Document:

Third Amendment to Credit Agreement

 Exhibit 10.17 
 EXECUTION COPY 
 THIRD AMENDMENT TO 

CREDIT AGREEMENT 
 THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of this 3rd day of March, 2010, by and between CBEYOND COMMUNICATIONS, LLC, a Delaware limited liability company, as
borrower (the “Borrower”), each of the other Loan Parties signatory hereto and BANK OF AMERICA, N.A., a national banking association, as Administrative Agent and Lender (the “Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Borrower, Agent and Lender are parties to that certain Credit Agreement, dated as of February 8, 2006 (as amended,
restated, supplemented or modified from time to time, the “Credit Agreement”), pursuant to which the Lender extended certain financial accommodations to the Borrower; 
 WHEREAS, the Borrower has requested that the Agent and Lender, and the Agent and Lender have agreed to, subject to the terms hereof, amend
certain provisions of the Credit Agreement, as more fully set forth herein, including an increase in the aggregate commitments and extension of the Maturity Date; and 
 NOW, THEREFORE, in consideration of the premises, the terms and conditions contained herein, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 1. Definitions. All capitalized terms used herein and not
expressly defined herein shall have the same respective meanings given to such terms in the Credit Agreement. 
 2.
Amendments to the Credit Agreement. 
 2.1 Section 1.01 of the Credit Agreement, “Defined
Terms,” is hereby amended by deleting each of the defined terms of “Aggregate Commitments”, “Applicable Rate” and “Maturity Date” and replacing each, respectively, with the following: 
 “Aggregate Commitments” means the Commitments of all Lenders in an aggregate principal amount of up to Forty
Million Dollars ($40,000,000). 
 “Applicable Rate” shall be the rate per annum set forth in the
table below opposite the Usage Amount, determined and adjusted on the date of any increase or decrease in the usage of the Aggregate Commitments. Any adjustment in the Applicable Rate shall be applicable to all outstanding Obligations. 

 

							
	 Usage Amount
	  	Eurodollar Rate/
L/C Fee	 	 	Base Rate	 
	 Zero to $13,333,333.32
	  	2.25	% 	 	1.25	% 

							
	 $13,333,333.33 to $26,666,666.65
	  	2.50	% 	 	1.50	% 
	 $26,666,666.66 to $40,000,000
	  	2.75	% 	 	1.75	% 

 “Maturity Date” means with respect to all Obligations, March 3, 2013 or such earlier date as payment of the remaining outstanding principal amount of the Loans or of all remaining and outstanding Obligations shall be
due (whether by acceleration or otherwise). 
 2.2. Section 2.08 of the Credit Agreement is hereby amended by
deleting such section in its entirety and replacing it with the following: 
 “2.08 Fees. Borrower
shall pay to Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to 0.50% calculated on the Available Commitment. The commitment fee shall accrue at all times during the Availability Period,
including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable monthly in arrears on the last Business Day of each month, commencing with the first such date to occur after the Closing
Date, and on the Maturity Date. The commitment fee shall be calculated monthly in arrears (based upon the average daily Available Commitment during such month), and if there is any change in the Applicable Rate during any month, the actual daily
amount shall be computed and multiplied by the Applicable Rate separately for each period during such month that such Applicable Rate was in effect.” 
 2.3 Section 6.02(a) of the Credit Agreement is hereby amended by deleting such subsection in its entirety and replacing it with the following: 
 “(a) [Intentionally omitted.]” 
 2.4 Section 6.12(a) of the Credit Agreement is hereby amended by deleting such subsection in its entirety and replacing it with the following: 
 “(a) Minimum Adjusted EBITDA. The Parent and its Subsidiaries, on a consolidated basis, will be required
to maintain a minimum Adjusted EBITDA which will be measured quarterly on a rolling four quarter basis as follows: 
  

				
	 Each Quarter Ending During the Period
	  	Minimum TTM
Adjusted EBITDA
	 December 31, 2009
	  	$	44.0 million
		
	 January 1, 2010 through December 30, 2010
	  	$	51 million
		
	 December 31, 2010 through the Maturity Date
	  	$	53 million

  

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 2.5 Section 6.12(c) of the Credit Agreement is hereby amended by deleting
such subsection in its entirety and replacing it with the following: 
 “(c) Maximum Capital
Expenditures. The Parent, together with its Subsidiaries on a consolidated basis, shall not spend or incur obligations (including the total amount of any Capital Leases) to acquire fixed assets for more than the amounts specified below for
each fiscal year ending on the date specified below: 
  

				
	 For the Year Ending
	  	Maximum Capital Expenditures
	 December 31, 2009
	  	$	71.5 million
		
	 December 31, 2010
	  	$	75 million
		
	 December 31, 2011
	  	$	81 million
		
	 December 31, 2012
	  	$	86 million

 Such portion of
permitted capital expenditures not spent in the applicable year may be carried forward to the subsequent year, provided that such carried forward amount shall be deemed the first amounts spent in such year.” 
 2.6 Schedules 1, 2.01, 5.06, 5.09, 5.13, 5.19, 5.26, 7.01, 7.03 and 10.02 to the Credit Agreement are hereby amended by deleting each
such schedule in its entirety and replacing it with the Schedules 1, 2.01, 5.06, 5.09, 5.13, 5.19, 5.26, 7.01, 7.03 and 10.02 attached hereto. 
 3. No Other Modification. Notwithstanding the agreement of the Agent and Lender to the terms and provisions of this Amendment, the Loan Parties acknowledge and expressly agree that the amendments
contained in Section 2, are limited to the extent expressly set forth herein and shall not constitute a modification of the Credit Agreement or any other Loan Documents or a course of dealing at variance with the terms of the Credit
Agreement or any other Loan Documents (other than as expressly set forth above) so as to require further notice by the Agent or the Lender, or any of them, of its or their intent to require strict adherence to the terms of the Credit Agreement and
the other Loan Documents in the future. All of the terms, conditions, provisions and covenants of the Credit Agreement and the other Loan Documents shall remain unaltered and in full force and effect except as expressly modified by this Amendment.
The Credit Agreement and each other Loan Document shall be deemed modified hereby solely to the extent necessary to give effect to this Amendment. 
 4. Representations and Warranties. The Borrower and each other Loan Party hereby represent and warrant to and in favor of the Agent as follows: 
 (a) each representation and warranty set forth in Article V of the Credit Agreement, after giving effect to this Amendment, is hereby
restated and affirmed as true and correct in all material

  

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respects as of the date hereof, except to the extent (i) previously fulfilled in accordance with the terms of the Credit Agreement or (ii) relating specifically to the Agreement Date or
otherwise inapplicable; 
 (b) the Borrower and each other Loan Party has the power and authority (i) to enter into this
Amendment, and (ii) to do all acts and things as are required or contemplated hereunder to be done, observed and performed by it; 
 (c) this Amendment has been duly authorized, validly executed and delivered by one or more Responsible Officers of the Loan Parties, and constitutes the legal, valid and binding obligations of the Loan Parties, enforceable against the Loan
Parties in accordance with its terms, subject, as to enforcement of remedies, to the following qualifications: (i) an order of specific performance and an injunction are discretionary remedies and, in particular, may not be available where
damages are considered an adequate remedy at law, and (ii) enforcement may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws affecting enforcement of creditors’ rights generally
(insofar as any such law relates to the bankruptcy, insolvency or similar event of any of the Loan Parties); 
 (d) the
execution and delivery of this Amendment and performance by the Loan Parties under the Credit Agreement, as amended hereby, does not and will not require the consent or approval of any regulatory authority or governmental authority or agency having
jurisdiction over the Loan Parties which has not already been obtained, nor be in contravention of or in conflict with the organizational documents of the Loan Parties, or any provision of (i) any statute, judgment or order, or (ii) any
material indenture, instrument, agreement, or undertaking, to which the Loan Parties are party or by which the Loan Parties’ assets or properties are bound; and 
 (e) no Default exists both before and after giving effect to this Amendment, and there has been no Material Adverse Effect both before and after giving effect to this Amendment. 
 5. Conditions Precedent to Effectiveness of Amendment. The effectiveness of this Amendment is subject to Agent’s receipt of each
of the following, each in form and substance satisfactory to Agent: 
 (a) the Loan Parties’ executed signature page(s) to
this Amendment; 
 (b) an Amended and Restated Note executed by Borrower in favor of Lender in the principal amount of
$40,000,000; 
 (c) such certificates of resolutions or other action, incumbency certificates and/or other certificates of
Responsible Officers of each Loan Party as Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment, the Agreement and the
other Loan Documents to which such Loan Party is a party; 
 (d) such documents and certifications as Agent may reasonably
require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or
the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 
  

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 (e) a favorable opinion of Friedman Kaplan Seiler & Adelman LLP, counsel to the
Loan Parties, addressed to Agent and each Lender concerning the Loan Parties and the Loan Documents; 
 (f) a certificate of a
Responsible Officer of each Loan Party either (i) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the
Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (ii) stating that no such consents, licenses or approvals are so required; 
 (g) a certificate signed by a Responsible Officer of Borrower certifying (i) that the conditions specified in Sections 4.02(a)
and (b) of the Agreement have been satisfied, and (ii) that there has been no event or circumstance since December 31, 2008 that has had or could be reasonably expected to have, either individually or in the aggregate, a
Material Adverse Effect; 
 (h) evidence that all insurance required to be maintained pursuant to the Loan Documents has been
obtained and remains in effect; 
 (i) evidence that the Liens in favor of Agent are valid, enforceable, properly perfected in a
manner acceptable to Agent and prior to all others’ rights and interests, except those Agent consents to in writing; 
 (j)
three years projected financials for the Loan Parties on a consolidated and consolidating basis (to include an income statement for the fiscal years ending 2010, 2011, and 2012); 
 (k) a Reaffirmation Agreement, duly executed and delivered by each Loan Party in favor of Agent and Lenders; 
 (l) such other assurances, certificates, documents, consents or opinions as Agent or Lenders reasonably may require; and 
 (m) payment of all fees and expenses described in that certain Amended and Restated Agreement Regarding Fees dated as of the date hereof
between Borrower and Agent in immediately available funds. 
 6. Additional Covenants. On or before August 31, 2010, for
any personal property Collateral located at any of the locations listed on Schedule 5.19, as amended hereby, and identified therein as having been acquired after February 8, 2006, Borrower and each other Loan Party shall have obtained a
landlord agreement from the owner of the real property in form and substance reasonably satisfactory to the Agent, provided that this condition shall be deemed satisfied, in the Agent’s reasonable discretion, to the extent that Borrower
has used commercially reasonable efforts to obtain same and has been unsuccessful in obtaining such agreements. In the event that any of the terms of this Section 6 are not satisfied to the reasonable satisfaction of the Agent within the
time period specified, the Agent or the Required Lenders shall have the right to immediately declare an Event of Default under the Credit Agreement. 
  

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 7. Effect of Amendment; No Novation. Except as expressly set forth herein, the Credit
Agreement shall remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligation of the Loan Parties to the Agent and Lender, and the Loan Parties hereby restate, ratify and reaffirm each and every term and
condition set forth in the Credit Agreement, as amended hereby. The terms of this Amendment are not intended to and do not serve as a novation as to the Credit Agreement or the Note or the indebtedness evidenced thereby. The parties hereto expressly
do not intend to extinguish any debt or security interest created pursuant to the Credit Agreement or any document executed in connection therewith. Instead it is the express intention to affirm the Credit Agreement and the security created thereby.

 8. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. Delivery of an executed signature page of this
Amendment by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 
 9. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. 
 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 11. Waiver, Release and Disclaimer. To induce the Lender and the Agent to
enter into this Amendment, the Loan Parties hereby waive and release any claim, defense, demand, action or suit of any kind or nature whatsoever against the Lender or the Agent arising on or prior to the date of this Amendment in connection with the
Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated thereunder, except that this Section 10 shall not waive or release any of the Lender’s or the Agent’s contractual obligations under
the Credit Agreement or any of the other Loan Documents. 
 [Remainder of This Page Intentionally Left Blank] 
  

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

											
	BORROWER:	 		 	CBEYOND COMMUNICATIONS, LLC,
		 		 		 	a Delaware limited liability company
				
		 		 		 	BY: /S/  ROBERT
FUGATE                        (SEAL)
		 		 		 	Name:  Robert Fugate
		 		 		 	Title:    CFO
			
	ADDITIONAL LOAN PARTIES:	 		 	CBEYOND, INC.,
		 		 		 	a Delaware corporation
				
		 		 		 	BY: /S/  ROBERT
FUGATE                        (SEAL)
		 		 		 	Name:  Robert Fugate
		 		 		 	Title:    CFO
			
	AGENT AND LENDER:	 		 	BANK OF AMERICA, N.A.
				
		 		 		 	BY: /S/  THOMAS M.
PAULK                                
		 		 		 	Name:	 	Thomas M. Paulk	 	
		 		 		 	Title:	 	Vice President	 	

 SCHEDULE 1 
 Certain Parent Shareholders 
 MDCP-Cbeyond Investors, LLC and its Affiliates Madison Dearborn
Special Equity III, LP; Special Advisors Fund I LLC; and Madison Dearborn Capital Partners III. MDCP-Cbeyond Investors, LLC, Madison Dearborn Special Equity III, LP, Special Advisors Fund I LLC and Madison Dearborn Capital Partners III, LP are part
of an affiliated group of investment partnerships and limited liability companies commonly controlled by Madison Dearborn Partners. 
 VantagePoint Venture Partners and its Affiliates VantagePoint Venture Partners III(Q), LP; VantagePoint Venture Partners III, LP; VantagePoint Venture Partners IV(Q), LP; VantagePoint Ventures Partners IV, LP; and VantagePoint Venture
Partners IV Principals Fund, LP. VantagePoint Venture Partners III(Q), LP, VantagePoint Venture Partners III, LP, VantagePoint Venture Partners IV(Q), LP, VantagePoint Ventures Partners IV, LP and Venture Partners IV Principals Fund, LP are part of
an affiliated group of investment partnerships commonly controlled by VantagePoint Venture Partners. 

 SCHEDULE 2.01 
 Commitments 
  

							
	 Lender
	  	Lender’s Commitment	  	Percentage	 
	 Bank of America, N.A.
	  	$	40,000,000.00	  	100	% 

 SCHEDULE 5.06 
 Litigation 
 NONE 

 SCHEDULE 5.09 
 Environmental Matters 
 NONE 

 SCHEDULE 5.13 
 Subsidiaries and Other Equity Investments 
  

					
	 NAME
	  	 STATE (DATE OF FORMATION)
	  	 FEIN

	Cbeyond, Inc.	  	Delaware (3/22/2000)	  	59-3636526
	Cbeyond Communications, LLC	  	Delaware (10/22/1999)	  	59-3608337

  

	*	The entity represented by FEIN 59-3636526 changed the name from “Cbeyond Communications, Inc.” to “Cbeyond, Inc.” in June 2006.

 All of the above entities have as their principal place of business the offices located at 320 Interstate North
Parkway; Suite 300; Atlanta, GA 30339. 

 SCHEDULE 5.19 
 Leases 
 (Items marked by * were acquired after February 8, 2006) 

The Borrower has entered into operating leases as lessee with respect to the following real properties: 
 Company Headquarters: 
  

	(1)	320 Interstate North Parkway; Atlanta, GA 

 - Suites 100, 200, 300, 400,* 495, 500, 501, 550, 600* 
  

	(2)	340 Interstate North Parkway; Suite 100,* 150,* 155,* 160,* 440,* 450,* 470*; Atlanta, GA 

 Atlanta Branches & Data Centers: 
  

	(3)	360 Interstate North Parkway; Suite 600; Atlanta, GA 

  

	(4)	56 Marietta Street; Atlanta, GA 

  

	(5)	1140 Hammond Drive; Atlanta, GA 

  

	(6)	6620 Bay Circle, Norcross, GA (Bay Colony)* 

 Dallas Branches & Data Centers: 
  

	(7)	Heritage Square I, Suite 900; Dallas, TX 

  

	(8)	Heritage Square I, Suite 230; Dallas, TX* 

  

	(9)	1950 Stemmons Freeway; Dallas, TX 

  

	(10)	5601 Bridge Street, Suite 450, Ft Worth, TX* 

 Denver Branches & Data Centers: 
  

	(11)	1500 Champa; Suite B-300; Denver, CO 

  

	(12)	3131 S. Vaughn Way; Suite 400; Aurora (Cherry Creek), CO 

  

	(13)	544 Mark Dabling Blvd, Colorado Springs, CO* 

  

	(14)	1715 Ironhorse Dr, Longmont, CO* 

  

	(15)	360 Inverness Drive, Englewood CO* 

 Houston Branches: 
  

	(15)	One Riverway; Suite 200; Houston, TX 

 Chicago Branches: 
  

	(16)	1520 Kensington Rd.; Suite 300; Oakbrook and Oakbrook Expansion; Chicago, IL 

 Los Angeles Branches: 
  

	(17)	 879 W. 190th Street; Suite 1200; Los Angeles, CA 

  

	(18)	2400 East Katella Ave, Anaheim, CA (Stadium Towers)* 

 San Diego Branches: 
  

	(19)	6236 Greenwich Drive; Suite 400, 410* Governor Executive Centre; San Diego, CA 

 Detroit Branches: 
  

	(20)	27555 Farmington Road; Suite 100 Citiplace Center; Farmington Hills, MI 

 Bay Area Branches: 
  

	(21)	2055 Laurelwood Road, Santa Clara, CA* 

	(22)	710 S.Broadway, Suite 260, Walnut Creek, CA* 

 Miami Branches: 
  

	(23)	 3601 SW 160th Avenue, Suite 330, Miramar, FL* 

 Minneapolis Branches: 
  

	(24)	 7900 & 8000 78th Street West, Edina, MN* 

 Washington DC Branches: 
  

	(25)	11107 Sunset Hills Rd, Reston, VA* 

 Seattle Branches: 
  

	(26)	3545 Factoria Blvd, Bellvue, WA* 

 The Borrower
has entered into the following capital leases as lessee: 
 NONE 

 SCHEDULE 5.26 
 Labor Disputes; Acts of God 
 NONE 

 SCHEDULE 7.01 
 Existing Liens 
 Certain office equipment (such as copiers) and furniture are leased. 

 SCHEDULE 7.03 
 Existing Indebtedness 
 NONE 

 SCHEDULE 10.02 
 Administrative Agent’s Office, Certain Addresses for Notice 
 If to AGENT or LENDER:

 Bank of America, N.A. 
 600
Peachtree Street 
 GA1-006-13-15 
 Atlanta, GA 30308 
 Attention: Thomas M. Paulk 
 Fax: 404-607-6343 
 Email: thomas.m.paulk@baml.com 
 If to Borrower or any other Loan Party: 
 Cbeyond
Communications, LLC 
 320 Interstate North Parkway 
 Suite 300 
 Atlanta, GA 30339 
 Attention: J. Robert Fugate, CFO and Kurt Abkemeier, VP Finance and Treasurer 
 Fax: 678-424-2501

	Email:    Bob.Fugate@cbeyond.net	

	  	      Kurt.Abkemeier@cbeyond.netForm of Registration Rights Agreement

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of [                    ], 2010, is entered into by and among Excel Trust,
Inc., a Maryland corporation (the “Company”), Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership”), and the contributors whose names are set forth on the signature pages hereto (each a
“Contributor” and collectively, the “Contributors”). 
 RECITALS 
 WHEREAS, in connection with the initial public offering of shares of the Company’s common stock, par value $0.01 per share (the
“Common Stock”), the Company, the Operating Partnership and the Contributors will engage in certain formation transactions (the “Formation Transactions”) whereby the Contributors will contribute to the Operating
Partnership their interests in certain real estate properties and other assets (the “Properties”); 
 WHEREAS,
the Contributors will receive limited partnership units (“OP Units”) in the Operating Partnership and/or shares of Common Stock in exchange for their respective interests in the Properties, and the Company will be the general
partner of the Operating Partnership; 
 WHEREAS, pursuant to the Partnership Agreement (as defined below), the OP Units will be
redeemable for cash or exchangeable for shares of Common Stock upon the terms and subject to the conditions contained in the Partnership Agreement; and 
 WHEREAS, the Contributors are willing to contribute their respective interests in the Properties in consideration of receiving, among other things, the registration rights set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. The following terms, as used herein, have the following meanings: 
 “Affiliate” of any Person means any other Person directly or indirectly, through one or more intermediaries, controlling or controlled by or under common control with such Person. For the purposes of this definition,
“control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

 “Agreement” shall have the meaning set forth in the introductory paragraph
hereof. 
 “Articles of Incorporation” means the Articles of Amendment and Restatement of the Company as filed
with the State Department of Assessments and Taxation of Maryland on [__], 2010, as the same may be amended, modified or restated from time to time. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in The City of New York or San Diego, California are authorized as required by law,
regulation or executive order to close. 
 “Commission” means the Securities and Exchange Commission.

 “Common Stock” shall have the meaning set forth in the Recitals hereof. 
 “Company” shall have the meaning set forth in the introductory paragraph hereof. 
 “Contributor” shall have the meaning set forth in the introductory paragraph hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Exchangeable OP Units” means OP Units which may be redeemable for cash, or at the sole and absolute
discretion of the Company, exchangeable for Common Stock pursuant to the Partnership Agreement (without regard to any limitations on the exercise of such exchange right as a result of the Ownership Limit Provisions). 
 “Formation Transactions” shall have the meaning set forth in the Recitals hereof. 
 “Holder” means any Initial Holder who is the record or beneficial owner of any Registrable Security or any assignee or
transferee of such Registrable Security (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable Securities) to the extent
(x) permitted under the Partnership Agreement and (y) such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless such Registrable Security is acquired in a public distribution pursuant to a registration
statement under the Securities Act or pursuant to transactions exempt from registration under the Securities Act where securities sold in such transaction may be resold without subsequent registration under the Securities Act. 
 “Immediate Family” of any individual means such individual’s estate and heirs or current spouse, or former spouse,
parents, parents-in-law, children (whether natural or adoptive or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which consist of such individual or any of the foregoing. 
 “Indemnified Party” shall have the meaning set forth in Section 2.8 hereof. 
 “Indemnifying Party” shall have the meaning set forth in Section 2.8 hereof. 
  

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 “Initial Holder” means (i) any Contributor, (ii) any partner,
member or stockholder of any Contributor, (iii) any Affiliate of any such partner, member or stockholder and (iv) the Immediate Family of any of the foregoing. 
 “Initial Public Offering” means the offering of Common Stock pursuant to the Form S-11 Registration Statement (No. 333-164031) filed by the Company with the Commission under the
Securities Act. 
 “Inspectors” shall have the meaning set forth in Section 2.4(g) hereof. 
 “Market Value” means the average of the daily market price of the Common Stock for the ten (10) consecutive trading
days immediately preceding the applicable date. The market price of the Common Stock for each such trading day shall be: 
 (i) if the Common Stock is listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid
and asked prices on such day, in either case as reported in the principal consolidated transaction reporting system, 
 (ii) if the Common Stock is not listed or admitted to trading on any securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as
reported by a reliable quotation source designated by the Company, or 
 (iii) if the Common Stock is not listed
or admitted to trading on any securities exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source
designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than 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 Market Value of the Common Stock shall be determined by the Board of Directors of the Company acting in good faith on the basis of such quotations and other information as it considers, in its
reasonable judgment, appropriate. 
 “OP Units” shall have the meaning set forth in the Recitals hereof.

 “Ownership Limit Provisions” mean the various provisions of the Company’s Articles of Incorporation set
forth in Article VII thereof restricting the ownership of Common Stock by Persons to specified percentages of the outstanding Common Stock. 
 “Partnership Agreement” means the Agreement of Limited Partnership of the Operating Partnership dated as of
[                    ], 2010, as the same may be amended, modified or restated from time to time. 
  

 3 

 “Person” means an individual or a corporation, partnership, limited
liability company, association, trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Piggy-Back Registration” shall have the meaning set forth in Section 2.2 hereof. 
 “Properties” shall have the meaning set forth in the Recitals hereof. 
 “Records” shall have the meaning set forth in Section 2.4(g) hereof. 
 “Registrable
Securities” means shares of Common Stock at any time owned, either of record or beneficially, by any Holder and issued either in connection with the Formation Transactions or upon exchange of Exchangeable OP Units received in the Formation
Transactions and any additional Common Stock issued as a dividend, distribution or exchange for, or in respect of such shares until 
 (i) a registration statement covering such shares has been declared effective by the Commission and such shares have been disposed of pursuant to such effective registration statement, 
 (ii) such shares shall have ceased to be outstanding, 
 (iii) such shares may be sold pursuant to Rule 144 (or any similar rule or regulation then in effect) without limitation as
to volume or manner of sale, or 
 (iv) such shares have been sold or otherwise transferred in a transaction that
would constitute a sale thereof under the Securities Act, the Company has delivered a new certificate or other evidence of ownership for such shares not bearing the Securities Act restricted stock legend and such shares may be resold without
subsequent registration under the Securities Act. 
 “Registration Expenses” shall have the meaning set forth
in Section 2.5 hereof. 
 “Securities Act” means the Securities Act of 1933, as amended and the rules and
regulations promulgated thereunder. 
 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a registration statement under the Securities Act. 
 “Shelf Registration Statement” shall have the
meaning set forth in Section 2.1 hereof. 
 “Underwriter” means a securities dealer who purchases any
Registrable Securities as principal and not as part of such dealer’s market-making activities. 
  

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 ARTICLE II 
 REGISTRATION RIGHTS 
 SECTION 2.1. Shelf Registration. Commencing on or
after the first anniversary of the consummation date of the Initial Public Offering, the Company shall prepare and file a “shelf” registration statement with respect to the Registrable Securities on an appropriate form for an offering to
be made on a continuous basis pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”) and shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared
effective on or as soon as practicable thereafter, and to keep such Shelf Registration Statement continuously effective for a period ending when all shares of Common Stock covered by the Shelf Registration Statement are no longer Registrable
Securities. In the event that the Company fails to file, or if filed fails to maintain the effectiveness of, a Shelf Registration Statement, Holders of Registrable Securities may participate in a Piggy-Back Registration (as defined below) pursuant
to Section 2.2 hereof; provided that, if and so long as a Shelf Registration Statement is on file and effective, then the Company shall have no obligation to allow participation in a Piggy-Back Registration. 
 SECTION 2.2. Piggy-Back Registration. Subject to Section 2.1 hereof, if the Company proposes to file a registration statement
under the Securities Act with respect to an underwritten equity offering by the Company for its own account or for the account of any of its respective securityholders of any class of security (other than (i) any registration statement filed by
the Company under the Securities Act relating to an offering of Common Stock for its own account as a result of the exercise of the exchange rights set forth in the Partnership Agreement, (ii) any registration statement filed in connection with
a demand registration or (iii) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted by the Commission) or filed in connection with an exchange offer or offering of securities solely to the Company’s
existing securityholders), then the Company shall give written notice of such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no event less than ten (10) days before the anticipated filing date), and such
notice shall offer such Holders the opportunity to register such number of shares of Registrable Securities as each such Holder may request (a “Piggy-Back Registration”). The Company shall use its commercially reasonable efforts to
cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration to be included on the same terms and conditions as any similar securities
of the Company included therein. 
 SECTION 2.3. Reduction of Offering. Notwithstanding anything contained herein, if in
the opinion of the managing Underwriter or Underwriters of an offering described in Section 2.2 hereof, the (i) size of the offering that the Holders, the Company and such other persons intend to make or (ii) kind of securities that
the Holders, the Company and/or any other Persons intend to include in such offering are such that the success of the offering would be adversely affected by inclusion of the Registrable Securities requested to be included, then (A) if the size
of the offering is the basis of such Underwriter’s opinion, the amount of securities to be offered for the accounts of Holders shall be reduced pro rata (according to the Registrable Securities proposed for registration) to the extent necessary
to reduce the total amount of securities to be included in such offering to the amount recommended by such managing Underwriter or Underwriters; provided that, in the case of a Piggy-Back Registration, if the securities are being offered for
the account of other Persons as well as the Company, then with

  

 5 

 
respect to the Registrable Securities intended to be offered by Holders, the proportion by which the amount of such class of securities intended to be offered by Holders is reduced shall not
exceed the proportion by which the amount of such class of the securities intended to be offered by such other Persons is reduced; and (B) if the combination of the securities to be offered is the basis of such Underwriter’s opinion,
(x) the Registrable Securities to be included in such offering shall be reduced as described in clause (A) above (subject to the proviso in clause (A)) or (y) if the actions described in clause (x) would, in the judgment of the
managing Underwriter or Underwriters, be insufficient to substantially eliminate the adverse effect that inclusion of the Registrable Securities requested to be included would have on such offering, such Registrable Securities will be excluded from
such offering. 
 SECTION 2.4. Registration Procedures; Filings; Information. In connection with any Shelf Registration
Statement under Section 2.1 hereof, the Company will use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as quickly as
practicable, and in connection with any such request: 
 (a) The Company will as expeditiously as possible
prepare and file with the Commission a registration statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be
registered thereunder in accordance with the intended method of distribution thereof. 
 (b) The Company will, if
requested, prior to filing a registration statement or prospectus or any amendment or supplement thereto, furnish to each Selling Holder and each Underwriter, if any, of the Registrable Securities covered by such registration statement copies of
such registration statement as proposed to be filed, and thereafter furnish to such Selling Holder and Underwriter, if any, such number of conformed copies of such registration statement, each amendment and supplement thereto (in each case including
all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such Selling Holder or Underwriter may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder. 
 (c)
After the filing of the registration statement, the Company will promptly notify each Selling Holder covered by such registration statement of any stop order issued or threatened by the Commission and take all reasonable actions required to prevent
the entry of such stop order or to remove it if entered. 
 (d) The Company will use its commercially reasonable
efforts to (i) register or qualify the Registrable Securities under such other securities or blue sky laws of such jurisdictions in the United States (where an exemption does not apply) as any Selling Holder or managing Underwriter or
Underwriters, if any, reasonably (in light of such Selling Holder’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as
may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Selling Holder to

  

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consummate the disposition of the Registrable Securities owned by such Selling Holder; provided that the Company will not be required to (A) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (e) The Company will immediately notify each Selling Holder of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading and promptly make available to each Selling Holder any such supplement or amendment. 
 (f)
The Company will enter into customary agreements (including an underwriting agreement, if any, in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities. 
 (g) The Company will make available for inspection by any Selling Holder of such Registrable
Securities, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any such Selling Holder or Underwriter (collectively, the
“Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due
diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any Inspectors in connection with such registration statement. Records which the Company determines, in good
faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such registration
statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Each Selling Holder of such Registrable Securities agrees that information obtained by it as a result of such
inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of the Company unless and until such is made generally available to the public. Each Selling Holder of such Registrable
Securities further agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent
disclosure of the Records deemed confidential. 
 (h) The Company will furnish to each Selling Holder and to each
Underwriter, if any, a signed counterpart, addressed to such Selling Holder or Underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) if eligible under Statement on Auditing Standards No. 72 of the American
Institute of Certified Public Accountants, a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters,
as the case may be, as the Holders of a majority of the Registrable Securities included in such offering or the managing Underwriter or Underwriters therefor reasonably requests. 
  

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 (i) The Company will otherwise comply with all applicable rules and
regulations of the Commission, and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of at least twelve months, beginning after the effective date of the registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder (or any successor rule or regulation hereafter adopted by the Commission). 
 (j) The Company will use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then listed. 
 The Company may require each Selling
Holder of Registrable Securities to promptly furnish in writing to the Company such information regarding such selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable Securities as the Company
may from time to time reasonably request and such other information as may be legally required in connection with such registration. 
 Each Selling Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.4(e) hereof, such Selling Holder will forthwith discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.4(e) hereof, and, if so directed
by the Company, such Selling Holder will deliver to the Company all copies, other than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of
such notice. Each Selling Holder of Registrable Securities agrees that it will immediately notify the Company at any time when a prospectus relating to the registration of such Registrable Securities is required to be delivered under the Securities
Act of the happening of an event as a result of which information previously furnished by such Selling Holder to the Company in writing for inclusion in such prospectus contains an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made. In the event the Company shall give such notice, the Company shall extend the period during which
such registration statement shall be maintained effective (including the period referred to in Section 2.4(a) hereof) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.4(e)
hereof to the date when the Company shall make available to the Selling Holders of Registrable Securities covered by such registration statement a prospectus supplemented or amended to conform with the requirements of Section 2.4(e) hereof.

 SECTION 2.5. Registration Expenses. In connection with any registration statement required to be filed hereunder, the
Company shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration Expenses”): (i) all registration and filing fees, (ii) fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky

  

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qualifications of the Registrable Securities), (iii) printing expenses, (iv) internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), (v) the fees and expenses incurred in connection with the listing of the Registrable Securities, (vi) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for
independent certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by independent certified public accountants of a comfort letter or comfort letters requested
pursuant to Section 2.4(h) hereof), and (vii) the reasonable fees and expenses of any special experts retained by the Company in connection with such registration. The Company shall have no obligation to pay any underwriting fees,
discounts or commissions attributable to the sale of Registrable Securities, or any out-of-pocket expenses of the Holders (or the agents who manage their accounts) or any transfer taxes relating to the registration or sale of the Registrable
Securities. 
 SECTION 2.6. Indemnification by the Company. The Company agrees to indemnify and hold harmless each
Selling Holder, its officers, directors and agents, and each Person, if any, who controls such Selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses,
claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information
furnished in writing to the Company by such Selling Holder or on such Selling Holder’s behalf expressly for inclusion therein. The Company also agrees to indemnify any Underwriters of the Registrable Securities, their officers and directors and
each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Selling Holders provided in this
Section 2.6, provided that the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of any Underwriter of the Registrable Securities from whom the person asserting any such losses, claims, damages
or liabilities purchased the Registrable Securities which are the subject thereof if such person did not receive a copy of the prospectus (or the prospectus as supplemented) at or prior to the confirmation of the sale of such Registrable Securities
to such person in any case where such delivery is required by the Securities Act and the untrue statement or omission of a material fact contained in such preliminary prospectus was corrected in the prospectus (or the prospectus as supplemented).
The indemnity provided for in this Section 2.6 shall remain in full force and effect regardless of any investigation made by or on behalf of any Selling Holder. 
 SECTION 2.7. Indemnification by Holders of Registrable Securities. Each Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and
agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Selling Holder,
but only with

  

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respect to information relating to such Selling Holder furnished in writing by such Selling Holder or on such Selling Holder’s behalf expressly for use in any registration statement or
prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. In case any action or proceeding shall be brought against the Company or its officers, directors or agents or any such
controlling person, in respect of which indemnity may be sought against such Selling Holder, such Selling Holder shall have the rights and duties given to the Company, and the Company or its officers, directors or agents or such controlling person
shall have the rights and duties given to such Selling Holder, by Section 2.6. Each Selling Holder also agrees to indemnify and hold harmless Underwriters of the Registrable Securities, their officers and directors and each Person who controls
such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this Section 2.7. The liability of
any Selling Holder pursuant to this Section 2.7 may, in no event, exceed the net proceeds received by such Selling Holder from sales of Registrable Securities giving rise to the indemnification obligations of such Selling Holder. 
 SECTION 2.8. Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.6 or 2.7, such person (an “Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (an
“Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and
expenses. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the
Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they
are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the case of Persons indemnified pursuant to Section 2.6 hereof, the Selling Holders which owned a majority
of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.7, the Company. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or
liability (to the extent stated above) by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and
expenses of counsel as contemplated by the third sentence of this paragraph, the Indemnifying Party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into
more than 30 Business Days after receipt by such Indemnifying Party of the aforesaid request and (ii) such Indemnifying Party shall not have reimbursed the Indemnified Party in

  

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accordance with such request prior to the date of such settlement. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such proceeding. 
 SECTION 2.9. Contribution. If the indemnification provided
for in Section 2.6 or 2.7 hereof is unavailable to an Indemnified Party or insufficient in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities (i) as between the Company and the Selling Holders on the one hand and the Underwriters on the other, in
such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Holders on the one hand and the Underwriters on the other from the offering of the securities, or if such allocation is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations and (ii) between the Company on the one hand and each Selling Holder on the other, in such proportion as is
appropriate to reflect the relative fault of the Company and of each Selling Holder in connection with such statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company and the Selling Holders on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total proceeds from the offering (net of underwriting
discounts and commissions but before deducting expenses) received by the Company and the Selling Holders bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page
of the prospectus. The relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Selling Holders or by the Underwriters. The relative fault of the Company on the one hand and of each Selling Holder on the
other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 The Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 2.9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims,
damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with
investigating or

  

 11 

 
defending any such action or claim. Notwithstanding the provisions of this Section 2.9, no Underwriter shall be required to contribute any amount in excess of the amount by which the total
commissions and discounts received by such Underwriter in connection with the sale of the securities underwritten by it and distributed to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission, and no Selling Holder shall be required to contribute any amount in excess of the amount by which the total price at which the securities of such Selling Holder were
offered to the public exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to contribute
pursuant to this Section 2.9 are several in proportion to the proceeds of the offering received by such Selling Holder bears to the total proceeds of the offering received by all the Selling Holders and not joint. 
 SECTION 2.10. Participation in Underwritten Registrations. No Person may participate in any underwritten registration hereunder
unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and these registration rights provided for in this Article II. 
 SECTION 2.11. Rule 144. The Company covenants that it will file any reports required to be filed by it under the Securities Act and
the Exchange Act and that it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. Upon the request of any Holder, the
Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 
 SECTION 2.12.
Holdback Agreements. 
 (a) Restrictions on Public Sale by Holder of Registrable Securities. To the
extent not inconsistent with applicable law, each Holder whose securities are included in a registration statement agrees not to effect any sale or distribution of the issue being registered or a similar security of the Company, or any securities
convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the fourteen (14) days prior to (provided that sufficient prior notice has been given to such Holder),
and during the 90-day period beginning on, the effective date of such registration statement (except as part of such registration), if and to the extent requested in writing by the Company in the case of a non-underwritten public offering or if and
to the extent requested in writing by the managing underwriter or Underwriters in the case of an underwritten public offering. 
  

 12 

 (b) Temporary Suspension of Rights to Sell Based on Confidential
Information. If the Company determines in its good faith judgment that the filing of the Shelf Registration Statement under Section 2.1 or the use of any related prospectus would require the disclosure of material information that the
Company has a bona fide business purpose for preserving as confidential or the disclosure of which would impede the Company’s ability to consummate a significant transaction, and that the Company is not otherwise required by applicable
securities laws or regulations to disclose, upon written notice of such determination by the Company, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to the Shelf Registration Statement or to require the
Company to take action with respect to the registration or sale of any Registrable Securities pursuant to the Shelf Registration Statement shall be suspended until the earlier of (i) the date upon which the Company notifies the Holders in
writing that suspension of such rights for the grounds set forth in this Section 2.12(b) is no longer necessary and (ii) 180 days. The Company agrees to give such notice as promptly as practicable following the date that such suspension of
rights is no longer necessary. 
 (c) Temporary Suspension of Rights to Sell Based on Exchange Act Reports not
yet Filed or Regulation S-X. If all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date without regard to any extension, or if the consummation of any business combination by the
Company has occurred or is probable for purposes of Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X under the Act, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer, sell or distribute
any Registrable Securities pursuant to the Shelf Registration Statement or to require the Company to take action with respect to the registration or sale of any Registrable Securities pursuant to the Shelf Registration Statement shall be suspended
until the date on which the Company has filed such reports or obtained and filed the financial information required by Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X to be included or incorporated by reference, as
applicable, in the Shelf Registration Statement, and the Company shall notify the Holders as promptly as practicable when such suspension is no longer required. 
 ARTICLE III 
 MISCELLANEOUS 
 SECTION 3.1. New York Stock Exchange Listing. In the event that the Company shall issue any Common Stock in exchange for OP Units
pursuant to the Partnership Agreement, then in any such case the Company agrees to cause any such shares of Common Stock to be listed on the New York Stock Exchange prior to or concurrently with the issuance thereof by the Company. 
 SECTION 3.2. Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including recovery of
damages, the Holders shall be entitled to specific performance of the rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 
  

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 SECTION 3.3. Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holders of a majority of
the Registrable Securities. No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof shall constitute
waiver of any such breach or any other covenant, duty, agreement or condition. 
 SECTION 3.4. Notices. All notices and
other communications in connection with this Agreement shall be made in writing by hand delivery, registered first-class mail, telex, telecopier, or air courier guaranteeing overnight delivery to the address set forth on the signature page hereto,
or to such other address and to such other Persons as any party hereto may hereafter specify in writing. 
 All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when received if deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if
telecopied; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 
 SECTION 3.5.
Successors and Assigns. Except as expressly provided in this Agreement the rights and obligations of the Initial Holders under this Agreement shall not be assignable by any Initial Holder to any Person that is not an Initial Holder. This
Agreement shall be binding upon the parties hereto and their respective successors and assigns. 
 SECTION 3.6.
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 
 SECTION 3.7. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California without regard to the choice of law provisions thereof. 
 SECTION 3.8. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

SECTION 3.9. Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to
be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

  

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 SECTION 3.10. Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
 SECTION 3.11. No Third Party Beneficiaries.
Nothing express or implied herein is intended or shall be construed to confer upon any person or entity, other than the parties hereto and their respective successors and assigns, any rights, remedies or other benefits under or by reason of this
Agreement. 
  

 15 

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

					
	COMPANY
	
	EXCEL TRUST, INC.,
	a Maryland corporation
		
	By:	 	 
		
		 	 
	
	OPERATING PARTNERSHIP
	
	EXCEL TRUST, L.P., a Delaware limited partnership
		
	By:	 	EXCEL TRUST, INC.
		 	General Partner
			
		 	By: 	 	 
			
		 		 	 
		 		 	
	CONTRIBUTORS
	
	 
	
	 

 Signature Page to Registration Rights
Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]