Document:

Strategic Agreement

 Exhibit 10.6 
 STRATEGIC AGREEMENT 
 This Strategic Agreement
(“Agreement”) is made and entered into effective as of the 25 day of May, 2007 (“Effective Date”) by and between HUMANA INC. (“Humana”), a Delaware corporation, and BG MEDICINE, INC.
(“BGM”), a Delaware corporation. Humana and BGM may be individually referred to herein to as a “Party” and collectively as the “Parties.” 
 RECITALS 
 WHEREAS, BGM, from time to time, engages in
studies to discover and develop blood-based biomarker tests and products for clinical application to improve patient outcomes. 
 WHEREAS, BGM desires to engage Humana, and Humana wishes, to provide to BGM certain services regarding such studies; 
 WHEREAS, the Parties desire to agree on certain terms and conditions to govern their business relationship for the term specified herein in connection with such services. 
 WHEREAS, the Parties desire to work together to support the appropriate use of blood-based biomarkers for the benefit of patients,

 NOW, THEREFORE, in consideration of the mutual promises, covenants, and agreements contained in this Agreement, intending to
be legally bound, the Parties agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Unless otherwise specifically provided
herein, the following terms shall have the following meanings: 
 1.1 “Affiliate” shall mean, with
respect to a Party, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Party. For purposes of this definition, “control” and, with correlative
meanings, the terms “controlled by” and “under common control with” shall mean (a) the possession, directly or indirectly, of the power to direct the management or policies of a business entity, whether through the ownership
of voting securities, by contract relating to voting rights or corporate governance, or otherwise, or (b) the ownership, directly or indirectly, of at least fifty percent (50%) of the voting securities or other ownership interest of a
business entity (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity). 
 1.2 “Agreement” shall have the meaning set forth in the preamble to this Agreement. 
 1.3 “Applicable Law” shall mean applicable laws, rules and regulations, including any rules, regulations, guidelines or other requirements of the Regulatory Authorities, that may be in effect from time to time.

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.4 “BGM” shall have the meaning set forth in the preamble to
this Agreement. 
 1.5 “BGM Commercialized Diagnostic Product” shall have the meaning set forth in
Section 5.1.1. 
 1.6 “Breaching Party” shall have the meaning set forth in Section 10.2.

 1.7 “Business Day” shall mean a day other than a Saturday or Sunday on which banking
institutions in the state of Delaware are open for business. 
 1.8 “Calendar Quarter” shall mean
each successive period of three (3) calendar months commencing on January 1, April 1, July 1 and October 1, except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the day
immediately prior to the first to occur of January 1, April 1, July 1 or October 1 after the Effective Date, and the last Calendar Quarter shall end on the last day of the Term. 
 1.9 “Complaining Party” shall have the meaning set forth in Section 10.2. 
 1.10 “Confidential Information” shall mean any and all information or material, whether oral, visual, in
writing or in any other form, that, at any time before or after the Effective Date, has been or is provided, communicated or otherwise made known to the receiving Party by or on behalf of the disclosing Party pursuant to this Agreement or in
connection with the transactions contemplated hereby or any discussions or negotiations with respect thereto, including the terms of this Agreement. Confidential Information shall not include any information that: 
 (a) is now, or hereafter becomes, generally available to the public through no wrongful act, fault or negligence on the
part of the receiving Party (or its employees, agents or contractors); 
 (b) was already in the possession
of the receiving Party without restriction as to confidentiality at the time of disclosure as evidenced by competent written records; 
 (c) is subsequently received by the receiving Party from a Third Party who is not bound by any obligation of confidentiality with respect to said information; 
 (d) has been published by a Third Party or otherwise enters the public domain through no fault of the receiving Party in
breach of this Agreement; or 
 (e) was independently developed by or for the receiving Party without
reference to the disclosing Party’s Confidential Information as evidenced by competent written records. 
 Specific aspects or details of
Confidential Information shall not be deemed to be within the public domain or in the possession of the receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of
the receiving Party. Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of the receiving Party merely because

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 2 

 
individual elements of such Confidential Information are in the public domain or in the possession of the receiving Party unless the combination and its principles are in the public domain or in
the possession of the receiving Party. 
 1.11 “Conflicts Committee” shall have the meaning set
forth in Section 2.2. 
 1.12 “Conflict of Interest” shall mean a financial or associational
interest that has the potential, or the appearance of having the potential, to compromise the independent judgment of the Person who holds the interest. 
 1.13 “Consideration” shall mean the consideration to which Humana is entitled pursuant to Article 5 of the Agreement. 
 1.14 “Covered Project” shall have the meaning set forth in Section 3.1.1. 
 1.15 “Diagnostic Product” shall have the meaning set forth in Section 3.1.1. 
 1.16 “Effective Date” shall mean the effective date of this Agreement as set forth in the preamble to this
Agreement. 
 1.17 “Exclusivity Term” shall have the meaning set forth in Section 3.1.1. 

1.18 “FFDCA” shall mean the United States Federal Food, Drug, and Cosmetic Act, as amended from time to
time. 
 1.19 “Health Benefit Population” shall mean the Persons for whom health care benefits are
covered or administered by particular health maintenance organizations, insurance carriers, health benefit administrators, pharmacy benefit managers, disease management companies or their Affiliates. 
 1.20 “Humana” shall have the meaning set forth in the preamble to this Agreement. 
 1.21 “Humana Members” shall mean Persons for whom Humana or any of its Affiliates bears financial risk for health care
costs or for whom any of them administers health benefit contracts. 
 1.22 “Indemnitee” shall have
the meaning set forth in Section 9.3. 
 1.23 “Initial Term” shall have the meaning set forth
in Section 10.1. 
 1.24 “Joint Steering Committee” and “JSC” shall have the
meaning set forth in Section 4.1.1. 
 1.25 “Knowledge” shall mean the actual knowledge or
good faith understanding of the managing directors, vice presidents, senior vice presidents, president or chief executive officer of a Party of the facts and information then in their possession following commercially reasonable due inquiry.

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 3 

 1.26 “Losses” shall have the meaning set forth in
Section 9.1. 
 1.27 “Master Research Agreement” shall have the meaning set forth in
Section 3.2. 
 1.28 “MFN Price” shall mean, with respect to a sale of a BGM Commercialized
Diagnostic Product in a particular country, the lowest price available from BGM to [***], or [***], excluding in the case of sales [***]: (a) any prices charged to the [***], and [***]; (b) any prices charged [***]; and (c) [***]
and [***]. 
 1.29 “Net Sales” shall mean, with respect to a particular BGM Commercialized Diagnostic
Product, the actual gross amount invoiced by BGM or its Affiliates for commercial sales of such product after deducting, in accordance with GAAP, the following: 
 (i) trade, cash and quantity discounts reasonably consistent with industry standards; 
 (ii) credits or allowances for damaged or spoiled product, returns, recalls or rejections of products, including
allowance for breakage or spoilage; 
 (iii) sales, value added, excise or other direct taxes, and freight,
postage, shipping and transportation insurance charges and additional transportation, custom duties, and other governmental charges on the BGM Commercialized Diagnostic Product; and 
 (iv) chargebacks, rebates or similar payments or credits directly related to the BGM Commercialized Diagnostic Product
consistent with reasonable industry standards granted to managed health care organizations, wholesalers, distributors, buying groups, retailers, Health Benefits Population, or other institutions or health care organizations or to federal,
state/provincial, local and other governments, their agencies and purchasers and reimbursers. 
 Sales or other transfers
between BGM and its Affiliates shall be excluded from the computation of Net Sales and no payments will be payable on such sales or transfers except where such Affiliates are end users, but Net Sales shall include the subsequent sales to Third
Parties by such Affiliates. Where an Affiliate is the end user, Net Sales shall be deemed to be equal to the average per-unit price charged to Third Parties for the same BGM Commercialized Diagnostic Product during the relevant calendar half-year
multiplied by the number of units sold or transferred to the Affiliate during such calendar half-year. 
 1.30 “Non-Humana Transaction” shall have the meaning set forth in Section 5.2.1. 
 1.31 “Notice Period” shall have the meaning set forth in Section 10.2. 
 1.32 “Party” and “Parties” shall have the meaning set forth in the preamble to this Agreement. 
 1.33 “Person” shall mean an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business
trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a government. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 4 

 1.34 “Plaque Agreement” shall have the meaning in Section 11.6.2.

 1.35 “Product Line Successors” shall have the meaning set forth in Section 11.8.2. 
 1.36 “Regulatory Authority” shall mean any supra-national, federal, national, regional, state, provincial or
local regulatory agencies, departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to the performance of the Services. 
 1.37 “Renewal Term” shall have the meaning set forth in Section 10.1. 
 1.38 “Research Collaboration Agreement” shall have the meaning set forth in Section 3.3. 
 1.39 “[***] Statement” shall have the meaning set forth in Section 5.2.4. 
 1.40 “Services” shall have the meaning set forth in Section 3.3. 
 1.41 “Term” shall have the meaning set forth in Section 10.1. 
 1.42 “Third Party” shall mean any Person other than BGM, Humana and their respective Affiliates. 
 1.43 “Third Party Claims” shall have the meaning set forth in Section 9.1. 
 1.44 “Valid Claim” shall mean a claim of an issued and unexpired patent, which has not been revoked or held
unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, and which has not been disclaimed or surrendered through reissue or disclaimer. 
 ARTICLE 2 
 SCOPE AND PURPOSE 
 2.1 Purpose – Discovery and Development. Blood-based biomarkers have the potential to significantly enhance the diagnosis
and treatment of a variety of medical conditions by enabling physicians to select the best treatment regimen for their patients. The Parties are committed to accelerating the development of blood-based biomarkers by collaborating on Covered
Projects. The development and validation of such biomarkers requires that research be conducted involving large numbers of human subjects, which Humana is uniquely poised to facilitate. The Parties therefore wish to enter into this Agreement to
establish an arrangement to cooperate on Covered Projects and to exchange Consideration from the discovery and development of effective biomarkers. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 5 

 2.2 Purpose – Appropriate Use. The Parties are committed to collaborating
on studying the role of specific blood-based biomarkers in improving treatment outcomes and to understanding the promotion of appropriate use of specific biomarkers through various means, including but not limited to patient and provider education
and information, care management, or benefit design considerations. 
 2.3 Conflicts of Interest. The Parties agree
and acknowledge that a potential Conflict of Interest may develop as a result of Humana’s agreement to engage in a Covered Project pursuant to a Research Collaboration Agreement or any other research project involving BGM while at the same time
receiving or being eligible to receive the Consideration. The Parties are committed to the safety and well-being of participating human subjects, to preserving the integrity of data generated and collected, and maintaining the confidence of the
public in the bona fides of any Covered Project or other research collaboration. Accordingly, Humana will arrange for this Agreement, the Master Research Agreement, each Research Collaboration Agreement, the Plaque Agreement, and any other agreement
involving both Parties to be reviewed by a committee specially constituted to review potential Conflicts of Interest and direct and oversee the implementation of Conflict of Interest management steps (the “Conflicts Committee”). The
Parties agree to amend this Agreement or take any other actions determined by the Conflicts Committee to be necessary to manage a potential Conflict of Interest. If the Conflicts Committee at anytime determines that the Parties cannot simultaneously
enter into the contemplated arrangements, or if the Parties are unwilling or unable to implement the directives of the Conflicts Committee, including, but not limited to, amending this Agreement and the Consideration set forth, the Conflicts
Committee will direct that one or more of the contemplated arrangements be terminated, if already in effect, or aborted, if in negotiations. In the event that the Conflicts Committee directs that one or more of the contemplated arrangements be
terminated, they shall thereupon be deemed terminated. 
 ARTICLE 3 
 RESEARCH COLLABORATION AGREEMENTS 
 3.1 Exclusive Period for Covered Projects 
 3.1.1 During the 12 month period commencing upon the Effective Date (the “Exclusivity Term”), Humana shall not enter into any agreement with any Third Party to engage in a project or study involving the [***]
test or product (each such test or product, a “Diagnostic Product”) or involving [***], that involves [***] a particular Health Benefit Population (each, a “Covered Project”). 
 3.1.2 The Exclusivity Term shall be automatically renewed during the Term of the Agreement for subsequent periods
of 12 months each unless either party, at least 90 days prior to the expiration of any Exclusivity Term, provides written notice of non-renewal to the other party, in which case, upon expiration of the then-current Exclusivity Term, Humana shall
have no further obligation to BGM pursuant to this Section 3.1. 
 3.2 Master Research Agreement. The Parties
shall enter into an agreement governing ownership of data, rights to inventions, and other intellectual property issues relating to Covered Projects, compensation, and other terms and conditions for Covered Projects (the “Master Research
Agreement”). Humana and BGM shall negotiate with each other in good faith regarding the terms of the Master Research Agreement. The Research Collaboration Agreements governing specific Covered Projects shall be subject to the Master
Research Agreement. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 6 

 3.3 Research Collaboration Agreements. From time to time during the Term, the
Parties may agree to engage in research or development services (the “Services”) in connection with one or more Covered Projects under this Agreement by executing and delivering one or more research collaboration agreements (each a
“Research Collaboration Agreement”) which shall be negotiated and agreed to between the parties and which shall each be subject to the Master Research Agreement unless otherwise expressly specified in the Research Collaboration
Agreement. 
 3.4 Performance. Each Party shall at all times conduct its operations in compliance with Applicable
Law, including all fraud and abuse, anti-kickback, human subject protection, and patient confidentiality laws and regulations, and the Parties shall immediately cease all activities in connection with any part of this Agreement (or any Research
Collaboration Agreement) that are prohibited, or become prohibited, by Applicable Law. 
 ARTICLE 4 
 MANAGEMENT 
 4.1 Joint Steering Committee. 
 4.1.1 Within thirty (30) days after the
Effective Date, the Parties shall form a joint steering committee (the “Joint Steering Committee” or “JSC”) to review all Services being conducted hereunder and to discuss potential Research Collaboration Agreements
and the proposed terms thereof. Each Party shall designate its initial members of the JSC within thirty (30) days after the Effective Date by written notice to the other Party. 
 4.2 Limitations on Authority. Each Party shall retain the rights, powers and discretion granted to it under this Agreement and
no such rights, powers, or discretion shall be delegated to or vested in the JSC unless such delegation or vesting of rights is expressly provided for in this Agreement or the Parties expressly so agree in writing. The JSC shall not have the power
to amend, modify or waive compliance with this Agreement, which may only be amended or modified as provided in Section 11.7 or compliance with which may only be waived as provided in Section 11.8. 
 ARTICLE 5 
 CONSIDERATION 
 5.1 Diagnostic Products Sold by BGM for Humana Members. 
 5.1.1 Subject to Sections 5.3 and 5.4, with respect to any Diagnostic Product that (a) is materially derived
from any data developed by Humana in performance of a Covered Project or embodies any invention, development, discovery, evaluation, or validation by BGM

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 7 

 
arising out of data or other services provided by Humana pursuant to a Covered Project and (b) is sold by BGM or any of its Affiliates (each such product, a “BGM Commercialized
Diagnostic Product”), Humana shall receive from BGM the benefit of the MFN Price in effect as of the date such BGM Commercialized Diagnostic Product(s) are sold by BGM or any of its Affiliates to or for the use of Humana Members [***],
calculated in accordance with Section 5.1.2 For clarity, BGM shall have [***] to offer Humana [***] terms with respect to BGM Commercialized Diagnostic Product that [***] BGM as of the [***]. 
 5.1.2 With respect to sales in the United States, the initial MFN Price for a BGM Commercialized Diagnostic
Product shall be calculated on a [***] basis, based on [***] in the most recent [***] that ended at least [***] days prior to the date of such determination. Thereafter, the MFN Price shall be determined by BGM within [***] days after the end of
each [***], shall take effect on the [***] day of the [***] month after the end of such [***] and shall remain in effect for [***] months thereafter. By way of example, and without limitation to the foregoing, if BGM calculates the MFN Price for a
BGM Commercialized Diagnostic Product for [***], BGM would notify Humana thereof by [***] and such MFN Price would take effect on [***] and would remain in effect until [***]. For the [***] ending [***], BGM would then recalculate the MFN Price for
such BGM Commercialized Diagnostic Product, and notify Humana thereof by [***] and such MFN Price would take effect on [***] and would remain in effect until [***]. 
 5.1.3 Notwithstanding Section 5.1.2, when the first BGM Commercialized Diagnostic Product has been licensed
for sale in [***] other than [***], the parties shall enter into a supplemental agreement providing details similar to those in Section 5.1.2 regarding [***] the MFN Price for sales in [***] and also providing appropriate exclusions, similar to
those contained in Sections 1.28 and 5.4, from MFN Price obligations based on applicable laws of [***]. 
 5.1.4 The Parties may, as they deem appropriate, enter into other supplemental agreements that provide greater details regarding how the MFN Price [***], and how Humana is to [***] the MFN Price, with respect to particular BGM
Commercialized Diagnostic Products considering the [***] of [***], their [***], and other relevant factors. 
 5.1.5 BGM’s obligations under this Section 5.1 shall apply to all BGM Commercialized Diagnostic Products that were [***] or [***] during the term [***], and for each such product such obligations shall continue until
the [***] such product, [***] the term [***] has [***]. 
 5.2 Diagnostic Products Sold by BGM to Persons other than
Humana Members. 
 5.2.1 With respect to any BGM Commercialized Diagnostic Product that is sold
by BGM or any of its Affiliates for the use of a Person other than a Humana Member (a “Non-Humana Transaction”), BGM shall pay Humana a [***] of Net Sales to such Persons as follows: 
 (a) With respect to any BGM Commercialized Diagnostic Product [***] based on data or services from a Covered Project in
which Humana participates, BGM shall pay Humana a [***] equal to [***]% of Net Sales: 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 8 

 (b) Notwithstanding Section 5.2.1(a), with respect to any BGM
Commercialized Diagnostic Product, that was [***] based on data or services from a Covered Project in which Humana participates, BGM shall pay Humana a [***] equal to [***]% of Net Sales. 
 5.2.2 The payment [***] pursuant to Section 5.2.1 shall be subject to the following conditions: 

(a) BGM’s obligations under this Section 5.2 shall apply to all BGM Commercialized Diagnostic Products that
were [***] during the term [***]. If BGM ever has a Valid Claim with respect to a particular BGM Commercialized Diagnostic Product, [***] on Net Sales of such BGM Commercialized Diagnostic Product pursuant to Section 5.2.1 shall continue and
accrue until the [***] such BGM Commercialized Diagnostic Product, [***] the term [***] has [***]. Thereafter, BGM [***] BGM Commercialized Diagnostic Product. 
 (b) [***] shall accrue on the disposition of reasonable quantities of BGM Commercialized Diagnostic Products by BGM or
Affiliates as samples (promotion or otherwise) or as donations (for example, to non-profit institutions or government agencies) or to clinical trials. 
 5.2.3 In the event that BGM transfers BGM Commercialized Diagnostic Products to one of its Affiliates, there shall be [***] at the [***] transfer. Subsequent sales of BGM Commercialized
Diagnostic Products by the Affiliate to end users shall be [***] by BGM. 
 5.2.4 Within [***] days
after the end of each [***] of BGM, BGM shall deliver to Humana a statement of its calculation of Net Sales derived from sales of BGM Commercialized Diagnostic Products during such [***] in [***] and any amounts due Humana with respect thereto,
calculated as set forth in Section 5.2.1 (each such statement, a “[***] Statement”). 
 5.2.5 BGM shall pay Humana any amounts due with respect to a particular [***] by wire transfer to a bank account designated by Humana within [***] days following delivery of the [***] Statement for such [***]. 
 5.3 Combination Products. In the event that a BGM Commercialized Diagnostic Product is (a) sold [***] or (b) [***]
component, then in each case ((a) and (b)), the sales price for such combination product shall be [***], based on [***] BGM Commercialized Diagnostic Product [***] in such [***] if [***], for purposes of calculating the applicable MFN Price or the
Net Sales; provided, that if such BGM Commercialized Diagnostic Product is [***], the Parties shall negotiate in good faith an estimate value thereof. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 9 

 5.4 Best Price Regulation. If at any time during the Term, a [***] caps the
price of, imposes a “best price” requirement on, or otherwise establishes a rebate or similar scheme for, a particular BGM Commercialized Diagnostic Product in the United States, including any program that is similar to the treatment of
pharmaceutical products under [***], then, from and after the effective date thereof, the MFN Price with respect to such BGM Commercialized Diagnostic Product shall [***] the price permitted by such requirement. 
 ARTICLE 6 
 RECORDS AND AUDIT 
 6.1 Financial Records. Each Party shall, and shall cause its Affiliates to,
keep reasonably complete and accurate books and records in sufficient detail to calculate the amounts payable under this Agreement including, with respect to BGM, books and records pertaining to MFN Prices and the preparation of each [***]
Statement, and, with respect to Humana, books and records pertaining to the conduct of Services hereunder. All such books and records shall be retained by such Party and its Affiliates until the later of (a) three (3) years after the end
of the period to which such books and records pertain and (b) the expiration of the applicable tax statute of limitations (or any extensions thereof), or for such longer period as may be required by Applicable Law. 
 6.2 Audits. Each Party shall have the right, no more than once during any twelve (12) consecutive month period during the
Term and a period of one (1) year thereafter, to have the books and records kept by the other Party (and its Affiliates) pursuant to Section 6.1 (and all related work papers and other information and documents) examined by an independent
accounting firm of national standing reasonably acceptable to such other Party to verify the correctness or completeness of any report or payment made under this Agreement, provided that if any audit by a Party under this Section 6.2
reveals that the other Party is or was not in material compliance with this Agreement, the auditing Party shall have the right to conduct such additional audits during such (12)-consecutive month period as may be reasonably required by such auditing
Party to determine whether the other Party has appropriately remedied such non-compliance. Except as provided below, the cost of any audit shall be borne by the auditing Party unless the audit reveals a variance of more than five percent
(5%) from the reported amounts, in which case the other Party shall bear the cost of the audit. Unless disputed pursuant to Section 6.3 below, if such audit concludes that additional payments were owed or that excess payments were made
during such period, the additional fees and expenses shall be paid, or such excess payments shall be reimbursed, within sixty (60) days after the date on which the independent accounting firm’s written report is delivered to the Parties.

 6.3 Audit Dispute. In the event of a dispute regarding such books and records, including the amount of any
payments owed, or other payments made, hereunder, BGM and Humana shall work in good faith to resolve the disagreement. If the Parties are unable to reach a mutually acceptable resolution of any such dispute within thirty (30) days, the dispute
shall be submitted for arbitration to a certified public accounting firm selected by each Party’s certified public accountants or to such other Person as the Parties shall mutually agree. The decision of such accounting firm shall be final and
the costs of such arbitration as well as the initial audit shall be borne between the Parties in such manner as such accounting firm shall determine. Not later than ten (10) days after such decision, the owing Party shall pay the additional
payments or the receiving Party shall reimburse such excess payments in accordance with such decision. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 10 

 6.4 Confidentiality. Each Party shall treat all information subject to review
under this Article 6 in accordance with the confidentiality provisions of Article 7 and the Parties shall cause any auditor or accounting firm to enter into a reasonably acceptable confidentiality agreement with the Parties obligating such firm to
retain all such financial information in confidence pursuant to such confidentiality agreement. 
 ARTICLE 7 

CONFIDENTIALITY AND NON-DISCLOSURE 
 7.1 Confidentiality Obligations. At all times during the Term and for a period of ten (10) years following termination or expiration hereof, each Party shall, and shall cause its
officers, directors, employees and agents to, keep completely confidential and not publish or otherwise disclose and not use, directly or indirectly, for any purpose, any Confidential Information furnished or otherwise made known to it, directly or
indirectly, by the other Party, except to the extent such disclosure or use is expressly permitted by the terms of this Agreement or is reasonably necessary for the performance of this Agreement. 
 7.2 Permitted Disclosures. Each Party may disclose Confidential Information of the other Party to the extent that such
disclosure is: 
 7.2.1 Made in response to a valid order of a court of competent jurisdiction or
other supra-national, federal, national, regional, state, provincial and local governmental or regulatory body of competent jurisdiction or, if in the reasonable opinion of the receiving Party’s legal counsel, such disclosure is otherwise
required by law; provided, however, that the receiving Party shall first have given reasonable notice under the circumstances to the disclosing Party; and provided further that if a disclosure order is not quashed or a protective order
is not obtained, the Confidential Information disclosed in response to such court or governmental order shall be limited to that information which is legally required to be disclosed in response to such court or governmental order; 
 7.2.2 Made by the receiving Party to the Regulatory Authorities as required in connection with any filing,
application or request with respect to the Services; provided, however, that reasonable measures shall be taken to assure confidential treatment of such information; or 
 7.2.3 Made by the receiving Party or its Affiliates to Third Parties as may be necessary or reasonably useful in
connection with the performance of its obligations or exercise of its rights as contemplated by this Agreement, including subcontracting transactions in connection therewith; provided, however, that such disclosure may only be made to such
Persons as are subject to obligations of written confidentiality and non-use with respect to such Confidential Information at least as restrictive as the obligations of confidentiality and non-use of the receiving Party set forth in this Article 7.

 7.3 Use of Name. Neither Party shall mention or otherwise use the name, insignia, symbol, Trademark, trade name
or logotype of the other Party (or any abbreviation or adaptation thereof) in any publication, press release, promotional material or other form of publicity without the prior written approval of such other Party in each instance. The restrictions
imposed by this Section 7.3 shall not prohibit either Party from making any disclosure identifying the other Party that is required by Applicable Law or necessary to exercise its rights or perform its obligations under this Agreement.

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 11 

 7.4 Press Releases. Press releases or other similar public communications by
either Party relating to this Agreement shall be approved in advance by the other Party, which approval shall not be unreasonably withheld or delayed, except for those communications required by Applicable Law (which, to the extent possible, shall
be provided to the other Party in advance for such Party’s comment, or if not possible, shall be provided to the other Party as soon as practicable after the release or communication thereof), and disclosures of information for which consent
has previously been obtained, each of which shall not require advance approval. 
 7.5 Return of Confidential
Information. Upon the expiration or earlier termination of this Agreement or as earlier requested by the disclosing Party, the receiving Party shall promptly transfer to the disclosing Party all documentary, electronic or other tangible
embodiments of the disclosing Party’s Confidential Information, including any and all copies thereof, and those portions of any documents that incorporate or are derived from such Confidential Information. 
 7.6 Enforceability. The provisions of this Article 7 shall be specifically enforceable. Each Party acknowledges that its breach
of any of its obligations under this Article 7 may cause the disclosing Party irreparable harm, for which monetary damages will be an inadequate remedy. Therefore, in the event of any such breach, the disclosing Party shall be entitled, in addition
to any other remedy available under this Agreement, at law or in equity, to seek injunctive relief, specific performance of the terms hereof and other equitable relief for such breach or the material anticipatory breach of this Agreement.

 ARTICLE 8 
 REPRESENTATIONS AND WARRANTIES 
 8.1 Representations and
Warranties. Each Party hereby represents and warrants to the other Party as of the Effective Date as follows: 
 8.1.1 Corporate Authority. Such Party (a) has the power and authority and the legal right to enter into this Agreement and perform its obligations hereunder and (b) has taken all necessary action on its part required
to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of such Party and constitutes a legal, valid and binding obligation of such
Party and is enforceable against it in accordance with its terms subject to the effects of bankruptcy, insolvency or other laws of general application affecting the enforcement of creditor rights and judicial principles affecting the availability of
specific performance and general principles of equity, whether enforceability is considered a proceeding at law or equity. 
 8.1.2 Litigation. To its Knowledge, there is no pending or threatened litigation that alleges that such Party’s activities related to this Agreement have violated, or that by conducting
the activities as contemplated herein such Party would violate, any of the patent or intellectual property rights of any other Person. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 12 

 8.1.3 Consents and Approvals. All necessary consents, approvals
and authorizations of all regulatory and governmental authorities and other Persons required to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder have been
obtained. 
 8.1.4 Conflicts. The execution and delivery of this Agreement and the performance of
such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable law or regulation or any provision of the articles of incorporation, bylaws or limited partnership agreement or any similar instrument of
such Party, as applicable, in any material way, and (b) do not conflict with, violate or breach or constitute a default or require any consent under, any contractual obligation or court or administrative order by which such Party is bound.

 8.2 Additional Representations, Warranties and Covenants of Humana. Humana represents, warrants and covenants to
BGM as of the Effective Date as follows: 
 8.2.1 Humana has been selected to conduct the Services
because of its experience, expertise and resources and not, in any way, as an inducement to, or in return for, past, present or future prescribing, purchasing, recommending, using, obtaining preferential formulary status for or dispensing any BGM
Commercialized Diagnostic Product or any drug products of BGM; and 
 8.2.2 Neither Humana nor any of
its Affiliates has been debarred or is subject to debarment and neither Humana nor any of its Affiliates shall use in any capacity, in connection with its activities under this Agreement, any Person who has been debarred pursuant to Section 306
of the FFDCA or who is the subject of a conviction described in such section. Humana shall inform BGM in writing immediately if it or any of the foregoing Persons is debarred or is the subject of a conviction described in Section 3.4, or if any
action, suit, claim, investigation or legal or administrative proceeding is pending or, to the best of Humana’s Knowledge, is threatened, relating to the debarment or conviction of Humana or any Person performing services on behalf of Humana
hereunder. 
 8.3 DISCLAIMER OF WARRANTY. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN SECTIONS 8.1 AND 8.2 OR
SUCH WARRANTIES AS MAY BE SET FORTH IN A RESEARCH COLLABORATION AGREEMENT, WHICH SHALL BE GOVERNED BY SUCH RESEARCH COLLABORATION AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY
OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR
ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 13 

 ARTICLE 9 
 INDEMNITY 
 9.1 Indemnification of BGM. Humana shall indemnify
BGM, its Affiliates and their respective directors, officers, employees, licensors and agents, and defend and save each of them harmless, from and against any and all losses, damages, liabilities, costs and expenses (including reasonable
attorneys’ fees and expenses) (collectively, “Losses”) in connection with any and all suits, investigations, claims or demands of Third Parties (collectively, “Third Party Claims”) arising from or occurring as
a result of: (a) the breach by Humana of any term of this Agreement; or (b) any gross negligence or willful misconduct on the part of Humana or any of its Affiliates or sublicensees in performing Humana’s obligations under this
Agreement, except for those Losses which BGM has an obligation of indemnity pursuant to Section 9.2, as to which Losses each Party shall indemnify the other to the extent of their respective liability; provided, however, that Humana
shall not be obligated to indemnify BGM for any Losses to the extent that such Losses arise as a result of gross negligence or willful misconduct on the part of BGM or any of its Affiliates or sublicensees. 
 9.2 Indemnification of Humana. BGM shall indemnify Humana, its Affiliates and their respective directors, officers, employees
and agents, and defend and save each of them harmless, from and against any and all Losses in connection with any and all Third Party Claims arising from or occurring as a result of: (a) the breach by BGM of this Agreement; or (b) any
gross negligence or willful misconduct on the part of BGM or any of its Affiliates in performing its obligations under this Agreement, except for those Losses for which Humana has an obligation of indemnity pursuant to Section 9.1, as to which
Losses each Party shall indemnify the other to the extent of their respective liability for the Losses; provided, however, that BGM shall not be obligated to indemnify Humana for any Losses to the extent that such Losses arise as a result of
gross negligence or willful misconduct on the part of Humana or any of its Affiliates. 
 9.3 Indemnification
Process. The Person seeking indemnification (the “Indemnitee”) hereunder shall give notice to the indemnifying Party promptly upon receipt of written notice of the potential Third Party Claim for which indemnification may be
sought under this Agreement. The Indemnitee shall permit the indemnifying Party to assume the defense or disposition of any such Third Party Claim or related litigation, provided that counsel is reasonably acceptable to the Indemnitee; and
provided further, that the indemnifying Party shall not make any settlement admitting fault or incur any liability on the part of the Indemnitee without its written consent, such consent not to be unreasonably withheld or delayed. The
Indemnitee shall cooperate with the indemnifying Party in all reasonable respects with respect to the defense of any such Third Party Claim, with the out-of-pocket costs of the Indemnitee to be reimbursed by the indemnifying Party. The Indemnitee
shall be entitled to retain counsel of its choice (at is own expense) to participate in, but not control (except as provided below), the defense of any Third Party Claim. The Indemnitee shall be entitled to control the defense of such Third Party
Claim at the indemnifying Party’s expense if (a) the indemnifying Party has failed to assume the defense of such Third Party Claim in a reasonably prompt manner or with counsel reasonably satisfactory to the Indemnitee or (b) the
interests of the Indemnitee and the indemnifying Party with respect to such Third Party Claim are sufficiently adverse to prohibit the representation by the same counsel of both parties under applicable law, ethical rules or equitable

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 14 

 
principles. In no event shall the Indemnitee compromise, settle or otherwise admit any liability with respect to any claim without the prior written consent of the indemnifying Party (such
consent not to be unreasonably withheld or delayed). 
 9.4 Limitation on Damages and Liability. EXCEPT IN
CIRCUMSTANCES OF GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT BY A PARTY OR ITS AFFILIATES, OR WITH RESPECT TO THIRD PARTY CLAIMS UNDER SECTION 9.1 OR 9.2, NO PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES SHALL BE LIABLE FOR SPECIAL, INDIRECT,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, OR FOR LOST PROFITS, MILESTONES OR ROYALTIES, WHETHER IN CONTRACT, WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, ARISING OUT OF THE EXPLOITATION OF ANY DIAGNOSTIC PRODUCT UNDER THIS AGREEMENT, OR ANY
BREACH OF OR FAILURE TO PERFORM ANY OF THE PROVISIONS OF THIS AGREEMENT. 
 9.5 Insurance. Each Party shall have and
maintain such type and amounts of liability insurance covering the supply, use and sale of each Product as is normal and customary for parties similarly situated. Each Party shall, at the other Party’s request, furnish to the other Party a
certificate of insurance or evidence of self-insurance reasonably acceptable to the other Party indicating the required coverage. 
 ARTICLE 10 
 TERM AND TERMINATION 
 10.1 Term. Unless earlier terminated pursuant to this Article 10, this Agreement shall be effective as of the Effective Date and
shall continue for three (3) years (the “Initial Term”), and thereafter, unless either Party provides written notice to the other Party no later than one hundred twenty (120) days prior to the end of the Initial Term,
shall automatically continue for an additional twelve (12)-month period (the “Renewal Term,” and together with the Initial Term, the “Term”); provided, however, that solely with respect to any Research
Collaboration Agreements entered into prior to such expiration or termination, this Agreement shall remain in effect until the expiration or earlier termination of such Research Collaboration Agreements. 
 10.2 Termination for Material Breach. In the event that either Party (the “Breaching Party”) shall be in
material default in the performance of any of its material obligations under this Agreement or any Research Collaboration Agreement, in addition to any other right and remedy the other Party (the “Complaining Party”) may have, the
Complaining Party may terminate this Agreement or such Research Collaboration Agreement, in its entirety upon sixty (60) days’ prior written notice (the “Notice Period”) to the Breaching Party, specifying the breach
and its claim of right to terminate, provided that the termination shall not become effective at the end of the Notice Period if the Breaching Party cures the breach during the Notice Period (or, if such default cannot be cured within such
sixty (60)-day period, if the Breaching Party commences actions to cure such default within the Notice Period and thereafter diligently continues such actions, provided that such default is cured within ninety (90) days after the receipt
of such notice), except in the case of a payment default, as to which the Breaching Party shall have only a ten (10)-day cure period. In the event that Humana is the Breaching Party with respect to a Research Collaboration Agreement, BGM shall also
have the right to terminate this Agreement and any other Research Collaboration Agreements then in effect. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 15 

 10.3 Termination Upon Insolvency. Either Party may terminate this Agreement or
any Research Collaboration Agreement if, at any time, the other Party shall file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for
an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party shall be served with an involuntary
petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or liquidation, or if the
other Party shall make an assignment for the benefit of its creditors. 
 10.4 Accrued Rights; Surviving Obligations

 10.4.1 Accrued Rights. Termination or expiration of this Agreement for any reason shall be
without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration shall not relieve a Party from obligations that are expressly indicated to survive the
termination or expiration of this Agreement. 
 10.4.2 Survival. Without limiting the foregoing,
Articles 6, 7, 8, and 9, Article 5 to the extent provided therein, and Sections 11.4, 11.5, and this Section 10.4 shall survive the termination or expiration of this Agreement for any reason. 
 10.4.3 Remedies. All remedies provided hereunder are cumulative and concurrent, and are in addition to all other
available remedies at law or in equity; provided, however, that a Party shall not seek to avail itself of such other remedies (except for any equitable remedy) during any cure period under this Agreement. This Section shall be specifically
enforceable. 
 ARTICLE 11 
 MISCELLANEOUS 
 11.1 Force Majeure. Neither Party shall be held
liable or responsible to the other Party or be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from events
beyond the reasonable control of the non-performing Party, including fires, floods, earthquakes, embargoes, shortages, epidemics, quarantines, war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion,
strikes, lockouts or other labor disturbances (whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts, omissions or delays in acting by any governmental authority. The non-performing Party shall
notify the other Party of such force majeure within thirty (30) days after such occurrence by giving written notice to the other Party stating the nature of the event, its anticipated duration, and any action being taken to avoid or minimize
its effect. The suspension of performance shall be of no greater scope and no longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts to remedy its inability to perform. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 16 

 11.2 Assignment. Neither Party shall sell, transfer, assign, delegate, pledge or
otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise, this Agreement or any of its rights or duties hereunder without the prior written consent of the other Party; provided, however, that BGM may, without
such consent, assign this Agreement and its rights and obligations hereunder to an Affiliate or a successor in interest (whether by merger, acquisition, asset purchase or otherwise) to all or substantially all of the business to which this Agreement
relates; provided further that the assigning Party remains jointly and severally liable with the relevant Affiliate or successor in interest under this Agreement. Any attempted assignment or delegation in violation of the preceding sentence
shall be void and of no effect. All validly assigned and delegated rights and obligations of the Parties hereunder shall be binding upon and inure to the benefit of and be enforceable by and against the successors and permitted assigns of BGM or
Humana, as the case may be. 
 11.3 Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable under any present or future law, and if the rights or obligations of either Party under this Agreement shall not be materially and adversely affected thereby, (a) such provision shall be fully severable, (b) this Agreement
shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the
illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and reasonably acceptable to the Parties. To the fullest extent permitted by Applicable Law, each Party hereby waives any provision of law that
would render any provision hereof illegal, invalid or unenforceable in any respect. 
 11.4 Governing Law, Jurisdiction,
Venue and Service. 
 11.4.1 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. 
 11.4.2 Jurisdiction. The Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of
the courts of the State of Florida and the United States District Court for the Southern District of Florida for any action, suit or proceeding (other than appeals therefrom) arising out of or relating to this Agreement, and agree not to commence
any action, suit or proceeding (other than appeals therefrom) related thereto except in such courts. The Parties irrevocably and unconditionally waive their right to a jury trial. 
 11.4.3 Venue. The Parties further hereby irrevocably and unconditionally waive any objection to the laying of
venue of any action, suit or proceeding (other than appeals therefrom) arising out of or relating to this Agreement in the courts of the State of Florida or in the United States District Court for the Southern District of Florida, and hereby further
irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 17 

 11.4.4 Service. Each Party further agrees that service of any
process, summons, notice or document by registered mail to its address set forth in Section 11.5 shall be effective service of process for any action, suit or proceeding brought against it under this Agreement in any such court. 
 11.5 Notices. 
 11.5.1 Notice Requirements. Any notice or other communication required or permitted under this Agreement shall be in writing and shall be deemed given as of the date it is: (a) delivered
by hand, or (b) mailed, postage prepaid, first class, certified mail, return receipt requested, to the other Party at such Party’s address listed below or subsequently specified in writing, or (c) sent, shipping prepaid, return
receipt requested, by national courier service, to the other Party at such Party’s address listed below or subsequently specified in writing. This Section is not intended to govern the day-to-day business communications necessary between
the Parties in performing their obligations under the terms of this Agreement. 
  

			
	As to Humana:	  	Humana Inc.
		  	500 West Main Street
		  	Louisville, KY 40202
		  	Attn: Law Department
		
	 cc:
	  	Jennifer Geetter, Esq.
		  	McDermott Will & Emery LLP
		  	600 13th Street, N.W.
		  	Washington, D.C. 20005
		
	As to BGM:	  	BG Medicine
		  	610 N Lincoln Street
		  	Waltham, MA 02451
		  	Attn: President
		
	 cc:
	  	William T. Whelan, Member
		  	Mintz, Levin, Cohn, Ferris, Glovsky
		  	and Popeo, P.C.
		  	One Financial Center | Boston, MA 02111

 11.6 Entire Agreement; Amendments. 
 11.6.1 This Agreement and its attached
Exhibits represent the entire understanding among the Parties, and supersedes all other agreements, express or implied, between the Parties as to its subject matter. Any alteration, modification, or amendment to this Agreement must be in writing and
signed by each Party. The attached Exhibits are incorporated into this Agreement by reference. Each Party confirms that it is not relying on any

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 18 

 
representations or warranties of the other Party except as specifically set forth herein. No amendment, modification, release or discharge shall be binding upon the Parties unless in writing and
duly executed by authorized representatives of both Parties. 
 11.6.2 The Parties acknowledge that
they are currently negotiating a separate agreement pursuant to which Humana will assist BGM and others in conducting a research study examining the role of high risk plaque in the development of cardiovascular disease (the “Plaque
Agreement”). The Plaque Agreement is separate and independent from this Agreement and is not affected, modified, subject to, or superceded by this Agreement. 
 11.7 Waiver and Non-Exclusion of Remedies. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be
effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. The waiver by either Party hereto of any right hereunder or of the failure to perform or of a breach by the other Party
shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether of a similar nature or otherwise. 
 11.8 Applicability to Other Persons. 
 11.8.1 The representations, warranties, covenants and agreements set forth in this Agreement are for the sole benefit of the Parties hereto and their successors and permitted assigns, and they shall not be construed as
conferring any rights on any other Persons. For the avoidance of doubt, all present and existing subsidiaries of Humana Inc. that underwrite or administer health plans shall be considered Parties and shall be entitled to the benefits accruing to
Humana hereunder. 
 11.8.2 The obligations of BGM under this Agreement with respect to any BGM
Commercialized Diagnostic Product shall apply to and bind any direct or indirect transferee of rights with respect to such product line, whether by means of sale of the product line, sale, merger, or consolidation of BGM, or any other transfer of
the product line, and also to any licensee of rights to the product line (collectively “Product Line Successors”). BGM shall assure that all agreements with Product Line Successors expressly provide for their assumption of such
obligations. BGM shall also continue to be liable to Humana for all obligations with respect to such product lines, notwithstanding any direct or indirect transfer of the product lines or the assumption of obligations with respect thereto by Product
Line Successors. 
 11.9 Further Assurance. Each Party shall duly execute and deliver, or cause to be duly executed
and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents and instruments, as may be necessary or as the other Party may reasonably request in
connection with this Agreement or to carry out more effectively the provisions and purposes hereof, or to better assure and confirm unto such other Party its rights and remedies under this Agreement. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 19 

 11.10 Relationship of the Parties. It is expressly agreed that BGM and Humana
shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency. Neither BGM nor Humana shall have the authority to make any statements, representations or commitments of
any kind, or to take any action, which shall be binding on the other, without the prior written consent of the other Party to do so, such consent not to be unreasonably withheld or delayed. 
 11.11 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile signatures and such signatures shall be deemed to bind each party hereto as if they were original signature. 
 11.12 References. Unless otherwise specified, (a) references in this Agreement to any Article, Section or Exhibit shall
mean references to such Article, Section or Exhibit of this Agreement, (b) references in any section to any clause are references to such clause of such section and (c) references to any agreement, instrument or other document in this
Agreement refer to such agreement, instrument or other document as originally executed or, if subsequently varied, replaced or supplemented from time to time, as so varied, replaced or supplemented and in effect at the relevant time of reference
thereto. 
 11.13 Construction. Except where the context otherwise requires, wherever used, the singular shall
include the plural, the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is used in the inclusive sense (and/or). The captions of this Agreement are for convenience of reference only and in no
way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The term “including” as used herein shall mean including, without limiting the generality of any
description preceding such term. The language of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule of strict construction shall be applied against either Party hereto. 
 [Signature Page Follows] 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 20 

 THIS AGREEMENT IS EXECUTED by the authorized representatives of the Parties as of the date first written
above. 
  

									
	HUMANA INC.	 		 	BG MEDICINE, INC.
					
	Signature:	 	/s/ Carol J. McCall	 		 	Signature:	 	/s/ Pieter Muntendam
	Name:	 	Carol J. McCall	 		 	Name:	 	Pieter Muntendam
	Title:	 	VP of Research and Development	 		 	Title:	 	President and CEO

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 21 

 FIRST AMENDMENT TO STRATEGIC AGREEMENT 
 This First Amendment to the Strategic Agreement (the “Amendment”) is entered into this 12th day of May, 2008 by and between Humana Inc.
(“Humana”) and BG Medicine, Inc. (“BGM”). 
 WITNESSETH 
 WHEREAS, the parties entered into the Strategic Agreement (the “Agreement”) effective November May 25, 2007; and 
 WHEREAS, the parties desire to amend the Agreement as it relates to the Exclusivity Term set forth in Section 3.l of the Agreement; 
 NOW, THEREFORE, in consideration for the mutual promises contained herein, Humana and BGM agree to amend the Agreement as follows: 
 1. The Exclusivity Term set forth in Subsection 3.1.1 of the Agreement shall be extended to 15 month from the Effective Date. 
 2. Subsection 3.1.2 of the Agreement shall be deleted in its entirety and replaced with the following: 
 3.1.2 The Exclusivity Term shall be automatically renewed during the term of the Agreement for subsequent periods of 12 months unless either
party, at least 15 (fifteen) days prior to the expiration of any Exclusivity Term, provides written notice of non-renewal to the other party, in which case, upon expiration of the then-current Exclusivity Term, Humana shall have no further
obligation to BGM pursuant to this Section 3.1. 
 3. Except as specifically amended hereby, the terms and conditions of the Agreement
shall remain the same. 
 IN WITNESS WHEREOF, the parties hereto have the authority necessary to bind the entities identified
herein and have caused this Amendment to the Strategic Agreement to be executed by their duly authorized officers to be effective as of the date first above written. 
  

									
	 Humana Inc.
	 	 	 	 BG Medicine, Inc.

					
	By:	 	 /s/ Carol J. McCall
	 		 		 	 /s/ Pieter Muntendam

					
	Print Name:	 	 Carol J. McCall
	 		 	Print Name:	 	 Pieter Muntendam

					
	Title:	 	 VP, R&D
	 		 	Title:	 	 President

					
	Date:	 	 5/12/08
	 		 	Date:	 	 May 12, 2008

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 AMENDMENT 2 
 This amendment (this “Amendment”) is made to the Strategic Agreement entered into on the 25th day of May, 2007 (the “Agreement”) by and between HUMANA, INC. and BG MEDICINE, INC., and
is entered into as of the date of last signature below. It is mutually understood and agreed by and between the Parties to amend that the Agreement as follows: 
 Section 3.1 Exclusive Period for Covered Projects, shall be deleted in its entirety and replaced with the following: 
 3.1 Right of First Refusal. 
 Should BG Medicine desire to engage in any project or
study involving the [***] or product (each such test or product, a “Diagnostic Product”) or involving [***], that involves [***] a particular Health Benefit Population (each, a “Covered Project”), it must offer by way of a
Request for Proposal (“RFP”) such Covered Project exclusively to Humana. Humana shall then have [***] days from receipt of the RFP to submit a proposal to BG Medicine or to reject the RFP. BG Medicine may offer the Covered Project to any
other third party if (a) Humana chooses not to submit a proposal in response to the RFP (b) Humana and BG Medicine fail to reach a formal agreement relating to the Covered Project within [***] days of Humana’s receipt of the RFP or
the such other period agreed to by the Parties; or (c) at any time Humana agrees to waive its right of first refusal under this Section 3.1. 
 Should Humana desire to engage in any project or study involving the [***] test or product (each such test or product, a “Diagnostic Product”) or involving [***], that involves [***] a particular Health Benefit Population
(each, a “Covered Project”), it must offer by way of a written notification such Covered Project exclusively to BG Medicine. BG Medicine shall then have [***] days from receipt of the written notification to submit the RFP to Humana or to
reject the Covered Project. Humana may offer the Covered Project to any other third party if (a) BG MEDICINE chooses not to submit the RFP in response to the written notification (b) BG Medicine and Humana fail to reach a formal agreement
relating to the Covered Project within [***] days of BG Medicine’s receipt of the written notification or such other period agreed to by the Parties; or (c) at any time BG Medicine agrees to waive its right of first refusal under this
Section 3.1. 
 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized
representatives. 
  

									
	 Humana Inc.
	 	 	 	 BG Medicine, Inc.

					
		 	 /s/ Carol McCall
	 		 		 	 /s/ Pieter Muntendam

	Print Name:	 	 Carol McCall
	 		 	Print Name:	 	 Pieter Muntendam

	Title:	 	 VP, R&D
	 		 	Title:	 	 President & CEO

	Date:	 	 8/12/09
	 		 	Date:	 	 August 12, 2009

  

			
	Amendment 2	  	Page 1 of 1

  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.Amended and Restated Limited Partnership Agreement

 EXHIBIT 10.1 
 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT

 OF 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 A DELAWARE LIMITED
PARTNERSHIP 
 February 9, 2010 

 TABLE OF CONTENTS 
  

					
	 RECITALS
	  	1
		
	 Article 1 DEFINED TERMS
	  	2
		
	 Article 2 PARTNERSHIP FORMATION AND IDENTIFICATION
	  	12
	 2.1
	  	Formation	  	12
	 2.2
	  	Name, Office and Registered Agent	  	12
	 2.3
	  	Partners	  	12
	 2.4
	  	Term and Dissolution	  	12
	 2.5
	  	Filing of Certificate and Perfection of Limited Partnership	  	13
	 2.6
	  	Certificates Describing Partnership Units and Special Partnership Units	  	13
		
	 Article 3 BUSINESS OF THE PARTNERSHIP
	  	13
		
	 Article 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	14
	 4.1
	  	Capital Contributions	  	14
	 4.2
	  	Additional Capital Contributions and Issuances of Additional Partnership Interests	  	14
	 4.3
	  	Additional Funding	  	16
	 4.4
	  	Capital Accounts	  	16
	 4.5
	  	Percentage Interests	  	17
	 4.6
	  	No Interest On Contributions	  	17
	 4.7
	  	Return Of Capital Contributions	  	17
	 4.8
	  	No Third Party Beneficiary	  	17
		
	 Article 5 PROFITS AND LOSSES; DISTRIBUTIONS
	  	18
	 5.1
	  	Allocation of Profit and Loss	  	18
	 5.2
	  	Distribution of Cash	  	20
	 5.3
	  	REIT Distribution Requirements	  	22
	 5.4
	  	No Right to Distributions in Kind	  	22
	 5.5
	  	Limitations on Return of Capital Contributions	  	22
	 5.6
	  	Distributions Upon Liquidation	  	22
	 5.7
	  	Substantial Economic Effect	  	22
		
	 Article 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	23
	 6.1
	  	Management of the Partnership	  	23
	 6.2
	  	Delegation of Authority	  	25
	 6.3
	  	Indemnification and Exculpation of Indemnitees	  	25
	 6.4
	  	Liability of the General Partner	  	27
	 6.5
	  	Reimbursement of General Partner	  	28
	 6.6
	  	Outside Activities	  	28
	 6.7
	  	Employment or Retention of Affiliates	  	29
	 6.8
	  	General Partner Participation	  	29
	 6.9
	  	Title to Partnership Assets	  	29

					
	 6.10
	  	Miscellaneous	  	30
	 6.11
	  	No Duplication of Fees or Expenses	  	30
		
	 Article 7 CHANGES IN GENERAL PARTNER
	  	30
	 7.1
	  	Transfer of the General Partner’s Partnership Interest	  	30
	 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	  	35
	 8.4
	  	Ownership by Limited Partner of Corporate General Partner or Affiliate	  	35
	 8.5
	  	Redemption Right	  	35
	 8.6
	  	Registration	  	37
	 8.7
	  	Redemption or Conversion of Special Partnership Units	  	37
	 8.8
	  	Distribution Reinvestment Plan	  	39
		
	 Article 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	39
	 9.1
	  	Purchase for Investment	  	39
	 9.2
	  	Restrictions on Transfer of Limited Partnership Interests	  	39
	 9.3
	  	Admission of Substitute Limited Partner	  	41
	 9.4
	  	Rights of Assignees of Partnership Interests	  	42
	 9.5
	  	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	  	42
	 9.6
	  	Joint Ownership of Interests	  	42
		
	 Article 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	43
	 10.1
	  	Books and Records	  	43
	 10.2
	  	Custody of Partnership Funds; Bank Accounts	  	43
	 10.3
	  	Fiscal and Taxable Year	  	43
	 10.4
	  	Annual Tax Information and Report	  	43
	 10.5
	  	Tax Matters Partner; Tax Elections; Special Basis Adjustments	  	44
	 10.6
	  	Reports to Limited Partners	  	44
	 10.7
	  	Safe Harbor Election	  	45
		
	 Article 11 AMENDMENT OF AGREEMENT; MERGER
	  	45
		
	 Article 12 GENERAL PROVISIONS
	  	45
	 12.1
	  	Notices	  	45
	 12.2
	  	Survival of Rights	  	46
	 12.3
	  	Additional Documents	  	46
	 12.4
	  	Severability	  	46
	 12.5
	  	Entire Agreement	  	46
	 12.6
	  	Pronouns and Plurals	  	46

					
	 12.7
	  	Headings	  	46
	 12.8
	  	Counterparts	  	46
	 12.9
	  	Governing Law	  	46

 EXHIBITS

 EXHIBIT A - Partners, Capital Contributions and Percentage Interests or Special Percentage Interests 
 EXHIBIT B - Notice of Exercise of Redemption Right 

 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 RECITALS 
 This Amended and Restated Limited
Partnership Agreement (this “Agreement”) is entered into this 9th day of February, 2010, between Industrial Income Trust Inc., a Maryland corporation (the “General Partner”) and the Limited Partners set forth on Exhibit A attached hereto. Capitalized
terms used herein but not otherwise defined shall have the meanings given them in Article 1. 
 AGREEMENT 
 WHEREAS, the General Partner intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended;

 WHEREAS, Industrial Income Operating Partnership LP (the “Partnership”), was formed on May 19, 2009 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 May 19, 2009; 
 WHEREAS, the General Partner desires to conduct its current and future business through the Partnership; 
 WHEREAS, in furtherance of the foregoing, the General Partner desires to contribute certain assets to the Partnership from time to time;

 WHEREAS, in exchange for the General Partner’s contribution of assets, the parties desire that the Partnership issue
Partnership Units to the General Partner in accordance with the terms of this Agreement; 
 WHEREAS, the Limited Partners will
contribute certain of their property to the Partnership in exchange for Partnership Units or Special Partnership Units in accordance with the terms of this Agreement; 
 WHEREAS, in furtherance of the Partnership’s business, the Partnership will acquire Properties and other assets from time to time by means of the contribution of such Properties or other assets to
the Partnership by the owners thereof in exchange for Partnership Units; 
 WHEREAS, the parties hereto wish to establish herein
their respective rights and obligations in connection with all of the foregoing and certain other matters; and 
 WHEREAS, the
parties hereto are party to a Limited Partnership Agreement, dated as of December 16, 2009 (the “Original Limited Partnership Agreement”); 

 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 that the Original Limited Partnership Agreement shall be and hereby is amended and restated in its entirely
as follows: 
 ARTICLE 1 
 DEFINED TERMS 
 The following defined terms used in this Agreement shall
have the meanings specified below: 
 “ACT” means the Delaware Revised Uniform Limited Partnership Act, as it may be
amended from time to time. 
 “ADDITIONAL FUNDS” has the meaning set forth in Section 4.3 hereof. 
 “ADDITIONAL SECURITIES” means any additional REIT Shares (other than REIT Shares issued in connection with a redemption pursuant
to Section 8.5 hereof or REIT Shares issued pursuant to a distribution reinvestment plan of the General Partner) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT
Shares, as set forth in Section 4.2(a)(ii). 
 “ADMINISTRATIVE EXPENSES” means (i) all administrative and
operating costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any
accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, (iii) 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, (iv) costs and
expenses relating to any Offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to
any such Offering, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (v) costs and expenses associated with any repurchase of any securities by the
General Partner, (vi) 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
Commission, (vii) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (viii) 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, (ix) costs and expenses incurred by the General Partner relating to any issuing or redemption of
Partnership Interests and (x) 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; 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 that are owned by the General Partner directly.

  

 2 

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

 “ADVISORY AGREEMENT” means the agreement between the General Partner, the Partnership and the Advisor pursuant to
which the Advisor will direct or perform the day-to-day business affairs of the General Partner. 
 “AFFILIATE” means,
with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of
whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other
Person; (iv) any executive officer, director, trustee or general partner of such other Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 “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 Partners, number of Partnership Units or Special Partnership Units issued to each Partner, and the Agreed Value of non-cash Capital Contributions as of the date of
contribution are set forth on Exhibit A. 
 “AGREEMENT” means this Amended and Restated Limited Partnership
Agreement, as amended, modified supplemented or restated from time to time, as the context requires. 
 “APPLICABLE
PERCENTAGE” has the meaning provided in Section 8.5(b) hereof. 
 “ASSET” means any Property, Mortgage,
other debt or other investment (other than investments in bank accounts, money market funds or other current assets) owned by the General Partner, directly or indirectly through one or more of its Affiliates. 
 “CAPITAL ACCOUNT” has the meaning provided in Section 4.4 hereof. 
 “CAPITAL CONTRIBUTION” means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset
(other than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital
Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 “CARRYING VALUE” means, with
respect to any asset of the Partnership, the asset’s adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution, reduced by any
amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market
values (as determined by the General Partner), in

  

 3 

 
accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.4. In the case of any asset of the Partnership that has a Carrying Value
that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the allocations of net profit and net loss pursuant to Article 5 hereof rather than
the amount of depreciation, depletion and amortization determined for federal income tax purposes. 
 “CASH AMOUNT”
means an amount of cash per Partnership Unit equal to the lesser of (i) the Value of the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Redemption or (ii) the applicable Redemption Price determined by the
General Partner. 
 “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. 
 “CHARTER” means the Amended and Restated Articles of Incorporation of the General Partner filed with the Maryland State Department
of Assessments and Taxation, as amended or restated from time to time. 
 “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. 
 “COMMISSION” means the U.S. Securities and Exchange Commission. 
 “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

  

 4 

 
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 Redemption 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 Redemption immediately
prior to the record date for such dividend, distribution, subdivision or combination. 
 “DEFAULTING LIMITED PARTNER”
has the meaning provided in Section 5.2(c) hereof. 
 “DIRECTOR” shall have the meaning set forth in the Charter.

 “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. 
 “EXCEPTED HOLDER LIMIT” shall have the meaning set forth in the Charter. 
 “GENERAL PARTNER” means Industrial Income Trust 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 PARTNER
LOAN” has the meaning provided in Section 5.2(c) hereof. 
 “GENERAL PARTNERSHIP INTEREST” means a
Partnership Interest held by the General Partner that is a general partnership interest. 
 “INDEMNITEE” means the
General Partner, the Advisor or any of its Affiliates or any employee, Director or Affiliate of the General Partner or the Partnership. 
 “INDEPENDENT DIRECTORS” shall have the meaning set forth in the Charter. 
 “JOINT VENTURE” means those joint venture, co-investment, co-ownership or partnership arrangements in which the General Partner or any of its subsidiaries is a co-venturer or general partner established to acquire or hold Assets.

  

 5 

 “LIMITED PARTNER” means any Person named as a Limited Partner on Exhibit A
attached hereto, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 “LIMITED PARTNERSHIP INTEREST” means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to
which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 
 “LIQUIDITY EVENT” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in
which the Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where
Stockholders either receive, or have the option to receive, cash or other consideration. 
 “LISTING” means the
listing of the REIT Shares on a national securities exchange or the receipt by the holders of the REIT Shares of securities that are listed on a national securities exchange. Upon such Listing, the REIT Shares shall be deemed “Listed.”

 “MORTGAGES” means, in connection with mortgage financing provided, invested in, participated in or purchased by the
General Partner, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests
or other evidences of indebtedness or obligations. 
 “NET SALES PROCEEDS” means, in the case of a transaction
described in clause (i)(A) of the definition of Sale, the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General Partner or the Partnership, including all real estate commissions, closing costs
and legal fees and expenses. In the case of a transaction described in clause (i)(B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General
Partner or the Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction described in clause (i)(C) of such definition, Net Sales Proceeds means the
proceeds of any such transaction actually distributed to the General Partner or the Partnership from the Joint Venture less the amount of any selling expenses, including legal fees and expenses incurred by or on behalf of the General Partner (other
than those paid by the Joint Venture). In the case of a transaction or series of transactions described in clause (i)(D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all
payments under a Mortgage or in satisfaction thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the General Partner or the Partnership, including all commissions, closing costs
and legal fees and expenses. In the case of a transaction described in clause (i)(E) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General
Partner or the Partnership, including any legal fees and expenses and other selling expenses incurred in connection with

  

 6 

 
such transaction. In the case of a transaction described in clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less
all amounts generated thereby which are reinvested in one or more Assets within 180 days thereafter and less the amount of any real estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to
the General Partner or the Partnership in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the General Partner determines, in its discretion, to be economically equivalent to proceeds
of a Sale. Net Sales Proceeds shall not include any reserves established by the General Partner in its sole discretion. 
 “NOTICE OF REDEMPTION” means the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B hereto. 
 “OFFER” has the meaning set forth in Section 7.1(c) hereof. 
 “OFFERING” means the offer and sale of REIT Shares to the public. 
 “OP UNITHOLDERS” means all
holders of Partnership Interests other than the Special OP Unitholders. 
 “ORIGINAL LIMITED PARTNER” means the
Limited Partners designated as “Original Limited Partners” on Exhibit A hereto. 
 “OWNERSHIP LIMIT”
shall have the meaning set forth in the Charter. 
 “PARTNER” means any General Partner or 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 Industrial Income Operating Partnership LP, a Delaware limited partnership. 
 “PARTNERSHIP INTEREST” means an ownership interest in the Partnership held by either a 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 LOAN” has the meaning provided in Section 5.2(c) hereof. 
 “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).

  

 7 

 “PARTNERSHIP RECORD DATE” means the record date established by the General Partner
for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its shareholders of some or all of its portion of such distribution.

 “PARTNERSHIP UNIT” means a fractional, undivided share of the Partnership Interests of all Partners issued
hereunder excluding the Partnership Interests represented by Special 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. 

“PERCENTAGE INTEREST” means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the
Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 
 “PERSON” means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified
under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended from time to time, and a group to which an
Excepted Holder Limit applies. 
 “PROPERTY” means, as the context requires, all or a portion of each Real Property
acquired by the General Partner, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
 “REAL PROPERTY” means land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with
land and rights or interests in land. 
 “REDEMPTION” has the meaning provided in Section 8.5(a) hereof.

 “REDEMPTION PRICE” means the Value of the REIT Shares Amount on the date of receipt by the General Partner of a
Notice of Redemption multiplied by any discount determined by the General Partner, including but not limited to, any discount based upon the combined number of years that the applicable Partner has held the Partnership Units offered for redemption.

 “REDEMPTION RIGHT” has the meaning provided in Section 8.5(a) hereof. 
 “REDEMPTION SHARES” has the meaning provided in Section 8.6(a) hereof. 
  

 8 

 “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(H) hereof. 
 “REIT” means a corporation, trust, association or other legal entity (other than a real estate syndication) that qualifies as a
real estate investment trust under Sections 856 through 860 of the Code, and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests
therein) and the regulations promulgated thereunder. 
 “REIT SHARE” means a common share of beneficial interest in
the General Partner (or successor entity, as the case may be). 
 “REIT SHARES AMOUNT” means a number of REIT Shares
equal to the product of the number of Partnership Units offered for exchange by a Tendering Party, multiplied by the Conversion Factor as adjusted to and including the Specified Redemption 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 shareholders 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 Redemption 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. 
 “RELATED PARTY” means, with respect to any Person, any other Person whose ownership
of shares of the General Partner’s capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 
 “SAFE HARBOR” means, the election described in the Safe Harbor Regulation, pursuant to which a partnership and all of its partners
may elect to treat the fair market value of a partnership interest that is transferred in connection with the performance of services as being equal to the liquidation value of that interest. 
 “SAFE HARBOR ELECTION” means the election by a partnership and its partners to apply the Safe Harbor, as described in the Safe
Harbor Regulation and Internal Revenue Service Notice 2005-43 , issued on May 19, 2005. 
 “SAFE HARBOR
REGULATION” means Proposed Treasury Regulations Section 1.83-3(l) issued on May 19, 2005. 
 “SALE” means (i) any transaction or series of transactions whereby: (A) the General Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants,
transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise to a significant amount of
insurance

  

 9 

 
proceeds or condemnation awards; (B) the General Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the interest of the General Partner or the Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as
described in other subsections of this definition) in which the General Partner or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event
with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the General Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or
relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and
any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the General Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants,
transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause
(i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the General Partner in one or more Assets within 180 days thereafter. 
 “SECURITIES ACT” means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference to
any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“SERVICE” means the United States Internal Revenue Service. 
 “SPECIAL OP UNITHOLDERS” means the holders of Special Partnership Units. 
 “SPECIAL PARTNERSHIP UNIT” means a unit of a series of Partnership Interests, designated as Special Partnership Units, issued
pursuant to Section 4.1. The number of Special Partnership Units outstanding and the Special Percentage Interests in the Partnership represented by such Special Partnership Units are set forth on Exhibit A, as such Exhibit may be amended
from time to time. A holder of a Special Partnership Unit shall have the same rights and preferences as a holder of a Partnership Unit under this Agreement that is a Limited Partner except as set forth in Sections 5.1(a), 5.2(b), 7.1(c), 8.5, 8.6
and 8.7. 
 “SPECIAL PERCENTAGE INTEREST” shall mean the percentage ownership interest in the Partnership of each
Special OP Unitholder, as determined by dividing the Special Partnership Units owned by each Special OP Unitholder by the total number of Special Partnership Units then outstanding. The Special Percentage Interest of each Partner shall be as set
forth on Exhibit A, as such Exhibit may be amended from time to time. 
 “SPECIFIED REDEMPTION DATE” means the
first business day of the month that is at least sixty (60) business days after the receipt by the General Partner of the Notice of Redemption. 
  

 10 

 “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. 
 “SURVIVOR” has the meaning set forth in
Section 7.1(d) hereof. 
 “TAX MATTERS PARTNER” has the meaning described in Section 10.5(a) hereof.

 “TERMINATION EVENT” means the termination or nonrenewal of the Advisory Agreement (i) in connection with a
merger, sale of Assets or other transaction involving the General Partner pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for “good reason” (as defined in the Advisory
Agreement), or (iii) by the General Partner and/or the Partnership other than for “cause” (as defined in the Advisory Agreement). 
 “TENDERED UNITS” has the meaning provided in Section 8.5(a) hereof. 
 “TENDERING PARTY” has the meaning provided in Section 8.5(a) hereof. 
 “TRANSACTION” has the
meaning set forth in Section 7.1(c) hereof. 
 “TRANSFER” has the meaning set forth in Section 9.2(a)
hereof. 
 “VALUATION DATE” has the meaning set forth in Section 8.7(b) hereof. 
 “VALUE” means the fair market value per share of REIT Shares which will equal: (i) if REIT Shares are Listed, the average
closing price per share for the previous thirty business days, (ii) if REIT Shares are not Listed, (a) the most recent offering price per share or share equivalent of REIT Shares, until December 31st of the year following the year in
which the most recently completed offering of REIT Shares has expired, and (b) thereafter, such price per REIT Share as the management of the General Partner determines in good faith. 
  

 11 

 ARTICLE 2 
 PARTNERSHIP FORMATION AND IDENTIFICATION 
 2.1 Formation. The
Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the State of Delaware, 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 Industrial Income Operating
Partnership LP. The specified office and place of business of the Partnership shall be 518 17th Street, 17th
Floor, Denver, Colorado 80202. 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
Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. 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 Industrial Income Trust Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership. 
 (b) The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time to
time. 
 2.4 Term and Dissolution. 
 (a) The term of the Partnership shall continue in full force and effect until December 31, 2039, 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, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; 
 (ii) The passage of ninety (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); or 
 (iii) The election by the General Partner that the Partnership
should be dissolved. 
  

 12 

 (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 any Certificate(s) 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, any and all amendments to
the Certificate(s) 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
and Special Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue (but in no way is obligated to issue) a certificate summarizing the terms of such Limited Partner’s interest in the
Partnership, including the number of Partnership Units and Special Partnership Units owned and the Percentage Interest and Special Percentage Interest represented by such Partnership Units and Special 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 and Special Partnership Units represented by this certificate are governed by and
transferable only in accordance with the provisions of the Limited Partnership Agreement of Industrial Income Operating Partnership LP, as amended from time to time. 
 ARTICLE 3 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted
by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise
ceases to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture, co-ownership 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 qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and upon such qualification the
avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the

  

 13 

 
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 Charter. The General Partner on behalf of the Partnership 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 and the initial Limited Partners have made capital contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as such Exhibit may be
amended from time to time. 
 4.2 Additional Capital Contributions and Issuances of Additional Partnership
Interests. Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute
additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 
 (a) Issuances of Additional Partnership Interests. 
 (i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership
Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, including but not limited to Partnership Units issued in connection with acquisitions of properties, 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 Partners. Any additional Partnership
Interests issued thereby may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights,
powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation,
(i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership
distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner
unless: 
 (1) (A) 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

  

 14 

 
with this Section 4.2 and (B) 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; 
 (2) 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 
 (3) the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their
respective Percentage Interests. 
 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 proceeds from the
issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional
Securities in connection with an acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of
the General Partner and the Partnership by a majority of the Independent Directors. 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 Partnership Units
equal to the product of (A) the number of such REIT Shares 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. 
  

 15 

 (b) Certain Deemed Contributions of Proceeds of Issuance of REIT
Shares. In connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General
Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions
to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with the required
issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 
 4.3 Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General
Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans or otherwise, provided,
however, that the Partnership may not borrow money from its Affiliates, unless a majority of the Directors of the General Partner (including a majority of Independent Directors) not otherwise interested in such transaction approve the transaction as
being fair, competitive, and commercially reasonable and no less favorable to the Partnership than comparable loans between unaffiliated parties. 
 4.4 Capital Accounts. 
 (a) A separate capital
account (each a “Capital Account”) shall be maintained for each Partner in accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv), and this Section 4.4 shall be interpreted and applied in a manner consistent
therewith. Whenever the Partnership would be permitted to adjust the Capital Accounts of the Partners pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Partnership property, the Partnership may so
adjust the Capital Accounts of the Partners. In the event that the Capital Accounts of the Partners are adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Partnership property, (i) the
Capital Accounts of the Partners shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book purposes, with
respect to such property, (ii) the Partners’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such property shall be determined so as to take account of the
variation between the adjusted tax basis and book value of such property in the same manner as under Code Section 704(c), and (iii) the amount of upward and/or downward adjustments to the book value of the Partnership property shall be
treated as income, gain, deduction and/or loss for purposes of applying the allocation provisions of Article 5. In the event that Code Section 704(c) applies to Partnership property, the Capital Accounts of the Partners shall be adjusted in
accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes, with respect to such property. 
  

 16 

 (b) Notwithstanding any provision herein to the contrary, any fees, expenses
or other costs of the Partnership that are required to be paid by the General Partner without reimbursement and that are required to be treated as capital contributions to the Partnership for purposes of the Treasury Regulations promulgated under
Section 704(b) of the Code, shall be added to the balance of the General Partner’s Capital Account. 
 4.5
Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each
such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’
Percentage Interests are adjusted pursuant to this Section 4.5, the net profits and net losses (and items thereof) 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 net profits and net losses (or items thereof) for the taxable year in which the adjustment occurs. The allocation of net profits
and net losses (or items thereof) for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of net profits and net losses (or items thereof) for the later part shall be based on the adjusted
Percentage Interests. 
 4.6 No Interest On Contributions. No Partner shall be entitled to interest on its Capital
Contribution. 
 4.7 Return Of Capital Contributions. No Partner shall be entitled to withdraw any part of its
Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or
withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.8 No Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue
any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors
and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such
rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties
hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited
Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not
be deemed to be a liability of such Partner nor an asset or property of the Partnership. 
  

 17 

 ARTICLE 5 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 5.1 Allocation of Profit and
Loss. 
 (a) General. Net profit and net loss (or items thereof) of the Partnership for each
fiscal year or other applicable period of the Partnership shall be allocated among the OP Unitholders in accordance with their respective Percentage Interests. 
 (b) General Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount of
(i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of
(A) the cumulative distributions made to the General Partner under Section 6.5(b) hereof, other than distributions which would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of
expenses which would properly be deductible by the Partnership, over (B) the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(b). 
 (c) Special Allocation with Respect to Sales. Items of income, gain, credit, loss and deduction of the Partnership for
each fiscal year or other applicable period from Sales, other than any such items allocated under Section 5.1(b), shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under
Section 5.1(a), 5.1(b) and 5.1(d), cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the
Partnership were liquidated on the last day of such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Value, taking into account any adjustments thereto for such period, all liabilities of the
Partnership were satisfied in full in cash according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and Net Sales Proceeds (after satisfaction of such liabilities) were
distributed in full pursuant to Section 5.2(b)(i), minus (ii) the sum of such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would
be obligated to contribute to the capital of the Partnership, all computed as of the date of the hypothetical sale of assets.  
 (d) Nonrecourse Deductions; 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

  

 18 

 
to the liability to which such deductions are 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 excess nonrecourse liabilities
of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (e) 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)(1) and 1.704-2(i)(5), 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). This Section 5.1(e) 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. After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.1(e), to the extent permitted by
Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.1(e). 
 (f) Capital Account Deficits. Loss (or items of loss) shall not be allocated to a Limited Partner to the extent that
such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to
exceed 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)(1) and 1.704-2(i)(5). Any net loss in excess of that limitation
shall be allocated to the General Partner. After the occurrence of an allocation of net loss to the General Partner in accordance with this Section 5.1(d), to the extent permitted by Regulations Section 1.704-1(b), Profit shall be
allocated to such Partner in an amount necessary to offset the net loss previously allocated to such Partner under this Section 5.1(f). 
 (g) 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

  

 19 

 
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 profit and loss between the transferor and the transferee Partner. 
 (h) Curative
Allocations. The allocations set forth in Section 5.1(d), (e) and (f) 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(i). 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), (b), (c) and (g). 
 5.2 Distribution of
Cash. 
 (a) The Partnership may distribute cash on a quarterly (or, at the election of the General
Partner, more or less frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in
accordance with Section 5.2(b); 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 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 shall be reduced in the proportion equal to one minus (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 and the immediately preceding Partnership Record Date. 
 (b) Except for distributions pursuant to Section 5.6 of this Agreement in connection with the dissolution and
liquidation of the Partnership and subject to the provisions of Section 5.2(c), 5.2(d), 5.3, 5.5 and 8.7 of this Agreement, distributions shall be made in accordance with the following provisions: 
 (i) all distributions of Net Sales Proceeds shall be made: (A) first, 100% to the OP Unitholders in accordance with
their respective Percentage Interests on the Partnership Record Date until the General Partner (and its shareholders), have received cumulative distributions under this Section 5.2(b) (taking into account the aggregate distributions made
pursuant to this Section 5.2(b)(i) and Section 5.2(b)(ii) below), equal to the aggregate Capital Contributions made by the General Partner (and its shareholders), to the Partnership plus a cumulative, noncompounded pre-tax rate of return

  

 20 

 
thereon of 6.5% per annum, determined by taking into account the dates on which all such Capital Contributions and distributions were made and (B) second, (1) 85% to the OP
Unitholders, in accordance with their respective Percentage Interests on the Partnership Record Date and (2) 15% to the Special OP Unitholders in accordance with their respective Special Percentage Interests on the Partnership Record Date; and

 (ii) all distributions of cash other than Net Sales Proceeds shall be made to the OP Unitholders in accordance
with their respective Percentage Interests on the Partnership Record Date. 
 (c) 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 actual amount shall be treated as a distribution of cash in the amount of such withholding and the additional amount required to be withheld shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the
day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited
Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within fifteen (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(c) 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. 
  

 21 

 (d) 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 make shareholder distributions 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 on Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have
the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities
to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 
 5.6 Distributions Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the
Partnership shall be distributed to all Partners in proportion to their respective positive Capital Account balances, determined after taking into account all allocations required to be made pursuant to Section 5.1 hereof and all prior
distributions made pursuant to this Article 5, in compliance with Treasury Regulation Section 1.704-1(b)(2)(ii)(b)(2). Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by
the General Partner, of any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in
computing net profit and net loss of the Partnership (or items thereof) for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. To the extent deemed advisable by the
General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7 Substantial Economic Effect. It is the intent of the Partners that the allocations of net profit and net loss (and items
thereof), 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. 
  

 22 

 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, dispose and exchange of any Assets, that the General Partner determines are necessary or appropriate or in the best interests of the business of the
Partnership; 
 (ii) to construct buildings and make other improvements on the properties owned or leased by the
Partnership; 
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any
securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any
Partnership Interests) of the Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive
evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge
or other lien on the Partnership’s assets; 
 (v) to pay, either directly or by reimbursement, for all
operating costs and general administrative expenses of the Partnership 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 operating costs and general 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; 
  

 23 

 (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 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, including returns on Form 1065, and to issue Form 1065 (Schedule K-1) to the Partners, as appropriate; 
 (xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 
  

 24 

 (xix) to form or acquire an interest in, and contribute property to, any
further limited or general partnerships, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in
which it has an equity interest from time to time); 
 (xx) to establish Partnership reserves for working
capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 
 (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 and to file federal income tax returns on Form 1120-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, unless it is

  

 25 

 
established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and
deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or
omission was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 
 (b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the
Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 6.3 has been met, and
(ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
 (c) The indemnification provided by this Section 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. 
 (d) 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. 
 (e) 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. 
 (f) In no event may an
Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) 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. 
  

 26 

 (h) 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. 
 (i) Notwithstanding the foregoing, the Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following conditions are met: (i) the Indemnitee has
determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership; (iii) the
liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnitee is a director of the General Partner (other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross
negligence or willful misconduct, in the case that the Indemnitee is an Independent Director; and (iv) the indemnification or agreement to hold harmless is recoverable only out of net assets of the Partnership. In addition, the Partnership
shall not provide indemnification 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 Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the 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 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.

 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 shareholders 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 shareholders 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 shareholders 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

  

 27 

 
shareholders or the Limited Partner shall be resolved in favor of the shareholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or
benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 
 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of
the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the
Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the
General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is
deemed approved by all of the Limited Partners. 
 (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 incurred by the General Partner. 
 6.6 Outside
Activities. Subject to (a) Section 6.8 hereof, (b) the Charter and (c) any agreements entered into by the General Partner or its Affiliates with the Partnership, a Subsidiary or any officer, director, employee, agent,
trustee, Affiliate or shareholder of the General Partner, 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, interests or activities. None of the
Limited Partners nor any other

  

 28 

 
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, applicable law and
the REIT status of the General Partner. 
 (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, in the General Partner’s sole
discretion, 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 any Asset 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

  

 29 

 
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 or one or more Subsidiary Partnerships in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its commercially reasonable efforts
to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in
which legal title to such Partnership assets is held. 
 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 dividend 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 redeemed such 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 redeemed 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. 
 6.11 No Duplication of Fees or Expenses. The Partnership may not incur or
be responsible for any fee or expense (in connection with the Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 
 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(c), (d) or (e). 
 (b) The General Partner agrees that its Percentage Interest will at all times be in the aggregate, at least 0.1%. 
 (c) Except as otherwise provided in Section 6.4(b) or Section 7.1(d) or (e) 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 consent of Limited Partners holding more than 50% of the Percentage Interests and more than 50% of the Special Percentage Interests of the Limited Partners is obtained; 
  

 30 

 (ii) as a result of such Transaction all Limited Partners will receive
(A) for each Partnership Unit (other than the Special Units) an amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to
a holder of one REIT Share in consideration of one REIT Share, provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the
outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have
received had it (1) exercised its Redemption Right and (2) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right immediately prior to the expiration of the Offer and (B) for
each Special Partnership Unit an amount of cash, securities or other property (as applicable based upon the type of consideration and the proportions thereof paid to holders of REIT Shares in the Transaction) determined as set forth pursuant to
Section 5.2(b)(i) or Section 8.7(b) hereof, as applicable; 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) have the
right to receive (1) in exchange for their Partnership Units (other than the Special Units), 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 and (2) in exchange for their Special Partnership Units, an amount of cash, securities
or other property (as applicable based upon the type of consideration and the proportions thereof paid to holders of REIT Shares in the Transaction) determined as set forth pursuant to Section 8.7 hereof. 
 (d) Notwithstanding Section 7.1(c), 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 “Survivor”), 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 Survivor in good faith and (ii) the Survivor expressly
agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.1(d). The Survivor
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

  

 31 

 
Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately prior to such
merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion Factor.
The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to Sections 8.5 and 8.7 hereof so as to approximate the existing rights and obligations set forth in Sections 8.5 and 8.7 as closely as reasonably
possible. The above provisions of this Section 7.1(d) shall similarly apply to successive mergers or consolidations permitted hereunder. 
 (e) Notwithstanding Section 7.1(c), 
 (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 any
transaction that is not required to be submitted to the vote of the holders of the REIT Shares by (A) law or (B) the rules of any national securities exchange on which the REIT Shares are Listed. 
 7.2 Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General
Partner of the Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be
admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or
appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5
hereof in connection with such admission shall have been performed; 
 (b) if the Person to be admitted as a
substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound
by the terms and provisions of this Agreement; and 
 (c) counsel for the Partnership shall have rendered an
opinion (relying on such opinions from other counsel and the state or any other jurisdiction as may be necessary) that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act
and (y) 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 tax purposes, or
(ii) the loss of any Limited Partner’s limited liability. 
  

 32 

 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, deemed 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 of, 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 ninety (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 or dissolution of, 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

  

 33 

 
the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General
Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within ten (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 thirty (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 forty (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 sixty (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, 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, desirable 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. 
  

 34 

 8.3 Limitation on Liability of Limited Partners. No Limited Partner shall be
liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution
is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 
 8.4 Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time, either
directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of
counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to establish
compliance by the Limited Partners with the provisions of this Section. 
 8.5 Redemption Right. 
 (a) Subject to Sections 8.5(b), 8.5(c), 8.5(d), 8.5(e) and 8.5(f) and the provisions of any agreements between the
Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner, other than the General Partner, shall, after holding their Partnership Units for at least one year, have the right (subject to the
terms and conditions set forth herein) to require the Partnership to redeem (a “Redemption”) all or a portion of the Partnership Units (other than Special Units), held by such Limited Partner in exchange (a “Redemption Right”)
for REIT shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the General Partner in its sole discretion, provided that such Partnership Units (the “Tendered Units”) shall have been outstanding
for at least one year. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the Redemption Right (the “Tendering
Party”). No Limited Partner may deliver more than two Notices of Redemption during each calendar year. A Limited Partner may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than
1,000 Partnership Units, all of the Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record
date for such distribution is on or after the Specified Redemption Date. 
 (b) If the General Partner elects to
redeem Tendered Units for REIT Shares rather than cash, then the Partnership shall direct the General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case,
(i) the General Partner, acting as a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party’s exercise of its Redemption Right, and (ii) such transaction shall be
treated, for federal income tax

  

 35 

 
purposes, as a transfer by the Tendering Party of such Tendered Units to the General Partner in exchange for REIT shares. The percentage of the Tendered Units tendered for Redemption by the
Tendering Party for which the General Partner elects to issue REIT Shares (rather than cash) is referred to as the “Applicable Percentage.” In making such election to acquire Tendered Units, the Partnership shall act in a fair, equitable
and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a group or class of Limited Partners. If the Partnership elects to redeem any number of Tendered Units for REIT Shares, rather
than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable
Percentage. The product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and accessible REIT Shares free of any pledge, lien, encumbrance
or restriction, other than the Ownership Limit (as calculated in accordance with the Charter) and other restrictions provided in the Article of Incorporation, the bylaws of the General Partner, the Securities Act and relevant state securities or
“blue sky” laws. Notwithstanding the provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Charter. 
 (c) In connection with an exercise of Redemption Rights pursuant to this Section 8.5, the Tendering Party shall submit
the following to the General Partner, in addition to the Notice of Redemption: 
 (1) A written affidavit, dated
the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related Party
and (b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Ownership Limit (or, if applicable the Excepted Holder Limit); 
 (2) A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any
additional REIT Shares prior to the closing of the Redemption on the Specified Redemption Date; and 
 (3) An
undertaking to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged
from that disclosed in the affidavit required by Section 8.5(c)(1) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Ownership Limit (or, if
applicable, the Excepted Holder Limit). 
 (4) Any other documents as the General Partner may reasonably require
in connection with the issuance of REIT Shares upon the exercise of the Redemption Right. 
  

 36 

 (d) Any Cash Amount to be paid to a Tendering Party pursuant to this
Section 8.5 shall be paid on the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the General
Partner to provide financing to be used to make such payment of the Cash Amount, by causing the issuance of additional REIT Shares or otherwise. Notwithstanding the foregoing, the General Partner agrees to use its commercially reasonable efforts to
cause the closing of the acquisition of Tendered 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 Redemption Rights to prevent, among other things, (a) any
person from owning shares in excess of the Ownership Limit and the Excepted Holder Limit, (b) the General Partner’s common stock from being owned by less than 100 persons, the General Partner from being “closely held” within the
meaning of section 856(h) of the Code, and 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 holding Partnership Units, 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 having the Partnership be treated as a “publicly traded partnership” under section 7704 of the Code. 
 (f) A redemption fee may be charged in connection with an exercise of Redemption Rights pursuant to this Section 8.5.

 8.6 Registration. Subject to the terms of any agreement between the General Partner and one or more Limited
Partners with respect to Partnership Units held by them: 
 (a) Listing on Securities Exchange. If the
General Partner shall list or maintain the listing of any REIT Shares on any securities exchange or national market system, it will at its expense and as necessary to permit the registration and sale of the REIT Shares that may be issued upon
redemption of Partnership Units pursuant to Section 8.5 hereof (the “Redemption Shares”) hereunder, list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares. 
 (b) Registration Not Required. Notwithstanding the foregoing, the General Partner shall not be required to file or
maintain the effectiveness of a registration statement covering the resale of Redemption Shares if, in the opinion of counsel to the General Partner, such Redemption Shares could be sold by the holders thereof pursuant to Rule 144 under the
Securities Act, or any successor rule thereto. 
 8.7 Redemption or Conversion of Special Partnership
Units. Upon the earliest to occur of (a) the termination or nonrenewal of the Advisory Agreement for “cause” (as defined in the Advisory Agreement), (b) a Termination Event, or (c) a Liquidity Event which does
not qualify as a Termination Event, the Special Partnership Units will be exchanged for OP Units with a value as described below and immediately thereafter will be redeemed, subject to the option of the Special OP Unitholders to retain such OP Units
received upon exchange of the Special Partnership Units in such circumstances. 
 (a) Redemption of Special
Partnership Units Upon Termination or Nonrenewal of the Advisory Agreement for Cause. If the Advisory Agreement is terminated or not renewed by the General Partner for “cause” (as defined in the Advisory Agreement), all of the Special
Partnership Units shall be redeemed by the Partnership for $1 within thirty (30) days after the termination or nonrenewal of the Advisory Agreement. 
  

 37 

 (b) Redemption of Special Partnership Units upon a Termination Event or
Liquidity Event. Upon the occurrence of a Termination Event or a Liquidity Event, the Special Partnership Units shall be exchanged for OP Units with a value equal to the Net Sales Proceeds that would have been distributed to the Special OP
Unitholders under Section 5.2(b)(i)(B)(2) if all assets of the Partnership had been sold for their fair market value, as determined in good faith by the General Partner, all liabilities of the Partnership were satisfied in full in cash
according to their terms, and Net Sales Proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.2(b)(i), provided however, (i) in any case of a Liquidity Event of the type described in
Section 7.1(c) (including a Termination Event that is a Liquidity Event), the General Partner shall determine such fair market value by reference to the value paid to the holders of REIT Shares, if applicable, and the implied value of the
Partnership’s assets as a result of such Liquidity Event, (ii) in any case of a Termination Event which is not a Liquidity Event of the type described in Section 7.1(c), the General Partner shall determine such fair market value by
reference to a valuation provided by an independent appraiser selected by the General Partner and approved by the Special OP Unitholders, and (iii) in connection with a Listing, the General Partner shall make such determination taking into
account the market value of the General Partner’s Listed shares based upon the average closing price, or average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning
150 days after the Listing (the date on which such valuation is determined to be referred to as the “Valuation Date”). In the case of a Termination Event or Liquidity Event which is not a Listing, such OP Units shall be redeemed in
connection with such Termination Event or Liquidity Event or as soon as is reasonably practicable thereafter, and in the case of a Listing described above, the redemption of such OP Units shall occur within 210 days thereof. The payment to the
Special OP Unitholders upon the redemption of their OP Units resulting from a Termination Event or a Liquidity Event shall be paid in cash; provided, however that if the Board of Directors of the General Partner determines that such payment will
impair the capital of the General Partner, such payment shall consist of a promissory note bearing interest at a competitive market rate (determined by taking into account, among other things, the size of the Partnership, its capital structure and
financial strength, its credit rating or the credit rating of its General Partner (if applicable), the terms of the promissory note, including its maturity date, principal balance, whether it is secured or unsecured, whether it pays interest
currently or allows it to accrue, and the liquidation preference of the promissory note in relation to other liabilities and obligations of the Partnership). The promissory note will be repaid pursuant to the terms thereof, including using the
entire net proceeds of each Sale of an Asset or Assets of the Partnership in connection with or following the occurrence of the Termination Event or a Liquidity Event. Notwithstanding anything to the contrary in this Section 8.7, in the case
of any termination or non-renewal of the Advisory Agreement that is not in connection with a Liquidity Event or for “cause” (as defined in the Advisory Agreement), the Special OP Unitholders shall receive payment in the form of a
promissory note, which shall be payable in 12 equal quarterly installments and will bear interest on the unpaid balance at a rate determined by the Board of Directors of the General Partner to be fair and reasonable; provided, however, that no
payment shall be made in any quarter in which such payment would impair the General Partner’s capital or jeopardize its REIT status (and such deferred payments shall be delayed until the next quarter in which payment would not impair the
General Partner’s capital or jeopardize REIT status); further provided that the payment of the outstanding balance on any promissory note and all interest due on such note shall be accelerated upon the occurrence of a Liquidity Event.

  

 38 

 (c) Limitation on Redemption and Conversion. Notwithstanding anything
herein to the contrary, no exchange or redemption pursuant to Section 8.7(b) shall be permitted unless and until the General Partner (and its shareholders) have received (or are deemed to have received pursuant to the deemed valuations set
forth in such sections) aggregate, cumulative distributions from the Partnership for all years from operating income, sales proceeds and other sources in an amount equal to (i) the sum of the aggregate capital contributions to the Partnership
by the General Partner (and its shareholders) for all years plus (ii) a 6.5% cumulative non-compounded annual pre-tax return on the amount described in the immediately preceding subclause (i). 
 8.8 Distribution Reinvestment Plan. 
 OP Unitholders may have the opportunity to join the General Partner’s distribution reinvestment plan by completing an enrollment form which is available upon request. A copy of the General
Partner’s distribution reinvestment plan is also available upon request. The shares of the General Partner’s common stock which may be issued under the General Partner’s distribution reinvestment plan are offered only by a prospectus.

 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 his Partnership Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution o such Partnership Interest. 
 (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction
thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell,
assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.2 Restrictions on Transfer of Limited Partnership Interests. 
 (a) Subject to the
provisions of 9.2(b) and (c), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his 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. 
  

 39 

 (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 Interest pursuant to this Article 9 or
pursuant to a redemption of all of its Partnership Units pursuant to Section 8.5 or pursuant to the redemption of the Limited Partner’s Special Partnership Units pursuant to Section 8.7. 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) Notwithstanding Section 9.2(a) and subject to Sections 9.2(d), (e) and (f) below, a Limited Partner may Transfer, without the consent of the General Partner, all or a portion of its Partnership Interest to (i) a
parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner and/or any such person(s), of which
trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners. 
 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of
legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act or 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 Interest, 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 by a Limited Partner of
any Partnership Interest 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. 
  

 40 

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

 9.3 Admission of Substitute Limited Partner. 
 (a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner
(which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General
Partner, which consent may be granted or withheld in its sole and absolute discretion, 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. 
  

 41 

 (b) For the purpose of allocating profits and losses and distributing cash
received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such
filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the
documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person
as a Limited Partner of the Partnership. 
 9.4 Rights of Assignees of Partnership Interests. 
 (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall
not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 
 (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does
not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring
to make an assignment of its Limited Partnership Interest. 
 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

  

 42 

 
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. 
 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 seventy-five (75) 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.

  

 43 

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

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

 44 

 10.7 Safe Harbor Election. The Partners agree that, in the event the Safe
Harbor Regulation is finalized, the Partnership shall be authorized and directed to make the Safe Harbor Election and the Partnership and each Partner (including any person to whom an interest in the Partnership is transferred in connection with the
performance of services) agrees to comply with all requirements of the Safe Harbor with respect to all interests in the Partnership transferred in connection with the performance of services while the Safe Harbor Election remains effective. The Tax
Matters Partner shall be authorized to (and shall) prepare, execute, and file the Safe Harbor Election. 
 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(c), (d) or (e) hereof; provided, however, that the following
amendments and any other merger or consolidation of the Partnership shall require (i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners and (ii) in the case of any of the following
(b), (c) or (d), the consent of Limited Partners holding more than 50% of the Special Percentage Interests of the Limited Partners: 
 (a) any amendment affecting the operation of the Conversion Factor or the Redemption Right (except as provided in Section 8.5(d) or 7.1(d) 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 Units pursuant to Section 4.2 hereof; 
 (c) any amendment that would alter the Partnership’s allocations of profit and loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to
Section 4.2 hereof; or 
 (d) any amendment that would impose on the Limited Partners any obligation to make
additional Capital Contributions to the Partnership. 
 ARTICLE 12 
 GENERAL PROVISIONS 
 12.1 Notices. All
communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the
Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be
delivered at or mailed to its specified office. 
  

 45 

 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. 
 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 any cause of action for violation of federal or state securities laws shall not be governed by this Section 12.9. 
  

 46 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their
signatures to this Amended and Restated Agreement of Limited Partnership, all as of the 9th day of February, 2010. 
  

			
	GENERAL PARTNER:
	
	INDUSTRIAL INCOME TRUST INC., a Maryland corporation
		
	By:	 	/s/ Evan H. Zucker
	Name:	 	Evan H. Zucker
	Title:	 	President

			
	LIMITED PARTNERS:
	
	INDUSTRIAL INCOME ADVISORS GROUP LLC
		
	By:	 	/s/ John A. Blumberg
	Name:	 	John A. Blumberg
	Title:	 	Manager

 EXHIBIT A 
  

																		
	 Partner
	  	Cash
Contribution	  	Agreed Value of
Capital
Contribution	 	 	Partnership
Units	  	Special
Partnership
Units	  	Percentage
Interest	 	 	Special
Percentage
Interest	 
	 GENERAL PARTNER:
	  			  				 		  		  			 		
	 Industrial Income Trust Inc.
518 17th Street, 17th Floor
Denver, CO 80202
	  	$	2,000	  	$	202,000	* 	 	20,200	  	—  	  	100	% 	 	—  	  
	 ORIGINAL LIMITED PARTNERS:
	  			  				 		  		  			 		
	 Industrial Income Advisors Group LLC
518 17th Street, 17th Floor
Denver, CO 80202
	  	$	1,000	  	$	 1,000	  	 	—  	  	100	  	—  	  	 	100	% 
	 Totals
	  	$	3,000	  	$	203,000	  	 	20,200	  	100	  	100	% 	 	100	% 

 * Includes $200,000 of OP Units
originally purchased by Industrial Income Advisors LLC and subsequently exchanged for 20,000 shares of common stock of Industrial Income Trust Inc. on December 14, 2009. 

 EXHIBIT B 
 NOTICE OF EXERCISE OF REDEMPTION RIGHT 
 In accordance
with Section 8.5 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Industrial Income Operating Partnership LP, the undersigned hereby irrevocably (i) presents for redemption
                     Partnership Units in Industrial Income Operating Partnership LP in accordance with the terms of the Agreement and the
Redemption Right referred to in Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as
determined by the General Partner deliverable upon exercise of the Redemption 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: _________________ 
  

 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]