Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP 
 OF 
 HEALTHCARE TRUST OF AMERICA HOLDINGS, L.P. 
  

 
  

December 20, 2012 

 TABLE OF CONTENTS 

 

					
	 Articles; Sections
	  	Page	 
		
	 ARTICLE I. DEFINED TERMS
	  	 	1	  
		
	 ARTICLE II. ORGANIZATIONAL MATTERS
	  	 	14	  
		
	 2.1 FORMATION.
	  	 	14	  
		
	 2.2 NAME
	  	 	14	  
		
	 2.3 REGISTERED OFFICE AND AGENT
	  	 	15	  
		
	 2.4 PRINCIPAL PLACE OF BUSINESS
	  	 	15	  
		
	 2.5 TERM AND TERMINATION
	  	 	15	  
		
	 2.6 POWER OF ATTORNEY
	  	 	15	  
		
	 2.7 EFFECTIVENESS OF THIS AGREEMENT
	  	 	17	  
		
	 ARTICLE III. PURPOSE AND POWERS
	  	 	17	  
		
	 3.1 PURPOSE AND BUSINESS
	  	 	17	  
		
	 3.2 POWERS
	  	 	18	  
		
	 ARTICLE IV. CAPITAL CONTRIBUTIONS; PARTNERSHIP UNITS; ADDITIONAL FUNDS
	  	 	18	  
		
	 4.1 CAPITAL CONTRIBUTIONS OF THE PARTNERS
	  	 	18	  
		
	 4.2 ISSUANCE OF ADDITIONAL PARTNERSHIP INTERESTS
	  	 	20	  
		
	 4.3 ISSUANCE OF SECURITIES BY THE GENERAL PARTNER
	  	 	21	  
		
	 4.4 ADDITIONAL FUNDS
	  	 	22	  
		
	 4.5 NO THIRD-PARTY BENEFICIARY
	  	 	22	  
		
	 4.6 NO INTEREST
	  	 	22	  
		
	 4.7 NO PREEMPTIVE RIGHTS
	  	 	22	  
		
	 4.8 CAPITAL ACCOUNTS
	  	 	23	  
		
	 ARTICLE V. DISTRIBUTIONS
	  	 	23	  
		
	 5.1 DISTRIBUTIONS
	  	 	23	  
		
	 5.2 QUALIFICATION AS A REIT
	  	 	23	  
		
	 5.3 WITHHOLDING
	  	 	24	  
		
	 5.4 ADDITIONAL PARTNERSHIP INTERESTS
	  	 	24	  
		
	 ARTICLE VI. ALLOCATIONS
	  	 	24	  
		
	 6.1 ALLOCATION OF PROFITS AND LOSSES
	  	 	24	  
		
	 6.2 SPECIAL ALLOCATIONS
	  	 	25	  
		
	 6.3 SPECIAL ALLOCATIONS WITH RESPECT TO LTIP PARTNERSHIP UNITS
	  	 	27	  
		
	 6.4 REVISIONS TO ALLOCATIONS TO REFLECT ISSUANCE OF PARTNERSHIP INTERESTS
	  	 	27	  

 TABLE OF CONTENTS 

 

					
	 Articles; Sections
	  	Page	 
		
	 ARTICLE VII. MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	28	  
		
	 7.1 MANAGEMENT
	  	 	28	  
		
	 7.2 CERTIFICATE OF LIMITED PARTNERSHIP
	  	 	31	  
		
	 7.3 REIMBURSEMENT OF THE GENERAL PARTNER
	  	 	32	  
		
	 7.4 ACQUISITION OF LIMITED PARTNER INTERESTS BY THE GENERAL PARTNER
	  	 	32	  
		
	 7.5 TRANSACTIONS WITH AFFILIATES
	  	 	32	  
		
	 7.6 INDEMNIFICATION
	  	 	33	  
		
	 7.7 LIABILITY OF THE GENERAL PARTNER
	  	 	36	  
		
	 7.8 OTHER MATTERS CONCERNING THE GENERAL PARTNER
	  	 	37	  
		
	 7.9 TITLE TO PARTNERSHIP ASSETS
	  	 	38	  
		
	 7.10 RELIANCE BY THIRD PARTIES
	  	 	38	  
		
	 ARTICLE VIII. RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	39	  
		
	 8.1 LIMITATION OF LIABILITY
	  	 	39	  
		
	 8.2 NO RIGHT TO PARTICIPATE IN THE MANAGEMENT OF BUSINESS
	  	 	39	  
		
	 8.3 OUTSIDE ACTIVITIES OF LIMITED PARTNERS
	  	 	39	  
		
	 8.4 RETURN OF CAPITAL
	  	 	39	  
		
	 8.5 RIGHTS OF LIMITED PARTNERS RELATING TO THE PARTNERSHIP
	  	 	40	  
		
	 8.6 REDEMPTION OF COMMON PARTNERSHIP UNITS
	  	 	40	  
		
	 8.7 REDEMPTION OF LTIP SERIES C PARTNERSHIP UNITS
	  	 	43	  
		
	 ARTICLE IX. BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	43	  
		
	 9.1 RECORDS AND ACCOUNTING
	  	 	43	  
		
	 9.2 REPORTS
	  	 	44	  
		
	 ARTICLE X. TAX MATTERS
	  	 	44	  
		
	 10.1 PREPARATION OF TAX RETURNS
	  	 	44	  
		
	 10.2 TAX ELECTIONS
	  	 	45	  
		
	 10.3 TAX MATTERS PARTNER
	  	 	45	  
		
	 10.4 ORGANIZATIONAL EXPENSES
	  	 	46	  
		
	 10.5 WITHHOLDING
	  	 	46	  
		
	 ARTICLE XI. TRANSFERS AND WITHDRAWALS
	  	 	47	  
		
	 11.1 TRANSFER
	  	 	47	  
		
	 11.2 TRANSFER OF THE GENERAL PARTNER’S GENERAL PARTNER INTEREST
	  	 	48	  

  
 ii 

 TABLE OF CONTENTS 

 

					
	 Articles; Sections
	  	Page	 
		
	 11.3 LIMITED PARTNERS’ RIGHTS TO TRANSFER
	  	 	48	  
		
	 11.4 SUBSTITUTED LIMITED PARTNERS
	  	 	49	  
		
	 11.5 ASSIGNEES
	  	 	50	  
		
	 11.6 GENERAL PROVISIONS
	  	 	50	  
		
	 ARTICLE XII. ADMISSION OF PARTNERS
	  	 	52	  
		
	 12.1 ADMISSION OF SUCCESSOR GENERAL PARTNER
	  	 	52	  
		
	 12.2 ADMISSION OF ADDITIONAL LIMITED PARTNERS
	  	 	52	  
		
	 12.3 AMENDMENT OF AGREEMENT AND CERTIFICATE OF LIMITED PARTNERSHIP
	  	 	53	  
		
	 ARTICLE XIII. DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	53	  
		
	 13.1 DISSOLUTION
	  	 	53	  
		
	 13.2 WINDING UP; LIQUIDATION
	  	 	54	  
		
	 13.3 NO OBLIGATION TO CONTRIBUTE DEFICIT
	  	 	55	  
		
	 13.4 NOTICE OF DISSOLUTION
	  	 	55	  
		
	 13.5 TERMINATION OF PARTNERSHIP AND CANCELLATION OF CERTIFICATE OF LIMITED PARTNERSHIP
	  	 	56	  
		
	 13.6 REASONABLE TIME FOR WINDING-UP
	  	 	56	  
		
	 13.7 WAIVER OF PARTITION
	  	 	56	  
		
	 ARTICLE XIV. AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	 	56	  
		
	 14.1 AMENDMENTS
	  	 	56	  
		
	 14.2 MEETINGS OF THE PARTNERS
	  	 	56	  
		
	 ARTICLE XV. GENERAL PROVISIONS
	  	 	57	  
		
	 15.1 ADDRESSES AND NOTICE
	  	 	57	  
		
	 15.2 TITLES AND CAPTIONS
	  	 	58	  
		
	 15.3 PRONOUNS AND PLURALS
	  	 	58	  
		
	 15.4 FURTHER ACTION
	  	 	58	  
		
	 15.5 BINDING EFFECT
	  	 	58	  
		
	 15.6 CREDITORS
	  	 	58	  
		
	 15.7 WAIVER
	  	 	58	  
		
	 15.8 COUNTERPARTS
	  	 	58	  
		
	 15.9 APPLICABLE LAW
	  	 	59	  
		
	 15.10 INVALIDITY OF PROVISIONS
	  	 	59	  
		
	 15.11 MERGER
	  	 	59	  

  
 iii

 TABLE OF CONTENTS 

 

					
	 Articles; Sections
	  	Page	 
		
	 15.12 NO RIGHTS AS STOCKHOLDERS
	  	 	59	  
		
	 15.13 ENTIRE AGREEMENT
	  	 	59	  
		
	 EXHIBIT A PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS
	  			
		
	 EXHIBIT B NOTICE OF REDEMPTION REQUEST

 
 EXHIBIT C SERIES B NOTICE OF REDEMPTION
REQUEST
	  			

  
 iv 

 AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 

OF 

HEALTHCARE TRUST OF AMERICA HOLDINGS, L.P. 
 THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF HEALTHCARE TRUST OF AMERICA HOLDINGS, L.P. (this “Agreement”), dated as of December 20, 2012 (the “Restatement
Date”), is entered into by and among (i) Healthcare Trust of America, Inc., a Maryland corporation, as general partner (the “General Partner”), and (ii) those Persons who have executed this Agreement or a counterpart hereof,
or who become parties hereto pursuant to the terms of this Agreement. 
 WITNESSETH 

WHEREAS, Healthcare Trust of America Holdings, L.P. (the “Partnership”) was formed as a limited partnership pursuant to the Act
by filing a certificate of limited partnership with the Secretary of State of the State of Delaware on April 20, 2006; 

WHEREAS, the Partnership has, since its formation, been governed by the Agreement of Limited Partnership of NNN Healthcare/Office REIT
Holdings, L.P., dated September 20, 2006, as amended on November 14, 2008 and August 24, 2009 (the “Original Agreement); 
 WHEREAS, the parties hereto on the date hereof desire to amend and restate the Original Agreement in its entirety and to enter into this Agreement; and 

WHEREAS, this Agreement shall constitute the “partnership agreement” (within the meaning of the Act) of the Partnership, and
shall be binding upon all Persons now or at any time hereafter who are Partners. 
 NOW, THEREFORE, in consideration of the
mutual covenants and obligations set forth in this Agreement, and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending legally to be bound, hereby agree as follows:

 Article I 
 DEFINED TERMS 
 Capitalized terms used in this Agreement (including exhibits,
schedules and amendments) shall have the meanings set forth below or in the Section of this Agreement referred to below, except as otherwise expressly indicated or limited by the context in which they appear in this Agreement. All terms defined in
this Agreement in the singular have the same meanings when used in the plural and vice versa. Accounting terms used but not otherwise defined shall have the meanings given to them under GAAP. 
 1.1 “ACT” means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, and any successor to such statute. 

  
 1 

 1.2 “ADDITIONAL LIMITED PARTNER” means a Person that has executed and delivered an additional
limited partner signature page in the form required by the General Partner and has been admitted to the Partnership as a Limited Partner pursuant to Section 12.2. 
 1.3 “ADJUSTED CAPITAL ACCOUNT” means with respect to any Partner, the balance in such Partner’s Capital Account, determined after giving effect to the following adjustments: 

(a) credit to such Capital Account any amount which such Partner (i) is treated as obligated to restore to the Partnership pursuant
to the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(c), or (ii) is deemed to be obligated to restore to the Partnership pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5); and 
 (b) debit to such Capital Account the items described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 1.4 “ADJUSTED CAPITAL ACCOUNT DEFICIT” means, with respect to any Partner,
the negative balance, if any, in such Partner’s Adjusted Capital Account as of the end of any relevant Fiscal Year. This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 1.5 “ADJUSTED PARITY” shall have the meaning
ascribed to it by Section 4.1(e)(ii). 
 1.6 “AFFILIATE” means with respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 1.7 “AGREEMENT” means this Amended and Restated Agreement of Limited Partnership of Healthcare Trust of America Holdings, L.P., as it may be further amended, modified, supplemented or restated
from time to time, as the context requires. 
 1.8 “ARTICLES OF INCORPORATION” means the General Partner’s Articles of
Incorporation, filed with the Maryland State Department of Assessments and Taxation, or other organizational document governing the General Partner, as amended, modified, supplemented or restated from time to time. 

1.9 “ASSIGNEE” means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who
has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 

  
 2 

 1.10 “AVAILABLE OPERATING CASH” means the cash flows derived by the Partnership from the operation
of the Partnership’s business (other than any Net Sales Proceeds or Capital Contributions) before any deduction for depreciation or amortization and after deduction of: 
 (a) all operating costs and expenses including taxes; 
 (b) all payments of
principal, interest and other charges in respect of any Partnership indebtedness; 
 (c) all expenditures for capital
improvements to the Partnership assets or property; and 
 (d) all reserves, whether for working capital, debt repayment, new
portfolio investments or otherwise (including for the redemption of Partnership Units) that are established by the General Partner in the exercise of its sole and absolute discretion. 
 1.11 “BUSINESS DAY” means any day except a Saturday, Sunday or other day on which commercial banks in Los Angeles, California are authorized or required by law to close. 

1.12 “CAPITAL ACCOUNT” has the meaning set forth in Section 4.8. 
 1.13 “CAPITAL CONTRIBUTION” means, with respect to any Partner, any cash, cash equivalents or the fair market value of Contributed Property that such Partner contributes or is deemed to
contribute to the Partnership pursuant to Article 4. 
 1.14 “CARRYING VALUE” means (a) with respect to a Contributed
Property, the fair market value of such Contributed Property at the time such property is contributed, as determined by the General Partner and agreed to by the contributing partner, without reduction for any liabilities either assumed by the
Partnership upon such contribution or to which such property was subject when contributed, reduced (but not below zero) by all Depreciation with respect to such property charged to the Partners’ Capital Accounts, and (b) with respect to
any other Partnership Asset, the adjusted basis of such Partnership Asset for Federal income tax purposes, all as of the time of determination; except that the Carrying Values of all assets may, at the discretion of the general Partner, be adjusted
to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.8. 

1.15 “CASH AMOUNT” means an amount of cash equal to the Value of the REIT Stock Amount on the Valuation Date. 

1.16 “CERTIFICATE” means the Certificate of Limited Partnership of the Partnership, filed on April 20, 2006, as amended, restated,
supplemented or otherwise modified from time to time as herein provided in accordance with the Act. 
 1.17 “CODE” means the Internal
Revenue Code of 1986, as amended from time to time, and any subsequent Federal law of similar import, and, to the extent applicable, any Treasury Regulations promulgated thereunder. 

  
 3 

 1.18 “COMMON PARTNERSHIP UNIT” means any Common Series A Unit and any Common Series B Unit.

 1.19 “COMMON PARTNERSHIP UNIT ECONOMIC BALANCE” shall mean as of any date, (i) the Capital Account balance of the General
Partner, plus the amount of the General Partner’s share of any Partnership Minimum Gain or Partner Minimum Gain attributable to Partner Nonrecourse Debt, in either case to the extent attributable to the General Partner’s ownership of
Common Partnership Units and computed on a hypothetical basis after taking into account all allocations through such date divided by (ii) the number of the General Partner’s Common Partnership Units as of such date. 

1.20 “COMMON PERCENTAGE INTEREST” means, as to each Partner, the percentage determined by dividing the total number of Common Partnership Units
owned by such Partner by the aggregate number of Common Partnership Units then issued and outstanding, as set forth on Exhibit A, as such exhibit may be amended from time to time. 
 1.21 “COMMON SERIES A UNIT” means any Partnership Unit held on or before the Restatement Date, and any subsequently issued Common Partnership Unit designated as such by the Partnership.

 1.22 “COMMON SERIES B UNIT” means any Common Partnership Unit into which LTIP Series C Units are converted. 

1.23 “COMMON STOCK” means a share of the common stock of the General Partner, par value $.01 per share. Common Stock may be issued in one or
more classes or series in accordance with the terms of the Articles of Incorporation. If there is more than one class or series of Common Stock, the term “Common Stock” shall, as the context requires, be deemed to refer to the class or
series of Common Stock that correspond to the class or series of Partnership Units for which the reference to Common Stock is made. 
 1.24
“CONSENT” means the consent or approval of a proposed action by a Partner given in accordance with Section 14.2. 
 1.25
“CONSENT OF THE OUTSIDE LIMITED PARTNERS” means the Consent of the Outside Limited Partners holding a number of Common Partnership Units greater than fifty percent (50%) of the aggregate Common Partnership Units held by all Outside
Limited Partners. 
 1.26 “CONTRIBUTED PROPERTY” means each property or other asset (but excluding cash and cash equivalents), in such
form as may be contributed by a Partner to the Partnership as permitted by the Act. 
 1.27 “DEPRECIATION” means, for each Fiscal
Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period for Federal income tax purposes; provided, that if the Carrying Value of an asset differs from
its adjusted basis for Federal income tax purposes at the beginning of any such year or other period, Depreciation shall be determined in the manner described in Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3) or 1.704-3(d)(2), whichever
is applicable, and if such asset has a zero adjusted tax basis, Depreciation shall be an amount determined under any reasonable method selected by the General Partner. 

  
 4 

 1.28 “EFFECTIVE DATE” means the date of first closing of the offering of Common Stock pursuant to
the Registration Statement. 
 1.29 “ENTITY” means any general partnership, limited liability company, proprietorship, corporation,
joint venture, joint-stock company, limited partnership, limited liability partnership, business trust, firm, trust, estate, governmental entity, cooperative, association or other foreign or domestic enterprise. 

1.30 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time (or any corresponding provisions of
succeeding laws). 
 1.31 “EXIT TRIGGER EVENT” means, with respect to any LTIP Partnership Unit, a Change in Control that is a Trigger
Event, as such terms are defined in the award agreement for such LTIP Partnership Agreement. 
 1.32 “FISCAL YEAR” means the fiscal
year of the Partnership and shall be the same as its taxable year, which shall be the calendar year unless otherwise determined by the General Partner in accordance with the Code. 
 1.33 “GAAP” means United States generally accepted accounting principles, as in effect from time to time. 
 1.34 “GENERAL PARTNER” means Healthcare Trust of America, Inc., a Maryland corporation, and any successor as general partner of the Partnership. 

1.35 “GENERAL PARTNER INTEREST” means a Partnership Interest held by the General Partner, in its capacity as general partner. A General Partner
Interest may be expressed as a number of Partnership Units. 
 1.36 “INCAPACITY” or “INCAPACITATED” means: 

(a) as to any individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating him
incompetent to manage his person or his estate; 
 (b) as to any corporation that is a Partner, the filing of a certificate of
dissolution, or its equivalent, for the corporation or the revocation of its charter; 
 (c) as to any partnership that is a
Partner, the dissolution and commencement of winding up of the partnership; 
 (d) as to any estate that is a Partner, the
distribution by the fiduciary of the estate’s entire interest in the Partnership; 
 (e) as to any trustee of a trust that
is a Partner, the termination of the trust (but not the substitution of a new trustee); or 

  
 5 

 (f) as to any Partner, the bankruptcy of such Partner, which shall be deemed to have
occurred when: 
 (i) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other
relief under any bankruptcy, insolvency or other similar law now or hereafter in effect; 
 (ii) the Partner is
adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner; 

(iii) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors; 

(iv) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition
filed against the Partner in any proceeding of the nature described in clause (ii) above; 
 (v)
the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s assets; 

(vi) any proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy,
insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof; 
 (vii) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment; or

 (viii) an appointment referred to in clause (vii) which has been stayed is not vacated within
ninety (90) days after the expiration of any such stay. 
 1.37 “INDEMNITEE” means 

(a) any Person made a party to a proceeding by reason of its status as: 

(i) the General Partner; 
 (ii) a Limited Partner; 
 (iii) a director, trustee, manager,
member or officer of the Partnership, or the General Partner; or 
 (iv) a director, trustee, manager, member or
officer of any other Entity, serving in such capacity at the request of the Partnership, or the General Partner , acting on behalf of the Partnership or the General Partner; or 

  
 6 

 (b) such other Persons (including Affiliates of the General Partner) as the General Partner
may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

1.38 “IRS” means the Internal Revenue Service of the United States. 
 1.39 “JOINT VENTURE” means those joint venture or partnership arrangements in which the Partnership or any of its subsidiaries is a co-venturer or general partner established to acquire or hold
Assets. 
 1.40 “LIEN” means any lien, security interest, mortgage, deed of trust, charge, claim, encumbrance, pledge, option, right
of first offer or first refusal and any other right or interest of others of any kind or nature, actual or contingent, or other similar encumbrance of any nature whatsoever. 
 1.41 “LIMITED PARTNER” means any Person named as a limited partner of the Partnership in Exhibit A, as such Exhibit may be amended from time to time, upon the execution and delivery by
such Person of an additional limited partner signature page, including any Additional Limited Partner or Substituted Limited Partner in each case, in such Person’s capacity as a limited partner of the Partnership. 

1.42 “LIMITED PARTNER INTEREST” means a Partnership Interest of a Limited Partner in the Partnership. A Limited Partner Interest may be
expressed as a number of Common Partnership Units and/or LTIP Partnership Units. 
 1.43 “LIQUIDATING EVENT” has the meaning set forth
in Section 13.1. 
 1.44 “LIQUIDATING GAINS” means any net gain realized in connection with the actual or hypothetical
sale of all or substantially all of the assets of the Partnership (including upon the occurrence of any event of liquidation of the Partnership), including but not limited to net gain realized in connection with a revaluation of partnership property
pursuant to Section 4.8. 
 1.45 “LIQUIDATING LOSSES” means any net loss realized in connection with the actual or
hypothetical sale of all or substantially all of the assets of the Partnership (including upon the occurrence of any event of liquidation of the Partnership), including but not limited to net loss realized in connection with a revaluation of
partnership property pursuant to Section 4.8. 
 1.46 “LIQUIDATOR” has the meaning set forth in Section 13.2.

 1.47 “LTIP CAPITAL COMMITMENT” has the meaning ascribed to it by Section 4.1(c). 

1.48 “LTIP ECONOMIC BALANCE” means, with respect to an LTIP Partnership Unit, as of any date, (i) the Capital Account balance of its
holder, plus the amount of such holder’s share of any Partnership Minimum Gain or Partner Minimum Gain attributable to Partner Nonrecourse Debt, in either case as of such date and only to the extent attributable to its ownership of LTIP
Partnership Units of such class issued with the same terms, divided by (ii) the number of LTIP Partnership Units of the same class issued with the same terms that are held by such holder. 

  
 7 

 1.49 “LTIP PARTNERSHIP UNITS” means Partnership Units designated as such by the Partnership, and
includes LTIP Series C Units. 
 1.50 “LTIP SERIES C UNITS” means LTIP Partnership Units designated as such by the Partnership.

 1.51 “MORTGAGE” means in connection with mortgage financing provided, invested in, participated in or purchased by the Partnership,
all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other
evidences of indebtedness or obligations. 
 1.52 “NASAA GUIDELINES” means the North American Securities Administrators Association,
Inc. Statement of Policy Regarding Real Estate Investment Trusts. 
 1.53 “NET ASSETS” means the total assets of the Partnership
(other than intangibles) at cost, before deducting depreciation, reserves for bad debts or other non-cash reserves, less total liabilities, calculated quarterly by the Partnership on a basis consistently applied. 

1.54 “NET SALES PROCEEDS” means in the case of a transaction described in clause (i)(A) of the definition of Sale, the proceeds of any
such transaction less the amount of selling expenses incurred by or on behalf of the Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (i)(B)
of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Partnership, including any legal fees and expenses and other selling expenses incurred in
connection with such transaction. In the case of a transaction described in clause (i)(C) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction actually distributed to the Partnership from the Joint
Venture less the amount of any selling expenses, including legal fees and expenses incurred by or on behalf of the Partnership (other than those paid by the Joint Venture). In the case of a transaction or series of transactions described in
clause (i)(D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage on or in satisfaction thereof other than regularly scheduled interest
payments) less the amount of selling expenses incurred by or on behalf of the Partnership, including all commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (i)(E) of the definition of
Sale, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such
transaction. In the case of a transaction described in clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby which are
reinvested in one or more Partnership Assets within 180 days thereafter and less the amount of any real estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to the Partnership in
connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the General Partner determines, in its discretion, to be economically equivalent to the proceeds of a Sale. Net Sales Proceeds shall
not include (i) any reserves established by the General Partner, in its sole discretion, and (ii) the receipt by the Partnership of Capital Contributions. 

  
 8 

 1.55 “NET UNRETURNED EQUITY” of an LTIP Partnership Unit equals (x) the aggregate capital
contributions made with respect to such unit (or deemed made through application of distributions pursuant to Section 4.1(c) with respect to such unit), minus (y) the sum of (i) the aggregate distributions made with respect to
such unit and (ii) the aggregate amount of Losses allocated to such unit, plus (z) the aggregate amount of Profits allocated to such unit. 
 1.56 “NONRECOURSE DEDUCTIONS” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 
 1.57 “NONRECOURSE LIABILITIES” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(3). 
 1.58 “OUTSIDE LIMITED PARTNERS” means the Limited Partners, excluding any Limited Partner that is, or is an Affiliate of, the General Partner. 

1.59 “OVERALL INTEREST” means, as to any Partner, an amount equal to (A) the sum of (w) the number of Common Partnership Units held
by such Partner and (x) ten percent multiplied by the number of LTIP Series C Units held by such Partner, divided by (B) the sum of (y) the total number of Common Partnership Units outstanding and (z) ten percent multiplied by
the total number of LTIP Series C Units outstanding. 
 1.60 “PARTNER” means a General Partner or a Limited Partner, and
“Partners” means the General Partner and the Limited Partners, collectively. 
 1.61 “PARTNER MINIMUM GAIN” means an amount,
with respect to each Partner’s Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations
Section 1.704-2(i)(3). 
 1.62 “PARTNER NONRECOURSE DEBT” has the meaning set forth in Treasury Regulations
Section 1.704-2(b)(4). 
 1.63 “PARTNER NONRECOURSE DEDUCTIONS” has the meaning set forth in Treasury Regulations
Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Treasury Regulations
Section 1.704-2(i)(2). 
 1.64 “PARTNERSHIP” means Healthcare Trust of America Holdings, L.P., and any successor thereto.

 1.65 “PARTNERSHIP ASSET” means the interest of the Partnership in any Entity or security (whether in corporate securities, equity,
debt or hybrid securities, partnership or joint venture interests, other contractual rights or otherwise), or any other Real Estate Assets or other assets owned, directly or indirectly, by the Partnership, as determined by the General Partner.

  
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 1.66 “PARTNERSHIP INTEREST” means the entire ownership interest of a Partner in the Partnership at
any particular time which represents a Capital Contribution by such Partner and which includes the right of such Partner to any and all benefits to which such Partner may be entitled as provided in this Agreement, together with the obligations of
such Partner to comply with all terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Common Partnership Units and/or LTIP Partnership Units. 
 1.67 “PARTNERSHIP MINIMUM GAIN” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease
in a Partnership Minimum Gain, for a Partnership taxable year shall be determined in accordance with the rules of Treasury Regulations Section 1.704-2(d). 
 1.68 “PARTNERSHIP RECORD DATE” means the record date established by the General Partner for the distribution by the Partnership of Available Operating Cash, Net Sales Proceeds or other
Partnership Assets pursuant to Section 5.1 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 by the
Partnership. 
 1.69 “PARTNERSHIP UNIT” means a unit of Partnership Interest with the rights, powers and duties set forth herein,
designated as such on Exhibit A and expressed in the number set forth on Exhibit A, as such exhibit may be amended from time to time. 
 1.70 “PERCENTAGE INTEREST” means, as to each Partner, such Partner’s Common Percentage Interest and such Partner’s Overall Interest. 

1.71 “PERMITTED TRANSFEREE” means with respect to a Person, (a) any Affiliate of such Person, (b) the spouse of such Person or any
ancestor, descendent or sibling of such Person or of the spouse of such Person, or (c) any trust for the benefit of such Person or any other person described in clause (b) of this Section 1.71. 

1.72 “PERSON” means any individual or Entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such
individual or Entity where the context so permits. 
 1.73 “PROFITS” and “LOSSES” has the meaning set forth in
Section 6.2(f). 
 1.74 “PROHIBITED TRANSFEREE” means any Person who is a: 

(a) person or entity who is a “designated national,” “specially designated national,” “specially designated
terrorist,” “specially designated global terrorist,” “foreign terrorist organization,” or “blocked person” within the definitions set forth in the Foreign Assets Control Regulations of the United States Treasury
Department, 31 C.F.R., Subtitle B, Chapter V, as amended; 
 (b) person acting on behalf of, or an entity owned or controlled by,
any government against whom the United States maintains economic sanctions or embargoes under the Regulations of the United States Treasury Department, 31 C.F.R., Subtitle B, Chapter V, as amended, including, but not limited to, the “Government
of Sudan,” the “Government of Iran,” the “Government of Cuba or any Cuban national”; or 

  
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 (c) person or entity subject to restrictions imposed by the following statutes or
Regulations and Executive Orders issued thereunder: the Trading with the Enemy Act, 50 U.S.C. app. Sections 1 et. seq., the Iraq Sanctions Act, Pub. L. 101-513, Title V, Sections 586 to 586J, 104 Stat. 2047, the National Emergencies Act,
50 U.S.C. Sections 1601 et. seq., the Antiterrorism and Effective Death Penalty Act of 1996, Pub. L. 104-132, 110 Stat. 1214-1319, the International Emergency Economic Powers Act, 50 U.S.C. Sections 1701 et seq., the United Nations
Participation Act, 22 U.S.C. Section 287c, the International Security and Development Cooperation Act, 22 U.S.C. Section 2349aa-9, the Nuclear Proliferation Prevention Act of 1994, Pub. L. 103-236, 108 Stat. 507, the Foreign Narcotics
Kingpin Designation Act, 21 U.S.C. Sections 1901 et. seq., the Iran and Libya Sanctions Act of 1996, Pub. L. 104-172, 110 Stat. 1541, the Cuban Democracy Act, 22 U.S.C. Sections 6001 et seq., the Cuban Liberty and Democratic Solidarity
Act, 22 U.S.C. Sections 6021-91, and the Foreign Operations, Export Financing and Related Programs Appropriations Act, 1997, Pub. L. 104-208, 110 Stat. 3009-172, or any other law of similar import as to any non-U.S. country, person or entity,
as each such Act or law has been or may be amended, adjusted, modified, or reviewed from time to time. 
 1.75 “PROPERTY” OR
“PROPERTIES” means, as the context requires, any, or all, respectively, of the Real Property acquired by the Partnership, directly or indirectly through joint venture arrangements or other partnership or investment interests. 

1.76 “REAL ESTATE ASSETS” means unimproved and improved real property, real estate-related assets and any direct or indirect interest therein
(including, without limitation, fee or leasehold interests, options, leases, partnership and joint venture interests, equity and debt securities of entities that own real estate, first or second mortgages on real property, mezzanine loans secured by
junior liens on real property, preferred equity interests secured by a property owner’s interest in real property and other contractual rights in real estate). 
 1.77 “REAL PROPERTY” means land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection
with land and rights or interests in land. 
 1.78 “REDEEMING PARTNER” has the meaning set forth in Section 8.6.

 1.79 “REDEMPTION AMOUNT” means either the Cash Amount or the REIT Stock Amount, as determined by the General Partner in its sole
and absolute discretion. 
 1.80 “REGISTRATION STATEMENT” means the Registration Statement on Form S-11 filed by the General Partner
with the Securities and Exchange Commission on April 28, 2006, and any amendments thereto made at any time. 
 1.81 “REIT” means
a “real estate investment trust” as defined under Section 856 of the Code. 
 1.82 “REIT NOTICE” has the meaning set
forth in Section 8.6(h). 

  
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 1.83 “REIT REQUIREMENTS” has the meaning set forth in Section 5.2. 

1.84 “REIT STOCK” means the Common Stock and all other shares of capital stock of the General Partner. 

1.85 “REIT STOCK AMOUNT” means a number of shares of REIT Stock equal to the number of Common Partnership Units offered for redemption by a
Redeeming Partner; provided that in the event that the General Partner issues to all holders of REIT Stock rights, options, warrants, or convertible or exchangeable securities entitling stockholders of the General Partner to acquire REIT Stock, or
any other securities or property (collectively, the “rights”), then the REIT Stock Amount shall also include such rights that a holder of that number of shares of REIT Stock would be entitled to receive. 

1.86 “SALE” means (i) any transaction or series of transactions whereby: (A) the Partnership directly or indirectly (except as
described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a 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 directly or indirectly (except as described in other subsections of this definition) 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 directly or indirectly (except as described in other
subsections of this definition) in which the Partnership as 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 directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof
(including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of
insurance proceeds or similar awards; or (E) the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Partnership Asset
not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such
transaction or series of transactions are reinvested by the Partnership in one or more Partnership Assets within 180 days thereafter, and not including the receipt by the Partnership of Capital Contributions. 

1.87 “SECURITIES” has the meaning set forth in Section 4.3(a). 
 1.88 “SECURITIES ACT” means the Securities Act of 1933, as amended. 
 1.89 “SERIES
A NOTICE OF REDEMPTION REQUEST” means a notice of redemption request substantially in the form of Exhibit B attached hereto. 
 1.90
“SERIES A REDEMPTION RIGHT” has the meaning set forth in Section 8.6(a). 

  
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 1.91 “SERIES B NOTICE OF REDEMPTION REQUEST” means a notice of redemption request substantially in
the form of Exhibit C attached hereto. 
 1.92 “SERIES B REDEMPTION REQUEST” has the meaning set forth in
Section 8.6(b). 
 1.93 “SPECIFIED REDEMPTION DATE” means the tenth (10th) Business Day after receipt by the General
Partner of a Series A Notice of Redemption Request (or, in the case of the General Partner exercising the Series A Redemption Right, after the date of the General Partner’s receipt of a REIT Notice) or a Series B Notice of Redemption Request,
as applicable. 
 1.94 “STOCK INCENTIVE PLANS” means, collectively, any and all plans adopted from time to time by the General Partner
pursuant to which REIT Stock is issued, or options to acquire REIT Stock are granted, to employees or directors of the General Partner, employees of the Partnership or employees of their respective Affiliates in consideration for services or future
services. 
 1.95 “SUBSIDIARY” means, with respect to any Person, any Entity of which a majority of the voting power or the voting
equity securities, and/or the outstanding equity interests (whether or not voting), is owned, directly or indirectly, by such Person. 
 1.96
“SUBSTITUTED LIMITED PARTNER” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4 hereof. 
 1.97 “TARGET BALANCE” has the meaning ascribed to it by Section 6.3(a). 

1.98 “TERMINATING SALE TRANSACTION” means any sale or other disposition (other than a deemed disposition pursuant to Code
Section 708(b)(1)(B) and the Treasury Regulations thereunder) of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially
all of the assets of the Partnership. 
 1.99 “TRANSFER” means to give, sell, assign, pledge, hypothecate, devise, bequeath, or
otherwise dispose of, transfer, or permit to be transferred, during life or at death. The word “Transfer,” when used as a noun, shall mean any Transfer transaction. 
 1.100 “TREASURY REGULATIONS” means the Federal income tax regulations, including any temporary or proposed regulations, promulgated under the Code, as such Treasury Regulations may be amended
from time to time (it being understood that all references herein to specific sections of the Treasury Regulations shall be deemed also to refer to any corresponding provisions of succeeding Treasury Regulations). 

1.101 “UNPAID LTIP CAPITAL COMMITMENT” means, as of any date, the unpaid portion of any LTIP Capital Commitment with respect to any LTIP
Partnership Unit. 
 1.102 “UNVESTED LTIP PARTNERSHIP UNIT” means any LTIP Partnership Unit that is not a Vested LTIP Partnership
Unit. 

  
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 1.103 “VALUATION DATE” means the date of receipt by the General Partner of a Series A Notice of
Redemption Request or Series B Notice of Redemption Request (or, in the case of the General Partner exercising the Series A Redemption Right, the date of the General Partner’s receipt of a REIT Notice) or, if such date is not a Business Day,
the first Business Day thereafter. 
 1.104 “VALUE” means, with respect to a share of REIT Stock, (a) if REIT Stock is traded on
a national securities exchange or otherwise traded over-the-counter, the average of the daily Market Price (as defined below) for shares of REIT Stock for the ten (10) consecutive trading days immediately preceding the Valuation Date, or
(b) if REIT Stock is not traded in a manner described in clause (a), the value of a share of REIT Stock as 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. The “Market Price” for each such trading day shall be (i) 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 (ii) if 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 (iii) 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. In the event the REIT Stock Amount includes rights that a holder of REIT Stock 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. 
 1.105 “VESTING DATE” means, as to any LTIP Partnership Unit, the date on which such LTIP Partnership Unit vests, pursuant to the award agreement granting such LTIP Partnership Unit. 

1.106 “VESTED LTIP PARTNERSHIP UNIT” means any LTIP Partnership Unit that has vested pursuant to the award agreement granting such LTIP
Partnership Unit. 
 Article II 
 ORGANIZATIONAL MATTERS 
 2.1 FORMATION. 

The Partnership is a limited partnership organized pursuant to the provisions of the Act and upon the terms and conditions set forth in
this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. 

2.2 NAME 
 The name of the
Partnership is Healthcare Trust of America Holdings, L.P. The Partnership’s business may be conducted under such name or under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any
Affiliate thereof. The words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any
jurisdiction that so requires. The General Partner, acting in its sole and absolute discretion without the Consent of any Limited Partner, may change the name of the Partnership. The General Partner shall notify the Limited Partners of any such name
change in the next regular communication to the Limited Partners. 

  
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 2.3 REGISTERED OFFICE AND AGENT 
 The address of the registered office of the Partnership in the State of Delaware shall be c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Suite 400, Wilmington, New Castle
County, DE 19801, or such other place as may be designated from time to time by the General Partner. The name of the registered agent for service of process on the Partnership in the State of Delaware at such address shall be The Corporation Trust
Company, Corporation Trust Center, 1209 Orange Street, Suite 400, Wilmington, New Castle County, DE 19801, or such other Person as may be designated from time to time by the General Partner. 
 2.4 PRINCIPAL PLACE OF BUSINESS 
 The Partnership may maintain offices at such
other place or places within or outside the State of Delaware as the General Partner deems advisable. The principal office of the Partnership shall be 16435 N. Scottsdale Road, Suite 320, Scottsdale, AZ 85254, or such other place as the General
Partner may from time to time designate by notice to the Limited Partners. 
 2.5 TERM AND TERMINATION 

The term of the Partnership shall commence on the date hereof and shall continue until December 31, 2036, unless the Partnership is
dissolved sooner pursuant to the provisions of Article 13 or as otherwise provided by law. 
 2.6 POWER OF ATTORNEY 

(a) Each Limited Partner and each Assignee who accepts Partnership Units (or any other Partnership Interest or any rights, benefits or
privileges associated therewith) is deemed to irrevocably constitute and appoint the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each such Person acting singly, in each case with full power of
substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 
 (i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: 
 (A) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner or the
Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Delaware and in
all other jurisdictions in which the Partnership may or plans to conduct business or own property, including, without limitation, any documents necessary or advisable to convey any Contributed Property to the Partnership; 

  
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 (B) all instruments that the General Partner or any Liquidator deems
appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; 
 (C) all conveyances and other instruments or documents that the General Partner or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to
the terms of this Agreement, including, without limitation, a certificate of cancellation; 
 (D) all instruments
relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article 11, 12 or 13 hereof or any Capital Contribution of any Partner; 

(E) all certificates, documents and other instruments relating to the determination of the rights, preferences and
privileges of Partnership Interests; 
 (F) all amendments to this Agreement as provided in
Article 14 hereof; and 
 (G) all other instruments that may be required by law to be filed on behalf
of or relating to the Partnership and that are not inconsistent with this Agreement; and 
 (ii) execute, swear
to, seal, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or
ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any
Liquidator, to effectuate the terms or intent of this Agreement. 
 Nothing contained herein shall be construed as authorizing
the General Partner or any Liquidator to amend this Agreement except in accordance with Article 14 hereof or as may be otherwise expressly provided for in this Agreement. 

(b) The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact
that each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by
the subsequent Incapacity of any Limited Partner or Assignee and/or the Transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Units and shall extend to such Limited Partner’s or Assignee’s heirs,
successors, assigns and personal representatives. 

  
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 (c) Each such Limited Partner or Assignee hereby agrees to be bound by any representation
made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney, and each such Limited Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of
the General Partner or any Liquidator, taken in good faith under such power of attorney. 
 (d) Each Limited Partner or Assignee
shall execute and deliver to the General Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments
as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership. 
 (e) Any Person dealing with the Partnership may conclusively presume and rely upon the fact that any instrument referred to in this Section 2.6, executed by the General Partner or the
Liquidator acting as attorney-in-fact, is authorized by and binding on the Partnership, without further inquiry. 
 2.7 EFFECTIVENESS OF THIS
AGREEMENT 
 This Agreement shall govern the operations of the Partnership and the rights and restrictions applicable to the
Partners, to the extent permitted by law. Pursuant to Section 17-101(12) of the Act, all Persons who become holders of Partnership Interests shall be bound by the provisions of this Agreement. The execution by a Person of this Agreement and
acceptance thereof by the General Partner in accordance with the terms of this Agreement or the receipt of Partnership Interests by a Person as a successor or assign of an existing Partner and the consent of the General Partner to the admission of
such Person as a Substituted Limited Partner in accordance with the terms of this Agreement shall be deemed to constitute a request that the records of the Partnership reflect such admission, and shall be deemed to be a sufficient act to comply with
the requirements of Section 17-101(12) of the Act and to so cause that Person to become a Partner as of the date of acceptance of its Capital Contribution by the Partnership and to bind that Person to the terms and conditions of this Agreement
(and to entitle that Person to the rights of a Partner hereunder). 
 Article III 

PURPOSE AND POWERS 
 3.1 PURPOSE
AND BUSINESS 
 The purpose and nature of the business to be conducted by the Partnership is to conduct any business that may be
lawfully conducted by a limited partnership organized pursuant to the Act, including, without limitation, to engage in the following activities: 
 (a) to acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange and otherwise dispose of or deal with Real Estate Assets; 

  
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 (b) to acquire, hold, own, develop, construct, maintain, operate, sell, lease, transfer,
encumber, convey, exchange and otherwise dispose of or deal with other real and personal property of all kinds; 
 (c) acquire,
own, hold for investment and ultimately dispose of general and limited partner interests, and stock, warrants, options or other equity and debt interests in Entities, and exercise all rights and powers granted to the owner of any such interests;

 (d) make any type of investment and engage in any other lawful act or activity for which limited partnerships may be formed
under the Act, and by such statement all lawful acts and activities shall be within the purposes of the Partnership; 
 (e) to
undertake such other activities as may be necessary, advisable, desirable or convenient to the business of the Partnership; and 

(f) to engage in such other ancillary activities as shall be necessary or desirable to effectuate the foregoing purposes; 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 be classified as a REIT, unless the General Partner determines not to qualify as a REIT or ceases to qualify as a REIT
for reasons other than the conduct of the business of the Partnership. 
 3.2 POWERS 

(a) The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient
for the furtherance and accomplishment of the purposes and business described in Section 3.1 and for the protection and benefit of the Partnership including, without limitation, full power and authority to enter into, perform, and carry
out contracts of any kind, to borrow money and to issue evidences of indebtedness, whether or not secured by mortgage, trust deed, pledge or other Lien, and, directly or indirectly, to acquire, hold, own, develop, construct, improve, maintain and
operate Real Estate Assets, and to sell, lease, transfer, encumber, convey, exchange and otherwise dispose of Real Estate Assets. 
 (b) The General Partner also is empowered to do any and all acts and things necessary, appropriate or advisable to ensure that the Partnership will not be classified as a “publicly traded
partnership” within the meaning of Section 7704 of the Code, including, but not limited to, imposing restrictions on Transfers of Partnership Units. 
 Article IV 
 CAPITAL CONTRIBUTIONS; PARTNERSHIP UNITS; 

ADDITIONAL FUNDS 
 4.1 CAPITAL
CONTRIBUTIONS OF THE PARTNERS 
 (a) Initial Capital Contributions. The General Partner and the Limited Partners have made the
Capital Contributions as set forth on Exhibit A in exchange for the number of Partnership Units set forth opposite their names on Exhibit A of the Original Agreement. At such time as Additional Limited Partners were or will be admitted
to the Partnership, each such Additional Limited Partner made or shall make Capital Contributions in the amount set forth opposite such Limited Partner’s name on Exhibit A, as amended at the time of such contribution. 

  
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 (b) Deemed Capital Contributions. To the extent the Partnership acquires any property by the
merger of any other Person into the Partnership or the contribution of assets by any other Person to the Partnership, Persons who receive Partnership Interests in exchange for their interests in the Person merging into or contributing assets to the
Partnership shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement or contribution agreement and as set forth in Exhibit A, as amended to reflect such deemed Capital
Contributions. 
 (c) LTIP Capital Contributions. The holder of any LTIP Partnership Unit shall make a contribution of capital to
the Partnership with respect to such LTIP Partnership Unit as is specified in the award agreement for such LTIP Partnership Unit, payable on demand or to be offset by any distributions paid with respect to such LTIP Partnership Unit (the
“LTIP Capital Commitment”). 
 (d) Partnership Units. Each Partner shall own Partnership Units in the amounts
set forth for such Partner in Exhibit A and shall have a Common Percentage Interest and Overall Interest as set forth in Exhibit A, which Percentage Interests shall be adjusted in Exhibit A from time to time by the General
Partner to the extent necessary to reflect accurately redemptions, additional Capital Contributions, the issuance of additional Partnership Units, Transfers or similar events having an effect on the number of Partnership Units held by, and the
Percentage Interest(s) of, any Partner. Each Common Partnership Unit shall entitle the holder thereof to one vote on all matters on which the Partners (or any portion of the Partners) are entitled to vote under this Agreement. LTIP Partnership Units
shall have no voting rights under this Agreement. 
 (e) Conversion of Vested LTIP Partnership Units. 

(i) Subject to clause (ii) of this subsection (e), each Vested LTIP Partnership Unit shall be
automatically converted into one Common Series B Unit on the latest of (A) its Vesting Date, (B) the date that its LTIP Economic Balance is equal to the Common Partnership Unit Economic Balance and (C) the date on which the Unpaid
LTIP Capital Commitment with respect to such Vested LTIP Partnership Unit is equal to zero, unless such Vested LTIP Partnership Unit has been forfeited by its own terms prior to such date. 

(ii) If (A) LTIP Partnership Units become Vested LTIP Partnership Units as a result of an Exit Trigger Event, and
(B) the application of Section 6.3 does not cause the LTIP Economic Balance of each such Vested LTIP Partnership Unit to be equal to or greater than the difference between the Common Partnership Unit Economic Balance and the Unpaid
LTIP Capital Commitment of such Vested LTIP Partnership Unit (any such Vested LTIP Partnership Unit for which such condition is met shall have achieved “Adjusted Parity”), then any such Vested LTIP Partnership Unit that has not
achieved Adjusted Parity after application of Section 6.3 shall not be eligible for conversion into a Common Series B Unit, but instead shall be mandatorily redeemed within five (5) Business Days following such Exit Trigger Event
for an amount equal to the applicable Partner’s Net Unreturned Equity in such LTIP Partnership Unit. 

  
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 (f) No Additional Capital Contributions. Except as provided in Sections 4.1(c),
4.3(a) and 10.5, the Partners shall have no obligation to make any additional Capital Contributions or provide any additional funding to the Partnership (whether in the form of loans or otherwise) and no Partner shall have any
obligation to restore any deficit that may exist in its Capital Account, either upon a liquidation of the Partnership or otherwise. 
 4.2
ISSUANCE OF ADDITIONAL PARTNERSHIP INTERESTS 
 (a) The General Partner is authorized to cause the Partnership to issue
additional Partnership Interests (or options or warrants to acquire Partnership Interests) in the form of Partnership Units or other Partnership Interests in one or more series or classes to any Persons at any time or from time to time, on such
terms and conditions as the General Partner shall establish in each case in its sole and absolute discretion subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and
credit to each class or series of Partnership Interests, (ii) the right of each class or series of Partnership Interests to share in Partnership distributions, and (iii) the rights of each class or series of Partnership Interest upon
dissolution and liquidation of the Partnership; provided, that, no such Partnership Interests shall be issued to the General Partner unless either (A) the Partnership Interests are issued pursuant to Section 4.3, or (B) the
additional Partnership Interests are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests in such class. 

(b) Subject to the limitations set forth in Sections 4.2(a) and 4.3(a), the General Partner may take such steps as it,
in its sole and absolute discretion, deems necessary or appropriate to admit any Person as a Limited Partner of the Partnership in accordance with Section 12.2 or to issue any Partnership Interests, including, without limitation,
amending the Certificate, Exhibit A or any other provision of this Agreement. 
 (c) Without limiting the foregoing, the
General Partner is expressly authorized to cause the Partnership to issue Partnership Interests (or options to acquire Partnership Interests) for less than fair market value, so long as the General Partner concludes in good faith that such issuance
is in the interest of the Partnership and the Partners (for example, and not by way of limitation, the issuance of Partnership Units in connection with a Stock Incentive Plan providing for employee purchases of REIT Stock and corresponding
Partnership Units at a discount from fair market value or employee options that have an exercise price that is less than the fair market value of the REIT Stock and corresponding Partnership Units covered by the option, either at the time of
issuance or at the time of exercise). 

  
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 4.3 ISSUANCE OF SECURITIES BY THE GENERAL PARTNER 

(a) General. The General Partner shall not issue any debt securities, preferred stock, Common Stock, any other class of REIT Stock or
rights, options, warrants or other securities convertible into or exchangeable for preferred stock, Common Stock or any other class of REIT Stock (collectively, “Securities”), other than (1) as payment of the REIT Stock Amount in
connection with a redemption of Partnership Units pursuant to Section 8.6, (2) upon the conversion, exchange or exercise of other outstanding securities of the General Partner in accordance with the terms of such securities, or
(3) to all holders of REIT Stock on a pro rata basis, unless the General Partner shall: (i) in the case of REIT Stock or other equity Securities other than Securities described in clause (ii) below, (A) contribute to
the Partnership the proceeds of or consideration (including any property or other non-cash assets) received upon the issuance of such Securities, and (B) receive from the Partnership in consideration for such contributions Partnership Interests
with the same terms and conditions, including dividend, dividend priority and liquidation preference, as are applicable to such Securities (including, for purposes of clarification, Partnership Units in the case of any issuance of Common Stock by
the General Partner); (ii) in the case of options, warrants or other rights to purchase REIT Stock, or other equity securities convertible into or exchangeable for REIT Stock, (A) contribute to the Partnership the proceeds of or
consideration (including any property or other non-cash assets) received upon the issuance of such equity Securities, and (B) receive from the Partnership in consideration for such contributions a number of options, warrants or other rights to
purchase Partnership Interests equal to the number of such Securities issued by the General Partner, with equivalent rights, preferences and limitations to the terms of such equity Securities; and (iii) in the case of debt securities, lend to
the Partnership the proceeds of or consideration received for such Securities on the same terms and conditions, including interest rate and repayment schedule, as shall be applicable with respect to or incurred in connection with the issuance of
such Securities and the proceeds of, or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable). 
 (b) Splits. The Partnership shall (i) make a distribution in Partnership Units, (ii) subdivide its outstanding Partnership Units, or (iii) combine its outstanding Partnership Units into a
smaller number of Partnership Units, in the event the General Partner takes an analogous action with respect to the Common Stock. The intent of the previous sentence is that one Partnership Unit remains the economic equivalent of one share of Common
Stock without dilution. If the General Partner determines that it is necessary or desirable to make any filings under the Act or otherwise in order to reference the existence of such action, the General Partner may cause such filings to be made,
which filings might take the form of amendments to the Certificate; provided, however, that, unless specifically required by this Agreement or the Act after giving effect to the terms of this Agreement, no approval or consent of any Partners shall
be required in connection with the making of any such filing. 
 (c) Treatment of Proceeds. If the proceeds actually received by
the General Partner in connection with an issuance of Securities by the General Partner are less than the gross proceeds of such offering, grant, award or issuance as a result of any underwriter’s discounts, commissions or other fees or
expenses paid or incurred in connection with such offering, grant, award or issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount of the gross proceeds of such offering, grant, award
or issuance and the Partnership shall be deemed simultaneously to have paid pursuant to Section 7.3(c) for the amount of such expenses. 

  
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 4.4 ADDITIONAL FUNDS 
 (a) The sums of money required to finance the business and affairs of the Partnership shall be derived from the initial Capital Contributions made to the Partnership by the Partners as set forth in
Section 4.1 and from funds generated from the operation and business of the Partnership. 
 (b) In the event
additional financing is needed from sources other than as set forth in Section 4.4(a) for any reason, the General Partner may, in its sole and absolute discretion, in such amounts and at such times as it solely shall determine to be
necessary or appropriate: 
 (i) cause the Partnership to issue additional Partnership Interests and admit
additional Limited Partners to the Partnership in accordance with Section 4.2; 
 (ii) make
additional Capital Contributions to the Partnership (subject to the provisions of Section 4.3(a)); 

(iii) cause the Partnership to borrow money, enter into loan arrangements, issue debt securities, obtain letters of credit
or otherwise borrow money on a secured or unsecured basis; 
 (iv) make a loan or loans to the Partnership
(subject to Section 4.3(a)); or 
 (v) cause the Partnership to sell any assets or properties
directly or indirectly owned by the Partnership. 
 4.5 NO THIRD-PARTY BENEFICIARY 

No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligations 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. 
 4.6 NO INTEREST 

No Partner shall be entitled to interest on any Capital Contribution or on such Partner’s Capital Account. 

4.7 NO PREEMPTIVE RIGHTS 

Subject to any preemptive rights that may be granted in connection with the issuance of Partnership Interests under
Section 4.3(a), no Person shall have any preemptive or other similar right with respect to any: 
 (a) additional
Capital Contributions or loans to the Partnership; or 
 (b) issuance or sale of any Partnership Units or other Partnership
Interests. 

  
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 4.8 CAPITAL ACCOUNTS 
 The Partnership shall establish and maintain throughout the life of the Partnership for each Partner a separate “Capital Account” in accordance with Treasury 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) a new or existing Partner acquires a more than de minimis additional interest in the Partnership as consideration for the provision of services to or for the
benefit of the Partnership in a partner capacity or in anticipation of becoming a partner (including, for the avoidance of doubt, the issuance of any LTIP Partnership Unit), or (iv) the Partnership is liquidated within the meaning of Treasury
Regulation Section 1.704-1(b)(2)(ii)(g), 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
Treasury 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 Article 6 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. 
 Article V 

DISTRIBUTIONS 
 5.1 DISTRIBUTIONS

 (a) General. Subject to the provisions of Sections 5.2, 5.3, 5.4, 8.6(c), 11.6(d) and
13.2, the General Partner shall cause the Partnership to distribute to the Partners as of the applicable Partnership Record Date, at such times as the General Partner shall determine, amounts of Available Operating Cash and Net Sales Proceeds
in the manner set forth in this Section 5.1. 
 (b) Available Operating Cash. Available Operating Cash shall be
distributed to the Partners as determined by the General Partner in its sole and absolute discretion in accordance with their respective Overall Interests as of the applicable Partnership Record Date. 

(c) Net Sales Proceeds. Net Sales Proceeds shall be distributed to the Partners as determined by the General Partner in its sole and
absolute discretion in accordance with their respective Overall Interests as of the applicable Partnership Record Date. 
 5.2 QUALIFICATION AS
A REIT 
 The General Partner shall take such action as it deems necessary or advisable to cause the Partnership to distribute
sufficient amounts under this Article 5 to enable the General Partner to pay stockholder dividends that will enable the General Partner to (a) satisfy the requirements for qualification as a REIT under the Code and the Treasury
Regulations (the “REIT Requirements”), and (b) avoid any Federal income or excise tax liability; provided, however, the General Partner shall not be bound to comply with this covenant to the extent such distributions would
violate applicable Delaware law. 

  
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 5.3 WITHHOLDING 
 With respect to any withholding tax or other similar tax liability or obligation to which the Partnership may be subject as a result of any act by or status of any Partner or to which the Partnership
becomes subject with respect to any Partnership Interest, the Partnership shall have the right to withhold amounts of Available Operating Cash or Net Sales Proceeds or other Partnership Assets distributable to such Partner or with respect to such
Partnership Interests, to the extent of the amount of such withholding tax or other similar tax liability or obligation pursuant to the provisions contained in Section 10.5. 
 5.4 ADDITIONAL PARTNERSHIP INTERESTS 
 If the Partnership issues Partnership
Interests in accordance with Section 4.2 or 4.3, the distribution priorities set forth in Section 5.1 shall be amended, as necessary, to reflect any distribution priority of such Partnership Interests and corresponding
amendments shall be made to the provisions of Article 6. If a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution or otherwise (including, for the avoidance of doubt, any LTIP
Partnership Unit) on any date other than a Partnership Record Date, such Partner shall not be entitled to any distributions with respect to such additional Partnership Interest until the first Partnership Record Date following the date of such
issuance. 
 Article VI 
 ALLOCATIONS 
 6.1 ALLOCATION OF PROFITS AND LOSSES 

(a) General. Except as otherwise provided in this Article 6 and in Section 11.6(c), and after making any special
allocations under Section 6.2 and Section 6.3, Profits and Losses for each Fiscal Year shall be allocated among the Partners in accordance with their respective Overall Interests as of the end of such Fiscal Year, subject to
any rights of holders of Partnership Interests other than Partnership Units. 
 (b) Adjustment. If the amount of Losses for any
Fiscal Year that otherwise would be allocated to a Partner under Section 6.1(a) or this Section 6.1(b) would cause or increase an Adjusted Capital Account Deficit of such Partner as of the last day of such Fiscal Year (after
all other allocations have been made pursuant to this Article 6), then such Partner shall be allocated that amount of Losses which does not cause or increase such Adjusted Capital Account Deficit, and the remainder of such Losses that
would have been allocated to such Partner shall be allocated to the other Partners in proportion to their Overall Interests. 

  
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 (c) Special Allocation with Respect to Sales. Subject to Section 6.3, Profits
(and items thereof) and Losses (and items thereof) for each Fiscal Year or other applicable period from Sales shall be allocated among the Partners such that the ending Adjusted Capital Account of each Partner, immediately after giving effect to the
allocations under this Article 6, is, as nearly as possible, equal to the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of the
Partnership, including cash, were sold for cash equal to their Carrying Value, all liabilities of the Partnership were satisfied with cash according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the
assets securing such liability), and Net Sales Proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.1(c). For purposes of the preceding allocations only, a Partner holding more than one class
or series of Partnership Interests or units shall be deemed to be a separate Partner with respect to each such class, series or units. 
 6.2
SPECIAL ALLOCATIONS 
 Notwithstanding any provisions of Section 6.1 and Section 6.3, the following
special allocations shall be made in the following order of priority: 
 (a) Minimum Gain Chargeback (Nonrecourse Liabilities).
Except as otherwise provided in Treasury Regulations Section 1.704-2(f), if there is a net decrease in Partnership Minimum Gain for any Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain to the extent required by Treasury Regulations Section 1.704-2(f). The items to be so allocated shall be
determined in accordance with Treasury Regulations Sections 1.704-2(f) and (j)(2). This subparagraph is intended to comply with the minimum gain chargeback requirement in said section of the Treasury Regulations and shall be interpreted
consistently therewith. Allocations pursuant to this subparagraph shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto. 

(b) Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net
decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Fiscal Year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Treasury
Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Partner’s share of the net decrease in the Partner Minimum
Gain attributable to such Partner Nonrecourse Debt to the extent and in the manner required by Treasury Regulations Section 1.704-2(i). The items to be so allocated shall be determined in accordance with Treasury Regulations
Sections 1.704-2(i)(4) and (j)(2). This subparagraph is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained in said section of the Treasury Regulations and shall be interpreted
consistently therewith. Allocations pursuant to this subparagraph shall be made in proportion to the respective amounts to be allocated to each Partner pursuant hereto. 
 (c) Qualified Income Offset. In the event a Partner unexpectedly receives any adjustment, allocation or distribution described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and
(6) that causes or increases an Adjusted Capital Account Deficit, gross items of income and gain shall be specially allocated to such Partner so as to eliminate such Adjusted Capital Account Deficit as quickly as possible. This subparagraph is
intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently therewith. 

  
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 (d) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be allocated to
the Partners in accordance with their respective Overall Interests. 
 (e) Partner Nonrecourse Deductions. Partner Nonrecourse
Deductions for any Fiscal Year with respect to a Partner Nonrecourse Debt shall be specially allocated to the Partners that bear the economic risk of loss for such Partner Nonrecourse Debt (as determined under Treasury Regulations
Sections 1.704-2(b)(4) and 1.704-2(i)(1). 
 (f) Definition of “Profits” and “Losses”.
“Profits” and “Losses” and any item 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 Treasury 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 6.1(b), 6.2(a), 6.2(b), 6.2(c), 6.2(d),
6.2(e), and Section 6.3. All allocations of Profit and Loss (and all items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in Section 6.1 and this
Section 6.2, 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 6.1(b) and
Sections 6.2(a) through (e) hereof (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent possible all
Regulatory Allocations that are made be offset either with other Regulatory Allocations or with special allocations pursuant to this Section 6.2(g). Therefore, notwithstanding any other provision of this Article 6 (other than
the Regulatory Allocations), the General Partner shall make such offsetting special allocations in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account balance is, to the
extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of the Agreement and all Partnership items were allocated pursuant to Sections 6.1(a), 6.1(c) and
6.3. In exercising its discretion under this Section 6.2(g), the General Partner shall take into account future Regulatory Allocations under Sections 6.2(a) and 6.2(b) that, although not yet made, are likely to
offset other Regulatory Allocations previously made under Sections 6.2(d) and 6.2(e). 
 (h) Changes in
Interest. If during any Fiscal Year there is a change in any Partner’s Overall Interest, then for purposes of determining the Profits, Losses, or any other items allocable to such Partner for such Fiscal Year, Profits, Losses, and any such
other items shall be determined on a daily, monthly, or other basis, as determined by the General Partner using any permissible method under Code Section 706 and the Treasury Regulations thereunder. 

  
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 6.3 SPECIAL ALLOCATIONS WITH RESPECT TO LTIP PARTNERSHIP UNITS 

(a) Liquidating Gains shall first be allocated to the holders of LTIP Partnership Units until the aggregate of the LTIP Economic Balances
of the LTIP Partnership Units held by each such holder is equal to (A) the product of (i) the Common Partnership Unit Economic Balance, multiplied by (ii) the number of each such holder’s LTIP Partnership Units (with respect to
each holder, the “Target Balance”) minus (B) the aggregate Unpaid LTIP Capital Commitments of each such holder; provided, however, that no such Liquidating Gains will be allocated with respect to any particular
LTIP Partnership Unit (each, an “Ineligible Unit”) if cumulative Liquidating Losses of the Partnership have exceeded cumulative Liquidating Gains of the Partnership during the period from the issuance of such LTIP Partnership Unit
through the date of such allocation. If, notwithstanding the foregoing, not all LTIP Partnership Units (including Ineligible Units) would achieve Adjusted Parity immediately after an allocation made pursuant to this Section 6.3(a),
Liquidating Gains shall be allocated among LTIP Partnership Units in a manner reasonably determined by the General Partner. 

(b) If, due to distributions or allocation of Losses with respect to Common Partnership Units in which the LTIP Units do not fully
participate, forfeitures or otherwise, the LTIP Economic Balance of the LTIP Partnership Units held by any present or former holder of LTIP Partnership Units, to the extent attributable to the holder’s ownership of LTIP Partnership Units,
exceeds such holder’s Target Balance, then Liquidating Losses shall be allocated to such holder to eliminate the disparity; provided, however, that if Liquidating Losses are insufficient to completely eliminate all such disparities, such losses
shall be allocated among LTIP Partnership Units in a manner reasonably determined by the General Partner. 
 (c) Forfeiture
Allocations. Upon a forfeiture of any Unvested LTIP Partnership Unit by any Partner, gross items of income, gain, loss or deduction shall be allocated to such Partner if and to the extent required by final Treasury Regulations promulgated after the
Restatement Date to ensure that allocations made with respect to all Unvested LTIP Partnership Units are recognized under Code Section 704(b). 
 (d) Special Forfeiture Reallocations. If, in connection with any forfeiture of LTIP Partnership Units, the balance of the portion of the Capital Account of the Partner that is attributable to all of his
or her LTIP Partnership Units exceeds such Partner’s Target Balance, such portion of such Partner’s Capital Account shall be reduced to the Target Balance, and the LTIP Economic Balance of each such holder’s LTIP Partnership Units
shall be deemed to equal the Common Partnership Unit Economic Balance. Otherwise, the Capital Account of the Partner that is attributable to the forfeited LTIP Units shall be reallocated in a manner reasonably determined by the General Partner.

 6.4 REVISIONS TO ALLOCATIONS TO REFLECT ISSUANCE OF PARTNERSHIP INTERESTS 

If the Partnership issues Partnership Interests to the General Partner or any additional Limited Partner pursuant to
Article 4, the General Partner shall make any such revisions to this Article 6 as it deems necessary to reflect the terms of the issuance of such Partnership Interests, including making preferential allocations to classes of
Partnership Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner. 

  
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 Article VII 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
 7.1 MANAGEMENT 

(a) Management by the General Partner. Except as otherwise expressly provided in this Agreement, full, complete and exclusive discretion
to manage and control the business and affairs of the Partnership are and shall be vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of
the Partnership. The General Partner may not be removed by the Limited Partners with or without cause. 
 (b) Power and Authority
of the General Partner. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner
shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set forth in
Section 3.1 hereof, including, without limitation: 
 (i) (A) the making of any expenditures, the lending or
borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit the General Partner (so long as the General Partner
qualifies as a REIT) to (1) avoid the payment of any Federal income or excise tax (including any excise tax pursuant to Section 4981 of the Code) and (2) make distributions to its stockholders in amounts sufficient to permit the
General Partner to maintain REIT status), (B) the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, (C) the issuance of any evidence of indebtedness (including the securing of the same by deed,
mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets), and (D) the incurring of any obligations it deems necessary for the conduct of the activities of the Partnership, including the payment of all expenses
associated with the General Partner; 
 (i) the making of tax, regulatory and other filings, or rendering of
periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership or the General Partner; 
 (ii) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any assets, including Real Estate Assets, of the Partnership (including the exercise or grant of any
conversion, option, privilege, or subscription right or other right available in connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership with or into another entity on such terms as the
General Partner deems proper; 

  
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 (iii) the use of the assets of the Partnership (including, without
limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms the General Partner sees fit, including, without limitation, 

(A) the financing of the conduct of the operations of the General Partner, the Partnership or any of the
Partnership’s Subsidiaries, 
 (B) the lending of funds to other Persons (including, without limitation, the
Subsidiaries of the Partnership and/or the General Partner) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment, and 

(C) the making of capital contributions to the Partnership’s Subsidiaries; 

(iv) the development, expansion, construction, management, operation, leasing, repair, alteration, demolition or
improvement of any real property in which the Partnership or any Subsidiary of the Partnership owns a direct or indirect interest; 
 (v) the negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s
operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors and other agents and the payment of
their expenses and compensation out of the Partnership’s assets; 
 (vi) the distribution of Partnership
cash or other Partnership assets in accordance with this Agreement; 
 (vii) the holding, management, investment
and reinvestment of cash and other assets of the Partnership; 
 (viii) the collection and receipt of revenues
and income of the Partnership; 
 (ix) the establishment of one or more divisions of the Partnership, the
selection and dismissal of employees of the Partnership (including, without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer” of the Partnership), and
agents, outside attorneys, accountants, consultants and contractors of the Partnership, and the determination of their compensation and other terms of employment or engagement; 

(x) the formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates
of the Partnership or third parties) in, and the contribution of property to, any other Entities that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of funds or property to,
or making of loans to, Subsidiaries of the Partnership and any other Person from time to time), or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations of such Persons; provided that, as long as the General
Partner has determined to elect to qualify as a REIT or to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that would cause the General Partner to fail to qualify as a REIT;

  
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 (xi) the control of any matters affecting the rights and obligations of the
Partnership, including: 
 (A) the settlement, compromise, submission to arbitration or any other form of dispute
resolution, or abandonment of, any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, 
 (B) the commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute resolution, and 

(C) the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or
other forms of dispute resolution, the incurring of legal expenses, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

(xii) the undertaking of any action in connection with the Partnership’s direct or indirect investment in its
Subsidiaries or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 
 (xiii) the determination of the fair market value of any Partnership Assets distributed in kind using such reasonable method of valuation as the General Partner, in its sole discretion, may adopt;

 (xiv) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited
power of attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 
 (xv) the exercise of any of the powers of the General Partner enumerated in this Agreement or the undertaking of any action on behalf of or in connection with any Subsidiary of the Partnership or any
other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 
 (xvi) the making, execution and delivery of any and all deeds, leases, notes, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases
or legal instruments or agreements in writing necessary or appropriate, in the judgment of the General Partner, for the accomplishment of any of the foregoing; 
 (xvii) the issuance of additional Partnership Interests in connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to
Article 4 hereof; 

  
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 (xviii) the opening of bank accounts on behalf of, and in the name of, the
Partnership and its Subsidiaries; and 
 (xix) the amendment and restatement of Exhibit A to reflect
accurately at all times the Capital Contributions of, Partnership Units held by and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect any Capital Contributions, redemptions, issuance
of Partnership Units, admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment of this
Agreement, as long as the matter or event being reflected in Exhibit A otherwise is authorized by this Agreement. 
 (c)
Insurance. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain: 
 (i) casualty, liability and other insurance on the Real Estate Assets of the Partnership; 
 (ii) liability insurance for the Indemnitees hereunder; and 
 (iii)
such other insurance as the General Partner, in its sole and absolute discretion, determines to be appropriate and reasonable. 

(d) Working Capital and Other Reserves. At all times from and after the date hereof, the General Partner may cause the Partnership to
establish and maintain at any and all times working capital accounts and other cash or similar balances in such amount as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

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

  
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 7.3 REIMBURSEMENT OF THE GENERAL PARTNER 

(a) No Compensation. Except as provided in this Section 7.3 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) Responsibility for Partnership Expenses. The Partnership shall be responsible for and shall pay all expenses relating to the
Partnership’s organization and the ownership and operation of the Partnership Assets. The General Partner shall be reimbursed on a monthly basis, or such other basis as it may determine in its sole and absolute discretion, for all expenses that
it incurs on behalf of the Partnership relating to the ownership and operation of the Partnership Assets, or for the benefit of the Partnership; provided, that the amount of any such reimbursement shall be reduced by any interest earned by the
General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to
Section 7.6 hereof. 
 (c) Responsibility for General Partner Expenses. The General Partner shall also be reimbursed
for (i) all expenses related to the operations of the General Partner and to the management and administration of any Subsidiaries of the General Partner or the Partnership or Affiliates of the Partnership, such as auditing expenses and filing
fees and any and all salaries, compensation and expenses of officers and employees of the General Partner, and (ii) all expenses the General Partner incurs relating to the organization and/or reorganization of the Partnership and the General
Partner, the public offering of REIT Stock by the General Partner, and any other offering, grant, award or issuance of REIT Stock or additional Partnership Interests pursuant to Section 4.2 or 4.3, including all expenses
associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body. 
 (d)
Business of the General Partner. The Limited Partners acknowledge that the sole business of the General Partner is the ownership of direct or indirect interests in, and the direct or indirect operation of, the Partnership, and that all of the
expenses of the General Partner are incurred for the benefit of the Partnership. 
 (e) Characterization of Reimbursements. All
payments and reimbursements hereunder shall be characterized for Federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner. 
 7.4 ACQUISITION OF LIMITED PARTNER INTERESTS BY THE GENERAL PARTNER 
 The General
Partner and any Affiliates of the General Partner may acquire Limited Partner Interests and shall be entitled to exercise all rights of a Limited Partner relating to such Limited Partner Interests. 

7.5 TRANSACTIONS WITH AFFILIATES 

(a) Transactions with Subsidiaries. The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in
which it has an equity investment and such Subsidiaries and 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. 

  
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 (b) Benefit Plans Sponsored by the Partnership. The General Partner, in its sole and
absolute discretion and without the approval of the Limited Partners, may propose and adopt, on behalf of the Partnership, employee benefit plans, option or other equity incentive plans, and similar plans funded by the Partnership for the benefit of
employees of the Partnership, the General Partner, any Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Partnership, the General Partner, any
Subsidiaries of the Partnership or any of their respective Affiliates. 
 7.6 INDEMNIFICATION 

(a) General. Subject to the limitations of Section 7.6(b), to the maximum extent permitted under the Act in effect from time
to time and subject to the limitations of Section II.G. of the NASAA Guidelines, the Partnership shall indemnify each Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including, without
limitation, reasonable attorneys’ fees and other legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or
investigative (collectively, “Claims”), that relate to the operations of the Partnership, the General Partner or any of the Partnership’s Subsidiaries in which such Indemnitee may be involved, or is threatened to be involved, as a
party or otherwise; provided, however, that in no event shall this Section 7.6(a) enlarge the indemnification permitted below under Section 7.6(b). 
 (b) Limitation. Notwithstanding any provision hereof to the contrary: 
 (i) the Partnership will not indemnify any Indemnitee unless: 
 (A)
the Indemnitee has determined in good faith that the course of conduct which caused the loss, liability or expenses was in the best interests of the Partnership; 

(B) the Indemnitee was acting on behalf of the Partnership or performing services for the Partnership; 

(C) Such Claim was not the result of: 

(1) with respect to the General Partner, the gross negligence, willful misconduct or fraud of the General Partner;

 (2) with respect to any Limited Partner, the gross negligence, willful misconduct or fraud of the Limited
Partner; 
 (3) with respect to the directors, officers and employees of the General Partner, the negligence or
misconduct of such Person; or 

  
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 (4) with respect to the Independent Directors (as defined in the Articles
of Incorporation), the gross negligence or willful misconduct of such Independent Director; and 
 (D) any
indemnification or agreement to hold harmless may be paid only out of the Net Assets of the Partnership, and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership, or otherwise
provide funds, to enable the Partnership to fund its obligations under this Section 7.6; 
 (ii)
notwithstanding anything to the contrary in Section 7.6(b)(ii), the Partnership will not indemnify any Indemnitee for losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless:

 (A) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to the particular Indemnitee; 
 (B) such claims have been dismissed with prejudice on the merits
by a court of competent jurisdiction as to the particular Indemnitee; or 
 (C) a court of competent jurisdiction
approves a settlement of the claims against the particular Indemnitee and finds that indemnification of the settlement and related costs should be made, and the court considering the matter has been advised of the position of the Securities Exchange
Commission and the published position of any state securities regulatory authority in which the securities were offered or sold as to indemnification for violations of securities laws. 

(c) Contractual Obligations. Without limitation, the indemnity set forth in this Section 7.6 shall extend to any liability of
any Indemnitee pursuant to a loan guaranty (except a guaranty by a Limited Partner of nonrecourse indebtedness of the Partnership or as otherwise provided in any such loan guaranty), contractual obligation for any indebtedness or other obligation or
otherwise for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General
Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnification agreements consistent with the provisions of this Section 7.6 in favor of any Indemnitee having or potentially having
liability for any such indebtedness. 
 (d) Advancement of Expenses. Reasonable expenses incurred by an Indemnitee who is a party
to a proceeding shall be paid or reimbursed by the Partnership in advance of the final disposition of any and all Claims made or threatened against an Indemnitee only if all of the following conditions are satisfied: (i) the Claim relates to
acts or omissions with respect to the performance of duties or services on behalf of the Partnership, (ii) either (A) the Claim was initiated by a third party who is not a stockholder of the General Partner or 

  
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 (A) if the Proceeding was initiated by a Stockholder, the initiating
Stockholder was acting in his or her capacity as such and the advancement was approved by a court of competent jurisdiction, and (iii) the Indemnitee provides the Partnership with a written undertaking 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 did not comply with the requisite standard of conduct and is not entitled to indemnification. 

(e) No Exclusivity. The indemnification provided by this Section 7.6 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 unless otherwise provided in a
written agreement pursuant to which such Indemnitees are indemnified. 
 (f) Insurance. 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. 
 (g) Benefit Plan Fiduciary. For purposes of this Section 7.6, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the
performance by such Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves services by, such Indemnitee 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 7.6 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 such Indemnitee 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. 

(h) No Personal Liability for Partners. In no event may an Indemnitee subject any of the Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 (i) Interested Transactions. An Indemnitee shall not be denied
indemnification in whole or in part under this Section 7.6 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. 
 (j) Benefit. The provisions of this Section 7.6 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. 

  
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 (k) Amendment of this Section 7.6. Any amendment, modification or repeal of this
Section 7.6 or any provision hereof shall be prospective only and shall not in any way affect the Partnership’s liability to any Indemnitee under this Section 7.6, as in effect immediately prior to such amendment,
modification, or repeal with respect to Claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such Claims may arise or be asserted. 

(l) Indemnification Payments Not Distributions. If and to the extent any payments to the General Partner pursuant to this
Section 7.6 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the
Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

(m) Exception to Indemnification. Notwithstanding anything to the contrary in this Agreement, the General Partner shall not be entitled to
indemnification hereunder for any Claim for which the General Partner is obligated to indemnify the Partnership under any other agreement between the General Partner and the Partnership. 
 7.7 LIABILITY OF THE GENERAL PARTNER 
 (a) General. To the maximum extent permitted
under the Act and subject to the limitations of Section II.G. of the NASAA Guidelines in effect from time to time, neither the General Partner nor any director, officer, shareholder, partner, member or employee, trustee, representative or agent of
the General Partner shall be liable to the Partnership or to any Partner for (i) any act or omission performed or failed to be performed by it, or for any losses, claims, costs, damages, or liabilities arising from any such act or omission,
except to the extent such loss, claim, cost damage or liability results from such Person’s gross negligence, willful misconduct or fraud, (ii) any tax liability imposed on the Partnership or (iii) any losses due to the misconduct,
negligence (gross or ordinary), dishonesty or bad faith of any agents of the Partnership. Notwithstanding anything to the contrary in this Section 7.7(a), this limitation on liability applies only to the extent that the particular
officer or director has satisfied the requirements of Sections 7.6(b)(i) and (ii). 
 (b) No Obligation to
Consider Separate Interests of Limited Partners. The Limited Partners expressly acknowledge that (i) the General Partner is acting on behalf of the Partnership and the stockholders of the General Partner, collectively, (ii) the General
Partner is under no obligation to consider the separate interest of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or Assignees) in deciding whether to cause the Partnership to take (or decline to take)
any actions, and (iii) 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, unless the General Partner, as the
case may be, acted in bad faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not derived. 
 (c) Conflict. The Limited Partners expressly acknowledge that in the event of any conflict in the fiduciary duties owed by the General Partner to its stockholders and by the General Partner, in its
capacity as a general partner of the Partnership, to the Limited Partners, the General Partner may act in the best interests of the General Partner’s stockholders without violating its fiduciary duties to the Limited Partners, and that the
General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by the Limited Partners in connection with any such violation. 

  
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 (d) Amendment of this Section 7.7. Any amendment, modification or repeal of this
Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s and its officers’ and directors’ liability to the Partnership and the Limited Partners
under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when such claims may arise or be asserted. 
 7.8 OTHER MATTERS CONCERNING THE GENERAL PARTNER 

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

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

(c) Action Through Agents. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act
through any of its duly authorized officers, agents, and duly appointed attorneys-in-fact. Each such officer, agent or attorney-in-fact shall, to the extent granted by the General Partner in writing, have full power and authority to do and perform
each and every act and duty which is permitted or required to be done by the General Partner hereunder. 
 (d) Actions to
Maintain REIT Status. 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 to: (i) protect the ability of the General Partner to continue to qualify as a REIT, or (ii) avoid the General Partner incurring any taxes
under Sections 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

  
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 7.9 TITLE TO PARTNERSHIP ASSETS 
 Title to all Partnership Assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be held by the Partnership as an entity, and no Partner, individually or
collectively, shall have any ownership interest in the 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 Asset 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, that the General Partner shall use reasonable 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. 
 7.10 RELIANCE BY THIRD PARTIES 
 (a) Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the
consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all Partnership Assets and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the
Partnership, and such Person shall be entitled to deal with the General Partner as if the General Partner were the Partnership’s sole party in interest, both legally and beneficially. 

(b) Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest,
negate or disaffirm any action of the General Partner in connection with any such dealing. 
 (c) In no event shall any Person
dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner or its
representatives. 
 (d) Each and every certificate, document or other instrument executed on behalf of the Partnership by the
General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that: 
 (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect; 

(ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do
so for and on behalf of the Partnership; and 
 (iii) such certificate, document or instrument was duly executed
and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

  
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 Article VIII 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 8.1 LIMITATION OF LIABILITY 

The Limited Partners shall have no liability under this Agreement, except as expressly provided in this Agreement, including
Section 10.5 hereof, or under the Act. 
 8.2 NO RIGHT TO PARTICIPATE IN THE MANAGEMENT OF BUSINESS 

No Limited Partner shall take part in the management or control of the Partnership’s investment or other activities, transact any
business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. Except as expressly provided herein, no Limited Partner shall have the right to vote for the election, removal or replacement of the
General Partner. The exercise by any Limited Partner of any right conferred herein shall not be construed to constitute participation by such Limited Partner in the control of the business of the Partnership so as to make such Limited Partner liable
as a general partner for the debts and obligations of the Partnership for purposes of the Act, laws of non-U.S. jurisdictions or otherwise. 

8.3 OUTSIDE ACTIVITIES OF LIMITED PARTNERS 
 Subject to any agreements entered into by a Limited Partner or its Affiliates, or any Assignee, with the Partnership or any of its Subsidiaries, any Limited Partner or Assignee and any officer, director,
employee, agent, trustee, Affiliate or shareholder or other equity owner of any Limited Partner or Assignee shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership,
including business interests and activities that are in direct competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any of the other Partners shall have any rights by virtue of this
Agreement in any business ventures of any Limited Partner or Assignee. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the Partnership relationship established hereby in any business ventures of
any other Person and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character
which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 
 8.4 RETURN OF CAPITAL

 No Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except (a) to the extent of
such Limited Partner’s right of redemption set forth in Section 8.6 (if applicable), and (b) to the extent that the General Partner (or the Liquidator) determines to make distributions made pursuant to this Agreement or upon
termination of the Partnership as provided herein. Except as otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee, either as to the return of Capital
Contributions or as to distributions or allocations of Profits or Losses. 

  
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 8.5 RIGHTS OF LIMITED PARTNERS RELATING TO THE PARTNERSHIP 

(a) General. In addition to the other rights provided by this Agreement and any rights granted to limited partners of a limited
partnership under the Act that such limited partners are not permitted to waive under the Act, and except as limited by Section 8.5(b) hereof, each Limited Partner shall have the right, for a purpose reasonably related to such Limited
Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at such Limited Partner’s own expense (including such reasonable copying and administrative charges as the
General Partner may establish from time to time): 
 (i) to obtain a copy of the most recent annual and quarterly
reports filed with the Securities and Exchange Commission by the General Partner pursuant to the Securities Exchange Act of 1934; 
 (ii) to obtain a copy of the Partnership’s Federal, state and local income tax returns for each Fiscal Year; 
 (iii) to obtain a current list of the name and last known business, residence or mailing address of each Partner; and 

(iv) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with executed copies of
all powers of attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed. 
 Each Limited Partner
hereby waives any and all rights that such Limited Partner may have under the Act that the Act permits limited partners to waive, except any such right that is granted expressly to such Limited Partner under this Agreement. 

(b) Confidentiality. Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from
the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner reasonably believes to be in the nature of trade secrets or other
information, the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business; or (ii) the Partnership is required by law or by agreements with an
unaffiliated third party to keep confidential. 
 8.6 REDEMPTION OF COMMON PARTNERSHIP UNITS 

(a) Series A Redemption Right. Subject to the provisions of this Section 8.6, at any time on or after the first anniversary
date of the issuance of Common Series A Units to a Partner, such Partner shall have the right (the “Series A Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date all or a portion of such Common Series A
Units held by such Partner, at a redemption price equal to and in the form of the Redemption Amount. The Series A Redemption Right shall be exercised pursuant to a Series A Notice of Redemption Request delivered to the General Partner by the Partner
who is exercising the Series A Redemption Right. 

  
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 (b) Series B Redemption Request. Subject to the provisions of this Section 8.6,
at any time on or after the conversion of LTIP Partnership Units into Common Series B Units, the recipient of such Common Series B Units may request (the “Series B Redemption Request”) that the Partnership redeem on a Specified Redemption
Date all or a portion of such Common Series B Units, at a redemption price equal to and in the form of the REIT Stock Amount and the General Partner, in its sole discretion, may grant such Series B Redemption Request. The Series B Redemption Request
shall be made pursuant to a Series B Notice of Redemption Request delivered to the General Partner by the Partner who is making the Redemption Request. 
 (c) Distributions and Allocations. 
 (i) Subject to
Section 8.6(d), a Partner who has exercised a Series A Redemption Right or with respect to which a Series B Redemption Request has been granted (the “Redeeming Partner”) shall have no right to receive any distributions that are
paid after the Specified Redemption Date with respect to any Partnership Units redeemed pursuant to this Section 8.6. 
 (ii) If any Partnership Interest is redeemed (other than pursuant to Section 8.6(d)) on any day other than the first day of a Fiscal Year, then Profit, Losses, each item thereof and all other
items attributable to such Partnership Interest for such Fiscal Year shall be divided and allocated to the Redeeming Partner by taking into account the Redeeming Partner’s ownership of such Partnership Interest during the Fiscal Year in
accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration period, in which event Profits,
Losses, each item thereof and all other items attributable to such redeemed Partnership Interest for such Fiscal Year shall be prorated based upon the applicable method selected by the General Partner). 

(d) General Partner Assumption of Obligation. Notwithstanding the provisions of Section 8.6(a), the General Partner may, in
its sole and absolute discretion (subject to the limitations on ownership and transfer of shares of REIT Stock in the Articles of Incorporation), assume directly the obligation to satisfy a Series A Redemption Right or a granted Series B Redemption
Request and satisfy such Series A Redemption Right or granted Series B Redemption Request by paying to the Redeeming Partner the Redemption Amount on the Specified Redemption Date, whereupon the General Partner shall acquire the Partnership Units
offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. In the event that the General Partner shall exercise this right to satisfy the Series A Redemption Right
or the Series B Redemption Request in the manner described in the preceding sentence and shall fully perform its obligation to pay the Redemption Amount on the Specified Redemption Date, the Partnership shall have no obligation to pay any amount to
the Redeeming Partner with respect to such Redeeming Partner’s exercise of the Series A Redemption Right or the making of the Series B Redemption Request, and each of the Redeeming Partner, the Partnership and the General Partner shall treat
the transaction between the General Partner and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the General Partner for Federal income tax purposes. Distributions and allocations with respect to Partnership Units
acquired by the General Partner pursuant to this Section 8.6(d) shall be made in accordance with Sections 11.6(c) and 11.6(d). 

  
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 (e) Fractional Shares. If the General Partner elects, either on its own behalf or on behalf
of the Partnership, to satisfy the Series A Redemption Right or a granted Series B Redemption Request by paying the REIT Stock Amount, and the REIT Stock Amount is not equal to a whole number of shares of REIT Stock, the Redeeming Partner shall be
paid (i) that number of shares of REIT Stock which equals the nearest whole number less than the REIT Stock Amount, plus (ii) (A) an amount of cash equal to the Value of one share of REIT Stock on the applicable Valuation Date,
multiplied by (B) the REIT Stock Amount minus the whole number of shares of REIT Stock pursuant to clause (i) of this Section 8.6(e). 
 (f) Execution of Documents. Each Redeeming Partner agrees to execute such documents as the General Partner may reasonably require in connection with (i) the exercise and satisfaction of the Series A
Redemption Right or grant of a Series B Redemption Request (as applicable), (ii) any assumption by the General Partner pursuant to Section 8.6(d), and (iii) any issuance of REIT Stock in connection with the Partnership or the
General Partner paying the Redemption Amount to the Redeeming Partner. 
 (g) Exceptions to Series A Redemption Right.
Notwithstanding the provisions of Section 8.6(a), unless the General Partner elects for payment of the Redemption Amount by the Partnership to be the Cash Amount, a Partner shall not be entitled to exercise the Series A Redemption Right
if the delivery of REIT Stock to such Partner on the Specified Redemption Date would (i) be prohibited under the Articles of Incorporation or the bylaws of the General Partner, (ii) adversely affect the ability of the General Partner to
continue to qualify as a REIT or would subject the General Partner to any additional taxes under Sections 857 or 4981 of the Code, (iii) constitute or be likely to constitute a violation of any applicable federal or state securities laws
or regulations, or (iv) be prohibited under Section 11.6(f) (in each case regardless of whether the General Partner would in fact assume and satisfy the Series A Redemption Right). 

(h) Exercise of the Series A Redemption Right by the General Partner. The receipt of a notice of redemption with respect to shares of REIT
Stock held by stockholders of the General Partner (a “REIT Notice”) shall be deemed to be a Series A Notice of Redemption Request given by the General Partner to the Partnership. The redemption by the REIT of REIT Stock pursuant to a REIT
Notice shall be deemed an exercise of the Series A Redemption Right with respect to a number of Partnership Units equal to the number of shares of REIT Stock identified in the REIT Notice. With respect to any Series A Redemption Right exercised by
the General Partner pursuant to this Section 8.6(h), the General Partner will elect for payment of the Redemption Amount by the Partnership to the General Partner to be the Cash Amount. 

(i) Assignees. The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this
Section 8.6 with respect to any Partnership Units Transferred by such Limited Partner to such Assignee, and such Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such
rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Limited Partner, the Redemption Amount shall be paid by the Partnership directly to such Assignee and not to such Limited Partner. 

  
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 (j) No Liens on Partnership Units Delivered for Redemption. Each Partner covenants and
agrees that all Partnership Units delivered for redemption pursuant to this Section 8.6 shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all Liens. Notwithstanding anything contained
herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any Liens. Each Partner further agrees that, if any state or local property transfer
tax is payable as a result of the Transfer of its Partnership Units to the Partnership or the General Partner pursuant to this Section 8.6, such Partner shall assume and pay such transfer tax. 

(k) Cancellation of Units; Amendments to Exhibit A. Upon the redemption of Partnership Units pursuant to this
Section 8.6, (i) all such redeemed Partnership Units (other than Partnership Units redeemed pursuant to Section 8.6(d)) shall be cancelled, and (ii) the General Partner shall amend Exhibit A to reflect the
new Percentage Interests of the Partners and to (A) either adjust the number of Partnership Units and the Percentage Interest of the Redeeming Partner or eliminate the Redeeming Partner from Exhibit A, as applicable, and (B) in the
event that the General Partner assumes the obligation to satisfy a Series A Redemption Right or a granted Series B Redemption Request pursuant to Section 8.6(d), adjust the number of Partnership Units and the Percentage Interest of the
General Partner to reflect the Transfer of such Partnership Units to the General Partner. 
 (l) Additional Partnership
Interests. If the Partnership issues Partnership Interests to any Additional Limited Partner pursuant to Article 4, the General Partner shall make such revisions to this Section 8.6 as the General Partner determines are
necessary to reflect the issuance of such Partnership Interests (including setting forth any restrictions on the exercise of the Series A Redemption Right with respect to such Partnership Interests). 

8.7 REDEMPTION OF LTIP SERIES C PARTNERSHIP UNITS 
 (a) In general. Subject to Section 4.1(e), if any LTIP Series C Partnership Unit is forfeited under the terms of the award agreement pursuant to which it was granted, the Partnership shall
redeem such forfeited LTIP Series C Unit within thirty (30) Business Days for an amount in cash (not less than zero) equal to the holder’s aggregate capital contributions made or deemed to have been made pursuant to
Section 4.1(c) in respect of the LTIP Capital Commitment for such LTIP Series C Partnership Unit, minus the sum of (i) the aggregate amount of Net Loss allocated to such unit (but only to the extent that the amount of such Net Loss
exceeds the aggregate amount of Net Profit allocated to such unit) and (ii) the aggregate distributions made with respect to such unit. 
 (b) The provisions of subsections (c), (f), (j) and (k) of Section 8.6 shall apply, mutatis mutandis, to redemptions made pursuant to this
Section 8.7. 
 Article IX 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 9.1 RECORDS AND ACCOUNTING 

(a) Books and Records. The General Partner shall keep or cause to be kept at the principal office of the Partnership those records and
documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary for the
General Partner to comply with applicable REIT Requirements and to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Sections 8.5(a) and 9.2 hereof. 

  
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 (b) Accounting Method. The books of the Partnership shall be maintained, for financial and
tax reporting purposes, on an accrual basis in accordance with GAAP. 
 9.2 REPORTS 

(a) Annual Reports. As soon as practicable after the end of each Fiscal Year, but in no event later than the date on which the General
Partner mails its annual report to its stockholders, the General Partner shall cause to be mailed to each Limited Partner as of the close of the Fiscal Year, an annual report containing financial statements of the Partnership, or of the General
Partner, if such statements are prepared on a consolidated basis with the Partnership, for such Fiscal Year, presented in accordance with GAAP, such statements to be audited by a nationally recognized firm of independent public accountants selected
by the General Partner in its sole discretion. 
 (b) Quarterly Reports. If and to the extent that the General Partner mails
quarterly reports to its stockholders, then as soon as practicable after the end of each fiscal quarter of the Partnership, but in no event later than the date such reports are mailed, the General Partner shall cause to be mailed to each Limited
Partner a report containing unaudited financial statements as of the last day of the calendar quarter of the Partnership, or of the General Partner, if such statements are prepared on a consolidated basis with the Partnership, and such other
information as may be required by applicable law or regulation, or as the General Partner determines to be appropriate. 
 (c)
Delivery. Notwithstanding the foregoing, the General Partner may deliver to the Limited Partners each of the reports described above, as well as any other communications that it may provide hereunder, by e-mail or by any other electronic means.

 Article X 
 TAX MATTERS 
 10.1 PREPARATION OF TAX RETURNS 

The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses
and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by Limited
Partners for federal and state income tax reporting purposes. 

  
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 10.2 TAX ELECTIONS 
 Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code; provided, however, that the
General Partner shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder. The General Partner shall have the right to seek to revoke any such election it makes, including, without limitation,
the election under Section 754 of the Code, upon the General Partner’s determination, in its sole and absolute discretion, that such revocation is in the best interests of the Partners. 

10.3 TAX MATTERS PARTNER 
 (a)
General. The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. Pursuant to Section 6223(c)(3) of the Code, upon receipt of notice from the Internal Revenue Service of the beginning
of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the Internal Revenue Service with the name, address, taxpayer identification number, and profit interest of each of the Limited Partners and the
Assignees; provided, that such information is provided to the Partnership by the Limited Partners and the Assignees. 
 (b)
Powers. The tax matters partner is authorized, but not required: 
 (i) to enter into any settlement with the
Internal Revenue Service with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as
a “tax audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such
settlement agreement shall not bind any Partner: 
 (A) who (within the time prescribed pursuant to the Code and
the Treasury Regulations) files a statement with the Internal Revenue Service providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner; or 

(B) who is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice
group” (as defined in Section 6223(b)(2) of the Code); 
 (ii) in the event that a notice of a final
administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment,
including the filing of a petition for readjustment with the Tax Court or the filing of a complaint for refund with the United States Claims Court or the District Court of the United States for the district in which the Partnership’s principal
place of business is located; 
 (iii) to intervene in any action brought by any other Partner for judicial
review of a final adjustment; 

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

(v) to enter into an agreement with the Internal Revenue Service to extend the period for assessing any tax which is
attributable to any item required to be taken account of by a Partner for tax purposes, or an item affected by such item; and 
 (vi) to take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations.

 The taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding,
except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.6 shall be fully applicable to
the tax matters partner in its capacity as such. 
 (c) Reimbursements. The tax matters partner shall receive no compensation for
its services. All third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership. Nothing herein shall be construed to restrict
the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 

10.4 ORGANIZATIONAL EXPENSES 

The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a 180-month period as
provided in Section 709 of the Code. 
 10.5 WITHHOLDING 
 (a) General. Each Limited Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with respect to, such Limited Partner any amount of federal, state, local, or foreign taxes
that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be
withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445 or 1446 of the Code. 
 (b) Treatment of Amounts
Withheld. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within fifteen (15) days after notice from the
General Partner that such payment must be made unless: 
 (i) the Partnership withholds such payment from a
distribution which would otherwise be made to the Limited Partner; or 

  
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 (ii) the General Partner determines, in its sole and absolute discretion,
that such payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed to the Limited Partner. 
 Any amounts withheld from amounts otherwise distributable to a Limited Partner as described in clause (i) or (ii) of this Section 10.5(b) shall be treated as
having been distributed to such Limited Partner. 
 (c) Security Interest. Each Limited Partner hereby unconditionally and
irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this
Section 10.5. Each Limited Partner shall take such actions as the Partnership or the General Partner shall request in order to perfect or enforce the security interest created hereunder. 

(d) Default. In the event that a Limited Partner fails to pay when due any amounts owed to the Partnership pursuant to this
Section 10.5, the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have loaned such amount to such
defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner. Without limitation, in such event, the General Partner shall have the right to receive distributions that would
otherwise be distributable to such defaulting Limited Partner until such time as such loan, together with all interest thereon, has been paid in full, and any such distributions so received by the General Partner shall be treated as having been
distributed to the defaulting Limited Partner and immediately paid by the defaulting Limited Partner to the General Partner in repayment of such loan. 
 (e) Interest. Any amount payable by a Limited Partner under this Section 10.5 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, plus four (4) percentage points, and (ii) the maximum lawful rate of interest on such obligation, such interest to accrue from the date such amount is due (i.e.,
fifteen (15) days after demand) until such amount is paid in full. 
 Article XI 

TRANSFERS AND WITHDRAWALS 
 11.1
TRANSFER 
 (a) Definition. The term “Transfer,” when used in this Article 11 with respect to a Partnership
Interest or a Partnership Unit, shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest to another Person or a Limited Partner purports to assign all or any part of
its Limited Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “Transfer” when used in this
Article 11 does not include any redemption of Partnership Units or other Partnership Interests for cash or REIT Stock pursuant to Section 8.6 or Section 8.7. 

  
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 (b) Restriction on Transfer. No Partnership Interest shall be Transferred, in whole or in
part, except in accordance with the terms and conditions set forth in this Article 11. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void.

 11.2 TRANSFER OF THE GENERAL PARTNER’S GENERAL PARTNER INTEREST 
 (a) The General Partner may not Transfer any of its General Partner Interest or withdraw as General Partner, except: 

(i) with the Consent of the Outside Limited Partners; or 

(ii) if such Transfer is to an entity which is wholly-owned, directly or indirectly, by the General Partner. 

(b) In the event the General Partner withdraws as general partner of the Partnership in accordance with Section 11.2(a), the
General Partner’s General Partner Interest shall immediately be converted into a Limited Partner Interest. 
 11.3 LIMITED PARTNERS’
RIGHTS TO TRANSFER 
 (a) General. Subject to the provisions of Section 11.3(b), no Limited Partner shall have the
right to Transfer all or a portion of such Limited Partner’s Partnership Interest, or any of such Limited Partner’s rights as a Limited Partner, without the consent of the General Partner, which may be given or withheld by the General
Partner in its sole and absolute discretion. 
 (b) Transfers to Permitted Transferees. Notwithstanding the provisions of
Section 11.3(a), but subject to the provisions of Sections 11.3(c), 11.3(d), and 11.3(e) and other applicable restrictions on Transfers contained in this Article 11, a Limited Partner may Transfer, with
or without the consent of the General Partner, all or a portion of his Common Partnership Units to a Permitted Transferee; provided that such Permitted Transferee must qualify as an “accredited investor” as such term is defined in
Rule 501(a) of Regulation D promulgated under the Securities Act; and provided further that, no Transfer pursuant to this Section 11.3(b) shall be effective until the General Partner receives notice of such Transfer. 

(c) No Transfers Violating Securities Laws. The General Partner may prohibit any Transfer by a Limited Partner of its Partnership Units
if, in the opinion of legal counsel to the Partnership, such Transfer would require the filing of a registration statement under the Securities Act, or would otherwise violate any federal or state securities laws or regulations applicable to the
Partnership or the Partnership Units. 
 (d) No Transfers to Certain Lenders. 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 Treasury Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Treasury Regulations
Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion. 

  
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 (e) Additional Prohibited Transfers. No Transfer by a Limited Partner of its Partnership
Units may be made to any Person if: 
 (i) in the opinion of the General Partner based on the advice of legal
counsel, if appropriate, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or would subject the General Partner to any additional taxes under Sections 857 or 4981 of the Code; 

(ii) in the opinion of the General Partner based on the advice of legal counsel, if appropriate, it would result in the
Partnership being treated as an association taxable as a corporation for federal income tax purposes; 
 (iii)
such Transfer would subject the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisers Act of 1940, as amended or ERISA; 
 (iv) 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; or 
 (v) such Transfer is to a Prohibited Transferee. 

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

(g) Transfers of LTIP Series C Units. Notwithstanding any other provision of this Agreement, no transfers of LTIP Series C Units shall be
permitted, other than transfers of such units (i) by operation of law or (ii) to the Partnership or the General Partner or (iii) with the consent of the General Partner, which may be given or withheld by the General Partner in its
sole and absolute discretion, provided that any such transfer shall be subject to all applicable laws (including, without limitation, any applicable federal, state or other securities laws). 
 11.4 SUBSTITUTED LIMITED PARTNERS 
 (a) Consent of the General Partner. No Limited
Partner shall have the right to substitute a Permitted Transferee in such Limited Partner’s place. The General Partner shall, however, have the right to consent to the admission of a Permitted Transferee of the Partnership Interest of a Limited
Partner pursuant to this Section 11.4 as a Substitute Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit such
transferee to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. 

  
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 (b) Rights of a Substituted Limited Partner. A transferee who has been admitted as a
Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. The admission of any transferee as a
Substituted Limited Partner shall be conditioned upon the transferee executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in
Section 2.6, and such other documents or instruments as may be required in the reasonable discretion of the General Partner in order to effect such Person’s admission as a Substituted Limited Partner. 

(c) Amendments to Exhibit A. Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A
to reflect the name, address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner.

 11.5 ASSIGNEES 
 If
the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee as a Substituted Limited Partner, as described in Section 11.4(a), such transferee shall be considered an Assignee for purposes
of this Agreement. An Assignee shall be deemed to have had assigned to it, and shall be entitled to receive distributions from the Partnership and the share of Profit, Losses and any other items of gain, loss, deduction or credit of the Partnership
attributable to the Partnership Units assigned to such transferee, but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement except as otherwise provided in this Agreement, and shall not be entitled to
vote such Partnership Units in any matter presented to the Limited Partners for a vote (such Partnership Units being deemed to have been voted on such matter in the same proportion as all other Partnership Units held by Limited Partners are voted).
In the event any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all of the provisions of this Article 11 to the same extent and in the same manner as any Limited
Partner desiring to make an assignment of Partnership Units. 
 11.6 GENERAL PROVISIONS 

(a) Withdrawal of a Limited Partner. No Limited Partner may withdraw from the Partnership other than as a result of a Transfer of all of
such Limited Partner’s Partnership Units pursuant to which the transferee is admitted as a Substituted Limited Partner or a redemption of all of the Partnership Units held by such Limited Partner pursuant to Sections
4.1(e), 8.6 or 8.7. 
 (b) Termination of Status as a Limited Partner. Any Limited Partner that Transfers
all of such Limited Partner’s Partnership Units (or other Partnership Interests) in a Transfer pursuant to which the transferee is admitted as a Substituted Limited Partner, or (ii) redeems all of such Partnership Units held by such
Limited Partner pursuant to Sections 4.1(e), 8.6 or 8.7 shall cease to be a Limited Partner. 

  
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 (c) Allocations. If any Partnership Interest is Transferred during the Partnership’s
Fiscal Year in compliance with the provisions of this Article 11 (including Transfers to the General Partner pursuant to Section 8.6(d)) on any day other than the first day of a Fiscal Year, then Profit, Losses, each item
thereof and all other items attributable to such Partnership Interest for such Fiscal Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the Fiscal Year
in accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration period, in which event Profits,
Losses, each item thereof and all other items attributable to such transferred Partnership Interest for such Fiscal Year shall be prorated based upon the applicable method selected by the General Partner). 

(d) Distributions. All distributions of Available Operating Cash, Net Sales Proceeds or other Partnership Assets attributable to
Partnership Units, with respect to which the Partnership Record Date is before the date of a Transfer of such Partnership Units (including any Transfer to the General Partner pursuant to Section 8.6(d)), shall be made to the transferor
Partner, and all distributions of Available Operating Cash, Net Sales Proceeds or other Partnership Assets thereafter attributable to such Partnership Units shall be made to the transferee Partner. 

(e) Capital Accounts. The original Capital Account established for each transferee shall be in the same amount as the Capital Account or
portion thereof of the Partner to which such transferee succeeds, at the time such transferee is admitted to the Partnership. The Capital Account of any Partner that is a party to a Transfer of all or all or any portion of a Partnership Interest
shall be appropriately adjusted to reflect such Transfer. Any reference in this Agreement to a Capital Contribution of, or distribution to, a then-Partner shall include a Capital Contribution or distribution previously made by or to any prior
Partner on account of the Partnership Interest of such then-Partner. 
 (f) Additional Restrictions. In addition to any other
restrictions on transfer contained in this Agreement, in no event may any Transfer of a Partnership Interest by any Partner or any redemption pursuant to Section 8.6 be made without the express consent of the General Partner, in its sole
and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such as
the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) if in the opinion of the General Partner based on the advice of legal counsel, if appropriate, such Transfer would
cause a termination of the Partnership for Federal or state income tax purposes (except as a result of a redemption of all Partnership Units held by all Limited Partners); (v) if in the opinion of the General Partner based on the advice of
legal counsel, if appropriate, such Transfer would cause the Partnership to cease to be classified as a partnership for Federal income tax purposes (except as a result of a redemption of all Partnership Units held by all Limited Partners);
(vi) if such Transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (vii) if such Transfer would cause the Partnership to become a “publicly traded
partnership,” as such term is defined in Section 7704(b) of the Code (provided that this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the Series A Redemption Right or the denial
of a Series B Redemption Request under Section 8.6 unless, and only to the extent that, outside tax counsel advises the General Partner that, in the absence of such limitation or restriction, there is a significant risk that the
Partnership will be 

  
 51 

 
treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation); (viii) if such Transfer would cause the General Partner to own 10% or more of the
ownership interests of any tenant of a property held by the Partnership within the meaning of Section 856(d)(2)(B) of the Code; (ix) if such Transfer would result in the General Partner being “closely held” within the meaning of
Section 856(h) of the Code; or (x) if in the opinion of the General Partner based on the advice of legal counsel, if appropriate, such Transfer 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 Sections 857 or 4981 of the Code. 
 Article XII 

ADMISSION OF PARTNERS 
 12.1
ADMISSION OF SUCCESSOR GENERAL PARTNER 
 A successor to all of the General Partner Interest pursuant to Article 11
hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately following the successor General Partner’s execution and delivery to the Partnership of an
acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required or appropriate to effect such Person’s admission as General Partner. In the case of such admission on any day other than
the first day of a Fiscal Year, all items attributable to the General Partner Interest for such Fiscal Year shall be allocated between the transferring General Partner and such successor as provided in Section 11.6(c) hereof. Any such
successor General Partner shall carry on the business of the Partnership without dissolution. 
 12.2 ADMISSION OF ADDITIONAL LIMITED PARTNERS

 (a) General. A Person other than the General Partner who makes a Capital Contribution to the Partnership in accordance with
this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon executing and delivering to the General Partner: 
 (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in
Section 2.6 hereof; and 
 (ii) such other documents or instruments as may be required in the
discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 
 (b)
General Partner’s Consent Required. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given
or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the
Partnership, following the consent of the General Partner to such admission and the satisfaction of the conditions set forth in Section 12.2(a). 

  
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 (c) Allocations to Additional Limited Partners. If any Additional Limited Partner is
admitted to the Partnership on any day other than the first day of a Fiscal Year, then Profit, Losses, each item thereof and all other items allocable among Partners and Assignees for such Fiscal Year shall be allocated among such Additional Limited
Partner and all other Partners and Assignees by taking into account their varying interests during the Fiscal Year in accordance with Section 706(d) of the Code, using the interim closing of the books method. Solely for purposes of making such
allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all of the Partners and Assignees, including such Additional Limited Partner. 

12.3 AMENDMENT OF AGREEMENT AND CERTIFICATE OF LIMITED PARTNERSHIP 
 For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare
as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to
Section 2.6 hereof. 
 Article XIII 
 DISSOLUTION, LIQUIDATION AND TERMINATION 
 13.1 DISSOLUTION 

The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission
of a successor General Partner in accordance with the terms of this Agreement. Subject to Section 13.1(b), upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership. The
Partnership shall dissolve, and its affairs shall be wound up, only upon the first to occur of any of the following (“Liquidating Events”): 
 (a) the expiration of its term as provided in Section 2.5 hereof; 
 (b)
an event of withdrawal of the General Partner, as defined in the Act (other than an event of bankruptcy), unless, within ninety (90) days after such event of withdrawal, a “majority in interest” (as defined below) of the remaining
Partners Consent in writing to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a successor General Partner; 
 (c) an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion; 
 (d) entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 
 (e) the occurrence of a Terminating Sale Transaction; or 

  
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 (f) a final and non-appealable judgment is entered by a court of competent jurisdiction
ruling that the General Partner or the Partnership is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner or the Partnership, in each case under any
federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to the entry of such order or judgment a “majority in interest” (as defined below) of the remaining Partners Consent in writing to continue the
business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner, if applicable. 
 As used in this Article 13, a “majority in interest” shall refer to Partners (excluding the General Partner) who hold Common Partnership Units that constitute more than fifty percent
(50%) of the aggregate number of outstanding Common Partnership Units not held by the General Partner. 
 13.2 WINDING UP; LIQUIDATION

 (a) Upon dissolution of the Partnership, the business and affairs of the Partnership shall be wound up as provided in this
Section 13.2. The General Partner shall act as the “Liquidator” (or, in the event there is no remaining General Partner, any Person elected by Limited Partners holding more than 50% of the total number of Common Partnership
Units then issued and outstanding). The Liquidator shall wind up the affairs of the Partnership, shall dispose of such Partnership Assets as it deems necessary or appropriate and shall pay and distribute the assets of the Partnership, including the
proceeds of any such disposition, as follows: 
 (i) first, to creditors, including Partners who are creditors, to the extent
otherwise permitted by law, in satisfaction of liabilities of the Partnership (whether by payment or by establishment or reserves as determined by the Liquidator in its sole discretion), other than distributions to Partners pursuant to
Article 5, and 
 (ii) second, to the Partners in accordance with their positive Capital Account balances.

 It is intended that such distributions will result in the Partners receiving aggregate distributions in the order of and
equal to the amount of distributions that would have been received if the liquidating distributions were made in accordance with Section 5.1. However, if the balances in the Capital Accounts do not result in such intention being
satisfied, items of Profits and Losses will be reallocated among the Partners for the Fiscal Year of the liquidation (and, at the election of the General Partner, if necessary and permissible, prior Fiscal Years) so as to cause the balances in the
Capital Accounts to be in the amounts necessary to assure that such result is achieved. Notwithstanding anything herein to the contrary, in the event the Partnership is liquidated within the meaning of Treasury Regulation
Section 1.704-1(b)(2)(ii)(g), liquidation distributions shall be made by the end of the taxable year in which the Partnership liquidates or, if later, within ninety (90) days of the date of such liquidation. 

  
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 (b) In the discretion of the Liquidator, a pro rata portion of the distributions that would
otherwise be made to the Partners pursuant to this Article 13 may be: 
 (i) distributed to a trust
established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the
Partnership or the General Partner arising out of or in connection with the Partnership; the assets of any such trust shall be distributed to the General Partner and Limited Partners from time to time, in the reasonable discretion of the Liquidator,
in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and Limited Partners pursuant to this Agreement; or 

(ii) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to
reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the General Partner and Limited Partners in the manner and order of priority set forth in
Section 13.2(a) as soon as practicable. 
 (c) The Liquidator shall, in its sole discretion, determine whether to
sell any Partnership Assets, including, without limitation, Real Estate Assets, and if so, whether at a public or private sale, for what price and on what terms. If the Liquidator determines to sell or otherwise dispose of any Partnership Asset or
any interest therein, the Liquidator shall do so expeditiously and for its fair market value under the circumstances, giving due regard to the activity and condition of the relevant market and general financial and economic conditions. If the
Liquidator determines not to sell or otherwise dispose of any Partnership Asset or any interest therein, the Liquidator shall not be required to distribute the same to the Partners promptly but shall have full right and discretion to determine the
time and manner of such distribution and distributions giving due regard to the interests of the Partners. 
 13.3 NO OBLIGATION TO CONTRIBUTE
DEFICIT 
 If any Partner has a deficit balance in his Capital Account (after giving effect to all contributions, distributions
and allocations for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall
not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 
 13.4 NOTICE OF DISSOLUTION 

In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of an election or objection by one or more
Partners pursuant to Section 13.1, result in a dissolution of the Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners. 

  
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 13.5 TERMINATION OF PARTNERSHIP AND CANCELLATION OF CERTIFICATE OF LIMITED PARTNERSHIP 

Upon the completion of the liquidation of the Partnership’s assets, as provided in Section 13.2, the Partnership shall be
terminated, a certificate of cancellation shall be filed, and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the state of Delaware shall be canceled and such other actions as may be necessary to
terminate the Partnership shall be taken. 
 13.6 REASONABLE TIME FOR WINDING-UP 

A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its
assets pursuant to Section 13.2 in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect among the Partners during the period of liquidation. 

13.7 WAIVER OF PARTITION 
 Each
Partner hereby waives any right to partition of the Partnership property. 
 Article XIV 

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 
 14.1 AMENDMENTS 
 (a) By the General Partner. The General Partner shall have the
power, without the consent of the Limited Partners, to amend this Agreement except as set forth in Section 14.1(b) hereof. The General Partner shall provide notice to the Limited Partners when any action under this
Section 14.1(a) is taken in the next regular communication to the Limited Partners. The Limited Partners shall not have the power to amend this Agreement. 
 (b) Restrictions on General Partner’s Ability to Amend this Agreement. Notwithstanding Section 14.1(a), this Agreement shall not be amended with respect to any Partner adversely affected
without the Consent of such Partner adversely affected if such amendment would: 
 (i) convert a Limited
Partner’s interest in the Partnership into a General Partner Interest; 
 (ii) impose on the Limited
Partners any obligation to make additional Capital Contributions to the Partnership; 
 (iii) modify the limited
liability of a Limited Partner in a manner adverse to such Limited Partner; or 
 (iv) amend this
Section 14.1(b). 
 14.2 MEETINGS OF THE PARTNERS 
 (a) General. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request by Limited Partners holding twenty-five percent
(25%) or more of the Common Partnership Interests. The request shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty
(30) days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. 

  
 56 

 (b) Vote Required. Whenever the vote or Consent of the Partners is permitted or required
under this Agreement, such vote or Consent may be given at a meeting of the Partners or may be given in accordance with the procedure prescribed in Section 14.2(c) hereof. Except as otherwise expressly provided in this Agreement, the
Consent of holders of Partnership Units that constitute more than fifty percent (50%) of the aggregate number of outstanding Common Partnership Units held by the Partners (including the General Partner) shall constitute the consent of the
Partners. 
 (c) Action Without a Meeting. Any action required or permitted to be taken at a meeting of the Partners may be taken
without a meeting if a written consent setting forth the action so taken is signed by holders of Common Partnership Units that constitute more than fifty percent (50%) (or such other percentage as is expressly required by this Agreement) of the
aggregate number of outstanding Common Partnership Units held by the Partners (including the General Partner). Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote the holders of
Partnership Units that constitute more than fifty percent (50%) (or such other percentage as is expressly required by this Agreement) of the aggregate number of outstanding Common Partnership Units held by the Partners (including the General
Partner). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date of the consent as certified by the General Partner. 

(d) Proxy. Each Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Partner is entitled to
participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Partner or his attorney-in-fact and a copy thereof delivered to the Partnership. No proxy shall be valid after the
expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the General Partner’s receipt
of written notice of such revocation from the Partner executing such proxy. 
 (e) Conduct of Meeting. Each meeting of the
Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. Meetings of Partners may
be conducted in the same manner as meetings of the stockholders of the General Partner and may be held at the same time, and as part of, meetings of the stockholders of the General Partner. 

Article XV 

GENERAL PROVISIONS 
 15.1
ADDRESSES AND NOTICE 
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee
under this Agreement shall be in writing and shall be deemed given or made when delivered if delivered in person, sent by first class United States mail, by overnight delivery or via facsimile to the Partner or Assignee at the address set forth in
Exhibit A or such other address of which the Partner shall notify the General Partner in writing. Notwithstanding the foregoing, the General Partner may elect to deliver any such notice, demand, request or report by e-mail or by any other
electronic means, in which case such communication shall be deemed given or made one day after being sent. 

  
 57 

 15.2 TITLES AND CAPTIONS 
 All article or section titles or captions in this Agreement are for convenience of reference only, shall not be deemed part of this Agreement and shall in no way define, limit, extend or describe the
scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement. 

15.3 PRONOUNS AND PLURALS 

Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 15.4 FURTHER ACTION 

The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or
appropriate to achieve the purposes of this Agreement. 
 15.5 BINDING EFFECT 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns. 
 15.6 CREDITORS 

Other than as expressly set forth herein with respect to the Indemnitees, none of the provisions of this Agreement shall be for the
benefit of, or shall be enforceable by, any creditor of the Partnership. 
 15.7 WAIVER 

No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to
exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 15.8 COUNTERPARTS 
 This Agreement may be executed in counterparts, all of which
together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon
affixing its signature hereto. 

  
 58 

 15.9 APPLICABLE LAW 
 This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof. 

15.10 INVALIDITY OF PROVISIONS 

If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be affected thereby. 
 15.11 MERGER 

Subject to Section 11.2, the Partnership may merge with, or consolidate into, any Person or Entity in accordance with
Section 17-211 of the Act. 
 15.12 NO RIGHTS AS STOCKHOLDERS 
 Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation,
any right to receive dividends or other distributions made to such stockholders or to vote or to consent or receive notice as stockholders in respect to any meeting or stockholders for the election of directors of the General Partner or any other
matter. 
 15.13 ENTIRE AGREEMENT 
 This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior written or oral understandings or agreements
among them with respect thereto. 
 [SIGNATURE PAGE FOLLOWS] 

  
 59 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amended and Restated
Agreement of Limited Partnership as of the day and year first-above written. 
  

			
	 “GENERAL PARTNER”
 Healthcare Trust of America, Inc.

		
	By:	 	 /s/ Scott D. Peters

	Name:	 	Scott D. Peters
	Title:	 	Chief Executive Officer and President

  
 60 

 EXHIBIT A 
 PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS 
  

 
  
  

 
  
  

																									
	 	 	 	 	 	NUMBER OF	 	 	NUMBER OF	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	COMMON	 	 	COMMON	 	 	NUMBER OF	 	 	 	 	 	 	 
	 	 	 	 	 	SERIES A	 	 	SERIES B	 	 	LTIP SERIES C	 	 	COMMON	 	 	 	 
	NAME AND ADDRESS OF	 	CAPITAL	 	 	PARTNERSHIP	 	 	PARTNERSHIP	 	 	PARTNERSHIP	 	 	PERCENTAGE	 	 	OVERALL	 
	 PARTNER
	 	CONTRIBUTION	 	 	UNITS	 	 	UNITS	 	 	UNITS	 	 	INTEREST	 	 	INTEREST	 
	 GENERAL PARTNER:
	 				 				 				 				 				 			
	 Healthcare Trust of America, Inc.
	 	$	2,316,534,810	  	 	 	214,227,647	  	 	 	—  	  	 	 	—   	  	 	 	99.93	% 	 	 	98.59	% 
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 LIMITED PARTNERS:
	 				 				 				 				 				 			
	 Robert G. Anding, M.D.
	 	$	403,900	  	 	 	40,390	  	 	 	—  	  	 	 	—   	  	 	 	0.02	% 	 	 	0.02	% 
	 50 Mott Lane
	 				 				 				 				 				 			
	 Houston, Texas 77026
	 				 				 				 				 				 			
							
	 S. Mark Cone, M.D.
	 	$	301,390	  	 	 	30,139	  	 	 	—  	  	 	 	—   	  	 	 	0.01	% 	 	 	0.01	% 
	 3614 Nottingham
	 				 				 				 				 				 			
	 Houston, Texas 77005
	 				 				 				 				 				 			
							
	 George M. Grunert, M.D.
	 	$	135,490	  	 	 	13,549	  	 	 	—  	  	 	 	—   	  	 	 	0.01	% 	 	 	0.01	% 
	 7900 Fannin
	 				 				 				 				 				 			
	 Houston, Texas 77054
	 				 				 				 				 				 			
							
	 Sandra Hurtado, M.D.
	 	$	51,770	  	 	 	5,177	  	 	 	—  	  	 	 	—   	  	 	 	0.00	% 	 	 	0.00	% 
	 5105 Beech Street
	 				 				 				 				 				 			
	 Bellaire, Texas 77401
	 				 				 				 				 				 			
							
	 Leroy J. Leeds, M.D.
	 	$	83,080	  	 	 	8,308	  	 	 	—  	  	 	 	—   	  	 	 	0.00	% 	 	 	0.00	% 
	 c/o Kim Barbour
	 				 				 				 				 				 			
	 7900 Fannin, Suite 4000
	 				 				 				 				 				 			
	 Houston, Texas 77054
	 				 				 				 				 				 			
							
	 Rakesh K. Mangal, M.D.
	 	$	166,160	  	 	 	16,616	  	 	 	—  	  	 	 	—   	  	 	 	0.01	% 	 	 	0.01	% 
	 2001 Holcombe Boulevard
	 				 				 				 				 				 			
	 Suite 201
	 				 				 				 				 				 			
	 Houston, Texas 77030
	 				 				 				 				 				 			
							
	 Mary T. Neal, M.D.
	 	$	415,400	  	 	 	41,540	  	 	 	—  	  	 	 	—   	  	 	 	0.02	% 	 	 	0.02	% 
	 4531 Magnolia Street
	 				 				 				 				 				 			
	 Bellaire, Texas 77401
	 				 				 				 				 				 			
							
	 Scott D. Peters
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	1,450,000	  	 	 	0.00	% 	 	 	0.67	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Kellie S. Pruitt
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	225,000	  	 	 	0.00	% 	 	 	0.10	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Mark D. Engstrom
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	200,000	  	 	 	0.00	% 	 	 	0.09	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Amanda Houghton
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	195,000	  	 	 	0.00	% 	 	 	0.09	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 W. Bradley Blair, II
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	135,000	  	 	 	0.00	% 	 	 	0.06	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Maurice J. DeWald
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	135,000	  	 	 	0.00	% 	 	 	0.06	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Warren D. Fix
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	135,000	  	 	 	0.00	% 	 	 	0.06	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Larry L. Mathis
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	135,000	  	 	 	0.00	% 	 	 	0.06	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Gary T. Wescombe
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	135,000	  	 	 	0.00	% 	 	 	0.06	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Susan Dorr
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	25,000	  	 	 	0.00	% 	 	 	0.01	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Brendan Magee
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	50,000	  	 	 	0.00	% 	 	 	0.02	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Dawna Powell
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	25,000	  	 	 	0.00	% 	 	 	0.01	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Ross Goyer
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	25,000	  	 	 	0.00	% 	 	 	0.01	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Robert Milligan
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	15,000	  	 	 	0.00	% 	 	 	0.01	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
							
	 Bridget Legge
	 	$	—   	  	 	 	—   	  	 	 	—  	  	 	 	15,000	  	 	 	0.00	% 	 	 	0.01	% 
	 c/o Healthcare Trust of America, Inc.
	 				 				 				 				 				 			
	 16435 North Scottsdale Road, Suite 320
	 				 				 				 				 				 			
	 Scottsdale, AZ 85254
	 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 TOTAL
	 	$	2,318,092,000	  	 	 	214,383,366	  	 	 	—  	  	 	 	2,900,000	  	 	 	100.00	% 	 	 	100.00	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

 EXHIBIT B 

SERIES A NOTICE OF REDEMPTION REQUEST 
 The undersigned Limited Partner hereby irrevocably (i) requests that Healthcare Trust of America Holdings, L.P. (the “Partnership”) redeem Common Series A Units in the Partnership held by
such Limited Partner in accordance with Section 8.6(a) of the Agreement of Limited Partnership of the Partnership, as such agreement may be amended from time to time (the “Partnership Agreement”) and the Series A Redemption Right
referred to therein; (ii) agrees to surrender such Common Series A Units and all right, title, and interest therein promptly upon payment of the Redemption Amount; (iii) directs that the Redemption Amount deliverable upon exercise of the
Series A Redemption Right be delivered to such Limited Partner at the address as specified in the Partnership Agreement; and (iv) directs that, if the General Partner determines that the Redemption Amount shall be the REIT Stock Amount, the
REIT Stock be registered or placed in the name of such Limited Partner and at such address specified in the Partnership Agreement. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has not transferred or
encumbered title to such Common Series A Units; (b) has the full right, power and authority to redeem and surrender such Common Series A Units as provided herein; and (c) has obtained the consent or approval of all Persons, if any, having
the right to consent or approve such redemption and surrender. 

Dated:                    
       
  

			
	[NAME OF LIMITED PARTNER]
		
	By:	 	 
	Name:	 	  

	Title:	 	  

 EXHIBIT C 

SERIES B NOTICE OF REDEMPTION REQUEST 
 The undersigned Limited Partner hereby irrevocably (i) requests that Healthcare Trust of America Holdings, L.P. (the “Partnership”) redeem Common Series B Units in the Partnership held by
such Limited Partner in accordance with Section 8.6(b) of the Agreement of Limited Partnership of the Partnership, as such agreement may be amended from time to time (the “Partnership Agreement”); (ii) agrees to surrender such
Common Series B Units and all right, title, and interest therein promptly upon payment of the REIT Stock Amount; (iii) directs that the REIT Stock Amount deliverable upon exercise of the Series B Redemption Request, if granted, be delivered to
such Limited Partner at the address as specified in the Partnership Agreement; and (iv) directs that the REIT Stock be registered or placed in the name of such Limited Partner and at such address specified in the Partnership Agreement. The
undersigned hereby represents, warrants, and certifies that the undersigned (a) has not transferred or encumbered title to such Common Series B Units; (b) has the full right, power and authority to redeem and surrender such Common Series B
Units as provided herein; and (c) has obtained the consent or approval of all Persons, if any, having the right to consent or approve such redemption and surrender. 
 Dated:                       

 

			
	[NAME OF LIMITED PARTNER]
		
	By:	 	 
	Name:	 	  

	Title:Severance Agreement and General Release

 Exhibit 10.1 
 SEVERANCE AGREEMENT AND GENERAL RELEASE 
 This Severance Agreement and Release (this
“Agreement”) is made and entered into between the undersigned Stephen W. Olsen (referred to herein as “you” or “your”) and Orchard Supply Hardware Stores Corporation (“Orchard” or the “Company”).

 1. Separation. Your last day of work with the Company and your employment termination date will be February 2,
2013 unless you voluntarily provide the Company notice of an earlier termination date (such termination date, the “Separation Date”). You acknowledge and agree that between the date hereof and the Separation Date you will continue to be an
employee of the Company in a non-executive capacity and be available to the Company to perform general consulting services on an “as needed basis”. In exchange for the promises set forth herein, including your continued employment with the
Company through the Separation Date, the Company agrees to provide you with the following payments and benefits to which you are not otherwise entitled. You acknowledge and agree that the compensation and other matters provided herein are adequate
legal consideration for the promises and representations made by you in this Agreement. 
 2. Severance Benefits. In
exchange for your promises in this Agreement, the Company will make severance payments equal to nine (9) months of your base salary in effect on the Separation Date, divided and payable in equal installments on the Company’s regular pay
days, over a period of nine (9) months following the Separation Date (the “Severance Period”). For example, if your Separation Date is February 2, 2013, and you have signed both this Agreement and the additional release attached
as Exhibit A hereto (the “Additional Release”), and you have not revoked either such that they have both become effective and enforceable, you will receive severance payments through November 2, 2013 with the last severance
check being issued on November 9, 2013. These payments will be made, subject to standard payroll deductions and withholdings, on the Company’s ordinary payroll dates starting with the first pay date after the Separation Date, provided this
Agreement and, at the appropriate time, the Additional Release, have been signed by you and become effective and enforceable by their terms, without your revocation within the applicable revocation period. The foregoing payments are collectively
referred to herein as the “Severance”. The Company’s obligation to pay Severance is expressly conditioned upon your execution and delivery to the Company of this Agreement within the time permitted, and the Additional Release in the
form attached hereto as Exhibit A and expiration of your right to revoke it (the “Additional Release Effective Date”). You understand that this Agreement is intended to be entered immediately (subject to the 21 day consideration
period and 7 day revocation period described in Paragraph 11), and that the Additional Release is intended to be entered on or after the Separation Date. 
 3. Health Insurance. Subject to the terms and conditions of the federal COBRA law and/or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you
will be eligible to continue your group health insurance benefits at your own expense. Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish. You will be provided with a
separate notice of your COBRA rights. If you timely elect continued coverage under COBRA, the Company, as part of this Agreement, will pay your COBRA premiums, or if prevented from doing so by law, the cash equivalent in nine monthly installments,
through November 30, 2013. 

 4. Outplacement Services. In further consideration of this Agreement, the Company
agrees to provide you with an outplacement service fee of $16,000, net of applicable taxes, to be paid within ten business days of the Separation Date. 
 5. Incentive Stock Option Plan. The Company granted you an option to purchase shares of the Company’s Class A Common Stock (the “Option”) under the Company’s Equity
Incentive Plan (the “Plan”). Under the terms of the Plan, you may exercise any shares that were vested as of the Separation Date for ninety (90) days after the Separation Date (the “Exercise Deadline”), after which time the
Option will terminate. If you wish to exercise any vested shares, you must elect to do so in writing on or before the Exercise Deadline (the “Exercise Notice”), and tender a check in the amount of the exercise price for any vested shares
you are purchasing with your Exercise Notice. The Exercise Notice will be irrevocable unless otherwise agreed by the Company and, if you are purchasing less than the total number of vested shares, will immediately terminate the Option as to any
remaining shares. 
 6. Annual Incentive Plan. Upon your Separation Date, your entitlement to any award under the
applicable annual incentive plan (“AIP”) sponsored by Orchard shall be determined in accordance with the terms and conditions of the AIP document regarding termination of employment. 

7. Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you are not entitled to
and will not receive any additional compensation, bonus, severance or benefits after the Separation Date, other than accrued salary and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and
withholdings. 
 8. Release of Claims. In exchange for the severance benefits and other consideration under this
Agreement to which you would not otherwise be entitled, you, on behalf of yourself, your descendants, ancestors, dependents, heirs, executors, administrators, personal representatives, assigns, and successors, past and present, and each of them,
hereby fully release, acquit and forever discharge the Company and its officers, directors, employees, stockholders, representatives, agents, attorneys, insurers, successors, assigns and affiliates, past and present, and each of them, in their
individual and business capacities, (collectively the “Released Parties”) of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities and obligations of every kind and
nature, in law, equity or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this
Agreement, including but not limited to: all such claims and demands arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands related to fringe benefits, stock, stock
options or any other ownership interest in the Company (including claims for fraud, misrepresentation, breach of fiduciary duty, or breach of any duty imposed by state corporate or federal securities laws), severance pay,; and claims for damages,
attorneys’ fees, costs or other relief pursuant to any federal, state or local law, statute, or cause of action including, but not limited to, alleged violations of the federal Civil Rights Act of 1964, as amended, the federal Americans with
Disabilities Act of 1990; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”), the Civil Rights Act of 1991; the Employee Retirement Security Act of 1974; the Worker Adjustment and Retraining Notification Act;
those provisions of the California Labor Code which may lawfully be released; the California Business & Professions 

 
Code; the California Fair Employment and Housing Act, as amended; tort law, contract law, common law, public policy and the law of wrongful discharge, discrimination, harassment, fraud,
defamation, emotional distress, and breach of the implied covenant of good faith and fair dealing; any claim under any other federal, state or local law, regulation or ordinance which may lawfully be released; any claim for costs, fees or other
expenses including attorneys’ fees incurred in any of these matters (collectively, “Released Claims”). 
  

	 	a.	You expressly waive your right to recovery of any type, including damages or reinstatement, in any administrative or court action, whether state or federal, and whether
brought by you or on your behalf, related in any way to the matters released herein. 

  

	 	b.	The parties acknowledge that this general release is not intended to bar any claims that, by statute, may not be waived, such as your right to file a charge with the
National Labor Relations Board or Equal Employment Opportunity Commission and other similar government agencies, claims for workers’ compensation benefits or unemployment insurance benefits, as applicable, and any challenge to the validity of
your release of claims under the Age Discrimination in Employment Act of 1967, as amended, as set forth in this Agreement. 

  

	 	c.	You represent that, as of the date of this Agreement, you have not filed any lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against the
Company or any of the other Released Parties in any court or with any governmental agency regarding the matters released in this Agreement. 

  

	 	d.	You represent and warrant to the Company that there are no other individuals or entities to whom or to which you have assigned any of the Released Claims and you are
the sole and lawful owner of all right, title and interest in and to the Released Claims. 

 9.
Section 1542 Waiver. You acknowledge that you have read and understand Section 1542 of the California Civil Code, which reads as follows: 
  

	 	(1)	“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her settlement with the debtor.” 

 You expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to the release of any unknown or unsuspected claims that you may have against the Company. 

10. ADEA Waiver. This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29
U.S.C. sec. 626(f). You are advised to consult with an attorney before executing this Agreement. You acknowledge and agree that you have read and understand this Agreement and by signing below you are knowingly and voluntarily waiving and releasing
any rights you may have under the ADEA. You also acknowledge that the consideration given for the waiver and release in this Agreement is in addition to anything of 

 
value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that: (a) your waiver and release does not apply to any
rights or claims you may have under the Age Discrimination in Employment Act that arise after the execution of this Agreement, and this Agreement does not prohibit you from challenging the validity of this Agreement’s waiver and release of
claims under the Age Discrimination in Employment Act of 1967, as amended.; (b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement and you have obtained and considered such legal
counsel as you deem necessary; (c) you have twenty-one (21) days to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier); (d) you have seven (7) days following the execution of this
Agreement by the parties to revoke the Agreement; (e) your revocation must be in writing and received by the Senior VP , Human Resources on or before the seventh day in order to be effective; and (f) this Agreement will not be effective
until the date upon which the revocation period has expired and you have not revoked your acceptance, which will be the eighth day after this Agreement is executed by you (“Effective Date”). 

11. Expense Reimbursements. You agree that, within ten (10) days of the Separation Date, you will submit your final
documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business
practice. 
 12. Return of Company Property. By the Separation Date, you agree to return to the Company all Company
documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information,
specifications, computer- recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys and any materials of any kind that contain or embody any proprietary or
confidential information of the Company (and all reproductions thereof). 
 13. Proprietary Information Obligations. You
acknowledge your continuing obligations not to use or disclose any confidential or proprietary information of the Company except as necessary to perform your authorized duties on behalf of the Company, without prior written authorization from a duly
authorized representative of the Company. You further acknowledge that, prior to the execution of this Agreement you did not at any time improperly use or reveal, either directly or indirectly, to any unauthorized person, company, business, firm or
any other entity, any trade secret or any confidential or proprietary information about the Company, including but not limited to any confidential information about the Company’s service, its customers or its methods of doing business.

 14. Non-Solicitation of Employees. In order to protect the Company’s confidential proprietary information,
including its trade secrets, during the remainder of your employment and for nine (9) months following your Separation Date, you agree that you will not interfere with the Company’s business by, directly or indirectly, soliciting or
encouraging any person to leave her/his employment with Orchard. 
 15. Nondisparagement. You agree not to disparage the
Company or its officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation, and will not to make derogatory

 
statements about them, either written or oral, to any third party, and will not encourage others to make derogatory or disparaging statements about them on your behalf; provided, however
that you will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

16. Cooperation. For the remainder of your employment and after the Separation Date, you agree to cooperate fully with the Company
in connection with its actual or contemplated defense, prosecution, or investigation of any claims, demands, or other matters arising from events, acts or failures to act which occurred during the time period in which you were employed by the
Company. Cooperation includes, without limitation, making yourself available upon reasonable notice at the Company’s request for interviews, depositions and trial testimony. Orchard will reimburse you for reasonable travel and out-of-pocket
expenses incurred in connection with any such investigations, potential litigation or litigation. 
 17. Confidentiality.
The provisions of this Agreement will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that: you may disclose this Agreement to your immediate family, attorneys,
accountants, tax preparers and financial advisors, all of whom shall agree to keep such information confidential, and you may also disclose this Agreement as may be required by law. In particular, and without limitation, you agree not to disclose
the terms of this Agreement to any current or former Company employee, other than the Senior VP, Human Resources and Senior VP, General Counsel of the Company. 
 18. Irreparable Harm. You acknowledge that irreparable harm would result from any breach by you of the provisions of this Agreement, and that monetary damages alone would not provide adequate
relief for any such breach. Accordingly, if you breach or threaten to breach this Agreement, you consent to injunctive relief in favor of Orchard without the necessity of Orchard posting a bond. Moreover, any award of injunctive relief shall not
preclude Orchard from seeking or recovering any lawful compensatory damages which may have resulted from a breach of this Agreement, including a forfeiture of any future payments and a return of any payments and benefits already received by you.

 19. Arbitration. Both you and the Company agree that any and all disputes, claims, and causes of action arising from
or relating to this Agreement or its enforcement, performance, breach, or interpretation will be resolved by final, binding and confidential arbitration before JAMS, according to the Federal Rules of Civil Procedure. The Company agrees to pay the
arbitrator’s expenses. Both you and the Company agree that the arbitrator shall award the prevailing party its reasonable attorneys’ fees and costs incurred in connection with the arbitration. Nothing in this paragraph is intended to
prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. 
 20. Future Enforcement or Remedy. Any waiver, or failure to seek enforcement or remedy for any breach or suspected breach, of any provision of this Agreement by Orchard or you in any instance shall
not be deemed a waiver of such provision in the future. 
 21. Entire Agreement. This Agreement constitutes the complete,
final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter. It supersedes any and all agreements entered into by and between you and the Company,

 
including, but not limited to, that certain Executive Severance Agreement dated as of July 16, 2010 by and between you and the Company, and any and all addendums or amendments thereto. It is
entered into voluntarily, without reliance on any promise or representation, written or oral, other than those expressly contained herein. It may be amended only by a writing signed by the Senior Vice President, Human Resources of Orchard. If any
provision of this Agreement conflicts with any other plan, programs, policy, practice or other Orchard document, then the provisions of this Agreement will control, except as otherwise specified herein or precluded by law. 

22. Severability. If any provision(s) of this Agreement shall be found invalid, illegal, or unenforceable, in whole or in part,
then such provision(s) shall be modified or restricted so as to effectuate as nearly as possible in a valid and enforceable way the provisions hereof, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall
be construed and enforced to the maximum extent permitted by law, as if such provision(s) had been originally incorporated herein as so modified or restricted or as if such provision(s) had not been originally incorporated herein, as the case may
be. 
 23. Successors and Assigns. This Agreement will bind the descendants, ancestors, dependents, heirs, executors,
administrators, personal representatives, assigns, and successors of both you and the Company, and inure to the benefit of the Company, and its officers, directors, employees, agents, successors and assigns. 

24. Non-Admission of Liability. This Agreement shall not in any way be construed as an admission of liability by either the
Company or you or that either the Company or you have acted wrongfully with respect to the other, and the Company and you specifically disclaim any liability to or wrongful acts against one another. 

25. No Future Employment. You promise not to seek employment or any other business relationship at any time in the future with the
Company and you forsake any right to be employed or to have any other business relationship in the future with the Company. 

26. Voluntary Execution; Consultation with Attorney. You have executed this Agreement voluntarily and you fully understand it. You
have been encouraged by the Company to review this Agreement with an outside lawyer, if you so desire, prior to signing it. 

27. Applicable Law. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with
the laws of the State of California as applied to contracts made and to be performed entirely within California. 
 28.
Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other parties or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

  

			
	If to you:	  	At the most recent address on file at Orchard
		
	If to Orchard:	  	Orchard Supply Hardware Stores Corporation
		  	6450 Via Del Oro
		  	San Jose, California 95119

			
		
	Attention to both:	  	Senior Vice President, Human Resources
		  	Senior Vice President, General Counsel

 29. Counterparts. This Agreement may be executed in one or more counterparts, which together shall
constitute a valid and binding agreement. 
 [Remainder of page intentionally left blank] 

 THE SIGNATORIES HAVE CAREFULLY READ THIS ENTIRE AGREEMENT, AND HAD THE OPPORTUNITY TO HAVE ITS CONTENTS
FULLY EXPLAINED TO THEM BY THEIR ATTORNEYS. THE SIGNATORIES FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF THIS AGREEMENT. THE ONLY PROMISES MADE TO ANY SIGNATORY ABOUT THIS AGREEMENT ARE CONTAINED IN THIS AGREEMENT. THE SIGNATORIES ARE SIGNING
THIS AGREEMENT VOLUNTARILY. 
 PLEASE READ CAREFULLY. 

THIS SETTLEMENT AGREEMENT AND GENERAL RELEASE 
 INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS. 
 The parties having read the Agreement and
accept and agree to the provisions it contains and hereby execute it with full understanding of its consequences. 
 Orchard Supply Hardware
Stores Corporation 
 By: /s/ Michael Fox 
 Print Name: Michael Fox 
 Title: Senior Vice President, General Counsel &
Secretary 
 Date: 12-21-12 
  

	
	 /s/ Stephen W. Olsen

	Your Signature
	
	 Stephen W. Olsen

	Your Full Name (print)
	
	Date: 12-21-12

 Exhibit A 
 Form of Release 
 February 2, 20131 
 Orchard Supply Hardware Stores Corporation 
 6450 Via Del Oro 

San Jose, California 95119 
 Gentlemen:

 In consideration of the severance benefits and other consideration under that certain Separation Agreement and Release dated
December 21, 2012 (the “Separation Agreement”), on behalf of myself, my descendants, ancestors, dependents, heirs, executors, administrators, personal representatives, assigns, and successors, past and present, and each of them, I
hereby fully release, acquit and forever discharge the Orchard Supply Hardware Stores Corporation (the “Company”) and its officers, directors, employees, stockholders, representatives, agents, attorneys, insurers, successors, assigns and
affiliates, past and present, and each of them, in their individual and business capacities (collectively the “Released Parties”), of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’
fees, damages, indemnities and obligations of every kind and nature, in law, equity or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at
any time from the period commencing as of the date of the Separation Agreement through and including the date of this letter, including but not limited to: all such claims and demands arising out of or in any way connected with my employment with
the Company or the termination of that employment; claims or demands related to fringe benefits, stock, stock options or any other ownership interest in the Company, severance pay; and claims for damages, attorneys’ fees, costs or other relief
pursuant to any federal, state or local law, statute, or cause of action including, but not limited to, alleged violations of the federal Civil Rights Act of 1964, as amended, the federal Americans with Disabilities Act of 1990; the federal Age
Discrimination in Employment Act of 1967, as amended (“ADEA”), the California Fair Employment and Housing Act, as amended; tort law, contract law, and the law of wrongful discharge, discrimination, harassment, fraud, defamation, emotional
distress, and breach of the implied covenant of good faith and fair dealing. 
 I acknowledge that I have read and understand Section 1542
of the California Civil Code, which reads as follows: 
 “A general release does not extend to claims which the creditor
does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 

 

	1 	 February 2, 2013 or such earlier Separation Date as may be requested. 

 I expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction
of similar effect with respect to the release of any unknown or unsuspected claims that I may have against the Company. 
 a. I expressly waive
your right to recovery of any type, including damages or reinstatement, in any administrative or court action, whether state or federal, and whether brought by me or on my behalf, related in any way to the matters released herein. 

b. The parties acknowledge that this general release is not intended to bar any claims that, by statute, may not be waived, such as my right to file a
charge with the National Labor Relations Board or Equal Employment Opportunity Commission and other similar government agencies, claims for workers’ compensation benefits or unemployment insurance benefits, as applicable, and any challenge to
the validity of your release of claims under the Age Discrimination in Employment Act of 1967, as amended, as set forth in this Agreement. 
 c.
I represent that, as of the date of this release, I have not filed any lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against the Company or any of the other Released Parties in any court or with any governmental
agency regarding the matters released in this release. 
 d. I represent and warrant to the Company that there are no other individuals or
entities to whom or to which I have assigned any of the Released Claims and you are the sole and lawful owner of all right, title and interest in and to the Released Claims. 
 I acknowledge and agree that (a) I have read and understand the terms of this Amendment; (b) I have been advised to consult with an attorney; (c) I have obtained and considered such legal
counsel as I deem necessary; (d) I have been given twenty-one (21) days prior to the Separation Date to consider whether or not to sign this release; (e) this release is to be signed on or within 5 business days after the Separation
Date and (f) by signing this release, I acknowledge that I do so freely, knowingly, and voluntarily. I acknowledge that I have been advise that (a) this release shall not become effective or enforceable until the eighth day after I sign
this release (and such signing shall not occur prior to the Separation Date) (in other words, I must sign this release on or within 5 business days after the Separation Date, and I then have the option to revoke my acceptance of this release within
seven (7) days after I sign it); my revocation must be in writing and received by the Senior Vice President, Human Resources on or before the seventh day after it is signed to be effective; and (c) if I do not revoke my acceptance on or
before that date, my acceptance of this release shall become binding and enforceable on the eighth day and the Severance pay and benefits described in paragraph 2-4 of the Severance Agreement and General Release to which this is a part shall then
become due and payable. 
 Sincerely, 

Stephen W. Olsen

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