under this Agreement shall be exercised in good faith. 
 Section 7.9
Other Matters Concerning the General Partner. 
 A. The General Partner may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or
presented by the proper party or parties. 
 B. The General Partner may consult with legal counsel, accountants, appraisers,
management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that
the General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

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

D. Notwithstanding any other provision of this Agreement or any non-mandatory provision of the Act, any action of the General Partner on
behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability
of the General Partner to continue to qualify as a REIT, (ii) for the General Partner otherwise to satisfy the REIT Requirements, (iii) for the General Partner to avoid incurring any taxes under Code Section 857 or Code
Section 4981, or (iv) for any General 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. 
 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;
provided, that in all cases the General Partner shall use its reasonable efforts to cause beneficial title to such assets to be vested, directly or indirectly, in the Partnership as soon as practicable and beneficial to the Partnership
and the General Partner; and provided, further, that the General Partner hereby declares and warrants that (i) any Partnership assets for which legal title is held in the name of the General Partner or any nominee or
Affiliate of the General Partner shall be held by the General Partner or such nominee or Affiliate for the use and benefit of the Partnership in accordance with the provisions of this Agreement and (ii) the General Partner shall use its
reasonable efforts to cause beneficial title to such assets to be vested, directly or indirectly, in the Partnership as soon as practicable and beneficial to the Partnership and the General Partner. All Partnership assets shall be recorded as the
property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

Section 7.11 Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall
be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into
any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and
beneficially. Each Limited Partner hereby waives any and all defenses 

  
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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 (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 shall have any liability under this Agreement except 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 officer, director, member, employee, partner, agent or trustee of
the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in, or have any liability in respect of, the operations, management or control (within the meaning of the Act) of the Partnership’s
business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director,
member, employee, partner, agent, representative, or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited
Partners or Assignees under this Agreement. 
 Section 8.3 Outside Activities of Limited Partners. 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 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. 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 

  
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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), 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 presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. In
deciding whether to take any actions in such capacity, the Limited Partners and their respective Affiliates shall be under no obligation to consider the separate interests of the Partnership or Subsidiary Entities and to the maximum extent permitted
by applicable law shall have no fiduciary duties or similar obligations to the Partnership or any other Partners, or to any Subsidiary Entities, and shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not
derived by the other Partners in connection with such acts except for liability for intentional harm or gross negligence. 
 Section 8.4
Return of Capital. Except pursuant to the rights of Common Redemption and Series A Redemption set forth in Section 15.1 and Section 16.5 hereof, respectively, 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 Articles 5 and 6 hereof or otherwise expressly provided in
this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. 

Section 8.5 Rights of Limited Partners Relating to the Partnership. 
 A. In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.C hereof, (i) the General Partner shall deliver to each Limited Partner a copy of
any information mailed to all of the common stockholders of the General Partner as soon as practicable after such mailing and (ii) each Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s
interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at the Partnership’s expense: 
 (1) to obtain a copy of the most recent annual and quarterly reports of the General Partner; 
 (2) to obtain a copy of the Partnership’s Federal, state and local income tax returns for each Partnership Year; 

(3) to obtain a current list of the name and last known business, residence or mailing address of each Partner;

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

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

B. The Partnership shall notify any Limited Partner that is a Qualifying Common Party or Qualifying Series A 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 substantially the 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 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 are less than one percent (1%) (treating Series A Preferred Units as converted to Common Units), 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 by treating any Limited Partner as a Common Tendering Party or Series A Tendering Party, as applicable, who has delivered a Common Unit
Notice of Redemption or Series A Notice of Redemption for the amount of Common Units or Series A Preferred 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 Common Unit Notice of Redemption or Series A Unit Notice
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 Common Party or Qualifying Series A Party) may, in the General
Partner’s sole and absolute discretion, be treated as a Qualifying Common 

  
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Party or Qualifying Series A Party that is a Common Tendering Party or Series A Tendering Party, as applicable, and (b) the provisions of Sections 15.1.F(2), 15.1.F(3), 16.5.A(7)(ii)
and 16.5.A(7)(iii) hereof shall not apply, but the remainder of Section 15.1 or 16.5 hereof shall apply, mutatis mutandis. 
 Section 8.7
Rights as Objecting Partner. No Limited Partner and no Holder of a Partnership Interest shall be entitled to exercise any of the rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the Maryland General Corporation Law
or any successor statute in connection with a merger of the Partnership. 
 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 any records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s
business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.5.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 calendar year unless otherwise required by the Code. 
 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 General Partner if such statements are prepared solely on a consolidated basis
with the General 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. 

  
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 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 General Partner if such statements are prepared solely on a consolidated basis with the General 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 General Partner, provided, that such reports
are able to be printed or downloaded from such website. 
 D. At the request of any Limited Partner, the General Partner shall
provide access to the books, records and 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. 
 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 

  
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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 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. 

  
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 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 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 Available Cash 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. 

ARTICLE 11 

PARTNER TRANSFERS AND WITHDRAWALS 
 Section 11.1 Transfer. 
 A. No part of the interest of a Partner shall be
subject to the claims of any creditor, to any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

B. No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article 11. 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, 

  
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without the consent of the General Partner in its sole and absolute discretion; 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 Common Unit REIT Shares Amount or Series A REIT Shares Amount, as applicable, 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 Common Unit REIT Shares Amount or Series A REIT Shares Amount, as applicable, in this Section 11.1.C, “Tendered Common Units” or “Tendered Series A Units,” as applicable, 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. Except as provided in this Section 11.2 and subject to Section 16.7 below and the rights of any Holder of any
Partnership Interest set forth in a Partnership Unit Designation, the General Partner shall not voluntarily withdraw from the Partnership and shall not Transfer all or any portion of its interest in the Partnership (whether by sale, disposition,
statutory merger or consolidation, liquidation or otherwise) without the Consent of the Common Limited Partners, which may be given or withheld by each such Common Limited Partner in its sole and absolute discretion. It is a condition to any
Transfer of a Partnership Interest of a General Partner otherwise permitted hereunder (including any Transfer permitted pursuant to Section 11.2.B) that: (i) 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
Section 16.7 below and the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner may not (a) merge, consolidate or otherwise combine its assets with another entity, (b) sell
all or substantially all of its assets not in the ordinary course of the Partnership’s business or (c) reclassify, recapitalize or change any outstanding shares of the General Partner’s stock or other outstanding equity interests
other than in connection with a stock split, reverse stock split, stock dividend change in par value, increase in authorized shares, designation or issuance of new classes of equity securities or any event that does not require the approval of the
General Partner’s stockholders (each, a “Termination Transaction”) unless: 
 (i)
the Termination Transaction has been approved by the Consent of the Partners and, in connection with such Termination Transaction, all of the Common Limited Partners will receive, or will have the right to elect to receive, for each Partnership 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 by the holders of the outstanding REIT

  
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Shares, each holder of Partnership 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
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 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 Common Limited Partners
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 Common Limited Partners in the Surviving Partnership are at least as favorable as those in effect 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 (other than the Series A Limited Partners or holders of other Preferred Units); and (z) the rights of the Common 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 equivalent to those in effect with respect to their 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. In connection with any transaction permitted by Section 11.2.B hereof, the relative fair market values shall be reasonably determined by the General Partner as of the time of such transaction and,
to the extent applicable, shall be no less favorable to the Limited Partners than the relative values reflected in the terms of such transaction. 
 Section 11.3 Limited Partners’ Rights to Transfer. 
 A.
General. Prior to the end of the first Fourteen-Month Period, no Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without the consent of the General Partner, which consent may be withheld in its
sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without the consent of the General Partner, (i) Transfer all or part of its Partnership Interest to any Family Member, any
Charity, any Controlled Entity or any Affiliate, or, in the case of an Original Limited Partner, to such Original Limited Partner’s shareholders, members, partners or beneficiaries, as the case may be, or (ii) pledge (a
“Pledge”) all or any portion of its Partnership Interest to a lending institution that is not an Affiliate of such Limited Partner as collateral or security for a bona fide loan or other extension of credit, and, except as
provided in Section 11.1.C, 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 

  
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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, subject to the provisions of Sections 11.1.C and 11.4 hereof and to satisfaction of each of the following conditions (in addition to the right of such Limited Partner or permitted transferee thereof
to continue to make Permitted Transfers without the need to satisfy clauses (i) through (v) below): 

(i) General Partner Right of First Refusal. The transferring 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, 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 General Partner shall have ten (10) Business Days upon which to give the Transferring 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 such closing may be deferred for up to forty-five
(45) days to the extent necessary to effect compliance with the Hart-Scott-Rodino Antitrust Act, if applicable, and any other applicable requirements of law. If it does not so elect, the Transferring 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. 
 (ii) Qualified Transferee. Any Transfer of a Partnership Interest shall be made only to a Qualified Transferee. 

(iii) Opinion of Counsel. The Transferor 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 discretion,
waive this condition upon the request of the Transferor. 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. 

(iv) 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, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion;
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.

 (v) Exception for Permitted Transfers. The conditions of Sections 11.3.A(i) through 11.3.A(iv)
hereof shall not apply in the case of a Permitted Transfer. 

  
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 It is a condition to any Transfer otherwise permitted hereunder (whether or not such Transfer is a Permitted
Transfer or 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 approval of the General Partner, in its sole and absolute discretion. Notwithstanding the foregoing, any transferee of any Transferred Partnership Interest shall be subject to
any and all restrictions on ownership or transfer of stock of the General 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. 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. 
 C. 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, which may
be given or withheld in its sole and absolute discretion, no Transfer by a Limited Partner of its Partnership Interests (including any redemption, any other acquisition of Partnership Units by 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 securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 and the Regulations
promulgated thereunder, or (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”). 
 D. Restrictions Not Applicable to Redemptions or Conversions. The provisions of this
Section 11.3 (other than Section 11.3.C) shall not apply to the redemption of Common Units pursuant to Section 15.1, the redemption or conversion of Series A Units pursuant to Section

  
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16.5 or 16.6 or the redemption or conversion of any other Partnership Units pursuant to the terms of any Partnership Unit Designation. 
 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 the Partnership Interest of a Limited Partner may be
admitted as a Substituted Limited Partner only with the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The failure or refusal by the General Partner to permit a
transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Limited
Partner until and unless it furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, (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 amend 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 Common 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 Common Limited Partner under this Agreement. 
 D.
A transferee who has been admitted as a Substituted Series A 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 Series A Limited Partner under this
Agreement. 
 Section 11.5 Assignees. If the General Partner, in its sole and absolute discretion, 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 Interest is deemed to be 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 Units assigned to such transferee and the rights to Transfer the Partnership
Units provided in this Article 11, but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement (other than as expressly provided in Section 15.1, Section 16.5 and Section

  
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16.6 hereof), and shall not be entitled to effect a Consent or vote with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or
vote, 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 Units, such Transfer 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 Partnership Units. 
 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, or
(ii) pursuant to a redemption (or acquisition by the General Partner) of all of its Partnership Units pursuant to a redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation. 

B. Any Limited Partner who shall Transfer all of its Partnership Units in a Transfer (i) 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 Sections 15.1 or 16.5 hereof and/or pursuant to any
Partnership Unit Designation or (iii) to the General 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 General Partner pursuant to Section 15.1 or
16.5 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, the Common Tendering Party or the Series A 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. Solely for purposes of making such
allocations, unless the General Partner decides 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 Common Tendering Party or Series A 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 Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or
redemption shall be made to the transferor Partner or the Common Tendering Party or Series A Tendering Party (as the case may be) and, in the case of a Transfer other than a redemption, all distributions of Available Cash thereafter attributable to
such Partnership Unit shall be made to the transferee Partner. 

  
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 D. Notwithstanding anything to the contrary in this Agreement and 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 General Partner or any other acquisition of Partnership Units by
the Partnership) be made: (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) 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 General Partner or any General 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 General Partner) of all Partnership Units held by all Limited Partners); (vi) if such Transfer could,
based on the advice of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for Federal income tax purposes (except as a result of the redemption (or acquisition by the General Partner) of all
Partnership Units held by all Limited Partners); (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in ERISA
Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) if such Transfer could, based on the advice of 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, which may be given or withheld in its sole and absolute discretion, if such Transfer (1) could 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) could 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 General 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. 
 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 otherwise agrees. 
 ARTICLE 12

 ADMISSION OF PARTNERS 

  
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 Section 12.1 Admission of Successor General Partner. A successor to all of the General Partner’s
General Partner Interest pursuant to Section 11.2 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately upon such Transfer. Any such successor
shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner 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. 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. Upon any such Transfer and the admission of any such transferee as a successor General Partner, the transferor shall be
relieved of its obligations under this Agreement and shall cease to be a general partner of the Partnership without the separate Consent of the Common Limited Partners or the consent or approval of any other Partners. Concurrently with, and as
evidence of, the admission of such a successor General Partner, the General Partner shall amend 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 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 amend 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 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 consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any
Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission and the
satisfaction of all the conditions set forth in Section 12.2.A. 
 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 

  
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Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the General Partner. Solely for purposes of making such allocations,
each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Holders including such Additional Limited Partner, in accordance with the principles described in
Section 11.6.C hereof. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner, and all
distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 
 D. Any Additional Limited Partner admitted to the Partnership that is an Affiliate of the General Partner shall be deemed to be a “General 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 amend the records of the Partnership and, if necessary, to prepare as soon as practical an
amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4
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 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 10-402(2) – (9) 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 Limited 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 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 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 all or substantially all of the assets of the Partnership not in 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 all or substantially all of the assets of the Partnership not in the ordinary course of the Partnership’s
business; or 
 E. the redemption or other acquisition by the Partnership or the General Partner of all Partnership Units other
than Partnership Units held by the General Partner. 
 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 Limited Partners (the General Partner or such other Person being referred to herein as the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of
the Partnership and shall take full account of the Partnership’s liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which
may, to the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 
 (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 (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; 

  
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 (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 
 (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 or upon dissolution of the Partnership, the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue
loss to the 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 General Partner or the Liquidator, a pro rata portion of the distributions that would
otherwise be made to the Holders pursuant to this Article 13 may be: 
 (1) distributed to a trust
established for the benefit of the General Partner and the Holders for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership
or of the General Partner arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the General Partner,
in the same proportions and amounts as would otherwise have been distributed to the Holders pursuant to this Agreement; or 

  
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 (2) withheld or escrowed to provide a reasonable reserve for Partnership
liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of
priority set forth in Section 13.2.A hereof as soon as practicable. 
 E. In the event of the liquidation of the
Partnership in accordance with the terms of this Agreement, the Liquidator may sell Partnership property. The liquidation of the Partnership shall not be deemed finally terminated until the Partnership shall have received cash payments in full
with respect to obligations such as notes, purchase money mortgages, installment sale contracts or other similar receivables received by the Partnership in connection with the sale of Partnership assets and all obligations of the Partnership have
been satisfied or assumed by the General Partner. The Liquidator shall continue to act to enforce all of the rights of the Partnership pursuant to any such obligations until paid in full or otherwise discharged or settled. 

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 (including Section 16.4 below) 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 or an event occurs that would, but for an election or objection
by one or more Partners pursuant to Section 13.1 hereof, result in a dissolution of the Partnership, 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, or, if required by the Act, shall, publish notice thereof in a newspaper 

  
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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 liquidation of the Partnership cash and property as
provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the SDAT, all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than
the State of Maryland shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 
 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 liquidation. 
 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 or approval of Partners pursuant to this Agreement, including Sections 7.3 and 16.7 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 (for this purpose, treating Common Units and Series A
Preferred Units as fungible) and, except as set forth in Section 7.3.C and subject to Sections 7.3.D and 16.7, shall be approved by the Consent of the Partners. Following such proposal, the General Partner shall submit to the Partners
holding Partnership Interests 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 written consent, approval or
vote of the Partners on any such proposed amendment or shall call a meeting to vote thereon and to transact any other business that the General Partner may deem appropriate. For purposes of obtaining a written Consent, the General Partner may
require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with the General Partner’s recommendation (if the General
Partner shall have made a 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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 Section 14.3 Meetings of the Partners. 

A. Meetings of the Partners may be called by the General Partner at any time in its own discretion, and shall be called by the General
Partner upon its receipt of a written request by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners (for this purpose, treating Common Units and Series A Preferred Units as
fungible). 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. Whenever the vote, consent or approval of Partners is permitted or required under this Agreement, such vote, consent or approval may be given at a meeting of Partners or
may be given in accordance with the procedure prescribed in Section 14.3.B hereof. 
 B. Any action required or permitted
to be taken at a meeting of the Partners may be taken without a meeting with the written Consent of the Partners, or such other applicable percentage or Consent as is expressly required by this Agreement for action on the matter in question,
entitled to act on such matter at such a meeting. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the applicable percentage of Partners entitled to act at the meeting. Such
consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
 C. Each Partner entitled to act at the meeting 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 fix, in advance, a record date for determining the Partners entitled to vote at any meeting of the Partners or consent to any matter. Such date shall not be before the close of business on the day the record date is fixed and shall be
not more than ninety days nor less than five days before the date on which such meeting is to be held or consent to be given. If no record date is fixed, the record date for the determination of Partners entitled to notice of or to vote at a meeting
of the Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any action taken by the Partners without a meeting shall be the effective date of such Partner action. When a
determination of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such determination shall apply to any adjournment thereof. 

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

  
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the General Partner’s stockholders and may be held at the same time as, and as part of, the meetings of the General Partner’s stockholders. 

ARTICLE 15 

GENERAL PROVISIONS 

Section 15.1 Redemption Rights of Qualifying Parties. 
 A. After the expiration of the applicable Fourteen-Month Period, a Qualifying Common Party shall have the right (subject to the terms and conditions set forth herein) (the “Common Redemption
Right”) to require the Partnership to redeem all or a portion of the Common Units held by a Common Tendering Party (Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common
Units”) in exchange (a “Common Redemption”) for the Common Unit Cash Amount payable on the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion, redeem
Tendered Common Units at the request of the Qualifying Common Party 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 Common Redemption shall be exercised pursuant
to a Common Unit Notice of Redemption delivered to the General Partner by the Qualifying Common Party when exercising the Redemption right (the “Common Tendering Party”). The Partnership’s obligation to effect a Common
Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the General Partner notifies the Common Tendering Party that it declines to acquire some or all of the Tendered Common Units under
Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Common Redemption, the Common Unit Cash Amount shall be delivered as a certified or bank
check payable to the Common 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 Common Unit Notice of Redemption from the Common 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 General Partner may, in its sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all of the Tendered Common Units from the
Common Tendering Party in exchange for REIT Shares. If the General Partner elects to acquire some or all of the Tendered Common Units pursuant to this Section 15.1.B, the General Partner shall give written notice thereof to the Common Tendering
Party on or before the close of business on the Cut-Off Date. If the General Partner elects to acquire any of the Tendered Common Units for REIT Shares, the General Partner shall issue and deliver such REIT Shares to the Common Tendering Party
pursuant to the terms of this Section 15.1.B, in which case (1) the General Partner shall assume directly the obligation with respect thereto and shall satisfy the Common Tendering Party’s exercise of its Common Redemption Right with
respect to such Tendered Common Units and (2) such transaction shall be treated, for Federal income tax purposes, as a transfer by the Common Tendering Party of such Tendered Common Units to the General Partner in exchange for the Common Unit
REIT Shares Amount. If the General Partner so elects, on the Specified Redemption Date, the Common Tendering Party shall sell such 

  
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number of the Tendered Common Units to the General Partner in exchange for a number of REIT Shares equal to the product of the Common Unit REIT Shares Amount and the Applicable Percentage. The
Common Tendering Party shall submit (i) such information, certification or affidavit as the General Partner may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (ii) such written
representations and investment letters as reasonably necessary, in the General Partner’s view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Common Units by the General Partner pursuant to this
Section 15.1.B, the Common Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Common Units and, upon notice to the Common Tendering Party by the General Partner, given on or before
the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Common Units pursuant to this Section 15.1.B, the obligation of the Partnership to effect a Redemption of the Tendered Common
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 Common Unit REIT Shares Amount and the Applicable Percentage shall be delivered by the General 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 and, to the extent applicable, the Securities Act and relevant
state securities or “blue sky” laws. Neither any Common Tendering Party whose Tendered Common Units are acquired by the General 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 General Partner to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT Shares 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 General Partner and any such Person. Notwithstanding any delay in such delivery, the Common 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 Common Units by the General 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 General 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 Common Tendering Parties shall have no
rights under this Agreement that would otherwise be prohibited by the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof would be in
violation of this Section 15.1.C, it shall be null and void ab initio, and the Common Tendering Party shall not acquire any rights or economic interests in REIT Shares otherwise issuable by the General Partner under Section 15.1.B
hereof or cash otherwise payable under Section 15.1.A hereof. 
 D. If the General Partner does not elect to acquire the
Tendered Common Units pursuant to Section 15.1.B hereof: 

  
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 (1) The Partnership may elect to raise funds for the payment of the Common
Unit Cash Amount either (a) by requiring that the General Partner contribute to the Partnership funds from the proceeds of a registered public offering by the General Partner of REIT Shares sufficient to purchase the Tendered Common 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. Any proceeds from a public offering that are in excess of the Common Unit Cash Amount shall
be for the sole benefit of the General Partner. The General Partner shall make a Capital Contribution of any such amounts to the Partnership for an additional General Partner Interest. Any such contribution shall entitle the General Partner to an
equitable Percentage Interest adjustment. 
 (2) If the Common Unit Cash Amount is not paid on or before the
Specified Redemption Date, interest shall accrue with respect to the Common Unit Cash Amount from the day after the Specified Redemption Date to and including the date on which the Common Unit 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 General Partner shall not, under any circumstances, elect to acquire any Tendered Common Units in exchange for REIT Shares if such
exchange would be prohibited under the Charter. 
 F. Notwithstanding anything herein to the contrary (but subject to
Section 15.1.C hereof), with respect to any Redemption (or any tender of Common Units for Redemption if the Tendered Common Units are acquired by the General Partner pursuant to Section 15.1.B hereof) pursuant to this Section 15.1:

 (1) All Common Units acquired by the General Partner pursuant to Section 15.1.B hereof shall
automatically, and without further action required, be converted into and deemed to be a General Partner Interest comprised of the same number of Common Units. 
 (2) Subject to the Ownership Limit, no Common Tendering Party may effect a Redemption for less than one thousand (1,000) Common Units or, if such Common Tendering Party holds (as a Common Limited
Partner or, economically, as an Assignee) less than one thousand (1,000) Common Units, all of the Common Units held by such Common Tendering Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute
discretion. 
 (3) If (i) a Common Tendering Party surrenders its Tendered Common Units during the period
after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (ii) the
General Partner elects to acquire any of such Tendered Common Units in exchange for REIT Shares pursuant to Section 15.1.B, such Common Tendering Party shall pay to the General Partner on the Specified Redemption Date an amount in cash equal to
the portion of the Partnership distribution in respect of the Tendered Common Units exchanged for REIT Shares, insofar as such distribution relates to the same 

  
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period for which such Common Tendering Party would receive a distribution in respect of such REIT Shares. 
 (4) The consummation of such Redemption (or an acquisition of Tendered Common Units by the General 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 Common
Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Common Units subject to any Redemption, and be treated as a Common Limited Partner or an Assignee, as applicable,
with respect to such Common Units for all purposes of this Agreement, until such Common Units are either paid for by the Partnership pursuant to Section 15.1.A hereof or transferred to the General 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 Common Units by the General Partner pursuant to Section 15.1.B hereof, the Common
Tendering Party shall have no rights as a stockholder of the General Partner with respect to the REIT Shares issuable in connection with such acquisition. 
 G. In connection with an exercise of the Common Redemption Right pursuant to this Section 15.1, except as otherwise agreed by the General Partner, in its sole and absolute discretion, the Common
Tendering Party shall submit the following to the General Partner, in addition to the Common Unit Notice of Redemption: 
 (1) A written affidavit, dated the same date as the Common Unit 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 Common 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 Common Units by
the General Partner pursuant to Section 15.1.B hereof, neither the Common 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 Common 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 Common Units by the General Partner pursuant to Section 15.1.B hereof on the Specified Redemption Date; and

 (3) An undertaking to certify, at and as a condition to the closing of (i) the Redemption or
(ii) the acquisition of the Tendered Common Units by the General 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 Common 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 Common Units
by the General Partner pursuant to Section 15.1.B hereof, neither the Common Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in violation of the Ownership Limit. 

  
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 (4) In connection with any Special Redemption, the General 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 or the General Partner to violate any Federal or state securities laws or regulations
applicable to the Special Redemption, the issuance and sale of the Tendered Common Units to the Common Tendering Party or the issuance and sale of REIT Shares to the Common Tendering Party pursuant to 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 Exhibit B (as applicable) 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. 

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. No failure or delay 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. 

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

  
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 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 the immediately preceding sentence, the Partners hereby
acknowledge and agree that the General Partner, without the approval of any Limited Partner, may enter into side letters or similar written agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously
with the admission of such Limited Partner to the Partnership, affecting the terms hereof, as negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto
agree that any terms, conditions or provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 

Section 15.11 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 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) 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 any REIT Payments); 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) 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); 

  
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 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 including, without limitation, a creditor of the Partnership or any Partner or other third party having dealings with the Partnership) 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 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 General Partner, including without limitation any right to receive dividends
or other distributions made to stockholders of 

  
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the General Partner or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or any other matter.

 ARTICLE 16 
 SERIES A PREFERRED UNITS 
 Section 16.1 Designation and Number. 

A series of Partnership Units in the Partnership designated as the “Series A Cumulative Redeemable Convertible Preferred Units”
(the “Series A Preferred Units”) is hereby established. The number of Series A Preferred Units shall be 499,014. 

Section 16.2 Rank. 

Notwithstanding any provision of the Agreement (except Section 13.2.A(4)), including any amendments made thereto after the date
hereof, and unless the Consent of the Series A Limited Partners is obtained, the parties hereto intend that the Series A Preferred Units shall, with respect to rights to the payment of distributions in accordance with Section 16.3 and the
distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the General Partner, rank senior to all Junior Units; provided, however, that to the extent there is any conflict between this Section 16.2 and
Section 13.2.A(4), Section 13.2.A(4) shall govern. 
 Section 16.3 Distributions. 

A. Payment of Distributions. In accordance with Section 5.1, Holders of Series A Units shall be entitled to receive, when, as
and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series A Priority Return. Such distributions shall be cumulative, shall accrue from
the original date of issuance of such Series A Preferred Units and will be payable (i) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not
calendar quarters) in arrears, on or before the last calendar day of March, June, September and December of each year, commencing on the first of such dates to occur after the original date of issuance, and, (ii) in the event of a redemption or
conversion of Series A Preferred Units, and solely with respect to the redeemed or converted Series A Preferred Units, as applicable, on the redemption or conversion date (each, a “Series A Preferred Unit Distribution Payment
Date”). If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day
(and without any interest or other payment in respect of any such delay). 
 B. Distributions Cumulative. Distributions
on the Series A Preferred Units that are due but unpaid will accumulate and compound quarterly, on the applicable Series A Preferred Unit Distribution Payment Date after each calendar quarter, at the Applicable Rate, whether or not there is
sufficient Available Cash for such distributions and whether or not such distributions are authorized. 
 C. Priority as to
Distributions. If any Series A Preferred Units are outstanding, if and so long as the Partnership is in arrears with regard to the payment of any distributions for 

  
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any past quarterly period upon any outstanding Series A Preferred Units or has failed to pay when due the Series A Cash Amount or deliver when due Registered REIT Shares upon the redemption of
any Tendered Series A Preferred Units, (A) no distributions shall be authorized and paid or set apart for payment, nor shall any other distribution be authorized or made, upon any Junior Units unless distributions sufficient to make up such
arrearage shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment or such Tendered Series A Preferred Units are redeemed, as applicable, and (B) no Junior
Units shall be redeemed, purchased or otherwise acquired for any consideration (nor any moneys be paid to or made available for a sinking fund for the redemption of any such Junior Units) by the Partnership or the General Partner or any of its
Affiliates (except, in each case, for (x) the redemption of Common Units or Partnership Equivalent Units from the General Partner pursuant to Section 4.7.B, (y) any acquisition by the General Partner of Tendered Common Units in
exchange for REIT Shares in accordance with Section 15.1 or (z) by conversion into or exchange for Junior Units or REIT Shares with no cash distributed in connection therewith). 
 Section 16.4 Liquidation Preference. 
 A. The parties hereto intend that,
upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, before any distribution or payment shall be made whether in cash or in kind to any current or future Junior Unit Holder in respect of its
Junior Units and notwithstanding anything in this Agreement to the contrary (except Section 13.2.A(4)), the Holders of Series A Units shall be entitled to receive and be paid in cash out of the assets of the Partnership legally available for
distribution to the Partners pursuant to this Agreement an amount equal to the Series A Preference of the outstanding Series A Preferred Units plus any accrued and unpaid Series A Priority Return. 

B. In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the legally
available assets of the Partnership are insufficient to pay the full amount of the Series A Preference on all outstanding Series A Preferred Units plus any accrued and unpaid Series A Priority Return, then such assets shall be allocated among the
Series A Limited Partners in proportion to the Series A Percentage Interests. 
 C. After the payment to the Holders of Series A
Preferred Units of full preferential amounts provided for in this Section 16.4, the Holders of Series A Preferred Units as such shall have no right or claim to any of the remaining assets of the General Partner. 

D. Notwithstanding anything to the contrary in this Section 16.4, to the extent there is any conflict between the provisions of this
Section 16.4 and Section 13.2.A(4), Section 13.2.A(4) shall govern. 
 Section 16.5 Redemption of Series A Preferred
Units. 
 A. Redemption at Series A Limited Partners’ Option. 

(1) After the 3-year anniversary of the date of this Agreement, each Qualifying Series A Party shall have the right
(subject to the terms and conditions set forth in this Section 16.5) (the “Series A Redemption Right”) to require the Partnership to redeem all or 

  
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a portion of the Series A Preferred Units held by such Series A Tendering Party (Preferred Units that have in fact been tendered for redemption being hereafter referred to as “Tendered
Series A Units”) in exchange (a “Series A Redemption”) for an amount per unit equal to the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable
Specified Series A Redemption Date (the “Series A Cash Amount”). Any Series A Redemption shall be exercised pursuant to a Series A Notice of Redemption delivered to the General Partner by the Qualifying Series A Party (the
“Series A Tendering Party”) at least thirty (30) Business Days prior to the last day of the calendar quarter in which the Series A Tendering Party is exercising its Series A Redemption Right. The Partnership’s
obligation to effect a Series A Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the General Partner notifies the Series A Tendering Party that it declines to acquire some or all of
the Tendered Series A Units under Section 16.5.A.2 hereof following receipt of a Series A Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Series A Redemption, the Series A Cash Amount shall be
delivered as a certified or bank check payable to the Series A Tendering Party or, in the General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before 5:00 p.m. Pacific time on the last Business Day
of such calendar quarter (the “Specified Series A Redemption Date”), after giving effect to the distributions paid on such date. A Qualifying Series A Party may exercise the Series A Redemption Right once per calendar quarter
with respect to part or all of the Series A Preferred Units that it owns, as selected by the Qualifying Series A Party. Notwithstanding anything to the contrary contained in this Section 16.5, the Partnership, in its sole discretion, may redeem
the Tendered Series A Units set forth in a Series A Notice of Redemption at any time after receipt of such notice. The General Partner shall use commercially reasonable efforts to ensure that any amounts paid in redemption of Tendered Series A Units
under this Agreement shall be paid out of any Available Cash remaining after any accrued but previously unpaid amounts described in Section 16.3 shall have been distributed to all of the Series A Limited Partners entitled to such amounts.

 (2) Notwithstanding the provisions of Section 16.5.A.1 hereof, on or before the close of business on the
Cut-Off Date, the General Partner may, in its sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all of the Tendered Series A Units from the Series A Tendering Party in exchange for Registered REIT Shares. If
the General Partner elects to acquire some or all of the Tendered Series A Units pursuant to this Section 16.5.A.2, the General Partner shall give written notice thereof to the Series A Tendering Party on or before the close of business on the
Cut-Off Date. If the General Partner elects to acquire any of the Tendered Series A Units for Registered REIT Shares, the General Partner shall issue and deliver such Registered REIT Shares to the Series A Tendering Party pursuant to the terms of
this Section 16.5.A.2, in which case (1) the General Partner shall assume directly the obligation with respect thereto and shall satisfy the Series A Tendering Party’s exercise of its Series A Redemption Right with respect to such
Tendered Series A Units and (2) such transaction shall be treated, for Federal income tax purposes, as a transfer by the Series A Tendering Party of such Tendered Series A Units to the General Partner in exchange for the Series A REIT Shares
Amount. If the General Partner so elects, on the Specified Series A Redemption Date, the Series A Tendering Party shall sell such number of the Tendered Series A Units to the General Partner in exchange for a number of Registered REIT Shares equal
to the product of the Series A REIT Shares Amount and the Applicable Percentage. The Series A Tendering Party shall submit (i) such information, certification or affidavit as the General Partner

  
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may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (ii) such written representations and investment letters as reasonably necessary,
in the General Partner’s view, to effect compliance with the Securities Act (including the requirements of any form of registration statement used to issue such Registered REIT Shares). In the event of a purchase of the Tendered Series A Units
by the General Partner pursuant to this Section 16.5.A.2, the Series A Tendering Party shall no longer have the right to cause the Partnership to effect a Series A Redemption of such Tendered Series A Units and, upon notice to the Series A
Tendering Party by the General Partner, given on or before the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Series A Units pursuant to this Section 16.5.A.2, the obligation
of the Partnership to effect a Series A Redemption of the Tendered Series A Units as to which the General Partner’s notice relates shall not accrue or arise. A number of Registered REIT Shares equal to the product of the Applicable Percentage
and the Series A REIT Shares Amount, if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable Registered REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance
or restriction, other than the Ownership Limit. Apart from the requirement that any REIT Shares issued pursuant to this Section 16.5.A.2 must be Registered REIT Shares, neither any Series A Tendering Party whose Tendered Series A Units are
acquired by the General Partner pursuant to this Section 16.5.A.2, any Partner, any Assignee nor any other interested Person shall have any right to require or cause the General Partner to register, qualify or list any REIT Shares owned or held
by such Person, whether or not such REIT Shares are issued pursuant to this Section 16.5.A.2, 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 General Partner and any such Person. Subject to
Section 16.5.A.5 below, but otherwise notwithstanding any other delay in such delivery, the Series A 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 Series A Redemption Date. 
 (3)
Notwithstanding the provisions of Section 16.5.A.1 and 16.5.A.2 hereof, the Series A Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited by the Ownership Limit. To the extent that any attempted Series
A Redemption or acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof would be in violation of this Section 16.5.A.3, it shall be null and void ab initio, and the Series A Tendering
Party shall not acquire any rights or economic interests in REIT Shares otherwise issuable by the General Partner under Section 16.5.A.2 hereof or cash otherwise payable under Section 16.5.A.1 hereof. 

(4) If the General Partner does not elect to acquire the Tendered Series A Units pursuant to Section 16.5.A.2 hereof:

 (i) The Partnership may elect to raise funds for the payment of the Series A Cash Amount either (a) by
requiring that the General Partner contribute to the Partnership funds from the proceeds of a registered public offering by the General Partner of REIT Shares sufficient to purchase the Tendered Series A Units or (b) from any other sources
(including, but not limited to, the sale of any Property and the incurrence of additional Debt) 

  
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available to the Partnership. Any proceeds from a public offering that are in excess of the Series A Cash Amount shall be for the sole benefit of the General Partner. The General Partner shall
make a Capital Contribution of any such amounts to the Partnership for an additional General Partner Interest. Any such contribution shall entitle the General Partner to an equitable Percentage Interest adjustment. 

(ii) If the Series A Cash Amount is not paid on or before the Specified Series A Redemption Date, interest shall accrue
with respect to the Series A Cash Amount from the day after the Specified Series A Redemption Date to and including the date on which the Series A Cash Amount is paid at a rate equal to the greater of (x) 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) and (y) the Applicable Rate. 

(5) Notwithstanding anything to the contrary in this Section 16.5.A: 

(i) If (x) the Board of Directors determines that the filing of a registration statement covering the issuance of
Registered REIT Shares or the use of any related prospectus would be materially detrimental to the General Partner because such action would require the disclosure of material information that the General Partner has a bona fide business purpose for
preserving as confidential or the disclosure of which would materially impede the General Partner’s ability to consummate a significant transaction or (y) as of an applicable Specified Series A Redemption Date a registration statement
under the Securities Act is not then effective, then in either case the General Partner shall be entitled to delay the Specified Series A Redemption Date for a period of up to forty-five (45) consecutive days by delivering written notice
thereof to the Series A Tendering Party not less than five (5) Business Days prior to the then-applicable Specified Series A Redemption Date; provided, however, that (A) the General Partner shall not be entitled
to exercise such right with respect to a particular Qualifying Series A Party more than two (2) times in any twenty-four month period, (B) more than once with respect to any particular Preferred Tendered Units or (C) less than 30 days
after a Specified Series A Redemption Date that was delayed in respect of a particular Qualifying Series A Party pursuant to this paragraph. 
 (ii) If the General Partner is unable to deliver Registered REIT Shares on the Specified Series A Redemption Date (after giving effect to any delay thereto in accordance with the foregoing), then the
General Partner shall be required to purchase for cash on the Specified Series A Redemption Date any Tendered Series A Units that it had previously elected to acquire for Registered REIT Shares, such purchase price to be based upon the Series A Cash
Amount used in calculating the applicable Series A REIT Shares Amount. If such purchase price is not paid on or before the Specified Redemption Date (after giving effect to any delay thereto in accordance with the foregoing), such purchase price
shall accrue interest in a manner consistent with Section 16.5.A.4(ii), mutatis mutandis. 
 (6)
Notwithstanding the provisions of Section 16.5.A.2 hereof, the General Partner shall not, under any circumstances, elect to acquire any Tendered Series A Units in exchange for Registered REIT Shares if such exchange would be prohibited under
the Charter. 

  
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 (7) Notwithstanding anything herein to the contrary (but subject to
Section 16.5.A.3 hereof), with respect to any Series A Redemption (or any tender of Series A Preferred Units for redemption if the Tendered Series A Units are acquired by the General Partner pursuant to Section 16.5.A.2 hereof) pursuant to
this Section 16.5: 
 (i) All Series A Preferred Units acquired by the General Partner pursuant to
Section 16.5.A.2 hereof shall automatically, and without further action required, be converted into and deemed to be a General Partner Interest comprised of a number of Common Units equal to the number REIT Shares issued in respect of such
acquisition. 
 (ii) Subject to the Ownership Limit, no Series A Tendering Party may effect a Series A Redemption
for less than one thousand (1,000) Series A Preferred Units or, if such Series A Tendering Party holds (as a Series A Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Series A Preferred Units, all of the
Series A Preferred Units held by such Series A Tendering Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion. 

(iii) If (a) a Series A Tendering Party surrenders its Tendered Series A Units during the period after the
Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (b) the General
Partner elects to acquire any of such Tendered Series A Units in exchange for Registered REIT Shares pursuant to Section 16.5.A.2, such Series A Tendering Party shall pay to the General Partner on the Specified Series A Redemption Date an
amount in cash equal to the portion of the Partnership distribution in respect of the Tendered Series A Units exchanged for Registered REIT Shares, insofar as such distribution relates to the same period for which such Series A Tendering Party would
receive a distribution in respect of such Registered REIT Shares. 
 (iv) The consummation of such Series A
Redemption (or an acquisition of Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 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. 
 (v) The Series A Tendering Party shall continue to own (subject, in the case of an
Assignee, to the provisions of Section 11.5 hereof) all Series A Preferred Units subject to any Series A Redemption, and be treated as a Series A Limited Partner or an Assignee, as applicable, with respect to such Series A Preferred
Units for all purposes of this Agreement, until such Preferred Units are either paid for by the Partnership pursuant to Section 16.5.A.1 hereof or transferred to the General Partner and paid for, by the issuance of the Registered REIT Shares or
otherwise, on the Specified Series A Redemption Date. Until a Specified Series A Redemption Date and an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, the Series A Tendering Party shall
have no rights as a stockholder of the General Partner with respect to the Registered REIT Shares issuable in connection with such acquisition. 
 (vi) No fractional Registered REIT Shares shall be issued upon the redemption of any Tendered Series A Units. If the redemption of any Tendered Series A Units

  
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otherwise would result in the issuance of a fractional Registered REIT Shares, the General Partner shall pay a cash amount in lieu of issuing such fractional Registered REIT Shares in an amount
equal to such fractional interest multiplied by the Value of a REIT Share used in determining the Series A REIT Shares Amount. 
 (8) In connection with an exercise of redemption rights pursuant to this Section 16.5, except as otherwise agreed by the General Partner, in its sole and absolute discretion, the Series A Tendering
Party shall submit the following to the General Partner, in addition to the Series A Notice of Redemption: 
 (i)
A written affidavit, dated the same date as the Series A 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 Series A
Tendering Party and (ii) to the best of their knowledge any Related Party and (b) representing that, after giving effect to the Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to
Section 16.5.A.2 hereof, neither the Series A Tendering Party nor to the best of their knowledge any Related Party will own REIT Shares in violation of the Ownership Limit; 

(ii) A written representation that neither the Series A 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 Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof on the Specified Series A
Redemption Date; and 
 (iii) An undertaking to certify, at and as a condition to the closing of (i) the
Series A Redemption or (ii) the acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof on the Specified Series A Redemption Date, that either (a) the actual and constructive ownership of
REIT Shares by the Series A Tendering Party and to the best of their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 16.5.A(8)(i) or (b) after giving effect to the Series A Redemption
or an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, neither the Series A Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in violation of the
Ownership Limit. 
 B. Redemption at Partnership’s Option. In connection with or after any General Partner
Fundamental Change, the Partnership shall have the right, in its sole discretion (the “Partnership Series A Redemption Right”), to redeem all or any portion of the Series A Preferred Units held by any Holder thereof at a
redemption price, to be paid in cash, per unit equal to the Series A Cash Amount. The Partnership Series A Redemption Right shall be exercised pursuant to a notice of redemption delivered to the applicable Holder by the General Partner (i) if
in connection with a General Partner Fundamental Change, at least five (5) Business Days, but not more than forty-five (45) Business Days, prior to the consummation of the applicable General Partner Fundamental Change or (ii) if after
a General Partner Fundamental Change, at least thirty (30) Business Days prior to the date set forth in the notice of redemption on which the Partnership will exercise its Partnership Series A Redemption Right. In the case of a notice of
redemption delivered in connection with a General Partner Fundamental Change, such notice of redemption may be conditioned on the consummation of such General Partner 

  
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Fundamental Change; any other exercise of the Partnership Series A Redemption Right shall be irrevocable. Such Preferred Unit Redemption shall occur on the date specified in the notice of
redemption, which shall in no event be prior to the consummation of a General Partner Fundamental Change. For the sake of clarity, the General Partner may exercise the Partnership Series A Redemption Right from time to time after the consummation of
any General Partner Fundamental Change. The General Partner shall use commercially reasonable efforts to ensure that any amounts paid in redemption of Series A Preferred Units under this Agreement shall be paid out of any Available Cash remaining
after any accrued but previously unpaid amounts described in Section 16.3 shall have been distributed to all of the Series A Limited Partners entitled to such amounts. 
 C. Redemption Generally. Each Series A Limited Partner or other Holder of Series A Preferred Units covenants and agrees with the General Partner that all Partnership Units delivered for redemption
shall be delivered to the Partnership free and clear of all liens and, notwithstanding anything herein contained to the contrary, the Partnership shall not be under any obligation to acquire Partnership Units which are or may be subject to any
liens. Each Series A Limited Partner and other Holder of Series A Preferred Units further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership, such
Series A Limited Partner or Holder shall assume and pay such transfer tax. 
 Section 16.6 Conversion. 

A. Series A Conversion Right. 
 (1) After the 3-year anniversary of the date of this Agreement and from time to time thereafter, each Qualifying Series A Party shall have the right to convert all or any portion of its Series A Preferred
Units to Common Units (a “Series A Conversion”), subject to the terms and provisions of this Section 16.6 (the “Series A Conversion Right”). Upon a Qualifying Series A Party’s election to
exercise the Series A Conversion Right, the Series A Preferred Units for which the Series A Conversion Right is exercised shall be converted into a number of Common Units equal to the Series A Conversion Amount. Notwithstanding anything to the
contrary in this Agreement, the General Partner may, at its option, elect to pay on the applicable Series A Conversion Date all or any portion of any distributions accrued on the Series A Preferred Units tendered for conversion through the Series A
Conversion Date, in which event the Series A Cash Amount used in determining the Series A Conversion Amount shall not include the amount of such distributions. 
 (2) No fractional Common Units shall be issued upon the conversion of any Series A Preferred Units. If the conversion of any Series A Preferred Units otherwise would result in the issuance of a fractional
Common Unit, the General Partner shall pay a cash amount in lieu of issuing such fractional Common Unit in an amount equal to (a) such fractional interest multiplied by (b) the product of (x) the Value of a REIT Share used in
determining the Series A Conversion Amount and (y) the Adjustment Factor used in determining the Series A Conversion Amount. 
 (3) The Series A Converting Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Series A Preferred Units subject to

  
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any Series A Conversion, and be treated as a Series A Limited Partner or an Assignee, as applicable, with respect to such Series A Preferred Units for all purposes of this Agreement, until such
Series A Preferred Units have been converted into Common Units on the applicable Series A Conversion Date. Until such conversion on such Series A Conversion Date, the Series A Converting Party shall have no rights as a Limited Partner with respect
to the Common Units issuable in connection with such conversion. 
 B. Series A Conversion Right Procedures. 

(1) Any Series A Conversion shall be exercised pursuant to a Series A Notice of Conversion delivered to the General
Partner by the applicable Qualifying Series A Party (the “Series A Converting Party”). 

(2) As promptly as practicable after the receipt of the Series A Notice of Conversion, the General Partner shall issue and
shall deliver or cause to be issued and delivered to such Holder (A) a number of Common Units equal to the Series A Conversion Amount, such Common Units to be duly authorized and validly issued in accordance with this Agreement and free of any
pledge, lien, encumbrance or restriction, other than as set forth in this Agreement or under the Securities Act and relevant state securities or “blue sky” laws, (B) payment of accrued distributions through the Series A Conversion
Date if the General Partner elects to pay such distributions pursuant to Section 16.6.A.1 and (C) cash for any fractional Common Unit in accordance with Section 16.6.A.2. 

(3) Each Series A Conversion shall be deemed to have been made at the close of business on the date that the General
Partner receives the Series A Notice of Conversion or, if such date is not a Business Day, the close of business on the next Business Day (the “Series A Conversion Date”), so that the rights of the Holder thereof as to the
Series A Preferred Units being converted shall cease except for the right to receive the Common Units and, if applicable, the other items set forth in Section 16.6.B.2, and the Qualifying Series A Party entitled to receive Common Units shall be
treated for all purposes as having become the Holder of those Common Units at that time. If such Holder was a Series A Limited Partner prior to such Series A Conversion, then such Series A Limited Partner shall thereafter be a Limited Partner in
respect of such Common Units. If such Holder was an Assignee prior to such Series A Conversion, then such Assignee shall thereafter be an Assignee in respect of such Common Units. 

(4) No Series A Converting Party may effect a Series A Conversion for less than one thousand (1,000) Series A
Preferred Units or, if such Series A Converting Party holds (as a Series A Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Series A Preferred Units, all of the Series A Preferred Units held by such Series A
Converting Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion. 
 C.
Effect of Business Combinations. 
 (1) In the case of any (i) any recapitalization, reclassification
or change of outstanding Common Units (other than changes resulting from a subdivision or combination), (ii) a consolidation, merger or combination involving the Partnership, (iii) a sale, conveyance or

  
 95 

 
lease to another corporation or entity of all or substantially all of the Partnership’s property and assets (other than to one or more of the General Partner’s subsidiaries) or
(iv) an exchange of substantially all Common Units for securities of another entity (each of the foregoing, a “Business Combination”), in each case, as a result of which Holders of Common Units are entitled to receive
securities, other property or assets (including cash or any combination thereof) with respect to or in exchange for Common Units, a Qualifying Series A Party shall be entitled thereafter to convert its Series A Preferred Units into the kind and
amount of securities or other property or assets (including cash or any combination thereof) which the Qualifying Series A Party would have owned or been entitled to receive upon such Business Combination as if such Qualifying Series A Party had
converted its Series A Preferred Units immediately prior to the consummation thereof. In the event that Holders of Common Units have the opportunity to elect the form of consideration to be received in such Business Combination, the General Partner
shall make adequate provision whereby each Holder of Series A Preferred Units shall have a reasonable opportunity to determine the form of consideration into which all of such Holder’s Series A Preferred Units shall be convertible from and
after the effective date of such Business Combination. 
 (2) The General Partner shall provide notice of the
opportunity to determine the form of such consideration by posting such notice to the General Partner’s transfer agent. If the effective date of a Business Combination is delayed beyond the initially anticipated effective date, the Holders of
Series A Preferred Units shall be given the opportunity to make subsequent similar determinations in regard to such delayed effective date. None of the foregoing provisions shall affect the right of a Qualifying Series A Party to convert its Series
A Preferred Units into Common Units prior to the effective date of such Business Combination. 
 Section 16.7 Voting Rights. 

A. General. Except as required by any non-waivable provision of the law of the State of Maryland or as expressly set forth
Sections 7.3.B, 7.3.D, 13.1.A, 14.2, 15.7.B and this Section 16.7, the Series A Limited Partners shall have no voting rights whatsoever on any matter relating to the Partnership, whether under the Act, at law, in equity or otherwise, and the
Consent of the Series A Limited Partners shall not be required for the taking of any action by the Partnership or the General Partner, regardless of the effect that such action may have upon the rights, preferences or privileges of the Series A
Preferred Units. 
 B. Additional Consent Rights. So long as any Series A Preferred Units remain outstanding, the Consent
of the Series A Limited Partners will be required to: 
 (1) Authorize, designate or issue any class or series of
Partnership Interests ranking pari passu with or senior to the Series A Preferred Units with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership;

 (2) Increase the authorized or issued amount of Series A Preferred Units; 

(3) Amend, alter or repeal the provisions of this Article 16, whether by merger, consolidation, transfer or conveyance of
all or substantially all of the Partnership’s assets or 

  
 96 

 
otherwise (an “Event”), so as to materially and adversely affect any right, preference or privilege of the Series A Preferred Units; provided,
however, that, with respect to any Event (and subject to clause (4) immediately below, if applicable), so long as the Series A Preferred Units remain outstanding with the terms thereof materially unchanged, taking into account
that, upon the occurrence of an Event, the Partnership may not be the surviving entity and the surviving entity may not be a limited partnership, the occurrence of such Event shall not be deemed to materially and adversely affect such rights,
preferences or privileges of Series A Preferred Units, and in such case no Consent of the Series A Limited Partners shall be required with respect to the occurrence of any such Event; or 

(4) Effect any General Partner Fundamental Change, provided, however, that, with respect to
any General Partner Fundamental Change (and subject to clause (3) immediately above, if applicable), so long as the provisions of Section 16.8, or substantially identical provisions thereto set forth in the organizational documents of any
Surviving Partnership, shall be effective after the consummation of such General Partner Fundamental Change, no Consent of the Series A Limited Partners shall be required with respect to such General Partner Fundamental Change. 

Section 16.8 Provisions Effective After General Partner Fundamental Change. 
 The following provisions shall become effective only upon consummation of a General Partner Fundamental Change, and then only and for so long as any Series A Preferred Units shall remain outstanding:

 A. Minimum Tax Distributions. From and after the date a General Partner Fundamental Change is consummated, if the
amount distributed to each Series A Limited Partner pursuant to Section 5.1 and Section 16.3 with respect to any Partnership Year is less than an amount equal to (i) the amount of taxable income allocated to such Series A Limited
Partner pursuant to Article 6 multiplied by (ii) 40%, then the Partnership shall make distributions not later than the Series A Preferred Unit Distribution Payment Date in March of the year following the Partnership Year to which such
distributions relate in an amount equal to the product of clause (i) and (ii) above reduced by the aggregate amount of distributions made to such Series A Limited Partner under Section 5.1 and Section 16.3 with respect to such
Partnership Year. Distributions required by this Section 16.8.A shall be made without regard to the availability of Available Cash. If the Partnership does not have sufficient Available Cash to fund the distribution required by this
Section 16.8.A, the General Partner shall, subject to the other limitations of this Agreement, take such action as may be necessary to create sufficient funds to permit such distribution. Any distributions made pursuant to this
Section 16.8.A shall be treated as having been made by the Partnership pursuant to Section 5.1 and Section 16.3 for all purposes hereunder. 
 B. Minimum Equity Requirement. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A Preferred Units are thereafter outstanding, at any time and from
time to time, the General Partner, in its capacity as general partner and/or as a limited partner of the Partnership, and its Affiliates shall own an aggregate of at least 33% of the equity in the Partnership through the ownership of Junior Units
(the “Equity Requirement”), with the equity in the Partnership being valued based on the excess of the Gross Asset Value over Indebtedness and taking into account the Series A Preference as equity. If any

  
 97 

 
Series A Preferred Unit owned by a Qualifying Series A Party is redeemed pursuant to Section 16.5, the General Partner will have the right to reduce its ownership of the equity in the
Partnership to a minimum of 33% of such equity based upon the criteria set forth in the preceding sentence after such redemption, by making distributions (in cash or in-kind) to redeem a portion of its Junior Units, so long as such distributions are
in compliance with Section 5.1 and Section 16.3 and the first sentence of this Section 16.8.B. 
 C. Leverage
Restrictions. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A Preferred Units are thereafter outstanding: 

(1) The Partnership shall not incur additional Indebtedness if its Leverage Ratio exceeds 50% (the “50%
Leverage Ratio”). 
 (2) The Partnership’s Leverage Ratio shall not exceed 60% at any time;
provided, however, that if the Partnership’s Leverage Ratio exceeds 60%, it shall have a period of 180 days to cause its Leverage Ratio to fall below 60%. 

(3) Notwithstanding the foregoing, (i) in the event of any redemption or conversion of any Series A Preferred Units
pursuant to Sections 16.5 or 16.6 of this Agreement, whether such redemption or conversion occurs before or after the consummation of the General Partner Fundamental Change pursuant to which this Section 16.8.C becomes effective, the
Partnership shall have the right to increase its Indebtedness by an amount equal to the amount by which the aggregate Series A Preference has been reduced relative to the amount thereof as of the original issuance date of the Series A Preferred
Units, so long as the Adjusted Leverage Ratio does not, as a result of such incurrence of Indebtedness, exceed 83%, and (ii) the Partnership shall have the right to increase its Indebtedness above the 50% Leverage Ratio to the extent, and only
to the extent, necessary to satisfy the Partnership’s obligations to provide opportunities to Series A Limited Partners to guaranty Partnership Indebtedness or otherwise provide debt protection pursuant to agreements between the Partnership and
the various Series A Limited Partners (but only if such obligation is not able to be satisfied through guaranties of the Partnership’s Indebtedness that would not require the Partnership to increase its Indebtedness above the amount that would
violate the 50% Leverage Ratio). 
 (4) As used in this Article 16, (i) “Leverage
Ratio” means the ratio of the sum of the total Indebtedness of the Partnership and its consolidated Subsidiaries to the Partnership’s and its consolidated Subsidiaries’ Gross Asset Value, (ii) “Adjusted
Leverage Ratio” means the ratio of (x) the sum of the total Indebtedness of the Partnership and its consolidated Subsidiaries plus the Series A Preference with respect to all of the then-outstanding Series A Preferred Units
to (y) the Partnership’s and its consolidated Subsidiaries’ Gross Asset Value, and (iii) “Maximum Leverage Restriction” means the restrictions on the Partnership’s Leverage Ratio and Adjusted Leverage
Ratio set forth in this Section 16.8.C. 
 D. Certain Remedies For Violations by the General Partner. If the
Partnership is in violation of the Maximum Leverage Restriction following the cure period set forth in Section 16.8.C.3 above, or the General Partner is in violation of the Equity Requirement, Series A Limited Partners holding at least 10% of
the then-outstanding Series A Preferred Units shall have the right to demand specific performance, including the right to demand the contribution of 

  
 98 

 
additional equity to the Partnership by the General Partner. No amounts may be distributed to the General Partner or any of its Affiliates pursuant to Section 5.1 and Section 16.3
during any period in which the General Partner is in violation of the Equity Requirement. 
 E. Provision of Certain
Financial Information. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A Preferred Units are thereafter outstanding, the Partnership shall provide quarterly unaudited financial statements and
annual audited financial statements prepared by a nationally recognized independent accounting firm to the Series A Limited Partners which shall be in such detail as to allow the Series A Limited Partners to determine compliance with the Equity
Requirement and the Maximum Leverage Restriction. The Partnership shall arrange for a nationally recognized independent accounting firm to compile financial data necessary to support compliance with the Equity Requirement and the Maximum Leverage
Restriction and shall include the results of such accounting firm’s review in the annual financial reports delivered to the Series A Limited Partners. Additionally, the General Partner will certify to the Series A Limited Partners on a
quarterly basis that it is in compliance with the Equity Requirement and that the Partnership is not in violation of the Maximum Leverage Restriction. 
 F. Termination. This Section 16.8 shall terminate immediately after such time as no Series A Preferred Units shall remain outstanding. Upon any such termination, this Section 16.8 shall
be null, void and shall not affect in any way whatsoever the business or operations of the Partnership, the interpretation of this Agreement or the rights or obligations of any Person. 
 Section 16.9 Amendments. Notwithstanding anything to the contrary in this Agreement, all or any portion of this Article 16 may be amended with the Consent of the Series A Limited Partners and
without the consent or approval of any other Partners. 
 Section 16.10 Exclusion of Other Rights. The Series A Limited Partners shall
have no preferences, conversion or other rights, voting powers, restrictions, rights or limitations as to distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Agreement and any agreement or
side letter entered into by the Partnership and any direct or indirect owner of the General Partner relating to the rights of the Series A Limited Partners on or after the date hereof, including, without limitation, any preferences, conversion or
other rights, voting powers, restrictions, rights or limitations as to distributions, qualifications or terms or conditions of redemption provided to the Common Limited Partners and not expressly provided to the Series A Limited Partners.

 ARTICLE 17 
 SERIES B PREFERRED UNITS 
 Section 17.1 Designation. 

A series of Partnership Units in the Partnership designated as the “8.375% Series B Cumulative Redeemable Preferred Units” (the
“Series B Preferred Units”) is hereby established. 

  
 99 

 Section 17.2 Distributions. 
 A. Payment of Distributions. Subject to the rights of Holders of Series A Preferred Units as to the payment of distributions, in accordance with Section 5.1, the General Partner, as holder of
the Series B Preferred Units, will be entitled to receive, when, as and if authorized by the General Partner, out of Available Cash, cumulative cash distributions per Series B Preferred Unit in an amount equal to the Series B Priority Return accrued
thereon, at the applicable rate, in accordance with this Section 17.2. Such distributions shall accrue and be cumulative from and including the first date on which any REIT Series B Preferred Shares are issued (the “Series B
Preferred Shares Original Issue Date”) and will be payable at the then applicable rate (each a “Series B Preferred Unit Distribution Payment Date”) (i) for the period from the Series B Preferred Shares
Original Issue Date to December 31, 2010, on or about December 31, 2010, (ii) except as provided in clause (iii), for each quarterly distribution period thereafter, quarterly in equal amounts in arrears on or about the last calendar
day of each March, June, September and December, commencing on or about March 31, 2011, and (iii) to the extent that any Series B Preferred Unit is redeemed pursuant to Section 4.7.B after a Series B Distribution Record Date with
respect to any distribution and before the payment date (determined in accordance with clause (i) or (ii)) of such distribution, in the event of a redemption of any Series B Preferred Unit, on the redemption date of such Unit; provided however,
if any Series B Preferred Unit Distribution Payment Date is not a Business Day, then the distribution which would otherwise be payable on such date shall be paid on the next succeeding Business Day with the same force and effect as if paid on such
Series B Preferred Unit Distribution Payment Date, and no interest or other sum shall accrue on the amount so payable from such Series B Preferred Unit Distribution Payment Date to such next succeeding Business Day. Distributions will be payable on
Series B Preferred Units outstanding at the close of business on the applicable Series B Distribution Record Date. Each distribution is payable to holders of record of outstanding Series B Preferred Units as of the applicable Series B Distribution
Record Date or date of redemption of such Series B Preferred Unit, as applicable. Notwithstanding any provision to the contrary contained herein, the distribution payable on each Series B Preferred Unit outstanding on any Series B Distribution
Record Date shall be equal to the distribution paid with respect to each other Series B Preferred Unit that is outstanding on such date. 
 B. Distributions Cumulative. Distributions on the Series B Preferred Units will be cumulative from and including the Series B Preferred Shares Original Issuance Date, or, with respect to the
special distribution right referred to in Section 17.2.E below, from, and including, the first date on which the dividend rate payable on the REIT Series B Preferred Shares is increased in accordance with the Series B Preferred Shares Terms.
Distributions will accumulate from the Series B Preferred Shares Original Issuance Date or the most recent Series B Preferred Unit Distribution Payment Date to which accrued distributions have been paid, whether or not the terms and provisions set
forth in Section 17.2.D hereof at any time prohibit the current payment of distributions, whether or not the Partnership has Available Cash or earnings and whether or not such distributions are authorized. 

C. Restrictions on Distributions. No distributions on the Series B Preferred Units shall be authorized, declared, paid or set
apart for payment at such time as the terms and provisions of any agreement of the General Partner, including any agreement relating to its indebtedness, prohibits the authorization, declaration, payment or setting apart for payment of

  
 100

 
dividends on the REIT Series B Preferred Shares or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder,
or if such declaration or payment shall be restricted or prohibited by law. 
 D. Priority as to Distributions. 

 (1) So long as any Series B Preferred Units are outstanding, no distributions, except as described in the
immediately following sentence, shall be declared, paid or set apart for payment on any class or series of Parity Preferred Units for any period unless full cumulative distributions have been declared and paid or are contemporaneously declared and
paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series B Preferred Units for all prior distribution periods. When distributions are not paid in full or a sum sufficient for such payment is not set
apart, as aforesaid, all dividends authorized and declared upon the Series B Preferred Units and all distributions authorized and declared upon any class or series of Parity Preferred Units shall be authorized and declared ratably in proportion to
the respective amounts of distributions accumulated and unpaid on the Series B Preferred Units and such Parity Preferred Units. 
 (2) So long as any Series B Preferred Units are outstanding, no distributions (other than distributions paid solely in Units Junior to the Series B Preferred Units or in options, warrants or rights to
subscribe for or purchase any Units Junior to the Series B Preferred Units) shall be declared or paid or set apart for payment with respect to any Units Junior to the Series B Preferred Units, nor shall any Units Junior to the Series B Preferred
Units be redeemed, purchased or otherwise acquired for any consideration, or any monies be paid to or made available for a sinking fund for the redemption of any such Units, by the Partnership, directly or indirectly (other than a redemption,
purchase or other acquisition of Common Units made for purposes of and in compliance with requirements of an employee incentive or benefit plan of the General Partner, the Partnership or any subsidiary thereof, a conversion into or exchange for
Units Junior to the Series B Preferred Units or options, warrants or rights to subscribe for or purchase Units Junior to the Series B Preferred Units or a purchase or redemption pursuant to Section 4.7.B), unless in each case full cumulative
dividends on all outstanding shares of Series B Preferred Units for all past dividend periods shall have been paid or set apart for payment. 
 (3) If full cumulative distributions on the Series B Preferred Units for all past periods have not been declared and paid or declared and set apart for payment, except pursuant to Section 4.7.B, the
Partnership may not purchase, redeem or otherwise acquire Series B Preferred Units in part or any Parity Preferred Units other than in exchange for Units Junior to the Series B Preferred Units or Parity Preferred Units or in exchange for options,
warrants or rights to subscribe for or purchase any Units Junior to the Series B Preferred Units or Parity Preferred Units. 

E. Special Distribution Rate. If, at any time, and for such period of time as, the dividend rate payable on the REIT Series B
Preferred Shares is increased in accordance with the Series B Preferred Shares Terms, the Series B Priority Return shall be increased to 12.375% per 

  
 101

 
annum on the stated value of $25.00 per Series B Preferred Unit (equivalent to the fixed annual amount of $3.09375 per Series B Preferred Unit). 

F. No Further Rights. Notwithstanding anything in this Section 17.2, after full cumulative distributions on the outstanding
Series B Preferred Units have been paid with respect to a distribution period, the General Partner, as holder of the Series B Preferred Units, will not be entitled to any further distributions with respect to that distribution period. Any
distribution payment made on the Series B Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such Series B Preferred Units which remains payable. 

Section 17.3 Liquidation Preference 
 A. Distributions. Upon any liquidation, dissolution or winding up of the affairs of the Partnership, voluntary or involuntary, distributions on the Series B Preferred Units shall be made in
accordance with Article 13 hereof. 
 B. No Further Rights. After payment of the full amount of the liquidating
distributions to which they are entitled, the General Partner, as holder of the Series B Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

C. Consolidation, Merger or Certain Other Transactions. The consolidation or merger of the Partnership with one or more entities
or a sale or transfer of all or substantially all of the Partnership’s assets shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Partnership. 

Section 17.4 Rank 
 The
Series B Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units, now
or hereafter issued and outstanding, the terms of which provide that such Partnership Units rank, as to distribution rights and upon liquidation, dissolution or winding up, junior to the Series B Preferred Units; (ii) on a parity with all
Parity Preferred Units; and (iii) junior to the Series A Preferred Units and any other class or series of Partnership Units the terms of which specifically provide that such Partnership Units shall rank senior to the Series B Preferred Units.

 Section 17.5 Voting Rights 
 The General Partner shall not have any voting or consent rights in respect of its partnership interest represented by the Series B Preferred Units. 

Section 17.6 Transfer Restrictions 
 The Series B Preferred Units shall not be transferable except upon the redemption thereof in accordance with Section 4.7.B or to a successor General Partner in accordance with Section 11.2.

 Section 17.7 No Conversion Rights 

  
 102

 The Series B Preferred Units shall not be convertible into any other class or series of
Partnership Interest or any other property of the Partnership. 
 Section 17.8 No Sinking Fund 

No sinking fund shall be established for the retirement or redemption of Series B Preferred Units. 

[Remainder of Page Left Blank Intentionally] 

  
 103

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

  

					
	GENERAL PARTNER:
	
	HUDSON PACIFIC PROPERTIES, INC.,
	a Maryland corporation
		
	By:	 	/s/ VICTOR J. COLEMAN
		 	Name:	 	Victor J. Coleman
		 	Its:	 	Chief Executive Officer
	
	LIMITED PARTNERS:
	
	HUDSON PACIFIC PROPERTIES, INC.,
	a Maryland corporation, as attorney-in-fact for the limited partners listed on Exhibit A hereto.
		
	By:	 	/s/ VICTOR J. COLEMAN
		 	Name:	 	Victor J. Coleman
		 	Its:	 	Chief Executive Officer

  
 104

 As of December 10, 2010 
 EXHIBIT A 
 PARTNERS AND PARTNERSHIP UNITS 

[Unit Ledger] 

  
 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 General 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 General 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 General 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 General 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 General 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 

COMMON UNIT NOTICE OF REDEMPTION 
  

	To:	Hudson Pacific Properties, Inc. 

  

							
	 	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	

 The undersigned Common Limited Partner or Assignee hereby irrevocably tenders for redemption
[    ] Common Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as amended (the
“Agreement”), and the Common Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee: 
 (a) undertakes (i) to surrender such Common Units and any certificate therefor at the closing of the Common 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 Common Unit Cash Amount, or the Common Unit 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 Common Limited Partner or Assignee is a Qualifying Common Party, 

(ii) the undersigned Common Limited Partner or Assignee has, and at the closing of the Common Redemption will have, good,
marketable and unencumbered title to such Common Units, free and clear of the rights or interests of any other person or entity, 
 (iii) the undersigned Common Limited Partner or Assignee has, and at the closing of the Common Redemption will have, the full right, power and authority to tender and surrender such Common Units as
provided herein, and 
 (iv) the undersigned Common 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 Common Units until and unless either (1) such Common Units are acquired by the General Partner pursuant to Section 15.1.B of the Agreement or
(2) such redemption transaction closes. 

  
 C-1

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

					
	Dated: ___________	 		 	Name of Common Limited Partner or Assignee:
			
	 	 		 	  
			
	 	 		 	  
		 		 	(Signature of Common Limited Partner or Assignee)
			
		 		 	 
		 		 	(Street Address)
			
		 		 	 
		 		 	(City)            (State)            (Zip
Code)
			
		 		 	Signature Guaranteed by:
			
		 		 	 
			
	Issue Check Payable to:	 		 	 
			
	Please insert social security or identifying number:	 		 	
		 		 	 

  
 C-2

 EXHIBIT D 

SERIES A NOTICE OF REDEMPTION 
  

	To:	Hudson Pacific Properties, Inc. 

  

							
	 	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	

 The undersigned Series A Limited Partner or Assignee hereby irrevocably tenders for redemption
[    ] Series A Preferred Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as
amended (the “Agreement”), and the Series A Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee: 
 (a) undertakes (i) to surrender such Series A Preferred Units and any certificate therefor at the closing of the Series A Redemption and (ii) to furnish to the General Partner, prior to the
Specified Series A Redemption Date, the documentation, instruments and information required under Section 16.5.A(8) of the Agreement; 
 (b) directs that the certified check representing the Series A Cash Amount, or the Series A 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 Series A Limited Partner or Assignee is a Qualifying Series A Party, 

(ii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Redemption will have,
good, marketable and unencumbered title to such Series A Preferred Units, free and clear of the rights or interests of any other person or entity, 
 (iii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Redemption will have, the full right, power and authority to tender and surrender such Series A Preferred
Units as provided herein, and 
 (iv) the undersigned Series A 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 Series A Preferred Units until and unless either (1) such Series A Preferred Units are acquired by the General

  
 D-1

 
Partner pursuant to Section 16.5.A.2 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 Series A Limited Partner or Assignee:
			
	 	 		 	  
			
	 	 		 	  
		 		 	(Signature of Series A Limited Partner or Assignee)
			
		 		 	 
		 		 	(Street Address)
			
		 		 	 
		 		 	(City)            (State)            (Zip
Code)
			
		 		 	Signature Guaranteed by:
			
		 		 	 
			
	Issue Check Payable to:	 		 	 
			
	Please insert social security or identifying number:	 		 	
		 		 	 

  
 D-2

 EXHIBIT E 

SERIES A NOTICE OF CONVERSION 
  

	To:	Hudson Pacific Properties, Inc. 

  

							
	 	  		  		  	
				
	 	  		  		  	
				
	 	  		  		  	

 The undersigned Series A Limited Partner or Assignee hereby irrevocably exercises its right to
convert [    ] Series A Preferred Units in Hudson Pacific Properties, L.P. to Common Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of
June 29, 2010 as amended (the “Agreement”), and the Series A Conversion Right referred to therein. The undersigned Series A Limited Partner or Assignee: 

(a) undertakes (i) to surrender such Series A Preferred Units and any certificate therefor at the closing of the
Series A Conversion; 
 (b) directs that the Common Units and any certificate therefor and any payment made
pursuant to Section 16.6.A(2) of the Agreement, deliverable upon the closing of such Series A Conversion be delivered to the address specified below; 
 (c) represents, warrants, certifies and agrees that: 
 (i) the
undersigned Series A Limited Partner or Assignee is a Qualifying Series A Party, 
 (ii) the undersigned Common
Limited Partner or Assignee has, and at the closing of the Series A Conversion will have, good, marketable and unencumbered title to such Series A Preferred Units, free and clear of the rights or interests of any other person or entity, 

(iii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Conversion will have,
the full right, power and authority to tender and surrender such Series A Preferred Units as provided herein, and 
 (iv) the undersigned Series A 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 Series A Preferred Units until and unless such conversion
transaction closes. 

  
 E-1

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

					
	Dated: ___________	 		 	Name of Series A Limited Partner or Assignee:
			
	 	 		 	  
			
	 	 		 	  
		 		 	(Signature of Series A Limited Partner or Assignee)
			
		 		 	 
		 		 	(Street Address)
			
		 		 	 
		 		 	(City)            (State)            (Zip
Code)
			
		 		 	Signature Guaranteed by:
			
		 		 	 
			
	 Issue Common Units (and Check Payable, if applicable) to:
	 		 	 
			
	Please insert social security or identifying number:	 		 	
		 		 	 

  
 E-2Contribution Agreement

 Exhibit 10.48 
 CONTRIBUTION AGREEMENT 
 This CONTRIBUTION AGREEMENT (this
“Agreement”) is entered into by BCSP IV U.S. INVESTMENTS, L.P., a Delaware limited partnership (“BCSP”), and HUDSON PACIFIC PROPERTIES, L.P., a Maryland limited partnership
(“Investor”), as of December 15, 2010 (the “Effective Date”). 
 RECITALS:

 A. BCSP is the sole member of Rincon Center Commercial LLC, a Delaware limited liability company
(“Owner”). Owner owns a fee simple interest in and to certain real property which constitutes the commercial portion of the development commonly known as Rincon Center and located at 101 and 121 Spear Street in San Francisco,
California, as more particularly described in Exhibit A-1 attached hereto and made a part hereof (the “Premises”). 
 B. It is the intent of the parties that (i) BCSP contribute all of its rights, title and interest in Owner to Rincon Center Equity LLC, a Delaware limited liability company (“Equity
LLC”), to be formed in accordance with the terms hereof, and (ii) Equity LLC contribute all of its rights, title and interest in Owner to Rincon Center JV LLC, a Delaware liability company (the “Joint Venture”), to be
formed in accordance with the terms hereof. 
 C. Investor has agreed to purchase a fifty-one percent (51%) membership
interest in the Joint Venture in exchange for the Purchase Price (as defined in Article 2 below); 
 D. Upon the Closing (as
defined in Section 8.1 below) hereunder, BCSP and Investor shall enter into that certain Limited Liability Company Operating Agreement, dated as of the Closing Date in the form attached hereto as Exhibit B (the “Joint Venture
Agreement”). 
 NOW THEREFORE, for good and valuable consideration and intending to be legally bound hereby, BCSP and
Investor hereby agree as follows: 
 ARTICLE 1 
 PROPERTY. 
 For purposes of this Agreement, the property described in
Section 1.1 through 1.9 below is hereinafter collectively referred to as, the “Property”: 
 1.1.
Land. The Premises, together with all rights and appurtenances pertaining to the Premises, including, without limitation, all of Owner’s right, title and interest in and to (i) all minerals, oil, gas, and other hydrocarbon substances
thereon or thereunder, (ii) all adjacent strips, streets, roads, alleys and rights-of-way, public or private, open or proposed, (iii) all easements, privileges, and hereditaments pertaining thereto, whether or not of record, and
(iv) all access, air, water, riparian, development, utility, and solar rights (collectively, the “Land”). 

 1.2. Improvements. The office building (the “Building”) constructed
on the Premises and all other improvements and structures constructed on the Premises (collectively, the “Improvements”). 
 1.3. Personal Property. All of Owner’s right, title and interest in and to (specifically excluding any fixtures or personal property owned by tenants under leases or licensees under licenses)
the following: (i) mechanical systems, fixtures, machinery and equipment comprising a part of or attached to or located upon or within the Improvements; (ii) maintenance equipment and tools, if any, owned by Owner and used exclusively or
predominantly in connection with, and located in or at, the Improvements; (iii) site plans, surveys, plans and specifications, manuals and instruction materials, and floor plans in Owner’s possession which relate to the Land or
Improvements; (iv) pylons and other signs situated on or at the Land or Improvements; and (v) other tangible personal property owned by Owner and used exclusively or predominantly in connection with, and located in or on, the Land or
Improvements as of the date hereof and/or the Closing Date (as defined in Section 8.1 below) (collectively, the “Personal Property”). 
 1.4. Leases and Licenses. Owner’s right, title and interest in (i) all leases, including all amendments thereto and guaranties thereof with tenants leasing all or any portion of the
Improvements (collectively, the “Leases”), and (ii) all license agreements, occupancy agreements and other similar agreements with licensees using any portion of the Improvements (collectively, the “Licenses”),
in each case to the extent the same are in effect as of the date of Closing, a current list of which is attached hereto as Schedule 1.4. 
 1.5. Security Deposits. Owner’s right, title and interest in all security deposits (including any letters of credit) held by Owner in connection with the Leases and Licenses and not applied
pursuant to the terms thereof, a current list of which is attached hereto as Schedule 1.5 (collectively, the “Security Deposits”). 
 1.6. Contracts. Owner’s right, title and interest in all contracts and other agreements (other than the Leases and Licenses) related to the Land and the Improvements, including, without
limitation, contracts or agreements relating to construction, architectural services, parking, maintenance or other supplies or services, management, leasing or brokerage services, utility services, or any equipment leases (collectively, the
“Contracts”), a current list of which is attached hereto as Schedule 1.6, but expressly excluding (a) any contracts or other agreements entered into by the “Owner’s Committee” (as such term is
defined in that certain Declaration Establishing Reciprocal Easements and Covenants Running with the Land by and between the United States Postal Service and Rincon Center Associates, a California limited partnership, dated as of June 27, 1988
and recorded as Reel E624, Image 1132, Instrument Number E196829, with the Official Records, as supplemented by that certain Declaration Establishing Reciprocal Easements and Covenants Running with the Land by and between the USPS and BRE/Rincon
L.L.C., a Delaware limited liability company, dated as of March 30, 1999 and recorded as Reel H353, Image 505, Instrument Number 99-G541539-00 (as amended and assigned to date, the “REA”) and which exclusively affect the Joint
Management Areas (as such term is defined in the REA) (collectively, the “Joint Management Contracts”). 

  
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 1.7. Permits. Owner’s right, title and interest in all permits, licenses,
certificates of occupancy, entitlements and governmental approvals which relate exclusively to the Land or Improvements and to the extent assignable (collectively, the “Permits”). 

1.8. Intangibles. Owner’s right, title and interest, if any, in all warranties, guarantees, names, trade names, street
numbers, marks, other symbols and general intangibles, which relate exclusively to the Land or the Improvements to the extent assignable, including, without limitation, the name “Rincon Center”, but excluding any of the same that reference
“Beacon” or “Beacon Capital” (collectively, the “Intangibles”). 
 1.9. Working
Capital. Owner’s right, title and interest in all Working Capital, Current Assets and Current Liabilities (as such terms are defined in Section 8.5 below). 
 1.10. Exclusions. Notwithstanding any term or provision of this Agreement to the contrary, BCSP and Investor hereby acknowledge and agree that (i) the Property shall not include any real
property or any personal, tangible or intangible property owned, leased or used (a) by CP III Rincon Towers, Inc. having an office at c/o Carmel Partners, Inc., 1000 Sansome Street, Suite 180, San Francisco, California 94111 (together with its
successors and assigns, the “Residential Owner”), in connection with the ownership and operation of those certain premises which constitute the residential portion of the Rincon Center, as such premises are more particularly
described in Exhibit A-2 attached hereto and incorporated herein by reference (the “Residential Property”), or (b) by the Owner’s Committee in connection with the ownership and operation of the Joint Management
Areas, and (ii) Owner’s and the Joint Venture’s rights with respect to the existence, issuance, or transfer of any “Transferable Development Rights” under Section 128 of the San Francisco Planning Code (collectively,
the “TDRs”) with respect to the Land, regardless of whether such TDRs are characterized as real, personal, tangible or intangible property or otherwise and any escrow accounts held by Lender in connection with the sale of any TDRs
(collectively, the “TDR Escrows”) shall be held for the benefit of BCSP and not Investor and, to the extent that such TDR Escrows are released to Owner, they shall be distributed to BCSP or its designee. 

ARTICLE 2 

TRANSACTION STEPS; PURCHASE PRICE AND DEPOSIT. 
 2.1. Transaction Steps; Acquisition and Transfer of the Interests. 
 BCSP
and Investor each acknowledge and agree that the transactions contemplated hereunder have been or shall be accomplished in the following steps: 
 2.1.1. BCSP shall form Equity LLC; 
 2.1.2. BCSP shall contribute
all of its rights, title and interest in Owner to Equity LLC in exchange for one hundred percent (100%) of the limited liability company interests in Equity LLC; 
 2.1.3. BCSP shall cause Equity LLC to form the Joint Venture; 

  
 -3-

 2.1.4. BCSP shall cause Equity LLC to contribute all of its rights, title and
interest in Owner to the Joint Venture in exchange for one hundred percent (100%) of the limited liability company interests in the Joint Venture; 
 2.1.5. BCSP shall cause Equity LLC to assign a fifty-one percent (51%) membership interest in the Joint Venture to Investor (the “Investor Interest”) in exchange for the
Purchase Price, adjusted as set forth below. Upon such assignment, BCSP shall own a forty-nine percent (49%) membership interest in the Joint Venture (collectively, the “Beacon Interest”) and Investor shall own the Investor
Interest. The Beacon Interest and the Investor Interest are sometimes referred to herein collectively as the “Interests” and each, an “Interest”. 

2.1.6. Beacon and Investor shall each contribute cash to the Joint Venture in the amounts required by Section 8.5.4 below.

 2.2. Purchase Price. 
 2.2.1. The aggregate purchase price for the Investor Interest (the “Purchase Price”) shall be Forty Million Two Hundred Ninety Thousand and 00/100 Dollars ($40,290,000.00). The
cash due at Closing from Investor on account of the Purchase Price shall be subject to adjustment as set forth in this Agreement. The Purchase Price shall be payable as follows: 

2.2.1.1. On the Effective Date, Investor shall deliver to Chicago Title Insurance Company (the “Escrow Agent”),
by federal funds wire transfer, a cash deposit in immediately available funds in the amount of FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00) (the “Deposit”). If Investor shall fail to deposit the Deposit with Escrow Agent within
the time period provided for above, BCSP may at any time prior to Escrow Agent’s receipt of the Deposit, terminate this Agreement by written notice to Investor and Escrow Agent as its sole and exclusive remedy, in which case this Agreement
shall be null and void ab initio, and thereafter neither party shall have any further rights or obligations to the other hereunder, except for those which expressly survive the termination of this Agreement. 

2.2.1.2. The balance of the Purchase Price due from Investor at Closing (after application of adjustments provided for in this
Agreement) shall be paid by Investor to Chicago Title Insurance Company (the “Escrow Agent”) by federal funds wire transfer in immediately available funds no later than 5:00 P.M. San Francisco, California time on the Business Day
immediately preceding the Closing Date, disbursements shall be made pursuant to the Settlement Statement (as hereinafter defined) and the balance of the Purchase Price shall be disbursed to BCSP at Closing in accordance with Article 8 hereof.

 2.2.1.3. A portion of the Deposit in the amount of One Hundred and no/100 Dollars ($100.00) shall be non-refundable
(the “Independent Consideration”) which amount shall be distributed by Escrow Agent to BCSP immediately following Investor’s delivery of the Deposit to Escrow Agent, which amount BCSP and Investor agree has been bargained for
as independent consideration for (i) BCSP’s execution and delivery of this Agreement, (ii) Investor’s right to inspect the Property pursuant to Article 4 below, and (iii) Investor’s right to terminate this Agreement in
accordance with the terms and conditions contained herein. Such sum is in addition to and independent of any other consideration or payment provided for in this Agreement and is non-refundable in all events. 

  
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 2.2.2. Mortgage Loan. Investor shall, subject to the terms and conditions of this
Agreement, acquire the Investor Interest with the Property being subject to that certain mortgage loan (the “Mortgage Loan”) in the original principal amount of $106,000,000 from Bear Stearns Commercial Mortgage, Inc. and currently
held by Wells Fargo Bank, N.A., as Trustee under that certain Pooling and Servicing Agreement dated as of November 1, 2006 for the Registered Holders of Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates,
Series 2006-6 (together with its successors and assigns, “Lender”) to Owner, as evidenced by that certain Loan Agreement dated as of June 27, 2006 and executed by and between Owner and Lender, and as secured by, among other
instruments, that certain Deed of Trust and Security Agreement dated as of June 27, 2006 and executed by Owner in favor of Chicago Title Insurance Company, as Trustee, for the benefit of Mortgage Electronic Registration Systems, Inc., as
nominee of Lender, and recorded in the Official Records of the City and County of San Francisco (the “Official Records”), as Instrument Number 2006-I201149. The loan documents evidencing and/or securing the Mortgage Loan are listed
on Schedule 2.2 attached hereto (the “Loan Documents”). 
 2.2.3. Non-Consolidation Opinions. To
the extent required by the Loan Documents, BCSP shall cause its counsel to prepare the non-consolidation opinions (or updates to previously delivered non-consolidation opinions) with respect to the transactions contemplated hereunder and shall
submit same to the Lender and their respective servicers, agents and rating agencies (as necessary) for approval (the “Non Con Approvals”). Investor shall execute and deliver customary certifications (but limited to Investor and its
affiliates) to enable BCSP’s counsel to issue such non-consolidation opinions (or updates) and shall otherwise cooperate in good faith with BCSP and its counsel in seeking the Non Con Approvals. Receipt of the Non Con Approvals shall be
conditions precedent to BCSP’s and Investor’s obligations to close hereunder. 
 ARTICLE 3 

TITLE AND SURVEY. 
 3.1. State of Title to the Land and the Improvements. At Closing, Owner shall hold good and marketable fee simple title to the Land and the Improvements free from all liens, encumbrances,
encroachments and other exceptions to title except (i) those shown on the PTR or the Survey (as such terms are defined in Section 3.2 below) and not required to be cured by BCSP in accordance with this Article 3, (ii) the Leases, the
Licenses and the REA, (iii) the Existing Loan and the Loan Documents, (iv) matters caused by Investor or the activities of Investor or its agents, employees, consultants, contractors and representatives on the Property, (v) real
estate taxes, sewer rents and taxes, water rates and charges, vault charges and taxes, business improvement district taxes and assessments and any other governmental taxes, charges or assessments levied or assessed against the Property, including
any so-called payments in lieu of taxes, in each case which are a lien but not yet due and payable, subject to proration in accordance with Article 8 below, and (vi) applicable zoning and building ordinances and land use regulations and any and
all other present and future laws, rules, regulations, statutes, ordinances, orders or other legal requirements affecting the Property (collectively, the “Permitted Exceptions”). Notwithstanding the foregoing, Purchase hereby
disapproves, and, subject to the satisfaction of the condition set forth in Section 7.2.5 below, BCSP and/or Owner shall, at its sole cost and expense, on or before the Closing Date, cause (a) all liens secured by deeds of trust securing
loans made to BCSP and/or Owner (other than with regard to any such liens/deeds of trust securing the Mortgage Loan), judgment liens against BCSP and/or Owner, and delinquent taxes to be released, and (b) all mechanics’ liens relating to
work authorized by BCSP and/or Owner to be released or bonded over (“Removal Items”). 

  
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 3.2. PTR and Survey. BCSP has provided to Investor a preliminary title report dated
November 3, 2010 (the “PTR”) for an ALTA extended coverage Owner’s Policy of Title Insurance from Chicago Title Insurance Company (the “Title Company”), covering the Land, together with copies of all instruments
reflected as exceptions set forth therein, as well as a copy of existing ALTA survey of the Land prepared by Martin M. Ron Associates, dated May 11, 2006 and last revised June 15, 2006 (the “Existing Survey”). Prior to the
Effective Date, Investor had the option to obtain an update of the Existing Survey or Investor’s own current ALTA Survey of the Property (the “Updated Survey”; either of the Existing Survey or the Updated Survey is referred to herein
as the “Survey”). By letter dated December 3, 2010, Investor notified BCSP in writing of any title exceptions, exclusions from coverage or other matters identified in the PTR, the Survey, or any updates thereto which Investor
disapproved, other than any of the Permitted Exceptions (to which Investor had, and shall have, no right to object) (the “Title Objections”). By letter dated December 9, 2010, BCSP notified Investor in writing of BCSP election not to
attempt to cure such Title Objection(s). 
 ARTICLE 4 

INVESTOR’S DUE DILIGENCE AND ACKNOWLEDGMENT. 
 4.1. Investor’s Due Diligence. BCSP has made available (at reasonable times and places or by providing Investor access to an online database) for Investor’s review BCSP’s books and
records relating to the Property, including, without limitation, maintenance records, CAM reconciliations (including reasonable supporting documentation which is necessary to establish/verify base year calculations for base years occurring during
BCSP and/or Owner’s period of ownership or which is otherwise readily available to BCSP and/or Owner) for the last two (2) calendar years, detailed general ledgers, environmental reports, records of income, taxes (including property tax
bills for the last two (2) fiscal tax years and the property tax bill for the current year) and expenses, including, without limitation, operating statements relating to the operation of the Property for three (3) years preceding the
Closing, any plans and specifications for the Property, Leases, Licenses, tenant files, Contracts, records of repairs and capital improvements, and other general accounting materials reasonably requested by Investor, in all cases to the extent in
BCSP and/or Owner’s possession or control, but expressly excluding all documents and materials of a proprietary nature, such as internal valuation analysis, projections, software, marketing materials, and materials constituting the work product
of BCSP or its agents and attorneys (collectively, the “Property Information”). 

  
 -6-

 4.1.1. Access. BCSP has, upon reasonable notice and at reasonable times, made the
Property available to Investor and its agents, employees, consultants and representatives for such inspections and tests as Investor deemed appropriate, at Investor’s sole cost and expense. 

4.1.2. Indemnity. Investor hereby agrees to indemnify, defend, and hold harmless BCSP, Owner and their respective partners,
members, affiliates, property manager, and their respective officers, directors, agents, employees, and representatives (collectively, the “Indemnified Parties”) from and against any and all liens, claims, or damages of any kind or
nature, including any demands, actions or causes of action, assessments, losses, costs, expenses, liabilities, interest and penalties, and reasonable attorneys’ fees suffered, incurred, or sustained by any of the Indemnified Parties to the
extent caused by the entry on the Property by Investor or its agents, employees, consultants or representatives or by Investor’s investigations of the Property (“Claims”). Investor will promptly repair all damage to the
Property to the extent arising from Investor’s inspections or tests, including any damage to the extent caused by Investor or its agents, employees, consultants or representatives in the conduct of the review, and shall promptly restore the
Property substantially to its condition before such inspections and tests. Notwithstanding anything set forth herein to the contrary, the indemnification and restoration obligations of Investor in this Section 4.1.2 shall survive Closing or the
earlier termination, for any reason, of this Agreement. Upon BCSP’s request, Investor shall provide to BCSP prior to its or its agents’, employees’, consultants’ or representatives’ entry on the Property certificates of
liability insurance insuring Investor and BCSP in an amount not less than Two Million Dollars ($2,000,000.00). 
 4.1.3.
Investor Acknowledgement. Investor acknowledges that it has had the opportunity to perform a feasibility study of the Property, including, but not limited to, review and approval of the physical and environmental characteristics and condition of
the Property and performance of marketing and feasibility studies, structural and engineering investigations, auditing of books and records of the Property and Owner, and financial analyses. 

4.2. As Is, Where Is. 
 4.2.1. Express Representations. Except as provided in the express representations and warranties of BCSP set forth in Section 5.1 of this Agreement and except as may be expressly set
forth in the documents executed and delivered by BCSP at Closing (collectively, the “Express Representations”), and subject to the limitations of time and money set forth in Article 5 and Article 10 herein, BCSP does
not, by the execution and delivery of this Agreement, and BCSP shall not, by the execution and delivery of any document or instrument executed and delivered in connection with Closing, make any representation or warranty, express or implied, of any
kind or nature whatsoever, with respect to the Property, and all such representations and warranties are hereby disclaimed. 

4.2.2. Disclaimed Matters. Without limiting the generality of the foregoing, other than the Express Representations, BCSP makes,
and shall make, no express or implied warranty as to matters of zoning, acreage, building square footage, tax consequences, physical or environmental condition (including, without limitation, laws, rules, regulations, orders and requirements
pertaining to the use, handling, generation, treatment, storage or disposal of any toxic or hazardous waste or toxic, hazardous or regulated substance), valuation, governmental approvals, governmental regulations or any other matter or thing
relating to or affecting the Property (collectively, the “Disclaimed Matters”). 

  
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 4.2.3. No person acting on behalf of BCSP is authorized to make, and by execution
hereof, Investor acknowledges that no person has made, any representation, agreement, statement, warranty, guarantee or promise regarding the Property or the transaction contemplated herein or the zoning, construction, physical condition or other
status of the Property except for the Express Representations. No representation, warranty, agreement, statement, guarantee or promise, if any, made by any person acting on behalf of BCSP other than the Express Representations will be valid or
binding on BCSP. 
 INVESTOR ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS, BCSP HAS NOT MADE, DOES NOT
MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO,
CONCERNING OR WITH RESPECT TO (I) VALUE; (II) THE INCOME TO BE DERIVED FROM THE PROPERTY; (III) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH MAY BE CONDUCTED THEREON, INCLUDING, WITHOUT LIMITATION, THE
POSSIBILITIES, IF ANY, FOR FUTURE DEVELOPMENT OF THE PROPERTY; (IV) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; (V) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF
REPAIR OF THE PROPERTY; (VI) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE INDOOR AND OUTDOOR ENVIRONMENT AIR QUALITY, WATER, SOIL AND GEOLOGY; (VII) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS
OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (VIII) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY; (IX) COMPLIANCE WITH ANY
FEDERAL, STATE, AND LOCAL ENVIRONMENTAL PROTECTION, POLLUTION, HEALTH AND SAFETY OR LAND USE LAWS, RULES, REGULATIONS, ORDINANCES, ORDERS, REQUIREMENTS OR COMMON LAW, INCLUDING, WITHOUT LIMITATION, TITLE III OF THE AMERICANS WITH DISABILITIES ACT OF
1990, AS AMENDED, THE FEDERAL WATER POLLUTION CONTROL ACT, AS AMENDED, THE RESOURCE CONSERVATION AND RECOVERY ACT, AS AMENDED, THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, THE SAFE DRINKING WATER ACT,
AS AMENDED, THE HAZARDOUS MATERIALS TRANSPORTATION ACT, AS AMENDED, THE OCCUPATIONAL SAFETY AND HEALTH ACT OF 1970, AS AMENDED, THE TOXIC SUBSTANCE CONTROL ACT, AS AMENDED, AND REGULATIONS PROMULGATED UNDER ANY OF THE FOREGOING AND ANALOGOUS STATE
STATUTES AND REGULATIONS; (X) THE PRESENCE OR ABSENCE OF HAZARDOUS OR TOXIC MATERIALS, SUBSTANCES OR WASTE AT, ON, UNDER, OR ADJACENT TO THE PROPERTY (SUBSECTIONS IX AND X HEREIN COLLECTIVELY REFERRED TO AS, “ENVIRONMENTAL
MATTERS”); (XI) THE CONTENT, COMPLETENESS OR ACCURACY OF THE PROPERTY INFORMATION, THE PTR OR THE SURVEY; (XII) THE CONFORMITY OF THE IMPROVEMENTS TO ANY PLANS OR SPECIFICATIONS FOR THE PROPERTY INCLUDING ANY PLANS AND
SPECIFICATIONS THAT MAY HAVE BEEN OR MAY BE PROVIDED TO INVESTOR; (XIII) THE CONFORMITY OF THE PROPERTY TO PAST, CURRENT OR FUTURE APPLICABLE ZONING OR BUILDING REQUIREMENTS; (XIV) DEFICIENCY OF ANY UNDERSHORING, (XV) DEFICIENCY OF
ANY DRAINAGE; (XVI) THE FACT THAT ALL OR A PORTION OF THE PROPERTY MAY BE LOCATED ON OR NEAR AN EARTHQUAKE FAULT LINE; (XVII) THE EXISTENCE OF VESTED LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING THE PROPERTY; OR (XVIII) ANY
OTHER MATTER. INVESTOR FURTHER ACKNOWLEDGES AND AGREES THAT, HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY AND REVIEW INFORMATION AND DOCUMENTATION AFFECTING THE PROPERTY, INVESTOR IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE
PROPERTY AND REVIEW OF SUCH INFORMATION AND DOCUMENTATION, AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY BCSP, EXCEPT AS EXPRESSLY SET FORTH IN THE EXPRESS REPRESENTATIONS. INVESTOR FURTHER ACKNOWLEDGES AND AGREES THAT ANY INFORMATION
MADE AVAILABLE TO INVESTOR OR PROVIDED OR TO BE PROVIDED BY OR ON BEHALF OF BCSP WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT BCSP HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND
MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION, EXCEPT AS EXPRESSLY SET FORTH IN THE EXPRESS REPRESENTATIONS. INVESTOR HEREBY ACKNOWLEDGES AND AGREES THAT INVESTOR SHALL NOT BE ENTITLED TO RELY ON ANY REPORTS OR
OTHER PROPERTY INFORMATION SUPPLIED BY BCSP TO INVESTOR, EXCEPT AS SET FORTH IN THE EXPRESS REPRESENTATIONS INVESTOR AGREES TO FULLY AND IRREVOCABLY RELEASE BCSP FROM ANY AND ALL CLAIMS THAT INVESTOR MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST BCSP
FOR ANY COSTS, LOSS, LIABILITY, DAMAGE, EXPENSE, DEMAND, ACTION OR CAUSE OF ACTION ARISING FROM SUCH INFORMATION OR DOCUMENTATION, EXCEPT TO THE EXTENT ARISING OUT OF A BREACH BY BCSP OF A REPRESENTATION OR WARRANTY (SUBJECT TO THE LIMITATIONS OF
TIME AND MONEY SET FORTH IN SECTIONS 5.5 AND 10.2 HEREIN) MADE IN THE EXPRESS REPRESENTATIONS. BCSP IS NOT LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY, OR THE
OPERATION THEREOF, FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON TO THE EXTENT NOT EXPRESSLY SET FORTH IN THE EXPRESS REPRESENTATIONS. INVESTOR FURTHER ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY
LAW, THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN “AS IS” CONDITION AND BASIS WITH ALL FAULTS AND DEFECTS, AND THAT BCSP HAS NO OBLIGATIONS TO MAKE REPAIRS, REPLACEMENTS OR IMPROVEMENTS EXCEPT AS MAY OTHERWISE BE EXPRESSLY
STATED HEREIN. INVESTOR REPRESENTS, WARRANTS, AND COVENANTS TO BCSP, WHICH REPRESENTATION, WARRANTY, AND COVENANT TO BCSP SHALL SURVIVE THE CLOSING, THAT, EXCEPT FOR BCSP’S EXPRESS REPRESENTATIONS, INVESTOR IS RELYING SOLELY UPON
INVESTOR’S OWN INVESTIGATION OF THE PROPERTY. 

  
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 INVESTOR FURTHER ACKNOWLEDGES THAT “NATURAL HAZARDS” DESCRIBED IN THE
FOLLOWING CALIFORNIA CODE SECTIONS MAY AFFECT THE PROPERTY: GOVERNMENT CODE SECTIONS 8589.4 AND 8589.3; GOVERNMENT CODE SECTIONS 51183.4 AND 51183.5 (FIRE HAZARD SEVERITY ZONE); PUBLIC RESOURCE CODE SECTION 2621.9 (EARTHQUAKE FAULT ZONE); PUBLIC
RESOURCE CODE SECTION 2694 (SEISMIC HAZARD ZONE); AND PUBLIC RESOURCE CODE SECTION 4136 (WILDLAND AREA). INVESTOR ACKNOWLEDGES AND AGREES THAT INVESTOR HAS HAD THE OPPORTUNITY TO INDEPENDENTLY EVALUATE AND INVESTIGATE WHETHER ANY OR ALL OF SUCH
NATURAL HAZARDS AFFECT THE PROPERTY AND BCSP SHALL HAVE NO LIABILITIES OR OBLIGATIONS WITH RESPECT THERETO. WITHOUT LIMITING THE FOREGOING, INVESTOR ACKNOWLEDGES AND AGREES THAT INVESTOR KNOWINGLY AND INTENTIONALLY WAIVES ANY DISCLOSURES,
OBLIGATIONS OR REQUIREMENTS OF BCSP WITH RESPECT TO NATURAL HAZARDS, INCLUDING, WITHOUT LIMITATION, ANY DISCLOSURE OBLIGATIONS OR REQUIREMENTS UNDER THE AFOREMENTIONED CODE SECTIONS OR UNDER CALIFORNIA CIVIL CODE SECTION 1102. INVESTOR REPRESENTS
THAT INVESTOR HAS EXPERIENCE ACQUIRING AND CONDUCTING DUE DILIGENCE AND THAT THIS WAIVER HAS BEEN NEGOTIATED AND IS AN ESSENTIAL ASPECT OF THE BARGAIN BETWEEN THE PARTIES. NOTWITHSTANDING ANY TERM OR PROVISION OF THIS PARAGRAPH TO THE CONTRARY, AND
WITHOUT LIMITATION OF ANY WAIVER CONTAINED IN THIS PARAGRAPH OR OF ANY REPRESENTATION OR WARRANTY SET FORTH IN THIS AGREEMENT, INVESTOR HEREBY ACKNOWLEDGES RECEIPT OF THAT CERTAIN JCP PROPERTY DISCLOSURE REPORT FROM BCSP WITH RESPECT TO THE
PROPERTY. 
 IN CONNECTION WITH THE RELEASE AND WAIVER SET FORTH IN THIS SECTION 4.2, INVESTOR ACKNOWLEDGES THAT
INVESTOR IS AWARE OF THE PROVISIONS OF SECTION 1542 OF THE CALIFORNIA CIVIL CODE WHICH READS AS FOLLOWS: 
 “A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

  
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 INVESTOR HEREBY WAIVES THE PROVISIONS OF SUCH SECTION 1542 OF THE CALIFORNIA CIVIL CODE AND THE PROVISIONS
OF ANY SIMILAR LAWS. INVESTOR REALIZES, AGREES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW UNKNOWN TO INVESTOR MAY HAVE GIVEN OR HEREAFTER GIVE RISE TO CLAIMS WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND THE RELEASE PROVIDED
HEREUNDER HAS BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION. THIS SECTION 4.2 SHALL SURVIVE THE CLOSING. 
 IN ACCORDANCE WITH CALIFORNIA HEALTH AND SAFETY CODE SECTION 25359.7, INVESTOR FURTHER ACKNOWLEDGES THAT BCSP HAS INFORMED INVESTOR THAT THERE MAY BE HAZARDOUS MATERIALS LOCATED ON THE PROPERTY, AND THAT
INVESTOR IS ADVISED TO FULLY INVESTIGATE THE EXISTENCE OF ANY HAZARDOUS MATERIALS AT THE PROPERTY. 
 BY INITIALING BELOW,
INVESTOR ACKNOWLEDGES THAT (i) THIS SECTION 4.2 HAS BEEN READ AND FULLY UNDERSTOOD, (ii) INVESTOR HAS HAD THE OPPORTUNITY TO ASK QUESTIONS OF ITS COUNSEL ABOUT ITS MEANING AND SIGNIFICANCE, AND (iii) INVESTOR HAS ACCEPTED AND
AGREED TO THE TERMS SET FORTH IN THIS SECTION 4.2. 

                      
  ML                             

INVESTOR’S INITIALS 
 4.2.4. Waiver. Without in any way limiting any provision of this Section 4.2, Investor specifically acknowledges and agrees that, except with respect to the Express Representations and the
obligations of BCSP set forth in Section 6.1 of this Agreement, Investor hereby waives, releases and discharges any claim it has, might have had, or may have against BCSP with respect to (a) the Disclaimed Matters, (b) subject to
Article 9 of this Agreement, the condition of the Property as of the Closing Date, (c) the past, present or future condition or compliance of the Property with regard to any federal, state or local law, statute, ordinance, rule,
regulation, order or determination of any governmental authority or agency affecting the Property, including without limitation those pertaining to Environmental Matters, or (d) any other state of facts that exists with respect to the Property
or any of the Property Information. 
 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES. 
 5.1. BCSP’s Representations and
Warranties. As a material inducement for Investor to enter into this Agreement, BCSP represents to Investor, as of the Effective Date, as follows: 
 5.1.1. Organization. Each of BCSP, Equity LLC and Owner is duly formed and validly existing under the laws of the jurisdiction of its organization. Schedule 5.1.1 identifies each document
pursuant to which Owner is organized and governed (collectively, the “Organizational Documents”). As of the Effective Date, the Organizational Documents of Owner and Equity LLC are in full force and effect, and correct and complete
copies of all of the Organizational Documents of Owner and Equity LLC have been delivered to Investor. The Organizational Documents of Owner and Equity LLC are in full force and effect and are the sole agreements governing the formation, ownership
and operation of Owner and Equity LLC, respectively. 

  
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 5.1.2. Authority/Consent. BCSP possesses all requisite power, authority and consents
(subject to the Non Con Approvals), and has taken all actions required by its organizational documents and applicable law, to execute and deliver this Agreement and will, by Closing, have taken all actions required by its organizational documents
and applicable law to consummate the transactions contemplated by this Agreement. 
 5.1.3. Litigation. Except as may be
disclosed on Schedule 5.1.3 attached hereto, and except for any claims (such as slip and fall and similar claims) and resulting litigation that are covered by Owner’s and BCSP’s insurance and also disclosed on such
Schedule 5.1.3, to BCSP’s knowledge, no action, suit or other proceeding (including, but not limited to, any condemnation action) or unsatisfied order or judgment is pending or has been threatened in writing that concerns or
involves the Property, Owner or BCSP which would, if determined adversely to Owner or BCSP, materially and adversely affect the use or value of the Property or affect BCSP’s ability to fulfill its obligations under this Agreement. 

5.1.4. Bankruptcy. No bankruptcy, insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is
pending, or, to BCSP’s knowledge, has been threatened in writing, against BCSP or Owner. 
 5.1.5. Contracts. To
BCSP’s knowledge, except for the Contracts referenced on Schedule 1.6 (and the Leases, Licenses and Loan Documents), there are no material contracts or agreements to which any Owner is bound relating any matter, including but not
limited to, construction, architectural services, parking, maintenance or other supplies or services, management, leasing or brokerage services, or any equipment leases that are currently in effect and will be in effect after Closing. 

5.1.6. Employees. Owner has no employees. 
 5.1.7. Leases. Except for the Leases and Licenses, and all amendments thereto, referenced on Schedule 1.4, and the leases, licenses, or other occupancy agreements which may be entered
into by Owner pursuant to Section 6.1.1 hereof, there are no leases, rental agreements, license agreements or other occupancy agreements currently in effect which will affect the Property after Closing. 

5.1.7.1. To BCSP’s knowledge, each Lease and each License is in full force and effect and, except as disclosed on
Schedule 5.1.7, Owner has not sent any written notice to any tenant asserting that such tenant is in material default or breach under any Lease which default or breach remains uncured as of the date hereof. 

  
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 5.1.7.2. BCSP has provided or will provide Investor with complete copies of all
Leases and Licenses, including all amendments thereto in BCSP’s or Owner’s possession. 
 5.1.7.3. Except as
may be described in Schedule 8.5.8(i) attached hereto, all tenant improvement allowances currently due and payable by Owner as landlord or licensee under or in connection with the current terms of the Leases and Licenses have been paid
in full. 
 5.1.7.4. Attached hereto as Schedule 1.5 is a true and complete list of security deposits
currently held by Owner, as landlord or licensor, under the Leases and Licenses. 
 5.1.8. Commissions. To BCSP’s
knowledge, all brokerage and leasing commissions currently due and payable by Owner with respect to the current terms of the Leases and Licenses have been paid in full, other than those specified in Schedule 8.5.3(ii). 

5.1.9. Violations of Law. Except as set forth on Schedule 5.1.9, neither BCSP nor Owner has received written notice
from any governmental authority of any material violation of any federal, state, county or municipal laws, ordinances, orders, regulations and requirements affecting the Property or any portion thereof (including the conduct of business operations
thereon), or otherwise involving Owner, which violation remains unresolved and which violation would materially and adversely affect the Property or the operation thereof, or the financial position of any such entity. 

5.1.10. Environmental Reports. To BCSP’s knowledge, complete copies of all environmental/hazardous waste studies and reports
relating to the Property which are in BCSP’s or Owner’s possession (collectively, the “Environmental Reports”) have been furnished to Investor, a list of which is attached hereto as Schedule 5.1.10. 

5.1.11. Foreign Person. BCSP is not a “foreign person,” “foreign trust” or “foreign corporation” (as
those terms are defined in the Internal Revenue Code of 1986, as amended, and related Income Tax Regulations). 
 5.1.12. No
Conflicts. The execution and delivery of this Agreement by BCSP and the consummation by BCSP of the transactions contemplated hereby will not: (i) violate any law, judgment, order, injunction, or decree to which BCSP, Owner, or the Property
are subject, or (ii) subject to obtaining the Non Con Approvals, conflict with, result in a breach of, or constitute a default under the organizational documents of BCSP or Owner or any lease, mortgage, loan agreement, covenant, or other
agreement or instrument to which BCSP or Owner is a party or by which BCSP, Owner or the Property is bound. 
 5.1.13.
OFAC. Neither BCSP nor, to BCSP’s knowledge, any of its equity owners nor their respective officers or directors, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of
Foreign Asset Control of the Department of the Treasury (“OFAC”), (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any similar statute, executive order (including the September 24,
2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) or other similar governmental action. 

  
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 5.1.14. Loan Documents. Attached as Schedule 2.2 is a list of all of the Loan
Documents. True and complete copies of the Loan Documents set forth on Schedule 2.2 have been made available to Investor and, except as set forth on Schedule 2.2, the Loan Documents have not been amended. The outstanding principal
balance of the Mortgage Loan is $106,000,000.00. Neither BCSP nor Owner has received any written notice from Lender that an Event of Default (as defined in the Loan Documents) exists under the Loan Documents. To BCSP’s knowledge, Owner is not
in default under the Loan Documents, and to BCSP’s knowledge, no event has occurred and no condition exists which, with the passage of time, the giving of notice, or both, would constitute an Event of Default under the Loan Documents.

 5.1.15. Entity Representations. 
 5.1.15.1. Prior to the completion of the transactions set forth in Section 2.1 above: 
 5.1.15.1.1. BCSP is the sole member of Owner. 
 5.1.15.1.2. The
only asset of Owner is its interest in the Property and any ancillary or incidental assets arising out of or pertaining to the ownership, operation and/or development of the Property. 

5.1.15.1.3. The interest of BCSP in Owner is owned by BCSP free and clear of all liens, encumbrances, claims and rights of
others. 
 5.1.16. Tax Matters. 
 5.1.16.1. At all times, Owner has been classified as a “disregarded entity” for federal, state, local and, as applicable, foreign tax purposes. 

5.1.16.2. No deficiency for any amount of tax has been asserted or assessed by a taxing authority in writing relating to the
business, operations and assets of Owner and BCSP has no knowledge that any such assessment or assertion of tax liability is threatened. 
 5.1.16.3. No audits or investigations by any taxing authority with respect to the business, operations and assets of Owner are currently pending or, to BCSP’s knowledge, threatened.

 5.2. Investor’s Representations and Warranties. As a material inducement for BCSP to enter into this Agreement,
Investor represents to BCSP, as of the Effective Date, as follows: 
 5.2.1. Organization. Investor is duly formed,
validly existing and in good standing under the laws of the jurisdiction of its organization and, as of the Closing Date, will be qualified to transact business in the jurisdiction where the Property is located. 

  
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 5.2.2. Authority/Consent. Investor possesses all requisite power, authority and
consents, and has taken all actions required by its organizational documents and applicable law, to execute and deliver this Agreement and will, by Closing, have taken all actions required by its organizational documents and applicable law to
consummate the transactions contemplated in this Agreement. 
 5.2.3. OFAC. Neither Investor nor any of its equity
owners, nor to Investor’s knowledge any of their respective officers or directors, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of OFAC (including those named on OFAC’s
Specially Designated and Blocked Persons List) or under any similar statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or
Support Terrorism) or other similar governmental action. 
 5.2.4. No Conflicts. The execution and delivery of this
Agreement by Investor and the consummation by Investor of the transactions contemplated hereby will not: (i) violate any law, judgment, order, injunction, or decree to which Investor is subject, or (ii) conflict with, result in a breach
of, or constitute a default under the organizational documents of Investor or any lease, mortgage, loan agreement, covenant, or other agreement or instrument to which Investor is a party or by which Investor is bound. 

5.2.5. Bankruptcy. No bankruptcy, insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is
pending, or, to Investor’s knowledge, has been threatened in writing, against Investor. 
 5.3. Knowledge. For
purposes of this Agreement, the phrase “to BCSP’s knowledge” means the best knowledge, after due inquiry, of McClure Kelly. There shall be no personal liability on the part of McClure Kelly arising out of any representations or
warranties made herein or otherwise. To the extent a Tenant Estoppel (defined in Section 6.5 below) is provided to Investor which sets forth information with respect to any item as to which BCSP has made a representation or warranty,
then BCSP’s representations and warranties with respect to such information will thereafter be null and void and of no further force and effect and Investor shall rely on the information in such Tenant Estoppel. 

5.4. Subsequent Changes. If BCSP and/or Owner becomes aware of any fact or circumstance which would materially and
adversely change one of its Express Representations set forth in Section 5.1 above, then BCSP and/or Owner shall give notice of such changed fact or circumstance to Investor. If Investor has or obtains knowledge of any fact which would
materially and adversely change any of the Express Representations contained herein or would otherwise constitute a breach thereof by BCSP and/or Owner, and provided that such fact was not included in the Property Information prior to the Effective
Date and Investor did not know, or was not deemed to know, such fact prior to the Effective Date, Investor, as its sole remedy, shall have the option of (i) waiving the breach of warranty or change, and proceeding with the Close of Escrow, or
(ii) terminating this Agreement, in which event the Deposit and any other funds deposited by Buyer into the Escrow and all interest earned thereon shall be returned to Investor. Any such election shall be made by Investor not later than the
earlier to occur of (i) five (5) business days from Investor becoming aware of such fact, or (ii) the Closing Date. If Investor does not so elect to terminate this Agreement pursuant to this Section 5.4, then Investor shall be
deemed to have elected to waive its rights to terminate this Agreement pursuant to this Section 5.4, elected to acquire the Property on the terms set forth in this Agreement, and waived all remedies at law or in equity with respect to any
representations or warranties resulting from the facts or circumstances disclosed by BCSP and/or Owner in its notice to Investor. For purposes of this Agreement, the “ knowledge” or “actual knowledge” of Investor shall mean the
receipt by Alex Vouvalides or Christopher Barton of a written document containing such fact or circumstance and any information or materials included in the Property Information. In no event shall the Closing be extended beyond the Outside Closing
Date for any reason without the express written agreement of BCSP, in BCSP’s sole and absolute discretion. 

  
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 5.5. Survival. All of the representations and warranties set forth in this
Article 5 shall survive the Closing for a period of six (6) months (“Survival Period”), subject to the provisions of Article 10 of this Agreement. Investor shall provide BCSP with written notice (a
“Notice of Breach”) of any alleged breach or failure of any representation or warranty made by BCSP and specifying the nature thereof within five (5) Business Days after Investor’s discovery of such alleged breach or
failure. Investor shall commence any action, suit, or proceeding with respect to any breach or failure that is the subject of the Notice of Breach, if at all, on or before the date that is thirty (30) days after the expiration of the Survival
Period (the “Suit Deadline”). BCSP acknowledges and agrees that the resolution of such action, suit, or proceeding may not occur until after the expiration of the Survival Period and the Survival Period shall be deemed to be tolled
with respect to (and only with respect to) any alleged breach or failure of a representation or warranty of which BCSP receives a Notice of Breach before the expiration of the Survival Period, provided Investor files an action, suit or proceeding
with respect thereto prior to the Suit Deadline. Notwithstanding the foregoing to the contrary, BCSP shall have no liability in connection with this Agreement by reason of any inaccuracy of a representation or warranty if, and to the extent that,
such inaccuracy is disclosed to Investor pursuant to Section 5.4 above or otherwise included in the Property Information at the time of the Closing, and Investor elects, nevertheless, to consummate the transaction contemplated hereby.

 ARTICLE 6 
 COVENANTS OF BCSP PRIOR TO CLOSING. 
 6.1. Operation of Property.
From the Effective Date until the Closing, BCSP shall cause Owner to operate the Property in accordance with the terms of this Section 6.1. 

  
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 6.1.1. From the Effective Date until the Closing, Owner shall continue to operate,
maintain and repair the Property in the ordinary course of business and to the standard that Owner has operated the Property to date, but shall not take any of the following actions without the prior written consent of Investor, which consent shall
not be unreasonably withheld, delayed or conditioned and which consent shall be deemed granted in the event that Investor fails to respond to a written request for its consent within three (3) Business Days: (a) make or permit to be made
any material alterations to or upon the Property (provided, however, Investor’s consent shall not be required for repairs or other work of an emergency nature, as required by law, or under any Lease, provided that Owner shall notify Investor of
such work as soon as practicable), (b) enter into any contracts for the provision of services and/or supplies to the Property which are not terminable without premium or penalty by Investor upon no more than thirty (30) days’ prior
written notice, or amend or modify any of the Contracts in any material respect, unless such Contract, as amended, may be terminated without premium or penalty by Investor upon no more than thirty (30) days’ prior written notice, provided
that, notwithstanding the foregoing, Owner shall promptly provide Investor with written notice if Owner enters into any service contract relating to the Property, regardless of whether Investor’s consent is required pursuant to this sub-clause
(b), (c) enter into any leases, licenses, or other occupancy agreements with respect to the Property or any part thereof, or extend (except pursuant to a provision of the existing Lease or License), expand, terminate or cancel (except in the
event of a material tenant default), or otherwise amend (except pursuant to a unilateral right of the tenant under an existing Lease or License, provided that Owner shall promptly provide Investor with written notice of such exercise) any of the
Leases or Licenses, (d) remove or permit the removal from the Property of any fixtures, mechanical equipment, or any other item included in the Property except when replaced with items of equal or greater quality and value by Owner prior to
Closing, and except for the use and consumption at the Property of inventory, office and other supplies and spare parts, and the replacement of worn out, obsolete and defective tools, equipment and appliances, in each case in the ordinary course of
business, (e) subject to Section 6.6 below, settle, compromise, withdraw or terminate any real estate tax appeal or proceeding affecting the Property other than any relating solely to periods prior to tax year 2010, or
(f) grant any easements or title encumbrances that will affect the Property after the Closing Date. 
 6.1.2.
Notwithstanding the foregoing, Owner shall have no obligation to make or perform any capital repairs or replacements unless required to do so to meet its obligations as landlord under the Leases or by applicable law. 

6.2. Notices. Promptly after receipt, Owner shall provide Investor with true and complete copies of any written notices that BCSP
receives from any governmental authority with respect to (i) any special assessments or proposed increases in the valuation of the Property; (ii) any condemnation or eminent domain proceedings affecting the Property or any portion thereof;
or (iii) any material violation of any environmental law or any zoning, health, fire, safety or other law, regulation or code applicable to the Property. In addition, Owner shall deliver or cause to be delivered to Investor, promptly upon the
giving or receipt thereof by BCSP, true and complete copies of any written notices of default given (subject to the terms of Section 6.1.1, above) or received by Owner under any of the Leases or Licenses. 

6.3. Litigation. BCSP will advise Investor promptly of any litigation, arbitration proceeding or administrative hearing which is
instituted after the Effective Date and which concerns or affects Owner or the Property, other than any such matters (such as slip and fall and similar claims and resulting litigation) that are covered by Owner’s insurance. 

  
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 6.4. Insurance. Prior to Closing, BCSP will cause Owner to maintain the existing
insurance coverage with respect to the Property. 
 6.5. Tenant Estoppels. BCSP shall cause Owner to request from each of
the tenants under a Lease an estoppel certificate in substantially the form of Exhibit C-1 attached hereto, provided, however, (i) if such tenant’s Lease attaches or prescribes a form of, or content of, an estoppel certificate,
and such tenant refuses to execute the estoppel certificate in the form submitted by Owner, then such tenant may deliver an estoppel certificate conforming to such tenant’s Lease and, with respect to the Lease with the State of California, the
tenant may deliver a statement of lease or other estoppel certificate in the form customarily given by the State of California. 

6.6. Tax Reduction Proceedings. BCSP may cause Owner to file and/or prosecute an application for the reduction of the assessed
valuation of the Property or any portion thereof for real estate taxes or a refund of real estate taxes previously paid (a “Tax Certiorari Proceeding”) to the City of San Francisco for fiscal year 2010 and any prior fiscal year.
BCSP shall have the right to withdraw, settle or otherwise compromise Tax Certiorari Proceedings affecting real estate taxes assessed against the Property (i) for any fiscal period prior to the fiscal year in which the Closing shall occur
without the prior consent of Investor, and (ii) for the fiscal year in which the Closing shall occur or any fiscal year thereafter, provided Investor shall have consented with respect thereto, which consent shall not be unreasonably withheld or
delayed and which consent shall be deemed granted in the event that Investor fails to respond to a written request for its consent within three (3) Business Days. The amount of any tax refunds (net of attorneys’ fees and other costs of
obtaining such tax refunds) with respect to any portion of the Property for the tax year in which the Apportionment Time (as defined below) occurs shall be apportioned between BCSP and Investor as of the Apportionment Time with a prior allocation of
the portion thereof which must be returned to tenants pursuant to the terms of the Leases; BCSP hereby agreeing to be responsible for the return of such refund to such tenants for the period up to and including the Apportionment Time and Investor
having such obligation for the return of such refunds attributable to the period from and after the Closing Date. If, in lieu of a tax refund, a tax credit is received with respect to any portion of the Property for the tax year in which the
Apportionment Time occurs, then (x) within thirty (30) days after receipt by BCSP or Investor, as the case may be, of evidence of the actual amount of such tax credit (net of attorneys’ fees and other costs of obtaining such tax
credit), the tax credit apportionment shall be readjusted between BCSP and Investor, and (y) upon realization by Investor of a tax savings on account of such credit, Investor shall pay to BCSP an amount equal to the savings realized (as
apportioned). All refunds, credits or other benefits applicable to any fiscal period prior to the fiscal year in which the Closing shall occur shall belong solely to BCSP (and Investor shall have no interest therein) and, if the same shall be paid
to Investor or anyone acting on behalf of Investor, same shall be paid to BCSP within five (5) days following receipt thereof. The provisions of this Section 6.6 shall survive the Closing. 

  
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 ARTICLE 7 
 CONDITIONS PRECEDENT TO CLOSING. 
 7.1. Conditions Precedent to
Investor’s Obligation to Close. Investor’s obligation to consummate the Closing is subject to satisfaction on or before the Closing Date of the following conditions, any of which may be waived in writing by Investor in Investor’s
sole and absolute subjective discretion: 
 7.1.1. Title. A final examination of the title to the Land by the Title
Company shall disclose no title exceptions except for the Permitted Exceptions and other matters approved or deemed approved by Investor in accordance with this Agreement, and Title Company shall be irrevocably committed to issue a date-down
endorsement and non-imputation endorsement to Owner’s ALTA extended coverage owner’s policy of title insurance (“Title Policy”) (provided that Investor shall be responsible for the premium related to such extended coverage
as set forth in herein) insuring title to the Property in the amount of One Hundred Eighty Five Million and 00/100 Dollars ($185,000,000.00), subject only to the Permitted Exceptions and such other matters so approved or deemed approved by Investor.

 7.1.2. Delivery of Closing Documents. BCSP shall have delivered each of the Closing Documents required to be delivered
under Section 8.2.1 of this Agreement or described elsewhere in this Agreement as a Closing delivery. 
 7.1.3.
Covenants, Representations and Warranties. BCSP shall not be in material breach of any of covenants, representations and warranties it has made in this Agreement. All representations and warranties of BCSP set forth in this Agreement shall be
true and correct in all material respects as if made on the Closing Date. 
 7.1.4. Non Con Approvals. The Non Con
Approvals shall have been obtained. 
 7.1.5. Tenant Estoppels. BCSP shall have obtained and delivered to Investor
executed Tenant Estoppels from tenants comprising at least eighty percent (80%) of the leased area of the Building (the “Required Estoppel Percentage”) including a Tenant Estoppel from (a) National Union Fire Insurance
Company of Pittsburgh, PA (the “AIG Lease”), (b) Pacific Bell Directory (the “AT&T Lease”), (c) the State of California (the “California Lease”), and (d) Deem Sum International,
Inc. (collectively, the “Required Tenant Estoppels”). If necessary to achieve the Required Estoppel Percentage for the Building, BCSP, at its option, may deliver to Investor a representation letter substantially in the form of
Exhibit C-2 (each, a “Seller Estoppel”) for the AIG Lease and the California Lease. BCSP’s liability under each Seller Estoppel shall expire and be of no further force or effect on the earlier of: (A) April 29,
2012, or (B) the date that Investor receives a Tenant Estoppel from the applicable tenant. In addition, BCSP’s liability under any Seller Estoppel shall be subject to the limitations Section 10.2 hereof. Investor shall not
unreasonably withhold approval of any executed Tenant Estoppels so long as the same (i) do not indicate any material defaults under the applicable Lease, (ii) do not indicate any material inconsistencies with respect to the facts or
information set forth in the applicable Lease, except to the extent the same have been disclosed by any of the BCSP’s representations and warranties under this Agreement, and/or (iii) in the event a tenant modifies the applicable Tenant
Estoppel, so long as the information included in such modified Tenant Estoppel is not inconsistent with the information included the estoppel form completed for such tenant pursuant to the above provisions of this section. 

  
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 7.1.6. REA Estoppel. BCSP shall have obtained and delivered to Investor an executed
estoppel certificate (the “REA Estoppel”) from CP III Rincon Towers, Inc., as successor-in-interest to Rincon Realty under the REA (the “Residential Owner”), certifying that to the best of the Residential
Owner’s knowledge (i) the Owner is not in default in the performance of any of Owner’s obligations under the REA, (ii) all charges, fees and assessments currently due and payable from the Owner to the Residential Owner under the
REA, if any, have been paid, (iii) there are no outstanding charges, fees or assessments due and payable from the Commercial Owner to the Residential Owner under the REA, and (iv) the Residential Owner has no knowledge, without any duty of
investigation or inquiry, of any improvements or work that do not comply with the provisions of the REA. If BCSP is unable to obtain the REA Estoppel, BCSP, at its option, may deliver to Investor a representation letter items (i) through
(iv) above (a “Seller REA Estoppel”) in lieu of the REA Estoppel in order to satisfy this condition. BCSP’s liability under the Seller REA Estoppel shall expire and be of no further force or effect on the earlier to occur
of: (A) April 29, 2012, or (b) the date that Investor receives the REA Estoppel from the Residential Owner. 

7.1.7. Other Conditions. Any conditions to Investor’s obligation to close set forth elsewhere in this Agreement. 

7.2. Covenants, Representations and Warranties. BCSP and/or Owner shall not be in material breach of any of covenants,
representations and warranties it has made in this Agreement. In addition, there shall not exist any facts or circumstances that would make any of BCSP and/or Owner’s Express Representations untrue in any material respect as of the Closing
Date. Notwithstanding the foregoing, if a change in circumstances occurs after the Effective Date which is not otherwise a breach or default by BCSP and/or Owner under the terms of this Agreement (by way of example only, BCSP and/or Owner enters
into a new Lease in accordance with the terms of Section 6.1.1, above) and such change of circumstances requires a representation and warranty made by the BCSP and/or Owner to be modified in order for such representation and warranty to be
accurate as of Closing, then the representation and warranty shall be deemed remade as so modified, and BCSP and/or Owner shall not be in breach of or in default under this Agreement by virtue of such change in circumstances or modification.

 7.3. Conditions Precedent to BCSP’s Obligation to Close. BCSP’s obligation to consummate the Closing is
subject to satisfaction, on or before the Closing Date of the following conditions, any of which may be waived in writing by BCSP, in BCSP’s sole and absolute subjective discretion: 

7.3.1. Covenants. Investor shall have performed and observed, in all material respects, all covenants of Investor under this
Agreement. 

  
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 7.3.2. Representations and Warranties. All representations and warranties of
Investor set forth in this Agreement shall be true and correct in all material respects as if made on the Closing Date. 

7.3.3. Delivery of Closing Documents and Payment of Purchase Price. Investor shall have delivered each of the Closing Documents
required to be delivered under Section 8.3.1 of this Agreement, shall have paid into escrow the balance due of the Purchase Price, and Escrow Agent shall be prepared to make the disbursements pursuant to the Settlement Statement, including the
disbursement of the balance of the Purchase Price to BCSP. 
 7.3.4. Non Con Approvals. The Non Con Approvals shall have
been obtained. 
 7.4. Failure of a Condition. 
 7.4.1. If any condition precedent to Investor’s obligation to close the transactions contemplated by this Agreement, as set forth in Section 7.1 of this Agreement, has not been
satisfied on or before the Closing Date, then Investor shall give notice to BCSP of the condition or conditions that Investor asserts are not satisfied. If the conditions specified in such notice are not satisfied within ten (10) Business Days
after receipt of such notice (with the Closing Date automatically being extended to accommodate such ten (10) Business Day period, but in no event beyond the Outside Closing Date without BCSP’s approval)), then Investor may terminate this
Agreement by written notice to BCSP and Escrow Agent, whereupon neither party shall have any further rights or obligations hereunder (other than any obligations of either party that expressly survive termination) and the Deposit shall be returned to
Investor. Notwithstanding anything contained herein to the contrary, if any of the conditions precedent to Investor’s obligation to close, as set forth in Section 7.1 of this Agreement, are not satisfied within the ten
(10) Business Day period specified above and the same, in BCSP’s reasonable judgment, are reasonably susceptible of being cured, BCSP or Investor, as the case may be, shall have the right to extend such period in which to satisfy the
unsatisfied condition for a period of up to forty-five (45) additional days, by giving written notice thereof to Investor or BCSP, as applicable, and Escrow Agent within the initial ten (10) Business Day period referenced above. Investor
shall have the right to waive the unsatisfied condition or conditions by written notice to BCSP and Escrow Agent given within five (5) Business Days after expiration of the applicable satisfaction period without satisfaction having occurred, in
which event the Closing Date shall be the date that is five (5) Business Days after BCSP’s receipt of Investor’s waiver notice. If the Closing Date is extended pursuant to this paragraph, then the Closing Date shall be the date that
is the earlier to occur of five (5) Business Days after (a) the date that the unsatisfied condition has been satisfied, or (b) BCSP’s receipt of Investor’s waiver notice. It is understood and agreed that the failure of any
condition set forth in Section 7.1 hereof that is not reasonably susceptible of being cured within the time allotted shall not constitute a default, breach of a covenant, or other failure to perform by BCSP hereunder unless such failed
condition was caused by BCSP’s willful and intentional actions in violation of its covenants set forth in Section 6.1.1 hereof. 

  
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 7.4.2. If any condition precedent to BCSP’s obligation to close the
transactions contemplated by this Agreement, as set forth in Section 7.2 of this Agreement, has not been satisfied on or before the Closing Date, then BCSP shall give notice to Investor of the condition or conditions that BCSP asserts
are not satisfied. If the conditions specified in such notice are not satisfied within ten (10) Business Days after receipt of such notice (with the Closing Date automatically being extended to accommodate such ten (10) Business Day
period, but in no event beyond the Outside Closing Date without BCSP’s approval), then BCSP may terminate this Agreement by written notice to Investor and Escrow Agent, whereupon neither party shall have any further rights or obligations
hereunder (other than any obligations of either party that expressly survive termination) and the Deposit shall be returned to Investor (unless the applicable conditions are not satisfied due to a default by Investor under this Agreement, in which
case the Deposit shall be paid to BCSP). Notwithstanding anything contained herein to the contrary, if any of the conditions precedent to BCSP’s obligation to close, as set forth in Section 7.2 of this Agreement, are not satisfied
within the ten (10) Business Day period specified above and the same, in BCSP’s reasonable judgment, are reasonably susceptible of being cured, BCSP may be shall have the right to extend such period in which to satisfy the unsatisfied
condition for a period of up to forty-five (45) additional days, by giving written notice thereof to Investor, and Escrow Agent within the initial ten (10) Business Day period referenced above. BCSP shall have the right to waive the
unsatisfied condition or conditions by written notice to Investor and Escrow Agent given within five (5) Business Days after expiration of the applicable satisfaction period without satisfaction having occurred, in which event the Closing Date
shall be the date that is five (5) Business Days after Investor’s receipt of BCSP’s waiver notice. If the Closing Date is extended pursuant to this paragraph, then the Closing Date shall be the date that is the earlier to occur of
five (5) Business Days after (a) the date that the unsatisfied condition has been satisfied, or (b) Investor’s receipt of BCSP’s waiver notice. Notwithstanding the foregoing or anything set forth herein to the contrary, in
no event shall the Closing Date be extended with respect to Investor’s failure to fund into escrow the balance of the Purchase Price due at Closing as required under this Agreement, unless expressly agreed by BCSP in writing in BCSP’s sole
and absolute discretion. 
 7.4.3. Waiver. If the transaction contemplated by this Agreement closes, each party shall be
deemed to have waived any and all unmet or unsatisfied conditions by the other party actually known to such party subject to the provisions of Article 5 and Article 10 hereof. 
 ARTICLE 8 
 CLOSING 

8.1. Closing Date. Subject to Sections 3.2 and 7.3.1, above, the consummation of the transactions contemplated hereby (the
“Closing”) shall be conducted by delivery of documents and funds in escrow to Escrow Agent on December 16, 2010 (the “Designated Closing Date”); TIME BEING STRICTLY OF THE ESSENCE. The date that the Closing
occurs hereunder, as such date may be extended in accordance with this Agreement, is referred to herein as the “Closing Date”. Investor and BCSP agree to finalize and execute all documents necessary for the consummation of the
transaction contemplated herein, including, but not limited to, the Settlement Statement (as defined in Section 8.2), and to deliver all such documents to the Escrow Agent in escrow not later than 5:00 p.m. (Pacific time) on the Business Day
immediately preceding the Closing Date to ensure the orderly and timely close of escrow and disbursement of all funds necessary for Closing by not later than 10:00 a.m. (Pacific time) on the Closing Date. Notwithstanding the foregoing or anything
herein to the contrary, in no event may the Closing Date and the disbursement of funds thereunder be extended beyond 10:00 a.m. (Pacific time) on December 16, 2010 (the “Outside Closing Date”) for any reason without the express
written agreement of BCSP, in BCSP’s sole and absolute discretion, TIME BEING STRICTLY OF THE ESSENCE. 

  
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 8.2. BCSP’s Obligations at the Closing. At the Closing, BCSP will do, or cause
to be done, the following: 
 8.2.1. Closing Documents. BCSP shall execute (as applicable), acknowledge (if necessary)
and deliver originals of the following documents: 
 8.2.1.1. The Joint Venture Agreement substantially in the form
of Exhibit B hereto; 
 8.2.1.2. The Assignment and Assumption of Membership Interest in the form attached hereto
as Exhibit C (the “Assignment and Assumption of Interest”), conveying the Investor Interest; 

8.2.1.3. Copies of all formation and organizational documents of the Joint Venture. 

8.2.1.4. Certificate of Non-Foreign Status, substantially in the form of Exhibit D hereto; 

8.2.1.5. Settlement statement prepared by Escrow Agent showing all of the payments and adjustments provided for in
Section 8.5 of this Agreement or otherwise agreed upon by BCSP and Investor (the “Settlement Statement”); 
 8.2.1.6. A certificate signed by BCSP and/or Owner stating that each of BCSP and/or Owner’s representations and warranties contained in Section 5.1 of this Agreement is true and correct
in all material respects which certificate shall include as a certification that the Non Con Approval has been obtained, provided, however, that if any of the representations and warranties have changed since the Effective Date, then BCSP and/or
Owner shall revise the representations and warranties to conform to the changed circumstances and shall set forth such changed representations and warranties in such certificate; and 

8.2.1.7. An Owner’s Affidavit in the form of Exhibit E attached hereto. BCSP shall also deliver to the Title Company
and Investor such evidence as may be reasonably required by the Title Company with respect to the good standing and authority of BCSP, the approval of BCSP of the transactions contemplated herein, and the authority of the person(s) executing the
documents required to be executed by BCSP in connection with this Agreement. 
 8.2.1.8. BCSP shall cause BCSP IV
Property Management LLC (the “Beacon Manager”) to deliver a thirty (30) day notice of that certain Management Agreement between Beacon Manager and CAC Real Estate Management Company, Inc. (the “CAC Sub
Agreement”). 

  
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 8.2.1.9. Any other documents which BCSP is required to deliver at the Closing
pursuant to this Agreement. 
 8.2.2. Costs. BCSP will pay all costs allocated to BCSP pursuant to Section 8.5.1 of
this Agreement. 
 8.3. Investor’s Obligations at the Closing. At the Closing, Investor will do, or cause to be
done, the following: 
 8.3.1. Closing Documents. At Closing, Investor shall execute, acknowledge (if necessary) and
deliver originals of the following documents: 
 8.3.1.1. The Joint Venture Agreement substantially in the form of
Exhibit B hereto; 
 8.3.1.2. The Assignment and Assumption of Interest; 

8.3.1.3. The Settlement Statement; and 
 8.3.1.4. Such evidence as may be reasonably required by the Title Company with respect to the authority of the person(s) executing the documents required to be executed by Investor on behalf of
Investor. 
 8.3.1.5. A certificate signed by Investor stating that each of Investor’s representations and
warranties contained in Section 5.2 of this Agreement is true and correct in all material respects, provided, however, that if any of the representations and warranties have changed since the Effective Date, then Investor shall
revise the representations and warranties to conform to the changed circumstances and shall set forth such changed representations and warranties in such certificate. 
 8.3.1.6. Investor shall cause Hudson OP Management, LLC to execute and deliver the Hudson Sub Agreement. 
 8.3.1.7. Any other documents which Investor is required to deliver at the Closing pursuant to this Agreement. 
 8.3.2. Payment of Consideration. Investor shall pay to Escrow Agent a sum equal to the remaining portion of the Purchase Price owed by Investor in accordance with Article 2 of this Agreement. As
part of the Closing under this Agreement, in accordance with this Agreement, Escrow Agent shall disburse, via federal funds wire transfer of immediately available funds, to an account designated by BCSP in a written notice to Escrow Agent delivered
prior to the Closing Date, with such notice to contain all information necessary for Escrow Agent to effectuate such transfer, the balance of the Purchase Price in the amount due to BCSP as shown on the Settlement Statement. In addition, as part of
the Closing under this Agreement, Escrow Agent shall make such other disbursements as are shown on the Settlement Statement. 

  
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 8.3.3. Costs. Investor will pay all costs allocated to Investor pursuant to
Section 8.5.1 of this Agreement. 
 8.4. Escrow. The delivery of the documents and the payment of the sums to be
delivered and paid at the Closing shall be accomplished through an escrow with Escrow Agent and in accordance with this Agreement. 
 8.5. Costs and Adjustments at Closing. BCSP and Investor shall mutually agree on a proration statement setting forth the adjustments contemplated by this Agreement, all of which (e.g., rents,
taxes, utilities, insurance, and other operating income and expenses), shall be apportioned as of the Closing Date pursuant to Section 8.5.2 below. 
 8.5.1. Transaction Expenses. Any closing or escrow fees of Escrow Agent shall be paid fifty percent (50%) by BCSP and fifty percent (50%) by Investor. BCSP shall pay (i) all costs
and fees for BCSP’s representatives and consultants (except as set forth in this Section 8.5.1 below), (ii) all fees and costs associated with delivering title to the Property in the condition required by Article 3 of
this Agreement; (iii) all transfer taxes associated with the transfer of the Land and Improvements to Investor, (iv) all costs and fees for title examination, title insurance and related Title Company charges associated with the issuance
of the PTR and the payment of the premium for the CLTA portion of the Title Policy; and (v) the costs relating to the Existing Survey. Investor shall pay (or reimburse BCSP for) (i) any endorsements to the Title Policy or any extended
coverage and, if applicable, the issuance of the Investor’s lender’s title insurance policy and any updates or endorsement thereto required by Investor’s lender, (ii) all costs associated with the Updated Survey or any updates
thereto, and (iii) all costs associated with Investor’s due diligence studies and investigations of the Property. Subject to Section 14.13 below, BCSP and Investor shall each pay its respective attorneys’ fees. 

8.5.2. On or before the Effective Date, BCSP has prepared and Investor has approved the balance sheet attached hereto as
Schedule 8.5.2 (the “Closing Date Balance Sheet”) reflecting the Current Assets and Current Liabilities (as defined below) of the Owner as of the Closing Date. To the extent that the Working Capital set forth on the Closing
Date Balance Sheet (the “Estimated Closing Working Capital”) is positive, BCSP shall receive a credit from the Joint Venture at Closing in amount equal to such Estimated Closing Working Capital. To the extent that the Estimated
Closing Working Capital is negative, BCSP shall make a cash contribution to the Joint Venture at Closing in an amount equal to such Estimated Closing Working Capital. Within one hundred twenty (120) days after the Closing, BCSP shall deliver to
Investor for its review, audit and approval a final reconciliation of the Closing Date Balance Sheet together with worksheets which show in reasonable detail any adjustments and the basis of any adjustments to the Closing Date Balance Sheet, and
which is prepared in a manner consistent with the final 2009 audited balance sheet for the Owner reflecting all necessary and expected entries needed for reporting on a United States federal income tax basis, unless otherwise stated in this
Agreement (the “Final Balance Sheet”). Within five (5) business days following the completion of an agreement regarding the Final Balance Sheet, (i) if the Working Capital shown on the Final Balance Sheet (the
“Final Closing Working Capital”) exceeds the Estimated Closing Working Capital, the Joint Venture shall pay to BCSP such amount of cash as is necessary to cause the total amount of consideration received by or paid by BCSP to equal
the amount that would have been received by or paid by BCSP at Closing if the Final Closing Working Capital (in lieu of the Estimated Closing Working Capital) had been used to determine payments, or (ii) if the Estimated Closing Working Capital
exceeds the Final Closing Working Capital, BCSP shall pay to the Joint Venture such amount of cash as is necessary to cause the total amount of consideration received by or paid by BCSP to be equal to the amounts that would have been received by or
paid by BCSP if the Final Closing Working Capital (in lieu of the Estimated Closing Working Capital) had been used at Closing to determine payments. As used in this Agreement, “Working Capital” means Current Assets minus
Current Liabilities; “Current Assets” means and includes all accounts receivable, cash and cash equivalents (including Security Deposits), prepaid expenses (including insurance), mortgage escrows and all other current assets of the
Owner, excluding any TDR Escrows; and “Current Liabilities” means and includes the sum of all accounts payable and accrued obligations on a full accrual basis, one hundred percent (100%) of prepaid rents, contingent obligations
that are probable and estimable with the exception of items set forth in Sections 8.5.3 and 8.5.4 below, accrued expenses, accrued taxes, accrued interest, liabilities for Security Deposits and all other current liabilities of Owner. 

  
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 8.5.3. Tenant Improvement Allowances, Leasing Commissions and Free Rent. Investor
shall receive a credit against the Purchase Price due at Closing equal to fifty-one percent (51%) of (i) the amount of outstanding tenant improvement allowances currently due and payable by Owner to tenants or licensees and shown on
Schedule 8.5.3(i) attached hereto (other than the Luce Allowance (as defined in Section 8.5.4 below); (ii) the amount of outstanding brokerage and leasing commissions currently due and payable by Owner to third parties and shown on
Schedule 8.5.3(ii) attached hereto; and (iii) the amount of “free rent” available to tenants under Leases and licensees under Licenses and shown on Schedule 8.5.3(iii) attached hereto which is attributable to the period
from and after the Closing Date. Notwithstanding anything set forth herein to the contrary, the credit with respect to free rent referenced in clause (iii) above shall be subject to adjustment only based on Beacon’s and the Joint
Venture’s respective periods of ownership of the Property, and not with respect to amount or any other factor. From and after Closing, Owner (as constituted immediately following formation of the Joint Venture) shall be solely responsible for
all tenant improvement allowances, all leasing commissions, and all free rent associated with the Property, the Leases and/or the Licenses and all costs and expenses associated therewith. 

8.5.4. Luce Allowance. Schedule 8.5.3(i) sets forth an outstanding tenant improvement allowance (the “Luce
Allowance”) in connection with the Lease with Luce Forward Hamilton and Scripps LLP (“Luce”). At Closing, BCSP shall deposit with Escrow Agent an amount equal to the then outstanding Luce Allowance (the “Luce
Funds”) to be held by Escrow Agent pursuant to an escrow agreement by and between BCSP, Owner and Escrow Agent substantially in the form attached hereto as Schedule 8.5.4 (the “Luce Escrow Agreement”). From and after
the Closing, Owner shall have the right to draw upon the Luce Funds from time to time in order to fund the Luce Allowance as it becomes payable. Any Luce Funds remaining in escrow as of May 31, 2011 shall be disbursed to BCSP after deducting
all outstanding reimbursement requests in connection with the Luce Allowance received from Luce on or before May 31, 2011 and approved by Owner. 

  
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 8.5.5. At Closing, Equity LLC and Investor shall each make a cash contribution to
the Joint Venture in proportion to their respective Interests of the amounts outstanding for tenant improvement allowances and leasing commissions Schedules 8.5.3(i) (other than the Luce Allowance), and 8.5.3(ii) (the “Tenant
Reserves”). 
 8.5.6. At Closing, Beacon and Investor shall each make a cash contribution to the Joint Venture
in proportion to their respective Interests to fund the “Cash Buffer Reserve” as defined in and contemplated by Section 4.7 of the Joint Venture Agreement. 
 8.5.7. Survival. The provisions of this Section 8.5 shall survive Closing for a period of two hundred seventy (270) days from the Closing Date. 

ARTICLE 9 

DAMAGE AND CONDEMNATION 
 9.1. Damage. If, prior to the Closing, all or any portion of the Property is damaged by fire or any other cause whatsoever, BCSP shall promptly give Investor written notice of such damage. Risk of
loss for damage to all or any part of the Property by fire or other casualty from the Effective Date through the Closing Date will be on BCSP. 
 9.1.1. Minor Damage. If the cost for repairing such damage is equal to or less than Five Million Dollars ($5,000,000.00) (as determined by BCSP’s independent insurer), then Investor shall have
the right at Closing to receive a credit for the amount of the deductible plus all insurance proceeds received by BCSP as a result of such loss (or which amount would have been received had BCSP adequately maintained insurance in accordance with the
terms of this Agreement), or an assignment of BCSP’s rights to such insurance proceeds, and this Agreement shall continue in full force and effect with no reduction in the Purchase Price, and BCSP shall have no further liability or obligation
to repair such damage or to replace the Property. 
 9.1.2. Major Damage. If the cost for repairing such damage is
greater than Five Million Dollars ($5,000,000.00) (as determined by BCSP’s independent insurer), then Investor shall have the option, exercisable by written notice delivered to BCSP and Escrow Agent within five (5) Business Days after
BCSP’s notice of damage to Investor, either (i) to receive a credit for the amount of the deductible plus all insurance proceeds received by BCSP as a result of such loss (or which amount would have been received had BCSP adequately
maintained insurance in accordance with Section 6.4, above), or an assignment of BCSP’s rights to such insurance proceeds, and this Agreement shall continue in full force and effect with no other reduction in the Purchase Price, and
BCSP shall have no further liability or obligation to repair such damage or to replace the Property; or (ii) to terminate this Agreement. If Investor elects to terminate this Agreement, the Deposit shall be promptly returned to Investor, and
thereafter neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination. If Investor fails to notify BCSP within such five (5) Business Day period of Investor’s
intention to terminate this Agreement, then Investor shall be deemed to have elected option (i), and Investor and BCSP shall proceed to Closing in accordance with the terms and conditions of this Agreement. 

  
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 9.2. Condemnation and Eminent Domain. If any condemnation proceedings are
instituted, or notice of intent to condemn is given, with respect to all or any portion of the Property, BCSP shall promptly upon obtaining knowledge thereof notify Investor thereof (“Taking Notice”). If the condemnation will not
result in a material and adverse effect (as hereinafter defined) on the Property, the parties shall proceed to Closing, in which event BCSP shall assign or pay to Investor at Closing all of BCSP’s right, title, and interest in any award payable
on account of the condemnation and/or pay to Investor all such awards previously paid. In the event that such condemnation will result in a material and adverse effect on the Property, Investor shall have the option, which shall be exercised by
written notice to BCSP and Escrow Agent within five (5) Business Days after its receipt of the Taking Notice, either (i) to terminate this Agreement and receive the prompt return of the Deposit, in which case the parties shall have no
further rights or obligations under this Agreement (except for any obligations that expressly survive termination), or (ii) to consummate the purchase of the Property without a reduction of the Purchase Price, in which event BCSP shall assign
or pay to Investor at Closing all of BCSP’s right, title, and interest in any award payable on account of the condemnation proceeding and/or pay to Investor all such awards previously paid. For the purposes of this Section 9.2,
“material and adverse effect” shall include, but not be limited to, any reduction in the amount of any of the rentable square footage of the Improvements, the reduction in the number of parking spaces at the Property, or the permanent,
material disruption of access to the Property. Failure to give notice of Investor’s election within such five (5) Business Day period shall be deemed an election by Investor to proceed to Closing. 

ARTICLE 10 

REMEDIES AND ADDITIONAL COVENANT. 
 10.1. BCSP Default at or Before Closing. If BCSP refuses or fails, in any material respect, to perform any of its obligations or agreements hereunder when performance is required on or prior to the
Closing Date, or if any of the Express Representations should be false in any material respect when made and Investor shall become aware of same on or prior to the Closing Date and Investor shall not have waived its claims with regard to same
pursuant to this Agreement, then Investor shall give BCSP written notice of such breach or default on or prior to the Closing Date and BCSP shall have ten (10) Business Days from the date of receipt of such notice to cure such breach or default
and the Closing Date shall be extended accordingly. If BCSP fails to cure such breach or default within such ten (10) Business Day period, then Investor, as its sole and exclusive remedy, (i) may terminate this Agreement by notifying BCSP
and the Escrow Agent thereof, in which event neither party shall have any rights, duties or obligations hereunder other than the obligations and rights set forth herein that expressly survive the termination of this Agreement, and the Escrow Agent
shall return the Deposit to Investor, (ii) may sue for specific performance of the obligations of BCSP hereunder; provided, however, if Investor fails to file suit for specific performance within ninety (90) days after the scheduled
Closing Date and to diligently pursue such suit, this Agreement shall terminate, in which event neither party shall have any rights, duties or obligations hereunder other than the obligations and rights set forth herein that expressly survive the
termination of this Agreement, and the Escrow Agent shall return the Deposit to Investor, or (iii) may waive the alleged default and proceed to Closing under this Agreement without adjustment of the Purchase Price. In the event Investor elects
to proceed under clause (i) of the preceding sentence, BCSP shall reimburse Investor up to Fifty Thousand Dollars ($50,000.00) in the aggregate for Investor’s actual costs and expenses incurred by Investor in connection with its title,
survey, consultants and reasonable attorneys fees and expenses in connection with the transactions contemplated by this Agreement, as documented by Investor. In no event shall BCSP be liable for any consequential or punitive damages. 

  
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 10.2. BCSP Breach After Closing. If any of the Express Representations should be
false in any material respect when made or BCSP is in breach or default of any covenant, representation or warranty under this Agreement or any document executed and delivered by BCSP at Closing, and Investor shall first become aware of same after
the Closing Date, then Investor shall give BCSP written notice of such false Express Representation or breach or default prior to the expiration of the Survival Period and BCSP shall have fifteen (15) Business Days from the date of receipt of
such notice to cure such breach. If BCSP fails to cure such breach within such fifteen (15) Business Day period, and the actual losses or damages sustained as a result of BCSP’s false Express Representations or breach or default hereunder
exceeds One Hundred Fifty Thousand Dollars ($150,000.00), then Investor shall have the right to bring an action against BCSP for the actual damages suffered by Investor due to such false Express Representation or breach or default, provided that, in
no event shall BCSP be liable to Investor for damages under this Section 10.2 in an aggregate amount in excess of One Million Dollars ($1,000,000.00) (the “Representation Cap”). BCSP’s liability under any Seller Estoppels
or the Seller REA Estoppel shall not be subject to the Representation Cap, provided that in no event shall BCSP be liable to Investor for damages under any Seller Estoppels or the Seller REA Estoppel in an aggregate amount in excess of Two Million
Five Hundred Thousand Dollars ($2,500,000.00). 
 10.3. Investor Default. IN THE EVENT THE CLOSING IS NOT CONSUMMATED
BECAUSE OF A DEFAULT UNDER THIS AGREEMENT ON THE PART OF THE INVESTOR, INVESTOR AND BCSP AGREE THAT IT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO DETERMINE THE AMOUNT AND EXTENT OF DETRIMENT TO BCSP. INVESTOR AND BCSP THEREFORE AGREE THAT IF
INVESTOR DEFAULTS HEREUNDER INVESTOR’S DEPOSIT PLUS ACCRUED INTEREST THEREON IS A REASONABLE ESTIMATE OF BCSP’S DAMAGES AND THAT BCSP SHALL BE ENTITLED TO SAID SUM AS LIQUIDATED DAMAGES, WHICH SHALL BE BCSP’S SOLE AND EXCLUSIVE
REMEDY, EITHER AT LAW OR IN EQUITY, AS A RESULT OF SUCH DEFAULT. IN SUCH EVENT, THE ESCROW AGENT SHALL UPON WRITTEN DEMAND BY BCSP WITHOUT JOINDER OF INVESTOR, IMMEDIATELY DELIVER THE DEPOSIT PLUS ACCRUED INTEREST THEREON TO BCSP. TO SIGNIFY THEIR
AWARENESS AND AGREEMENT TO BE BOUND BY THE TERMS AND PROVISIONS OF THIS SECTION, INVESTOR AND BCSP HAVE SEPARATELY INITIALED THIS SECTION. BCSP HEREBY WAIVES ANY AND ALL BENEFITS BCSP MAY HAVE UNDER CALIFORNIA CIVIL CODE SECTION 3389.
NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 10.3 SHALL LIMIT ANY RECOVERY BY BCSP UNDER ANY INDEMNITIES MADE BY INVESTOR HEREIN OR BCSP’S RIGHTS TO ANY ATTORNEYS’ FEES OR COSTS RECOVERABLE BY BCSP HEREUNDER.

  
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 THE PAYMENT OF THE DEPOSIT TO BCSP IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF
CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT INSTEAD, IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO BCSP PURSUANT TO SECTIONS 1671, 1676 AND 1677 OF THE CALIFORNIA CIVIL CODE. 

 

			
	 BCSP INITIALS: MTG
	  	INVESTOR’S INITIALS: ML

 10.4.
Delivery of Materials. Notwithstanding anything contained in this Agreement to the contrary, if this Agreement is terminated for any reason whatsoever, then Investor shall promptly deliver to BCSP all Property Information provided to Investor by
BCSP or the BCSP Parties, including copies thereof in any form whatsoever (including electronic form). At BCSP and/or Owner’s written request, Investor shall deliver to BCSP and/or Owner copies of any and all test results and studies of the
Property performed by or on behalf of Investor pursuant to Article 4 of this Agreement, excluding any confidential or proprietary information or financial modeling or attorney work product. The obligations of Investor under this Section shall
survive any termination of this Agreement. 
 ARTICLE 11 

BROKERAGE COMMISSION. 
 11.1. Brokers. BCSP represents and warrants to Investor that BCSP has not contacted or entered into any agreement with any real estate broker, agent, finder, or similar party in
connection with this transaction, except for Eastdil Secured ( “BCSP’s Broker”) and that BCSP has not taken any action which would result in any real estate broker’s or finder’s fees or commissions being
due and payable to any party other than BCSP’s Broker with respect to the transactions contemplated hereby. BCSP will be solely responsible for the payment of BCSP’s Broker’s commission in accordance with the provisions of separate
agreements between BCSP and BCSP’s Broker. Investor hereby represents and warrants to BCSP that Investor has not contracted or entered into any agreement with any real estate broker, agent, finder, or similar party in connection with this
transaction and that Investor has not taken any action which would result in any real estate brokerage or finder’s fees or commissions being due or payable to any party with respect to the transaction contemplated hereby. 

11.2. Indemnity. Each party hereby indemnifies and agrees to hold the other party harmless from any loss, liability, damage, cost,
or expense (including, without limitation, reasonable attorneys’ fees) paid or incurred by the other party by reason of a breach of the representation and warranty made by such party under this Article 11. Notwithstanding anything to the
contrary contained in this Agreement, the indemnities set forth in this Section 11.2 shall survive the Closing or earlier termination of this Agreement. 

  
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 ARTICLE 12 
 NOTICES. 
 12.1. Written Notice. All notices, demands and requests
which may be given or which are required to be given by either party to the other party under this Agreement must be in writing. 
 12.2. Method of Transmittal. All notices, demands, requests or other communications required or permitted to be given hereunder must be sent (i) by hand delivery, (ii) by Federal Express
or a similar internationally recognized overnight courier service, or (iii) by facsimile or electronic mail with a confirmation copy delivered by another method set forth in this Section 12.2. All such notices, demands, requests or other
communications shall be deemed to have been given for all purposes of this Agreement upon the date of receipt or refusal, except that whenever under this Agreement a notice is either received on a day which is not a Business Day or is required to be
delivered on or before a specific day which is not a Business Day, the day of receipt or required delivery shall automatically be extended to the next Business Day. 
 12.3. Addresses. The addresses for proper notice under this Agreement are as follows: 
  

			
	As to BCSP:	  	 Rincon Center Commercial LLC

c/o Beacon Capital Partners, LLC
 11755 Wilshire
Boulevard, Suite 1770
 Los Angeles, CA 90025
 Attention: Jeremy B. Fletcher and Michael A. Bruckner
 Facsimile: (310) 914-5996

Fletcher Email: jfletcher@beaconcapital.com

Bruckner Email: mbruckner@beaconcapital.com

		
	With a copy to:	  	 Rincon Center Commercial LLC

c/o Beacon Capital Partners, LLC
 200 State
Street, 5th Floor

Boston, Massachusetts 02109
 Attention: Matthew
T. Golden, Esq.
 Facsimile: (617) 457-0499
 Email: mgolden@beaconcapital.com

		
	With a copy to:	  	 Goulston & Storrs, P.C.

400 Atlantic Avenue
 Boston, Massachusetts
02110
 Attention: Jordan P. Krasnow, Esq.
 Facsimile: (617) 574-7604
 Email:
jkrasnow@goulstonstorrs.com

  
 -30-

			
		
		  	 and
 Attention: Jared L.
Tardy, Esq.
 Facsimile: (617) 574-7559

Email: jtardy@goulstonstorrs.com

		
	As to Investor:	  	 Hudson Pacific Properties

11601 Wilshire Boulevard
 Suite 1600

Los Angeles, CA 90025
 Attention: Alex
Vouvalides
 Facsimile: (310) 445-5710

Email: alex@hudsonppi.com

		
	With a copy to:	  	 Allen Matkins Leck Gamble Mallory & Natsis LLP
 1901 Avenue of the Stars, Suite 1800
 Los Angeles, CA 90067-6019

Attention: Anton N. Natsis, Esq.
 Facsimile:
(310) 788-2410
 Email: tnatsis@allenmatkins.com

		
	As to Escrow Agent:	  	 Chicago Title Insurance Company
 455 Market Street
 Suite 2100
 San Francisco, CA 94105
 Attention: Terina J. Kung

Facsimile: (415) 896-9423
 Email:
kungt@ctt.com

 Either party may from time to time by written notice to the other party designate a different
address or addresses for notices. Notices given on behalf of a party by its attorneys in the manner provided for in this Article 12 shall be considered validly given. 
 ARTICLE 13 
 ASSIGNMENT. 

13.1. Assignment. Except for an assignment by Investor as permitted pursuant to this Article, neither party shall have the right
to assign this Agreement without the prior written consent of the other, which consent may be granted or withheld in the sole and absolute subjective discretion of the party whose consent has been requested; provided, however,
that Investor shall have the right to assign its interest in this Agreement and delegate its duties to an affiliate, so long as such affiliate controls, is controlled by, or is under common control with Investor, and provided that (a) such
affiliate shall assume, in writing (by execution of an assignment and assumption of this Agreement in form and substance reasonably satisfactory to BCSP), all of Investor’s obligations and Investor’s representations and warranties under
this Agreement, (b) such affiliate is, or is owned and controlled by, a “Permitted Transferee” under and as defined in clause (ii) of the definition thereof in the Loan Documents, and (c) such affiliate is reasonably
acceptable to BCSP. If Investor so assigns this Agreement to an affiliate, Investor shall, at least two (2) Business Days prior to the Closing Date, give the BCSP written notice of such assignment, together with a copy of the assignment and
assumption agreement executed by Investor and the assignee, it being hereby acknowledged and agreed that, as of the date of this Agreement, it is anticipated that such an assignment will be made from Investor to Hudson Rincon, LLC, a Delaware
limited liability corporation, the sole member of which shall be Investor, and which assignee entity will be formed following the date of this Agreement. 

  
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 ARTICLE 14 
 MISCELLANEOUS. 
 14.1. Entire Agreement. This Agreement embodies the
entire agreement between the parties and cannot be varied except by the written agreement of the parties and supersedes all prior agreements and undertakings. 
 14.2. Modifications. This Agreement may not be modified except by the written agreement of the parties. 
 14.3. Gender and Number. Words of any gender used in this Agreement will be construed to include any other gender and words in the singular number will be construed to include the plural, and vice
versa, unless the context requires otherwise. 
 14.4. Captions. The captions used in connection with the Articles,
Sections and Subsections of this Agreement are for convenience only and will not be deemed to expand or limit the meaning of the language of this Agreement. 
 14.5. Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

14.6. Controlling Law; Submission to Jurisdiction. This Agreement will be construed under, governed by and enforced in accordance
with the laws of the State of California (without reference to conflicts of laws principles). Any claim, action, suit, or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or
the transactions contemplated hereby shall be brought only in the courts of the State of California, and each of the parties hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom in any such
claim, action, suit, or proceeding) and irrevocably waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any such claim, action, suit, or proceeding in any such court or
that any such claim, action, suit, or proceeding that is brought in any such court has been brought in an inconvenient forum. Subject to applicable law, process in any such claim, action, suit, or proceeding may be served on any party anywhere in
the world, whether within or without the jurisdiction of any such court, and such service shall be made by personal service made on such party. Personal service may be made on such party’s registered agent set forth in its organizational
documents. 

  
 -32-

 14.7. Exhibits. All exhibits, attachments, schedules annexed instruments and addenda
referred to herein will be considered a part hereof for all purposes with the same force and effect as if set forth verbatim herein. 
 14.8. No Rule of Construction. BCSP and Investor have each been represented by counsel in the negotiations and preparation of this Agreement; therefore, this Agreement will be deemed to be drafted
by both BCSP and Investor, and no rule of construction will be invoked respecting the authorship of this Agreement. 
 14.9.
Severability. In the event that any one or more of the provisions contained in this Agreement (except the provisions relating to BCSP’s obligations to assign the Investor Interest to Investor and Investor’s obligation to pay the
Purchase Price, the invalidity of either of which shall cause this Agreement to be null and void) are held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provisions
hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had not been contained herein; provided, however, that the parties hereto shall endeavor in good faith to rewrite the affected
provision to make it (i) valid, and (ii) consistent with the intent of the original provision. 
 14.10. Time of
Essence. Time is important to both BCSP and/or Owner and Investor in the performance of this Agreement, and both parties have agreed that TIME IS OF THE ESSENCE with respect to any date set out in this Agreement. 

14.11. Business Days. “Business Day” means any day on which business is generally transacted by banks in Boston,
Massachusetts, New York, New York and San Francisco, California. If the final date of any period which is set out in any paragraph of this Agreement falls upon a day which is not a Business Day, then, and in such event, the time of such period will
be extended to the next Business Day. 
 14.12. No Memorandum. Investor and BCSP agree not to record this Agreement or
any memorandum hereof. 
 14.13. Attorneys’ Fees and Costs. In the event either party is required to resort to
litigation to enforce its rights under this Agreement, the prevailing party in such litigation will be entitled to collect from the other party all costs, expenses and reasonable attorneys’ fees incurred in connection with such action.

 14.14. Counterparts and Acceptance of Offer. This Agreement may be executed in multiple counterparts (which
counterparts may be executed by facsimile or PDF) which shall together constitute a single document. However, this Agreement shall not be effective unless and until all counterpart signatures have been obtained. An unsigned draft of this Agreement
shall not be considered an offer by either party. Acceptance, for purposes hereof, shall mean that each party is in physical possession of a fully-signed counterpart copy or original of this Agreement. 

  
 -33-

 14.15. Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION,
PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY EITHER PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF BCSP AND INVESTOR HEREUNDER, BCSP’S OR INVESTOR’S OWNERSHIP OR USE OF
THE PROPERTY, AND/OR ANY CLAIMS OF INJURY OR DAMAGE RELATED TO THE PROPERTY. 
 14.16. Cooperation with Investor’s
Auditors and SEC Filing Requirements. Owner shall, at no material cost to Owner, cooperate with Investor to provide Investor access to such factual information concerning the operation of the Property as may be reasonably requested by
Investor, and in the possession or control of Owner, BCSP, or their property manager or accountants, to enable Investor or its affiliates to prepare audited financial statements as may be required by the Securities and Exchange Commission
(“SEC”). At Investor’s sole cost and expense, Owner shall allow Investor’s auditor (Ernst & Young LLP or any successor auditor selected by Investor) to conduct an audit of the statement of revenue and
expenses of the Property and shall cooperate (at no material cost to Owner) with Investor’s auditor in the conduct of such audit and review. Without limiting the foregoing, Investor or its designated independent or other auditor may audit
Owner’s operating statements of the Property, at Investor’s expense; provided, however, that the foregoing obligations of Owner under this subsection shall be limited to providing such information or documentation as may be in the
possession of, or reasonably obtainable by, Owner, BCSP, their property manager or accountants, at no material cost to Owner, and in the format that Owner (or its affiliates, property manager or accountants) have maintained such
information. The obligations of Owner under this Section 14.16 shall survive the Closing. 
 14.17.
Confidentiality. 
 14.17.1. Except as provided otherwise in this Section 14.17, Investor and BCSP, for the
benefit of each other, hereby agree that neither of them will release, or cause or permit to be released, to the public any press notices, publicity (oral or written) or advertising promotion relating to, or otherwise publicly announce or disclose,
or cause or permit to be publicly announced or disclosed, in any manner whatsoever, (i) the names of BCSP and Investor respectively, or any of their affiliates or subsidiaries, or (ii) the terms, conditions or substance of this Agreement
or the transactions contemplated herein, without first obtaining the consent of the other party hereto. In addition, prior to Closing, both BCSP and Investor shall keep strictly confidential this Agreement, the transactions contemplated hereby, and
the terms and conditions hereof, and all matters relating thereto, as well as all information relating to the other party. Further, prior to Closing, Investor shall keep strictly confidential all information (including the Property Information)
relating in any way to the Property or any portion thereof. 
 14.17.2. It is understood and agreed that the foregoing
shall not (i) preclude any party from discussing the substance or any relevant details of the transactions contemplated in this Agreement, or (ii) preclude Investor from (A) sharing information relating to the Property, on a
confidential basis with such party’s attorneys, accountants, professional consultants, advisors, financial advisors, rating agencies, investors, or potential lenders (“Representatives”), as the case may be, or with the Lender,
or (B) disclosing any information otherwise deemed confidential under this Section 14.17 in connection with any disclosures in filings required by the Securities Exchange Commission and customary disclosures on investor/earnings calls or
earnings releases (or the operation of the business of Investor, or (iii) prevent any party hereto from complying with applicable laws, including, without limitation, governmental regulatory, disclosure, tax and reporting requirements.

  
 -34-

 14.17.3. Investor shall indemnify and hold BCSP and Owner and their respective
affiliates, employees, officers and directors harmless, and BCSP shall indemnify and hold Investor and Investor’s affiliates, employees, officers and directors harmless, from and against any and all claims, demands, causes of action, losses,
damages, liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by the other party and proximately caused by a breach by Investor or BCSP, as the case may be, or their
respective Representatives, of the provisions of Section 14.17; but this Section 14.17.3 will not entitle either Investor or BCSP or any other person or entity, to recover consequential or incidental damages. 

14.17.4. In addition to any other remedies available to BCSP and Investor, BCSP and Investor shall each have the right to seek
equitable relief, including, without limitation, injunctive relief or specific performance, against the other party or its Representatives in order to enforce the provisions of Section 14.17. 

14.17.5. Notwithstanding any other provision of this Agreement, the provisions of Section 14.17 shall survive the termination
of this Agreement and the provisions of Section 14.17.1 regarding press releases or public disclosures shall survive Closing. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -35-

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

					
	BCSP:
	
	 BCSP IV U.S. Investments, L.P.,
 a Delaware limited partnership,
 its manager

		
	By:	 	 BCSP REIT IV, Inc.,
 a Maryland corporation,
 its general partner

			
		 	By:	 	 /S/ MATTHEW T. GOLDEN

		 	Name:	 	 Matthew T. Golden

		 	Title:	 	 General Counsel & Managing Director

[Signatures Continue on Next Page] 
 [Signature Page to Contribution Agreement] 

 
					
	INVESTOR:
	
	 HUDSON PACIFIC PROPERTIES, L.P.,
 A Maryland limited partnership

		
	By:	 	 HUDSON PACIFIC PROPERTIES, INC.,
 a Maryland corporation
 its General Partner

			
		 	By:	 	 /S/ MARK LAMMAS

		 	Name:	 	 Mark T. Lammas

		 	Title:	 	 Chief Financial Officer

[Signature Page to Contribution Agreement]

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