Document:

EX-10.2

 Exhibit 10.2 

SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP II, L.P. 

 SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

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

							
	 	  	 	  	Page	 
	 ARTICLE 1
	  	DEFINED TERMS	  	 	1	  
			
	 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
	  	 	13	  
			
	 ARTICLE 3
	  	BUSINESS OF THE PARTNERSHIP	  	 	14	  
			
	 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. Distributions
	  	 	21	  
		  	 5.3. REIT Distribution Requirements
	  	 	25	  
		  	 5.4. No Right to Distributions In Kind
	  	 	25	  
		  	 5.5. Limitations of Return of Capital Contributions
	  	 	25	  
		  	 5.6. Distributions Upon Liquidation
	  	 	25	  
		  	 5.7. Substantial Economic Effect
	  	 	26	  
			
	 ARTICLE 6
	  	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	 	26	  
		  	 6.1. Management of the Partnership
	  	 	26	  
		  	 6.2. Delegation of Authority
	  	 	28	  
		  	 6.3. Indemnification and Exculpation of Indemnitees
	  	 	29	  
		  	 6.4. Liability of the General Partner
	  	 	30	  
		  	 6.5. Reimbursement of General Partner
	  	 	31	  

  
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		  	 6.6. Outside Activities
	  	 	32	  
		  	 6.7. Employment or Retention of Affiliates
	  	 	32	  
		  	 6.8. General Partner Participation
	  	 	32	  
		  	 6.9. Title to Partnership Assets
	  	 	33	  
		  	 6.10. Miscellaneous
	  	 	33	  
			
	 ARTICLE 7
	  	CHANGES IN GENERAL PARTNER	  	 	33	  
		  	 7.1. Transfer of the General Partner’s Partnership Interest
	  	 	33	  
		  	 7.2. Admission of a Substitute or Additional General Partner
	  	 	35	  
		  	 7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	35	  
		  	 7.4. Removal of a General Partner
	  	 	36	  
			
	 ARTICLE 8
	  	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	 	37	  
		  	 8.1. Management of the Partnership
	  	 	37	  
		  	 8.2. Power of Attorney
	  	 	37	  
		  	 8.3. Limitation on Liability of Limited Partners
	  	 	37	  
		  	 8.4. Exchange Right
	  	 	38	  
			
	 ARTICLE 9
	  	TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	 	40	  
		  	 9.1. Purchase for Investment
	  	 	40	  
		  	 9.2. Restrictions on Transfer of Limited Partnership Interests
	  	 	40	  
		  	 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
	  	 	43	  
		  	 9.6. Joint Ownership of Interests
	  	 	43	  
		  	 9.7. Redemption of Partnership Units
	  	 	43	  
			
	 ARTICLE 10
	  	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	 	43	  
		  	 10.1. Books and Records
	  	 	43	  
		  	 10.2. Custody of Partnership Funds; Bank Accounts
	  	 	44	  
		  	 10.3. Fiscal and Taxable Year
	  	 	44	  
		  	 10.4. Annual Tax Information and Report
	  	 	44	  
		  	 10.5. Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	44	  
		  	 10.6. Reports Made Available to Limited Partners
	  	 	45	  
			
	 ARTICLE 11
	  	AMENDMENT OF AGREEMENT; MERGER	  	 	45	  
			
	 ARTICLE 12
	  	GENERAL PROVISIONS	  	 	46	  
		  	 12.1. Notices
	  	 	46	  
		  	 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
	  	 	47	  
		  	 12.9. Governing Law
	  	 	47	  

  
 ii 

 SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP II, L.P. 
 Strategic Storage Operating Partnership II, L.P. (the “Partnership”) was formed as a
limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on January 9, 2013. This Second Amended and Restated Limited
Partnership Agreement (“Agreement”) is entered into effective as of November 3, 2014, among Strategic Storage Trust II, Inc., a Maryland corporation (the “General Partner”), the Original Limited Partner, and
the Special Limited Partner set forth on Exhibit A hereto, and the Limited Partners party hereto from time to time. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 

WHEREAS, the General Partner and the Original Limited Partner entered into that certain Agreement of Limited Partnership of Strategic
Storage Operating Partnership II, L.P., dated as of January 10, 2013, pursuant to which the Partnership was formed (the “Original Agreement”); 

WHEREAS, the General Partner and the Limited Partners entered into a First Amended and Restated Limited Partnership Agreement of
Strategic Storage Operating Partnership II, L.P., dated as of January 10, 2014 (the “First Amended and Restated Agreement”), to amend and restate the Original Agreement; 

WHEREAS, simultaneous with the date hereof, the General Partner is entering into an Amendment No. 1 to this Agreement to establish
a new series of “Preferred Units” of Limited Partnership Interest; and 
 WHEREAS, the General Partner desires to
amend and restate the First Amended and Restated Agreement to, among other things, designate and reclassify the existing Partnership Units into “Common Units,” reflect the designation of the “Preferred Units,” make certain
revisions to the allocation and distribution provisions and make other conforming changes. 
 NOW, THEREFORE, in consideration
of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the First Amended and
Restated Agreement in its entirety and continue the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows: 

ARTICLE 1 
 DEFINED TERMS

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

  
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 Act means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from
time to time. 
 Additional Funds has the meaning set forth in Section 4.3. 

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

Adjusted Capital Account means the Capital Account maintained for each Partner as of the end of each Partnership Year
(i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.701-4(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with the
provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 Administrative
Expenses means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or
employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in
clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to Properties or partnership interests
in a Subsidiary Partnership (other than this Partnership) that are owned by the General Partner directly. 
 Advisor or
Advisors means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and responsible for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom the
Advisor subcontracts substantially all of such functions. 
 Advisory Agreement means the agreement among the Partnership, the
General Partner and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

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

(a) any Person directly or indirectly owning, controlling or holding, with power to vote, ten percent (10%) or more of the outstanding
voting securities of such other Person; 
 (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly
or indirectly owned, controlled or held, with power to vote, by such other Person; 
 (c) any Person directly or indirectly controlling,
controlled by or under common control with such other Person; 

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

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

Agreed Value means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to
by such Partner and the General Partner. The names and addresses of the General Partner and Original Limited Partner, number of Partnership Units issued to each of them, and their respective Capital Contributions as of the date of contribution is
set forth on Exhibit A. 
 Agreement means this Second Amended and Restated Limited Partnership Agreement, as amended,
modified supplemented or restated from time to time, as the context requires. 
 Appraised Value means value according to an
appraisal made by an Independent Appraiser. 
 Articles of Incorporation means the General Partner’s Articles of
Incorporation filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 

Assets means the aggregate carrying value of GAAP assets including but not limited to current, fixed, tangible and intangible assets,
owned or held by, or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary, excluding Properties and net deferred financing costs. 

Book Value means, with respect to any Partnership asset, the asset’s adjusted basis for federal income tax purposes, except that
Book Values of all Partnership assets shall be adjusted in the event of a revaluation of Partnership property under Section 4.4 of this Agreement, in accordance with the rules set forth in Section 1.704-1(b)(2)(iv)(f) and (g) of the
Regulations. 
 Capital Account has the meaning provided in Section 4.4 hereof. 

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

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 

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

Common Stockholders means holders of REIT Shares. 

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

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

Distributions means any dividends or other distributions of money or other property paid by the General Partner to the holders of its
REIT Shares or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

Event of Bankruptcy as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the
Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding;
filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any 

  
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jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval
of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

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

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

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

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

  
 5 

 Independent Director means a director of the General Partner who is not an officer or
employee of the General Partner and meets the requirements for independence as defined by the General Partner’s Articles of Incorporation. 

Invested Capital means the amount calculated by multiplying the total number of REIT Shares purchased by Stockholders by (a) the
offering price for the Stock paid by such Stockholders in an Offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions attributable to Net Sale Proceeds and any amounts paid
by the General Partner to repurchase shares of Stock pursuant to a plan for repurchase of the General Partner’s Stock. 

Joint Venture or Joint Ventures means those joint venture or general partnership arrangements in which the General Partner or
the Partnership is a co-venturer or general partner which are established to acquire Properties. 
 Liabilities means the
aggregate carrying value of GAAP liabilities owned or incurred by, or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary, including mortgage indebtedness. 

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

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

Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective registration statement, on a
National Securities Exchange. Upon Listing, the shares shall be deemed Listed. 
 Loss has the meaning provided in
Section 5.1(f) hereof. 
 Market Value means the aggregate market value of all of the outstanding REIT Shares, measured
by taking the average closing price or average of bid and asked price, as the case may be, during the consecutive 30-day period commencing one hundred eighty (180) days following Listing. 

  
 6 

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

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

Offering means an offering of Stock that is either (a) registered with the SEC, or (b) exempt from such registration,
excluding Stock offered under any employee benefit plan. 
 OP Unitholders means all holders of Partnership Interests.

 Original Limited Partner means the Limited Partner designated as “Original Limited Partner” on Exhibit A
hereto. 
 Partner means any General Partner, Limited Partner or Special Limited Partner. 

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

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

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

  
 7 

 Partnership Minimum Gain has the meaning set forth in Regulations Section 1.704-2(d).
In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would realize if it disposed of the property
subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance with Regulations
Section 1.704-2(g)(1). 
 Partnership Record Date means the record date established by the General Partner for the
distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution.

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

Percentage Interest means as to a Partner, with respect to any class or series of Partnership Units held by such Partner, its interest
in such class or series of Partnership Units as determined by dividing the number of Partnership Units in such class or series owned by such Partner by the total number of Partnership Units in such class or series then outstanding. For purposes of
determining the rights and relationships among the various classes and series of Partnership Units, Preferred Units shall not be considered to have any share of the aggregate Percentage Interest in the Partnership unless, and only to the extent,
provided otherwise in the instrument creating such class or series of Preferred Units. 
 Person means any individual,
partnership, limited liability company, corporation, joint venture, trust or other entity. 
 Preferred Unit means any
Partnership Unit issued from time to time pursuant to Section 4.2 hereof that is specifically designated by the General Partner at the time of its issuance as a Preferred Unit. Each class or series of Preferred Units shall have such
designations, preferences, and relative, participating, optional, or other special rights, powers, and duties, including rights, powers and duties senior to the Common Units, all as determined by the General Partner, subject to compliance with the
requirements of Section 4.2 hereof. 
 Profit has the meaning provided in Section 5.1(f) hereof. 

Property or Properties means the real properties or real estate investments which are acquired by the General Partner either
directly or through the Partnership, Joint Ventures, partnerships or other entities. 

  
 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(i) hereof. 

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

REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General
Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to
any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any Offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including,
without limitation, underwriting discounts and sales commissions applicable to any such Offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents
thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the
General Partner under federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body,
including the SEC and any National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner, (vii) costs and
expenses incurred by the General Partner relating to any issuance or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of
or in connection with the Partnership. 
 REIT Share means a share of common stock, par value $0.001 per share, in the General
Partner (or successor entity, as the case may be), the terms and conditions of which are set forth in the Articles of Incorporation. 

REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership Units offered for exchange by an
Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or
exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Exchange Date, then the
REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 

Sale or Sales means any transaction or series of transactions whereby: (a) the Partnership sells, grants, transfers,
conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with 

  
 9 

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

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

Service means the Internal Revenue Service. 

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

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

Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the General
Partner of the Notice of Exchange. 
 Stock means shares of stock of the General Partner of any class or series, including
REIT Shares, preferred stock or shares-in-trust. 
 Stockholders means the registered holders of the General Partner’s
Stock. 
 Stockholders’ 6% Return means, as of any date, an aggregate amount equal to a six percent (6%) cumulative,
non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any non-taxable stock dividend shall not be included as a Distribution; and provided further that
for purposes of determining the Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the Stock issued in connection with such capital. 

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

  
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 Subordinated Distribution Due Upon Termination means fifteen percent (15%) of the
amount, if any, by which (i) the Appraised Value of the Properties, plus the Assets, less the Liabilities, at the Termination Date, plus total Distributions (excluding any stock dividend and Distributions paid on REIT Shares redeemed by the
General Partner pursuant to its share redemption program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6%
Return from inception through the Termination Date. 
 Subordinated Incentive Listing Distribution means fifteen percent
(15%) of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General
Partner’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6%
Return from inception through the date Market Value is determined. 
 Subsidiary means, with respect to any Person, any
corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

Subsidiary Partnership means any partnership of which the partnership interests therein are owned by the General Partner or a direct or
indirect Subsidiary of the General Partner. 
 Substitute Limited Partner means any Person admitted to the Partnership as a
Limited Partner pursuant to Section 9.3 hereof. 
 Successor Entity has the meaning provided in the definition of
“Conversion Factor” contained herein. 
 Surviving General Partner has the meaning set forth in Section 7.1(c)
hereof. 
 Termination means the termination of the Advisory Agreement. 

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

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

Transaction Amount means the aggregate value of all of the issued and outstanding REIT Shares using a per share value equal to the per
share value paid to the Stockholders in an Extraordinary Transaction. 
 Transfer has the meaning set forth in
Section 9.2(a) hereof. 
 Value means, with respect to REIT Shares, the average of the daily market price of such REIT
Share for the ten (10) consecutive trading days immediately preceding the date of such 

  
 11 

 
valuation. The market price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on such day, or if no such sale takes place on such day, the
average of the closing bid and asked prices, regular way, on such day; (ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on
such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Shares are not Listed and no such last reported sale price or closing bid and asked prices are available, the average of the reported
high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on
the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten (10) days prior to the date in
question, the value of the REIT Shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the REIT Shares
Amount includes rights that a holder of REIT Shares would be entitled to receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in
its reasonable judgment, appropriate. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1. Formation. The Partnership was formed as a limited partnership pursuant to the Act for the purposes and upon the terms and
conditions set forth in this Agreement. 
 2.2. Name, Office and Registered Agent. The name of the Partnership is Strategic Storage
Operating Partnership II, L.P. The specified office and place of business of the Partnership shall be 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694. The General Partner may at any time change the location of such office, provided
the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole
duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 
 2.3.
Partners 
 (a) The General Partner of the Partnership is Strategic Storage Trust II, 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 Partnership shall have perpetual duration, except that the Partnership shall be dissolved upon the first to occur of any of the
following events: 

  
 12 

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

(ii) The passage of 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); 
 (iii) The exchange of all Limited Partnership Interests (other than any of such interests held by the General
Partner or Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 
 (iv) The election by the General
Partner that the Partnership should be dissolved. 
 (b) Upon dissolution of the Partnership (unless the business of the Partnership is
continued pursuant to Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the
proceeds thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 

2.5. Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at
the expense of the Partnership, the Certificate any and all amendments thereto and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited
partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business. 

2.6. Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a
certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any
such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

  
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 This certificate is not negotiable. The Partnership Units represented by this
certificate are governed by and transferable only in accordance with the provisions of the Second Amended and Restated Limited Partnership Agreement of Strategic Storage Operating Partnership II, L.P., 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, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any
of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the
Partners acknowledge that the General Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the
foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner shall also be empowered to do any and
all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 

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

4.2. Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or
in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive
additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 
 (a) Issuances of Additional
Partnership Interests. 
 (i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or

  
 14 

 
more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights,
powers and duties senior to any Common Units, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the
allocations of items of 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 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) additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective Percentage
Interests. 
 In addition, the General Partner may acquire Partnership Interests from other Partners pursuant to this Agreement. In the
event that the Partnership issues Partnership Interests pursuant to this Section 4.2(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners) as it deems
necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 

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

(ii) Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities other than to all holders
of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of
the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance
of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the 

  
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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 (as defined in the General Partner’s Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the
Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including
without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have
an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in
the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional 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 one hundred percent (100%), and the denominator of
which is the Conversion Factor in effect on the date of such contribution. 
 (b) Certain Deemed Contributions of Proceeds of Issuance of
REIT Shares. In connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by
the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital
Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with
the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 

4.3. Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for
additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of
its Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 
 4.4. Capital Accounts. A separate
capital account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership
Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is
liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership Interest (other than a de minimis interest) is granted as consideration for the provisions of services to or for the benefit of the Partnership
by an existing 

  
 16 

 
Partner acting in a partner capacity, or by a new Partner acting in a partner capacity in anticipation of being a Partner, the General Partner shall revalue the property of the Partnership to its
fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s
property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the
manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such
property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 

4.5. Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each
Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate
number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the Profits and Losses for the taxable year in which the adjustment
occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended
on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which
the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted
Percentage Interests. 
 4.6. No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution.

 4.7. Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital
Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such
Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.8. No Third Party Beneficiary. No
creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity,
it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners
herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure 

  
 17 

 
any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return
of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation
shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property
of the Partnership and upon a liquidation within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital Account (after giving effect to all contributions,
distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution to reduce or eliminate the
negative balance of such Partner’s Capital Account. 
 ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS 

5.1. Allocation of Profit and Loss. 

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

(i) Profits. Profits shall be allocated: 

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

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

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

(ii) Losses. Losses shall be allocated: 

  
 18 

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

(C) third, to the General Partner. 

(b) Minimum Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the Partnership that is a
“nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any expense of the Partnership that is a “partner
nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect to the “partner nonrecourse debt” within the meaning
of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of
Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall be allocated among the Partners in
accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within the meaning of Regulations
Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among the Partners in accordance with Regulations
Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the nonrecourse liabilities of the Partnership
within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (c) Qualified Income
Offset. If a Partner unexpectedly receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit
balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i),
such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided
in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this 

  
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Section 5.1(c) shall be made only if and to the extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been
tentatively made as if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted
consistently therewith. 
 (d) Priority Allocation With Respect to Preferred Units. Profits, and if necessary, items of Partnership
gross income or gain for the current taxable year, shall be specially allocated to Partners that own Preferred Units in an amount equal to the excess, if any, of the cumulative distributions received by such Partner for or with respect to the
current taxable year and all prior taxable years with respect to such Preferred Units (with a distribution made on the first business day after the end of a year being treated as made with respect to such year) (other than distributions that are
treated as being in satisfaction of the Liquidation Preference for any Preferred Units held by such Partner or amounts paid in redemption of any Preferred Units, except to the extent that the Liquidation Preference or amount paid in redemption
includes accrued and unpaid distributions) over the cumulative allocations of Partnership Profits, gross income and gain to such Partner under this Section 5.1(d) for all prior taxable years. 

(e) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive
shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had
ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor
and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the
transferee Partner. 
 (f) Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain,
expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income,
gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax purposes shall be identical to all
allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by
the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation
deductions, and such election shall be binding on all Partners. 
 (g) Curative Allocations. The allocations set forth in
Section 5.1(b) and (c) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other
Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any 

  
 20 

 
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), 5.1(d) and 5.1(e). 

5.2. Distributions. 
 (a)
Cash Available for Distribution. The Partnership shall distribute cash (other than Net Sale Proceeds) on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole
and absolute discretion, to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in the following order of priority: 

(i) First, to the holders of the Preferred Units in such amounts as is required for the Partnership to pay all distributions and any other
amounts with respect to such Preferred Units accumulated, due or payable in accordance with the instruments designating such Preferred Units through the last day of such quarter or other distribution period (such distributions shall be made to such
Partners in such order of priority and with such preferences as have been established with respect to such Preferred Units as of the last day of such quarter or other distribution period); and 

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

(b) Net Sale Proceeds. Subject to the distribution, liquidation preference, redemption, repurchase and other rights, if any, of the
holders of any Preferred Units and Section 5.2(g), Net Sale Proceeds shall be distributed as follows: 
 (i) First, one hundred
percent (100%) to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date until the General Partner has
received cumulative distributions under Section 5.2(a) and this Section 5.2(b), plus any amounts received in redemption of Partnership Units under Section 9.7 of this Agreement or otherwise,

  
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equal to the sum of the Stockholders’ 6% Return and the aggregate Capital Contributions made by the General Partner to the Partnership, determined by taking into account the dates on which
all such Capital Contributions, distributions and redemptions were made; and 
 (ii) Second, (A) eighty-five percent
(85%) to the Partners (other than the Special Limited Partner) who are Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date, and (B) fifteen percent (15%) to
the Special Limited Partner on the Partnership Record Date. 
 (c) Subordinated Incentive Listing Distribution. Subject to the
distribution, liquidation preference, redemption, repurchase and other rights, if any, of the holders of any Preferred Units, upon Listing, and as soon as practicable following the determination of Market Value, the General Partner shall cause the
Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Incentive Listing Distribution. The Subordinated Incentive Listing Distribution shall be due and payable to the
Special Limited Partner no earlier than one hundred eighty (180) days and no later than two hundred seventy (270) days after Listing in either cash, Partnership Units or REIT Shares (or any combination thereof) in the sole discretion of
the Independent Directors. 
 (d) Subordinated Distribution Due Upon Termination. Subject to the distribution, liquidation
preference, redemption, repurchase and other rights, if any, of the holders of any Preferred Units, upon a Termination, unless such Termination is a voluntary Termination by mutual assent of the General Partner and the SST Special Limited Partner (a
“Voluntary Termination”) or such Termination is by the General Partner because of a material breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, the
General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Distribution Due Upon Termination payable in the form of a non-interest bearing
promissory note (the “Termination Note”). If the Termination Note has not been paid in full on the earlier of (a) the date the REIT Shares are Listed, or (b) within three (3) years from the Termination Date, then the
holder of the Termination Note, its successors or assigns, may elect to convert the balance of the distributions due under the Termination Note into Partnership Units or REIT Shares at a price per share equal to the average closing price of the REIT
Shares over the ten (10) trading days immediately preceding the date of such election if the REIT Shares are Listed at such time. If the REIT Shares are not Listed within three (3) years from the Termination Date, the holder of the
Termination Note, its successors or assigns, may elect to convert the balance of the distributions due under the Termination Note into Partnership Units or REIT Shares at a price per share equal to the fair market value for such REIT Shares as
determined by the board of directors of the General Partner based upon the Appraised Value of the Properties, plus the Assets, less the Liabilities, on the date of election. If the General Partner consummates an Extraordinary Transaction and the
Termination Note has not yet been paid in full, the Termination Note shall be paid in full on the closing date of the Extraordinary Transaction. In accordance with Section 736 of the Code, the Termination Note shall be disregarded for
applicable income tax purposes and the Special Limited Partner shall continue to be treated as a partner in the Partnership in respect of its Special Limited Partner Interest for such purposes until the Partnership has satisfied all its obligations
under the Termination Note. In the event of a Voluntary Termination, no Subordinated Distribution Due Upon Termination is 

  
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payable to the Special Limited Partner, and the Special Limited Partner will be entitled to a redemption of the Special Limited Partner Interest in accordance with either Section 5.2(b),
(c) or (e) hereof, as applicable. In the event of a Termination by the General Partner because of a material breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the
Advisor, no Subordinated Distribution Due Upon Termination is payable to the Special Limited Partner, and the Special Limited Partnership Interest shall be redeemed for no consideration. 

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

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

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

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

(h) Withholding; Partnership Loans. Notwithstanding any other provision of this Agreement, the General Partner is authorized to take
any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections
1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason
of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the
amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount required to be withheld over the actual
amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through
withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with
respect to the Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the 

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

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

5.3. REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause the Partnership to
distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and
(ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4. No Right to Distributions In Kind. No Partner
shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 
 5.5. Limitations of
Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part
of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not
exceed the fair market value of the Partnership’s assets. 
 5.6. Distributions Upon Liquidation. Upon liquidation of the
Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in
accordance with their respective positive Capital Account balances, subject to the rights of the holders of Preferred Units to receive the Liquidation Preference, with appropriate adjustments to the Capital Accounts of such holders of the Preferred
Units entitled to receive the Liquidation Preference to reflect payment of the Liquidation Preference. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after

  
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all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2 resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s
assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 

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

ARTICLE 6 
 RIGHTS,
OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 
 6.1. Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the
General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 
 (i) to
acquire, purchase, own, operate, lease and dispose of (other than in a “prohibited transaction” within the meaning of Section 857(b)(6)(B)(iii) of the Code) any real property and any other property or assets including, but not limited
to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of the business of the Partnership; 

(ii) to construct buildings and make other improvements on the properties owned or leased by the Partnership; 

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

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

(v) to pay, either directly or by reimbursement, for all Administrative Expenses to third parties or to the General Partner or its Affiliates
as set forth in this Agreement; 

  
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 (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary
thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien
on the Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without limitation, cash on hand) for any purpose
consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General
Partner as set forth in this Agreement; 
 (viii) to lease all or any portion of any of the Partnership’s assets, whether or not the
terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such
consideration and on such terms as the General Partner may determine; 
 (ix) to prosecute, defend, arbitrate, or compromise any and all
claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or
the Partnership’s assets; 
 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies having
jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make
or revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance coverage for
public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such
types, as it shall determine from time to time; 
 (xiii) to determine whether or not to apply any insurance proceeds for any property to
the restoration of such property or to distribute the same; 
 (xiv) to establish one or more divisions of the Partnership, to hire and
dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with
the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 
 (xv) to
retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 

  
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 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of
the rights, powers and authority conferred upon the General Partner; 
 (xvii) to maintain accurate accounting records and to file promptly
all federal, state and local income tax returns on behalf of the Partnership; 
 (xviii) to distribute Partnership cash or other
Partnership assets in accordance with this Agreement; 
 (xix) to form or acquire an interest in, and contribute property to, any further
limited or general partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and
any other Person in which it has an equity interest from time to time); 
 (xx) to establish Partnership reserves for working capital,
capital expenditures, contingent liabilities, or any other valid Partnership purpose; 
 (xxi) to merge, consolidate or combine the
Partnership with or into another Person; 
 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership
will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii) to take
such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business
and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all
of the rights and powers of a general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties
of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such
duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf
of the Partnership. 
 6.2. Delegation of Authority. The General Partner may delegate any or all of its powers, rights and
obligations hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the
Partnership as the General Partner may approve. 

  
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 6.3. Indemnification and Exculpation of Indemnitees. 

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

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

(A) In the case of an Indemnitee who is not an Independent Director, negligence or misconduct by the Indemnitee; or 

(B) In the case of an Independent Director, the gross negligence or willful misconduct by the Independent Director. 

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

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

(c) The Partnership shall pay or reimburse reasonable legal expenses and other costs incurred by the Indemnitee in advance of the final
disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the
Partnership, (b) the legal proceeding was initiated by a third party who is not a 

  
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Limited Partner or, if by a Limited Partner acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (c) the Indemnitee undertakes to repay the
amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee is not entitled to indemnification. 

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

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

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

(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the
Partnership or any Partners for 

  
 30 

 
losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any
duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of
this Agreement. 
 (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself
and its stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some,
but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the
General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling
interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the
stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good
faith. 
 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may
exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the
part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this Agreement or the Act, any action
of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order
(i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly
authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (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. 

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

6.7. Employment or Retention of Affiliates. 

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

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

6.8. General Partner Participation. The General Partner agrees that all business activities of the General Partner, including
activities pertaining to the acquisition, development or ownership of self-storage properties or other properties, shall be conducted through the 

  
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Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made
in connection with the issuance of Additional Securities, which direct acquisition and issuance have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 

6.9. Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible,
shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held
in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which
legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement;
provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as
the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

6.10. Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the
share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General Partner a number of
Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares. Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT
Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares are exchanged by the General
Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor. 

ARTICLE 7 
 CHANGES IN
GENERAL PARTNER 
 7.1. Transfer of the General Partner’s Partnership Interest. 

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

  
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 (i) the approval of the holders of a majority of the Common Units is obtained; 

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

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

(d) Notwithstanding Section 7.1(b), 

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

(ii) the General Partner may engage in Transactions not required by law or by the rules of any National Securities Exchange on which the REIT
Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 7.2. Admission of a Substitute or Additional General
Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

(a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and
provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the
admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 

(b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the
Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

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

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

(a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such 

  
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occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General
Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the
General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. 

(b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such
partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 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, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be
deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b)
hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General
Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority
in interest of the Limited Partners within 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 

  
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Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than twenty percent
(20%) of the amount of the lower appraisal, the two (2) appraisers, no later than forty (40) days after the removal of the General Partner, shall select a third (3rd) 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,
during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management
and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General
Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

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

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

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

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

  
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 8.4. Exchange Right. 

(a) Subject to Sections 8.4(b), 8.4(c), 8.4(d), 8.4(e) and 8.4(f) and the provisions of any agreements between the Partnership and one or more
holders of Common Units with respect to Common Units held by them, each holder of Common Units shall have the right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date all or a portion of the
Common Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Common Units shall have been outstanding for at least one year. The Exchange Right shall be
exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however,
that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Common Units subject to the Notice of Exchange pursuant to Section 8.4(b); and provided, further, that no
holder of Common Units may deliver more than two (2) Notices of Exchange during each calendar year. A Limited Partner may not exercise the Exchange Right for less than 1,000 Common Units or, if such Limited Partner holds less than 1,000 Common
Units, all of the Common Units held by such Partner. The Exchanging Partner shall have no right, with respect to any Common Units so exchanged, to receive any distribution paid with respect to Common Units if the record date for such distribution is
on or after the Specified Exchange Date. 
 (b) Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the
Exchange Right shall be deemed to have offered to sell the Common Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Common
Units by paying to the Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the
Common Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. If the General Partner shall elect to exercise its right to purchase Common Units under this
Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the Exchanging Partner within five (5) Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and
absolute discretion) shall exercise its right to purchase Common Units from the Exchanging Partner pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the
Exchanging Partner’s exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Common Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of this
Section 8.4(b), the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the
General Partner, as the case may be, shall treat the transaction between the General Partner, as the case may be, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Common Units to the General
Partner, as the case may be. Each Exchanging Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 

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

(d) Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.4 shall be paid on the Specified Exchange Date;
provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional one hundred eighty (180) days to the extent required for the General Partner to cause additional REIT
Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged Common Units
hereunder to occur as quickly as reasonably possible. 
 (e) Notwithstanding any other provision of this Agreement, the General Partner
shall place appropriate restrictions on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704
of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners, which
notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded
partnership” under section 7704 of the Code. 
 (f) Notwithstanding anything else in this Agreement to the contrary, Strategic Storage
Advisor II, LLC is prohibited from exchanging or otherwise transferring the Partnership Units purchased by it on August 2, 2013, for a total of $200,000 cash, so long as it continues acting as the Advisor pursuant to the Advisory Agreement.

 (g) Each Limited Partner covenants and agrees with the General Partner that all Common Units delivered for exchange shall be delivered to
the Partnership or the General Partner, as the case may be, free and clear of all liens; and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Common
Units which are or may be subject to any liens. Each Limited 

  
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Partner further agrees that, if any state or local property transfer tax is payable as a result of the transfer of its Common Units to the Partnership or the General Partner, such Limited Partner
shall assume and pay such transfer tax. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1. Purchase for Investment. 

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

(b) Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer
such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.2. Restrictions on
Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer,
sell, assign, hypothecate, pledge or otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial
sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent
shall be considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection
therewith. 
 (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer
consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an exchange of all of its Common Units
pursuant to Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

(c) Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner, all or a portion
of its Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner
and/or any such Person(s), of which trust such Limited Partner or any such Person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial
owners. 

  
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 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in
part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 

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

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

9.3. Admission of Substitute Limited Partner. 

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

  
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 (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a
Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have
delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 

(iv) If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory
to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 

(v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof. 

(vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication
costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the prior written consent of the General
Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

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

9.4. Rights of Assignees of Partnership Interests. 

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

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

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

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

ARTICLE 10 
 BOOKS AND
RECORDS; ACCOUNTING; TAX MATTERS 
 10.1. Books and Records. At all times during the continuance of the Partnership, the Partners
shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business
address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this
Agreement 

  
 43 

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

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

(a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax
Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional assistance
in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the General
Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within the period provided under
Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the General
Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or permitted to be made by the Partnership
under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 

  
 44 

 (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. 

(d) The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a sixty (60) month
period as provided in Section 709 of the Code. 
 10.6. Reports Made Available to Limited Partners. 

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

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

AMENDMENT OF AGREEMENT; MERGER 

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

(a) any amendment affecting the operation of the Conversion Factor or the Exchange Right (except as provided in Section 8.4(d) or 7.1(c)
hereof) in a manner adverse to the Limited Partners; 

  
 45 

 (b) any amendment that would adversely affect the rights of the Limited Partners to receive the
distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; 

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

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

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. 

  
 46 

 12.8. Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 

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

[Signatures appear on next page.] 

  
 47 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Second
Amended and Restated Limited Partnership Agreement, all as of the 3rd day of November, 2014. 
  

			
	GENERAL PARTNER:
	
	STRATEGIC STORAGE TRUST II, INC.
		
	By:	 	  /s/ H. Michael Schwartz

		 	H. Michael Schwartz, President
	
	ORIGINAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR II, LLC
		
	By:	 	  /s/ H. Michael Schwartz

		 	H. Michael Schwartz, President
	
	SPECIAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR II, LLC
		
	By:	 	  /s/ H. Michael Schwartz

		 	H. Michael Schwartz, President

 Signature Page to Second Amended and Restated Limited Partnership Agreement of 

Strategic Storage Operating Partnership II, L.P. 

 EXHIBIT A 

GENERAL PARTNER AND ORIGINAL LIMITED PARTNER, 

CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS 

AS OF OCTOBER 15, 2014 
  

													
	Percentage Partner Interest	  	 Cash

Contribution
	 	  	 Agreed Value of

Capital
 Contribution
	 	  	 Partnership

Units
	 
	 GENERAL PARTNER: (1)

 
 Strategic Storage Trust II, Inc.

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	11,211,427	  	  	$	11,211,427	  	  	 	1,124,152	  
				
	 ORIGINAL LIMITED PARTNER: (1)

 
 Strategic Storage Advisor II, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	200,000	  	  	$	200,000	  	  	 	20,000	  
				
	 SPECIAL LIMITED PARTNER:
  

Strategic Storage Advisor II, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	 	None	  	  	 	Not applicable	  	  	 	None	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	11,411,427	  	  	$	11,411,427	  	  	 	1,144,152	  

  

	(1)	The initial cash contributions of the General Partner in the amount of $1,000 and the Original Limited Partner in the amount of $200,000 were made on August 2, 2013. 

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

  
 Exhibit A-1 

 EXHIBIT B 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

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

			
	Dated:	 	                    ,             
	
	  

	(Name of Limited Partner)
	
	  

	
	 (Signature of Limited Partner)

 

	(Mailing Address)
	
	  

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

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

	
	Social Security or Tax I.D. Number:
	  

  
 Exhibit B-1EX-10.3

 Exhibit 10.3 

AMENDMENT NO. 1 TO THE SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 
 OF

 STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P. 

ESTABLISHING 
 SERIES A CUMULATIVE
REDEEMABLE PREFERRED UNITS 
 OF 

LIMITED PARTNERSHIP INTEREST 
 In
accordance with Section 4.2(a)(i) and Article 12 of the Second Amended and Restated Limited Partnership Agreement, effective as of November 3, 2014 (the “Partnership Agreement”), of Strategic Storage Operating Partnership
II, L.P. (the “Partnership”), the Partnership Agreement is hereby amended by this Amendment No. 1 thereto (this “Amendment”) to establish a series of up to 2,600,000 preferred units of limited partnership
interest of the Partnership which shall be designated the “Series A Cumulative Redeemable Preferred Units” (the “Preferred Units”), having the rights, preferences, powers, privileges and restrictions, qualifications and
limitations set forth below and which shall be issued to SSTI Preferred Investor, LLC (the “Purchaser”). Certain terms used herein are defined in Section 10 of Exhibit I hereto. Capitalized terms used and not
otherwise defined herein shall have the meanings set forth in the Partnership Agreement. 
 WHEREAS, the Partnership, Strategic Storage
Trust II, Inc. (the “General Partner”), and the Purchaser executed that certain Series A Cumulative Redeemable Preferred Unit Purchase Agreement, dated November 3, 2014 (the “Purchase Agreement”), pursuant to
which the Partnership agreed to issue, and the Purchaser agreed to purchase, up to an aggregate of 2,600,000 Preferred Units, at one or more closings, on the terms set forth therein and herein; and 

WHEREAS, pursuant to Section 4.2(a)(i) of the Partnership Agreement, the Partnership is issuing up to an aggregate of 2,600,000 Preferred
Units to the Purchaser, at one or more closings, with the rights, powers, privileges and restrictions, qualifications, and limitations as set forth below pursuant to the terms of the Purchase Agreement. 

NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Issuance of Preferred Units 

Pursuant to Section 4.2(a)(i) of the Partnership Agreement, the Partnership hereby agrees to issue up to an aggregate of 2,600,000
Preferred Units to the Purchaser, at one or more closings. The Preferred Units will have the rights, powers, privileges, restrictions, qualifications, and limitations specified in Exhibit I hereto. In consideration for the issuance of
the Preferred Units, the Purchaser agrees to make a Capital Contribution to the Partnership in an amount up to an aggregate of $65,000,000, at one or more closings, in accordance with the terms of the Purchase Agreement. 

 The admission of the Purchaser as an additional Limited Partner of the Partnership shall become
effective as of the date of this Amendment, which shall also be the date upon which the name of the Purchaser is recorded on the books and records of the Partnership and Exhibit A to the Partnership Agreement is amended to reflect such
admission. 
 Section 2. Amendment to Partnership Agreement 

Pursuant to Article 12 of the Partnership Agreement, the General Partner, as general partner of the Partnership and as attorney-in-fact for
its Limited Partners, hereby amends the Partnership Agreement to set forth the rights, powers, privileges, restrictions, qualifications, and limitations of the Preferred Units, as specified in Exhibit I hereto. 

Section 3. Continuation of Partnership Agreement 

The Partnership Agreement and this Amendment shall be read together and shall have the same force and effect as if the provisions of the
Partnership Agreement and this Amendment (including Exhibit I hereto) were contained in one document. Any provisions of the Partnership Agreement not amended by this Amendment shall remain in full force and effect as provided in the
Partnership Agreement immediately prior to the date hereof. In the event of a conflict between the provisions of this Amendment and the Partnership Agreement, the provisions of this Amendment shall control. 

[Signature Page Follows.] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Partnership Agreement
as of the 3rd day of November, 2014. 
  

			
	STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P.
		
	By:	 	Strategic Storage Trust II, Inc., its sole general partner
		
	By:	 	 /s/ H. Michael Schwartz

		 	Name: H. Michael Schwartz
		 	Title: Chief Executive Officer
	
	STRATEGIC STORAGE TRUST II, INC.
		
	By:	 	 /s/ H. Michael Schwartz

		 	Name: H. Michael Schwartz
		 	Title: Chief Executive Officer
	
	SSTI PREFERRED INVESTOR, LLC
		
	By:	 	SmartStop Self Storage, Inc.
		 	(Its Manager)

 
					
			
		 	By:	 	     /s/ H. Michael Schwartz

		 		 	    H. Michael Schwartz
		 		 	    Chief Executive Officer

 Signature Page to Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of

 Strategic Storage Operating Partnership II, L.P. 

 EXHIBIT I 

STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P. 

DESIGNATION OF THE RIGHTS, POWERS, PRIVILEGES, 

RESTRICTIONS, QUALIFICATIONS, AND LIMITATIONS 

OF THE SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS 

The following are the terms of the Series A Cumulative Redeemable Preferred Units (the “Preferred Units”) established
pursuant to this Amendment: 
 (1) Number. The maximum number of authorized Preferred Units shall be 2,600,000. 

(2) Rank. The Preferred Units will, with respect to distribution rights (to the extent set forth herein) and rights upon liquidation,
dissolution, or winding up of the Partnership, rank: (a) senior to all classes or series of Partnership Units not designated as Preferred Units (“Common Units”) and to all equity securities issued by the Partnership the terms
of which provide that such equity securities shall rank junior to such Preferred Units; (b) on a parity with all equity securities issued by the Partnership other than those referred to in clauses (a) and (c); and (c) junior to all
equity securities issued by the Partnership that rank senior to the Preferred Units. The term “equity securities” shall not include convertible debt securities. 

(3) Distributions. 
 (a) Current
Distributions. 
 (i) Commencing from and including the applicable date of issuance of Preferred Units, which may be issued
in one or more tranches (each such date, a “Date of Issuance”), current distributions (the “Current Distributions”) on each Preferred Unit shall be payable monthly in arrears, in an amount equal to the LIBOR Rate,
plus 6.5% per annum of the Liquidation Amount (as defined below) (the “Pay Rate”), until the redemption or repurchase of such Preferred Units in accordance with Sections 5 or 6, as the case may be (each such period a
“Current Distribution Period”). 
 (ii) Current Distributions on the Preferred Units shall be cumulative
from the applicable Date of Issuance at the Pay Rate, and shall be declared and payable monthly in arrears on the 1st day of each month of each year or, if not a business day, the next succeeding
business day, commencing on December 1, 2014 (each, a “Current Distribution Payment Date”), and will be computed on the basis of a 360-day year and the actual number of days in the
applicable period. Current Distributions will be payable to holders of record as they appear in the records of the Partnership at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such
holders. The record date shall be the last calendar day of the month immediately preceding each Current Distribution Payment Date (each, a “Current Distribution Payment Record Date”). 

 (iii) Current Distributions on the Preferred Units shall accumulate at the Pay
Rate, whether or not, in any Current Distribution Period, the Partnership has earnings, whether or not such Current Distribution shall be authorized and declared and whether or not there shall be funds of the Partnership legally available for
payment of such Current Distributions. If on any Current Distribution Payment Date the Partnership shall not be permitted under Delaware law to pay all or a portion of any such Current Distributions, the Partnership shall take such action as may be
lawfully permitted in order to enable the Partnership, to the extent permitted by Delaware law, to lawfully to pay such Current Distributions. Accumulated but unpaid Current Distributions, if any, on the Preferred Units, will accrue at the Pay Rate
plus the then-applicable Additional Distribution Rate (as defined below). 
 (b) Deferred or Additional Distributions. 

(i) In addition to the Current Distributions, commencing from and including the applicable Date of Issuance of Preferred Units,
each month the Partnership shall have the obligation to elect either (1) to pay additional distributions (“Additional Distributions,” and collectively with the Current Distributions, the “Distributions”) on
each Preferred Unit, which Additional Distributions shall be payable monthly in arrears, in an amount equal to: (w) in the case of the period from and including the applicable Date of Issuance through March 31, 2017, 4.35% per annum
of the Liquidation Amount; and (x) beginning April 1, 2017, 6.35% per annum of the Liquidation Amount (each of the foregoing rates being referred to as an “Additional Distribution Rate”), until the Final Redemption
(as defined below) or Final Repurchase (as defined below) of the outstanding Preferred Units in accordance with Sections 5 or 6, as the case may be (each such period an “Additional Distribution Period”), or (2) to defer the
Additional Distribution (the “Deferred Distribution”) with respect to each Preferred Unit, which Deferred Distribution shall accumulate monthly, in an amount equal to: (y) in the case of the period from and including the
applicable Date of Issuance through March 31, 2017, the LIBOR Rate, plus 10.85% of the Deferred Distribution; and (z) beginning April 1, 2017, the LIBOR Rate, plus 12.85% of the Deferred Distribution (each of the foregoing rates being
referred to as a “Deferred Distribution Rate”), until the Final Redemption or Final Repurchase of the outstanding Preferred Units in accordance with Sections 5 or 6, as the case may be (each such period a “Deferred
Distribution Period,” and collectively with each Current Distribution Period and each Additional Distribution Period, each a “Distribution Period”). 

(ii) Additional Distributions, if elected pursuant to Section 3(b)(i)(1), on the Preferred Units shall be declared and
payable monthly in arrears on the 1st day of each month of each year or, if not a business day, the next succeeding business day (each, an “Additional Distribution Payment Date,”
and collectively with each Current Distribution Payment Date, each a “Distribution Payment Date”), and will be computed on the basis of a 360-day year and the actual number of days in the
applicable period. Additional Distributions, if any, will be payable to holders of 

  
 2 

 
record as they appear in the records of the Partnership at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such holders. The record
date shall be the last calendar day of the month immediately preceding each Additional Distribution Payment Date (each, an “Additional Distribution Payment Record Date,” and collectively with each Current Distribution Payment Record
Date, each a “Distribution Payment Record Date”). 
 (iii) Deferred Distributions, if elected pursuant to
Section 3(b)(i)(2), on the Preferred Units shall accumulate at the Deferred Distribution Rate on the amount of the Deferred Distribution, whether or not, in any Distribution Period, the Partnership has earnings, whether or not such Deferred
Distribution shall be authorized and declared and whether or not there shall be funds of the Partnership legally available for payment of such Deferred Distributions. Deferred Distributions may be made from time to time in the discretion of the
Partnership but in all cases shall be due and payable on or prior to the Final Redemption or Final Repurchase of the outstanding Preferred Units in accordance with Sections 5 or 6, as the case may be. 

(c) Distribution Payments. Any Distribution payment made on Preferred Units shall first be credited against the earliest accumulated
but unpaid Current Distribution due with respect to such Preferred Units which remains payable. 
 (4) Liquidation Amount. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership (referred to herein as a
“liquidation”), the holders of the Preferred Units will be entitled to be paid out of the assets of the Partnership legally available for distribution to its unitholders liquidating distributions, in cash, in the amount of $25.00
per unit multiplied by the number of outstanding Preferred Units (the “Liquidation Amount”), plus an amount equal to any accumulated and unpaid Current Distributions and any accumulated Deferred Distributions to the date of such
liquidation, before any distribution or payment is made to holders of Common Units or any other equity securities of the Partnership ranking junior to the Preferred Units as to the distribution of assets upon a liquidation. After payment of the full
amount of the liquidating distributions to which they are entitled, the holders of Preferred Units will have no right or claim to any of the remaining assets of the Partnership. 

(b) In the event that, upon any liquidation of the Partnership, the available assets of the Partnership are insufficient to pay the amount of
the liquidating distributions on all outstanding Preferred Units, plus an amount equal to any accumulated and unpaid Current Distributions and any accumulated Deferred Distributions to the date of such liquidation and the corresponding amounts
payable on all other equity securities of the Partnership ranking on a parity with Preferred Units in the distribution of assets upon a liquidation, then the holders of Preferred Units and all other such equity securities of the Partnership ranking
on a parity with Preferred Units shall share ratably in any such distribution of assets in proportion to the full liquidating distributions per unit to which they would otherwise be respectively entitled. 

  
 3 

 (c) The consolidation or merger of the Partnership with or into any other entity, or the merger
of another entity with or into the Partnership, or a statutory unit exchange by the Partnership, or the sale, lease or conveyance of all or substantially all of the property or business of the Partnership, shall be deemed to constitute a liquidation
of the Partnership. 
 (d) The Liquidation Amount of the outstanding Preferred Units will not be added to the liabilities of the Partnership
for the purpose of determining whether under the Delaware Revised Uniform Limited Partnership Act a distribution may be made to unitholders of the Partnership whose preferential rights upon dissolution of the Partnership are junior to those of
holders of Preferred Units. This Section 4(d) shall be without prejudice to the provisions of Sections 3(a), 3(b) and 4(a) hereof. 

(5) Redemption. 
 (a) The
Partnership may redeem the Preferred Units, in whole or in part at the option of the Partnership at any time or from time to time, at a redemption price per unit in cash in an amount equal to (the “Redemption Price”): (i) in
the event of a partial redemption, the sum of the Liquidation Amount plus all accumulated and unpaid Current Distributions thereon to the date of redemption; and (ii) in the event of the redemption of all remaining outstanding Preferred Units
(the “Final Redemption”), the sum of the Liquidation Amount plus all accumulated and unpaid Current Distributions and any accumulated Deferred Distributions to the date of redemption. If fewer than all of the outstanding Preferred
Units are to be redeemed at the option of the Partnership, the Preferred Units to be redeemed shall be determined pro rata or by lot or in such other manner as determined by the General Partner to be fair and equitable to holders of Preferred
Units. 
 (b) Notice of a redemption pursuant to Section 5(a) will be mailed by the Partnership, postage prepaid, not less than ten
(10) nor more than thirty (30) days prior to the redemption date, addressed to the respective holders of the Preferred Units to be redeemed at their respective addresses as they appear on the books of the Partnership. Each notice shall
state: (i) the redemption date; (ii) the number of Preferred Units to be redeemed; (iii) the Redemption Price; (iv) the place or places where certificates representing such Preferred Units, if any, are to be surrendered for
payment of the Redemption Price; (v) in the event of a partial redemption, that Current Distributions on the Preferred Units to be redeemed will cease to accumulate on such redemption date; and (vi) in the event of a Final Redemption, that
Current Distributions and any accumulated Deferred Distributions on the Preferred Units will cease to accumulate on such redemption date. If fewer than all the Preferred Units are to be redeemed, the notice mailed to each such holder thereof shall
also specify the number of Preferred Units to be redeemed from each such holder. 
 (c) On or after a redemption date, each holder of
Preferred Units to be redeemed must present and surrender any certificates representing the Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the Redemption Price of such Preferred Units will be
paid to or on the order of the Person whose name appears on such certificates, if any, as the owner thereof by wire transfer pursuant to wire instructions provided by such Person and each surrendered certificate will be canceled. In the event that
fewer than all the Preferred Units are to be redeemed, and if a certificate has been issued representing the Preferred Units, a new certificate will be issued representing the unredeemed Preferred Units. 

  
 4 

 (d) From and after a partial redemption date (unless the Partnership defaults in payment of the
Redemption Price), all Current Distributions on the Preferred Units subject to such redemption will cease to accumulate and all rights of the holders thereof, except (i) the right to receive the Redemption Price thereof (including all
accumulated and unpaid Current Distributions to the redemption date) and (ii) the right to receive any accumulated Deferred Distributions, will cease and terminate and such Preferred Units will not thereafter be transferred (except with the
consent of the Partnership) on the Partnership’s records, and such Preferred Units shall not be deemed to be outstanding for any purpose whatsoever other than with respect to the accumulation of Deferred Distributions on such Preferred Units.
In the event that the Partnership defaults in the payment of the Redemption Price for any Preferred Units surrendered for redemption, such Preferred Units shall continue to be deemed to be outstanding for all purposes and to be owned by the
respective holders that surrendered such Preferred Units, and the Partnership shall promptly return the surrendered certificates representing such Preferred Units, if any, to such holders (although the failure of the Partnership to return any such
certificates to such holders shall in no way affect the ownership of such Preferred Units by such holders or their rights thereunder). 

(e) From and after the date of the Final Redemption (unless the Partnership defaults in payment of the Redemption Price), all Current
Distributions and any accumulated Deferred Distributions on the Preferred Units will cease to accumulate and all rights of the holders thereof, except the right to receive the Redemption Price thereof (including all accumulated and unpaid Current
Distributions and any accumulated Deferred Distributions to the date of the Final Redemption), will cease and terminate and such Preferred Units will not thereafter be transferred (except with the consent of the Partnership) on the
Partnership’s records, and such Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. In the event that the Partnership defaults in the payment of the Redemption Price (including all accumulated and unpaid Current
Distributions and any accumulated Deferred Distributions to the date of the Final Redemption) for any Preferred Units surrendered for Final Redemption, such Preferred Units shall continue to be deemed to be outstanding for all purposes and to be
owned by the respective holders that surrendered such Preferred Units, and the Partnership shall promptly return the surrendered certificates representing such Preferred Units, if any, to such holders (although the failure of the Partnership to
return any such certificates to such holders shall in no way affect the ownership of such Preferred Units by such holders or their rights thereunder). 

(f) Immediately prior to any redemption of Preferred Units, the Partnership shall pay, in cash, (i) in the event of a partial redemption,
all accumulated and unpaid Current Distributions with respect to the Preferred Units to be redeemed in such partial redemption to the redemption date, or (ii) in the event of a Final Redemption, all accumulated and unpaid Current Distributions
on the remaining outstanding Preferred Units and accumulated Deferred Distributions on all of the Preferred Units to the redemption date, unless such redemption date falls after a Distribution Payment Record Date and on or prior to the corresponding
Distribution Payment Date, in which case each holder of Preferred Units at the close of business on such Distribution Payment Record Date shall be entitled to the Distribution payable on such Preferred Units on the corresponding Distribution Payment
Date notwithstanding the redemption of such Preferred Units on or prior to such Distribution Payment Date. 

  
 5 

 (g) Any Preferred Units that have been redeemed shall, after such redemption, have the status of
authorized but unissued Partnership Units, without designation as to series, until such units are once more designated as part of a particular series by the General Partner. 

(h) The Preferred Units will not have a stated maturity date and will not be subject to any sinking fund. 

(6) Repurchase at the Election of Holders. 

(a) Following the occurrence of an Optional Repurchase Event, a holder of Preferred Units, at its election, may require the Partnership to
repurchase all or any portion of such holder’s Preferred Units at any time or from time to time, at a repurchase price per unit in cash equal to (the “Repurchase Price”): (i) in the event of a partial repurchase, the sum
of the Liquidation Amount plus all accumulated and unpaid Current Distributions thereon to the date of repurchase; and (ii) in the event of the repurchase of all remaining outstanding Preferred Units (the “Final Repurchase”),
the sum of the Liquidation Amount plus all accumulated and unpaid Current Distributions and any accumulated Deferred Distributions to the date of repurchase. 

(b) Holders may exercise the rights specified in this Section 6 upon delivery to the Partnership of a written notice of repurchase in the
form attached as Schedule A hereto (a “Holder Repurchase Notice”) via telecopy, email, hand delivery or other mail or messenger service. The original Holder Repurchase Notice and any certificates representing the Preferred
Units for which repurchase is elected shall be delivered to the Partnership by nationally recognized courier, duly endorsed. The date upon which a Holder Repurchase Notice is initially received by the Partnership shall be a “Holder
Repurchase Notice Date.” 
 (c) The Partnership shall pay within ten (10) business days after the Holder Repurchase Notice
Date, to or on the order of the Person whose name appears on such certificates or book entry as the owner thereof by wire transfer pursuant to wire instructions provided by such Person, the Repurchase Price for the Preferred Units being repurchased
and each surrendered certificate, if any, will be canceled. In the event that fewer than all the Preferred Units are to be repurchased, and if a certificate has been issued representing the Preferred Units, a new certificate will be issued
representing the Preferred Units that were not repurchased. 
 (d) From and after a partial repurchase date (unless the Partnership defaults
in payment of the Repurchase Price), all Current Distributions on the Preferred Units tendered for repurchase will cease to accumulate and all rights of the holders thereof, except (i) the right to receive the Repurchase Price thereof
(including all accumulated and unpaid Current Distributions to the repurchase date) and (ii) the right to receive any accumulated Deferred Distributions, will cease and terminate and such Preferred Units will not thereafter be transferred
(except with the consent of the Partnership) on the Partnership’s records, and such Preferred Units shall not be deemed to be outstanding for any purpose whatsoever other than with respect to the accumulation of Deferred Distributions on such
Preferred Units. In the event that the 

  
 6 

 
Partnership defaults in the payment of the Repurchase Price for any Preferred Units tendered for repurchase, such Preferred Units shall continue to be deemed to be outstanding for all purposes
and to be owned by the respective holders that tendered such Preferred Units, and the Partnership shall promptly return the tendered certificates representing such Preferred Units, if any, to such holders (although the failure of the Partnership to
return any such certificates to such holders shall in no way affect the ownership of such Preferred Units by such holders or their rights thereunder). 

(e) From and after the date of the Final Repurchase (unless the Partnership defaults in payment of the Repurchase Price), all Current
Distributions and any accumulated Deferred Distributions on the Preferred Units will cease to accumulate and all rights of the holders thereof, except the right to receive the Repurchase Price thereof (including all accumulated and unpaid Current
Distributions and any accumulated Deferred Distributions to the date of the Final Repurchase), will cease and terminate and such Preferred Units will not thereafter be transferred (except with the consent of the Partnership) on the
Partnership’s records, and such Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. In the event that the Partnership defaults in the payment of the Repurchase Price (including all accumulated and unpaid Current
Distributions and any accumulated Deferred Distributions to the date of the Final Repurchase) for any Preferred Units tendered for Final Repurchase , such Preferred Units shall continue to be deemed to be outstanding for all purposes and to be owned
by the respective holders that tendered such Preferred Units, and the Partnership shall promptly return the tendered certificates representing such Preferred Units, if any, to such holders (although the failure of the Partnership to return any such
certificates to such holders shall in no way affect the ownership of such Preferred Units by such holders or their rights thereunder). 

(f) Immediately prior to any repurchase of Preferred Units, the Partnership shall pay, in cash, (i) in the event of a partial repurchase,
all accumulated and unpaid Current Distributions with respect to the Preferred Units to be repurchased in such partial repurchase to the repurchase date, or (ii) in the event of a Final Repurchase, all accumulated and unpaid Current
Distributions on the remaining outstanding Preferred Units and accumulated Deferred Distributions on all of the Preferred Units to the repurchase date, unless such repurchase date falls after a Distribution Payment Record Date and on or prior to the
corresponding Distribution Payment Date, in which case each holder of Preferred Units at the close of business on such Distribution Payment Record Date shall be entitled to the Distribution payable on such Preferred Units on the corresponding
Distribution Payment Date notwithstanding the repurchase of such Preferred Units on or prior to such Distribution Payment Date. 
 (g) From
and after the occurrence of an Optional Repurchase Event until such date as all Preferred Units have been repurchased or redeemed pursuant to this Section 6 or Section 5, none of the Partnership, the General Partner or their respective
Subsidiaries may undertake (and the Partnership and the General Partner shall cause each of their respective Subsidiaries not to undertake) any of the following actions, directly or indirectly, without the prior written consent of the holders of
record of at least a majority of the Preferred Units then outstanding: 
 (i) authorize, declare or pay, or set apart for
payment, any distributions on any equity securities of the Partnership, the General Partner or any of their 

  
 7 

 
respective Subsidiaries, other than, with respect to the Partnership, Current Distributions, Additional Distributions and Deferred Distributions on the Preferred Units; 

(ii) redeem or repurchase any equity securities of the Partnership, the General Partner or any of their respective
Subsidiaries, other than, with respect to the Partnership, redemptions or repurchases of the Preferred Units and, with respect to the General Partner, redemptions pursuant to, and subject to the limitations under, the General Partner’s Share
Redemption Program as in effect on the Initial Date of Issuance; 
 (iii) purchase or otherwise acquire any asset from
another party, including real property or interests therein, enter into any contract or agreement or option to do so or make any non-refundable deposit in connection with any such proposed acquisition; 

(iv) sell, transfer, assign, hypothecate, pledge or dispose of all or any portion of any Property or other asset of the
Partnership, the General Partner or any of their respective Subsidiaries, or any interest, whether legal or beneficial, in any of the foregoing or enter into any contract or agreement or option to do so; or 

(v) (a) incur, renew, refinance, modify or otherwise discharge any Indebtedness of the Partnership, the General Partner or any
of their respective Subsidiaries, or extend credit, make a loan or become a guarantor or surety for debt of another party, or (b) create, suffer or permit to exist any Lien on, of or against, or otherwise affecting, all or any portion of any
Property (including, without limitation, fixtures and other personal property) in each instance, other than the Permitted Liens or other than in connection with a transaction approved pursuant to clause (a) of this subsection. 

Neither the Partnership nor the General Partner shall take, and shall cause their respective Subsidiaries not to take, any action in furtherance of any of the
foregoing actions without obtaining the required consent therefor, as specified in this Section 6(f). 
 (h) Any Preferred Units that
have been repurchased shall, after such repurchase, have the status of authorized but unissued Partnership Units, without designation as to series, until such units are once more designated as part of a particular series by the General Partner. 

(7) Covenants of the Partnership and the General Partner. 

(a) Protective Provisions. The Partnership and the General Partner hereby covenant and agree that, for as long as any Preferred Units
are outstanding, neither the Partnership nor the General Partner shall, and the Partnership and the General Partner shall cause their respective Subsidiaries not to, undertake or permit any of the following actions, directly or indirectly, without
the prior written consent of the holders of record of at least a majority of the Preferred Units then outstanding: 
 (i) (1)
in the case of the Partnership, authorize or issue, or increase the 

  
 8 

 
authorized or issued amount of, (A) equity securities ranking, as to distributions and upon liquidation, on a parity with or senior to the Preferred Units or (B) Common Units or other
equity securities ranking, as to distributions and upon liquidation, junior to the Preferred Units, to the extent that such Common Units or other junior equity securities contain any rights that restrict in any way management of the Partnership, the
General Partner or their respective Subsidiaries or would reasonably be expected to interfere with the Preferred Units or the rights of the holders thereof; and (2) in the case of the General Partner, any Subsidiary of the General Partner or
any Subsidiary of the Partnership, authorize or issue additional (A) shares of preferred stock or preferred equity securities or (B) shares of common stock or common equity securities or other equity securities ranking, as to distributions
and upon liquidation, junior to shares of such entity’s preferred stock or preferred equity securities, to the extent that such shares of common stock, common equity securities or other junior equity securities contain any rights that restrict
in any way management of the General Partner, the Partnership or their respective Subsidiaries or would reasonably be expected to interfere with the Preferred Units or the rights of the holders thereof; 

(ii) amend, alter, repeal or waive any of the provisions of (1) this Amendment or the Purchase Agreement or (2) the
certificate of limited partnership of the Partnership, the Partnership Agreement, the Articles of Incorporation or bylaws of the General Partner or the organizational documents of any of their respective Subsidiaries, in the case of clause (2)
only, to the extent that such amendment would reasonably be expected to adversely affect the Preferred Units or the rights of the holders thereof; 

(iii) redeem, purchase or otherwise acquire for any consideration (1) in the case of the Partnership, equity securities of
the Partnership that rank, as to distributions and upon liquidation, junior to the Preferred Units, including Common Units, and (2) in the case of the General Partner, any Subsidiary of the General Partner or any Subsidiary of the Partnership,
any class or series of capital stock or equity securities; provided, that the foregoing shall not prohibit the following: (A) redemptions pursuant to the Share Redemption Program; and (B) redemptions of Common Units in exchange for
which the General Partner issues REIT Shares to the holders of such Common Units as the sole consideration therefor pursuant to the terms of the Partnership Agreement; 

(iv) engage in a Change of Control; 

(v) commence or suffer to exist an Event of Bankruptcy as to the Partnership, the General Partner or any of their respective
Subsidiaries; 
 (vi) pay any special distributions (which, for purposes hereof, shall mean any distribution other than a
distribution made on a regular monthly basis consistent with past practice) on (1) in the case of the Partnership, Common Units or other equity securities that rank, as to distributions and upon liquidation, junior to the Preferred Units and
(2) in the case of the General Partner, any Subsidiary of 

  
 9 

 
the General Partner or any Subsidiary of the Partnership, shares of common stock or common equity securities or other equity securities that rank, as to distributions and upon liquidation, junior
to such entity’s shares of preferred stock or preferred equity securities; provided, that the foregoing shall not prohibit special distributions that are necessary to preserve the General Partner’s status as a REIT under the Code;
or 
 (vii) engage in a recapitalization, reorganization, merger, unit or stock split, statutory unit or stock exchange, sale
of all or substantially all of such entity’s assets, tender offer for all or substantially all of its Common Units, shares of common stock or other common equity securities, as the case may be, or other similar transaction. 

Neither the Partnership nor the General Partner shall take, and shall cause their respective Subsidiaries not to take, any action in furtherance of any of the
foregoing actions without obtaining the required consent therefor, as specified in this Section 7(a). Notwithstanding any provision in this Section 7(a) to the contrary, the Partnership shall be able to enter into tax protection agreements
in the ordinary course of its business. 
 (b) Investment Company Act. The Partnership and the General Partner hereby covenant and
agree that, for as long as any Preferred Units are outstanding, each of the Partnership and the General Partner shall take such steps as shall be necessary to ensure that none of the Partnership, the General Partner or any of their respective
Subsidiaries shall become an “investment company” within the meaning of such term under the Investment Company Act of 1940, as amended. 

(c) REIT Status and Partnership Operations. The Partnership and the General Partner hereby covenant and agree that, for as long as any
Preferred Units are outstanding, the General Partner shall use its best efforts to continue to maintain its qualification as a REIT under the Code unless and until the Board of Directors of the General Partner determines that it is in the best
interest of the General Partner’s stockholders for the General Partner not to maintain such qualification. So long as any Preferred Units are outstanding and held by a REIT, the General Partner shall operate the Partnership in compliance with
the income and asset requirements of Code Sections 856(c)(2), (c)(3) and (c)(4) and so as to avoid the imposition of the tax on prohibited transactions imposed under Code Section 857(b)(6), as if the Partnership were a REIT, unless all REITs
holding Preferred Units voluntarily terminate their status as a REIT and deliver a notice to that effect to the General Partner. 
 (d)
Notices. The Partnership and the General Partner hereby covenant and agree that, for as long as any Preferred Units are outstanding, the Partnership and the General Partner shall give to each holder of Preferred Units written notice, within
three (3) days of the Partnership or the General Partner having actual knowledge thereof, of: 
 (i) the issuance by any
Governmental Authority of any injunction, order, decision or other restraint or the initiation of any litigation or similar proceeding seeking any such injunction, order or other restraint that would, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect; 

  
 10 

 (ii) the existence of an Event of Default (or an event which, upon notice, lapse
of time or both would, unless cured or waived, become an Event of Default) or other Optional Repurchase Event; 
 (iii) the
occurrence of a default under any instrument, agreement or indenture pertaining to any Indebtedness of the Partnership, the General Partner or any of their respective Subsidiaries; 

(iv) any default or event of default under any Material Contract of any of the Partnership, the General Partner or their
respective Subsidiaries that could reasonably be expected to have a Material Adverse Effect; 
 (v) the occurrence of an
event or series of events relating to or affecting the Partnership, the General Partner and their respective Subsidiaries, taken as a whole, that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect; 
 (vi) the damage or destruction of any Property, in whole or in part; 

(vii) the occurrence of a Capital Event; or 

(viii) any actual or threatened commencement of any proceedings in respect of any Taking of any Property. 

The written notice provided in connection with any of the foregoing events shall specify the nature of the event prompting such notice and the action (if any)
that is proposed to be taken with respect thereto. 
 (8) Transfers. 

(a) Notwithstanding Section 9.2 of the Partnership Agreement, other than the provisions of Section 9.2(d) and (e) thereof, a
holder of Preferred Units may Transfer all or any portion of such holder’s Preferred Units without the consent of the General Partner, and the provisions of Section 9.2(f) of the Partnership Agreement shall not apply to the Preferred
Units. 
 (b) In connection with any such Transfer pursuant to Section 8(a), the General Partner shall consent to the admission of the
transferee as a substitute Limited Partner as long as such admission does not cause the Partnership to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code and the Treasury Regulations
thereunder. 
 (9) Power of Attorney. Notwithstanding Section 8.2 of the Partnership Agreement, no holder of Preferred Units
appoints the General Partner as its attorney-in-fact, and the General Partner shall not execute any document as attorney-in-fact or otherwise on behalf of the holders of Preferred Units pursuant to the power of attorney set forth in Section 8.2
of the Partnership Agreement. 

  
 11 

 (10) Definitions. 

“Additional Distribution Payment Date” has the meaning set forth in Section 3(b)(ii). 

“Additional Distribution Payment Record Date” has the meaning set forth in Section 3(b)(ii). 

“Additional Distribution Period” has the meaning set forth in Section 3(b)(i). 

“Additional Distribution Rate” has the meaning set forth in Section 3(b)(i). 

“Additional Distributions” has the meaning set forth in Section 3(b)(i). 

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

“Advisory Agreement” means the agreement among the Partnership, the General Partner and the Advisor pursuant to which the
Advisor will direct or perform the day-to-day business affairs of the General Partner and the Partnership. 
 “Capital
Event” means a sale or other disposition, directly or indirectly, of any Property or any portion thereof or an interest therein, a financing, refinancing, insurance award (excluding rent loss insurance), condemnation (or conveyance in lieu
thereof), easement sale or other transaction which, in accordance with GAAP, consistently applied, is treated as a capital transaction. 
 A
“Change of Control” will be deemed to have occurred with respect to the Partnership on any date after the Initial Date of Issuance on which neither the General Partner nor any of its Subsidiaries or Affiliates is the Controlling
general partner, managing member or equivalent thereof of the Partnership. A “Change of Control” will be deemed to have occurred with respect to the General Partner on any date after the Initial Date of Issuance if: 

(a) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but
excluding the General Partner, any entity Controlling, Controlled by or under common Control with the General Partner, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the General
Partner or any such entity), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of shares of stock of the General Partner representing thirty-five percent
(35%) or more of either (A) the combined voting power of the General Partner’s then-outstanding securities or (B) the then-outstanding shares of all classes of stock of the General Partner (other than as a result of an
acquisition of securities directly from the General Partner); 
 (b) any consolidation or merger of the General Partner where the
stockholders of the General Partner immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under

  
 12 

 
the Exchange Act), directly or indirectly, shares of stock representing in the aggregate 50% or more of the combined voting power of the securities of the surviving or resulting entity in the
consolidation or merger (or of its ultimate parent entity, if any); 
 (c) there shall occur (A) any sale, lease, exchange or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the General Partner, other than a sale or transfer by the General Partner of all or
substantially all of the General Partner’s assets to an entity at least fifty percent (50%) of the combined voting power of the securities of which are owned by “persons” (as defined above) in substantially the same
proportion as their ownership of the General Partner immediately prior to such sale or transfer or (B) the approval by stockholders of the General Partner of any plan or proposal for the liquidation or dissolution of the General Partner; 

(d) the members of the Board of Directors of the General Partner at the beginning of any consecutive 24-calendar-month period (the
“Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board of Directors of the General Partner; provided, that any director whose election, or
nomination for election by the General Partner’s stockholders, was approved or ratified by a vote of a majority of the members of the Board of Directors then still in office who were Incumbent Directors at the beginning of such
24-calendar-month period shall be deemed to be an Incumbent Director for purposes of the foregoing; or 
 (e) the Advisory Agreement is
terminated. 
 “Common Units” has the meaning set forth in Section 2. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise and “Controlling,” “Controlled” and “under common Control” shall have meanings correlative thereto. For purposes of this
definition, debt securities that are convertible into common stock will be treated as voting securities only when converted. 

“Current Distribution Payment Date” has the meaning set forth in Section 3(a)(ii). 

“Current Distribution Payment Record Date” has the meaning set forth in Section 3(a)(ii). 

“Current Distribution Period” has the meaning set forth in Section 3(a)(i). 

“Current Distributions” has the meaning set forth in Section 3(a)(i). 

“Date of Issuance” has the meaning set forth in Section 3(a)(i). 

“Deferred Distribution” has the meaning set forth in Section 3(b)(i). 

“Deferred Distribution Period” has the meaning set forth in Section 3(b)(i). 

“Deferred Distribution Rate” has the meaning set forth in Section 3(b)(i). 

  
 13 

 “Distribution” has the meaning set forth in Section 3(b)(i). 

“Distribution Payment Date” has the meaning set forth in Section 3(b)(ii). 

“Distribution Payment Record Date” has the meaning set forth in Section 3(b)(ii). 

“Distribution Period” has the meaning set forth in Section 3(b)(i). 

“Event of Default” means the occurrence of one or more of the following events: 

(a) a material default in the performance of, or material breach of any covenant, warranty or other agreement contained in, the
Partnership Agreement, including this Amendment (including, without limitation, any of the Protective Provisions), or the Purchase Agreement by the Partnership or the General Partner, as applicable, and the continuance of such default or breach for
a period of 10 business days after written notice thereof shall have been given to the Partnership and the General Partner; 

(b) an Event of Bankruptcy as to the Partnership, the General Partner or any of their respective Subsidiaries that has not been
consented to in advance by the holders of the Preferred Units pursuant to Section 7(a); 
 (c) any breach, default or
event of default shall occur and be continuing under any instrument, agreement or indenture pertaining to any Indebtedness of the Partnership, the General Partner or any of their respective Subsidiaries aggregating more than $5 million, the effect
of which is to cause an acceleration, mandatory redemption or other required repurchase of such Indebtedness, or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise) or required to be prepaid,
redeemed or otherwise repurchased by the Partnership, the General Partner or any such Subsidiary (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; 

(d) the failure of the General Partner to qualify as a REIT under the Code. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Final Redemption” has the meaning set forth in Section 5(a). 

“Final Repurchase” has the meaning set forth in Section 6(a). 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

“Governmental Authority” means any court, board, agency, commission, office or other authority of any nature whatsoever for
any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence, including foreign Governmental Authorities. 

  
 14 

 “Holder Repurchase Notice” has the meaning set forth in Section 6(b). 

“Holder Repurchase Notice Date” has the meaning set forth in Section 6(b). 

“Improvements” means the buildings, structures, fixtures, building equipment, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter erected or located at any Property. 
 “Incumbent
Directors” has the meaning set forth in the definition of “Change of Control.” 
 “Indebtedness” means,
without duplication, the sum of the (i) indebtedness for borrowed money (excluding any interest thereon), secured or unsecured (including but not limited to all senior financing facilities, senior mortgages and/or fixed-rate long term debt)
(the “Senior Debt”), (ii) reimbursement obligations under any letters of credit or similar instruments with regard to the Senior Debt, (iii) capitalized lease obligations, (iv) obligations under interest rate cap,
swap, collar or similar transactions or currency hedging transactions (valued at the termination value thereof) and (v) guarantees of any Indebtedness of the foregoing of any other Person; provided, that Indebtedness shall not include
“trade payables” incurred in the ordinary course of business and, in the case of the Partnership, shall not include the Preferred Units. 

“Initial Date of Issuance” means November 3, 2014. 

“LIBOR” means, with respect to each Distribution Period, (i) the per annum rate for deposits in U.S. dollars for a
period equal to the applicable Distribution Period, which appears on Reuters Screen LIBOR01 Page (or the successor thereto) as the London Interbank Offering Rate as of 11:00 a.m., London time, on that respective Distribution Period’s
Distribution Payment Date (rounded upwards, if necessary, to the nearest 1/1000 of one percent (1%)); (ii) if such rate does not appear on said Reuters Screen LIBOR01 Page (or the successor thereto), the arithmetic mean (rounded as aforesaid)
of the offered quotations of rates obtained by the Partnership from the Reference Banks for deposits in U.S. dollars for a period equal to the applicable Distribution Period to prime banks in the London interbank market as of approximately
11:00 a.m., London time, on that Distribution Payment Date and in an amount that is representative for a single transaction in the relevant market at the relevant time; or (iii) if fewer than two (2) Reference Banks provide the
Partnership with such quotations, the rate per annum which the Partnership determines to be the arithmetic mean (rounded as aforesaid) of the offered quotations of rates which major banks in New York, New York selected by the Partnership are quoting
at approximately 11:00 a.m., New York City time, on that Distribution Payment Date for loans in U.S. dollars to leading European banks for a period equal to the applicable Distribution Period in amounts of not less than U.S. $1
million. The Partnership’s determination of LIBOR shall be binding and conclusive on the holders of Preferred Units absent manifest error. LIBOR may or may not be the lowest rate based upon the market for U.S. dollar deposits in the London
Interbank Eurodollar Market at which the Partnership prices loans on the date which LIBOR is determined by the Partnership as set forth above. 

“LIBOR Rate” means, with respect to each Distribution Period, the quotient of (a) LIBOR applicable to such Distribution
Period, divided by (b) a percentage equal to 100% minus the Reserve Requirements (if any) applicable to such Distribution Period. 

  
 15 

 “Lien” means any liens, mortgages, pledges, security interests, claims, options,
rights of first offer or refusal, charges, conditional or installment sale contracts, claims of third parties of any kind or other encumbrances. 

“Liquidation” has the meaning set forth in Section 4(a). 

“Liquidation Amount” has the meaning set forth in Section 4(a). 

“Material Adverse Effect” with respect to any Person means any event, occurrence, development, change or effect that is, or
is reasonably likely to be, individually or in the aggregate, materially adverse to the business, prospects, properties, operating assets, financial condition or results of operations of such Person and its Subsidiaries, taken as a whole;
provided, that, in no event shall the following, either individually or in the aggregate, in and of itself be deemed to constitute a “Material Adverse Effect”: (i) the failure by the General Partner to meet independent, third
party projections of earnings, revenue or other financial performance measures (provided, that the underlying facts, circumstances, operating results or prospects which cause the General Partner to fail to meet such projections may be
considered in determining whether a “Material Adverse Effect” has occurred or is reasonably likely to occur); (ii) fluctuations in the price or net asset value of the REIT Shares; and (iii) the failure to obtain any tenant
estoppel. 
 “Material Contract” means each of the following contracts (and all amendments, modifications and supplements
thereto and all side letters to which the Partnership, the General Partner or their respective Subsidiaries are a party affecting the obligations of any party thereunder) to which the Partnership, the General Partner or their respective Subsidiaries
are a party or by which any of their respective Properties or assets are bound (notwithstanding anything below, “Material Contract” shall not include any contract that (1) is terminable upon thirty (30) days’ notice without
a penalty or premium, (2) will be fully performed and satisfied as of or prior to the Initial Date of Issuance, (3) is a lease, or (4) is an organizational document): 

(a) all agreements that call for aggregate payments by, or other consideration from, the Partnership, the General Partner or their respective
Subsidiaries under such contract of more than $1 million over the remaining term of such contract; 
 (b) all agreements that call for
annual aggregate payments by, or other consideration from, the Partnership, the General Partner or their respective Subsidiaries under such contract of more than $1 million over the remaining term of such contract; 

(c) any agreement that contains any non-compete or exclusivity provisions with respect to any line of business in which the Partnership, the
General Partner or their respective Subsidiaries is currently engaged or geographic area with respect to the Partnership, the General Partner or their respective Subsidiaries, or that purports to restrict in any material respect the right of the
Partnership, the General Partner or their respective Subsidiaries to conduct any line of business in which the Partnership, the General Partner or their respective Subsidiaries are currently engaged or to compete with any Person or operate in any
geographic area or location in which the Partnership, the General Partner or their respective Subsidiaries may conduct business; 
 (d) any
partnership, limited liability company agreement, joint venture or other similar agreement entered into by the Partnership, the General Partner or their respective Subsidiaries with any third party; 

  
 16 

 (e) any contract for the pending purchase or sale, option to purchase or sell, right of first
refusal, right of first offer or any other contractual right to purchase, sell, dispose of, or master lease, by merger, purchase or sale of assets or stock or otherwise, any real property including any Property or any asset that if purchased by any
of the Partnership, the General Partner or their respective Subsidiaries would be a Property in the Portfolio; 
 (f) any contract pursuant
to which the Partnership, the General Partner or their respective Subsidiaries agrees to indemnify or hold harmless any director or executive officer of the Partnership, the General Partner or their respective Subsidiaries (other than their
organizational documents); 
 (g) any (A) loan agreement, letter of credit, indenture, note, bond, debenture, mortgage or any other
document, agreement or instrument evidencing a capitalized leased obligation or other Indebtedness (secured or unsecured, direct or indirect, absolute or contingent (including guaranties of any obligation)) of, for the benefit of or payable to any
of the Partnership, the General Partner or their respective Subsidiaries (other than among the Partnership, the General Partner and their respective Subsidiaries) in excess of $5 million, or (B) contract (other than any organizational document)
to provide any funds to or make any investment in (whether in the form of a loan, capital contribution or otherwise) any Subsidiary or other Person; 

(h) any employment agreements, severance, change in control or termination agreements with officers of any of the Partnership, the General
Partner or their respective Subsidiaries; 
 (i) any contract pursuant to which any of the Partnership, the General Partner or their
respective Subsidiaries has potential liability in respect of any purchase price adjustment, earn-out or contingent purchase price that, in each case, could reasonably be expected to result in future payments of more than $2 million; or any contract
relating to the settlement or proposed settlement of any action, which involves the issuance of equity securities or the payment of an amount in excess of $2 million; and 

(j) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Securities Act). 

An “Optional Repurchase Event” means the occurrence of any one or more of the following events: 

(i) a breach of any of the Protective Provisions; 

(ii) an Event of Default; 

(iii) a Change of Control that has not been consented to pursuant to Section 7(a); 

(iv) the failure of the General Partner to qualify as a REIT under the Code; or 

  
 17 

 (v) the occurrence and continuance of a monetary or a material default beyond any applicable cure
period under any of the Portfolio Loan Documents. 
 “Pay Rate” has the meaning set forth in Section 3(a). 

“Permitted Lien” means, collectively (a) any Lien, encumbrances or other matters disclosed in a Title Insurance Policy,
(b) any Lien, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent and (c) such other title and survey exceptions as the holders of record of at least a majority of the Preferred Units then outstanding have
approved or may approve in writing in such holders’ discretion. 
 “Person” means any individual, partnership, limited
liability company, corporation, joint venture, trust or other entity. 
 “Portfolio” means (i) a twenty-six
(26)-facility self-storage portfolio consisting of fourteen (14) self-storage facilities located in California, four (4) self-storage facilities located in Michigan, three (3) self-storage facilities located in Colorado, two
(2) self-storage facilities located in Illinois, and one (1) self-storage facility located in each of New Jersey, Washington and Maryland; (ii) a five(5)-facility self-storage portfolio consisting of three (3) self-storage
facilities located in Raleigh, North Carolina, and two (2) self-storage facilities located in Myrtle Beach, South Carolina; (iii) and any and all subsequent property acquisitions made by the Partnership or the General Partner. 

“Portfolio Loan Documents” means the governing loan documents, and any and all amendments thereto, for each of the Properties
in the Portfolio. 
 “Preferred Units” has the meaning set forth in the opening paragraph of this Amendment. 

“Property” means each individual property in the Portfolio, including the Improvements thereon, and such additional
properties that may be acquired as part of the Portfolio. 
 “Protective Provisions” means those protective provisions set
forth in Section 7(a). 
 “Purchase Agreement” means that certain Series A Cumulative Redeemable Preferred Unit
Purchase Agreement, dated November 3, 2014 among Strategic Storage Operating Partnership II, L.P., Strategic Storage Trust II, Inc., and SSTI Preferred Investor, LLC. 

“Redemption Price” has the meaning set forth in Section 5(a). 

“Repurchase Price” has the meaning set forth in Section 6(a). 

“Reference Banks” means four major banks in the London interbank market selected by holders of record of at least a majority
of the Preferred Units then outstanding. 
 “Reserve Requirements” means, with respect to any Distribution Period, the
maximum rate of all reserve requirements (including, without limitation, all basic, marginal, emergency, supplemental, special or other reserves and taking into account any transitional adjustments or other schedule changes in reserve requirements
during the Distribution Period) which are 

  
 18 

 
imposed under Regulation D on eurocurrency liabilities (or against any other category of liabilities which includes deposits by reference to which LIBOR is determined or against, any
category of extensions of credit or other assets which includes loans by a non-United States office of a depository institution to United States residents or loans which charge interest at a rate determined by reference to such deposits) during the
Distribution Period and which are applicable to member banks of the Federal Reserve System with deposits exceeding one billion dollars, but without benefit or credit of proration, exemptions or offsets that might otherwise be available from time to
time under Regulation D. In the event of any change in the rate of such Reserve Requirements under Regulation D during the applicable Distribution Period, or any variation in such requirements based upon amounts or kinds of assets or
liabilities, or other factors, including, without limitation, the imposition of Reserve Requirements, or differing Reserve Requirements, on one or more but not all of the holders of the Preferred Units, the Partnership may use any reasonable
averaging and/or attribution methods which it deems appropriate and practical for determining the rate of such Reserve Requirements which shall be used in the computation of the Reserve Requirements. 

“Senior Debt” has the meaning set forth in the definition of “Indebtedness”. 

“Set apart for payment” means the recording by the Partnership in its accounting ledgers of any accounting or bookkeeping
entry which indicates, pursuant to an authorization of a distribution by the General Partner, the allocation of funds to be so paid on any series or class of Partnership Units. 

“Share Redemption Program” means the General Partner’s program pursuant to which the General Partner’s stockholders
who have held REIT Shares for at least one year may, under certain circumstances, be able to cause all or any portion of such REIT Shares to be redeemed by the General Partner. 

“Taking” means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of
the exercise of the right of condemnation or eminent domain, of all or any part of any Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting any Property or any part
thereof. 
 “Taxes” means all real estate and personal property Taxes, assessments, water rates or sewer rents (excluding
income Taxes), now or hereafter levied or assessed or imposed against the Portfolio or part thereof, together with all interest and penalties thereon. 

“Title Insurance Policy” means a policy of title insurance or title commitments. 

  
 19 

 Schedule A 

Notice of Repurchase 
 The
undersigned holder of Preferred Units hereby irrevocably requests Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership (the “Partnership”), to repurchase
             Preferred Units in accordance with the terms of the Second Amended and Restated Limited Partnership Agreement of the Partnership and the Amendment thereto establishing the
Preferred Units; and the undersigned irrevocably (i) surrenders such Preferred Units and all right, title and interest therein; and (ii) directs that the Redemption Price for such Preferred Units be delivered to the Person specified below
at the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has good and unencumbered title to the Preferred Units that are the subject of this Notice, free and clear of the rights or
interests of any other Person; (b) has the full right, power, and authority to request the repurchase requested herein; and (c) has obtained the consent or approval of all Persons, if any, having the right to consent or approve such
repurchase of Preferred Units. 
 Dated:                 

 

			
	Name:	 	  

		 	(Please Print)
		
		 	  

		 	(Signature)
		
		 	  

		 	(If holder is an entity, name and title of signatory)
		
		 	  

		 	(Mailing Address)
		
		 	  

		 	(City) (State) (Zip Code)

  
 A-1

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