Document:

Document

AMENDED AND RESTATED FIFTH AMENDMENT TO 
CREDIT AGREEMENT

THIS AMENDED AND RESTATED FIFTH AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated as of May 24, 2021, is by and among Performant Business Services, Inc., a Nevada corporation (“PBS”) and Premiere Credit of North America, LLC, an Indiana limited liability company (“Premiere”, and collectively with PBS, the “Borrower”), Performant Financial Corporation, Performant Recovery, Inc., Performant Technologies, LLC and Healthcare Billing Administrators, LLC (collectively with the Borrower, the “GCA Parties”) and ECMC Group, Inc., a Delaware non-profit corporation (the “Lender”). 
RECITALS:
A.The GCA Parties and the Lender are parties to that certain Fifth Amendment to Credit Agreement dated as of March 23, 2021 (the “Existing Fifth Amendment”), and the GCA Parties have requested and the parties hereto agree that the Existing Fifth Amendment shall be restated in its entirety as provided herein.

B.The Borrower and Lender are parties to that certain Credit Agreement dated as of August 7, 2017, as amended by the First Amended to Credit Agreement dated September 29, 2017, the Second Amendment to the Credit Agreement dated as of August 31, 2018, the Third Amendment to Credit Agreement dated as of March 21, 2019 and the Fourth Amendment to Credit Agreement and First Amendment to Guarantee and Collateral Agreement dated as of September 19, 2019 (collectively referred to as the “Credit Agreement”).

C.The GCA Parties are parties to that certain Guarantee and Collateral Agreement Dated August 11, 2017, as amended by the Fourth Amendment to Credit Agreement and First Amendment to Guarantee and Collateral Agreement dated as of September 19, 2019 (collectively referred to as the “GCA”).

D.One or more of the GCA Parties are negotiating with a potential buyer (the “Buyer”) with respect to the sale of certain of the assets used in connection with such GCA  Parties’ businesses, all as more specifically described in the definitive agreement relating to such sale contemplated to be executed by one or more of the GCA Parties and the Buyer (such agreement, the “Purchase Agreement”, and the transactions contemplated by the Purchase Agreement, the “Sale”).

E.The GCA Parties and the Buyer desire for the security interests and liens granted to the Lender pursuant to the GCA and other Loan Documents in the assets being sold pursuant to the Sale to be released upon consummation of the Sale, and the Lender is willing to agree to (i) such release upon application of certain of the proceeds therefrom to amounts owing to Lender under the Credit Agreement, (ii) certain amendments to the Credit Agreement and (iii) performance of the other terms and conditions provided for herein, all on the terms and subject to the conditions set forth herein.

F.The parties desire to amend the Credit Agreement on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt of which is hereby acknowledged, the GCA Parties and Lender hereby agree as follows:
1.Defined terms.     All capitalized terms used in this Amendment shall have the meanings set forth in the Credit Agreement, as amended hereby, except where the context otherwise requires or as otherwise provided herein. 
2.GCA Parties Obligations  The GCA Parties hereby agree as follows:
 (a)    Restructuring and Amendment Fee.  On or before the Effective Date, to pay, or caused to be paid to, Lender a restructuring and amendment fee in the amount of $150,000.00 by electronic wire transfer to the account of Lender to which payments by Borrower are to be made pursuant to the Credit Agreement.
(b)     Payment and Application of Proceeds of the Sale.  To pay or cause to be paid to Lender the Release Amount (as defined in Section 3 below) when and for application as provided in Section 3 below.
(c)    Amendment to Warrant Exercise Price/Expiration Date.   That on or before the Effective Date, the exercise price for certain outstanding warrants to purchase 1,931,663 shares of common stock of Performant Financial Corporation (“PFC”) held by the Lender or any affiliate thereof (the “Lender Holder”) (as such warrants are identified by the Lender before the Effective Date out of all of the currently outstanding warrants to purchase 5,794,990 shares of common stock of PFC), be amended to $0.96 per share.  In addition, on or before the Effective Date the expiration date for all outstanding warrants to purchase 5,794,990 shares of common stock of PFC held by the Lender Holder shall be extended to August 11, 2023 unless the currently applicable expiration date is a later date, and to take such other action as may be reasonably requested by the Lender Holder thereof to evidence such changes on or before the Effective Date.
(d)    Assets to be Sold. On or prior to the Effective Date, GCA Parties and Lender shall agree in writing to the list of assets to be sold pursuant to the Sale (such list, the “Assets to be Sold”).   
3.Application of Proceeds of Sale; Release of Security Interest.  Notwithstanding anything to the contrary provided in the Credit Agreement, the GCA or any other Loan Document:

(a)    on or prior to the Effective Date, the GCA Parties shall prepay, or shall cause Buyer to disburse as a prepayment on behalf of the GCA Parties, Lender for application in accordance with Section 3(c) the amount that is the lesser of (i) the purchase price (or a portion thereof) payable in cash by Buyer at the closing of the Purchase Agreement and (ii) U.S. Six Million Dollars (U.S. $6,000,000); provided that, if the payment to be made by Buyer to  Lender under the foregoing clauses (i) and (ii) of this Section 3(a) is less than U.S. Six Million Dollars (U.S. $6,000,000), the Borrower shall make a prepayment to the Lender in an amount equal to U.S. Six Million Dollars (U.S. $6,000,000) minus the amount paid by the Buyer pursuant to clause (i) of this Section 3(a); provided further that, in no event shall the aggregate amount to be paid to Lender by Buyer and Borrower under this Section 3(a) exceed U.S. Six Million Dollars (U.S. $6,000,000).  Payments to be made pursuant to this Section 3(a) shall be made by electronic wire to the account of Lender to which payments by Borrower are to be made pursuant to the Credit Agreement.
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(b)    the Lender agrees that upon receipt of U.S. Six  Million Dollars (U.S. $6,000,000) pursuant to Section 3(a) above (such amount, the “Release Amount”), plus all accrued and unpaid interest through the date of such payment with respect to the Release Amount under the Credit Agreement and the occurrence of the Effective Date (as defined below) (i) Lender shall be deemed to have consented to the sale of the Assets to be Sold for all purposes under the Loan Documents, (ii) all of Lender’s security interests and liens in the Assets to be Sold shall be automatically released, discharged and terminated in accordance with Section 8.17(b) of the GCA and (iii) Lender shall, if requested by the GCA Parties, consent to the filing of UCC-3 release statements or other liens releases reasonably requested to evidence or effectuate the release of such security interest and liens. 

(c)    the Release Amount, upon payment thereof, shall be (i) applied pro-rata to the principal amounts outstanding on each of the Loans, and the aggregate amount of principal payments due on the last day of each Fiscal Quarter shall be reduced to $787,500 and such aggregate payment amounts, when made, shall be applied pro-rata to each of the Loans and (ii) deemed to be a mandatory prepayment made in accordance with Section 2.6.2(a) of the Credit Agreement. 

4.Amendments and Waivers to Credit Agreement.  

(a)Effective as of the Effective Date: 

(i)Maturity Date. The definition of the term “Maturity Date” as it appears in Section 1.1 of the Credit Agreement is hereby amended in its entirety to provide as follows:

Maturity Date means (a) the later of (i) August 11, 2022 and (ii) if Borrower exercises the second extension option pursuant to Section 2.3, the applicable date therefor set forth in Section 2.3, or (b) such earlier date on which the Commitments terminate pursuant to Section 8. 

(ii)Financial Covenants. Sections 7.14.1 and 7.14.2 of the Credit Agreement are hereby amended in their entirety to provide as follows:

7.14.1    Fixed Charge Coverage Ratio.
Not permit the Fixed Charge Coverage Ratio as calculated on the last day of any Computation Period for the period of such Computation Period, commencing with the Computation Period ending September 30, 2017, to be less than the applicable ratio set forth below for such Computation Period:
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	Computation Period Ending	Fixed Charge Coverage Ratio
	September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019	0.5:1.0
	March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020	1.0:1.0
	March 31, 2021	0.75:1.0
	June 30, 2021	0.50:1.0
	September 30, 2021 and December 31, 2021	0.75:1.0
	March 31, 2022 and June 30, 2022	1.00:1.0
	Through the last day of each Computation Period after June 30, 2022 until all of the Obligations are Paid in Full	1.25:1.0

 
7.14.2    Total Debt to EBITDA Ratio.
Not permit the Total Debt to EBITDA Ratio, as of the last day of any Computation Period, commencing:

 (a)     with the Computation Period ending September 30, 2017 through the Computation Period ending December 31, 2020 to exceed 6.00:1.00;

(b)    with the Computation Period ending March 31, 2021 through the Computation Period ending June 30, 2021 to exceed 8.00:1.00;

(c)    with the Computation Period ending September 30, 2021 to exceed 7.00:1.00; and

(d)    with the Computation Period ending December 31, 2021 through the last day of each Computation Period thereafter until all of the Obligations are Paid in Full to exceed 6.00:1.00.

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(b)Additional Understandings: 

(i)Additional Warrants; Future Warrant Exercise Price.  Notwithstanding anything to the contrary provided in the Credit Agreement, the GCA or any other Loan Document, the parties acknowledge and agree that if the Maturity Date is extended as set forth in Section 4(a)(i) of this Amendment on the Effective Date, such extension shall constitute exercise of the first option of the Borrower under Section 2.3 of the Credit Agreement to extend the Maturity Date and that Warrants issuable with respect to the exercise of such option to extend the Maturity Date are therefore required to be issued and delivered to the Lender, and the parties hereby agree that issuance and delivery to Lender of a Warrant to acquire 515,110 shares of common stock of PFC with an exercise price of $0.96 per share (the “Maturity Extension Warrant”) on or before the Effective Date shall satisfy such requirement.  The parties further agree that any Warrant to be issued pursuant to the Credit Agreement after the issuance of the foregoing described Warrant shall have an exercise price of $0.96 per share.

(ii)Waiver of 2020 Excess Cash Flow Prepayment.  Any mandatory prepayment due under Section 2.6.2(c) of the Credit Agreement in Fiscal Year 2021, with respect to any Excess Cash Flow determined with respect to Fiscal Year 2020 shall be due and payable on June 30, 2021; provided however, if the Effective Date occurs, then (1) such mandatory prepayment is hereby waived by the Lender, however (2) the Excess Cash Flow Certificate with respect to Fiscal Year 2020 shall continue to be furnished to the Lender as required under Section 6.1.3(b) of the Credit Agreement.

(iii)2021 Excess Cash Flow Prepayment.  The Parties hereby agree that notwithstanding any calculations or provisions to the contrary based on or contained in the Credit Agreement, the mandatory prepayments with respect to Excess Cash Flow determined with respect to Fiscal Year 2021 shall be at least U.S. Six Million Dollars ($6,000,000) (the “Minimum 2021 Excess Cash Flow Payment”), provided that if in connection with a sale of any GCA Parties’ assets, other than the Sale, in 2021 Borrower makes any mandatory prepayments to the Lender in Fiscal Year 2021, such mandatory prepayments shall reduce dollar for dollar the Minimum 2021 Excess Cash Flow Payment.  Mandatory prepayments with respect to any Excess Cash Flow determined with respect to Fiscal Year 2022 and each subsequent Fiscal Year, if applicable, shall be required to be paid in accordance with the terms of the Credit Agreement. 

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(iv)Future Sales; Additional Lender Consents.  

(A) The effect of clause (i) of the definition of Disposition shall be excluded from the determination of what constitutes a Disposition with respect to any transaction constituting a sale, disposition or other transfer of assets similar to the Assets to be Sold and used in the same line of business by the applicable GCA Party as the Assets to be Sold or of the equity of any entity which owns any such business, and Section 7.4(b)(ii) shall not apply to any such transaction.  

(B) To the extent Lender consent is required with respect to any additional sales or transfers of assets of GCA Parties or winding down of a particular business line after the Sale, Lender consent to such sale, transfer or winding down shall not be unreasonably withheld, conditioned or delayed, but Lender may condition any such consent on (A) the payment of a consent fee with respect any such  proposed transaction of not more than $25,000 per transaction requiring consent and (B) excluding the effect of clause (vi)(A) of the definition of Net Cash Proceeds from the determination of the amount of Net Cash Proceeds of any such transaction required to be paid to Lender. 
5.Representations and Warranties.  Each GCA Party hereby jointly and severally represents, warrants and covenants to the Lender that on the date of the Existing Fifth Amendment and on the Effective Date:
    (a)    No representation or warranty of any GCA Party contained in the Credit Agreement or any of the other Loan Documents, including this Amendment, shall be untrue or incorrect in any material respect (without duplication of any materiality qualifier contained therein), except to the extent that such representation or warranty expressly relates to an earlier date, in which case such representation and warranty shall be true and correct in any material respect (without duplication of any materiality qualifier contained therein) as of such earlier date, and no Default or Event of Default has occurred and is continuing, or would result after giving effect hereto.
    (b)    Each GCA Party has the power and authority to execute, deliver and perform this Amendment and has taken all necessary corporate or limited liability company action to authorize its execution, delivery and performance of this Amendment. 
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    (c)    The execution, delivery and performance by each GCA Party of this Amendment does not and will not (i) require any consent or approval of any government agency or authority (other than approval which has been duly obtained), (ii) conflict with (x) any provision of applicable law, (y) the charter, by-laws or other organizational documents of such GCA Party or (z) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon such GCA Party or any of its respective properties, or (iii) require, or result in, the creation or imposition of any Lien on any asset of GCA Parties (other than Liens in favor of Lender created pursuant to the Collateral Documents), in each case of the foregoing clauses (i) through (iii), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.  
    (d)    This Amendment has been duly executed and delivered by each GCA Party and constitutes the legal, valid and binding obligation of each GCA Party, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally or by equitable principles relating to enforceability. 

6.Conditions to Effectiveness. Sections 4(a) and 12 of this Amendment shall become effective as of the date (the “Effective Date”) when, and only when, each of the following has occurred or is waived in writing by the Lender:

(a)     this Amendment has been executed on behalf of each of the parties hereto and delivered by each such party to each of the other such parties;

(b)    the Purchase Agreement shall have been executed and delivered by each of the parities thereto and a copy thereof  certified as true and correct by the GCA Parties delivered to the Lender;

(c)    Closing of the Purchase Agreement shall have occurred within ninety (90) days of the date of the Existing Fifth Amendment;

(d)    The Assets to be Sold list shall have been agreed to in writing by the GCA Parties and the Lender, and the GCA Parties’ obligations and covenants set forth in Section 2 and Section 3 hereof, and delivery of the Maturity Extension Warrant pursuant to Section 4(b)(i) hereof shall have been performed; 

(e)     the representations and warranties made by the GCA Parties herein are true and correct, as of such date; and

(f)    PFC has executed and delivered to ECMC Holdings Corporation (“Holdings”) an amendment to the Agreement for Purchase of LLC Membership Interests between Holdings and PFC, dated as of August 9, 2018, as previously amended (the “Premiere Purchase Agreement”) on terms reasonably satisfactory to Holdings (i) providing for the issuance of 300,000 shares of the common stock of PFC, in full and final satisfaction of the contingent earn-out obligations under the Premiere Purchase Agreement and (ii) confirming that such shares are subject to the Registration Rights Agreement, dated as of August 31, 2018 between PFC and Holdings.
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For the avoidance of doubt, if the Effective Date does not occur within ninety (90) days of the date of the Existing Fifth Amendment because any of the foregoing conditions is not satisfied or waived in writing by the Lender, this Amendment shall be void and of no effect.  

7.Reference to and Effect on the Loan Documents.

(a)    From and after the date of this Amendment, each reference in the Credit Agreement or the GCA to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement or the GCA, and each reference to the “Credit Agreement”, “Guarantee and Collateral Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement or the GCA in any other Loan Document shall mean and be a reference to the Credit Agreement and the GCA, as amended hereby.

(b)    Except as specifically set forth above, the Credit Agreement, the GCA and other Loan Documents remain in full force and effect and are hereby ratified and confirmed.   Except as specifically provided in this Amendment, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver or forbearance of any right, power or remedy of Lender under the Credit Agreement or any other Loan Documents, or constitute a consent, waiver or modification with respect to any provision of the Credit Agreement or any other Loan Documents.

8.Entire Agreement.   This Amendment is an amendment and restatement, in its entirety, of the Existing Fifth Amendment and as amended and restated hereby, all rights, benefits, releases, waivers, and obligations outstanding under the Existing Fifth Amendment shall be deemed to be outstanding under this Amendment.  The Credit Agreement, as amended by this Amendment, collectively sets forth the entire understanding and agreements of the parties hereto in relation to the subject matter hereof and supersede any prior negotiations and agreements between the parties relative to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Credit Agreement or any other Loan Document, as amended by this Amendment, shall bind any party hereto, and none of the Lender or Borrower have relied on any such promise, condition, representation or warranty.

9.Counterparts. This Amendment may be executed in one or more counterparts, each of which and together shall be considered an original, and together they shall constitute one and the same instrument. 

10.Enforceability. Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

11.Governing Law; Jurisdiction; Venue; Jury Trial. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THIS AMENDMENT SHALL BE SUBJECT TO THE JURISDICTION, VENUE, AND JURY TRIAL PROVISIONS OF THE CREDIT AGREEMENT.
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12.Releases.  (a)    Effective as of the Effective Date, each of the GCA Parties hereby absolutely and unconditionally releases and forever discharges the Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, that any the GCA  Party has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the Effective Date, whether such claims, demands and causes of action are matured or unmatured, or known or unknown; provided that, the foregoing release and waiver does not include any obligations of Lender arising after the Effective Date (including, for the avoidance of doubt, obligations to the extent arising prior to the Effective Date, the performance of which is due after Effective Date) provided for under this Amendment, the Credit Agreement, the GCA, and each of the other Loan Documents, as each may be amended hereby, which as amended hereby, continue in full force and effect notwithstanding the foregoing release.
(b)    Effective as of the Effective Date, the Lender hereby absolutely and unconditionally releases and forever discharges the GCA Parties, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, that the Lender has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the Effective Date, whether such claims, demands and causes of action are matured or unmatured, or known or unknown; provided that the foregoing release and waiver does not include any obligations of each of the GCA Parties arising after the Effective Date (including, for the avoidance of doubt, obligations to the extent arising prior to the Effective Date, the performance of which is due after the Effective Date) provided for under this Amendment, the Credit Agreement, the GCA, each Warrant outstanding on the date of the Existing Fifth Amendment or issued pursuant to this Amendment, and each of the other Loan Documents, as each may be amended hereby, which as amended hereby, continue in full force and effect notwithstanding the foregoing release.
13.Fees and Expenses.  The parties acknowledge and agree that this Amendment is a “Loan Document” as defined in the Credit Agreement, and is subject to the provisions of Section 9.4 of the Credit Agreement with respect to the payment of reasonable and documented out-of-pocket fees and expenses of Lender.

14.Headings; Recitals.   Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. The Recitals hereto are incorporated herein by reference.

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15.Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the GCA Parties and the Lender, and their respective permitted successors and assigns.

[signature pages follow]
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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the date first set forth above. 
GCA PARTIES:
									
			PERFORMANT BUSINESS SERVICES, INC.
			A Nevada corporation
			
		By:	/s/ Lisa Im

		Its:	Chief Executive Officer

			
			PERFORMANT FINANCIAL CORPORATION
			A Delaware corporation
			
		By:	/s/ Lisa Im

		Its:	Chief Executive Officer

			
			PERFORMANT TECHNOLOGIES, LLC
			A California limited liability company
			
		By:	/s/ Ian Johnston        

		Its:	Manager

			
			PREMIERE CREDIT OF NORTH AMERICA, LLC
			An Indiana limited liability company
			
		By:	/s/ Sarah DeMoss

		Its:	Manager

			
			PERFORMANT RECOVERY, INC.
			A California corporation
			
		By:	/s/ Lisa Im

		Its:	Chief Executive Officer

			
			HEALTHCARE BILLING ADMINISTRATORS, LLC
			An Indiana limited liability company
			
		By:	/s/ Sarah DeMoss

		Its:	Manager

Signature Page to Amended and Restated Fifth Amendment to Credit Agreement

LENDER: 
									
			ECMC GROUP, INC.
			A Delaware non-profit corporation
			
		By:	/s/ Daniel Fisher

		Its:	General Counsel and Secretary

Signature Page to Amended and Restated Fifth Amendment to Credit AgreementEX-10.1

 Exhibit 10.1 

SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP VI, L.P. 

 SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

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

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	DEFINED TERMS	  	 	1	 
			
	 ARTICLE 2
	 	PARTNERSHIP FORMATION AND IDENTIFICATION	  	 	11	 
	 2.1
	 	Formation	  	 	11	 
	 2.2
	 	Name, Office and Registered Agent	  	 	11	 
	 2.3
	 	Partners	  	 	11	 
	 2.4
	 	Term and Dissolution	  	 	12	 
	 2.5
	 	Filing of Certificate and Perfection of Limited Partnership	  	 	12	 
	 2.6
	 	Certificates Describing Partnership Units	  	 	12	 
			
	 ARTICLE 3
	 	BUSINESS OF THE PARTNERSHIP	  	 	13	 
			
	 ARTICLE 4
	 	CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	 	13	 
	 4.1
	 	Capital Contributions	  	 	13	 
	 4.1
	 	Designation of Outstanding Common Units	  	 	13	 
	 4.2
	 	Additional Capital Contributions and Issuances of Additional Partnership Interests	  	 	13	 
	 4.3
	 	Additional Funding	  	 	15	 
	 4.4
	 	Capital Accounts	  	 	15	 
	 4.5
	 	Percentage Interests	  	 	16	 
	 4.6
	 	No Interest on Contributions	  	 	16	 
	 4.7
	 	Return of Capital Contributions	  	 	16	 
	 4.8
	 	No Third Party Beneficiary	  	 	16	 
			
	 ARTICLE 5
	 	PROFITS AND LOSSES; DISTRIBUTIONS	  	 	17	 
	 5.1
	 	Allocation of Profit and Loss	  	 	17	 
	 5.2
	 	Distributions	  	 	19	 
	 5.3
	 	REIT Distribution Requirements	  	 	23	 
	 5.4
	 	No Right to Distributions In Kind	  	 	23	 
	 5.5
	 	Limitations of Return of Capital Contributions	  	 	23	 
	 5.6
	 	Distributions Upon Liquidation	  	 	23	 
	 5.7
	 	Substantial Economic Effect	  	 	24	 
			
	 ARTICLE 6
	 	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	 	24	 
	 6.1
	 	Management of the Partnership	  	 	24	 
	 6.2
	 	Delegation of Authority	  	 	26	 
	 6.3
	 	Indemnification and Exculpation of Indemnitees	  	 	26	 
	 6.4
	 	Liability of the General Partner	  	 	28	 
	 6.5
	 	Reimbursement of General Partner	  	 	29	 
	 6.6
	 	Outside Activities	  	 	29	 

  
 i 

							
	 6.7
	 	Employment or Retention of Affiliates	  	 	29	 
	 6.8
	 	General Partner Participation	  	 	30	 
	 6.9
	 	Title to Partnership Assets	  	 	30	 
	 6.10
	 	Miscellaneous	  	 	30	 
			
	 ARTICLE 7
	 	CHANGES IN GENERAL PARTNER	  	 	31	 
	 7.1
	 	Transfer of the General Partner’s Partnership Interest	  	 	31	 
	 7.2
	 	Admission of a Substitute or Additional General Partner	  	 	32	 
	 7.3
	 	Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner	  	 	33	 
	 7.4
	 	Removal of a General Partner	  	 	33	 
			
	 ARTICLE 8
	 	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	 	34	 
	 8.1
	 	Management of the Partnership	  	 	34	 
	 8.2
	 	Power of Attorney	  	 	34	 
	 8.3
	 	Limitation on Liability of Limited Partners	  	 	34	 
	 8.4
	 	Exchange Right	  	 	35	 
			
	 ARTICLE 9
	 	TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	 	36	 
	 9.1
	 	Purchase for Investment	  	 	36	 
	 9.2
	 	Restrictions on Transfer of Limited Partnership Interests	  	 	37	 
	 9.3
	 	Admission of Substitute Limited Partner	  	 	38	 
	 9.4
	 	Rights of Assignees of Partnership Interests	  	 	39	 
	 9.5
	 	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	  	 	39	 
	 9.6
	 	Joint Ownership of Interests	  	 	39	 
	 9.7
	 	Redemption of Partnership Units	  	 	39	 
			
	 ARTICLE 10
	 	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	 	40	 
	 10.1
	 	Books and Records	  	 	40	 
	 10.2
	 	Custody of Partnership Funds; Bank Accounts	  	 	40	 
	 10.3
	 	Fiscal and Taxable Year	  	 	40	 
	 10.4
	 	Annual Tax Information and Report	  	 	40	 
	 10.5
	 	Partnership Representative; Tax Elections; Special Basis Adjustments	  	 	40	 
	 10.6
	 	Reports Made Available to Limited Partners	  	 	42	 
			
	 ARTICLE 11
	 	AMENDMENT OF AGREEMENT; MERGER	  	 	43	 
			
	 ARTICLE 12
	 	GENERAL PROVISIONS	  	 	43	 
	 12.1
	 	Notices	  	 	43	 
	 12.2
	 	Survival of Rights	  	 	43	 
	 12.3
	 	Additional Documents	  	 	43	 
	 12.4
	 	Severability	  	 	44	 
	 12.5
	 	Entire Agreement	  	 	44	 
	 12.6
	 	Pronouns and Plurals	  	 	44	 
	 12.7
	 	Headings	  	 	44	 
	 12.8
	 	Counterparts	  	 	44	 
	 12.9
	 	Governing Law	  	 	44	 
			
	EXHIBIT A	 	GENERAL PARTNER, ORIGINAL LIMITED PARTNER, AND SPECIAL LIMITED PARTNER, CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS	  	 	46	 
			
	EXHIBIT B	 	NOTICE OF EXERCISE OF EXCHANGE RIGHT	  	 	47	 

  
 ii 

 SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP VI, L.P. 
 Strategic Storage Operating Partnership VI, L.P. (the “Partnership”) was formed as a limited
partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on October 15, 2020. This Second Amended and Restated Limited
Partnership Agreement (“Agreement”) is entered into effective as of [___], 2021 among Strategic Storage Trust VI, Inc., a Maryland corporation (the “General Partner”), the Original Limited Partner and the Special Limited Partner
set forth on Exhibit A hereto, and the Limited Partners party hereto from time to time. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 

WHEREAS, the General Partner and the Original Limited Partner entered into that certain Limited Partnership Agreement of the Partnership,
dated as of January 15, 2021, in connection with the formation of the Partnership (the “Original Agreement”); 
 WHEREAS, the
General Partner, the Original Limited Partner and the Special Limited partner entered into a First Amended and Restated Limited Partnership Agreement of the Partnership, dated as of February 26, 2021 (the “First Amended and Restated
Agreement”), to amend and restate the Original Agreement; and 
 WHEREAS, the General Partner, the Original Limited Partner and the
Special Limited Partner desire to amend and restate the First Amended and Restated Agreement to, among other things, designate and reclassify the existing Common Units to reflect the designation of “Class A Units,” “Class P
Units,” “Class T Units,” and “Class W Units,” and make other conforming changes. 
 NOW, THEREFORE, in
consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the First
Amended and Restated Agreement in its entirety and continue the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows: 

ARTICLE 1 
 DEFINED TERMS

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

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

Additional Funds has the meaning set forth in Section 4.4. 

Additional Securities means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to
Section 8.4 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.3(a)(ii). 

  
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 Adjusted Capital Account means the Capital Account maintained for each Partner as of
the end of each Partnership Year (i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.701-4(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

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

Advisor or Advisors means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and responsible
for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any Person to whom the Advisor subcontracts
substantially all of such functions. 
 Advisory Agreement means the agreement among the Partnership, the General Partner and the
Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

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

 

	 	(a)	 any Person directly or indirectly owning, controlling or holding, with power to vote, 10% or more of the
outstanding voting securities of such other Person; 

  

	 	(b)	 any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person; 

  

	 	(c)	 any Person directly or indirectly controlling, controlled by or under common control with such other Person;

  

	 	(d)	 any executive officer, director, trustee or general partner of such other Person; and 

 

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

 Agreed Value means the fair market value of a Partner’s non-cash
Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner. The names and addresses of the General Partner, Original Limited Partner and Special Limited Partner, number of Partnership Units issued to
each of them, and their respective Capital Contributions as of the date of contribution is set forth on Exhibit A. 

Agreement means this Second Amended and Restated Limited Partnership Agreement, as amended, modified, supplemented or restated from
time to time, as the context requires. 

  
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 Appraised Value means value according to an appraisal made by an Independent
Appraiser. 
 Articles of Incorporation means the General Partner’s Articles of Incorporation filed with the Maryland State
Department of Assessments and Taxation, as amended or restated from time to time. 
 Assets means the aggregate carrying value of
GAAP assets including but not limited to current, fixed, tangible and intangible assets, owned or held by, or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary, excluding Properties and
net deferred financing costs. 
 Capital Account has the meaning provided in Section 4.5 hereof. 

Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than
cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by
a predecessor holder of the Partnership Interest of such Partner. 
 Cash Amount means an amount of cash equal to the product of the
Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 

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

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

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

  
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 Code means the Internal Revenue Code of 1986, as amended, and as hereafter amended
from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

Common Stockholders means holders of REIT Shares. 

Common Unit means a Partnership Unit that is not a Preferred Unit. 

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

Dealer Manager Servicing Fee has the meaning set forth in the General Partner’s prospectus. 

Distributions means any dividends or other distributions of money or other property paid by the General Partner to the holders of its
REIT Shares or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 
 Event of
Bankruptcy as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person
and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee
for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now
in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding
is contested by such Person and has not been finally dismissed within 90 days. 
 Exchange Right has the meaning provided in
Section 8.4(a) hereof. 

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

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

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

General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest. The
number of Common Units held by the General Partner equal to one percent (1%) of all outstanding Common Units from time to time is hereby designated as the General Partnership Interest. 

Indemnitee means (i) the General Partner or a director, officer or employee of the General Partner or Partnership, (ii) the
Advisor or a director, officer, manager, member, employee of the Advisor or another agent of the Advisor if such agent is an Affiliate of the Advisor and (iii) such other Persons (including Affiliates of the General Partner, the Advisor or the
Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 
 Independent Appraiser
means a person or entity, who is not an Affiliate of the Advisor or the members of the board of directors of the General Partner, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type
held by the General Partner, and who is a qualified appraiser of real estate as determined by the members of the board of directors of the General Partner. Membership in a nationally recognized appraisal society such as the American Institute of
Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification. 
 Independent
Director means a director of the General Partner who is not an officer or employee of the General Partner and meets the requirements for independence as defined by the Articles of Incorporation. 

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

  
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 Liabilities means the aggregate carrying value of GAAP liabilities owned or incurred
by, or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary, including mortgage indebtedness. 

Limited Partner means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a
Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. A Limited Partner may hold Common Units, Preferred Units, or both. 

Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the
right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this
Agreement and of such Act. 
 Liquidation Preference means, with respect to any Preferred Unit as of any date of determination, the
amount (including distributions accumulated, due or payable through the date of determination) payable with respect to such Preferred Unit (as established by the instrument designating such Preferred Unit) upon the voluntary or involuntary
dissolution or winding up of the Partnership as a preference over distributions to Partnership Units ranking junior to such Preferred Units. 

Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective registration statement, on a
National Securities Exchange. Upon Listing, the shares shall be deemed Listed. 
 Loss has the meaning provided in
Section 5.1(f) hereof. 
 Market Value means the aggregate market value of all of the outstanding REIT Shares, measured by
taking the average closing price or average of bid and asked price, as the case may be, during a period of 30 trading days commencing after the first day of the 6th month, but no later than the
last date of the 18th month following Listing, the commencement date of which shall be chosen by the Special Limited Partner in its sole discretion. 

National Securities Exchange means any securities exchange registered with the SEC pursuant to Section 6 of the Securities
Exchange Act of 1934, as amended. 
 Net Sale Proceeds means in the case of a transaction described in clause (a) of the
definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Partnership. In the case of a transaction described in clause (b) of such definition, Net Sale Proceeds
means the net proceeds of any such transaction less the amount of any legal and other selling expenses incurred by the Partnership in connection with such transaction. In the case of a transaction described in clause (c) of such definition, Net
Sale Proceeds means the net proceeds of any such transaction actually distributed to the Partnership from the Joint Venture less any expenses incurred by the Partnership in connection with such transaction. In the case of a transaction or series of
transactions described in clause (d) of the definition of Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs paid by the Partnership. In the case of a transaction
described in clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Partnership in connection with such transaction. Net Sale
Proceeds shall also include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the General Partner, in its capacity as general partner of the Partnership determines, in its
discretion, to be economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall be calculated after repayment of any outstanding indebtedness secured by the asset disposed of in the Sale. 

  
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 Notice of Exchange means the Notice of Exercise of Exchange Right substantially in
the form attached as Exhibit B hereto. 
 Offer has the meaning set forth in Section 7.1(b)(ii) hereof. 

Offering means an offering of Stock that is either (a) registered with the SEC, or (b) exempt from such registration,
excluding Stock offered under any employee benefit plan. 
 Opt-Out Election has the meaning
set forth in Section 10.5(c) hereof. 
 Original Limited Partner means the Limited Partner designated as “Original Limited
Partner” on Exhibit A hereto. 
 Partner means any General Partner, Limited Partner or Special Limited Partner. 

Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations
Section 1.704-2(i). A Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5).

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

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

Partnership Minimum Gain has the meaning set forth in Regulations Section 1.704-2(d). In
accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would realize
if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined
in accordance with Regulations Section 1.704-2(g)(1). 
 Partnership Record Date means
the record date established by the General Partner for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a Distribution to the Stockholders of
some or all of its portion of such distribution. 
 Partnership Representative has the meaning set forth in Section 10.5(a)
hereof. 
 Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder,
including Class A Units, Class P Units, Class T Units, and Class W Units. Without limitation on the authority of the General Partner as set forth in Section 4.3 hereof, the General Partner may designate any Partnership
Units, when issued, as Common Units or Preferred Units, may establish any other class of Partnership Units, and may designate one or more series of any class of Partnership Units. The allocation of Partnership Units among the Partners shall be as
set forth on Exhibit A, as such Exhibit may be amended from time to time. 

  
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 Percentage Interest means as to a Partner, with respect to any class or series of
Partnership Units held by such Partner, its interest in such class or series of Partnership Units as determined by dividing the number of Partnership Units in such class or series owned by such Partner by the total number of Partnership Units in
such class or series then outstanding. For purposes of determining the rights and relationships among the various classes and series of Partnership Units, Preferred Units shall not be considered to have any share of the aggregate Percentage Interest
in the Partnership unless, and only to the extent, provided otherwise in the instrument creating such class or series of Preferred Units. 

Person means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity. 

Preferred Unit means any Partnership Unit issued from time to time pursuant to Section 4.3 hereof that is specifically designated
by the General Partner at the time of its issuance as a Preferred Unit. Each class or series of Preferred Units shall have such designations, preferences, and relative, participating, optional, or other special rights, powers, and duties, including
rights, powers, and duties senior to the Common Units, all as determined by the General Partner, subject to compliance with the requirements of Section 4.3 hereof. 

Profit has the meaning provided in Section 5.1(f) hereof. 

Property or Properties means the real properties or real estate investments which are acquired by the General Partner either
directly or through the Partnership, Joint Ventures, partnerships or other entities. 
 Push-Out
Election has the meaning set forth in Section 10.5(c) hereof. 
 Received REIT Shares has the meaning set forth in
Section 7.1(e) hereof. 
 Regulations means the federal income tax regulations promulgated under the Code, as amended and as
hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

Regulatory Allocations has the meaning set forth in Section 5.1(g) hereof. 

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

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

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

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

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

Service means the Internal Revenue Service. 

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

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

Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the General
Partner of the Notice of Exchange. 
 Stock means shares of stock of the General Partner of any class or series, including REIT
Shares, preferred stock or shares-in-trust. 

Stockholder Servicing Fee has the meaning set forth in the General Partner’s prospectus. 

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

Stockholders’ 6% Return means, as of any date, an aggregate amount equal to a 6% cumulative,
non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any non-taxable
stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation
upon the issuance of the Stock issued in connection with such capital. 
 Subordinated Distribution Due Upon Extraordinary
Transaction means 15% of the amount by which (i) the Transaction Amount (plus the amount payable pursuant to Section 5.2(e) hereof), plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and
Distributions paid on REIT Shares redeemed by the General Partner pursuant to its share redemption program) from the General Partner’s inception until the date that Transaction Amount is determined, exceeds (ii) the sum of
(A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from the General Partner’s inception through the date the Transaction Amount is
determined. 
 Subordinated Distribution Due Upon Termination means 15% of the amount, if any, by which (i) the Appraised Value
of the Properties, plus the Assets, less the Liabilities, at the Termination Date, plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner
pursuant to its share redemption program) from the General Partner’s inception through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay
the Stockholders’ 6% Return from the General Partner’s inception through the Termination Date. 
 Subordinated Incentive
Listing Distribution means 15% of the amount by which (i) the Market Value (plus the amount payable pursuant to Section 5.2(c) hereof), plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and
Distributions paid on REIT Shares redeemed by the General Partner pursuant to its share redemption program) from the General Partner’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested
Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from the General Partner’s inception through the date Market Value is determined. 

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

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

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

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

Termination means the termination or non-renewal of the Advisory Agreement. 

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

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

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

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1 Formation. The Partnership was formed as a limited partnership pursuant to the Act for the purposes and upon the terms and
conditions set forth in this Agreement. 
 2.2 Name, Office and Registered Agent. The name of the Partnership is Strategic Storage
Operating Partnership VI, L.P. The specified office and place of business of the Partnership shall be 10 Terrace Road, Ladera Ranch, California 92694. The General Partner may at any time change the location of such office, provided the General
Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the
registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 
 2.3 Partners. 

(a) The General Partner of the Partnership is Strategic Storage Trust VI, Inc., a Maryland corporation. Its principal place of business is the
same as that of the Partnership. 
 (b) The Limited Partners and Special Limited Partner are those Persons identified as Limited Partners on
Exhibit A hereto, as amended from time to time. 

  
 11 

 2.4 Term and Dissolution. 

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

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

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

  
 12 

 ARTICLE 3 

BUSINESS OF THE PARTNERSHIP 

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

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

4.2 Designation of Outstanding Common Units. All Common Units outstanding prior to the effective date of this Agreement are designated
as Class P Units and shall have such rights, privileges, and preferences as provided herein. 
 4.3 Additional Capital Contributions
and Issuances of Additional Partnership Interests. Except as provided in this Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The
General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3. 

(a) Issuances of Additional Partnership Interests. 

(i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in the
form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the
General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of such classes, with such
designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to any Common Units, all as shall be determined by the General Partner in its sole and absolute
discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of items of 

  
 13 

 
Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in
Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the
General Partner unless: 
 (A) (1) the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other
interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional
Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.3 (without limiting the foregoing, for example, the Partnership shall issue Partnership Interests consisting of Class A Units to the
General Partner in connection with the issuance of Class A REIT Shares and shall issue Partnership Interests consisting of Class P Units to the General Partner in connection with the issuance of Class P REIT Shares and shall issue
Partnership Interests consisting of Class T Units to the General Partner in connection with the issuance of Class T REIT Shares and shall issue Partnership Interests consisting of Class W Units to the General Partner in connection
with the issuance of Class W REIT Shares) and (2) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of stock of or other
interests in the General Partner; 
 (B) the additional Partnership Interests are issued in exchange for property owned by the General
Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

(C) additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective Percentage
Interests. 
 In addition, the General Partner may acquire Partnership Interests from other Partners pursuant to this Agreement. In the
event that the Partnership issues Partnership Interests pursuant to this Section 4.3(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners) as it deems
necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 

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

(ii) Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities other than to all holders
of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of
the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance
of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly through the General Partner, to the Partnership (without limiting the foregoing, for example, the Partnership shall issue Limited
Partnership Interests consisting of: (1) Class A Units to the General Partner in connection with the issuance of Class A REIT Shares; (2) Class P Units to the General Partner in connection with the issuance of Class P
REIT Shares; (3) Class T Units to the General Partner in connection with the issuance of Class T REIT Shares; and (4) Class W Units to the General Partner in connection with the issuance of Class W REIT Shares);
provided, however, that the 

  
 14 

 
General Partner is allowed to issue Additional Securities in connection with an acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition
and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors (as defined in the Articles of Incorporation). Without limiting
the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the
General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee
share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance
or at the time of exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the
proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Common Units having the same class designation as the issued REIT Shares equal to the product of (A) the number of
such REIT Shares of that class issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date
of such contribution. 
 (b) Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all
issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner are less than the gross proceeds of
such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount
of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with the required issuance of additional Partnership Units to
the General Partner for such Capital Contributions pursuant to Section 4.3(a) hereof, and any such expenses shall be allocable solely to the class of Partnership Units issued to the General Partner at such time. 

4.4 Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional
Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its
Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 
 4.5 Capital Accounts. A separate capital
account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an
additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest,
(iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership Interest (other than a de minimis interest) is granted as consideration
for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity in anticipation of being a Partner, the General Partner shall revalue the
property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations
Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) 

  
 15 

 
and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the
Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute
discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 
 4.6 Percentage Interests. If
the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a
percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted
pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner
and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion,
shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before
adjustment, and the allocation of Profits and Losses for the later part of the year shall be based on the adjusted Percentage Interests. 

4.7 No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 

4.8 Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital
Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such
Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.9 No Third Party Beneficiary. No
creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity,
it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners
herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be
deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such
obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or
property of the Partnership and upon a liquidation within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital Account (after giving effect to all contributions,
distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution to reduce or eliminate the
negative balance of such Partner’s Capital Account. 

  
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 ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS 

5.1 Allocation of Profit and Loss. 

(a) General. After giving effect to the special allocations set forth in Sections 5.1(b) and 5.1(c) and the priority allocation with
respect to the Preferred Units in Section 5.1(d) below, the Partnership’s Profits and Losses shall be allocated among the Partners in each taxable year (or portion thereof) as provided below. 

(i) Profits. Profits shall be allocated: 

(A) first, to Partners holding Preferred Units (and if there are Preferred Units with different priorities in preference in
distribution, then in the order of their preference in distribution) to the extent that Losses previously allocated to such Partners pursuant to Section 5.1(a)(ii)(B) below exceed Profits previously allocated to such Partners pursuant to this
Section 5.1(a)(i)(A); 
 (B) second, to the General Partner to the extent that Losses previously allocated to the
General Partner pursuant to Section 5.1(a)(ii)(C) below exceed Profits previously allocated to the General Partner pursuant to this Section 5.1(a)(i)(B); 

(C) third, to those Partners, including the General Partner, holding Common Units who have been allocated Losses pursuant to
Section 5.1(a)(ii)(A) below in excess of Profits previously allocated to such Partners pursuant to this Section 5.1(a)(i)(C) (and as among such Partners, in proportion to their respective excess amounts); and 

(D) fourth, to the Partners in accordance with their respective Percentage Interests in Common Units. 

(ii) Losses. Losses shall be allocated: 

(A) first, to the Partners, including the General Partner, holding Common Units in accordance with their respective Percentage
Interests in Common Units, until the Adjusted Capital Account (ignoring for this purpose any amounts a Partner is obligated to contribute to the capital of the Partnership or is deemed obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)) of each Partner is reduced to zero; 
 (B) second, to
Partners holding Preferred Units in accordance with each such Partner’s respective percentage interests in the Preferred Units determined under the respective terms of the Preferred Units (and if there are Preferred Units with different
priorities in preference in distribution, then in the reverse order of their preference in distribution), until the Adjusted Capital Account (modified in the same manner as in clause (A)) of each such holder is reduced to zero; and 

(C) third, to the General Partner. 

  
 17 

 (b) Minimum Gain Chargeback. Notwithstanding any provision to the contrary,
(i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’
respective Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to
the Partner that bears the “economic risk of loss” with respect to the “partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner
nonrecourse deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2), (3), (4) and (5), items of
gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations
Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4)
for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among the Partners in accordance with
Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership
profits” for purposes of determining its share of the nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage
Interest. 
 (c) Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an adjustment, allocation, or
distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the
sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and
1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit
Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this Section 5.1(c) shall be made only if and to the
extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively made as if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to
constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

(d) Priority Allocation With Respect to Preferred Units. Profits, and if necessary, items of Partnership gross income or gain for the
current taxable year, shall be specially allocated to Partners that own Preferred Units in an amount equal to the excess, if any, of the cumulative distributions received by such Partner for or with respect to the current taxable year and all prior
taxable years with respect to such Preferred Units (with a distribution made on the first business day after the end of a year being treated as made with respect to such year) (other than distributions that are treated as being in satisfaction of
the Liquidation Preference for any Preferred Units held by such Partner or amounts paid in redemption of any Preferred Units, except to the extent that the Liquidation Preference or amount paid in redemption includes accrued and unpaid
distributions) over the cumulative allocations of Partnership Profits, gross income and gain to such Partner under this Section 5.1(d) for all prior taxable years. 

(e) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive
shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had
ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor
and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the
transferee Partner. 

  
 18 

 (f) Definition of Profit and Loss. “Profit” and “Loss” and any
items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv),
except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein)
for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations
Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c)
of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners. 

(g) Curative Allocations. The allocations set forth in Section 5.1(b) and (c) of this Agreement (the “Regulatory
Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of
Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special
allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account
balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a), (d), and (e). 

(h) Special Allocations of Class-Specific Items. To the extent that any items of income, gain, loss or deduction of the General Partner
are allocable to a specific class or classes of REIT Shares as provided in the General Partner’s prospectus, including, without limitation, Stockholder Servicing Fees and Dealer Manager Servicing Fees, such items, or an amount equal thereto,
shall be specially allocated to the class or classes of Common Units corresponding to such class or classes of REIT Shares. 
 5.2
Distributions. 
 (a) Cash Available for Distribution. The Partnership shall distribute cash (other than Net Sale Proceeds) on
a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners (other than the Special Limited Partner) who are Partners on the
Partnership Record Date with respect to such quarter (or other distribution period) in the following order of priority: 
 (i)
First, to the holders of the Preferred Units, if any, in such amounts as is required for the Partnership to pay all distributions and any other amounts with respect to such Preferred Units accumulated, due or payable in accordance with the
instruments designating such Preferred Units through the last day of such quarter or other distribution period (such distributions shall be made to such Partners in such order of priority and with such preferences as have been established with
respect to such Preferred Units as of the last day of such quarter or other distribution period); and 
 (ii) Then, to the holders
of the Common Units, including the General Partner, in proportion to their respective Percentage Interests in the Common Units on the Partnership Record Date, provided that the aggregate distributions made hereunder to the holders of Class T
Units shall be reduced (but not below zero) by the aggregate Stockholder Servicing Fee payable by the General Partner with respect to the Class T REIT Shares with respect to such Record Date and the aggregate distributions made hereunder to the
holders of Class W Units shall be reduced (but not below zero) by the aggregate Dealer Manager Servicing Fee payable by the General Partner with respect to the Class W REIT Shares with respect to such Record Date. 

  
 19 

 Provided, however, that if a new or existing Partner acquires an additional Partnership
Interest in exchange for a Capital Contribution on any date other than the next day after a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following
the issuance of such additional Partnership Interest (or relating to the Partnership Record Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such
additional Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date. 

(b) Net Sale Proceeds. Subject to the rights, if any, of the holders of any Preferred Units and Section 5.2(g), Net Sale Proceeds
shall be distributed as follows: 
 (i) First, 100% to the Partners (other than the Special Limited Partner) who are Partners on the
Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date until the General Partner has received cumulative distributions under Section 5.2(a) and this Section 5.2(b), plus any amounts
received in redemption of Partnership Units under Section 9.7 of this Agreement or otherwise, equal to the aggregate Capital Contributions made by the General Partner to the Partnership plus an amount equal to the Stockholders’ 6% Return,
each determined by taking into account the dates on which all such Capital Contributions, distributions and redemptions were made; 
 (ii)
Second, (A) 85% to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date, and (B) 15% to the Special
Limited Partner on the Partnership Record Date, if the General Partner has received cumulative distributions under Section 5.2(a) and this Section 5.2(b), plus any amounts received in redemption of Partnership Units under Section 9.7
of this Agreement or otherwise, equal to the aggregate Capital Contributions made by the General Partner to the Partnership plus an amount equal to the Stockholders’ 6% Return, each determined by taking into account the dates on which all such
Capital Contributions, distributions and redemptions were made. 
 (c) Subordinated Incentive Listing Distribution. Subject to the
rights, if any, of the holders of any Preferred Units and Section 5.2(g), upon Listing, and as soon as practicable following the determination of Market Value, the General Partner shall cause the Partnership to distribute to the Special Limited
Partner in complete redemption of the Special Limited Partner Interest the Subordinated Incentive Listing Distribution. The Subordinated Incentive Listing Distribution shall be due and payable to the Special Limited Partner no earlier than seven
months and no later than 19 months after Listing in either cash, Partnership Units or REIT Shares (or any combination thereof) in the sole discretion of the Independent Directors. If the Subordinated Incentive Listing Distribution is paid in
Partnership Units or REIT Shares (or any combination thereof) the value on such date shall be determined by the Value of the REIT Shares. 

(d) Subordinated Distribution Due Upon Termination. Subject to the rights, if any, of the holders of any Preferred Units and
Section 5.2(g), upon a Termination, unless such Termination is a voluntary Termination by mutual assent of the General Partner and the Special Limited Partner (a “Voluntary Termination”) or such Termination is by the General Partner
because of a material breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, the General Partner shall cause the Partnership to distribute to the Special Limited
Partner in complete redemption of the Special Limited Partner Interest the Subordinated Distribution Due 

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

(e) Subordinated Distribution Due Upon Extraordinary Transaction. Subject to the rights, if any, of the holders of any Preferred Units
and Section 5.2(g), upon the occurrence of an Extraordinary Transaction, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the
Subordinated Distribution Due Upon Extraordinary Transaction. The Subordinated Distribution Due Upon Extraordinary Transaction shall be paid to the Special Limited Partner on the closing date of the Extraordinary Transaction. The Special Limited
Partner may elect to receive the Subordinated Distribution Due Upon Extraordinary Transaction in cash, Partnership Units or REIT Shares (or any combination thereof) in its sole discretion. 

(f) Distributions of Cash to Pay Taxes. Anything in Sections 5.2(c), (d) and (e) notwithstanding, in the event that a distribution
under Sections 5.2(c), (d), or (e) is made other than in cash, a Special Limited Partner may elect, by written notice to the General Partner, to receive in cash a portion of such distribution equal to the amount the Special Limited Partner has
determined in good faith that it or its members will owe in federal or state income taxes on account of such distribution for the year in which the distribution is received. Furthermore, in the event that a Special Limited Partner has determined in
good faith, or a taxing authority has determined, that the Special Limited Partner or its members is subject to federal or state income tax immediately on any deferred portion of any distribution under Sections 5.2(c), (d) or (e), the Special
Limited Partner shall notify the General Partner in writing of such determination and the General Partner shall cause the Partnership to distribute, prior to the due date for payment of any such income tax, cash, in prepayment of such deferred
distributions, in an amount at least equal to the amount of federal and state income tax reasonably estimated by the Special Limited Partner to be currently payable. 

  
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 (g) Coordination of Special Limited Partner Distributions. The following provisions
shall apply to the General Partner in connection with distributions made pursuant to Sections 5.2(b), (c), (d) or (e) herein: 
 (i)
Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b) prior to Listing shall reduce dollar for dollar the amount of the Subordinated Incentive Listing Distribution distributed pursuant to Section 5.2(c). If
the Special Limited Partner receives the Subordinated Incentive Listing Distribution pursuant to Section 5.2(c), the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to
Section 5.2(b), a Termination Note pursuant to Section 5.2(d) or the Subordinated Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e). 

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

 (iii) Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b) prior to an Extraordinary Transaction
shall reduce dollar for dollar the amount of the Subordinated Distribution Due Upon Extraordinary Transaction to be distributed pursuant to Section 5.2(e). If the Special Limited Partner receives the Subordinated Distribution Due Upon
Extraordinary Transaction pursuant to Section 5.2(e), the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive Listing Distribution pursuant
to Section 5.2(c) or a Termination Note pursuant to Section 5.2(d). 
 (iv) If the priority distribution of Net Sale Proceeds to
the Special Limited Partner pursuant to this Section 5.2(g) prevents the Partnership from being able to distribute sufficient amounts to the General Partner pursuant to Section 5.2(b) to enable the General Partner to satisfy its REIT
requirements under the Code, the General Partner may in its sole discretion cause the Partnership to distribute some or all of the Net Sale Proceeds otherwise subject to the priority distribution to the Special Limited Partner pursuant to
Section 5.2(g) to the General Partner in an amount sufficient to enable the General Partner to pay distributions to the Stockholders necessary to satisfy the REIT requirements under the Code. 

(h) Withholding; Partnership Loans. Notwithstanding any other provision of this Agreement, the General Partner is authorized to take
any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections
1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason
of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the
amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount required to be withheld over the actual
amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the 

  
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day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the
applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is
made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the
General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership
against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as
the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. 

Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(h) shall bear interest at the lesser of
(i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue
from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 
 (i)
Limitation on Distributions. In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part
of such Partnership Unit has been or will be exchanged. 
 5.3 REIT Distribution Requirements. The General Partner shall use its
commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification
as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 

5.4 No Right to Distributions In Kind. No Partner shall be entitled to demand property other than cash in connection with any
distributions by the Partnership. 
 5.5 Limitations of Return of Capital Contributions. Notwithstanding any of the provisions of
this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the
return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 

5.6 Distributions Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and
obligations of the Partnership, including any Partner loans and distributions to the Special Limited Partner, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with their
respective positive Capital Account balances, subject to the rights of the holders of Preferred Units to receive the Liquidation Preference, with appropriate adjustments to the Capital Accounts of such holders of the Preferred Units entitled to
receive the Liquidation Preference to reflect payment of the Liquidation Preference. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections
4.5, 5.1 and 5.2 resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a
liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 

  
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 5.7 Substantial Economic Effect. It is the intent of the Partners that the
allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning
of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent. 

ARTICLE 6 
 RIGHTS,
OBLIGATIONS AND 
 POWERS OF THE GENERAL PARTNER 

6.1 Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the
General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 
 (i) to
acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of
the business of the Partnership; 
 (ii) to construct buildings and make other improvements on any Property; 

(iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured
debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership;

 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance,
increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

(v) to pay, either directly or by reimbursement, for all Administrative Expenses to third parties or to the General Partner or its Affiliates
as set forth in this Agreement; 
 (vi) to guarantee or become a co-maker of indebtedness of the
General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage,
deed of trust, pledge or other lien on the Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without
limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of
either, to third parties or to the General Partner as set forth in this Agreement; 

  
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 (viii) to lease all or any portion of any of the Partnership’s assets, whether or not
the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such
consideration and on such terms as the General Partner may determine; 
 (ix) to prosecute, defend, arbitrate, or compromise any and all
claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or
the Partnership’s assets; 
 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies having
jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make
or revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance coverage for
public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such
types, as it shall determine from time to time; 
 (xiii) to determine whether or not to apply any insurance proceeds for any Property to
the restoration of such Property or to distribute the same; 
 (xiv) to establish one or more divisions of the Partnership, to hire and
dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with
the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 
 (xv) to
retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 

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

  
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 (xx) to establish Partnership reserves for working capital, capital expenditures,
contingent liabilities, or any other valid Partnership purpose; 
 (xxi) to merge, consolidate or combine the Partnership with or into
another Person; 
 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a
“publicly traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii) to take such other action, execute,
acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the
Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and
powers of a general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General
Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and
nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the
Partnership. 
 6.2 Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations
hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as
the General Partner may approve. 
 6.3 Indemnification and Exculpation of Indemnitees. 

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

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

  
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 (iii) Such liability or loss was not the result of: 

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

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

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

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

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

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

(e) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement. 
 (f) For purposes of this Section 6.3, the Partnership shall be deemed
to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or
beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee
with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the
best interests of the Partnership. 

  
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 (g) In no event may an Indemnitee subject the Limited Partners to personal liability by
reason of the indemnification provisions set forth in this Agreement. 
 (h) An Indemnitee shall not be denied indemnification in whole or
in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

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

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

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

(c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the
powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such
agent appointed by it in good faith. 

  
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 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the
General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to
protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized
under this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any amendment, modification or repeal of this
Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect
immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

6.5 Reimbursement of General Partner. 

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

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

6.7 Employment or Retention of Affiliates. 

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

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

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

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

  
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 ARTICLE 7 

CHANGES IN GENERAL PARTNER 

7.1 Transfer of the General Partner’s Partnership Interest. 

(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as
provided in or in connection with a transaction contemplated by Section 7.1(b), (c) or (d). 
 (b) Except as otherwise provided in
Section 7.1(c) or (d) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in
the General Partner’s state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 

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

  
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to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the
Conversion Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.4 hereof so as to approximate the existing rights and obligations set forth in Section 8.4
as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

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

(d) Notwithstanding Section 7.1(b), 

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

(ii) the General Partner may engage in Transactions not required by law or by the rules of any National Securities Exchange on which the REIT
Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 (e) If the General Partner exchanges any REIT Shares of
any class (“Exchanged REIT Shares”) for REIT Shares of a different class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange a number of Common Units having the same class
designation as the Exchanged REIT Shares, as determined based on the application of the Conversion Factor, for Common Units having the same class designation as the Received REIT Shares on the same terms that the General Partner exchanged the
Exchanged REIT Shares. The exchange of Common Units shall occur automatically after the close of business on the applicable date of the exchange of REIT Shares, as of which time the holder of the class of Common Units having the same class
designation as the Exchanged REIT Shares shall be credited on the books and records of the Partnership with the issuance, as of the opening of business on the next day, of the applicable number of Common Units having the same class designation as
the Received REIT Shares. 
 7.2 Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute
or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted
as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate
in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in
connection with such admission shall have been performed; 
 (b) if the Person to be admitted as a substitute or additional General Partner
is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this
Agreement; and 

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

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

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b)
hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market

  
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 value of the General Partnership Interest of such removed General Partner as reduced by any damages caused
to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within 10 days following the removal of the General
Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair
market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average
of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall
select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value
of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 
 (c) The
General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not
have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the
Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is
effective pursuant to Section 7.4(b). 
 (d) All Partners shall have given and hereby do give such consents, shall take such actions
and shall execute such documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this Section. 

ARTICLE 8 
 RIGHTS AND
OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1 Management of the Partnership. The Limited Partners shall not participate in the
management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

8.2 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record,
at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms,
which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. For the purposes of this
Section 8.2, the term “Limited Partner” shall be deemed to include the Special Limited Partner, unless the context otherwise requires. 

8.3 Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or
obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except
as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

  
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 8.4 Exchange Right. 

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

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

(c) Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a Limited Partner shall not be entitled to exercise the Exchange Right
if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.4(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.4(b)) would
(i) result in such Partner or any other person owning, directly or indirectly, REIT Shares in excess of the Ownership Limit (as defined in the Articles of Incorporation and calculated in accordance therewith), except as provided in the

  
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 Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined
without reference to any rules of attribution), except as provided in the Articles of Incorporation, (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, or (iv) cause
the General Partner to own, directly or constructively, 9.9% or more of the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its sole and absolute discretion, may waive the
restriction on exchange set forth in this Section 8.4(c). 
 (d) Any Cash Amount to be paid to an Exchanging Partner pursuant to this
Section 8.4 shall be paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner
to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of
exchanged Common Units hereunder to occur as quickly as reasonably possible. 
 (e) Notwithstanding any other provision of this Agreement,
the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership”
under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof to each of the Limited Partners, which notice shall be accompanied
by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of
the Code. 
 (f) Notwithstanding anything else in this Agreement to the contrary, SmartStop Storage Advisors, LLC and SmartStop OP, L.P. are
prohibited from exchanging or otherwise transferring $202,000 of the Partnership Units purchased by them, so long as the Advisor continues acting as the Advisor pursuant to the Advisory Agreement. 

(g) Each Limited Partner covenants and agrees with the General Partner that all Common Units delivered for exchange shall be delivered to the
Partnership or the General Partner, as the case may be, free and clear of all liens; and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Common
Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax is payable as a result of the transfer of its Common Units to the Partnership or the General Partner, such Limited
Partner shall assume and pay such transfer tax. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1 Purchase for Investment. 

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

(b) Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer
such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 

  
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 9.2 Restrictions on Transfer of Limited Partnership Interests. 

(a) Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer
all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”)
without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be
given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 

(b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as
contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an exchange of all of its Common Units pursuant to
Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

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

(e) No Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of
legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in
the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the
Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 

(f) No transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related (within the meaning of
Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations
Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to
enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a
partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (g) Any Transfer in
contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 

  
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 (h) Prior to the consummation of any Transfer under this Article 9, the transferor and/or
the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

9.3 Admission of Substitute Limited Partner. 

(a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and
upon the satisfactory completion of the following: 
 (i) The assignee shall have accepted and agreed to be bound by the terms and
provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a
Limited Partner. 
 (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have delivered a letter
containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv) If
the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and
provisions of this Agreement. 
 (v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner
and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the prior
written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

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

  
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 9.4 Rights of Assignees of Partnership Interests. 

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

(b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a
Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an
assignment of its Limited Partnership Interest. 
 9.5 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner.
The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the
termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his
executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the
bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 

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

  
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 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

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

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

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

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

10.5 Partnership Representative; Tax Elections; Special Basis Adjustments. 

(a) The General Partner is hereby designated as the “partnership representative” of the Partnership within the meaning of
Section 6223(a) of the Code. If any state or local tax law provides for a partnership representative or person having similar rights, powers, authority or obligations, the person designated above shall also serve in such capacity (in any such
federal, state or local capacity, the “Partnership Representative”). The General Partner may name a replacement Partnership Representative at any time; provided, however, that the designated Partnership Representative shall serve as the
Partnership Representative until resignation, death, incapacity, or removal. In such capacity, the Partnership Representative shall have all of the rights, authority and power, and shall be subject to all of the obligations, of a partnership
representative to the extent provided in the Code and the Regulations, and the Partners hereby agree to be bound by any actions taken by the Partnership Representative in such capacity. The Partnership Representative shall represent the Partnership
in all tax matters to the extent allowed by law. Without limiting the foregoing, the Partnership Representative is authorized and required to represent the Partnership (at the Partnership’s expense) in connection with all examinations of the
Partnership’s affairs by tax authorities, including administrative and judicial proceedings, and to expend 

  
 40 

 
Partnership funds for professional services and costs associated therewith. Any decisions made by the Partnership Representative, including, without limitation, whether or not to settle or
contest any tax matter, and the choice of forum for any such contest, and whether or not to extend the period of limitations for the assessment or collection of any tax, shall be made in the Partnership Representative’s sole discretion. The
Partnership Representative (i) shall have the sole authority to make any elections on behalf of the Partnership permitted to be made pursuant to the Code or the Regulations promulgated thereunder and (ii) may, in its sole discretion, make
an election on behalf of the Partnership under Sections 6221(b) or 6226 of the Code as in effect for the first fiscal year beginning on or after January 1, 2018 and thereafter, (iii) may request a modification to any assessment of an
imputed underpayment, including a modification for any Partner who is a real estate investment trust or regulated investment company as defined in Sections 586 and 851, respectively, based on such Partner making a deficiency dividend pursuant to
Section 860 and a modification based on the tax-exempt status of a reviewed year Partner, and (iv) may take all actions the Partnership Representative deems necessary or appropriate in connection
with the foregoing. The Partnership Representative shall be reimbursed and indemnified by the Partnership for all claims, liabilities, losses, costs, damages and expenses, and for reasonable legal and accounting fees, incurred in connection with the
performance of its duties as Partnership Representative in accordance with the terms hereof, unless the actions of the Partnership Representative constitute gross negligence or intentional misconduct. 

(b) Each Partner hereby covenants to cooperate with the Partnership Representative and to do or refrain from doing any or all things
reasonably requested by the Partnership Representative with respect to examinations of the Partnership’s affairs by tax authorities (including, without limitation, promptly filing amended tax returns and promptly paying any related taxes,
including penalties and interest) and shall provide promptly and update as necessary at any times requested by the Partnership Representative, all information, documents, self-certifications, tax identification numbers, tax forms, and verifications
thereof, that the Partnership Representative deems necessary in connection with (1) any information required for the Partnership to determine the application of Sections 6221-6235 of the Code to the Partnership; (2) an election by the
Partnership under Section 6221(b) or 6226 of the Code, and (3) an audit or a final adjustment of the Partnership by a tax authority. The Partnership and the Partners hereby agree and acknowledge that (i) the actions of the Partnership
Representative in connection with examinations of the Partnership’s affairs by tax authorities shall be binding on the Partnership and the Partners; and (ii) neither the Partnership nor the Partners have any right to contact the IRS with
respect to an examination of the Partnership or participate in an audit of the Partnership or proceedings under Sections 6221-6235 of the Code. 

(c) The Partners acknowledge that the Partnership intends to elect the application of Section 6221(b) of the Code (the “opt-out election”) for its first taxable year beginning on or after January 1, 2020 and for each Fiscal Year thereafter. If the Partnership is not eligible to make such election, the Partners
acknowledge that the Partnership intends to elect the application of Section 6226 of the Code (the “push-out election”) for its first taxable year beginning on or after January 1, 2020 and
for each Fiscal Year thereafter. This acknowledgement applies to each Partner whether or not the Partner owns a Partnership Interest in both the reviewed year and the year of the tax adjustment. If the Partnership elects the application of
Section 6226 of the Code, the Partners shall take into account and report to the IRS (or any other applicable tax authority) any adjustment to their tax items for the reviewed year of which they are notified by the Partnership in a written
statement, in the manner provided in Section 6226(b), whether or not the Partner owns a Partnership Interest at such time. Any Partner that fails to report its share of such adjustments on its tax return, shall indemnify and hold harmless the
Partnership, the General Partner, the Partnership Representative, and each of their Affiliates from and against any and all liabilities related to taxes (including penalties and interest) imposed on the Partnership as a result of the Partner’s
failure. In addition, each Partner shall indemnify and hold the Partnership, the General Partner, the Partnership 

  
 41 

 
Representative, and each of their Affiliates harmless from and against any and all liabilities related to taxes (including penalties and interest) imposed on the Partnership (i) pursuant to
Section 6221 of the Code, which liabilities relate to adjustments that would have been made to the tax items allocated to such Partner had such adjustments been made for a tax year beginning prior to January 1, 2018 (and assuming that the
Partnership had not made an election to have Section 6221 of the Code apply for such earlier tax years) and (ii) resulting from or attributable to such Partner’s failure to comply with the preceding subsection (b) or this
subsection (c). Each Partner acknowledges and agrees that no Partner shall have any claim against the Partnership, the General Partner, the Partnership Representative, or any of their Affiliates for any tax, penalties or interest resulting from the
Partnership’s election under Section 6226 of the Code. 
 (d) If the Partnership does not make an election under Section 6226
of the Code, the amount of any imputed underpayment assessed upon the Partnership, pursuant to Code Section 6232, attributable to a Partner (or former Partner), as reasonably determined by the Partnership Representative, shall be treated as a
withholding tax with respect to such Partner. To the extent any portion of such imputed underpayment cannot be withheld from a current distribution, any such Partner (or former Partner) shall be liable to the Partnership for the amount that cannot
be withheld and agrees to pay such amount to the Partnership. Any such amount withheld or any such payment shall not be treated as a Capital Contribution for purposes of any provision herein that affects distributions to the Partners and any amount
not paid by any such Partner (or former Partner) at the time reasonably requested by the Partnership Representative shall accrue interest at the rate set by the IRS for the underpayment of federal taxes, compounded quarterly, until paid. 

(e) The provisions of this Section 10 shall survive the termination of the Partnership, the termination of this Agreement and, with
respect to any Partner, the transfer or assignment of any portion of such Partner’s Partnership Interest. 
 (f) The Partnership
Representative shall keep the Partners reasonably informed as to the status of any tax investigations, audits, lawsuits or other judicial or administrative tax proceedings and shall promptly copy all other Partners on any correspondence to or from
the IRS or applicable state, local or foreign tax authority relating to such proceedings. The Partnership Representative shall inform the IRS, as promptly as possible upon the commencement of any examination or proceeding, of the tax-exempt status of any Partners and shall take any actions or refrain from taking any action to the extent necessary to preserve the tax-exempt status of such Partners and
shall afford such Partners tax-free treatment, to the extent permissible under the Code. The Partnership Representative has an obligation to perform its duties as the Partnership Representative in good faith
and in such manner as will serve the best interests of the Partnership and all of the Partners. 
 (g) The Partnership shall elect to deduct
expenses, if any, incurred by it in organizing the Partnership as provided in Section 709 of the Code. 
 10.6 Reports Made
Available to Limited Partners. 
 (a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the
fiscal year), upon written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General
Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal
year, upon written request by a Limited Partner to the General Partner, the General Partner will make available, 

  
 42 

 without cost, to each Limited Partner an annual report containing financial statements of the Partnership,
or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. 

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

AMENDMENT OF AGREEMENT; MERGER 

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

(b) any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other
than with respect to the issuance of additional Partnership Interests pursuant to Section 4.3 hereof; 
 (c) any amendment that would
alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.3 hereof; or 

(d) any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. 

ARTICLE 12 
 GENERAL
PROVISIONS 
 12.1 Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed
to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any
Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 

12.2 Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the
benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3
Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this
Agreement or the Act. 

  
 43 

 12.4 Severability. If any provision of this Agreement shall be declared illegal,
invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder
hereof. 
 12.5 Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and
supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 

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

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

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

[Signatures appear on following page] 

  
 44 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
Second Amended and Restated Limited Partnership Agreement, all as of this [    ] day of [    ], 2021. 

 

			
	GENERAL PARTNER:
	
	STRATEGIC STORAGE TRUST VI, INC.
		
	By:	 	 
	 	 	H. Michael Schwartz, Chief Executive Officer
	
	ORIGINAL LIMITED PARTNER:
	
	SMARSTOP STORAGE ADVISORS, LLC
		
	By:	 	 
	 	 	H. Michael Schwartz, Executive Chairman
	
	SPECIAL LIMITED PARTNER:
	
	SMARTSTOP STORAGE ADVISORS, LLC
		
	By:	 	 
	 	 	H. Michael Schwartz, Executive Chairman

  
 45 

 EXHIBIT A 

to the 
 Second Amended
and Restated Limited Partnership Agreement of 
 Strategic Storage Operating Partnership VI, L.P. 

AS OF [    ], 2021 
  

													
	Name of Partner	  	Agreed Value of
Capital
Contribution	 	  	Number of
Partnership Units	 	  	Class of
Partnership Units	 
	 GENERAL PARTNER:

Strategic Storage Trust VI, Inc.

10 Terrace Road

Ladera Ranch, California 92694
	  	$	1,000	 	  	 	109.89	 	  			
	 ORIGINAL LIMITED PARTNER:

SmartStop Storage Advisors, LLC

10 Terrace Road

Ladera Ranch, California 92694
	  	$	2,000	 	  	 	219.78	 	  			
	 LIMITED PARTNER:

SmartStop OP, L.P.

10 Terrace Road

Ladera Ranch, California 92694
	  	$	5,000,000	 	  	 	549,450.55	 	  			
	 SPECIAL LIMITED PARTNER:

SmartStop Storage Advisors, LLC

10 Terrace Road

Ladera Ranch, California 92694
	  	 
	Not
applicable	 
 	  	 	None	 	  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	5,003,000	 	  	 	549,780.22	 	  			

 Upon the Partnership’s issuance of any additional Units in accordance with this Agreement, the General Partner may update
this Exhibit A to reflect any additional Units outstanding. 

  
 46 

 EXHIBIT B 

to the 
 Second Amended
and Restated Limited Partnership Agreement of 
 Strategic Storage Operating Partnership VI, L.P. 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

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

			
	Dated:	 	                            ,        
    
		 	
	(Name of Limited Partner)
	    
	(Signature of Limited Partner)
	    
	(Mailing Address)
	    
	(City) (State) (Zip Code)
	    
	Signature Guaranteed by:
	    
	If REIT Shares are to be issued, issue to:
	  
 Name:

 

	 

    

	Social Security or Tax I.D. Number:
	    

  
 47

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