Document:

EX-10.22

 Exhibit 10.22 

Lease Between 
 The Taming Of The
Shrewsbury, LLC, O’Neill Partners, LLC, and Chanski, LLC, 
 as tenants in common, as Landlord 

And 
 Valeritas, LLC, as Tenant

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1 - REFERENCE, DEFINITIONS AND EXHIBITS
	  	 	5	  
	 1.1 Definitions
	  	 	5	  
	 1.2 Effect of Reference to Definitions
	  	 	12	  
	 1.3 Exhibits
	  	 	12	  
		
	 ARTICLE 2 - LEASED PREMISES, TERM AND COMMENCEMENT OF TERM
	  	 	13	  
	 2.1 Leased Premises
	  	 	13	  
	 2.2 Term
	  	 	13	  
		
	 ARTICLE 3 - RENT, ITS DETERMINATION, COMMENCEMENT AND METHOD OF PAYMENT
	  	 	13	  
	 3.1 Basic Rent
	  	 	13	  
	 3.2 Additional Rent
	  	 	13	  
	 3.3 Payment on Account of Operating Expenses
	  	 	14	  
	 3.4 Rent
	  	 	15	  
	 3.5 Lease to be Deemed Net
	  	 	15	  
	 3.6 Tenant’s Right to Seek Abatement
	  	 	15	  
	 3.7 Landlord’s Right to Seek Abatement
	  	 	16	  
		
	 ARTICLE 4 - PREPAID RENT AND SECURITY DEPOSIT
	  	 	16	  
		
	 ARTICLE 5 - UTILITIES AND SERVICES
	  	 	16	  
	 5.1 Utilities
	  	 	16	  
	 5.2 Access
	  	 	17	  
	 5.3 Maintenance and Repair-Landlord
	  	 	17	  
	 5.4 Demising Walls: Landlord’s Responsibility
	  	 	18	  
		
	 ARTICLE 6 - INSURANCE
	  	 	18	  
	 6.1 Required Coverage
	  	 	18	  
	 6.2 Writing and Disposition of Insurance Policies
	  	 	19	  
	 6.3 Mutual Waiver of Subrogation
	  	 	19	  
	 6.4 Blanket Policies
	  	 	19	  
	 6.5 Landlord’s Insurance Covenants
	  	 	19	  
		
	 ARTICLE 7 - ADDITIONAL COVENANTS
	  	 	20	  
	 7.1 Performing Obligations
	  	 	20	  
	 7.2 Use
	  	 	20	  
	 7.3 Maintenance and Repair
	  	 	20	  
	 7.4 Compliance with Laws
	  	 	20	  
	 7.5 Payment for Tenant’s Work
	  	 	21	  
	 7.6 Indemnity
	  	 	21	  
	 7.7 Personal Property at Tenant’s Risk
	  	 	22	  
	 7.8 Payment of Landlord’s Cost of Enforcement
	  	 	22	  
	 7.9 Yield Up
	  	 	22	  

  
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	 7.10 Subordination
	  	 	22	  
	 7.11 Estoppel Certificates
	  	 	22	  
	 7.12 Nuisance
	  	 	23	  
	 7.13 Changes and Alterations
	  	 	23	  
	 7.14 Financial Statements
	  	 	24	  
	 7.15 Signage
	  	 	24	  
		
	 ARTICLE 8 - QUIET ENJOYMENT
	  	 	25	  
		
	 ARTICLE 8.1 COMPLEMENTARY BUSINESSES
	  	 	25	  
		
	 ARTICLE 9 - DAMAGE AND EMINENT DOMAIN
	  	 	25	  
	 9.1 Fire and Other Casualty
	  	 	25	  
	 9.2 Eminent Domain
	  	 	26	  
		
	 ARTICLE 10 - DEFAULTS BY TENANT AND REMEDIES
	  	 	27	  
	 10.1 The Condition
	  	 	27	  
	 10.2 Reimbursement of Landlord’s Expenses
	  	 	27	  
	 10.3 Damages
	  	 	28	  
	 10.4 Mitigation
	  	 	28	  
	 10.5 Claims in Bankruptcy
	  	 	28	  
	 10.6 Late Charge
	  	 	29	  
	 10.7 Landlord’s Right to Cure Defaults
	  	 	29	  
	 10.8 Effect of Waiver’s of Default
	  	 	29	  
		
	 ARTICLE 11 - ASSIGNMENT AND SUBLETTING
	  	 	29	  
	 11.1 Assignment of Lease by Tenant
	  	 	29	  
	 11.2 Subletting by Tenant
	  	 	30	  
		
	 ARTICLE 12 - NOTICES
	  	 	31	  
		
	 ARTICLE 13 - NOTICE OF LEASE
	  	 	31	  
		
	 ARTICLE 14 - APPLICABLE LAW, SEVERABILITY, CONSTRUCTION
	  	 	31	  
		
	 ARTICLE 15 - SUCCESSORS AND ASSIGNS, ETC.
	  	 	31	  
		
	 ARTICLE 16 - LANDLORD’S ACCESS
	  	 	32	  
		
	 ARTICLE 17 - CONDITION OF PREMISES
	  	 	33	  
	 17.1 Landlord’s Work
	  	 	33	  
	 17.2 Plans and Specifications
	  	 	33	  
	 17.3 Performance and Completion of Landlord’s Work
	  	 	33	  
	 17.4 Landlord’s Performance
	  	 	35	  
	 17.5 Tenant’s Delay
	  	 	35	  
	 17.6 Arbitration
	  	 	36	  

  
 3 

					
	 ARTICLE 18 - WARRANTY REGARDING BROKER
	  	 	37	  
		
	 ARTICLE 19 - HAZARDOUS MATERIALS
	  	 	37	  
		
	 ARTICLE 20 - EXTENSION TERMS
	  	 	38	  
		
	 ARTICLE 21 - FORCE MAJEURE
	  	 	38	  
		
	 ARTICLE 22 - HOLDOVER EXTENSION TERMS
	  	 	39	  
		
	 ARTICLE 23 - MISCELLANEOUS
	  	 	39	  

  
 4 

 ARTICLE I.—REFERENCE, DEFINITIONS AND EXHIBITS 

1.1 Definitions: 
  

			
	Landlord:	  	The Taming Of The Shrewsbury, LLC, a Massachusetts limited liability company, O’Neill Partners, LLC, a Hawaii limited liability company, and Chanski, LLC, a Florida limited liability company, as tenants in common.
		
	Original Address of Landlord:	  	 c/o VinCo Properties, Inc.
 434 Massachusetts
Avenue, Suite 5
 Boston, Massachusetts 02118
 Facsimile:
(617) 424-9623

		
	Tenant:	  	Valeritas, LLC
		
	Original Address of Tenant:	  	 1000C Lake Street
 Ramsey, NJ 07446

Facsimile:

		
	Address of Tenant after Term Commencement Date:	  	 1000C Lake Street
 Ramsey, NJ
07446

		
	Term Commencement Date:	  	 March 1, 2007. As of the Term Commencement Date, Landlord is required to deliver all of the existing offices and labs (excluding the
Class 100 “clean room”) cleaned, with carpets shampooed and stains removed, walls cleaned with paint touched-up where necessary, and with demising walls from floor to roof between the large “clean room” space and the engineering
offices as well as the demising walls from floor to roof between the large “clean room” and the cafeteria and quality labs, installed and spackled to final coat.
  

If the Term Commencement Date is delayed as a result of delay or other fault on the part of the Landlord, other than as a result of Force Majeure or unless
caused by a Tenant Delay as defined in Section 17.5, Landlord shall be responsible for paying, from March 1, 2007 to the actual Term Commencement Date, Twenty Thousand Dollars ($20,000.00) per month due from Tenant to its current landlord, as a
result of Tenant’s inability to vacate its current leased premises at 155 Flanders Road, Shrewsbury, MA on or before March 1, 2007.

  
 5 

			
		
	Interim Expenses	  	Starting on the Term Commencement Date and continuing until the Substantial Completion Date (as defined in Section 17.3 hereof), Tenant shall pay to the Landlord a sum of Ten Thousand Dollars ($10,000) per month (“Interim
Rent”), representing all amounts due from Tenant during such interim period, including all utilities, taxes, rent, additional rent, CAM, or other charges.
		
	Substantial Completion Rent	  	Commencing on the Substantial Completion Date, Tenant shall no longer pay the Interim Rent, but, rather, shall pay all Additional Rent as set forth in Section 3.2. Tenant shall not, however, be responsible for paying Basic Rent
until the Rent Commencement Date, as defined below.
		
	Rent Commencement Date:	  	Three (3) months after the Substantial Completion Date.
		
	Original Lease Term:	  	Ten (10) years and three (3) months commencing on the Substantial Completion Date.

 Basic Rent: 
  

									
	 Period
	  	Annual Basic
Rent	 	  	Monthly Basic
Rent	 
	 First Lease Year
	  	 	667,440.00	  	  	 	55,620.00	  
	 Second Lease Year
	  	 	676,710.00	  	  	 	56,392.50	  
	 Third Lease Year
	  	 	685,980.00	  	  	 	57,165.00	  
	 Fourth Lease Year
	  	 	695,250.00	  	  	 	57,937.50	  
	 Fifth Lease Year
	  	 	704,520.00	  	  	 	58,710.00	  
	 Sixth Lease Year
	  	 	713,790.00	  	  	 	59,482.50	  
	 Seventh Lease Year
	  	 	723,060.00	  	  	 	60,255.00	  
	 Eighth Lease Year
	  	 	732,330.00	  	  	 	61,027.50	  
	 Ninth Lease Year
	  	 	741,600.00	  	  	 	61,800.00	  
	 Tenth Lease Year
	  	 	750,870.00	  	  	 	62,572.50	  
	 First Extension Term
	  				  			
	 Eleventh Lease Year
	  	 	760,140.00	  	  	 	63,345.00	  

  
 6 

									
	 Twelfth Lease Year
	  	 	769,410.00	  	  	 	64,117.50	  
	 Thirteenth Lease Year
	  	 	778,680.00	  	  	 	64,890.00	  
	 Fourteenth Lease Year
	  	 	787,950.00	  	  	 	65,662.50	  
	 Fifteenth Lease Year
	  	 	797,220.00	  	  	 	66,435.00	  
	 Second Extension Term
	  				  			
	 Sixteenth Lease Year
	  	 	806,490.00	  	  	 	67,207.50	  
	 Seventeenth Lease Year
	  	 	815,760.00	  	  	 	67,980.00	  
	 Eighteenth Lease Year
	  	 	825,030.00	  	  	 	68,752.50	  
	 Nineteenth Lease Year
	  	 	834,300.00	  	  	 	69,525.00	  
	 Twentieth Lease Year
	  	 	843,570.00	  	  	 	70,297.50	  

  

			
	Lease Year:	  	A period of twelve (12) successive calendar months with the first Lease Year commencing on the Rent Commencement Date. Notwithstanding the foregoing: (i) if the Rent Commencement Date is a day other than the first day of a
calendar month, then the initial fractional calendar month together with the next succeeding twelve (12) calendar months shall constitute the first Lease Year and each succeeding Lease Year shall start on the anniversary of the first day of the
first full calendar month of the first Lease Year; and (ii) if the expiration of the Lease Term or the earlier termination of this Lease does not coincide with the termination of such a 12-month period, Lease Year shall mean the portion of such
12-month period before such expiration or termination.
		
	Leased Premises:	  	46,350 rentable square feet of space in the Building shown on Exhibit A attached hereto.
		
	Right of First Refusal:	  	Tenant shall have a right of first refusal to lease a minimum of 10,000 square feet of warehouse space in the Building, which is contiguous to the Leased Premises, on an “as-is” basis. If at any time during the Lease Term,
the Landlord intends to enter into a proposed lease (a “Proposed Lease”) for warehouse space with anyone (a “Proposed Tenant”), and said Proposed Lease would result in there being less than 10,000 square feet of
available warehouse space which is contiguous to the Leased Premises, Landlord shall first offer to Tenant the right to add either the entire Proposed Lease Space, or 10,000 square feet of contiguous warehouse space (the “Contiguous
Space”), at the Tenant’s discretion, to the Leased Premises upon the following terms and conditions.

  
 7 

			
		  	 In any instance in which a Proposed Lease would result in there being less than 10,000 square feet of available warehouse space which is
contiguous to the Leased Premises, Landlord shall notify Tenant of its intention to enter into such a Proposed Lease. Such notice shall be in writing (the “Offer Notice”) and shall provide Tenant with specific information concerning
the amount of square footage of warehouse space which Landlord intends to lease, as well as the specific location of such space (the “Offered Space”). In order to send the Offer Notice, Landlord does not need to have negotiated a lease
with the Proposed Tenant but must have either a signed letter of intent or a signed term sheet from the Proposed Tenant.
  

If Tenant, within fourteen (14) days after receipt of Landlord’s Offer Notice, indicates in writing its unconditional agreement to exercise its
rights under this Lease to lease either the entire Proposed Lease Space, or the Contiguous Space, at the Tenant’s discretion (“Tenant’s Notice”) in its “as-is” condition, the Proposed Lease Space or the
Contiguous Space (as elected by the Tenant) shall be included within the Leased Premises and leased to Tenant pursuant to the provisions of this Lease, including, without limitation, the provisions relating to the rights and obligations of the
parties with respect to alterations. However, (i) the Basic Rent payable under this Lease shall be increased by the amount of rent attributable to the Contiguous Space or Proposed Lease Space (depending on which the Tenant has elected to lease)
at a rental rate of $5.50 per square foot NNN during the first five (5) Lease Years; $6.05 per square foot NNN during Lease Years 6-10; $6.66 per square foot NNN during the first Extension Term; and $7.32 per square foot NNN during the second
Extension Term, and (ii) Tenant shall pay Additional Rent for Impositions and Operating Expenses based on Tenant’s Proportionate Share of the Building as adjusted to reflect the increase in the rentable square footage of space in the
Leased Premises. Landlord shall construct sheet rocked primed, spackled, and final coated demising walls as necessary and provide heat to the Contiguous Space or Proposed Lease Space, otherwise the Contiguous Space or Proposed Lease Space shall be
delivered to Tenant in its “as-is” condition. Time shall be of the essence with respect to the giving of Tenant’s Notice. Tenant must accept either the entire Proposed Lease Space or the entire 10,000 square feet of Contiguous Space
at any one time if it desires to accept any such space and may not exercise its right with respect to less than the 10,000 square feet of Contiguous Space.

  
 8 

			
		  	The parties shall immediately execute an amendment to this Lease stating the addition of the warehouse space or part of it to the Leased Premises. If Tenant fails to provide Landlord with Tenant’s Notice within the fourteen
(14) day period described above, Landlord thereafter shall have the right to lease the Proposed Lease Space and/or the Contiguous Space to the Proposed Tenant or any other tenant on any terms Landlord deems appropriate. The provisions of this
section shall be operative each time any lease for any portion of the warehouse space shall expire and Landlord intends to enter into a Proposed Lease for such space with a Proposed Tenant.
		
	Lease Term:	  	The Original Lease Term, as the same may have been extended or earlier terminated in accordance with the terms and condition of this Lease.
		
	Option to Extend Original Lease Term:	  	Two (2) options to extend for five (5) years each as more particularly set forth in Article 20 below.
		
	Brokers:	  	Richards Barry Joyce & Partners LLC
		
	Building:	  	The building known as 800 Boston Turnpike, Shrewsbury, Massachusetts containing approximately 80,000 rentable square feet of space located on the Site.
		
	Parking:	  	Tenant shall have the right to use, in common with others entitled thereto, the parking spaces in the parking lot located on the Site for the purpose of parking automobiles, subject to reasonable rules and regulations which may be
promulgated by Landlord from time to time.
		
	Permitted Uses:	  	Executive and general office use, research and development, manufacturing, and laboratory use, and for no other purpose; subject in all cases to applicable legal requirements.
		
	Site or Property:	  	The approximately 6.3 acre site located in the Town of Shrewsbury, Massachusetts, having an address of 800 Boston Turnpike, Shrewsbury, Massachusetts, and all the buildings and improvements now or hereafter located thereon
(including, without limitation, the Leased Premises, the Building, all roads, driveways, pavement, parking areas, landscaping, and utilities). A legal description of the boundaries of the Site is attached hereto as Exhibit
B.

  
 9 

			
	Force Majeure:	  	Strikes, lockouts, labor disputes, acts of God, inability to obtain labor or materials or reasonable substitutes therefore for reasons beyond the reasonable control of Landlord, governmental restrictions, governmental regulations,
governmental controls, delay in issuance of permits beyond the reasonable control of Landlord, enemy or hostile governmental action, civil commotion, fire or other casualty, and other causes beyond the reasonable control of Landlord.
		
	Impositions:	  	All taxes including real estate taxes (which term shall include payments in lieu of real estate taxes), assessments, water and sewer rents, rates and charges, levies, license and permit fees and other governmental charges, general
and special, ordinary and extraordinary, foreseen and unforeseen, of any kind and nature whatsoever, which at any time during the Lease Term may be assessed, levied, confirmed, imposed upon, or may become due and payable out of or in respect of, or
become a lien upon, all or any portion of the Site (including all improvements thereto), other than: (i) municipal, state and federal income taxes (if any) assessed against Landlord; or (ii) municipal, state or federal capital levy,
gift, estate, succession, inheritance or transfer taxes of Landlord; or (iii) corporation excess profits or franchise taxes imposed upon any corporate owner of the Site; or (iv) any income, profits or revenue tax, assessment or charge
imposed upon the Rent payable by Tenant under this Lease; or (v) penalties due to Landlord’s lateness or failure to pay taxes, assessments or charges when due (unless such lateness is due to Tenant being late in any payment due under this
Lease), (vi) taxes separately assessed or levied upon any improvements or alterations made by Landlord or other tenants in the leased premises being leased exclusively to another tenant in the Building, provided, however, that if
at any time during the Lease Term the methods of taxation prevailing at the commencement of the Lease Term shall be altered so that in lieu of or as a substitute for the whole or any part of the taxes, assessments, levies or charges now levied,
assessed or imposed on real estate and the improvements thereon, there shall be levied, assessed and imposed a tax, assessment, levy, imposition or charge, wholly or partially as a capital levy or otherwise, on the rents received therefrom, or
measured by or based in whole or in part upon the Site and imposed upon Landlord, then all such taxes, assessments, levies, impositions or charges or the part thereof so measured or based, shall be deemed to be included within the term
“Impositions” for the purposes hereof. Landlord represents that, as of the date of this Lease, the Landlord has not entered into a tax treaty with the Town of Shrewsbury which makes the Site currently subject to any tax abatements or
special assessments. In addition to the foregoing, the term “Impositions” shall include any

  
 10 

			
		  	new tax of a nature not presently in effect as of the date of this Lease, but which may be hereafter levied, assessed, or imposed upon Landlord or all or any portion of the Site, if such tax shall be based on or arise out of the
Lease, the ownership of the Site (or any portion thereof), or the use or occupation of all or any portion of the Site except that any such new tax which is billed and assessed separately upon any leased premises, use or occupation of another tenant
in the Building shall not be included in the Impositions. Notwithstanding anything contained in this Lease to the contrary, Tenant shall pay one hundred percent (instead of Tenant’s Proportionate Share) of any tax which is billed and assessed
separately upon the Leased Premises or the use or occupation of the Tenant.
		
	Tenant’s Proportionate Share of the Building:	  	57.94%
		
	Tenant’s Proportionate Share of the Property:	  	80%
		
	Operating Expenses:	  	The term “Operating Expenses” shall mean all aggregate expenses incurred in the operation, maintenance, repair, replacement, and management of the Leased Premises (whether incurred by the Tenant or the Landlord),
including without limitation, the following: utilities supplied to the Leased Premises; all insurance obtained and relating to or otherwise in connection with Landlord’s ownership or the occupancy and operation of all or any portion of the
Leased Premises, the foregoing to include, without limitation, all risk insurance against damage by fire or other casualty, liability insurance, rent loss insurance, and any insurance required by Landlord’s Mortgagee; services obtained for the
benefit of the Site (including, without limitation, window cleaning, rubbish removal, snow removal and grounds maintenance); repairs, replacement, repainting, maintenance, supplies and the like for the Site; a management fee in the amount of three
and one half percent (3.5%) of the gross rental receipts from the Property; legal fees and expenses; auditing fees and expenses; and depreciation (on a straight line basis) for capital expenditures made by Landlord to improve services provided
to Tenant or to reduce operating expenses (in Landlord’s reasonable judgment) amortized on a straight line basis over the useful life of the applicable capital improvement with Tenant being responsible for the payment of only the portion
allocable to the Lease Term. The following items shall be excluded from Operating Expenses: principal or interest payments on any mortgages or other financing arrangements, leasing commissions and depreciation for the Site, except as specifically
provided above.

  
 11 

			
		  	
		
	Landlord’s Work:	  	The work described on Exhibit C attached hereto.
		
	Landlord’s Mortgagee:	  	Any party holding a mortgage on the Site including, without limitation, the Leased Premises, given as security for indebtedness owed by the Landlord to the holder of the mortgage.
		
	Landlord’s Construction Representative:	  	 David Crocini
 Crocini Consulting, LLC

121 Salem St #4B
 Boston, MA 02113

Tel: (617) 699-5722
 Fax:

Email: david@crocini.com

		
	Tenant’s Construction Representative:	  	Scott Huie
		
		  	 Tel: 508-366-2300, Ext. 222
 Fax:
508-366-9852

 1.2 Effect of Reference to Definitions. Any reference in this Lease to any term defined above shall be deemed, to the
extent possible, to mean and include all aspects of the definition set forth above for such term. 
 1.3 Exhibits. The exhibits listed in this
Section and attached to this Lease are incorporated by reference and are a part of this Lease. 
 Exhibit A: Floor Plan
of the Leased Premises 
 Exhibit B: Legal Description of the Boundaries of the Site 

Exhibit C: Landlord’s Work 

Exhibit D: Term Commencement Date Letter 

  
 12 

 ARTICLE II—LEASED PREMISES, TERM AND COMMENCEMENT OF TERM 

2.1 Leased Premises. Landlord hereby LEASES to Tenant and Tenant hereby leases and rents from Landlord, subject to and with the benefit of the terms,
covenants, conditions and provisions of this Lease, the Leased Premises, together with all easements, rights or privileges necessary in connection with the use of the Leased Premises for the Permitted Uses. 

2.2 Term. TO HAVE AND TO HOLD the Leased Premises for the Lease Term commencing on the Term Commencement Date, subject to the terms, covenants,
agreements and conditions contained in this Lease. 
 ARTICLE III—RENT, ITS DETERMINATION, COMMENCEMENT AND METHOD OF PAYMENT

 3.1 Basic Rent. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each and every calendar month occurring
during the Lease Term, Tenant shall pay Basic Rent to Landlord (or to such other person as Landlord by written notice instructs Tenant to make such payments for Landlord’s benefit and account) in advance in the amounts set forth in
Section 1.1 above without notice, billing or demand therefor and without any deduction, set-off, credit or abatement of any kind. The monthly payment of Basic Rent for any partial calendar month occurring during the Lease Term shall be
pro rated on a daily basis using the actual number of calendar days in said month. Tenant shall pay each monthly installment of Basic Rent at the Original Address of Landlord set forth above or at such other place as Landlord may by written notice
to Tenant direct, such notice to be effective upon receipt. 
 3.2 Additional Rent. Commencing on the Substantial Completion Date and continuing
throughout the Lease Term, Tenant shall also pay Additional Rent as follows (such payments to be made when requisitioned, except as otherwise stated): 
  

	 	(i)	Tenant’s Proportionate Share of all Impositions, all such payments to be made when due based upon an invoice received by Tenant from Landlord together with copies of the bills for the Impositions for the applicable
period, but in any event prior to any date on which interest or penalties would begin to accrue on account of such Impositions if not paid according to the bill for such Impositions (estimated fiscal year 2007 real estate taxes on the Property are
approximately $0.79 per rentable square foot, or $36,617.00 allocable to the Leased Premises); and 

  

	 	(ii)	Tenant’s Proportionate Share of all Operating Expenses. 

 Commencing on the Substantial
Completion Date and continuing throughout the Lease Term, Tenant shall also pay Additional Rent as follows (such payments to be made when requisitioned, except as otherwise stated): (i) to the extent not paid directly by Tenant pursuant to the
provisions of Article 5 hereof, one hundred (100) percent of all utilities 

  
 13 

 
(including, without limitation, electricity, gas, telephone, water and sewer charges) supplied to or consumed at the Leased Premises during the Lease Term as measured by separate meters therefor
(or prorated if and when separate meters are not in place); and (ii) one hundred (100%) percent of any Imposition which is billed and assessed separately upon the Leased Premises or the use or occupation of the Tenant. 

All monetary obligations of Tenant under this Lease, except for the obligation to pay Basic Rent, shall be deemed obligations to pay Additional Rent, unless
such presumption is repugnant to the context. 
 3.3 Payment on Account of Operating Expenses. Tenant shall make estimated monthly payments to
Landlord to cover Tenant’s Proportionate Share of the Operating Expenses that the Tenant is expected to owe as Additional Rent during the current calendar year and each subsequent calendar year thereafter falling entirely or partly within the
Lease Term. The initial estimated amount of Tenant’s Proportionate Share of the Operating Expenses expected to be incurred for the first calendar year of the Lease Term is $69,525.00. At the beginning of each calendar year thereafter, Landlord
shall submit to Tenant a statement setting forth Landlord’s reasonable estimates (based on costs of which Landlord is aware and other reasonable assumptions of Landlord) of the amount of Operating Expenses that are expected to be incurred
during such calendar year, and the computation of Tenant’s share of such anticipated Operating Expenses. Tenant shall pay to Landlord on the first day of each month following receipt of such statement an appropriate amount to amortize on a
monthly basis Tenant’s Proportionate Share of the anticipated Operating Expenses, with appropriate adjustments if any period includes less than one (1) full month. If at any time during the Lease Term Landlord in Landlord’s discretion
determines it appropriate to revise the estimates of Operating Expenses that have been submitted, then Landlord may submit such revised estimates to Tenant, and then commencing with the next monthly payment to be made by Tenant, appropriate
adjustment shall be made to the amount being paid by Tenant on account of Tenant’s Proportionate Share of anticipated Operating Expenses provided, however, that Landlord shall not make such adjustments more than twice in any calendar year.
Within ninety (90) days after the expiration of each calendar year during the Lease Term, Landlord shall submit to Tenant a statement certifying (i) Tenant’s Proportionate Share of the actual Operating Expenses incurred during the
preceding calendar year, (ii) the aggregate amount of the estimated payments made by Tenant on account thereof, and (iii) any credit to which Tenant is entitled. If Tenant is entitled to any credit, Tenant shall deduct the amount of the
overpayment from its next estimated payment or payments for Operating Expenses for the then current year. If the Tenant’s credit is equal to or greater than ten (10) percent of the aggregate amount paid in the preceding year, Landlord
shall reduce the anticipated operating expenses on a going-forward basis by an amount equal to the credited amount. If Tenant’s actual liability for such Operating Expenses exceeds the aggregate amount of the estimated payments made by Tenant
on account thereof, then Tenant shall pay to Landlord within thirty (30) calendar days the total amount of such deficiency as Additional Rent due hereunder. Tenant’s liability for Tenant’s share of the Operating Expenses for the last
calendar year falling entirely or partly within the Lease Term shall survive the expiration of the Lease Term. Similarly, Landlord’s obligation to refund to Tenant the excess, if any, of the amount of Tenant’s actual liability therefor
shall survive the expiration of the Lease Term. 

  
 14 

 With respect to Operating Expenses which Landlord allocates to the entire Property, Tenant’s
“Proportionate Share” shall be the percentage set forth in Section 1.1 of this Lease as Tenant’s Proportionate Share of the Property as reasonably adjusted by Landlord in the future for changes in the physical size of the Leased
Premises; and, with respect to Operating Expenses which Landlord allocates only to the Building, Tenant’s “Proportionate Share” shall be the percentage set forth in Section 1.1 of this Lease as Tenant’s Proportionate Share
of the Building as reasonably adjusted by Landlord in the future for changes in the physical size of the Leased Premises or the Building. Landlord may equitably increase Tenant’s Proportionate Share for any item of expense or cost reimbursable
by Tenant that relates to a repair, replacement, or service that benefits only the Leased Premises or only a portion of the Property or Building or that varies with occupancy or use. The estimated Operating Expenses for the Premises set forth above
are only estimates, and Landlord makes no guaranty or warranty that such estimates will be accurate. 
 Tenant or an independent, certified
public accountant designated by Tenant shall have the right, during regular business hours and after giving fifteen (15) days’ advance written notice to Landlord, to inspect and audit Landlord’s books and records relating to the
Operating Expenses billed during any calendar year falling within the Lease Term for a period of one (1) year following the receipt by Tenant of any statement submitted pursuant to this Section. If as a result of such audit it becomes clear
that an error was made in the calculation of Tenant’s Proportionate Share of Operating Expenses, then an appropriate adjustment shall be made within thirty (30) days of Landlord’s receipt from Tenant of a copy of such audit together
with Tenant’s demand for reimbursement and, if the amount by which Landlord over-charged Tenant exceeds ten (10%) percent of Tenant’s Proportionate Share of Operating Expenses, then Landlord shall pay the reasonable actual
out-of-pocket costs and expenses paid by Tenant for the audit. 
 3.4 Rent. References in this Lease to “Rent” or “rent” shall be
deemed to include both Basic Rent and Additional Rent when the context so allows. 
 3.5 Lease to be Deemed Net. This Lease shall be deemed and
construed to be an absolutely net lease and Tenant shall accordingly pay to Landlord, absolutely net, the Basic Rent and Additional Rent, free of any off-sets or deductions of any kind. 

3.6 Tenant’s Right to Seek Abatement. If Tenant occupies more than fifty-one (51%) percent of the rentable area of the Building or if the
Leased Premises is separately assessed for real estate taxes, then Tenant shall have the right, upon prior written notice to Landlord, to seek a reduction in the valuation of the Leased Premises assessed for tax purposes and to contest in good faith
by appropriate proceedings, at Tenant’s expense, the amount or validity in whole or in part of any Imposition or of the method by which any Imposition is calculated, assessed or imposed; and may defer payment thereof if allowed by law, provided
that (i) Tenant shall provide Landlord with security reasonably satisfactory to Landlord to assure payment of contested items; and (ii) Tenant shall immediately pay such contested item or items if the protection of the Leased Premises or
of the Landlord’s interest therein from any lien or claim shall, in the reasonable judgment of Landlord, require such payment. 

  
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 3.7 Landlord’s Right to Seek Abatement. Landlord shall have the right to seek a reduction in the
valuation of the Site or any of the Building assessed for tax purposes and to prosecute any action or proceeding theretofore commenced by Tenant. To the extent to which any tax refund payable as a result of any proceeding which Landlord or Tenant
may institute, or payable by reason of compromise or settlement of any such proceeding, may be based upon a payment made by Tenant, then Tenant shall be authorized to collect the same (or the appropriate portion thereof), subject, however, to
Tenant’s obligation to reimburse Landlord forthwith for Tenant’s Proportionate Share of any expense incurred by Landlord in connection therewith. 

Landlord shall not be required to join in any proceedings referred to in Section 3.6 hereof unless the provisions of any law, rule
or regulation at the time in effect shall require that such proceedings be brought by or in the name of Landlord, in which event Landlord shall join in such proceedings or permit the same to be brought in its name. Landlord shall not be subjected to
any liability for the payment of any costs or expenses in connection with any such proceedings, and Tenant shall indemnify and save harmless Landlord from any such costs and expenses. Tenant shall be entitled to any refund of its share of any
Imposition and penalties or interest thereon received by Landlord that has been paid by Tenant, or that has been paid by Landlord but previously reimbursed in full by Tenant. 

ARTICLE 4—PREPAID RENT AND SECURITY DEPOSIT 

Upon the signing of this lease, Tenant shall pay to Landlord One Hundred Thousand Dollars ($100,000.00), representing a security deposit as
security for Tenant’s full performance of all terms and conditions under this Lease. Upon the Substantial Completion Date, the Tenant shall pay to Landlord an additional One Hundred Thousand Dollars ($100,000.00), representing additional
security for Tenant’s full performance of all terms and conditions under this Lease (collectively, the “Security Deposit”). Upon the exercise of the outstanding warrants that will raise approximately $90,000,000 or achievement of
$4,000,000 in sales revenue, whichever event comes first, the Security Deposit shall be reduced to One Hundred Thousand Dollars ($100,000). Upon default by Tenant hereunder, the Landlord shall have the right, without the giving of any notice, to
apply all or any portion of the Security Deposit to cure such default which right shall be in addition to all other rights and remedies. Within thirty (30) days of the later to occur of the last day of the Lease Term or the date that Tenant
yields up the Leased Premises pursuant to the terms of this Lease, Landlord shall return to Tenant the Security Deposit less any amounts which Landlord may have deducted pursuant to the terms of this Lease. 

ARTICLE 5—UTILITIES AND SERVICES 

5.1 Utilities. Tenant shall make arrangements with appropriate utility or service companies for its own service for any utilities and/or services that
are to serve the Leased Premises exclusively or directly and that can be billed to Tenant directly, and Tenant shall promptly pay all costs with respect to same, such payments to be made, to the extent possible, directly to the utility or service
provider or to the appropriate party charged with collecting the same, the foregoing to include all charges for such utilities or services. All internal utilities shall be separately metered. All costs for external utilities that are not separately
metered shall be included in Operating Expenses, and Tenant shall be responsible for Tenant’s Proportionate Share thereof. Landlord shall be under no obligation to furnish any utilities or services to the

  
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Leased Premises and shall not be liable for any interruption or failure in the supply of any such utilities or services to the Leased Premises. No interruption or failure of utilities shall
result in the termination of this Lease; provided, however, that if (i) an interruption or cessation of utilities shall occur, except if the same is due to any act or neglect of Tenant or Tenant’s agents, employees, contractors or invitees
or any person claiming by, through or under Tenant (a “Service Interruption”), and (ii) such Service Interruption occurs or continues as a result of the negligence or wrongful conduct of the Landlord or Landlord’s agents,
employees or contractors, and (iii) such Service Interruption continues for more than one (1) full business day after Landlord shall have received notice thereof from Tenant, and (iv) as a result of such Service Interruption, the
conduct of Tenant’s normal operations in the Leased Premises are materially and adversely affected, then there shall be an abatement of one day’s Rent for each day during which such Service Interruption continues after such one
(1) business day; provided, however, that if any part of the Leased Premises is reasonably useable for Tenant’s normal business operations or if Tenant conducts all or any part of its operations in any portion of the Leased Premises
notwithstanding such Service Interruption, then the amount of each daily abatement of Base Rent shall only be proportionate to the nature and extent of the interruption of Tenant’s normal operations or ability to use the Leased Premises. 

5.2 Access. Tenant shall have access to the Leased Premises twenty-four hours a day, seven days a week, three hundred sixty-five days per year, and
Tenant shall be solely responsible, at Tenant’s sole cost and expense, for security for the Leased Premises. 
 5.3 Maintenance and
Repair—Landlord. Prior to the Term Commencement Date, Landlord shall install on the grounds of the Property a fully operational automatic irrigation system (sprinklers), as part of Landlord’s Work described on Exhibit C attached
hereto. Landlord shall be responsible for the maintenance, repair and replacement of the Building’s roof, public areas, exterior walls, windows, foundation, and structural walls of the Building and all Building plumbing, mechanical, and
electrical systems existing in the Building as of the date hereof or installed by Landlord prior to the Term Commencement Date (but specifically excluding any supplemental heating, ventilation or air conditioning equipment or systems installed by
Tenant), except that Landlord shall in no event be responsible to Tenant for any condition in the Leased Premises or the Building caused by any act or neglect of Tenant, its invitees or contractors. Landlord shall also keep and maintain all common
facilities in a good and clean order, condition and repair, free of snow and ice and accumulation of dirt and rubbish, and shall keep and maintain all landscaped areas on the Property in a neat and orderly condition, to a commercially reasonable
standard equal to or exceeding that of comparable first-class office and research and development properties in the greater Worcester, Massachusetts area. The costs of any such maintenance, repair and replacement by Landlord shall be Operating
Expenses and be paid in accordance with Section 3.3 hereof, provided, however, that costs that are required to be capitalized for federal income tax purposes shall be amortized on a straight line basis over a period equal to the lesser
of the useful life thereof for federal income tax purposes or ten (10) years and included in Operating Expenses only to the extent of the amortized amount for the respective calendar year. The terms “walls” and “windows” as
used in this Section 5.3 shall not include glass or plate glass, doors or overhead doors, special store fronts, dock bumpers, dock plates or levelers, or office entries, all of which shall be maintained by Tenant. Landlord shall not be
responsible to make any improvements or repairs to the Building or Property other than as 

  
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expressly provided in this Section 5.3, unless expressly provided otherwise in this Lease. Tenant shall promptly give Landlord written notice of any repair required by Landlord
pursuant to this Section 5.3, after which Landlord shall have a reasonable opportunity to repair such item. Landlord shall never be liable for any failure to make repairs which Landlord has undertaken to make under the provisions of this
Section 5.3 or elsewhere in this Lease, unless Tenant has given notice to Landlord of the need to make such repairs, and Landlord has failed to commence to make such repairs within a reasonable time after receipt of such notice, or fails
to proceed with reasonable diligence to complete such repairs. 
 5.4 Demising Walls: Landlord’s Responsibility. It shall be the Landlord’s
exclusive responsibility to erect demising walls and/or connecting doors between the Leased Premises and the warehouse space. If the Landlord fails to erect such walls and/or doors after notification by the Tenant of the need for the same, the
Tenant shall have the right, but not the responsibility, to erect such walls and/or doors without further consent or permission from the Landlord. The Landlord shall be solely and exclusively responsible for all heating and cooling costs incurred by
Landlord or Tenant as a result of the lack of such walls and/or doors. 
 ARTICLE 6—INSURANCE 

6.1 Required Coverage. Tenant covenants and agrees with Landlord that during the Lease Term the following insurance shall be obtained by Tenant and
carried at Tenant’s sole expense: 
 (a) Tenant’s commercial general liability insurance insuring and indemnifying
Tenant, Landlord, and Landlord’s Mortgagee against liability for injury to persons and damage to property which may be claimed to have occurred upon the Leased Premises or the sidewalks, ways and other real property adjoining said Leased
Premises and covering all Tenant’s obligations under this Lease and with limits at least as high as the amounts respectively stated below, or such higher limits in any case as may reasonably be required in case of increase in risk or as may be
customarily carried in Massachusetts by prudent occupants of similar property, as determined by Landlord in its reasonable discretion: not less than commercial general liability insurance in the amount of $1,000,000 per occurrence, $2,000,000
general aggregate, $1,000,000 per accident combined single limit for automobile liability, $2,000,000 in excess liability coverage, and $1,000,000 for property damage. 

(b) Workmen’s Compensation covering all Tenant’s employees, contractors and agents working on the Premises. 

(c) Insurance insuring all of Tenant’s personal property, chattels, inventory, trade fixtures, furniture, furnishings,
machinery, equipment, goods, supplies and stock of every kind and description stored, kept, installed or used in or upon the Leased Premises against damage, loss or destruction by fire, explosion, water damage or other casualty, in an amount at
least equal to the replacement cost of such insured property. 
 (d) Such additional insurance (including, without
limitation, rent loss insurance) as Landlord’s Mortgagee shall reasonably require provided that such insurance is in an amount, of the type, and customary for comparable properties. 

  
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 6.2 Writing and Disposition of Insurance Policies. All insurance required under Section 6.1
above shall be written with companies reasonably satisfactory to Landlord and in forms customarily in use from time to time in the Greater Boston area. Tenant shall furnish the Landlord with duplicates of said policies, and said policies shall
(i) name Landlord and Landlord’s Mortgagee as named insureds, as their respective interests may appear, and (ii) provide that the coverage thereunder may not lapse or be canceled without twenty (20) days prior written notice to
Landlord, Landlord’s Mortgagee and Tenant. 
 6.3 Mutual Waiver of Subrogation. Landlord and Tenant each hereby releases the other, its
officers, directors, employees and agents, from any and all liability or responsibility (to the other or anyone claiming through or under them by way of subrogation or otherwise) for any loss or damage to property covered by valid and collectible
insurance, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. However, this release shall be applicable and in force and effect only with respect to
loss or damage (a) actually recovered from an insurance company and (b) occurring during such time as the releaser’s insurance policies shall contain a clause or endorsement to the effect that any such release shall not adversely
affect or impair said policies or prejudice the right of the releaser to recover thereunder. Landlord and Tenant each agrees that any fire and extended coverage insurance policies will include such a clause or endorsement as long as the same shall
be obtainable without extra costs, or, if extra cost shall be charged therefor, so long as the other party pays such extra cost. If extra cost shall be chargeable therefor, each party shall advise the other party and of the amount of the extra cost,
and the other party, at its election, may pay the same, but shall not be obligated to do so. 
 6.4 Blanket Policies. Nothing contained herein shall
prevent Tenant from taking out insurance of the kind and in the amounts provided for herein under a blanket insurance policy or policies covering properties other than the Leased Premises, provided however, that any such policy or policies of
blanket insurance (a) shall specify therein, or Tenant shall furnish Landlord with the written statement from the insurers under such policy or policies, specifying the amount of the total insurance allocated to the Leased Premises, which
amounts shall not be less than the amounts required herein, and (b) amounts so specified shall be sufficient to prevent any of the insureds from being a co-insurer within the terms of the applicable policy or policies, and provided further,
however, that any such policy or policies of blanket insurance shall, as to the Leased Premises, otherwise comply as to endorsements and coverage with the provisions herein. 

6.5 Landlord’s Insurance Covenants. Landlord covenants and agrees that during the Lease Term it shall obtain the following insurance: 

(a) All risk insurance against damage by fire or other casualty in an amount at least equal to the replacement costs of the
Building as determined from time to time by Landlord or (at Landlord’s election or upon Tenant’s request) by appraisal made at the expense of Tenant by an accredited insurance appraiser approved by Landlord; 

  
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 (b) Commercial general liability insurance covering liability for injury to
persons and damage to property which may be claimed to have occurred upon the Property or the sidewalks, ways and other real property adjoining the Property caused by Landlord with limits at least as high as the following amounts: $1,000,000 per
occurrence, $2,000,000 general aggregate; 
 (c) Workmen’s Compensation covering all Landlord’s employees and
Landlord shall cause all contractors and agents working for Landlord on the Property to carry workmen’s compensation insurance covering their employees as may be required by law; 

(d) Rent loss insurance with a limit at least equal to one (1) year’s worth of Rent due under this Lease; and 

(e) Such additional insurance as Landlord’s Mortgagee shall reasonably require. 

Tenant shall pay the Tenant’s Proportionate Share (57.94 percent) of the cost of such insurance as an Operating Expense. At the request of Tenant,
Landlord will provide to Tenant copies of certificates or the relevant portions of such policies to evidence the fact that Landlord is maintaining the insurance required by this Section 6.5. 

ARTICLE 7—ADDITIONAL COVENANTS 

Tenant covenants and agrees during the Lease Term and such further time as Tenant occupies the Leased Premises or any part thereof: 

7.1 Performing Obligations. To perform fully, faithfully and punctually all of the obligations of Tenant set forth in this Lease; and to pay when due
Rent and all charges, rates and other sums which by the terms of this Lease are to be paid by Tenant. 
 7.2 Use. To use the Leased Premises only for
the Permitted Uses, and for no other purposes. 
 7.3 Maintenance and Repair—Tenant. At Tenant’s expense, and except for Landlord’s
obligations set forth in Section 5.3 hereof, reasonable wear and tear and damage from fire or other casualty, to keep the Leased Premises, including all interior and exterior glass, clean, neat and in good order, repair and condition,
and to keep the Leased Premises in as good condition, order and repair as the same are at the Term Commencement Date or thereafter may be put, reasonable wear and use and damage by fire or other casualty only excepted, it being understood that the
foregoing exception for reasonable wear and use shall not relieve Tenant from the obligation to keep the Leased Premises in good order, repair and condition including, without limitation, all necessary and ordinary non-structural repairs,
replacements and the like. Tenant also agrees to abide by reasonable rules and regulations that Landlord may adopt from time to time. 
 7.4 Compliance
with Laws. At Tenant’s expense, to comply promptly with all present and future laws, ordinances, orders, rules, regulations and requirements of all federal, state and municipal governments, departments, commissions, boards and officials,
foreseen and unforeseen, ordinary as well as extraordinary, which may be applicable to the Leased Premises 

  
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or to Tenant’s use, occupancy or presence in or at the Leased Premises or the Site, including all laws with respect to the handling, storage and disposal of any hereinafter defined Hazardous
Materials, except that the Tenant may defer compliance so long as the validity of any such law, ordinance, order, rule, regulation or requirement shall be contested by Tenant in good faith and by appropriate legal proceedings, and: 

(a) If by the terms of such law, ordinance, order, rule regulation or requirement, compliance therewith pending the prosecution
of any such proceeding may legally be delayed without the incurrence of any lien, charge or liability of any kind against the Leased Premises or Site and without subjecting Tenant or Landlord to any liability, civil or criminal, for failure so to
comply therewith, Tenant may delay compliance therewith until the final determination of such proceeding, or 
 (b) If any
lien, charge or civil liability would be incurred by reason of any such delay, Tenant nevertheless may contest as aforesaid and delay as aforesaid, provided that such delay would not subject Landlord to criminal liability or fine, and Tenant
(i) furnishes to Landlord security, reasonably satisfactory to Landlord, against any loss or injury by reason of such contest or delay, and (ii) prosecutes the contest with due diligence. 

To the best of Landlord’s knowledge, as of the date of this Lease the Building is in compliance with all applicable laws, rules and
regulations. 
 7.5 Payment for Tenant’s Work. To pay promptly when due the entire cost of any work at or on the Leased Premises undertaken by
Tenant so that the Leased Premises shall at all times be free of liens for labor and materials; promptly to clear the record of any notice of any such lien; to procure all necessary permits and before undertaking such work; to do all of such work in
a good and workmanlike manner, employing materials of good quality and complying with all governmental requirements; and to save Landlord harmless and indemnified from all injury, loss, claims or damage to any person or property occasioned by or
growing out of such work. 
 7.6 Indemnity. To save Landlord harmless and indemnified from, and to defend Landlord against, all injury, loss, claims
or damage (including reasonable attorneys’ fees) to any person or property while on the Leased Premises unless arising from any act, omission, fault, negligence or other misconduct of Landlord, or its agents, servants, employees, or
contractors; to save Landlord harmless and indemnified from, and to defend Landlord against, all injury, loss, claims or damage (including reasonable attorneys’ fees) to any person or property anywhere occasioned by any act, omission, neglect
or default of Tenant or Tenant’s agents, servants, employees, contractors, guests, invitees or licensees unless arising from any act, omission, fault, negligence or other misconduct of Landlord, or its agents, servants, employees, or
contractors. Landlord shall save Tenant harmless and indemnified from, and defend Tenant against, all injury, loss, claims or damage (including reasonable attorneys’ fees) to any person while on the Leased Premises to the extent caused by the
act, omission, fault, negligence or other misconduct of Landlord and not caused by any contributory act or omission of Tenant. 

  
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 7.7 Personal Property at Tenant’s Risk. That all personal property, equipment, inventory and the like
from time to time upon the Leased Premises shall be at the sole risk of Tenant; and that Landlord shall not be liable for any damage which may be caused to such property or the Leased Premises or to any person for any reason including, without
limitation, the bursting or leaking of or condensation from any plumbing, cooling or heating pipe or fixture. 
 7.8 Payment of Cost of Enforcement.
Each Party covenants to pay on demand the other Party’s expenses, including reasonable attorneys’ fees, incurred in enforcing any obligation under this Lease or in curing any default by Tenant under this Lease, provided that the Party
claiming under this Section is successful in enforcing such obligation or has a right under this Lease to cure such default. 
 7.9 Yield Up. At the
termination of this Lease, peaceably to yield up the Leased Premises clean and in good order, repair and condition, reasonable wear and tear and damage by fire or casualty excepted and remove all equipment, furniture and personal property; and at
either Landlord’s or Tenant’s option, to remove any and all of Tenant’s trade fixtures, provided however, that Tenant shall restore any damage caused by such removal and provided further that if Tenant
fails so to restore the Leased Premises, then Tenant shall pay all of Landlord’s costs to make such restoration. 
 7.10 Subordination. Within
fifteen (15) days after written request by Landlord to Tenant, to execute and deliver all such instruments as may reasonably be requested to subordinate this Lease to any mortgages or deeds of trust securing notes or bonds executed by Landlord
and to all advances made thereunder and to the interest thereon and all renewals, replacements and extensions thereof, provided that the mortgagee or trustee shall agree to recognize this Lease in the event of foreclosure and perform all of
the covenants contained herein to be performed by Landlord, if Tenant is not in default beyond the expiration of any period allowed for the cure of such default. Any such mortgagee or trustee may at any time subordinate its mortgage or deed of trust
to this Lease, without Tenant’s consent, by notice in writing to Tenant and thereupon this Lease shall be deemed prior to such mortgage or deed of trust without regard to their respective dates of execution, delivery and recording; and in that
event such mortgagee or trustee shall have the same rights with respect to the Lease as though it had been executed and delivered (and notice thereof recorded) prior to the execution and delivery and recording of the mortgage or deed of trust.
Landlord agrees to use commercially reasonable efforts to obtain a recognition and non-disturbance agreement from the present mortgagee of record in a form reasonably satisfactory to Tenant. 

7.11 Estoppel Certificates. From time to time, for delivery to a prospective purchaser or mortgagee of the Leased Premises or the Site or to any
assignee of any mortgage of the Leased Premises or the Site or to the Massachusetts Development Finance Agency or to any other lender or prospective lender of the Tenant, within ten (10) days after written request by Landlord to Tenant or by
Tenant to Landlord, the party receiving the request shall execute, acknowledge and deliver to the other party a statement in writing certifying: (a) that this Lease is unamended (or, if there have been any amendments, stating the amendments);
(b) that it is then in full force and effect and without any existing defaults, if that be the fact; (c) a description of the leased premises; (d) the term of the lease and any existing purchase or renewal options; (e) the rent
and 

  
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additional rent due and the dates to which Rent and any other payments to Landlord have been paid; (f) the amounts of any security deposits paid pursuant to this lease; (g) any
defenses, offsets and counterclaims which Tenant, at the time of the execution of said statement, believes that Tenant has with respect to Tenant’s obligation to pay Rent and to perform any other obligations under this Lease or that there are
none, if that be the fact; and (h) such other data as may reasonably be requested. Any prospective purchaser or mortgagee of the Leased Premises, or portion thereof, or any assignee of any mortgagee of the Leased Premises, or portion thereof or
the Massachusetts Development Finance Agency or any other lender or prospective lender of the Tenant, may rely upon such statement. 
 7.12 Nuisance.
At all times during the Lease Term and such further time as the Tenant occupies the Leased Premises, not to injure, overload, deface or otherwise harm the Leased Premises; nor commit any nuisance; nor to do or suffer any waste to the Leased
Premises; nor permit the emission of any objectionable noise or odor; nor make any use of the Leased Premises which is improper, or contrary to any law or ordinance or which will invalidate any insurance policy or other applicable legal requirement
covering the Leased Premises or any portion thereof, including, without limitation, the handling, storage and disposal of any hazardous material. 
 7.13
Changes and Alterations. Except as otherwise explicitly set forth herein, Tenant shall have no authority, without the express written consent of Landlord to alter, remodel, reconstruct, demolish, add to, improve or otherwise change the Leased
Premises, except that Tenant shall have such authority, without the consent of Landlord, to build substructures; add, remove, or modify internal wiring; erect or remove non-load bearing walls; add or remove internal doors; construct internal clean
room(s); make repairs to the Leased Premises and do such other things as are appropriate to comply with the obligations imposed on Tenant under other provisions of this Lease. 

Except as otherwise outlined herein, Tenant shall not construct or permit any alterations, installations, additions or improvements including
any interior or exterior signs (“Alterations”) to the Leased Premises or the Building without having first submitted to Landlord plans and specifications therefor for Landlord’s approval, which approval shall not be unreasonably
withheld or delayed provided that: 
 (a) if the improvement involves a sign or will otherwise be visible from the exterior
then the improvement must be compatible with the architectural and aesthetic qualities of the Leased Premises and the Site; and 

(b) the improvement must be non-structural and have no effect on the plumbing, heating (and cooling), mechanical, electrical or
other systems or services in the Leased Premises, and the improvement (except for signs) must be entirely within the Leased Premises; and 

(c) the change, when completed will not materially adversely affect the value of the Leased Premises or the Site; and 

  
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 (d) Tenant demonstrates to Landlord’s satisfaction that the improvement will
be made in accordance with applicable legal requirements using good quality materials and good quality construction practices and will not result in any liens on the Leased Premises; and 

(e) as soon as such work is completed, Tenant will have prepared and provide Landlord with “as-built” plans (in form
acceptable to Landlord) showing all such work; and 
 (f) Tenant will comply with any rules or requirements reasonably
promulgated by Landlord in connection with the doing of any work, and if requested by Landlord, Tenant will obtain and maintain Builder’s Risk insurance in connection with such work. 

Tenant shall have the right to make minor alterations from time to time in the interior of the Leased Premises without obtaining
Landlord’s prior written consent therefor, provided that all of such work conforms to all of the above requirements in all respects (except for the requirement in subsection (a) to obtain Landlord’s prior written consent and the
requirement in subsection (e) to provide “as-built” plans to Landlord), and further provided that Tenant provides Landlord with a written description of such work (and such other data as Landlord may request) not later than 30 days
after each such alteration is made. 
 7.14 Financial Statements. Within ten (10) days of Landlord’s request, Tenant shall furnish Landlord
its most recent statement of income and balance sheet for the immediately preceding fiscal year certified by an independent certified public accountant and prepared in accordance with generally accepted accounting principles consistently applied.
Nothing contained in this Section shall be construed to require the Tenant to create or commission the creation of a financial statement, but rather Tenant is obligated only to produce to Landlord (upon request) a copy of the most current existing
financial statement. 
 7.15 Signage. Tenant, at Tenant’s sole cost and expense, shall have the right to install signage in its lobby, on any
Building directory, on the exterior of the Building, and on the pylon sign for the Building at the highest level and the largest allowed for sign panels of lessees or occupants of the Building, provided that Tenant obtains all necessary permits,
complies with all applicable laws, complies with Section 7.13 of this Lease, and obtains the prior written consent of the Landlord (which consent shall not be unreasonably withheld or delayed provided that Tenant delivers to Landlord
reasonably detailed plans and specifications for the sign). 
 Tenant’s right to erect signage on the Route 9 side of the Property
shall be an exclusive right. Landlord agrees that no other signage will be authorized or permitted on the Route 9 side of the Property. Tenant shall also have the right to erect signage on the Chestnut Street side of the Property. Landlord agrees
that Tenant’s signage on the Chestnut Street side of the Property shall be the most prominent signage, both in terms of size and placement. Landlord may allow two other building tenants to erect signage on the Chestnut Street side of the
Property, subject to Tenant’s approval of the size, placement, and appearance of said signage, which approval shall not be unreasonably withheld. 

  
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 ARTICLE 8—QUIET ENJOYMENT 

Landlord covenants that Tenant on paying the Rent and performing Tenant’s obligations under this Lease shall peacefully and quietly have,
hold and enjoy the Leased Premises throughout the Lease Term or until it is terminated as in this Lease provided without hindrance by Landlord or by anyone claiming by, through or under Landlord. 

ARTICLE 8.1 – COMPLEMENTARY BUSINESSES 

Landlord covenants that it shall not, during the Lease Term (or any extension thereto), lease any other space in the Building for a use that
would materially interfere with the Tenant’s use of the Leased Premises for executive and general office use, research and development, manufacturing, and laboratory use. Landlord agrees further that, to the extent that Landlord leases other
space in the Building, such other leased premises shall have separate utilities and separate heating, ventilating and air conditioning systems designed to avoid any cross-contamination between the Leased Premises and such other leased premises. 

ARTICLE 9—DAMAGE AND EMINENT DOMAIN 

9.1 Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged
or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made
suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the
Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if
Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate
this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. 
 If Landlord proceeds
with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then
either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed
within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes
such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto. 

  
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 9.2 Eminent Domain. Landlord reserves for itself all rights to any damages or awards with respect to the
Leased Premises and the leasehold estate hereby created by reason of any exercise of the right of eminent domain, or by reason of anything lawfully done in pursuance of any public or other authority; and by way of confirmation Tenant grants and
assigns to Landlord all Tenant’s rights to such damages so reserved, except as otherwise provided herein. Tenant covenants to execute and deliver any instruments confirming such assignment as Landlord may from time to time reasonably request.
If all the Leased Premises are taken by eminent domain, this Lease shall terminate when Tenant is required to vacate the Leased Premises or such earlier date as the Tenant is required to begin the payments of rent to the taking authority. If a
partial taking by eminent domain results in so much of the Leased Premises being taken as to render the Leased Premises or a material portion thereof unsuitable for Tenant’s continued use and occupancy as determined by either party in its
reasonable discretion, either Landlord or Tenant may elect to terminate this Lease as of the date when the Tenant is required to vacate the portion of the Leased Premises so taken, by written notice to the other given not more than ninety
(90) days after the date on which Tenant or Landlord, as the case may be, receives notice of the taking. For purposes of this paragraph, a “material portion” of the Leased Premises shall mean in excess of twenty-five percent
(25%) of the total square footage of the Leased Premises. If a partial taking by eminent domain does not result in such portion of the Leased Premises as aforesaid being taken, then this Lease shall not be terminated or otherwise affected by
any exercise of the right of eminent domain. 
 Whenever any portion of the Lease Premises shall be taken by any exercise of the right of
eminent domain, and if this Lease shall not be terminated in accordance with the provisions of this Section 9.2, Landlord shall, at its expense, proceeding with all reasonable dispatch, provided sufficient condemnation proceeds are
available therefor (or, if not, provided Tenant provides additional funds needed above the amount of the condemnation proceeds available) do such work as may be required to restore the Leased Premises or what remains thereof (not including
Tenant’s trade fixtures, business equipment and furniture) as nearly as may be to the condition they were in immediately prior to such taking, and Tenant shall at its expense, proceeding with all reasonable dispatch, do such work to its trade
fixtures, business equipment and furniture, as may be required. A just proportion of the Rent payable hereunder, according to the nature and extent of the taking shall be abated from the time Tenant is required to vacate that portion of the Leased
Premises taken. If the Premises have not been restored to a condition substantially suitable for their intended purpose within two hundred seventy (270) days following said taking, then either Landlord or Tenant shall have the right to
terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period provided that such restoration is not completed within such period. This Lease shall cease and come to an end without
further liability or obligation on the part of either party thirty (30) days after such giving of notice unless, within such thirty-day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s
sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto. 

Landlord warrants and represents that it is unaware of any currently pending or potential governmental takings or planned takings of any of
the Leased Premises. 

  
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 ARTICLE 10—DEFAULTS BY TENANT AND REMEDIES 

10.1 The Condition. This Lease is made on the condition that if any default by Tenant continues, in case of payment of Rent or other monetary payments
due hereunder for more than seven (7) business days after written notice thereof to Tenant (provided, however, that Tenant shall be entitled to only two (2) such notices during each calendar year and if, subsequently in any such calendar
year, Tenant does not make a payment of Rent within seven (7) business days of such payment being due, Landlord shall have all the rights set forth herein without the need of any notice), or in the case of a non-monetary default for more than
thirty (30) days after written notice thereof to Tenant (provided, however, that if such default is susceptible of being cured but such cure cannot be accomplished with reasonable diligence within said period of time and if Tenant commences to
cure such default promptly after receipt of notice thereof from Landlord and thereafter prosecutes the curing of such default with reasonable diligence, such period of time shall be extended for such additional time as may be necessary to cure such
default with reasonable diligence, but not to exceed an additional thirty (30) days); or if Tenant becomes insolvent, makes any assignment for the benefit of creditors, commits any act of bankruptcy or files a petition under any bankruptcy or
insolvency law; or if such a petition filed against Tenant is not dismissed within thirty (30) days; or if a receiver or similar officer becomes entitled to Tenant’s interest in this Lease and it is not returned to Tenant within thirty
(30) days; or if Tenant’s interest in this Lease is taken on execution or other process of law in any action against Tenant; or if Tenant fails to obtain any insurance required to be maintained by Tenant pursuant to this Lease or any such
insurance shall be cancelled or terminated or shall expire or shall be reduced or materially changed, except, in each case, as permitted in this Lease; of if Tenant shall fail to occupy or shall vacate the Leased Premises or shall fail to
continuously operate its business at the Leased Premises for the Permitted Use set forth herein, whether or not Tenant is in monetary or other default under this Lease; or if Tenant shall fail to execute any instrument of subordination or attornment
or any estoppel certificate within the time periods set forth in Sections 7.10 and 7.11 respectively following Landlord’s request for the same, then Landlord may immediately or at any time thereafter and without demand or further notice make
entry and repossess the Leased Premises as of Landlord’s former estate, without prejudice to any other remedies, and thereupon this Lease shall terminate; and in case of such termination, or termination by legal proceedings for default,
Landlord may remove all of Tenant’s property from the Leased Premises and store the same in any public warehouse or other suitable location all at the expense and risk of Tenant, and Tenant shall indemnify Landlord during the remaining period
before this Lease would otherwise expire against all loss or damage suffered by reason of the termination, the loss or damage, if any, for each lease month to be paid at the end thereof, or as otherwise herein provided. 

10.2 Reimbursement of Landlord’s Expenses. In the case of termination of this Lease pursuant to Section 10.1, Tenant shall reimburse
Landlord for all reasonable expenses arising out of such termination, including without limitation, all costs incurred in preparing the Plans and performing Landlord’s Work, all costs incurred in collecting amounts due from Tenant under this
Lease (including reasonable attorneys’ fees, costs of litigation and the like); all expenses incurred by Landlord in attempting to relet the Leased Premises or parts thereof (including 

  
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advertisements, brokerage commissions, Tenant’s allowances, lease inducements, costs of preparing space, and the like); and all Landlord’s other reasonable expenditures necessitated by
the termination. The reimbursement from Tenant shall be due and payable immediately from time to time upon notice from Landlord that an expense has been incurred, without regard to whether the expense was incurred before or after the termination.

 10.3 Damages. Notwithstanding any other provisions hereof, Landlord may elect by written notice to Tenant within four months following such
termination to be indemnified for loss of Rent by a lump sum payment representing the then present value of the amount of Rent that would have been paid in accordance with this Lease for the remainder of the Lease Term minus the then present value
of the aggregate fair market rent payable for the Leased Premises for the remainder of the Lease Term (if less than the Rent payable hereunder), estimated as of the date of the termination, and taking into account reasonable projections of vacancy
and time required to relet the Leased Premises. For the purposes of this Section 10.3, the “remainder of the Lease Term” shall not include any Extension Terms available to Tenant under Section 20 of this Lease except to the
extent that the extension option for any such Extension Term has already been exercised by Tenant in accordance with the provisions of Section 20. (For the purposes of calculating the Rent that would have been paid hereunder for the lump sum
payment calculation described herein, the last full year’s Additional Rent under this Lease is to be deemed constant for each year thereafter. The Federal Reserve discount rate (or equivalent) shall be used in calculating present values.)
Should the parties be unable to agree on a fair market rent, the matter shall be submitted, upon the demand of either party, to the Boston, Massachusetts office of the American Arbitration Association, with a request for arbitration in accordance
with the rules of the Association by a single arbitrator who shall be an MAI appraiser with at least ten years experience as an appraiser of suburban commercial real estate in the Eastern Massachusetts area. The parties agree that a decision of the
arbitrator shall be conclusive and binding upon them. Should Landlord fail to make the election provided for in this Section 10.3, Tenant shall indemnify Landlord for the loss of Rent by a payment at the end of each month which would
have been included in the Lease Term, representing the difference between the Rent that would have been paid in accordance with this Lease and the Rent actually derived from the Leased Premises by Landlord for such month (the amount of Rent deemed
derived shall be the actual amount less any portion thereof attributable to Landlord’s reletting expenses described in Section 10.2 that have not been reimbursed by Tenant thereunder). 

10.4 Mitigation. Landlord shall use commercially reasonable efforts to relet the Leased Premises, which efforts shall be subject to the reasonable
requirements of Landlord to lease to high quality tenants and to develop the Building and the Site in a harmonious manner with an appropriate mix of uses, tenants, floor areas and terms of tenancies, and the like. It is agreed that hiring a
reputable leasing broker to lease the Premises. listing the premises at commercially reasonable rates, and cooperating in good faith with such broker shall satisfy the requirement that Landlord use commercially reasonable efforts to relet. 

10.5 Claims in Bankruptcy. Nothing herein shall limit or prejudice the right of Landlord to prove and obtain in a proceeding for bankruptcy,
insolvency, arrangement or reorganization, by reason of the termination, an amount equal to the maximum allowed by the statute of law in effect at the time when, and governing the proceedings in which, the damages are to be proved, whether or not
the amount is greater to, equal to, or less than the amount of the loss or damage which Landlord has suffered. 

  
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 10.6 Late Charge. If any payment of Basic Rent, Additional Rent, or other payment due from Tenant to
Landlord is not paid when due, then Landlord may, at its option, without notice and in addition to all other remedies hereunder, impose a late charge on Tenant equal to 1.5% of the amount in question for each month (prorated for any partial month)
during which said delinquency continues, provided that no late charge will be imposed for Basic Rent payments less than ten days late, up to one time in any calendar year. Such late charge shall constitute Additional Rent hereunder payable upon
demand. 
 10.7 Landlord’s Right to Cure Defaults. Landlord may, but shall not be obligated to cure, at any time any default by Tenant under
this Lease. In curing such defaults, Landlord may enter upon the Leased Premises upon prior notice to Tenant and take such action thereon as may be necessary to effect such cure. Notwithstanding the foregoing, in the case of an emergency threatening
serious injury to persons or property, Landlord may cure such default without prior notice. All costs and expenses incurred by Landlord in curing a default, including reasonable attorneys’ fees, together with interest thereon at the rate of
eighteen (18%) percent per annum from the day of payment by Landlord, shall be paid by Tenant to Landlord on demand. Landlord may use the Security Deposit to effectuate any such cure. 

In the event an emergency threatening serious injury to persons or property occurs and Tenant has made reasonable efforts to notify Landlord,
Tenant may cure such emergency on behalf of and at the expense of the Landlord (provided such actions are Landlord’s responsibilities hereunder) and do all necessary work and make all necessary payments in connection therewith. Landlord agrees
to pay Tenant any reasonable amount so paid on Landlord’s behalf within thirty (30) days of receiving from Tenant such documentation as Landlord may reasonably request to substantiate the amount for which Tenant is seeking reimbursement.

 10.8 Effect of Waivers of Default. No consent or waiver, express or implied, by Landlord to or of any covenant, condition or duty of Tenant shall
be construed as a consent or waiver by Landlord to or of any other breach of the same or any other covenant, condition or duty. 
 ARTICLE
11—ASSIGNMENT AND SUBLETTING 
 11.1 Assignment of Lease by Tenant. Tenant shall not assign all or any portion of or interest in the
Lease without the prior written consent of Landlord. It is agreed that in requesting such consent, Tenant shall provide such information regarding the proposed assignee and the proposed assignment as Landlord may reasonably request. Landlord’s
consent to Tenant’s request shall not be unreasonably withheld or delayed, in each instance, except under circumstances where Tenant is in default beyond applicable grace periods of any covenant in this Lease, in which event such consent may be
withheld in Landlord’s absolute discretion. 

  
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 11.2. Subletting by Tenant. Tenant shall not sublet the Leased Premises or any portion thereof without
Landlord’s prior written consent. It is agreed that in requesting such consent Tenant shall provide such information regarding the proposed sublease and the proposed sublease arrangement as Landlord may reasonably request. Landlord’s
consent to Tenant’s request shall not be unreasonably withheld or delayed, in each instance, except under circumstances where Tenant is in default beyond applicable grace periods of any covenant in this Lease, in which event such consent may be
withheld in Landlord’s absolute discretion. In the event that such sublease is approved, at Landlord’s request, Tenant shall construct a new demising wall separating such space from the remainder of the Leased Premises. 

11.3 If Landlord consents to such assignment or subletting, it is understood and agreed that one-half of all profits realized by Tenant as a result of amounts
collected by the Tenant from such assignee or subtenant shall be paid to Landlord by Tenant. For purposes of this Section 11.3, “profits” shall mean the amount by which all compensation received by Tenant as a result of such assignment or
subletting, net of reasonable expenses actually incurred by Tenant in connection with such assignment or subletting, including leasing commissions amortized over the Term, in the case of an assignment, or over the term of the sublease, in the case
of a subletting, exceeds (b) the Basic Rent and Additional Rent attributable to the entire Leased Premises, in the case of an assignment, or attributable to the portion of the Leased Premises so sublet, in the case of a subletting. 

11.4 The consent by Landlord to any assignment, subletting or occupancy shall not be construed as a waiver or release of Tenant from any and all liability for
the performance of all covenants and obligations to be performed by Tenant under this Lease, nor shall the collection or acceptance of rent from any assignee, transferee or subtenant constitute a waiver or release of Tenant from any of its
liabilities or obligations under this Lease. Landlord’s consent to any assignment, subletting or occupancy shall not be construed as a consent with respect to any subsequent assignment, subletting or occupancy. For any period during which
Tenant is in default with respect to the payment of Rent, Tenant hereby assigns to Landlord the rent due from any subtenant of Tenant and hereby authorizes each subtenant to pay said rent directly to Landlord. 

11.5 Notwithstanding anything contained in Section 11.1 to the contrary, Tenant may assign this Lease to any parent, subsidiary or affiliate of Tenant or
any corporation or other entity into which or with which Tenant is merged or consolidated provided that the assignee has (and will continue to have after the merger, acquisition or takeover as the case may be) a net worth computed in accordance with
generally accepted accounting principles consistently applied at least equal to or greater than the net worth of Tenant immediately prior to such merger, consolidation or transfer and, no less than sixty days prior to such assignment, Tenant shall
deliver to Landlord a statement of income and balance sheet of the proposed assignee for the immediately preceding fiscal year and the immediately preceding fiscal quarter certified by an independent certified public accountant and prepared in
accordance with generally accepted accounting principles consistently applied evidencing such net worth. 

  
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 ARTICLE 12—NOTICES 

All notices, consents, approvals, or other communication required by the provisions of this Lease to be given to Landlord or Tenant shall be in writing and
shall be deemed properly delivered and received when (i) personally delivered (ii) one business day after being placed in the possession of a nationally recognized overnight courier service (such as Federal Express), (iii) three
business days after being deposited in the United States mail, postage prepaid, certified or registered mail, return receipt requested, or (iv) sent by facsimile providing a transmission receipt (and provided the original notice shall be mailed
by a nationally recognized overnight courier service), addressed to the Original Address of the party or to such other address as the party shall have last designated by notice. Notice shall be deemed received on the date of receipt if such notice
is sent by overnight courier. Notwithstanding anything contained herein to the contrary, any notice required under the provisions of Article 17 hereof may be addressed to and given by the respective Construction Representatives of Landlord and
Tenant and delivered at the Property to the attention of such Construction Representatives. 
 ARTICLE 13—NOTICE OF LEASE

 Each party hereto agrees, on the request of the other, to execute a notice of lease in recordable form and complying with applicable
law. In no event shall such document set forth the rent or other charges payable by Tenant under this Lease; and any such document shall expressly state that it is executed pursuant to the provisions contained in this Lease, and is not intended to
vary the terms and conditions of this Lease. At Landlord’s request, promptly upon expiration of or earlier termination of the Lease Term, Tenant shall execute and deliver to Landlord a release of any document recorded in the real property
records for the location of the Property evidencing this Lease, and Tenant hereby appoints Landlord Tenant’s attorney-in-fact, coupled with an interest, to execute any such document if Tenant fails to respond to Landlord’s request to do so
within fifteen (15) days. The obligations of Tenant under this Article 13 shall survive the expiration or any earlier termination of this Lease. 

ARTICLE 14—APPLICABLE LAW, SEVERABILITY, CONSTRUCTION 

This Lease shall be governed by and construed in accordance with the laws of Massachusetts and, if any provisions of this Lease shall to any
extent be invalid, the remainder of this Lease, and the application of such provisions in other circumstances, shall not be affected thereby. This Lease may be amended only by an instrument in writing executed by Landlord and Tenant. The titles of
the several Articles and Sections contained herein are for convenience only and shall not be considered in construing this Lease. 

ARTICLE 15—SUCCESSORS AND ASSIGNS, ETC. 

15.1 It is understood and agreed that the covenants and agreements of the parties hereto shall run with the land and that no covenant or agreement of
Landlord, expressed or implied, shall be binding upon Landlord except in respect of any breach or breaches thereof committed during Landlord’s seisin and ownership of the Leased Premises. If Landlord acts as a Trustee or Trustees of a trust in
making this Lease only the estate for which Landlord acts shall be bound hereby, neither any such Trustee executing this Lease as Landlord nor any shareholder or beneficiary of such trust shall be personally liable for any of the covenants or
agreements of Landlord expressed herein or implied hereunder or otherwise because of anything arising from or 

  
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connected with the use and occupation of the Leased Premises by Tenant. Reference in this Lease to “Landlord” or to “Tenant” and all expressions referring thereto, shall mean
the person or persons, natural or corporate, named herein as Landlord or as Tenant, as the case may be, and the heirs, executors, administrators, successors and assigns of such person or persons, and those claiming by, through or under them or any
of them, unless repugnant to the context. If Tenant is a partnership or a firm of several persons, natural or corporate, the obligations of each person executing this Lease as Tenant shall be joint and several. Any person who signs this Lease for
Tenant or for Landlord in a representative capacity personally warrants and represents that he or she is duly authorized to do so. 
 15.2 It is further
understood and agreed that Tenant shall look solely to the estate and property of the Landlord in the Leased Premises for the satisfaction of Tenant’s remedies for the collection of a judgment (or other judicial process) requiring the payment
of money by the Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants and conditions of this Lease to be observed or performed by the Landlord and any other obligations of Landlord created by or under
this Lease, and no other property or assets of the Landlord or of its partners, beneficiaries, co-tenants, shareholders or principals (as the case may be) shall be subject to levy, execution or other enforcement procedures for the satisfaction of
Tenant’s remedies. 
 ARTICLE 16—LANDLORD’S ACCESS 

Landlord and its authorized agents, employees, subcontractors and representatives shall have the right to enter the Leased Premises at any
time during emergencies (Landlord agrees to use reasonable efforts to notify Tenant of any such emergency) and at all reasonable times with prior notice to Tenant for any of the following purposes: (a) to determine whether the Leased Premises
are in good condition and whether Tenant is complying with its obligations under this Lease; (b) to do any necessary maintenance and to make such repairs, alterations, improvements or additions in or to the Leased Premises as Landlord has the
right or obligation to perform under this Lease, as Landlord may be required to do or make by law, or as Landlord may from time to time deem necessary or desirable; (c) to exhibit the Leased Premises to prospective tenants during the last nine
(9) months of the term of this Lease or during any period while Tenant is in default under this Lease; and (d) to show the Leased Premises to prospective lenders, brokers, agents, buyers or persons interested in an exchange, at any time
during the term of this Lease; provided, however, in no event shall Landlord’s entry into the Leased Premises for any reason other than an emergency unreasonably interfere with Tenant’s use of the Leased Premises or disturb the normal
operations of Tenant’s business 
 If, at any time during the last month of the Term of this Lease, Tenant shall have removed all of
Tenant’s property from all or any portion(s) of the Leased Premises, Landlord may, with Tenant’s prior consent which consent shall not be unreasonably withheld or delayed (except that no consent shall be required if Tenant is in default
under this Lease) immediately enter and alter, renovate and decorate the same, and such acts shall have no effect upon Tenant’s remaining obligations and covenants under this Lease. 

  
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 ARTICLE 17—CONDITION OF PREMISES 

17.1 Landlord’s Work. Landlord is delivering the Leased Premises to Tenant in “as is” condition except as set forth in this Article
17. Landlord shall perform and complete the Landlord’s Work described in Exhibit C attached hereto (as the same may be modified in accordance with Section 17.2). Landlord covenants and represents that the Landlord’s
Work shall be completed in a good and workmanlike manner and in compliance with all applicable laws. Landlord shall pay all the costs incurred by the Landlord in connection with the Landlord’s Work except that Tenant shall pay all costs
incurred in connection with any change order requested by Tenant and agreed to by Landlord in accordance with Section 17.2, and Tenant shall pay all costs for Tenant’s wiring and cabling of the Leased Premises. 

17.2 Plans and Specifications. Landlord shall prepare plans and specifications for the Landlord’s Work (the “Plans”) and shall submit
the Plans to Tenant for its approval, such approval not to be unreasonably withheld or delayed. If Tenant does not advise Landlord in writing of its disapproval of the Plans, and a detailed explanation of the reasons therefore, within seven
(7) business days after Landlord’s delivery of the Plans to Tenant, the same shall be deemed approved by Tenant in all respects. If Tenant shall desire any changes to the Plans, Tenant shall so advise Landlord in writing and Landlord shall
determine whether such changes can be made in a reasonable and feasible manner. If Landlord agrees to make such reasonable changes, Landlord shall revise the Plans and resubmit the same to Tenant for its reasonable approval. If Tenant does not
advise Landlord in writing of its disapproval of the revised Plans, and a detailed explanation of the reasons therefor, within seven (7) business days after Landlord’s delivery of the revised Plans, the same shall be deemed approved by
Tenant in all respects. Any and all costs of reviewing any requested changes, including without limitation architectural, engineering and consultants’ costs, shall be paid to Landlord upon demand, and any and all costs of making any changes to
the Landlord’s Work which Tenant may request and which Landlord may agree to shall be at Tenant’s sole cost and expense and, if Landlord so requests, shall be paid to Landlord upon demand and before execution of any change order. 

17.3 Performance and Completion of Landlord’s Work. Upon issuance of all governmental permits and approvals required for Landlord’s Work,
Landlord shall commence and diligently exercise all reasonable efforts to complete Landlord’s Work. Tenant’s Construction Representative shall visit the Site at weekly intervals, or such other intervals appropriate to the stage of
construction, to monitor the progress of Landlord’s Work, to inspect Landlord’s Work and to determine if Landlord’s Work is being performed in a manner indicating that Landlord’s Work, when completed, will be in accordance with
the Plans. Landlord’s Construction Representative shall provide Tenant’s Construction Representative with reasonable advance notice of all scheduled job meetings at the Site, which notice may be by telephone or email, and Tenant’s
Construction Representative’s attendance at all such meetings shall be mandatory. Tenant’s Construction Representative shall provide written notice to Landlord’s Construction Representative specifically describing any on-site
observations indicating defects or deficiencies in Landlord’s Work (a “Claim”) immediately upon discovery, which in any event shall be no later than 3 business days after performance of that portion of Landlord’s Work that is the
subject of such Claim. Except for latent defects that could not be reasonably discovered by Tenant’s Construction Representative during the inspections described in this Section 17.3 and

  
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de minimis “punch list” items as described below, if Tenant’s Construction Representative fails to provide written notice to Landlord’s Construction Representative of a Claim
within such 3 business day period after performance of that portion of Landlord’s Work that is the subject of such Claim, such Claim shall be deemed irrevocably waived by Tenant. Landlord’s Construction Representative shall review Claims
and take one or more of the following preliminary actions within 3 business days of receipt of a Claim: (1) request additional supporting data from Tenant’s Construction Representative, (2) submit a schedule to the parties indicating
when Landlord’s Construction Representative expects to take action, (3) reject the Claim in whole or in part, stating reasons for rejection, (4) recommend approval of the Claim by Landlord or (5) suggest a compromise. If a Claim
has been resolved, Landlord’s Construction Representative will prepare written documentation evidencing such resolution which shall be executed by both Landlord and Tenant. If a Claim has not been resolved, Tenant’s Construction
Representative shall, within ten days after Landlord’s Construction Representative’s preliminary response, take one or more of the following actions: (1) submit additional supporting data requested by Landlord’s Construction
Representative, (2) modify the initial Claim or (3) notify Landlord’s Construction Representative that the initial Claim stands, in which case if the parties are unable to resolve the Claim the dispute resolution procedure set forth
in Section 17.6 below may be employed. 
 Landlord’s Work shall be deemed to have been substantially completed on the first day as
of which (i) Landlord’s Work has been completed in accordance with Exhibit C hereto except for items of work (and, if applicable, adjustment of equipment and fixtures) which can be completed without causing undue interference with
Tenant’s preparation for its occupancy of the Leased Premises (i.e. so called “punch list” items), Landlord’s architect has so certified and Tenant has been given notice thereof; and (ii) the Town of Shrewsbury has issued a
temporary or final certificate of occupancy for the Building and a copy of such certificate has been delivered to Tenant. Such date is hereinafter called the “Substantial Completion Date.” Landlord’s Work shall be deemed to have been
fully completed on the first day as of which Landlord’s Work, including Tenant’s Punch List (as hereinafter defined), has been fully completed, Landlord’s architect has so certified and Tenant has been given notice thereof, and the
Town of Shrewsbury has issued a final certificate of occupancy. Such date is hereinafter called the “Final Completion Date.” All work required to convert a temporary certificate of occupancy to a final certificate of occupancy shall be
completed within sixty (60) days of the issuance of the temporary certificate, or if such work is not susceptible of being completed within such sixty (60) day period, for example as in the case of work requiring delivery of long lead-time
items or work that must be delayed due to winter or other weather conditions, within a commercially reasonable time after issuance of the temporary certificate. 

Within ten (10) days following the Substantial Completion Date, Tenant shall inspect the Premises. Tenant shall have ten (10) days
from the Substantial Completion Date to deliver to Landlord an itemized good faith punch list of work not done, not completed or in need of repair (“Tenant’s Punch List”). Any item not on Tenant’s Punch List which could
reasonably have been discovered during Tenant’s Punch List inspection of the Premises shall be deemed irrevocably waived by Tenant. Landlord agrees that, upon receipt of Tenant’s Punch List, it shall diligently and in good faith, at its
sole cost and expense and as expeditiously as practical (but in accordance with good construction practice) complete all appropriate Punch List repairs. With 

  
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regard to those latent defects which could not be reasonably discovered during the Punch List inspection (or could not have been discovered at any prior inspection performed by Tenant,
Tenant’s Construction Representative, Tenant’s architect or any other consultant, employee or agent of Tenant) Tenant shall have one year from the Substantial Completion Date to request that such defects be corrected by Landlord at its
expense. Any construction defect noted more than one year from the Substantial Completion Date shall be solely Tenant’s responsibility. Landlord shall assign to Tenant any and all warranties of Landlord’s Work which Landlord may receive
from third parties to the extent that such warranties are assignable. Upon completion of those items not completed as of the Substantial Completion Date, including, without limitation, all appropriate items specified on Tenant’s Punch List,
Landlord shall submit to Tenant a written notice of the final completion of Landlord’s Work. Tenant shall afford Landlord access to the Premises for the purpose of completing Tenant’s Punch List. 

17.4 Landlord’s Performance. Tenant shall give Landlord notice, not later than ten (10) days after the Final Completion Date,
of any respects in which Landlord has not performed Landlord’s Work fully, properly and in accordance with the terms of this Lease. Except as identified in any such notice from Tenant to Landlord, and except as otherwise set forth in
Section 17.3 above, Tenant shall have no right to make any claim that Landlord has failed to perform any of Landlord’s Work fully, properly and in accordance with the terms of this Lease or to require Landlord to perform any further
Landlord’s Work. Except for Landlord’s Work, the Leased Premises are being leased in their present condition, AS IS, WITHOUT REPRESENTATION OR WARRANTY by Landlord. Tenant acknowledges that it has inspected the Premises and, except for
Landlord’s Work, has found the same satisfactory. 
 17.5 Tenant’s Delay. 

(a) A “Tenant Delay” shall mean an actual delay in the occurrence of the Substantial Completion Date or the Final Completion Date
with respect to Landlord’s Work as the result of: 
 (1) any unreasonable delay by Tenant in approving the Plans; 

(2) any request by Tenant that Landlord delay the commencement or completion of Landlord’s Work for any reason; 

(3) any request by Tenant to change the Plans after initial approval thereof by Tenant, or the making of any changes to
Landlord’s Work requested by Tenant and agreed to by Landlord after initial approval of the Plans by Tenant; 
 (4) any
failure by Tenant to respond in writing within seven (7) business days after any written request by Landlord for clarification or interpretation of the Plans or for approval of changes in the Plans deemed necessary by Landlord; or 

(5) any other act or omission of Tenant or its officers, agents, employees or contractors; 

  
 35 

 Notwithstanding the foregoing, no event shall be deemed to be a Tenant Delay until and unless Landlord has given
Tenant written notice (the “Tenant Delay Notice”) advising Tenant (i) that a Tenant Delay is occurring, (ii) of the basis on which Landlord has determined that a Tenant Delay is occurring, and (iii) the actions which
Landlord believes that Tenant must take to eliminate such Tenant Delay, and Tenant has failed to correct the Tenant Delay specified in the Tenant Delay Notice within forty-eight (48) hours following receipt thereof. No period of time prior to
expiration of such 48-hour period shall be included in the period of time charged to Tenant pursuant to such Tenant Delay Notice if Tenant corrects the Tenant Delay specified in the Tenant Delay Notice within such 48-hour period. 

(b) If a delay in the Substantial Completion Date or the Final Completion Date, or if any substantial portion of such delay, is the result of
Force Majeure, and such Force Majeure delay would not have occurred but for a delay described in Section 17.5(a), such Force Majeure delay shall be added to the delay described in Section 17.5(a) and shall constitute a Tenant
Delay. 
 17.6 Arbitration. All disputes arising under this Article 17 including, without limitation, any dispute regarding the Term
Commencement Date (a “Construction Dispute”), shall be resolved by the arbitration procedure set forth below. In the event of a Construction Dispute, Tenant agrees to perform all of its obligations and pay any amounts due, in each case as
determined by Landlord, on or before the dates specified in this Lease, until such time as the Construction Dispute is resolved by arbitration in accordance with this Section 17.6. At any time from the date hereof until the Substantial
Completion Date (and during the period from the Substantial Completion Date until twelve (12) months thereafter with respect to latent defects as set forth in Section 17.3) (the “Arbitration Period”), either Landlord or
Tenant may request any Construction Dispute be submitted to arbitration in accordance with this Section 17.6 by giving a Notice of Dispute (as defined below) to the other party. Failure of Landlord or Tenant to give a Notice of Dispute
during the Arbitration Period shall be a waiver by Landlord or Tenant of any claim arising from such dispute. All Construction Disputes shall be submitted to arbitration within three (3) business days after either party receives, during the
Arbitration Period, notice from the other that a dispute or disagreement exists and requesting that the dispute be submitted to arbitration (the “Notice of Dispute”). 

The arbitrators shall be reputable contractors of office, laboratory and research and development buildings having at least ten
(10) years’ experience in construction matters in the greater Boston, Massachusetts area, and who have not worked for or on behalf of Landlord or Tenant within the preceding five years. Landlord and Tenant shall each designate an
arbitrator within ten (10) days after the receipt of the Notice of Dispute. If either party fails to do so on or before such date, time being of the essence, the arbitrator designated by the other party shall be the sole arbitrator. If each
party timely designates an arbitrator, such arbitrators shall within ten (10) days select a third arbitrator. In the event that the parties are unable to agree, for any reason, on the choice of the third arbitrator within such ten (10) day
period, Landlord shall request the American Arbitration Association for Worcester County, Massachusetts to designate a contractor as set forth above to act as the third arbitrator and such choice shall be deemed consented to by all parties. 

  
 36 

 The arbitrators shall conduct the arbitration under the expedited rules of the American
Arbitration Association then obtaining. The arbitrators shall award costs (including professional fees) to the prevailing party. Further, the arbitrators shall determine whether delays attributable to the matter submitted to arbitration have delayed
completion of Landlord’s Work and shall apportion or allocate any such delay to the responsible party or parties. 
 The determination
of the arbitrators shall be conclusive and binding upon the parties and judgment upon any award may be entered in any court having jurisdiction over the subject matter of the controversy. 

ARTICLE 18—WARRANTY REGARDING BROKERS 

Tenant warrants and represents that Tenant has dealt with no broker in connection with the consummation of this Lease other than Broker, and, in the event of
any brokerage claims against Landlord predicated upon prior dealings with Tenant, Tenant agrees to defend the same and indemnify Landlord against any such claim (except any claim by Broker). Landlord warrants and represents that Landlord has dealt
with no Broker in connection with the consummation of this Lease other than Broker, and, in the event of any brokerage claims against Tenant predicated upon prior dealings with Landlord, Landlord agrees to defend the same and indemnify Tenant
against any such claim Landlord shall pay the commission due the Broker identified in Section 1.1 of the Lease pursuant to a separate agreement entered into by Landlord with the Broker. 

ARTICLE 19—HAZARDOUS MATERIALS 

19.1 Tenant shall not (either with or without negligence) cause or permit the escape, disposal, release or threat of release of any biologically or chemically
active or other Hazardous Materials (as said term is hereafter defined) on, in, upon or under the Leased Premises of the Site. Tenant shall not allow the generation, storage, use or disposal of such Hazardous Materials in any manner not sanctioned
by law or by the highest standards prevailing in the industry for the generation, storage, use and disposal of such Hazardous Materials, nor allow to be brought into the Leased Premises or the Site any such Hazardous Materials except for use in the
ordinary course of Tenant’s business, and then only after written notice is given to Landlord of the identity of such Hazardous Materials. Hazardous Materials shall include, without limitation, any material or substance which is
(i) petroleum, (ii) asbestos, (iii) designated as a “hazardous substance” pursuant to Section 311 of the Federal Water Pollution Control Act, 33 U.S.C. §1251 et seq. (33 U.S.C. §1321) or listed pursuant to
§307 of the Federal Water Pollution Control Act (33 U.S.C. §1317), (iv) defined as a “hazardous waste” pursuant to Section 1004 of the Resource Conservation and Recover Act, 42 U.S.C. 6901 et seq. (42 U.S.C.
§6903), (v) defined as a “hazardous substance” pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §9601 et seq. (42 U.S.C. §9601), as amended, or
(vi) defined as “oil” or a “hazardous waste”, a “hazardous substance”, a “hazardous material” or a “toxic material” under any other law, rule or regulation applicable to the Property, including,
without limitation, Chapter 21E of the Massachusetts General Laws, as amended. If any lender or governmental agency shall ever require testing to ascertain whether or not there has been any release of Hazardous Materials, then the reasonable costs
thereof shall be reimbursed by Tenant to Landlord upon demand as additional charges but only if such requirement applies to the Leased Premises or may be the result of the acts or omissions of Tenant. In addition, Tenant shall

  
 37 

 
execute affidavits, representations and the like, from time to time, at Landlord’s request concerning Tenant’s best knowledge and belief regarding the presence of Hazardous Materials in
the Leased Premises or the Site. In all events, Tenant shall indemnify and save Landlord harmless from any release on threat of release on the presence or existence of Hazardous Materials in the Leased Premises occurring while Tenant is in
possession, or elsewhere on the Site if caused by Tenant or persons acting under Tenant. The within covenants and indemnity shall survive the expiration or earlier termination of the Term of this Lease. Landlord expressly reserves the right to enter
the Leased Premises to perform regular inspections. 
 19.2 Notwithstanding anything herein to the contrary, Tenant shall not be responsible
for the costs and expenses incurred in connection with the removal or remediation of Hazardous Material that is not in compliance with applicable law on the Term Commencement Date and which is located in, on or under the Building or the Property
prior to the Term Commencement and was not brought on to the Property by Tenant. 
 19.3 Landlord warrants and represents that there are
currently no Hazardous Materials in the Leased Premises. 
 ARTICLE 20—EXTENSION TERMS 

Provided the Lease is then in full force and effect and further provided that Tenant is not then in default under any of the terms, covenants
or conditions of the Lease on Tenant’s part to be observed or performed, Tenant shall have two (2) successive options to extend this Lease and the Lease Term for an extended term of five (5) years per option (the “Extension
Terms”); each such option to be exercisable only by written notice given by Tenant to Landlord at least nine (9) months prior to the expiration of the Lease Term then in effect. If Tenant exercises such options in accordance with the
provisions and limitations of this Article, this Lease and the Lease Term shall be extended for five (5) years (unless sooner terminated pursuant to the terms of this Lease) commencing on the date following the last day of the Lease Term in
effect prior to such option being exercised, upon all of the then applicable terms, covenants and conditions contained in this Lease, including payment of Basic Rent in the amounts set forth in Section 1.1, it being understood that such Basic
Rent shall be payable in equal monthly installments, in advance, just as in the case of the Original Lease Term. 
 Time is of the essence
with respect to the exercise of the options contained herein. Tenant shall not have the right to give any notice exercising such options after the expiration of the applicable time limitation set forth herein, and any notice given after such time
limitation purporting to exercise such option shall be void and of no force or effect. 
 ARTICLE 21—FORCE MAJEURE  

In the event that Landlord or Tenant shall be delayed, hindered in or prevented from the performance of any act required hereunder by reason
of Force Majeure, then performance of such act shall be excused for the period of the delay and the period for the performance of any such act shall be extended for a period equivalent to the period of such delay. 

  
 38 

 ARTICLE 22—HOLDOVER CLAUSE  

In the event Tenant fails to vacate the Leased Premises by the end of the Lease Term or the extension term, Tenant hereby agrees to pay
Landlord two hundred percent (200%) of the then applicable monthly installment of Rent. The “Holdover Rental Rate” shall be paid monthly in advance to Landlord. In determining the “Holdover Rental Rate” Landlord shall use
two hundred percent (200%) percent of the Basic Rent and all Additional Rent payable for the last full calendar month under the Lease. In addition to the “Holdover Rental Rate”, Landlord shall be entitled to seek to recover full
damages sustained as a result of said holdover. 
 ARTICLE 23—MISCELLANEOUS 

23.1 This Lease may be executed in several counterparts, all of which constitute one and the same instrument. 

23.2 If any provision of this Lease, or its application to any situation, shall be invalid or unenforceable to any extent, the remainder of this Lease, or the
application thereof to situations other than as to which it is invalid or unenforceable, shall not be affected thereby, and every provision of this Lease shall be valid and enforceable to the fullest extent permitted by law. 

23.3 This Lease constitutes the entire agreement between the parties concerning the Leased Premises, and may be amended only by written agreement of the
parties. No representations, inducements, promises or agreements, oral or otherwise, concerning the Leased Premises between Landlord and Tenant or any of their respective brokers, employees or agents, not embodied herein, shall be of any force or
effect. 
 23.4 Time is of the essence of every provision of this Lease. 

23.5 There are no third party beneficiaries of this Lease, either express or implied. 

23.6 This Lease shall create only the relationship of landlord and tenant between Landlord and Tenant and no estate shall pass out of Landlord. Nothing herein
is intended to be construed as creating a joint venture or partnership relationship between the parties hereto, or a relationship of principal and agent or employer and employee. 

23.7 LANDLORD AND TENANT KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY DISPUTE ARISING IN CONNECTION WITH THIS LEASE. 

[End of page. Signature page follows.] 

  
 39 

 EXECUTED as an instrument under seal as of this
             day of December, 2006. 
  

			
	LANDLORD:	  	TENANT:
		
	 The Taming Of The Shrewsbury, LLC,
 O’Neill
Partners, LLC and Chanski, LLC,
 as tenants in common
	  	Valeritas, LLC
		  	By:                                     
                                         
           
	By: The Taming Of The Shrewsbury, LLC,	  	Name:                                     
                                         
     
	 as TIC Manager
	  	Title:                                     
                                         
       

  

					
		 	By:  	 	_________________________________
		 		 	        Vincent G. O’Neill, Manager

  
 40 

 EXHIBIT A 

FLOOR PLAN OF LEASED PREMISES 

(see attached) 

  
 41 

 

 

 EXHIBIT B 

LEGAL DESCRIPTION OF SITE 
 That
certain parcel of land situate in Shrewsbury in the County of Worcester and said Commonwealth, bounded and described as follows: 
  

			
	NORTHWESTERLY	  	by the southeasterly line of Boston-Worcester Turnpike, three hundred twenty-six and 61/100 (326.61) feet;
		
	NORTHEASTERLY	  	by land and now or formerly of Carmine Zamarro, et al, seven hundred twenty-three and 36/100 (723.36) feet;
		
	SOUTHEASTERLY	  	by land now or formerly of Raymond Fuller, three hundred seventy-nine and 22/100 (379.22) feet;
		
	SOUTHWESTERLY	  	by the northeasterly line of Chestnut Street, three hundred ninety-two and 3/100 (392.03) feet;
		
	NORTHWESTERLY	  	seventy-five (75) feet;
		
	SOUTHWESTERLY	  	four hundred twenty-two and 70/100 (422.70) feet by land now or formerly of Richard N. Shaw, et al.

 All of said boundaries are determined by the Court to be located as shown upon Plan No. 26130-A, which is filed with
original Certificate of Title No. 5153, the same being compiled from a plan drawn by Schofield Brothers, Civil Engineers, dated September 1, 1955, and additional data on filed in the Land Registration Office, all as modified and approved
by the Court. 

  
 43 

 EXHIBIT C 

LANDLORD’S WORK 
  

	 	•	 	All base building systems serving the Leased Premises shall be in good working order. 

  

	 	•	 	Landscaping improvements shall include installation of an in-ground sprinkler system. 

  
 44 

 EXHIBIT D 

TERM COMMENCEMENT DATE LETTER 

                    , 2006 

[Name of Contact] 
 [Name of Tenant] 

[Address of Tenant] 
  

	RE:	[Address of Premises] 

 Dear [Name of Contact]: 

Reference is hereby made to that certain Lease, dated as of
                    , 2006, between [Landlord], as Landlord and [Tenant], as Tenant, with respect to the above-referenced Premises. In
accordance with the Lease, this is to confirm that the Term Commencement Date under the Lease occurred on                     . 

If the foregoing is in accordance with your understanding, kindly execute the enclosed duplicate of this letter, and return the same to us. 

 

	
	Very truly yours,
	
	[Landlord]
	
	By:                                     
                                
	Name:                                     
                            
	Title:                                     
                              
	
	Accepted and Agreed:
	
	[Tenant]
	
	By:                                     
                                
	Name:                                     
                            
	Title:                                     
                              
	Date:                                     
                              

  
 45 

 EXECUTED as an instrument under seal as of this 22nd day of
December, 2006. 
  

			
	LANDLORD:	  	TENANT:
		
	 The Taming Of The Shrewsbury, LLC,
 O’Neill
Partners, LLC and Chanski, LLC,
 as tenants in common
	  	Valeritas, LLC
		
	 By: The Taming Of The Shrewsbury, LLC, 

as TIC Manager
	  	 By: /s/ Robert R.
Gonnelli                                    

Name: Robert R.
Gonnelli                                

Title: President of
CEO                          

 

					
		 	By: 	 	/s/ Vincent G. O’Neill                    
		 		 	Vincent G. O’Neill, Manager

 FIRST AMENDMENT TO LEASE 

This First Amendment to Lease (“Amendment”) is made as of this 24 day of April, 2009 by and between The Taming Of The Shrewsbury,
LLC, a Massachusetts limited liability company, O’Neill Partners, LLC, a Hawaii limited liability company, and Chanski, LLC, a Florida limited liability company, as tenants in common, as Landlord, and Valeritas, LLC, as Tenant. 

WHEREAS, Landlord and Tenant are parties to that certain lease dated as of December 22, 2006 (the “Lease”) with respect to
certain premises comprising of 46,350 rentable square footage (the “Leased Premises”) in the building located at 800 Boston Turnpike, Shrewsbury, Massachusetts (the “Building”); and 

WHEREAS, Landlord and Tenant now desire to amend the Lease to reflect the additional space to be included in the Leased Premises and to
otherwise modify the Lease as set forth in this Amendment. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, Landlord and Tenant hereby amend the Lease as follows: 

1. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Lease. 

2. Landlord hereby leases to Tenant and Tenant hereby accepts the additional space consisting of a total of 26,458 rentable square feet in the
Building, as shown on Exhibit A attached hereto (the “Additional Space”), 13,858 rentable square feet of which shall be incorporated into the Leased Premises effective as of June 1, 2009, and 12,600 rentable square feet of which shall
be incorporated into the Leased Premises effective as of June 1, 2010. 
 3. Landlord shall deliver the Additional Space to Tenant upon
completion of Landlord’s Additional Space Work (as defined below) and shall provide heat and all other services currently provided to the Leased Premises by Landlord to the Additional Space (but not cooling unless Tenant intends to include air
conditioning as part of Landlord’s Additional Space Work), otherwise the Additional Space shall be delivered to Tenant in its “as-is” condition. For the purposes of this Section 3 of this Amendment, Landlord’s Additional
Space Work shall include: (i) the erection of demising walls and /or connecting doors between the Leased Premises and the Additional Premises (or within the Additional Space) as directed by Tenant prior to June 1, 2009, and
(ii) installation of new fixtures, to include new cabinetry, toilets, mirror, sink, faucet and tile floor, in the existing bathroom in the Additional Space (which improvements and fixtures shall be approved by Tenant in advance in Tenant’s
reasonable discretion) and to deliver the bathroom in good order, repair and condition. Landlord’s Additional Space Work shall be governed by 

 
Section 17 of the Lease as if it were a part of Landlord’s Work under the Lease (including, but not limited to, the preparation of plans, issuance of permits and completion of the work
in a good and workmanlike manner); provided, however, the cost of Landlord’s Additional Space “Work shall be paid by Tenant in the following manner upon completion and receipt of evidence of documented reasonable actual costs incurred by
Landlord: at Tenant’s option, (i) in a lump sum by Tenant to Landlord within 60 days after Tenant’s receipt of such evidence, or (ii) amortized over the Original Lease Term at an interest rate of 8% per year. If Tenant opts
to amortize such costs, Landlord and Tenant shall enter into an amendment to the Lease to adjust the Basic Rent schedule for the Additional Space to include such amortized costs. If Landlord fails to complete Landlord’s Work prior to
June 1, 2009, Tenant shall have the right, but not the responsibility, to complete Landlord’s Work without further consent or permission from Landlord, at Landlord’s expense, provided, however, that the cost of Landlord’s
Additional Space Work shall be reimbursed by Tenant in the manner set forth above. Landlord shall be solely and exclusively responsible for all heating costs to heat the Additional Space incurred by Landlord or Tenant as a result of the lack of such
walls and/or doors until completion of Landlord’s Additional Space Work. Tenant’s obligation to pay Basic Rent for the Additional Space shall commence and be conditioned upon the completion of Landlord’s Additional Space Work, which
shall be determined by Tenant in Tenant’s commercially reasonable discretion. 
 4. Commencing on June 1, 2009 and continuing
until May 31, 2010, Tenant shall pay to Landlord (i) Annual Basic Rent for 3,833 rentable square feet of the initial 13,858 rentable square feet of Additional Space in the amount of Twenty Thousand One Hundred Twenty-Three and 25/100
Dollars ($20,123.25) and (ii) Annual Basic Rent for the remaining 10,025 rentable square feet of the initial 13,858 rentable square feet of Additional Space in the amount of Forty Thousand One Hundred Dollars ($40,100.00), so that the aggregate
Annual Basic Rent for the initial 13,858 rentable square feet of Additional Space as of June 1, 2009 shall be Sixty Thousand Two Hundred Twenty-Three and 25/100 Dollars ($60,223.25), payable in equal monthly installments of Five Thousand
Eighteen and 60/100 Dollars ($5,018.60), which payments shall be in addition to the Monthly Basic Rent payable in accordance with the Basic Rent schedule set forth in Section 1.1 of the Lease 

5. Commencing on June 1, 2010, the Tenant shall pay to the Landlord Basic Rent for the entire 26,458 rentable square feet of Additional
Space in accordance with the schedule below, which payments shall be in addition to the Basic Rent payable in accordance with the Basic Rent schedule set forth in Section 1.1 of the Lease. 

 Basic Rent for Additional Space: 
  

									
	 Period
	  	Annual Basic
Rent	 	  	Monthly
Basic Rent	 
	 June 1, 2010 to May 31, 2011
	  	$	138,904.50	  	  	$	11,575.38	  
	 June 1, 2011 to May 31, 2012
	  	$	145,519.00	  	  	$	12,126.58	  
	 June 1, 2012 to May 31, 2013
	  	$	152,133.50	  	  	$	12,677.79	  
	 June 1, 2013 to May 31, 2014
	  	$	158,748.00	  	  	$	13,229.00	  
	 June 1, 2014 to May 31, 2015
	  	$	165,362.50	  	  	$	13,780.21	  
	 June 1, 2015 to May 31, 2016
	  	$	171,977.00	  	  	$	14,331.42	  
	 June 1, 2016 to May 31, 2017
	  	$	178,591.50	  	  	$	14,882.63	  
	 June 1, 2017 to October 31, 2017
	  	$	185,206.00	  	  	$	15,433.83	  
	 First Extension Term (if applicable)
	  				  			
	 November 1, 2017 to May 31, 2018
	  	$	185,206.00	  	  	$	15,433.83	  
	 June 1, 2018 to May 31, 2019
	  	$	191,820.50	  	  	$	15,985.04	  
	 June 1, 2019 to May 31, 2020
	  	$	198,435.00	  	  	$	16,536.25	  
	 June 1, 2020 to May 31, 2021
	  	$	205,049.50	  	  	$	17,087.46	  
	 June 1, 2021 to May 31, 2022
	  	$	211,664.00	  	  	$	17,638.67	  
	 June 1, 2022 to October 31, 2022
	  	$	218,278.50	  	  	$	18,189.88	  
	 Second Extension Term (if applicable)
	  				  			
	 November 1, 2022 to May 31, 2023
	  	$	218,278.50	  	  	$	18,189.88	  
	 June 1, 2023 to May 31, 2024
	  	$	224,893.00	  	  	$	18,741.08	  
	 June 1, 2024 to May 31, 2025
	  	$	231,507.50	  	  	$	19,292.29	  
	 June 1, 2025 to May 31, 2026
	  	$	238,122.00	  	  	$	19,843.50	  
	 June 1, 2026 to May 31, 2027
	  	$	244,736.50	  	  	$	20,394.71	  
	 June 1, 2027 to October 31, 2027
	  	$	251,351.00	  	  	$	20,945.92	  

 6. The Right of First Refusal set forth in Section 1.1 of the Lease is hereby deleted in its entirety and
replaced with the following: 
 “Tenant shall have a Right of First Refusal to lease any of the remaining 7,192 square feet of space in the Building on
an “as-is” basis (provided the space is to be delivered to Tenant in broom clean condition and free and clear of all tenancies). If at any time during the Lease Term, Landlord intends to enter into a proposed lease (a “Proposed
Lease”) for all or any portion of the remaining 7,192 square feet of space in the Building with anyone (a “Proposed Tenant”), Landlord shall first offer to Tenant the right to add to the Leased Premises the entire space set
forth in the Proposed Lease upon the following terms and conditions: 
 A. Landlord shall notify Tenant of its intention to enter into such a
Proposed Lease. Such notice shall be in writing (the “Offer Notice”) and shall provide Tenant with specific information concerning the amount of square footage of space which Landlord intends to lease, the term, as well as the
specific location of such space (the “Offered Space”). In order to send the Offer Notice, Landlord does not need to have negotiated a lease with the Proposed Tenant but must have either a signed letter of intent or a signed term sheet from
the Proposed Tenant. 

 B. If Tenant, within fourteen (14) days after receipt of Landlord’s Offer Notice,
indicates in writing its unconditional agreement to exercise its rights under this Lease to lease the entire Offered Space (“Tenant’s Notice”) in its “as-is” condition (provided the space is to be delivered to Tenant
in broom clean condition and free and clear of all tenancies), the Offered Space shall be included within the Leased Premises and leased to Tenant pursuant to the provisions of this Lease (including making the Offered Space term be coterminous with
the Lease Term under the Lease), including, without limitation, the provisions relating to the rights and obligations of the parties with respect to alterations. However, (i) the Basic Rent payable under this Lease shall be increased by the
amount of rent attributable to the Offered Space at the same rental rate per square foot NNN as the rental rate per square foot NNN reflected in the Basic Rent for Additional Space schedule set forth above in this Amendment, and (ii) Tenant
shall pay Additional Rent for Impositions and Operating Expenses based on Tenant’s Proportionate Share of the Building as adjusted to reflect the increase in the rentable square footage of space in the Leased Premises. Landlord shall provide
heat to the Offered Space and all other services currently provided to the Leased Premises by Landlord, otherwise the Offered Space shall be delivered to Tenant in its “as-is” condition (provided the space is to be delivered to Tenant in
broom clean condition and free and clear of all tenancies) and except for any improvements or demising walls requested by Tenant, the cost of which shall be treated the same as Landlord’s Additional Space Work in Section 3 of this
Amendment. Time shall be of the essence with respect to the giving of the Offer Notice and Tenant’s Notice. Tenant must accept the entire Offered Space and may not exercise its right with respect to less than the Offered Space. 

The parties shall immediately execute an amendment to this Lease stating the addition of the Offered Space to the Leased Premises. If Tenant
fails to provide Landlord with Tenant’s Notice within the fourteen (14) day period described above, Landlord thereafter shall have the right to lease the Offered Space to the Proposed Tenant on the same terms and conditions offered to
Tenant (and if Landlord modifies those terms and conditions in any way, Landlord must first send Tenant a new Offer Notice and Tenant shall have all of the same rights set forth above for the first Offer Notice with respect to the new Offer Notice),
provided, however, that in any case Tenant shall have the non-exclusive right to use the third loading dock serving the Building in common with any other tenant or tenants leasing all or any of the remaining 7,192 square feet of space in the
Building. The provisions of this section shall be operative each time any lease for any portion of the remaining space in the Building shall expire and Landlord intends to enter into a Proposed Lease for such space with a Proposed Tenant. 

7. The definition of “Leased Premises” set forth in Section 1.1 of the Lease is hereby deleted and replaced in its entirety
with the following: 
 “Leased Premises: As of June 1, 2009, 60,208 rentable square feet of space in the Building as shown on
Exhibit A attached hereto; and as of June 1, 2010, 72,808 rentable square feet of space in the Building as shown on Exhibit A attached hereto.” 

 8. The definition of “Tenant’s Proportionate Share of the Building” set forth in
Section 1.1 of the Lease is hereby deleted and replaced in its entirety with the following: 
 “Tenant’s Proportionate Share
of the Building: 75.26% as of June 1, 2009; and 91.01% as of June 1, 2010” 
 9. Exhibit A to the Lease is hereby deleted and
replaced in its entirety with the new Exhibit A attached hereto. 
 10. Except as specifically stated herein, the Tenant’s use and
occupancy of the Leased Premises, including the Additional Space, shall otherwise continue upon all of the same terms and conditions set forth in the Lease. 

11. Except as amended hereby, the Lease remains in full force and effect and is hereby ratified and affirmed. 

12. Tenant warrants and represents that Tenant has dealt with no broker in connection with the consummation of this Amendment, and, in the
event of any brokerage claims against Landlord predicated upon prior dealings with Tenant in connection with this Amendment, Tenant agrees to defend the same and indemnify Landlord against any such claim. Landlord warrants and represents that
Landlord has dealt with no Broker in connection with the consummation of this Amendment other than Broker, and, in the event of any brokerage claims against Tenant predicated upon prior dealings with Landlord in connection with this Amendment,
Landlord agrees to defend the same and indemnify Tenant against any such claim 
 13. The definition of Address of Tenant after Term
Commencement Date (which should be the address used for all notices under the Lease) is hereby deleted and replaced in its entirety with the following: 

Valeritas, Inc. 
 9 Campus Drive,
2nd Floor East 
 Parsippany, NJ 07054 

Attention: Ernie Toth, Chief Financial Officer 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written. 

 

									
	LANDLORD:	 		 	TENANT:
			
	The Taming Of The Shrewsbury, LLC, O’Neill Partners, LLC and Chanski, LLC, as tenants in common	 		 	Valeritas, LLC
		 		 		 	By:	 	/s/ Geoffrey H Jenkins
	By:	 	The Taming Of The Shrewsbury, LLC, as TIC Manager	 		 	Name:	 	Geoffrey H Jenkins
		 		 		 	Title:	 	EVP
					
	By:	 	 	 		 		 	
		 	Vincent G. O’Neill, Manager	 		 		 	

 EXHIBIT A 

FLOOR PLAN OF LEASED PREMISES 

(see attached)EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP IV, L.P. 

 FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP IV, L.P. 
 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE 1 DEFINED TERMS	  	 	1	  
		
	ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION	  	 	10	  
	 2.1
	 	 Formation
	  	 	10	  
	 2.2
	 	 Name, Office and Registered Agent
	  	 	10	  
	 2.3
	 	 Partners
	  	 	10	  
	 2.4
	 	 Term and Dissolution
	  	 	11	  
	 2.5
	 	 Filing of Certificate and Perfection of Limited Partnership
	  	 	11	  
	 2.6
	 	 Certificates Describing Partnership Units
	  	 	11	  
		
	ARTICLE 3 BUSINESS OF THE PARTNERSHIP	  	 	12	  
		
	ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	 	12	  
	 4.1
	 	 Capital Contributions
	  	 	12	  
	 4.2
	 	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	 	12	  
	 4.3
	 	 Additional Funding
	  	 	14	  
	 4.4
	 	 Capital Accounts
	  	 	14	  
	 4.5
	 	 Percentage Interests
	  	 	15	  
	 4.6
	 	 No Interest on Contributions
	  	 	15	  
	 4.7
	 	 Return of Capital Contributions
	  	 	15	  
	 4.8
	 	 No Third Party Beneficiary
	  	 	15	  
		
	ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS	  	 	15	  
	 5.1
	 	 Allocation of Profit and Loss
	  	 	15	  
	 5.2
	 	 Distributions
	  	 	17	  
	 5.3
	 	 REIT Distribution Requirements
	  	 	21	  
	 5.4
	 	 No Right to Distributions In Kind
	  	 	21	  
	 5.5
	 	 Limitations of Return of Capital Contributions
	  	 	21	  
	 5.6
	 	 Distributions Upon Liquidation
	  	 	21	  
	 5.7
	 	 Substantial Economic Effect
	  	 	21	  
		
	ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	 	22	  
	 6.1
	 	 Management of the Partnership
	  	 	22	  
	 6.2
	 	 Delegation of Authority
	  	 	24	  
	 6.3
	 	 Indemnification and Exculpation of Indemnitees
	  	 	24	  
	 6.4
	 	 Liability of the General Partner
	  	 	26	  
	 6.5
	 	 Reimbursement of General Partner
	  	 	27	  
	 6.6
	 	 Outside Activities
	  	 	27	  
	 6.7
	 	 Employment or Retention of Affiliates
	  	 	27	  
	 6.8
	 	 General Partner Participation
	  	 	28	  
	 6.9
	 	 Title to Partnership Assets
	  	 	28	  
	 6.10
	 	 Miscellaneous
	  	 	28	  

  
 i 

							
		
	ARTICLE 7 CHANGES IN GENERAL PARTNER	  	 	28	  
	 7.1
	 	 Transfer of the General Partner’s Partnership Interest
	  	 	28	  
	 7.2
	 	 Admission of a Substitute or Additional General Partner
	  	 	30	  
	 7.3
	 	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	31	  
	 7.4
	 	 Removal of a General Partner
	  	 	31	  
		
	ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	 	32	  
	 8.1
	 	 Management of the Partnership
	  	 	32	  
	 8.2
	 	 Power of Attorney
	  	 	32	  
	 8.3
	 	 Limitation on Liability of Limited Partners
	  	 	32	  
	 8.4
	 	 Exchange Right
	  	 	32	  
		
	ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	 	34	  
	 9.1
	 	 Purchase for Investment
	  	 	34	  
	 9.2
	 	 Restrictions on Transfer of Limited Partnership Interests
	  	 	34	  
	 9.3
	 	 Admission of Substitute Limited Partner
	  	 	35	  
	 9.4
	 	 Rights of Assignees of Partnership Interests
	  	 	36	  
	 9.5
	 	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	37	  
	 9.6
	 	 Joint Ownership of Interests
	  	 	37	  
	 9.7
	 	 Redemption of Partnership Units
	  	 	37	  
		
	ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	 	37	  
	 10.1
	 	 Books and Records
	  	 	37	  
	 10.2
	 	 Custody of Partnership Funds; Bank Accounts
	  	 	37	  
	 10.3
	 	 Fiscal and Taxable Year
	  	 	38	  
	 10.4
	 	 Annual Tax Information and Report
	  	 	38	  
	 10.5
	 	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	38	  
	 10.6
	 	 Reports Made Available to Limited Partners
	  	 	38	  
		
	ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER	  	 	39	  
		
	ARTICLE 12 GENERAL PROVISIONS	  	 	39	  
	 12.1
	 	 Notices
	  	 	39	  
	 12.2
	 	 Survival of Rights
	  	 	39	  
	 12.3
	 	 Additional Documents
	  	 	40	  
	 12.4
	 	 Severability
	  	 	40	  
	 12.5
	 	 Entire Agreement
	  	 	40	  
	 12.6
	 	 Pronouns and Plurals
	  	 	40	  
	 12.7
	 	 Headings
	  	 	40	  
	 12.8
	 	 Counterparts
	  	 	40	  
	 12.9
	 	 Governing Law
	  	 	40	  
		
	 EXHIBITA GENERAL PARTNER AND ORIGINAL LIMITED PARTNER, CAPITAL CONTRIBUTIONS AND
PERCENTAGE INTERESTS
	  	 	42	  
		
	EXHIBIT B NOTICE OF EXERCISE OF EXCHANGE RIGHT	  	 	43	  

  
 ii 

 FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP IV, L.P. 
 Strategic Storage Operating Partnership IV, L.P. (the “Partnership”) was formed as a limited
partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on June 2, 2016. This First Amended and Restated Limited Partnership
Agreement (“Agreement”) is entered into effective as of                     , 2017, among Strategic Storage Trust IV, Inc., a
Maryland corporation (the “General Partner”), the Original Limited Partner and the Special Limited Partner set forth on Exhibit A hereto, and the Limited Partners party hereto from time to time. Capitalized terms used herein but not
otherwise defined shall have the meanings given them in Article 1. 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants
between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINED TERMS

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

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

Additional Funds has the meaning set forth in Section 4.3. 

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

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

Advisor or Advisors means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and responsible
for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom the Advisor subcontracts substantially all of such functions. 

Advisory Agreement means the agreement among the Partnership, the General Partner and the Advisor pursuant to which the Advisor will
direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

  
 1 

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

(a) any Person directly or indirectly owning, controlling or holding, with power to vote, 10% or more of the outstanding voting securities of
such other Person; 
 (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person; 
 (c) any Person directly or indirectly controlling, controlled by or under common control
with such other Person; 
 (d) any executive officer, director, trustee or general partner of such other Person; and 

(e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Agreed Value means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to
by such Partner and the General Partner. The names and addresses of the General Partner, Original Limited Partner and Special Limited Partner, number of Partnership Units issued to each of them, and their respective Capital Contributions as of the
date of contribution is set forth on Exhibit A. 
 Agreement means this First Amended and Restated Limited Partnership
Agreement, as amended, modified supplemented or restated from time to time, as the context requires. 
 Appraised Value means value
according to an appraisal made by an Independent Appraiser. 
 Articles of Incorporation means the General Partner’s Articles of
Incorporation filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 Assets
means the aggregate carrying value of GAAP assets including but not limited to current, fixed, tangible and intangible assets, owned or held by, or for the account of, the General Partner, whether directly or indirectly through the Partnership
or any Subsidiary, excluding Properties and net deferred financing costs. 
 Book Value means, with respect to any Partnership asset,
the asset’s adjusted basis for federal income tax purposes, except that Book Values of all Partnership assets shall be adjusted in the event of a revaluation of Partnership property under Section 4.4 of this Agreement, in accordance with
the rules set forth in Section 1.704-1(b)(2)(iv)(f) and (g) of the Regulations. 
 Capital Account has the meaning provided
in Section 4.4 hereof. 
 Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any
Property or other asset (other than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall
include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 Cash Amount means an
amount of cash equal to the product of the Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 

  
 2 

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

Class A REIT Shares means the REIT Shares classified as Class A common stock in the Charter. 

Class A Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class A Unit as provided in
this Agreement. 
 Class T REIT Shares means the REIT Shares classified as Class T common stock in the Charter. 

Class T Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T Unit as provided in this
Agreement. 
 Class W REIT Shares means the REIT Shares classified as Class W common stock in the Charter. 

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

Common Stockholders means holders of REIT Shares. 

Conversion Factor means 1.0, provided that in the event that the General Partner (i) declares or pays a dividend on its
outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a smaller number
of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution,
subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined without the above
assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or combination of the General
Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share is converted pursuant to
such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the
record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion
Factor shall be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination. A separate Conversion Factor shall be determined for each
class of Partnership Units by taking into account only the outstanding REIT Shares having the same class designation as the applicable class of Partnership Units. 

  
 3 

 Dealer Manager Servicing Fee has the meaning set forth in the General Partner’s
prospectus. 
 Distributions means any dividends or other distributions of money or other property paid by the General Partner to the
holders of its REIT Shares or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

Event of Bankruptcy as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the
Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding;
filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced
by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

Exchange Amount means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner in its sole and absolute
discretion pursuant to Section 8.4(b) hereof. 
 Exchange Right has the meaning provided in Section 8.4(a) hereof. 

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

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

Extraordinary Transaction means, whether in one or a series of transactions, the transfer or other disposition, directly or indirectly,
of all or substantially all of the business or securities of the General Partner, whether by way of a merger or consolidation, reorganization, recapitalization or restructuring, tender or exchange offer, negotiated purchase, leveraged buyout or
otherwise, or any other extraordinary corporate transaction involving the General Partner, excluding a Sale. 
 GAAP means generally
accepted accounting principles consistently applied as used in the United States. 
 General Partner means Strategic Storage Trust
IV, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 

General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest. 

Indemnitee means (i) the General Partner or a director, officer or employee of the General Partner or Partnership, (ii) the
Advisor or a director, officer, manager, member, employee of the Advisor or another agent of the Advisor if such agent is an Affiliate of the Advisor and (iii) such other Persons (including Affiliates of the General Partner, the Advisor or the
Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 

  
 4 

 Independent Appraiser means a person or entity, who is not an Affiliate of the Advisor or
the members of the board of directors of the General Partner, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the General Partner, and who is a qualified appraiser of
real estate as determined by the members of the board of directors of the General Partner. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers
shall be conclusive evidence of such qualification. 
 Independent Director means a director of the General Partner who is not
an officer or employee of the General Partner and meets the requirements for independence as defined by the Articles of Incorporation. 

Invested Capital means the amount calculated by multiplying the total number of REIT Shares purchased by Stockholders by (a) the
offering price for the Stock paid by such Stockholders in an Offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions attributable to Net Sale Proceeds, any Stockholder
Servicing Fee attributable to the Class T REIT Shares, any Dealer Manager Servicing Fee attributable to the Class W REIT Shares and any amounts paid by the General Partner to repurchase shares of Stock pursuant to a plan for repurchase of the
General Partner’s Stock. 
 Joint Venture or Joint Ventures means those joint venture or general partnership arrangements
in which the General Partner or the Partnership is a co-venturer or general partner which are established to acquire Properties. 

Liabilities means the aggregate carrying value of GAAP liabilities owned or incurred by, or for the account of, the General Partner,
whether directly or indirectly through the Partnership or any Subsidiary, including mortgage indebtedness. 
 Limited Partner means
any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the
right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this
Agreement and of such Act. 
 Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective
registration statement, on a National Securities Exchange. Upon Listing, the shares shall be deemed Listed. 
 Loss has the meaning
provided in Section 5.1(f) hereof. 
 Market Value means the aggregate market value of all of the outstanding REIT Shares,
measured by taking the average closing price or average of bid and asked price, as the case may be, during a period of 30 trading days commencing after the first day of the 6th month, but no later
than the last date of the 18th month following Listing, the commencement date of which shall be chosen by the Advisor in its sole discretion. 

National Securities Exchange means any securities exchange registered with the SEC pursuant to Section 6 of the Securities
Exchange Act of 1934, as amended. 

  
 5 

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

Notice of Exchange means the Notice of Exercise of Exchange Right substantially in the form attached as Exhibit B hereto. 

Offer has the meaning set forth in Section 7.1(b)(ii) hereof. 

Offering means an offering of Stock that is either (a) registered with the SEC, or (b) exempt from such registration,
excluding Stock offered under any employee benefit plan. 
 Original Limited Partner means the Limited Partner designated as
“Original Limited Partner” on Exhibit A hereto. 
 Partner means any General Partner, Limited Partner or Special
Limited Partner. 
 Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations Section 1.704-2(i). A
Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 

Partnership means Strategic Storage Operating Partnership IV, L.P., a Delaware limited partnership. 

Partnership Interest means an ownership interest in the Partnership held by a Limited Partner, a Special Limited Partner or the General
Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. 

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

  
 6 

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

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

Percentage Interest means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the
Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. 
 Person means any individual,
partnership, limited liability company, corporation, joint venture, trust or other entity. 
 Profit has the meaning provided in
Section 5.1(f) hereof. 
 Property or Properties means the real properties or real estate investments which are acquired
by the General Partner either directly or through the Partnership, Joint Ventures, partnerships or other entities. 
 Received REIT
Shares has the meaning set forth in Section 7.1(e) hereof. 
 Regulations means the Federal income tax regulations
promulgated under the Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the
Regulations. 
 Regulatory Allocations has the meaning set forth in Section 5.1(i) hereof. 

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

REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General
Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to
any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any Offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including,
without limitation, underwriting discounts and sales commissions applicable to any such Offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents
thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the
General Partner under federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body,
including the SEC and any National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner,
(vii)

  
 7 

 
costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General
Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 
 REIT Share means a
share of common stock, par value $0.001 per share, in the General Partner (or successor entity, as the case may be), including Class A REIT Shares, Class T REIT Shares and Class W REIT Shares, the terms and conditions of which are set forth in
the Articles of Incorporation. 
 REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership
Units offered for exchange by an Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options,
warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified
Exchange Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 

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

SEC means the Securities and Exchange Commission. 

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

Service means the Internal Revenue Service. 

Special Limited Partner means the Person designated as “Special Limited Partner” on Exhibit A hereto. 

Special Limited Partner Interest means the interest of the Special Limited Partner in the Partnership representing its right as the
holder of an interest in distributions described in Section 5.2 hereof (and any corresponding allocations of income, gain, loss and deduction under this Agreement). 

Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the General
Partner of the Notice of Exchange. 
 Stock means shares of stock of the General Partner of any class or series, including REIT
Shares, preferred stock or shares-in-trust. 
 Stockholder Servicing Fee has the meaning set forth in the General Partner’s
prospectus. 

  
 8 

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

Stockholders’ 6% Return means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on
Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any non-taxable stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the Stock issued in connection with such capital. 

Subordinated Distribution Due Upon Extraordinary Transaction means (a) 15% of the amount by which (i) the Transaction Amount,
plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Transaction Amount is
determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Transaction Amount is
determined. 
 Subordinated Distribution Due Upon Termination means 15% of the amount, if any, by which (i) the Appraised Value
of the Properties, plus the Assets, less the Liabilities, at the Termination Date, plus total Distributions (excluding any stock dividend and Distributions paid on REIT Shares redeemed by the General Partner pursuant to its share redemption program)
through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the Termination Date. 

Subordinated Incentive Listing Distribution means 15% of the amount by which (i) the Market Value, plus the total of all
Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Market Value is determined, exceeds
(ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Market Value is determined. 

Subsidiary means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the
voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
 Subsidiary
Partnership means any partnership of which the partnership interests therein are owned by the General Partner or a direct or indirect subsidiary of the General Partner. 

Substitute Limited Partner means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof. 

Successor Entity has the meaning provided in the definition of “Conversion Factor” contained herein. 

Surviving General Partner has the meaning set forth in Section 7.1(c) hereof. 

Termination means the termination of the Advisory Agreement. 

Termination Date means the date of termination of the Advisory Agreement. 

Transaction has the meaning set forth in Section 7.1(b) hereof. 

  
 9 

 Transaction Amount means the aggregate value of all of the issued and outstanding REIT
Shares using a per share value equal to the per share value paid to the Stockholders in an Extraordinary Transaction. 
 Transfer has
the meaning set forth in Section 9.2(a) hereof. 
 Value means, with respect to REIT Shares, the average of the daily market
price of such REIT Share for the ten (10) consecutive trading days immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on
such day, or if no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day; (ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such
day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Shares are not Listed and no such last reported sale price or closing bid and
asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of
the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported
during the ten (10) days prior to the date in question, the value of the REIT Shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable
judgment, appropriate. In the event the REIT Shares Amount includes rights that a holder of REIT Shares would be entitled to receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1 Formation. The Partnership was formed as a limited partnership pursuant to the Act for the purposes and upon the terms and
conditions set forth in this Agreement. 
 2.2 Name, Office and Registered Agent. The name of the Partnership is Strategic Storage
Operating Partnership IV, L.P. The specified office and place of business of the Partnership shall be 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694. The General Partner may at any time change the location of such office, provided
the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole
duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 
 2.3
Partners. 
 (a) The General Partner of the Partnership is Strategic Storage Trust IV, Inc., a Maryland corporation. Its principal
place of business is the same as that of the Partnership. 
 (b) The Limited Partners are those Persons identified as Limited Partners on
Exhibit A hereto, as amended from time to time. 

  
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 2.4 Term and Dissolution. 

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

(ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that
if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid
in full); 
 (iii) The exchange of all Limited Partnership Interests (other than any of such interests held by the General Partner or
Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 
 (iv) The election by the General Partner
that the Partnership should be dissolved. 
 (b) Upon dissolution of the Partnership (unless the business of the Partnership is continued
pursuant to Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds
thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 

2.5 Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the
expense of the Partnership, the Certificate, any and all amendments thereto and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership
under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business. 
 2.6
Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number
of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be
negotiable and (iii) shall bear a legend to the following effect: 
 This certificate is not negotiable. The
Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the First Amended and Restated Limited Partnership Agreement of Strategic Storage Operating Partnership IV, L.P., as amended
from time to time. 

  
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 ARTICLE 3 

BUSINESS OF THE PARTNERSHIP 

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

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

4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or
in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive
additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 
 (a) Issuances of Additional
Partnership Interests. 
 (i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of
such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the
General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of items of Partnership income, gain, loss, deduction and credit to
each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon
dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

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

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

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

(ii) Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities other than to all holders
of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of
the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance
of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly through the General Partner, to the Partnership (without limiting the foregoing, for example, the Partnership shall issue Limited
Partnership Interests consisting of: (1) Class A Units to the General Partner in connection with the issuance of Class A REIT Shares; (2) Class T Units to the General Partner in connection with the issuance of Class T REIT
Shares; and (3) Class W Units to the General Partner in connection with the issuance of Class W REIT Shares); provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a property
to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of
the Independent Directors (as defined in the Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue 

  
 13 

 
Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner
concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan
providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of
exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such
issuance to the Partnership, the General Partner shall be issued a number of additional Partnership Units having the same class designation as the issued REIT Shares equal to the product of (A) the number of such REIT Shares of that class
issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution. 

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

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

  
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 4.5 Percentage Interests. If the number of outstanding Partnership Units increases or
decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by
such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the Profits and Losses for the
taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either
(i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits
and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the
later part shall be based on the adjusted Percentage Interests. 
 4.6 No Interest on Contributions. No Partner shall be entitled to
interest on its Capital Contribution. 
 4.7 Return of Capital Contributions. No Partner shall be entitled to withdraw any part of
its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or
withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.8 No
Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy
hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the
rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be
sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no
distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is
obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed
to be a liability of such Partner nor an asset or property of the Partnership and upon a liquidation within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital
Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any
Capital Contribution to reduce or eliminate the negative balance of such Partner’s Capital Account. 
 ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS 

5.1 Allocation of Profit and Loss. 

(a) General. Profit and Loss of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated
among the General Partner and the Limited 

  
 15 

 
Partners in accordance with their respective Percentage Interests provided that, subject to the next sentence of this Section 5.1(a), Profit, and to the extent necessary, individual items of
income or gain, shall be allocated to the Special Limited Partner until the Special Limited Partner has received aggregate allocations of Profit, income or gain for all fiscal years equal to the aggregate amount of distributions the Special Limited
Partner is entitled to receive or has received with respect to the Special Limited Partnership Interest for such year and for all prior fiscal years. Items of income, gain, loss, and deduction with respect to Sales shall first be allocated among the
Partners, including the Special Limited Partner, for each fiscal year in a manner that will as nearly as possible cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal the amount of
distributions that would be made to such Partner if the Partnership were (i) dissolved and terminated, (ii) its affairs wound up and its assets sold for cash equal to their Book Value, (iii) all Partnership liabilities were satisfied
(limited with respect to each nonrecourse liability to the Book Value of the assets securing such liability); and (iv) the net assets of the Partnership were distributed in accordance with Sections 5.2 (a) and (b) hereof to the
Partners immediately after giving effect to such allocation. The General Partner may, in its reasonable discretion, make such other assumptions (whether or not consistent with the above assumptions) as it deems necessary or appropriate in order to
effectuate the intended economic arrangement of the Partners. 
 (b) Minimum Gain Chargeback. Notwithstanding any provision to the
contrary, (i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests,
(ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect
to the “partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a
net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items
of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among
the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the
nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 

(c) Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an adjustment, allocation, or distribution
described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership
Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items
of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this
Section 5.1(c) shall be made only if and to the extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively made as if this Section 5.1(c) were not in
this Agreement. This Section 5.1(c) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

  
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 (d) Capital Account Deficits. Loss shall not be allocated to a Limited Partner to the
extent that such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and
(6)) in excess of the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i). 

(e) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive
shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had
ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor
and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the
transferee Partner. 
 (f) Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain,
expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income,
gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax purposes shall be identical to all
allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by
the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation
deductions, and such election shall be binding on all Partners. 
 (g) Curative Allocations. The allocations set forth in
Section 5.1(b), (c) and (d) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either
with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the
Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each
Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to
Section 5.1(a) and (e). 
 (h) Special Allocations of Class-Specific Items. To the extent that any items of income, gain, loss
or deduction of the General Partner are allocable to a specific class or classes of REIT Shares as provided in the General Partner’s prospectus, including, without limitation, Stockholder Servicing Fees and Dealer Manager Servicing Fees, such
items, or an amount equal thereto, shall be specially allocated to the class or classes of Partnership Units corresponding to such class or classes of REIT Shares. 

5.2 Distributions. 
 (a)
Cash Available for Distribution. The Partnership shall distribute cash (other than Net Sale Proceeds) on a quarterly (or, at the election of the General Partner, more frequent) basis, in an 

  
 17 

 
amount determined by the General Partner in its sole and absolute discretion, to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date with respect
to such quarter (or other distribution period) in accordance with their respective Percentage Interests on the Partnership Record Date; provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for
a Capital Contribution on any date other than the next day after a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such
additional Partnership Interest (or relating to the Partnership Record Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such additional Partnership
Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date, provided that the aggregate distributions
made hereunder to the holders of Class T Units shall be reduced (but not below zero) by the aggregate Stockholder Servicing Fee payable by the General Partner with respect to the Class T REIT Shares with respect to such Record Date and the aggregate
distributions made hereunder to the holders of Class W Units shall be reduced (but not below zero) by the aggregate Dealer Manager Servicing Fee payable by the General Partner with respect to the Class W REIT Shares with respect to such Record Date.

 (b) Net Sale Proceeds. Subject to Section 5.2(g), Net Sale Proceeds shall be distributed as follows: 

(i) First, 100% to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date in accordance
with their respective Percentage Interests on the Partnership Record Date until the General Partner has received cumulative distributions under Section 5.2(a) and this Section 5.2(b), plus any amounts received in redemption of Partnership
Units under Section 9.7 of this Agreement or otherwise, equal to the sum of the Stockholders’ 6% Return and the aggregate Capital Contributions made by the General Partner to the Partnership, determined by taking into account the dates on
which all such Capital Contributions, distributions and redemptions were made; and 
 (ii) Second, (A) 85% to the Partners
(other than the Special Limited Partner) who are Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date, and (B) 15% to the Special Limited Partner on the Partnership
Record Date. 
 (c) Subordinated Incentive Listing Distribution. Upon Listing, and as soon as practicable following the determination
of Market Value, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Incentive Listing Distribution. The Subordinated Incentive
Listing Distribution shall be due and payable to the Special Limited Partner no earlier than seven months and no later than 19 months after Listing in either cash, Partnership Units or REIT Shares (or any combination thereof) in the sole discretion
of the Independent Directors. 
 (d) Subordinated Distribution Due Upon Termination. Upon a Termination, unless such Termination is a
voluntary Termination by mutual assent of the General Partner and the Special Limited Partner (a “Voluntary Termination”) or such Termination is by the General Partner because of a material breach of the Advisory Agreement by the Advisor
as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the
Subordinated Distribution Due Upon Termination payable in the form of a non-interest bearing promissory note (the “Termination Note”). If the Termination Note has not been paid in full on the earlier of (a) the date the

  
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REIT Shares are Listed, or (b) within three (3) years from the Termination Date, then the holder of the Termination Note, its successors or assigns, may elect to convert the balance of
the distributions due under the Termination Note into Partnership Units or REIT Shares at a price per share equal to the average closing price of the REIT Shares over the ten (10) trading days immediately preceding the date of such election if
the REIT Shares are Listed at such time. If the REIT Shares are not Listed within three (3) years from the Termination Date, the holder of the Termination Note, its successors or assigns, may elect to convert the balance of the
distributions due under the Termination Note into Partnership Units or REIT Shares at a price per share equal to the fair market value for such REIT Shares as determined by the board of directors of the General Partner based upon the Appraised Value
of the Properties, plus the Assets, less the Liabilities, on the date of election. If the General Partner consummates an Extraordinary Transaction and the Termination Note has not yet been paid in full, the Termination Note shall be paid in full on
the closing date of the Extraordinary Transaction. In accordance with Section 736 of the Code, the Termination Note shall be disregarded for applicable income tax purposes and the Special Limited Partner shall continue to be treated as a
partner in the Partnership in respect of its Special Limited Partner Interest for such purposes until the Partnership has satisfied all its obligations under the Termination Note. In the event of a Voluntary Termination, no Subordinated Distribution
Due Upon Termination is payable to the Special Limited Partner, and the Special Limited Partner will be entitled to a redemption of the Special Limited Partner Interest in accordance with either Section 5.2(b), (c) or (e) hereof, as
applicable. In the event of a Termination by the General Partner because of a material breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, no Subordinated
Distribution Due Upon Termination is payable to the Special Limited Partner, and the Special Limited Partnership Interest shall be redeemed for no consideration. 

(e) Subordinated Distribution Upon Extraordinary Transaction. Upon the occurrence of an Extraordinary Transaction, the General Partner
shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Distribution Due Upon Extraordinary Transaction. The Subordinated Distribution Due Upon
Extraordinary Transaction shall be paid to the Special Limited Partner on the closing date of the Extraordinary Transaction. The Special Limited Partner may elect to receive the Subordinated Distribution Due Upon Extraordinary Transaction in cash,
Partnership Units or REIT Shares (or any combination thereof) in its sole discretion. 
 (f) Distributions of Cash to Pay Taxes.
Anything in Sections 5.2(c), (d) and (e) notwithstanding, in the event that a distribution under Sections 5.2 (c), (d), or (e) is made other than in cash, a Special Limited Partner may elect, by written notice to the General Partner,
to receive in cash a portion of such distribution equal to the amount the Special Limited Partner has determined in good faith that it or its members will owe in federal or state income taxes on account of such distribution for the year in which the
distribution is received. Furthermore, in the event that a Special Limited Partner has determined in good faith, or a taxing authority has determined, that the Special Limited Partner or its members is subject to federal or state income tax
immediately on any deferred portion of any distribution under Sections 5.2(c), (d) or (e), the Special Limited Partner shall notify the General Partner in writing of such determination and the General Partner shall cause the Partnership to
distribute, prior to the due date for payment of any such income tax, cash, in prepayment of such deferred distributions, in an amount at least equal to the amount of federal and state income tax reasonably estimated by the Special Limited Partner
to be currently payable. 
 (g) Coordination of Special Limited Partner Distributions. The following provisions shall apply to the
General Partner in connection with distributions made pursuant to Sections 5.2(b), (c), (d) or (e) herein: 

  
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 (i) Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b)
prior to Listing shall reduce dollar for dollar the amount of the Subordinated Incentive Listing Distribution distributed pursuant to Section 5.2(c). If the Special Limited Partner receives the Subordinated Incentive Listing Distribution
pursuant to Section 5.2(c), the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), a Termination Note pursuant to Section 5.2(d) or the Subordinated
Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e). 
 (ii) Any Net Sale Proceeds paid to the Special Limited
Partner pursuant to Section 5.2(b) prior to the Termination Date shall reduce dollar for dollar the amount of the Termination Note to be issued and distributed pursuant to Section 5.2(d). If the Special Limited Partner receives a
Termination Note pursuant to Section 5.2(d), (A) the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive Listing Distribution pursuant
to Section 5.2(c) or the Subordinated Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e), and (B) any Net Sale Proceeds received by the Partnership after the Termination Date shall be applied first to satisfy
the Partnership’s obligation to make distributions pursuant to the Termination Note. 
 (iii) Any Net Sale Proceeds paid to the
Special Limited Partner pursuant to Section 5.2(b) prior to an Extraordinary Transaction shall reduce dollar for dollar the amount of the Subordinated Distribution Due Upon Extraordinary Transaction to be distributed pursuant to
Section 5.2(e). If the Special Limited Partner receives the Subordinated Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e), the Special Limited Partner will no longer be entitled to receive distributions of Net
Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive Listing Distribution pursuant to Section 5.2(c) or a Termination Note pursuant to Section 5.2(d). 

(iv) If the priority distribution of Net Sale Proceeds to the Special Limited Partner pursuant to this Section 5.2(g) prevents the
Partnership from being able to distribute sufficient amounts to the General Partner pursuant to Section 5.2(b) to enable the General Partner to satisfy its REIT requirements under the Code, the General Partner may in its sole discretion cause
the Partnership to distribute some or all of the Net Sale Proceeds otherwise subject to the priority distribution to the Special Limited Partner pursuant to Section 5.2(g) to the General Partner in an amount sufficient to enable the General
Partner to pay distributions to the Stockholders necessary to satisfy the REIT requirements under the Code. 
 (h) Withholding;
Partnership Loans. Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements
established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing
authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds
the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than
the amount required to be withheld by the Partnership, the excess of the amount required to be withheld over the actual amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the
day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited
Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment 

  
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thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting
Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and
shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the
Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner
and immediately paid to the General Partner. 
 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this
Section 5.2(b) shall bear interest at the lesser of (i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate
of interest on such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 

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

5.3 REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause the Partnership to
distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and
(ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4 No Right to Distributions In Kind. No Partner
shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 
 5.5 Limitations of
Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part
of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not
exceed the fair market value of the Partnership’s assets. 
 5.6 Distributions Upon Liquidation. Upon liquidation of the
Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in
accordance with their respective positive Capital Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2
resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust)
may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7 Substantial Economic
Effect. It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses
attributable to nonrecourse debt) within 

  
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the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a
manner consistent with such intent. 
 ARTICLE 6 

RIGHTS, OBLIGATIONS AND 

POWERS OF THE GENERAL PARTNER 

6.1 Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the
General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 
 (i) to
acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of
the business of the Partnership; 
 (ii) to construct buildings and make other improvements on the properties owned or leased by the
Partnership; 
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including
secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests)
of the Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection
therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s
assets; 
 (v) to pay, either directly or by reimbursement, for all Administrative Expenses to third parties or to the General Partner or
its Affiliates as set forth in this Agreement; 
 (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any
Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or
other lien on the Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without limitation, cash on hand) for
any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the
General Partner as set forth in this Agreement; 
 (viii) to lease all or any portion of any of the Partnership’s assets, whether or
not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for
such consideration and on such terms as the General Partner may determine; 

  
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 (ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor
of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets;

 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way
affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make or revoke any election permitted
or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance coverage for public liability, fire and
casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as it shall determine
from time to time; 
 (xiii) to determine whether or not to apply any insurance proceeds for any property to the restoration of such
property or to distribute the same; 
 (xiv) to establish one or more divisions of the Partnership, to hire and dismiss employees of the
Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business
and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 
 (xv) to retain other services of
any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 

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

  
 23 

 (xxi) to merge, consolidate or combine the Partnership with or into another Person; 

(xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly
traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii) to take such other action, execute, acknowledge,
swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership
(including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a
general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General Partner require
expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein
contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

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

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

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

(A) negligence or misconduct by the Indemnitee (excluding the Independent Directors); or 

  
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 (B) gross negligence or willful misconduct by the Independent Directors. 

Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

(b) Notwithstanding the foregoing, the Partnership shall not indemnify an Indemnitee or any Person acting as a broker-dealer for any loss,
liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged material securities law violations as to the particular Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular Indemnitee; or (iii) a court
of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been
advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws. 

(c) The Partnership shall pay or reimburse reasonable legal expenses and other costs incurred by the Indemnitee in advance of the final
disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the
Partnership, (ii) the legal proceeding was initiated by a third party who is not a Limited Partner or, if by a Limited Partner acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and
(iii) the Indemnitee undertakes to repay the amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee is not entitled to indemnification. 

(d) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

(e) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement. 
 (f) For purposes of this Section 6.3, the Partnership shall be deemed
to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or
beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee
with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the
best interests of the Partnership. 
 (g) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 

  
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 (h) An Indemnitee shall not be denied indemnification in whole or in part under this
Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(i) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons. 
 (j) Neither the amendment nor repeal of this
Section 6.3, nor the adoption or amendment of any other provision of the Agreement inconsistent with Section 6.3, shall apply to or affect in any respect the applicability with respect to any act or failure to act which occurred prior to
such amendment, repeal or adoption. 
 6.4 Liability of the General Partner. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the
Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General
Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 

(b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders
collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the
Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner
shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any
such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The General Partner
shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 

(c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the
powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such
agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General
Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect
the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under
this Agreement and is deemed approved by all of the Limited Partners. 

  
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 (e) Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall
be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or
repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

6.5 Reimbursement of General Partner. 

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

(b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and
absolute discretion, for all Administrative Expenses. 
 6.6 Outside Activities. Subject to the Articles of Incorporation and any
agreements entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have business
interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited
Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship
established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership
or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

6.7 Employment or Retention of Affiliates. 

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

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

  
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 6.8 General Partner Participation. The General Partner agrees that all business activities
of the General Partner, including activities pertaining to the acquisition, development or ownership of self-storage properties or other properties, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided,
however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been approved and determined
to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 
 6.9 Title to
Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any
ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine,
including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be
held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to
be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held.

 6.10 Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with
the share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General Partner a number of
Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares (without limiting the foregoing, for example, the Partnership shall purchase from the General
Partner, Partnership Interests consisting of: (a) Class A Units in connection with the exchange of Class A REIT Shares; (b) Class T Units in connection with the exchange of Class T REIT Shares; and (c) Class W Units in
connection with the exchange of Class W REIT Shares). Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General
Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General
Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor (without limiting the foregoing, for example, the Partnership shall redeem from the General Partner, Partnership Interests consisting
of: (a) Class A Units in connection with the exchange of Class A REIT Shares; (b) Class T Units in connection with the exchange of Class T REIT Shares; and (c) Class W Units in connection with the exchange of Class W REIT
Shares). 
 ARTICLE 7 

CHANGES IN GENERAL PARTNER 

7.1 Transfer of the General Partner’s Partnership Interest. 

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

  
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 (b) Except as otherwise provided in Section 7.1(c) or (d) hereof, the General Partner
shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner’s state of incorporation or
organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 
 (i)
the approval of the holders of a majority of the Partnership Units (including the Partnership Units held by the General Partner or an Affiliate thereof) is obtained; 

(ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit an amount of cash, securities, or other
property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that if, in connection with the
Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its
Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received had it (A) exercised its Exchange Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT Shares
received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 
 (iii) the General Partner is the
surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) receive an
amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share)
received in the Transaction by any holder of REIT Shares. 
 (c) Notwithstanding Section 7.1(b), the General Partner may merge with or
into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units held by
the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Surviving
General Partner in good faith and (ii) the Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General Partner shall have
the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a
Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities,
cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units
been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for
with respect to the Conversion Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.4 hereof so as to approximate the existing rights and obligations set forth
in Section 8.4 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

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

(d) Notwithstanding Section 7.1(b), 

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

(ii) the General Partner may engage in Transactions not required by law or by the rules of any National Securities Exchange on which the REIT
Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 (e) If the General Partner exchanges any REIT Shares of
any class (“Exchanged REIT Shares”) for REIT Shares of a different class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange a number of Partnership Units having the same class
designation as the Exchanged REIT Shares, as determined based on the application of the Conversion Factor, for Partnership Units having the same class designation as the Received REIT Shares on the same terms that the General Partner exchanged the
Exchanged REIT Shares. The exchange of Units shall occur automatically after the close of business on the applicable date of the exchange of REIT Shares, as of which time the holder of class of Units having the same designation as the Exchanged REIT
Shares shall be credited on the books and records of the Partnership with the issuance, as of the opening of business on the next day, of the applicable number of Units having the same designation as the Received REIT Shares. 

7.2 Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner
of the Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted as a substitute or additional
General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the
admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such
admission shall have been performed; 
 (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a
partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

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

  
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 7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such
partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is
continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal,
dissolution or removal of the General Partner. 
 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its
removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of
Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within
90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a
substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any
Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 
 7.4 Removal of a General
Partner. 
 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner
shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership
shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b)
hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General
Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority
in interest of the Limited Partners within 10 days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each
shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s

  
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removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal
exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market
value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be
the average of the two appraisals closest in value. 
 (c) The General Partnership Interest of a removed General Partner, during the time
after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the
Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall
receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

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

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

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

8.2 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who
may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may
be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or
legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. For the purposes of this Section 8.2, the term “Limited Partner” shall be deemed to include the Special
Limited Partner, unless the context otherwise requires. 
 8.3 Limitation on Liability of Limited Partners. No Limited Partner shall
be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital
Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

8.4 Exchange Right. 
 (a)
Subject to Sections 8.4(b), 8.4(c), 8.4(d), 8.4(e) and 8.4(f) and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner shall have the right
(the “Exchange Right”) to require the 

  
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Partnership to redeem on a Specified Exchange Date all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be
paid by the Partnership, provided that such Partnership Units shall have been outstanding for at least one year. The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner)
by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Partnership
Units subject to the Notice of Exchange pursuant to Section 8.4(b); and provided, further, that no Limited Partner may deliver more than two Notices of Exchange during each calendar year. A Limited Partner may not exercise the Exchange Right
for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Exchanging Partner shall have no right, with respect to any Partnership Units so
exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Exchange Date. 

(b) Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right shall be deemed to have offered
to sell the Partnership Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units by paying to the Exchanging
Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Partnership Units offered for exchange
by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the General Partner shall elect to exercise its right to purchase Partnership Units under this Section 8.4(b) with
respect to a Notice of Exchange, it shall so notify the Exchanging Partner within five Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute discretion) shall exercise
its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the Exchanging Partner’s
exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Partnership Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of this Section 8.4(b), the
Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the General Partner, as the
case may be, shall treat the transaction between the General Partner, as the case may be, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner, as the case may
be. Each Exchanging Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 

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

  
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 (d) Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.4 shall
be paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT
Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged Partnership Units
hereunder to occur as quickly as reasonably possible. 
 (e) Notwithstanding any other provision of this Agreement, the General Partner
shall place appropriate restrictions on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704
of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners, which notice shall
be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under
section 7704 of the Code. 
 (f) Notwithstanding anything else in this Agreement to the contrary, Strategic Storage Advisor IV, LLC is
prohibited from exchanging or otherwise transferring the Partnership Units purchased by it for $200,000 cash, so long as it continues acting as the Advisor pursuant to the Advisory Agreement. 

ARTICLE 9 
 TRANSFERS OF
LIMITED PARTNERSHIP INTERESTS 
 9.1 Purchase for Investment. 

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

(b) Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer
such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.2 Restrictions on
Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer,
sell, assign, hypothecate, pledge or otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial
sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

 (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as
contemplated by clause (a) above or clause (c) below 

  
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or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an exchange of all of its Partnership Units pursuant to
Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

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

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

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

9.3 Admission of Substitute Limited Partner. 

(a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and
upon the satisfactory completion of the following: 

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

(ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed,
acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have delivered a letter containing the
representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv) If the assignee
is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of
this Agreement. 
 (v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner
and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the prior
written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

(b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be
treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer
documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General
Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly
as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 

9.4 Rights of Assignees of Partnership Interests. 

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

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

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

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

ARTICLE 10 
 BOOKS AND
RECORDS; ACCOUNTING; TAX MATTERS 
 10.1 Books and Records. At all times during the continuance of the Partnership, the Partners
shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business
address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this
Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the
costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
 10.2
Custody of Partnership Funds; Bank Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited in one or
more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

  
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 (b) All deposits and other funds not needed in the operation of the business of the Partnership
may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds.
The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 

10.3 Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year. 

10.4 Annual Tax Information and Report. Within 90 days after the end of each fiscal year of the Partnership, the General Partner shall
furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be reasonably required by law. 

10.5 Tax Matters Partner; Tax Elections; Special Basis Adjustments. 

(a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax
Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional assistance
in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the General
Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within the period provided under
Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the General
Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or permitted to be made by the Partnership
under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 
 (c) In
the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets.
Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in
establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 

10.6 Reports Made Available to Limited Partners. 

(a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), upon written request by a
Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General Partner if such statements are prepared
solely on a 

  
 38 

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

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

AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b),
(c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of the holders of a majority of the Partnership Units (excluding the Partnership Units
held by the General Partner or an Affiliate thereof): 
 (a) any amendment affecting the operation of the Conversion Factor or the Exchange
Right (except as provided in Section 8.4(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 
 (b) any amendment that
would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; 

(c) any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to
the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; or 
 (d) any amendment that would impose on the
Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 12 

GENERAL PROVISIONS 
 12.1
Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt
requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the
Partnership shall be delivered at or mailed to its specified office. 
 12.2 Survival of Rights. Subject to the provisions hereof
limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 

  
 39 

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

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

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

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

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

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

[Signatures appear on next page.] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Amended
and Restated Limited Partnership Agreement, all as of the          day of
                        , 2017. 

 

			
	GENERAL PARTNER:
	
	STRATEGIC STORAGE TRUST IV, INC.
		
	By:	 	 
		 	H. Michael Schwartz, President
	
	ORIGINAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR IV, LLC
		
	By:	 	 
		 	H. Michael Schwartz, President
	
	SPECIAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR IV, LLC
		
	By:	 	 
		 	H. Michael Schwartz, President

  
 41 

 EXHIBIT A 
  

													
	Percentage Partner Interest	  	Cash
Contribution	 	  	Agreed Value of
Capital
Contribution	 	  	Partnership Units	 
	 GENERAL PARTNER: (1)

 
 Strategic Storage Trust IV, Inc.

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	1,000	  	  	$	1,000	  	  	 	44.44	  
				
	 ORIGINAL LIMITED
 PARTNER: (1)
  

Strategic Storage Advisor IV, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	200,000	  	  	$	200,000	  	  	 	8,888.89	  
				
	 SPECIAL LIMITED
 PARTNER:

 
 Strategic Storage Advisor IV, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	 	None	  	  	 	Not applicable	  	  	 	None	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	201,000	  	  	$	201,000	  	  	 	8,933.33	  

  

	(1)	The initial cash contributions of the General Partner in the amount of $1,000 and the Original Limited Partner in the amount of $200,000 were made on June 15, 2016. 

  
 42 

 EXHIBIT B 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

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

	
	Dated:                         ,
            
	
	   

	(Name of Limited Partner)
	
	   

	(Signature of Limited Partner)
	
	   

	(Mailing Address)
	
	   

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

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

	
	Social Security or Tax I.D. Number:
	
	   

  
 43

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