Document:

EX-10.1

 Exhibit 10.1 
  

 
 THE SECURITIES EVIDENCED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE
OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 

 
  

FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 RHP HOTEL PROPERTIES, LP 

a Delaware limited partnership 

Dated as of December 31, 2018 

 CONTENTS 
  

									
	Article I. DEFINED TERMS	  	 	1	 
		
	Article II. ORGANIZATIONAL MATTERS	  	 	15	 
	        	 	Section 2.01	  	Organization	  	 	15	 
		 	Section 2.02	  	Name	  	 	15	 
		 	Section 2.03	  	Registered Office and Agent; Principal Office	  	 	15	 
		 	Section 2.04	  	Power of Attorney.	  	 	16	 
		 	Section 2.05	  	Term	  	 	17	 
		 	Section 2.06	  	Partnership Interests as Securities	  	 	17	 
		
	Article III. PURPOSE	  	 	17	 
		 	Section 3.01	  	Purpose and Business	  	 	17	 
		 	Section 3.02	  	Powers.	  	 	17	 
		 	Section 3.03	  	Partnership Only for Partnership Purposes Specified	  	 	18	 
		 	Section 3.04	  	Representations and Warranties by the Parties.	  	 	18	 
		
	Article IV. PARTNERSHIP INTERESTS; CAPITAL CONTRIBUTIONS	  	 	19	 
		 	Section 4.01	  	Partnership Units and Capital Contributions of the Partners	  	 	19	 
		 	Section 4.02	  	Classes and Series of Partnership Units	  	 	19	 
		 	Section 4.03	  	Issuances of Additional Partnership Units.	  	 	20	 
		 	Section 4.04	  	Additional Funds and Capital Contributions.	  	 	21	 
		 	Section 4.05	  	Equity Incentive Plans	  	 	23	 
		 	Section 4.06	  	No Interest; No Return	  	 	25	 
		 	Section 4.07	  	Other Contribution Provisions	  	 	25	 
		 	Section 4.08	  	Not Publicly Traded	  	 	25	 
		
	Article V. DISTRIBUTIONS	  	 	25	 
		 	Section 5.01	  	Requirement and Characterization of Distributions	  	 	25	 
		 	Section 5.02	  	Interests in Property Not Held Through the Partnership	  	 	26	 
		 	Section 5.03	  	Distributions In-Kind	  	 	26	 
		 	Section 5.04	  	Amounts Withheld	  	 	26	 
		 	Section 5.05	  	Distributions Upon Liquidation	  	 	26	 
		 	Section 5.06	  	Distributions to Reflect Issuance of Additional Partnership Units	  	 	26	 
		 	Section 5.07	  	Restricted Distributions	  	 	26	 
		
	Article VI. ALLOCATIONS	  	 	27	 
		 	Section 6.01	  	Timing and Amount of Allocations of Net Income and Net Loss	  	 	27	 
		 	Section 6.02	  	General Allocations.	  	 	27	 
		 	Section 6.03	  	Additional Allocation Provisions	  	 	27	 
		 	Section 6.04	  	Tax Allocations.	  	 	29	 
		
	Article VII. MANAGEMENT AND OPERATIONS OF BUSINESS	  	 	30	 
		 	Section 7.01	  	Management.	  	 	30	 
		 	Section 7.02	  	Certificate of Limited Partnership	  	 	35	 

  
 i 

									
		 	Section 7.03	  	Restrictions on General Partner’s Authority.	  	 	35	 
		 	Section 7.04	  	Reimbursement of the General Partner and Parent.	  	 	35	 
		 	Section 7.05	  	Contracts with Affiliates.	  	 	37	 
		 	Section 7.06	  	Indemnification.	  	 	37	 
		 	Section 7.07	  	Standard of Care; Limitation of Liability of Covered Persons.	  	 	39	 
		 	Section 7.08	  	Other Matters Concerning the General Partner.	  	 	40	 
		 	Section 7.09	  	Title to Partnership Assets	  	 	41	 
		 	Section 7.10	  	Reliance by Third Parties	  	 	41	 
		
	Article VIII. RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	  	 	41	 
		 	Section 8.01	  	Limitation of Liability	  	 	41	 
		 	Section 8.02	  	Management of Business	  	 	41	 
		 	Section 8.03	  	Outside Activities of Limited Partners	  	 	41	 
		 	Section 8.04	  	Withdrawal; Return of Capital	  	 	42	 
		 	Section 8.05	  	Adjustment Factor	  	 	42	 
		 	Section 8.06	  	Redemption Rights. Except as otherwise agreed by the Partners:	  	 	42	 
		
	Article IX. BOOKS, RECORDS, ACCOUNTING AND REPORTS	  	 	44	 
		 	Section 9.01	  	Records and Accounting.	  	 	44	 
		 	Section 9.02	  	Reports.	  	 	44	 
		
	Article X. TAX MATTERS	  	 	45	 
		 	Section 10.01	  	Preparation of Tax Returns	  	 	45	 
		 	Section 10.02	  	Tax Elections	  	 	45	 
		 	Section 10.03	  	Partnership Representative.	  	 	45	 
		 	Section 10.04	  	Withholding	  	 	47	 
		
	Article XI. TRANSFERS AND WITHDRAWALS	  	 	48	 
		 	Section 11.01	  	Transfer.	  	 	48	 
		 	Section 11.02	  	Transfer of General Partner’s Partnership Interest.	  	 	48	 
		 	Section 11.03	  	Transfer of Limited Partners’ Partnership Interests.	  	 	49	 
		 	Section 11.04	  	Substituted Limited Partners.	  	 	51	 
		 	Section 11.05	  	Assignees	  	 	51	 
		 	Section 11.06	  	General Provisions.	  	 	52	 
		
	Article XII. ADMISSION OF PARTNERS	  	 	53	 
		 	Section 12.01	  	Admission of Successor General Partner	  	 	53	 
		 	Section 12.02	  	Admission of Additional Limited Partners.	  	 	53	 
		 	Section 12.03	  	Amendment of Certificate	  	 	54	 
		 	Section 12.04	  	Limit on Number of Partners	  	 	54	 
		 	Section 12.05	  	Admission	  	 	54	 
		
	Article XIII. DISSOLUTION, LIQUIDATION AND TERMINATION	  	 	55	 
		 	Section 13.01	  	Dissolution	  	 	55	 
		 	Section 13.02	  	Winding Up.	  	 	55	 
		 	Section 13.03	  	[Omitted]	  	 	57	 

  
 ii 

									
		 	Section 13.04	  	Notice of Dissolution	  	 	57	 
		 	Section 13.05	  	Cancellation of Certificate of Limited Partnership	  	 	57	 
		 	Section 13.06	  	Reasonable Time for Winding-Up	  	 	57	 
		
	Article XIV. PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; MEETINGS; AMENDMENTS	  	 	58	 
		 	Section 14.01	  	Procedures for Actions and Consents of Partners	  	 	58	 
		 	Section 14.02	  	Meetings of the Limited Partners.	  	 	58	 
		
	Article XV. GENERAL PROVISIONS	  	 	59	 
		 	Section 15.01	  	Addresses and Notice	  	 	59	 
		 	Section 15.02	  	Titles and Captions	  	 	59	 
		 	Section 15.03	  	Pronouns and Plurals	  	 	59	 
		 	Section 15.04	  	Further Action	  	 	59	 
		 	Section 15.05	  	Binding Effect	  	 	59	 
		 	Section 15.06	  	Waiver	  	 	59	 
		 	Section 15.07	  	Counterparts	  	 	60	 
		 	Section 15.08	  	Applicable Law.	  	 	60	 
		 	Section 15.09	  	Entire Agreement	  	 	60	 
		 	Section 15.10	  	Invalidity of Provisions	  	 	60	 
		 	Section 15.11	  	Limitation to Preserve REIT Qualification	  	 	61	 
		 	Section 15.12	  	No Partition	  	 	61	 
		 	Section 15.13	  	No Third-Party Rights Created Hereby	  	 	61	 
		 	Section 15.14	  	No Rights as Members of the General Partner Nor as Stockholders of the Parent	  	 	62	 
		 	Section 15.15    	  	Amendments to Agreement	  	 	62	 

  

							
	 Exhibit A    
	 	Units Held as of December 31, 2018	  	 	A-1	 
	 Exhibit B
	 	Notice of Redemption of OP Units	  	 	B-1	 
	 Exhibit C
	 	Certification of Non-Foreign Status (Entities)	  	 	C-1	 
	 Exhibit D
	 	Certification of Non-Foreign Status (Individuals)	  	 	D-1	 

  
 iii 

 THIS FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF RHP HOTEL
PROPERTIES, LP, dated as of December 31, 2018 (the “Effective Date”), is made by and among each of the Persons who is a party to or otherwise bound by this Agreement and is listed as a Holder in the books and records of the
Partnership. 
 WHEREAS, the Certificate of Limited Partnership of the Partnership was filed in the office of the Secretary of State
of the State of Delaware on September 14, 2012, which Certificate designated RHP Partner, LLC (“RHP Partner”), a Delaware limited liability company, as the sole general partner of the Partnership; 

WHEREAS, RHP Partner and Ryman Hospitality Properties, Inc. (“Parent”), a Delaware corporation, entered into a Limited
Partnership Agreement, dated as of September 14, 2012, to set forth the rights and obligations of the parties thereto (the “Original Agreement”); 

WHEREAS, RHP Partner and Parent desire to amend and restate the Original Agreement in its entirety by entering into this Agreement;

 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Original Agreement in its entirety and agree to continue the Partnership as a limited partnership under the Delaware
Revised Uniform Limited Partnership Act, as amended from time to time, as follows: 
 ARTICLE I. 

DEFINED TERMS 
 The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

“Act” means the Delaware Revised Uniform Limited Partnership Act (6 Del. C. §
17-101 et seq.), as it may be amended from time to time, and any successor to such statute. 

“Additional Funds” has the meaning set forth in Section 4.04(a) hereof. 

“Additional Limited Partner” means a Person who is admitted to the Partnership as a Limited Partner pursuant to
Section 4.03 and Section 12.02 hereof. 
 “Adjusted Capital Account”
means the Capital Account maintained for each Holder, which, as of the end of each Partnership Year, is (i) increased by any amounts which such Holder 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 1.704-1(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. 

  
 1 

 “Adjusted Capital Account Deficit” means, with respect to any Holder, the
deficit balance, if any, in such Holder’s Adjusted Capital Account as of the end of the relevant Partnership Year. 

“Adjustment Factor” means 1.0; provided, however, that in the event that: 

(a)    the Parent (1) declares or pays a dividend on its outstanding Common REIT Shares wholly or partly in Common
REIT Shares or makes a distribution to all holders of its outstanding Common REIT Shares wholly or partly in Common REIT Shares, (2) splits or subdivides its outstanding Common REIT Shares or (3) effects a reverse stock split or otherwise
combines its outstanding Common REIT Shares into a smaller number of Common REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (A) the numerator of which shall be the
number of Common REIT Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split
or combination has occurred as of such time) and (B) the denominator of which shall be the actual number of Common REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution,
split, subdivision, reverse split or combination; 
 (b)    the Parent distributes any rights, options or warrants to all
holders of its Common REIT Shares to subscribe for or to purchase or to otherwise acquire Common REIT Shares (or other securities or rights convertible into, exchangeable for or exercisable for Common REIT Shares) at a price per share less than the
Value of a Common REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights, or, if later, the time such Distributed Rights become exercisable, the
Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (1) the numerator of which shall be the sum of (A) the number of Common REIT Shares issued and outstanding on the record date (or,
if later, the date such Distributed Rights become exercisable) plus (B) the maximum number of Common REIT Shares purchasable under such Distributed Rights and (2) the denominator of which shall be the sum of (A) the number of Common
REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus (B) a fraction (i) the numerator of which is the maximum number of Common REIT Shares purchasable under such
Distributed Rights multiplied by the minimum purchase price per Common REIT Share under such Distributed Rights and (ii) the denominator of which is the Value of a Common REIT Share as of the record date (or, if later, the date such Distributed
Rights become exercisable); provided, however, that if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed
Rights, to reflect a reduced maximum number of Common REIT Shares or any change in the minimum purchase price for the purposes of the above fraction; 

(c)    the Parent shall, by dividend or otherwise, distribute to all holders of its Common REIT Shares evidences of its
indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (a) or (b) above), which evidences of indebtedness or assets relate to assets not received by the Parent or its Subsidiaries
pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount 

  
 2 

 
determined by multiplying the Adjustment Factor in effect immediately prior to the close of business on the date fixed for determination of stockholders of the Parent entitled to receive such
distribution by a fraction (1) the numerator of which shall be such Value of a Common REIT Share on the date fixed for such determination and (2) the denominator of which shall be (A) the Value of a Common REIT Share on the dates
fixed for such determination minus (B) the then fair market value (as determined by Parent, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed applicable to one Common REIT Share;
and 
 (d)    an entity other than an Affiliate of the Parent shall acquire a majority of the issued and outstanding
shares of stock of the Parent (by vote or value) pursuant to any merger, consolidation or combination of the Parent with or into another entity (the “Successor Entity”), the Adjustment Factor shall be adjusted by multiplying the
Adjustment Factor by the number of shares of the Successor Entity into which one Common REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. 

Any adjustments to the Adjustment Factor shall become effective immediately after the effective date of such event, retroactive to the record
date, if any, for such event. Notwithstanding the foregoing, the Adjustment Factor shall not be adjusted in connection with an event described in clauses (a) or (b) above if, in connection with such event, the Partnership makes a distribution
of cash, Partnership Units, REIT Shares and/or rights, options or warrants to acquire Partnership Units and/or REIT Shares with respect to all applicable OP Units or effects a reverse split of, or otherwise combines, the OP Units, as applicable,
that is comparable as a whole in all material respects with such an event, or if in connection with an event described in clause (d) above, the consideration in Section 11.02(b) hereof is paid to the Holders that own
OP Units. 
 “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling or
controlled by or under common control with such Person, (ii) any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any Person of which such Person owns or controls ten percent
(10%) or more of the voting interests or (iv) any officer, director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii) or (iii) above. For purposes of this definition, “control” when used
with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and
the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreement”
means this First Amended and Restated Agreement of Limited Partnership of RHP Hotel Properties, LP, as it may be further amended, supplemented or restated from time to time. 

“Assignee” means a Person to whom a Partnership Interest has been Transferred in a manner permitted under this Agreement, but
who has not become a Substituted Limited Partner, and who has only those rights set forth in Section 11.05 hereof. 

  
 3 

 “Available Cash” means, with respect to any period for which such
calculation is being made, the amount of cash available for distribution by the Partnership to the Partners in respect of their Partnership Interests as determined by the General Partner. 

“BBA Procedures” has the meaning set forth in Section 10.03(c) hereof. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to close. 
 “Bylaws” means the Bylaws of the Parent, as amended, supplemented or restated
from time to time. 
 “Capital Account” means, with respect to any Holder, the Capital Account maintained for such Holder
in the Partnership’s books and records in accordance with the following provisions: 
 (a)    To each Holder’s
Capital Account, there shall be added such Holder’s Capital Contributions, such Holder’s distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to
Section 6.03 hereof, and the principal amount of any Partnership liabilities assumed by such Holder or that are secured by any property distributed to such Holder. 

(b)    From each Holder’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of
any property distributed to such Holder pursuant to any provision of this Agreement, such Holder’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to
Section 6.03 hereof, and the principal amount of any liabilities of such Holder assumed by the Partnership or that are secured by any property contributed by such Holder to the Partnership. 

(c)    In the event any Partnership Interest is Transferred in accordance with the terms of this Agreement, the transferee
shall succeed to the Capital Account of the transferor to the extent that it relates to the Transferred interest. 

(d)    In determining the principal amount of any liability for purposes of subsections (a) and (b) hereof, there
shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(e)    The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with
Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall determine
that it is prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification provided that such modification will not have a material effect on
the amounts distributable to any Holder without such Holder’s prior written consent. Notwithstanding the foregoing, the General Partner may (i) make any adjustments that the General Partner determines to be necessary or appropriate to
maintain equality between the Capital Accounts of the Holders and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations
Section 1.704-1(b)(2)(iv)(q) and (ii) make any modifications that the General Partner determines to be appropriate in the event that unanticipated events might otherwise cause this Agreement not to
comply with Regulations Section 1.704-1(b) or Section 1.704-2. 

  
 4 

 “Capital Account Deficit” has the meaning set forth in
Section 13.02(c) hereof. 
 “Capital Contribution” means, with respect to any Holder, the amount
of money and the initial Gross Asset Value of any Contributed Property that such Partner contributes to the Partnership or is deemed to contribute to the Partnership pursuant to Section 4.04 hereof. 

“Cash Amount” means, with respect to a Tendering Partner, an amount of cash equal to the product of (A) the Value of a
Common REIT Share and (B) such Tendering Partner’s Common REIT Shares Amount determined as of the date of receipt by the General Partner of such Tendering Partner’s Notice of Redemption or, if such date is not a Business Day, the
immediately preceding Business Day. 
 “Certificate” means the Certificate of Limited Partnership of the Partnership filed
in the office of the Secretary of State of the State of Delaware on September 14, 2012, as amended from time to time in accordance with the terms hereof and the Act. 

“Charity” means an entity described in Code Section 501(c)(3) or any trust all the beneficiaries of which are such
entities. 
 “Charter” means the Certificate of Incorporation of the Parent as filed with the Secretary of State of the
State of Delaware, as amended, supplemented or restated from time to time. 
 “Closing Price” has the meaning set forth in
the definition of “Value”. 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect
from time to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of
future law. 
 “Common REIT Share” means a share of the Parent’s common stock, par value $0.01 per share. Where
relevant in this Agreement, “Common REIT Shares” includes shares of the Parent’s common stock, par value $0.01 per share, issued upon the conversion of Preferred REIT Shares. 

“Common REIT Shares Amount” means a number of Common REIT Shares equal to the product of (a) the number of Tendered
Units and (b) the Adjustment Factor in effect on the Specified Redemption Date with respect to such Tendered Units; provided, however, that in the event that the Parent issues to all holders of Common REIT Shares as of a certain record
date rights, options, warrants or convertible or exchangeable securities entitling the Parent’s stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “Rights”), with the
record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant
Specified Redemption Date, then the Common REIT Shares Amount shall also include such Rights that a holder of that number of Common REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of Common REIT Shares
determined by the General Partner. 

  
 5 

 “Consent” means the consent to, approval of, or vote in favor of a proposed
action. 
 “Contributed Property” means each item of Property, but excluding cash, contributed to the Partnership, net of
any liabilities assumed by the Partnership relating to such Contributed Property and any liability to which such Contributed Property is subject. 

“Controlled Entity” means, as to any Partner, (a) any corporation more than twenty-five percent (25%) of the outstanding
voting stock of which is owned by such Partner and such Partner’s Family Members and Affiliates, (b) any trust, whether or not revocable, of which such Partner and such Partner’s Family Members and Affiliates are the sole initial
income beneficiaries, (c) any partnership of which such Partner or such Partner’s Family Members and Affiliates are the managing partners and in which such Partner, such Partner’s Family Members and Affiliates hold partnership
interests representing at least twenty-five percent (25%) of such partnership’s capital and profits and (d) any limited liability company of which such Partner or such Partner’s Family Members and Affiliates are the managers or
otherwise control the management of such limited liability company and in which such Partner, such Partner’s Family Members and Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability
company’s capital and profits. 
 “Covered Person” means (A) any of the General Partner, the Parent and any
successor to any of the foregoing and (B) any officer, member, manager or director, as applicable, of the Partnership, the General Partner, the Parent or any Subsidiary of any of the foregoing (including by reason of being named a Person who is
about to become an officer, member, manager or director, as applicable, of any of the foregoing). 
 “Debt” means, as to
any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to financial institutions or other Persons
in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred
purchase price of property or services secured by any lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment
thereof; and (iv) lease obligations of such Person that, in accordance with U.S. GAAP, should be capitalized. 

“Depreciation” means, for each Partnership Year, an amount equal to the federal income tax depreciation, amortization or
other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or period,
Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax
basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using
any reasonable method selected by the General Partner. 

  
 6 

 “Distributed Right” has the meaning set forth in the definition of
“Adjustment Factor”. 
 “Equity Incentive Plan” means any equity incentive plan adopted by the
Partnership or the Parent. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Family Member” means, as to a Person that is an individual, such Person’s spouse, ancestors (whether by blood or
by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any inter vivos or testamentary trusts (whether revocable or irrevocable) of
which only such Person, his or her spouse, ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister are initial income beneficiaries. 

“Final Adjustment” has the meaning set forth in Section 10.03(b)(ii) hereof. 

“Funding Debt” means the incurrence of any Debt for the purpose of providing funds to the Partnership by or on behalf of the
Parent or any wholly owned subsidiary of the Parent. 
 “General Partner” means RHP Partner, LLC, a Delaware
limited liability company, and its successors and assigns, as the general partner of the Partnership. 
 “General Partner
Interest” means the Partnership Interest held by the General Partner, which Partnership Interest is an interest as a general partner under the Act. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows: 
 (a)    The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the
gross fair market value of such asset as determined by the General Partner. 

  
 7 

 (b)    The Gross Asset Values of all Partnership assets immediately
prior to the occurrence of any event described in clause (i), clause (ii), clause (iii) or clause (iv) hereof shall be adjusted to equal their respective gross fair market values, as determined by the General Partner, as of the following
times: 
 (i)    the acquisition of an additional Partnership Interest (other than in connection with the execution of
this Agreement but including, without limitation, acquisitions pursuant to Section 4.02 hereof or contributions by the General Partner pursuant to Section 4.02 hereof) by a new or existing Partner
in exchange for more than a de minimis Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Holders in the Partnership; 

(ii)    the distribution by the Partnership to a Holder of more than a de minimis amount of Property as
consideration for a Partnership Interest, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Holders in the Partnership; 

(iii)    the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and 
 (iv)    at such other times as the
General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 

(c)    The Gross Asset Value of any Partnership asset distributed to a Holder shall be the gross fair market value of such
asset on the date of distribution as determined by the the General Partner using such reasonable method of valuation as it may adopt. 

(d)    The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the
adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the General Partner reasonably determines that an
adjustment pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 

(e)    If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to subsection (a),
subsection (b) or subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 

“Holders” mean the Partners and Assignees, collectively, and “Holder” means any Partner or Assignee. 

“Incapacity” or “Incapacitated” means, (i) as to any Partner who is an individual, death, total
physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a corporation or limited liability company, the filing of a
certificate of dissolution, or its equivalent, or the revocation of the corporation’s charter or limited liability company’s certificate of formation; (iii) as to any Partner that is a partnership, the dissolution and commencement of
winding up of the partnership; (iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate’s entire Partnership Interest; (v) as to any trust that is a Partner, the termination of the trust (but not the
substitution of the trustee of the trust); or (vi) as to any Partner, 

  
 8 

 
the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking
liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order
for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the
Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy,
insolvency or other similar law now or hereafter in effect has not been dismissed within 120 days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has
not been vacated or stayed within 90 days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated within 90 days after the expiration of any such stay. 

“Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as a Covered Person and
(ii) such other Persons as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability). 

“Investment” means the Gaylord Rockies Resort and Convention Center, a planned 1,500 key hotel and convention center
development, in Aurora, Colorado. 
 “IRS” means the Internal Revenue Service, which administers the internal revenue laws
of the United States. 
 “Limited Partner” means any Person named as a Limited Partner in the books and records of the
Partnership or the Transfer Agent, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional
part of the Partnership Interests of all Limited Partners 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. A Limited Partner Interest may be expressed as a number of OP Units or other Partnership Units. 

“Liquidating Event” has the meaning set forth in Section 13.01 hereof. 

“Liquidator” has the meaning set forth in Section 13.02(a) hereof. 

“Majority in Interest of the Outside Limited Partners” means Limited Partners (excluding for this purpose (i) any
Limited Partner Interests held by the Parent or its Subsidiaries, (ii) any Person of which the Parent or its Subsidiaries directly or indirectly owns or controls more than 50% of the voting interests and (iii) any Person directly or
indirectly owning or controlling more than 50% of the outstanding interests of the General Partner) representing a majority of the Percentage Interests of all such Limited Partners. 

  
 9 

 “Market Price” has the meaning set forth in the definition of
“Value”. 
 “Net Income” or “Net Loss” means, for each Partnership Year of the Partnership, an
amount equal to the Partnership’s taxable income (“Net Income”) or loss (“Net Loss”) for such year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a)    Any income of the Partnership that is exempt from federal income tax and not otherwise taken into
account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the case may be) such taxable income (or loss); 

(b)    Any expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as a Code
Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of
“Net Income” or “Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 

(c)    In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection
(b) or subsection (c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

(d)    Gain or loss resulting from any disposition of Property with respect to which gain or loss is
recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Gross Asset Value; 

(e)    In lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be
taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year; 

(f)    To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code
Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a distribution
other than in liquidation of a Partner’s Partnership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset)
from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(g)    Notwithstanding any other provision of this definition of “Net Income” or “Net
Loss”, any item that is specially allocated pursuant to Section 6.03 hereof shall not be taken into account in computing Net Income or Net Loss. 

  
 10 

 “New REIT Securities” means (i) any rights, options, warrants or
convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares, except that “New REIT Securities” shall not mean any Preferred REIT Shares or grants under any Equity Incentive Plan, and
(ii) any Debt issued by the Parent that provides any of the rights described in clause (i). 
 “Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of
Regulations Section 1.704-2(c). 
 “Nonrecourse Liability” has the meaning set
forth in Regulations Section 1.752-1(a)(2). 
 “Notice of Redemption” means
the Notice of Redemption substantially in the form of Exhibit B attached to this Agreement. 
 “OP Unit” means a
fractional share of the Partnership Interests of all Partners issued pursuant to Sections 4.01, 4.03 and 4.04 hereof, but does not include any Partnership Unit specified in a Partnership Unit Designation as being other than an
OP Unit. 
 “Outside Interest” has the meaning set forth in Section 5.02 hereof. 

“Parent” means Ryman Hospitality Properties, Inc., a Delaware corporation. 

“Parent Employee” means any employee of the Partnership, the General Partner, the Parent or any of their Subsidiaries. 

“Partner” means the General Partner or a Limited Partner, and “Partners” means the General Partner and the
Limited Partners. 
 “Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the
Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Partner Nonrecourse Debt” has the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning set
forth in Regulations Section 1.704-2(i)(1), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the
rules of Regulations Section 1.704-2(i)(2). 
 “Partnership” means the limited
partnership formed under the Act by the filing of the Certificate and governed pursuant to this Agreement, and any successor thereto. 

“Partnership Employee” means any employee of the Partnership, the General Partner or any of their Subsidiaries. 

  
 11 

 “Partnership Interest” means an ownership interest in the Partnership and
includes any and all benefits to which the Holder of such Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Holder to comply with the terms and provisions of this Agreement. A Partnership
Interest may be expressed as a number of OP Units or other Partnership Units. 
 “Partnership Minimum Gain” has the meaning
set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined
in accordance with the rules of Regulations Section 1.704-2(d). 
 “Partnership Record
Date” means a record date established by the General Partner for the distribution of Available Cash pursuant to Section 5.01 hereof, which record date shall generally be the same as the record date established by
the Parent for a distribution to its stockholders of some or all of its portion of such distribution. 
 “Partnership Unit”
shall mean an OP Unit or any other fractional share of the Partnership Interests that the General Partner has authorized pursuant to Article IV hereof. 

“Partnership Unit Designation” has the meaning set forth in Section 4.03(a) hereof. 

“Partnership Year” means the Partnership’s taxable year ending on December 31 (or part thereof in the case of the
Partnership’s first and last taxable year) or such other year as is (i) required by Code Section 706 or (ii) determined by the General Partner (if no year is so required by Code Section 706). 

“Percentage Interest” means, as the context requires, (i) with respect to OP Units, as to a Holder of OP Units, the
quotient obtained by dividing the number of OP Units owned by such Holder by the total number of OP Units then outstanding, and (ii) with respect to any Partnership Units of a particular class or series (other than OP Units), as to a Holder of
any such Partnership Units, the quotient obtained by dividing the number of such Partnership Units owned by such Holder by the total number of such Partnership Units then outstanding, provided that, with respect to a determination as to
whether the Limited Partners have voted for or provided Consent as to a matter on which Limited Partners are entitled to vote or Consent pursuant to this Agreement, as to any Limited Partner, the quotient obtained by dividing the number of votes
attributable to the Partnership Units held by such Limited Partner with respect to such matter by the total number of votes attributable to all Partnership Units then outstanding with respect to such matter. If the Partnership issues additional
classes or series of Partnership Units, the interest in the Partnership among the classes or series of Partnership Units shall be determined as set forth in an amendment to this Agreement which will set forth the rights and privileges of such
additional classes or series of Partnership Units, if any, as contemplated by Section 4.03(a). 

“Person” means an individual or a corporation, partnership (including, but not limited to, any general partnership or limited
partnership), trust, estate, custodian, nominee, unincorporated organization, association, limited liability company or any other entity. 

  
 12 

 “Preferred REIT Share” means a share of capital stock of the Parent now or
hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common REIT Shares. 

“Properties” means any assets and property of the Partnership such as, but not limited to, interests in real property and
personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and debt instruments as the
Partnership may hold from time to time, and “Property” shall mean any one such asset or property. 
 “Publicly
Traded” means listed or admitted to trading on the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market or another national securities exchange or any successor to the foregoing. 

“Qualified REIT Subsidiary” means any Subsidiary of the Parent that is a “qualified REIT subsidiary” within the
meaning of Code Section 856(i). 
 “Qualified Transferee” means an “Accredited Investor” as defined in Rule
501 promulgated under the Securities Act. 
 “Redemption” has the meaning set forth in
Section 8.06(a) hereof. 
 “Regulations” means the applicable income tax regulations promulgated
by the United States Treasury Department, whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.03(a)(vii) hereof. 

“REIT” means an entity that is treated as a real estate investment trust for federal income tax purposes under Code Sections
856 through 860. 
 “REIT Payment” has the meaning set forth in Section 15.11 hereof. 

“REIT Requirements” has the meaning set forth in Section 5.01 hereof. 

“REIT Share” means a Common REIT Share, a Preferred REIT Share or share of any other class or series of stock issued by the
Parent. 
 “Rights” has the meaning set forth in the definition of “Common REIT Shares Amount”. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Services Agreement” means any management, development or advisory agreement with a property and/or asset manager for the
provision of property management, asset management, leasing, development and/or similar services with respect to the Properties and any agreement for the provision of services of accountants, legal counsel, appraisers, insurers, brokers, transfer
agents, registrars, developers, financial advisors and other professional services. 

  
 13 

 “Specified Redemption Date” means the 10th Business Day following receipt
by the General Partner of a Notice of Redemption; provided, that, if the Common REIT Shares are not Publicly Traded, the Specified Redemption Date means the 30th Business Day following receipt by the General Partner of a Notice of Redemption.

 “Subsidiary” means, with respect to any Person, any other Person of which a majority of (i) the voting power of
such other Person or (ii) the outstanding equity interests of such other Person is owned, directly or indirectly, by such Person. 

“Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to
Section 11.04 hereof. 
 “Successor Entity” has the meaning set forth in the definition of
“Adjustment Factor”. 
 “Tendered Units” has the meaning set forth in
Section 8.06(a) hereof. 
 “Tendering Partner” has the meaning set forth in
Section 8.06(a) hereof. 
 “Tennessee Courts” has the meaning set forth in
Section 15.08(b). 
 “Terminating Capital Transaction” means any sale or other disposition of all
or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 

“Termination Transaction” has the meaning set forth in Section 11.02(b) hereof. 

“Transfer,” when used with respect to a Partnership Unit, or all or any portion of a Partnership Interest, means any sale,
assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of law; provided,
however, that when the term is used in Article XI hereof, “Transfer” does not include (a) any Redemption of Partnership Units by the Partnership or the Parent, or acquisition of Tendered Units by the General Partner
or the Parent, pursuant to Section 8.06 hereof or (b) any redemption of Partnership Units made pursuant to any Partnership Unit Designation. The terms “Transferred” and “Transferring”
have correlative meanings. 
 “Transfer Agent” means, with respect to any Partnership Units, such bank, trust company or
other Person (including the Partnership or one of its Affiliates) as shall be appointed from time to time by the General Partner to act as registrar and transfer agent for such Partnership Units; provided that if no Transfer Agent is specifically
designated for such Partnership Units, the General Partner shall act in such capacity. 
 “U.S. GAAP” means U.S. generally
accepted accounting principles consistently applied. 

  
 14 

 “Value” means, on any date of determination with respect to a Common REIT
Share, the average of the daily Market Prices for twenty consecutive trading days immediately preceding the date of determination; provided, however, that for purposes of Section 8.06, the “date of
determination” shall be the date of receipt by the Parent of a Notice of Redemption or, if such date is not a Business Day, the immediately preceding Business Day. The term “Market Price” on any date shall mean, with respect to
any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The “Closing Price” on any date shall mean the last sale price for such REIT Shares, regular way, or, in case no such sale takes
place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction reporting system with respect to Publicly Traded securities or, if such REIT
Shares are not Publicly Traded, the last quoted price, or, if not so quoted, the average of the high bid and low ask prices in the principal automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors of the Parent or, in the event that no trading price is available for
such REIT Shares, the fair market value of such REIT Shares, as determined by the Board of Directors of the Parent. 
 In the event that the
Common 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 Parent on the basis of such quotations and other information as it considers, in its
reasonable judgment, appropriate. 
 ARTICLE II. 

ORGANIZATIONAL MATTERS 

Section 2.01    Organization. The Partnership is a limited partnership organized pursuant to the provisions of
the Act and upon the terms and subject to the conditions set forth in this Agreement. The rights and obligations of the Partners and other Holders and the administration and termination of the Partnership shall be governed by this Agreement. All
Partnership Interests shall be personal property for all purposes. 
 Section 2.02    Name. The name of the
Partnership is RHP Hotel Properties, LP. The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The General Partner
may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners. 

Section 2.03    Registered Office and Agent; Principal Office. The address of the registered office of the
Partnership in the State of Delaware is located at Corporation Service Company, 251 Little Falls Drive, Wilmington, County of New Castle, Delaware 19808, and the registered agent for service of process on the Partnership in the State of Delaware at
such registered office is Corporation Service Company. The principal office of the Partnership is located at One Gaylord Drive, Nashville, Davidson County, Tennessee 37214 or such other place as the General Partner may from time to time designate by
notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable. 

  
 15 

 Section 2.04    Power of Attorney. 

(a)    By executing this Agreement, each Limited Partner and each Assignee irrevocably constitutes and appoints the General
Partner, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its
true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(i)    execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices (a) all
certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to
form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and in all
other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or the Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of
this Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant
to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the
distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in,
Article XI, Article XII or Article XIII hereof or to the Capital Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges
relating to Partnership Interests; and 
 (ii)    execute, swear to, acknowledge and file all ballots, consents,
approvals, waivers, certificates and other instruments appropriate or necessary, as determined by the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made
or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, as determined by the General Partner or the Liquidator, to effectuate the terms or intent of this Agreement. 

Nothing contained herein shall be construed as authorizing the General Partner or the Liquidator to amend this Agreement except in accordance
with Section 15.15 or as may be otherwise expressly provided for in this Agreement. 

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

  
 16 

 
bound by any representation made by the General Partner or the Liquidator, pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses that
may be available to contest, negate or disaffirm the action of the General Partner or the Liquidator under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within 15 days
after receipt of the General Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate
this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this Section 2.04(b), no Limited Partner shall incur any personal liability for any action of the General Partner or the
Liquidator taken under such power of attorney. 
 Section 2.05    Term. The Partnership shall continue
perpetually, unless it is dissolved pursuant to the provisions of Article XIII hereof or as otherwise required by the Act. 

Section 2.06    Partnership Interests as Securities. All Partnership Interests shall be securities within the
meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction. 

ARTICLE III. 
 PURPOSE 

Section 3.01    Purpose and Business. The purpose and nature of the Partnership is to conduct any business,
enterprise or activity permitted by or under the Act; provided, however, such business and arrangements and interests will be limited to and conducted in such a manner as to permit the Parent to qualify as a REIT unless the Parent, in
accordance with its Charter and Bylaws, has chosen to cease to qualify as a REIT for any reason or for reasons whether or not related to the business conducted by the Partnership. Without limiting the Parent’s right to cease to qualify as a
REIT, the Partners acknowledge that the qualification of the Parent as a REIT inures to the benefit of all Partners and not solely to the Parent, the General Partner or its Affiliates. In connection with the foregoing, the Partnership shall have
full power and authority to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue and guarantee evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly
or indirectly, to acquire, lease and construct additional Properties necessary, useful or desirable in connection with its business. 

Section 3.02    Powers. 

(a)    The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable,
incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership. 

(b)    The Partnership may contribute from time to time Partnership capital, including Properties, to one or more newly
formed entities solely in exchange for equity interests therein (or in a wholly owned subsidiary entity thereof). 

  
 17 

 (c)    Notwithstanding any other provision in this Agreement, the
General Partner may cause the Partnership to refrain from taking, any action that in the judgment of the General Partner (i) could adversely affect the ability of the Parent to qualify as a REIT, (ii) could subject the Parent to any
federal income or excise taxes or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner, the Parent, their securities or the Partnership. 

Section 3.03    Partnership Only for Partnership Purposes Specified. This Agreement shall not be deemed to
create a company, venture or partnership between or among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.01 hereof. Except
as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its Properties or any other Partner. No Partner, in its capacity as a
Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, and the Partnership shall not be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or
after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 

Section 3.04    Representations and Warranties by the Parties. 

(a)    Each Limited Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner
as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner, respectively) represents and warrants to, and covenants with, each other Partner that (i) this Agreement will not result in a breach or violation of, or
a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) subject to the last sentence of this
Section 3.04(a), such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a “foreign partner” within the meaning of Code Section 1446(e), (iii) such Partner
does not own, directly or indirectly, (a) 9.8% or more of the total combined voting power of all classes of stock entitled to vote, or 9.8% or more of the total number of shares of all classes of stock, of any corporation that is a tenant of either
(I) the Parent or any Qualified REIT Subsidiary, (II) the Partnership or (III) any partnership, venture or limited liability company of which the Parent, any Qualified REIT Subsidiary or the Partnership is a direct or indirect partner
or member or (b) an interest of 9.8% or more in the assets or net profits of any tenant of either (I) the Parent or any Qualified REIT Subsidiary, (II) the Partnership or (III) any partnership, venture, or limited liability
company of which the Parent, any Qualified REIT Subsidiary or the Partnership is a direct or indirect partner or member, (iv) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder
and (v) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. Each Limited Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to
becoming an Additional Limited Partner or a Substituted Limited Partner) represents, warrants and agrees that it has acquired and continues to hold its Partnership Interest for its own account for investment purposes only and not for the purpose of,
or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any
predetermined circumstances in violation of 

  
 18 

 
applicable laws. Each Limited Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial and tax matters for itself,
particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment.

 (b)    The representations and warranties contained in Sections 3.04(a) and 3.04(b) hereof shall survive
the execution and delivery of this Agreement by each Limited Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited
Partner in the Partnership) and the dissolution, liquidation and termination of the Partnership. 
 (c)    Each Limited
Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) hereby acknowledges that no representations or
warranties have been made by the Parent, any Partner or any employee or representative or Affiliate of the Parent or any Partner as to any future profits, cash flows, funds from operations or distributions in respect of the Partnership or the
General Partner, and that projections and any other information, including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any
representation or warranty of any kind or nature, express or implied. 
 (d)    Notwithstanding the foregoing, the
General Partner may permit the modification of any of the representations and warranties contained in Sections 3.04(a) and 3.04(b) above as applicable to any Limited Partner (including, without limitation any Additional Limited Partner
or Substituted Limited Partner or any transferee of either), provided, that such representations and warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by
such Partner or (ii) a separate writing addressed to the Partnership and the General Partner. 
 ARTICLE IV. 

PARTNERSHIP INTERESTS; CAPITAL CONTRIBUTIONS 

Section 4.01    Partnership Units and Capital Contributions of the Partners. Each Holder owns Partnership
Units in the amount and designation set forth for such Holder in the books and records of the Partnership or the Transfer Agent, as the same may be amended, or caused to be amended, from time to time by the General Partner to the extent necessary to
reflect accurately sales, exchanges, conversions or other Transfers, redemptions, the issuance of additional Partnership Units, or other events having an effect on a Partner’s ownership of Partnership Units. Except as required by the Act or in
Section 4.04, 10.04 or 13.02(d) hereof, the Partners shall have no obligation or right to make any Capital Contributions or loans to the Partnership. 

Section 4.02    Classes and Series of Partnership Units. Until such time as additional classes or series of
Partnership Units are created pursuant to Section 4.03(a) below, the Partnership shall have a single class of Partnership Units designated as “OP Units”. OP Units or Partnership Units of any additional class or
series, at the election of the General Partner, may be issued to newly admitted Partners in exchange for any Capital Contributions by such Partners and/or the provision of services by such Partners; provided, that any Partnership Unit that is
not specifically designated by the General Partner as being of a particular class shall be deemed to be an OP Unit. 

  
 19 

 Section 4.03    Issuances of Additional Partnership Units.

 (a)    General. The General Partner is authorized to cause the Partnership to issue additional Partnership
Units, in the form of Partnership Units at any time or from time to time, to the Partners (including the General Partner or Parent) or to other Persons, and if necessary, to admit such Persons as Additional Limited Partners, for such consideration
and on such terms and conditions as shall be established by the General Partner. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption
or exchange of any Debt, Partnership Units or other securities issued by the Partnership, (ii) for less than fair market value and (iii) in connection with any merger of any Person into the Partnership or any Subsidiary of the Partnership
if the applicable merger agreement provides that the parties to the merger are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any Subsidiary of the Partnership. Any additional Partnership
Units may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and obligations as shall be determined by the General
Partner and set forth in a written document thereafter attached to and made an exhibit to this Agreement which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit
Designation”). Without limiting the generality of the foregoing, the General Partner shall have authority to specify (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of
Partnership Units; (b) the right of each such class or series of Partnership Units to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such class or series of Partnership Units upon
dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Units; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership
Units. Upon the issuance of any additional Partnership Unit, the General Partner shall cause such issuance to be reflected in the books and records of the Partnership or the Transfer Agent, as appropriate. 

(b)    Issuances to the General Partner or Parent. No additional Partnership Units shall be issued to the General
Partner or Parent unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests with respect to the class of Partnership Units so issued, (ii) (a) the additional Partnership
Units are (x) OP Units issued in connection with an issuance of Common REIT Shares or (y) Partnership Units (other than OP Units) issued in connection with an issuance of Preferred REIT Shares, New REIT Securities or other interests in the
Parent (other than Common REIT Shares), which Preferred REIT Shares, New REIT Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and
other rights, terms and provisions of the additional Partnership Units issued to the Parent and (b) the Parent directly or indirectly contributes or otherwise causes to be transferred to the Partnership the cash proceeds or other consideration,
if any, received in connection with the issuance of such REIT Shares, New REIT Securities or other interests in the Parent or (iii) the additional Partnership Units are issued upon the conversion, redemption or exchange of Debt, Partnership
Units or other securities issued by the Partnership. In the event that the Partnership issues additional Partnership Units pursuant to this Section 4.03(b), the General Partner shall amend this Agreement (including but not
limited to the amendments described in Sections 6.02(b) and 8.06) as it determines are appropriate to reflect the issuance of such additional Partnership Units. 

  
 20 

 (c)    No Preemptive Rights. Except as otherwise provided in
Section 4.03(b)(i) or pursuant to a subscription agreement with the Partnership, no Person, including, without limitation, any Limited Partner or Assignee, shall have any preemptive, preferential, participation or similar
right or rights to subscribe for or acquire any Partnership Interest. 
 Section 4.04    Additional Funds and
Capital Contributions. 
 (a)    General. The General Partner may, at any time and from time to time,
determine that the Partnership requires additional funds (“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may
determine. Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.04. 

(b)    Additional Capital Contributions. The General Partner, on behalf of the Partnership, may accept Capital
Contributions (of cash or property) from any Partners or other Persons. In connection with any such Capital Contribution, the General Partner is authorized to cause the Partnership from time to time to issue additional Partnership Units (as set
forth in Section 4.03 above) in consideration therefor and the Percentage Interests of the Holders with respect to their Partnership Units held shall be adjusted as necessary to reflect the issuance of such additional
Partnership Units. 
 (c)    Loans by Third Parties. The General Partner, on behalf of the Partnership, may obtain
any Additional Funds by causing the Partnership to incur Debt to any Person upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership Units or REIT Shares. 

(d)    Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing
the Partnership to incur Debt to the General Partner and/or the Parent, as the case may be, if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and
conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner and/or the Parent, as the case may be, the net proceeds of which are loaned to the Partnership to provide such Additional Funds or (ii) such
Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if a breach, violation or default of
such Debt would be deemed to occur by virtue of the Transfer by any Limited Partner of any Partnership Interest. 

(e)    Issuance of Securities by the Parent. The Parent shall not issue any additional REIT Shares or New REIT
Securities unless the Parent contributes directly or indirectly the cash proceeds or other consideration, if any, received from the issuance of such additional REIT Shares or New REIT Securities, as the case may be, and from the exercise of the
rights 

  
 21 

 
contained in any such additional New REIT Securities, to the Partnership in exchange for (x) in the case of an issuance of Common REIT Shares, OP Units or (y) in the case of an issuance
of Preferred REIT Shares or New REIT Securities, Partnership Units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such
Preferred REIT Shares or New REIT Securities; provided, however, that notwithstanding the foregoing, the Parent may issue REIT Shares or New REIT Securities (a) pursuant to Section 8.06(b) hereof,
(b) pursuant to a dividend or distribution (including any stock split) wholly or partly of REIT Shares or New REIT Securities to all of the holders of REIT Shares or New REIT Securities, as the case may be, (c) upon a conversion,
redemption or exchange of Preferred REIT Shares, (e) upon a conversion, redemption, exchange or exercise of New REIT Securities, (f) pursuant to grants of REIT Shares or New REIT Securities, options to purchase REIT Shares or New REIT
Securities or other awards pursuant to any Equity Incentive Plan of the Parent, or (g) if the Parent determines that the best interests of the Parent would be served by contributing such cash proceeds or other consideration to another
Subsidiary of the Parent. In the event of any issuance of additional REIT Shares or New REIT Securities by the Parent, and the direct or indirect contribution to the Partnership, by the Parent, of the cash proceeds or other consideration received
from such issuance, if any, the Partnership shall pay the Parent’s expenses associated with such issuance, including any underwriting discounts or commissions (it being understood that if the proceeds actually received by the Parent are less
than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred by the Parent in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution
to the Partnership in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to Section 7.04(b) for the amount of such
underwriter’s discount or other expenses). 
 (f)    Redemption of Securities of the Parent. Except as
otherwise provided in Section 8.06(b), if, at any time, any REIT Shares or New REIT Securities are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement)
by the Parent for cash, the Partnership shall, immediately prior to such redemption or repurchase, redeem or repurchase, in the case of Common REIT Shares, an equal number of OP Units (after giving effect to application of the Adjustment Factor)
held by the Parent or, in the case of Preferred REIT Shares or New REIT Securities, an equal number of Partnership Units (after giving effect to application of the Adjustment Factor) held by the Parent with designations, preferences and other
rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred REIT Shares or New REIT Securities, in either case, upon the same terms and for the same price per
Partnership Unit as such REIT Shares or New REIT Securities, as applicable, are redeemed. 

  
 22 

 Section 4.05    Equity Incentive Plans 

(a)    Options Granted to Persons other than Partnership Employees. If at any time or from time to time, in
connection with any Equity Incentive Plan, a stock option granted for Common REIT Shares to a Person other than a Partnership Employee is duly exercised: 

(i)    Parent shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an
amount equal to the exercise price paid to Parent by such exercising party in connection with the exercise of such stock option; 

(ii)    Notwithstanding the amount of the Capital Contribution actually made pursuant to
Section 4.05(a)(i), Parent shall be deemed to have contributed to the Partnership as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of an additional Partnership Interest
(expressed in and as additional OP Units), an amount equal to the Fair Market Value of a Common REIT Share as of the date of exercise multiplied by the number of Common REIT Shares then being issued in connection with the exercise of such stock
option; and 
 (iii)    An equitable Percentage Interest adjustment shall be made in which Parent shall be treated as
having made a cash contribution in exchange for OP Units equal to the amounts described in Section 4.05(a)(ii). 

(b)    Options Granted to Partnership Employees. If at any time or from time to time, in connection with any Equity
Incentive Plan, a stock option granted for Common REIT Shares to a Partnership Employee is duly exercised: 

(i)    Parent shall sell to the Optionee, and the Optionee shall purchase from Parent, for a cash price per share equal to
the Value of a Common REIT Share at the time of the exercise, the number of Common REIT Shares equal to (a) the exercise price payable by the Optionee in connection with the exercise of such stock option divided by (b) the Value of a
Common REIT Share at the time of such exercise; 
 (ii)    Parent shall sell to the Partnership (or if the Optionee is
an employee or other service provider of a Subsidiary of the Partnership, Parent shall sell to such Subsidiary of the Partnership), and the Partnership (or such Subsidiary, as applicable) shall purchase from Parent, a number of Common REIT Shares
equal to (a) the number of Common REIT Shares as to which such stock option is being exercised less (b) the number of Common REIT Shares sold pursuant to Section 4.05(b)(i). The purchase price per Common REIT
Share for such sale of Common REIT Shares to the Partnership (or such subsidiary) shall be the Value as of the date of exercise of such stock option; 

(iii)    The Partnership shall transfer to the Optionee (or if the Optionee is an employee or other service provider of a
Subsidiary of the Partnership, such Subsidiary shall transfer to the Optionee) at no additional cost, as additional compensation, the number of Common REIT Shares described in Section 4.05(b)(ii); and 

(iv)    Parent shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership of an
amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by Parent in connection with the exercise of such stock option. An equitable issuance of OP Units and
Percentage Interest adjustment shall be made as a result of such contribution. 

  
 23 

 (c)    Restricted Stock Granted to Persons other than Partnership
Employees. If at any time or from time to time, in connection with any Equity Incentive Plan, any Common REIT Shares are issued to a Person other than a Partnership Employee in consideration for services performed for Parent: 

(i)    Parent shall issue such number of Common REIT Shares as are to be issued to such Person in accordance with the
Equity Incentive Plan; and 
 (ii)    On the date (such date, the “Vesting Date”) that the Value of such
shares is includible in the taxable income of such Person, the following events will be deemed to have occurred: (A) Parent shall be deemed to have contributed the Value of such Common REIT Shares to the Partnership as a Capital Contribution,
and (B) the Partnership shall issue to Parent on the Vesting Date a number of OP Units equal to the number of newly issued Common REIT Shares divided by the Adjustment Factor then in effect. 

(d)    Restricted Stock Granted to Partnership Employees. If at any time or from time to time, in connection with
any Equity Incentive Plan, any Common REIT Shares are issued to a Partnership Employee (including any Common REIT Shares that are subject to forfeiture in the event such Partnership Employee terminates his employment by the Partnership or the
Partnership Subsidiaries) in consideration for services performed for the Partnership or the Partnership Subsidiaries: 

(i)    Parent shall issue such number of Common REIT Shares as are to be issued to the Partnership Employee in accordance
with the Equity Incentive Plan; 
 (ii)    on the Vesting Date, the following events will be deemed to have occurred:
(A) Parent shall be deemed to have sold such shares to the Partnership (or if the Partnership Employee is an employee or other service provider of a Subsidiary of the Partnership, to such Subsidiary) for a purchase price equal to the Value,
(b) the Partnership (or such Subsidiary) shall be deemed to have delivered the shares to the Partnership Employee, (c) Parent shall be deemed to have contributed the purchase price to the Partnership as a Capital Contribution, and
(d) in the case where the Partnership Employee is an employee of a Subsidiary of the Partnership, the Partnership shall be deemed to have contributed such amount to the capital of such Subsidiary; and (C) the Partnership shall issue to
Parent on the Vesting Date a number of OP Units equal to the number of newly issued Common REIT Shares divided by the Adjustment Factor then in effect in consideration for the Capital Contribution described in
Section 4.05(d)(ii)(C). 
 (e)    Future Equity Incentive Plans. Nothing in this
Agreement shall be construed or applied to preclude or restrain Parent from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of Parent, the Partnership or any of their
Affiliates. The Partners acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by Parent, amendments to this Section 4.05 may become necessary or advisable and that any approval or
consent to any such amendments requested by the General Partner shall be deemed granted by the Limited Partners. 

(f)    Issuance of OP Units. The Partnership is expressly authorized to issue OP Units in accordance with any Equity
Incentive Plan pursuant to this Section 4.05 without any further act, approval or vote of any Partner or any other Persons. 

  
 24 

 Section 4.06    No Interest; No Return. No Holder shall be
entitled to interest on its Capital Contribution or on such Holder’s Capital Account. Except as provided herein or by law, no Holder shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

Section 4.07    Other Contribution Provisions. In the event that any Partner is admitted to the Partnership
and is given a Capital Account in exchange for services rendered to the Partnership, unless otherwise determined by the General Partner, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had
compensated such Partner in cash and such Partner had contributed the cash to the capital of the Partnership. In addition, with the consent of the General Partner or as may be provided in a separate written agreement with the Partnership and Parent,
one or more Limited Partners may enter into contribution agreements with the Partnership or Parent which have the effect of providing a guarantee of certain obligations of the Partnership. 

Section 4.08    Not Publicly Traded. Notwithstanding anything to the contrary in this Agreement, the General
Partner shall 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” taxable as a corporation for purposes of Section 7704 of the
Code. 
 ARTICLE V. 

DISTRIBUTIONS 

Section 5.01    Requirement and Characterization of Distributions. Subject to the terms of any Partnership
Unit Designation, the General Partner may cause the Partnership to distribute all, or such portion as the General Partner may determine, of the Available Cash generated by the Partnership to the Holders (determined as of the applicable Partnership
Record Date), from time to time pro rata in proportion to their respective Percentage Interests. At the election of the General Partner, distributions payable with respect to any Partnership Units that were not outstanding during the entire
period in respect of which any distribution is made may be prorated based on the portion of the period that such Partnership Units were outstanding. 

The General Partner may distribute Available Cash to the Holders on a more frequent basis and provide for an appropriate Partnership Record
Date. Notwithstanding anything herein to the contrary, the General Partner shall make such reasonable efforts, consistent with the Parent’s intention to qualify as a REIT, to cause the Partnership to distribute sufficient amounts of Available
Cash to enable the Parent, for so long as the Parent has determined to qualify as a REIT, to pay stockholder dividends that will satisfy the requirements for its qualification as a REIT under the Code and Regulations (the “REIT
Requirements”) and that will allow the Parent to avoid any federal income or excise tax liability. 
 Each distribution in respect
of a Partnership Unit shall be paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the record holder of such Partnership Unit as of the Partnership Record Date set for such distribution. Such
payment shall constitute full payment and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of a Person who may have an interest in such payment by reason of an assignment or otherwise. 

  
 25 

 Section 5.02    Interests in Property Not Held Through the
Partnership. To the extent that the Parent, the General Partner or any Affiliate of the Parent or General Partner receives a distribution of cash or other property attributable to property in which the Parent or the General Partner or any
Affiliate of the Parent or General Partner holds a direct or indirect interest other than through the Partnership (an “Outside Interest”), (i) the amounts distributed by the Partnership to the Parent will be reduced so as to take
into account amounts received pursuant to the Outside Interest and (ii) the amounts distributed by the Partnership to the Holders (other than the Parent or the General Partner or any Affiliate of the Parent or General Partner, as applicable)
will be increased to the extent necessary so that the overall effect of the distributions by the Partnership is to distribute what would have been distributed had such Outside Interest been held through the Partnership (treating any distribution of
cash or other property attributable to an Outside Interest as if such distribution had been distributed by the Partnership to the Parent). 

Section 5.03    Distributions In-Kind. No right is given to any Holder
to demand that a distribution be made in property other than cash as provided in this Agreement. The General Partner may cause the Partnership to make a distribution in-kind of Partnership assets to the
Holders, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles V, VI and X hereof. 

Section 5.04    Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of any state or
local tax law and Section 10.04 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to Section 5.01
hereof for all purposes under this Agreement (except to the extent that, pursuant to Section 10.04, the applicable Holder has reimbursed such amount to the Partnership other than through a reduction in any distributions
made or to be made to such Holder). 
 Section 5.05    Distributions Upon Liquidation. Notwithstanding the
other provisions of this Article V, net proceeds from a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders
in accordance with Section 13.02 hereof. 
 Section 5.06    Distributions to Reflect
Issuance of Additional Partnership Units. In the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, subject to Section 15.15(b), the General Partner is
authorized to make such amendments to this Article V as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions to certain classes
of Partnership Units. 
 Section 5.07    Restricted Distributions. Notwithstanding any provision to the
contrary contained in this Agreement, the Partnership shall not make any distribution to any Holder on account of its Partnership Units if such distribution would violate Section 17-607 of the Act or
other applicable law. 

  
 26 

 ARTICLE VI. 

ALLOCATIONS 

Section 6.01    Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the
Partnership shall be determined and allocated to the Holders with respect to each Partnership Year of the Partnership as of the end of each such year. Except as otherwise provided in this Article VI, and subject to
Section 11.06(c) and Section 12.02(c) hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss
or deduction that is taken into account in computing Net Income or Net Loss. 
 Section 6.02    General
Allocations. 
 (a)    Allocations of Net Income and Net Loss. Except as otherwise provided in
Section 11.06(c) and Section 12.02(c) hereof and specifically after taking into account the provisions of Section 6.03 below, Net Income and Net Loss for any Partnership
Year shall be allocated to the Holders as follows: 
 (i)    Net Income will be allocated to Holders of Partnership
Units that have distribution rights, or rights upon liquidation, winding-up and dissolution, that are superior or prior to the OP Units in accordance with and subject to the terms of the Partnership Unit
Designation applicable to such Partnership Units; 
 (ii)    remaining Net Income will be allocated to the Holders of OP
Units in accordance with their respective Percentage Interests at the end of each Fiscal Year; 
 (iii)    subject to
the terms of any Partnership Unit Designation, Net Loss will be allocated to the Holders of OP Units in accordance with their respective Percentage Interests at the end of each Fiscal Year; and 

(iv)    for purposes of this Section 6.02(a), the Percentage Interests of the Holders of OP
Units shall be calculated based on a denominator equal to the aggregate OP Units outstanding as of the date of determination. 

(b)    Allocations to Reflect Issuance of Additional Partnership Units. If any Partner’s Percentage Interest
“varies” during a taxable year within the meaning of Regulations Section 1.706-4(a)(1), the General Partner is authorized to make such amendments to this Section 6.02,
or adopt such methods or conventions as it determines are necessary or desirable to reflect the terms of the event(s) giving rise to the variations. 

Section 6.03    Additional Allocation Provisions. Notwithstanding the foregoing provisions of this Article
VI: 
 (a)    Regulatory Allocations. 

(i)    Minimum Gain Chargeback. Except as otherwise provided in Regulations
Section 1.704-2(f), if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and gain

  
 27 

 
for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall
be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.03(a)(i) is intended to qualify as a
“minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(ii)    Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations
Section 1.704-2(i)(4) or in Section 6.03(a)(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year,
each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items
of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance
with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The
items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.03(a)(ii)
is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 

(iii)    Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership
Year shall be specially allocated to the Holders in accordance with their Percentage Interests with respect to OP Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic
risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

(iv)    Qualified Income Offset. If a Holder (other than the General Partner) unexpectedly receives an adjustment,
allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as
possible. It is intended that this Section 6.03(a)(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(v)    Gross Income Allocation. In the event that a Holder (other than the General Partner) has an Adjusted Capital
Account Deficit at the end of any Partnership Year, such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible. 

(vi)    Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Partnership asset
pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations
Section 1.704-

  
 28 

 
1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its Partnership Interest, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders in
accordance with their Partnership Units in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holders to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (vii)    Curative Allocations.
The allocations set forth in Sections 6.03(a)(i), (ii), (iii), (iv), (v), and (vi) hereof (the “Regulatory Allocations”) are intended to comply with certain
regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of
Section 6.01 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that to the extent possible without violating the requirements
giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder of a Partnership Unit shall be equal to the net amount that would have been allocated to each such Holder if
the Regulatory Allocations had not occurred. 
 (b)    Allocation of Excess Nonrecourse Liabilities. Except as may
be provided in a separate written agreement between the Partnership, Parent and any Limited Partner, the Partnership shall allocate (i) “nonrecourse liabilities” (within the meaning of Regulations
Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations
Section 1.752-3(a)(3) and (b) and (ii) “excess nonrecourse liabilities” of the Partnership under any method approved under Regulations
Section 1.752-3(a)(3) as chosen by the General Partner. 

(c)    Allocations to Reflect Outside Interests. Items of income, gain, loss or deduction of the Partnership shall
be specially allocated so as to take into account amounts received by, and income or loss allocated to the Parent or any Affiliate of the Parent with respect to any Outside Interest so that the overall effect is to allocate items of income, gain,
loss or deduction in the same manner as would have occurred had such Outside Interest been held through the Partnership (treating any items of income, gain, loss or deduction recognized by the Partner in respect of Outside Interests as if such items
of income, gain, loss or deduction had been allocated by the Partnership to the Parent). 
 (d)    Items Available to
be Specially Allocated. The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated pursuant to this Section 6.03 hereof shall be determined by applying rules analogous to
those set forth in the definitions of “Net Income” and “Net Loss”. 
 Section 6.04    Tax
Allocations. 
 (a)    In General. Except as otherwise provided in this
Section 6.04, for federal income tax purposes under the Code and the Regulations each Partnership item of income, gain, loss and deduction shall be allocated among the Holders in the same manner as its correlative item of
“book” income, gain, loss or deduction is allocated pursuant to Sections 6.02 and 6.03 hereof. 

  
 29 

 (b)    Allocations Respecting Section 704(c)
Revaluations. Notwithstanding Section 6.04(a) hereof, items of income, gain, loss or deduction with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its adjusted basis
in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such
variation. The Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner; provided, however, that the Partnership shall account for
any such variation with respect to a contribution of the Investment using the “traditional method” as described in Regulations Section 1.704-3(b). In the event that the Gross Asset Value of any
partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value”, subsequent allocations of items of income, gain, loss or deduction with respect to such asset shall take account of the
variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations or under any method approved under Code Section 704(c) and the applicable
Regulations as chosen by the General Partner. 
 (c)    Notwithstanding the foregoing provisions of this Agreement, the
General Partner shall make such allocations as the General Partner determines are needed to ensure that allocations are in accordance with the interests of the Partners of the Partnership, within the meaning of the Code and Regulations. The General
Partner shall determine all matters concerning allocations for tax purposes not expressly provided for herein. Notwithstanding anything to the contrary contained in this Agreement, for the proper administration of the Partnership and for
preservation of uniformity of Partnership Units within a particular class or series (and, if applicable, between or among different classes or series of Partnership Units), the General Partner may (A) amend the provisions of this Agreement as
appropriate to reflect the proposal or promulgation of Regulations under Code Section 704(b) or Code Section 704(c) and (B) adopt and employ or modify such conventions and methods that the General Partner determines to be appropriate
for (i) the determination of items of income, gain, loss and deduction of the Partnership and the allocation of such items among the Partners and between transferors and transferees under this Agreement pursuant to the Code and Regulations
promulgated thereunder, (ii) the determination of the identities and tax classifications of Partners, (iii) the valuation of the Partnership’s assets and the determination of tax basis, (iv) the allocation of asset values and tax
basis, (v) the adoption and maintenance of accounting methods, and (vi) taking into account differences between the Gross Asset Values of the assets of the Partnership and adjusted tax basis pursuant to Code Section 704(c) and the
Regulations promulgated thereunder. 
 ARTICLE VII. 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.01    Management. 

(a)    Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the
Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may
not be removed by the Limited Partners with or without cause, except with the consent of the 

  
 30 

 
General Partner. In addition to the powers now or hereafter granted to a general partner of a limited partnership under the Act or that are granted to the General Partner under any other
provision of this Agreement, the General Partner, subject to the other provisions hereof including, without limitation, Section 15.15, shall have full power and authority to do all things deemed necessary or desirable by it
to conduct the business of the Partnership, to exercise all powers set forth in Section 3.02 hereof and to effectuate the purposes set forth in Section 3.01 hereof, including, without limitation:

 (i)    the making of any expenditures, the lending or borrowing of money (including, without limitation, making
prepayments on loans and borrowing money or selling assets to permit the Partnership to make distributions in such amounts as will permit the Parent (so long as the Parent desires to qualify as a REIT) to avoid the payment of any income or excise
tax under the Code and to make distributions to its stockholders sufficient to permit the Parent to qualify as a REIT or otherwise to satisfy the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other
liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that it deems
necessary for the conduct of the activities of the Partnership; 
 (ii)    the making of tax, regulatory and other
filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership; 

(iii)    subject to Section 11.02 hereof, the acquisition, sale, lease, transfer, exchange or
other disposition of any, all or substantially all of the assets of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any
assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 

(iv)    the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets
of the Partnership in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this
Agreement and on any terms that it sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Parent, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to
other Persons (including, without limitation, the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the making of
capital contributions to and equity investments in the Partnership’s Subsidiaries; 
 (v)    the use of the assets
of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the Parent,
the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the Parent, the General Partner and its Subsidiaries and the Partnership’s Subsidiaries)
and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; 

  
 31 

 (vi)    the management, operation, leasing, maintenance, repair,
alteration, demolition, replacement or improvement of any Property, including, without limitation, any Contributed Property, or other asset of the Partnership or any Subsidiary, whether pursuant to a Services Agreement or otherwise; 

(vii)    the negotiation, execution and performance of any contracts, leases, conveyances or other instruments that the
General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants,
government authorities, accountants, legal counsel, other professional advisors and other agents (including the Transfer Agent) and the payment of their expenses and compensation out of the Partnership’s assets; 

(viii)    the distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding,
management, investment and reinvestment of cash and other assets of the Partnership and the collection and receipt of revenues, rents and income of the Partnership; 

(ix)    the maintenance of such insurance (including, without limitation, directors and officers insurance) for the
benefit of the Partnership and the Partners (including, without limitation, the Parent and the General Partner) as the General Partner deems necessary or appropriate, including, without limitation, (i) casualty, liability and other insurance on
the Properties and (ii) liability insurance for the Indemnitees hereunder; 
 (x)    the formation of, or
acquisition of an interest in, and the contribution of property to, any further limited or general partnerships, limited liability companies, joint ventures or other relationships that the General Partner deems desirable (including, without
limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in which it has an equity investment from time to time); provided, however, that as long as the Parent desires to qualify
as a REIT, the General Partner may not engage in any such formation, acquisition or contribution that would cause the Parent not to qualify as a REIT; 

(xi)    the filing of applications, communicating and otherwise dealing 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; 

(xii)    the control of any matters affecting the rights and obligations of the Partnership, including the settlement,
compromise, submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the commencement or defense of suits, legal
proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution,
the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

  
 32 

 (xiii)    the undertaking of any action in connection with the
Partnership’s direct or indirect investment in any Subsidiary or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 

(xiv)    except as otherwise specifically set forth in this Agreement, the determination of the fair market value of any
Partnership property distributed in-kind using such reasonable method of valuation as it may adopt; provided, that such methods are otherwise consistent with the requirements of this Agreement; 

(xv)    the enforcement of any rights against any Partner pursuant to representations, warranties, covenants and
indemnities relating to such Partner’s contribution of property or assets to the Partnership; 
 (xvi)    the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited
power-of-attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 

(xvii)    the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in
connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

(xviii)    the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person
in which the Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 

(xix)    the making, execution and delivery of any and all deeds, leases, notes, deeds to secure Debt, mortgages, deeds of
trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of
the powers of the General Partner enumerated in this Agreement; 
 (xx)    the issuance of additional Partnership Units
in connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article IV hereof; 

(xxi)    the selection and dismissal of Parent Employees (including, without limitation, employees having titles or
offices such as president, vice president, secretary and treasurer), and agents, outside attorneys, investment and other advisers, managers, accountants, consultants and contractors of the Partnership, the Parent or the General Partner, the
determination of their compensation and other terms of employment or hiring and the delegation to any such Parent Employee the authority to conduct the business of the Partnership in accordance with the terms of this Agreement; 

(xxii)    the distribution of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited
Partner’s exercise of its Redemption right under Section 8.06 hereof; 

  
 33 

 (xxiii)    maintaining, or causing to be maintained, the books and
records of the Partnership or the Transfer Agent to reflect accurately at all times the Capital Contributions and Partnership Interests of the Holders as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital
Contributions, the number of Partnership Units (including any issuance thereof), the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise; 

(xxiv)    the determination regarding whether a payment to a Limited Partner who exercises its Redemption right under
Section 8.06 that is assumed by the General Partner will be paid in the form of the Cash Amount or the Common REIT Shares Amount, except as such determination may be limited by Section 8.06; 

(xxv)    the collection and receipt of revenues and income of the Partnership; 

(xxvi)    the registration of any class of securities of the Partnership under the Securities Act or the Exchange Act, and
the listing of any securities of the Partnership on any exchange; 
 (xxvii)     an election to dissolve the Partnership
pursuant to Section 13.01(b) hereof; and 
 (xxviii)     the taking of any action necessary or
appropriate to enable the Parent to qualify as a REIT (so long as the Parent desires to qualify as a REIT). 

(b)    Each of the Limited Partners agrees that, except as provided in Section 15.15 hereof, the
General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Limited Partners, notwithstanding any other provision of this
Agreement, the Act or any applicable law, rule or regulation and, in the absence of any specific corporate action on the part of the General Partner to the contrary, the taking of any action or the execution of any such document or writing by an
officer of the General Partner, in the name and on behalf of the General Partner, in its capacity as the general partner of the Partnership, shall conclusively evidence (1) the approval thereof by the General Partner, in its capacity as the
general partner of the Partnership, (2) the General Partner’s determination that such action, document or writing is necessary or desirable to conduct the business and affairs of the Partnership, exercise the powers of the Partnership
under this Agreement and the Act or effectuate the purposes of the Partnership, or any other determination by the General Partner required by this Agreement in connection with the taking of such action or execution of such document or writing, and
(3) the authority of such officer with respect thereto. 
 (c)    The General Partner may cause the Partnership to
obtain and maintain (i) casualty, liability and other insurance on the Properties and (ii) liability insurance for the Indemnitees hereunder. 

(d)    The General Partner may cause the Partnership to establish and maintain working capital and other reserves in such
amounts as the General Partner deems appropriate and reasonable from time to time. 

  
 34 

 (e)    In exercising its authority under this Agreement, the General
Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by it. Except as may be provided in a separate written agreement between the
Partnership, Parent and any Limited Partner, the General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of a tax liability incurred by such Limited Partner as a result of an action (or
inaction) by the General Partner pursuant to its authority under this Agreement provided, that the General Partner has acted pursuant to its authority under this Agreement. 

Section 7.02    Certificate of Limited Partnership. To the extent that such action is determined by the
General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the
limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property. Except as otherwise
required under the Act, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to
be filed such other certificates or documents as the General Partner determines may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the
limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property.

 Section 7.03    Restrictions on General Partner’s Authority. 

(a)    The General Partner may not take any action with respect to which the written consent of a Majority in Interest of
the Outside Limited Partners is required pursuant to this Agreement without such written consent and may not (1) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability
except as provided herein or under the Act; or (2) enter into any contract, mortgage, loan or other agreement that, in the absence of a default under such document, expressly prohibits or restricts (a) the Parent, the General Partner or
the Partnership from performing its specific obligations under Section 8.06 hereof or (b) a Limited Partner from exercising its rights under Section 8.06 hereof to effect a Redemption, except,
in either case, with the written consent of such Limited Partner affected by the prohibition or restriction. 

Section 7.04    Reimbursement of the General Partner and Parent. 

(a)    Except as provided in this Section 7.04 and elsewhere in this Agreement (including the
provisions of Articles V and VI regarding distributions, payments and allocations to which the General Partner may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership.

 (b)    The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s, the
General Partner’s and the Parent’s organization, the ownership of their assets and their operations. Each of the General Partner and the Parent are authorized to pay 

  
 35 

 
compensation for accounting, administrative, legal, technical, management and other services rendered to the Partnership, the General Partner and the Parent, including any services rendered
pursuant to a Services Agreement with an Affiliate of the General Partner or the Parent. Except to the extent provided in this Agreement, the General Partner, the Parent and their Affiliates shall be reimbursed on a monthly basis, or such other
basis as the General Partner determines, for all expenses that the General Partner, the Parent and their Affiliates incur relating to the ownership and operation of, or for the benefit of, the Partnership (including, without limitation,
administrative expenses); provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner and/or the Parent with respect to bank accounts or other instruments or accounts held by it on behalf
of the Partnership. The Partners acknowledge that all such expenses of the General Partner and/or the Parent are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of
indemnification pursuant to Section 7.06 hereof. In the event that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner and/or the Parent), such expenses will be
allocated to the Partnership and such other entities in such a manner as the General Partner determines. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its
behalf, and not as expenses of the General Partner and/or the Parent. 
 (c)    If the Parent elects to purchase from its
stockholders REIT Shares for the purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the Parent, any employee stock purchase plan adopted by the Parent or any similar obligation or
arrangement undertaken by the Parent in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the Parent for such REIT Shares and any other expenses incurred by the Parent in connection with such purchase shall be
considered expenses of the Partnership and shall be advanced to the Parent or reimbursed to the Parent, subject to the condition that: (1) if such REIT Shares subsequently are sold by the Parent, the Parent shall pay or cause to be paid to the
Partnership any proceeds received by the Parent for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a transfer of REIT Shares for
Partnership Units pursuant to Section 8.06 would not be considered a sale for such purposes); and (2) if such REIT Shares are not retransferred by the Parent within 30 days after the purchase thereof, or the Parent
otherwise determines not to retransfer such REIT Shares, the Parent shall cause the Partnership to redeem a number of Partnership Units held by the Parent equal to the number of such REIT Shares, as adjusted for stock dividends and distributions,
stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the General Partner pursuant to a pro
rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Partnership Units held by the General Partner). 

(d)    As set forth in Section 4.03, the Parent shall be treated as having made a Capital
Contribution in the amount of all expenses that the Parent incurs relating to the Parent’s offering of REIT Shares or New REIT Securities. 

(e)    If and to the extent any reimbursements to the General Partner pursuant to this
Section 7.04 constitute gross income of the General Partner (as opposed to the repayment of 

  
 36 

 
advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments with respect to capital within the meaning of Code Section 707(c), shall
be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

Section 7.05    Contracts with Affiliates. 

(a)    The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an
equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established by the General Partner. 

(b)    The Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations,
business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law, as determined by the General Partner. 

(c)    Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell,
transfer or convey any property to the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner to be fair to the Partnership, in its discretion. 

(d)    The General Partner, without the approval of the Limited Partners, may propose and adopt on behalf of the
Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or
indirectly, for the benefit of the Partnership or any of the Partnership’s Subsidiaries. 
 (e)    The General
Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, any Services Agreement with Affiliates of any of the Partnership, the General Partner or the Parent, on such terms as the General Partner determines to be
fair to the Partnership, in its discretion. 
 Section 7.06    Indemnification. 

(a)    The Partnership shall, to the maximum extent permitted by applicable law in effect from time to time, indemnify,
and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to each Indemnitee; provided, however, that the
Partnership shall not indemnify an Indemnitee (1) for material acts or omissions that were committed in bad faith or were the result of active and deliberate dishonesty, (2) for any transaction for which such Indemnitee received an
improper personal benefit in money, property or services in violation or breach of any provision of this Agreement, or (3) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was
unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise (unless otherwise provided by the terms of any such guaranty or other instrument), for any Debt of the
Partnership or any Subsidiary of the Partnership (including, without limitation, any Debt which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is authorized and empowered, on behalf of

  
 37 

 
the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.06 in favor of any Indemnitee having or potentially
having liability for any such Debt. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this
Section 7.06(a). The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to
judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.06(a) with respect to the subject matter of such proceeding. Any indemnification pursuant to this
Section 7.06 shall be made only out of the assets of the Partnership and any insurance proceeds from any liability policy covering the General Partner and any Indemnitees, and neither the General Partner nor any Limited
Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.06. 

(b)    To the fullest extent permitted by law, and without requiring a preliminary determination of the Indemnitee’s
ultimate entitlement to indemnification under Section 7.06(a) above, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any proceeding shall be paid
or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the proceeding upon receipt by the Partnership of (1) a written affirmation by the Indemnitee of the Indemnitee’s belief that the
standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.06(b) has been met and (2) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall
ultimately be determined that the standard of conduct has not been met. 
 (c)    The indemnification provided by this
Section 7.06 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 Limited Partners, as a matter of law or otherwise, and shall
continue with respect to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such
Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 
 (d)    The Partnership may, but shall
not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such
Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(e)    Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership, the General Partner,
or the Parent (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes
assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as
liabilities or judgments or fines under this Section 7.06, unless such liabilities arise as a result of (1) material acts or omissions that were committed 

  
 38 

 
in bad faith or were the result of active and deliberate dishonesty, (2) any transaction in which such Indemnitee received an improper personal benefit in money, property or services in
violation or breach of any provision of this Agreement or applicable law, or (3) in the case of any criminal proceeding, any act or omission that the Indemnitee knew or should have known, at the time of the act or omission, was unlawful. 

(f)    In no event may an Indemnitee subject any of the Partners to personal liability by reason of the indemnification
provisions set forth in this Agreement. 
 (g)    An Indemnitee shall not be denied indemnification in whole or in part
under this Section 7.06 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. 

(h)    The provisions of this Section 7.06 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. Any amendment, modification or repeal of this Section 7.06 shall be prospective only and shall not in
any way affect the obligations of the Partnership or the limitations on the Partnership’s liability to any Indemnitee under this Section 7.06 as in effect immediately prior to such amendment, modification or repeal
with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

(i)    If and to the extent any payments to the General Partner pursuant to this Section 7.06
constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership) such amounts shall be treated as “guaranteed payments” for the use of capital within the meaning of Code
Section 707(c), shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

Section 7.07    Standard of Care; Limitation of Liability of Covered Persons. 

(a)    No Covered Person shall be liable to the Partnership, any Holder or any other Covered Person for any loss, damage or
claim incurred by reason of any action taken or omitted to be taken by such Covered Person in good faith reliance on the provisions of this Agreement, so long as such action or omission does not constitute fraud or willful misconduct by such Covered
Person. 
 (b)    This agreement is not intended to, and does not, create or impose any fiduciary duty on any Covered
Person. Furthermore, each of the Holders and the Partnership waive any and all fiduciary duties that, absent such waiver, may be implied by the Act or other applicable law, and in doing so, acknowledges and agrees that the duties and obligation of
each Covered Person to the Partnership, the Holders and the other Covered Persons are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person
otherwise existing at law or in equity, are agreed by the Holders to replace such other duties and liabilities of such Covered Person. 

  
 39 

 (c)    Whenever in this Agreement a Covered Person is permitted or
required to make a decision (including a decision that is in such Covered Person’s “discretion” or under a grant of similar authority or latitude), the Covered Person shall be entitled to consider only such interests and factors as
such Covered Person desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership, any Holder or any other Person. 

(d)    Any amendment, modification or repeal of this Section 7.07 or any provision hereof shall
be prospective only and shall not in any way affect the limitations on the liability of the General Partner or its officers, managers, directors or members, as applicable, to the Partnership and the Limited Partners under this
Section 7.07 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or
repeal, regardless of when such claims may arise or be asserted. 
 Section 7.08    Other Matters Concerning the
General Partner. 
 (a)    The General Partner may rely upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by the General Partner, in its discretion, to be genuine and to have been signed or presented by the proper party or parties. 

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

(c)    The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through
any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the
power of attorney, have full power and authority to do and perform all and every act that is permitted or required to be undertaken by the General Partner hereunder. 

(d)    Notwithstanding any other provision 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 that the General Partner determines is necessary or advisable in order (1) to protect the ability of the Parent to qualify as a REIT or the
Partnership to be taxed as partnership for federal income tax purposes, (2) without limitation of the foregoing clause (1) or clause (3) following, for the Parent otherwise to satisfy the REIT Requirements or for the Partnership to
satisfy the “qualifying income” requirement of Code Section 7704(c), or (3) without limitation of the foregoing clauses (1) or (2), to avoid the Parent incurring any federal income or excise taxes, is expressly authorized
under this Agreement and is approved by all of the Limited Partners. 

  
 40 

 Section 7.09    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 Holder, individually or collectively with other Holders or other Persons, 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 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. 

Section 7.10    Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any
Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all
assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the
Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner
in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or
expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence
in favor of any and every Person relying thereon or claiming thereunder that (1) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (2) the Person executing
and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (3) such certificate, document or instrument was duly executed and delivered in accordance with the
terms and provisions of this Agreement and is binding upon the Partnership. 
 ARTICLE VIII. 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 

Section 8.01    Limitation of Liability. The Limited Partners shall have no liability under this Agreement
(other than for breach thereof) except as expressly provided in Sections 10.04 or 13.02(d) or under the Act. 

Section 8.02    Management of Business. No Limited Partner, in its capacity as a Limited Partner, or Assignee
shall take part in the operations, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the
Partnership. 
 Section 8.03    Outside Activities of Limited Partners. Subject to any agreements entered
into pursuant to Section 7.05(e) hereof and any other agreements (including, without limitation, any employment agreement) entered into by a Limited Partner or its Affiliates with the

  
 41 

 
General Partner, the Partnership, the Parent or any Affiliate thereof, any Limited Partner and any Assignee, officer, director, employee, agent, trustee, Affiliate, partner, member or shareholder
of any Limited 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 that are in direct or indirect competition
with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such
agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner, to the
extent expressly provided herein), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.05(e) hereof and any other agreements entered into by a Limited Partner or its Affiliates with the
General Partner, the Partnership, the Parent or any Affiliate thereof, to offer any interest in any such business ventures to the Partnership, any Limited Partner, the Parent or any such other Person, even if such opportunity is of a character that,
if presented to the Partnership, any Limited Partner, the Parent or such other Person, could be taken by such Person. 

Section 8.04    Withdrawal; Return of Capital. Except pursuant to the rights of Redemption set forth in
Section 8.06 hereof, no Limited Partner or Assignee shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement and upon termination of
the Partnership as provided herein. Except to the extent provided in Articles V and VI hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or
Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. 

Section 8.05    Adjustment Factor. The Partnership shall notify any Limited Partner, on written request, of
the then current Adjustment Factor or any change made to the Adjustment Factor. 
 Section 8.06    Redemption
Rights. Except as otherwise agreed by the Partners: 
 (a)    On or after the date that is 12 months after the date
of the issuance of OP Units by the Partnership to a Limited Partner (other than the Parent), such Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require
the Partnership to redeem all or a portion of such OP Units that have been held for at least 12 months (such OP Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a
“Redemption”), from time to time, unless the terms of such OP Units or a separate agreement entered into between the Partnership and such Limited Partner with respect to such OP Units provide that such OP Units are not entitled to a
right of Redemption or provide for a shorter or longer period before such Limited Partner may exercise such right of Redemption or impose conditions on the exercise of such right of Redemption. Any Redemption shall be exercised pursuant to a Notice
of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable to the Tendering Partner on the Specified Redemption Date. The Tendering
Partner shall have no right, with respect to any OP Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. 

  
 42 

 (b)    Notwithstanding Section 8.06(a) above,
if a Limited Partner has delivered to the General Partner a Notice of Redemption then the Parent (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter and subject to the terms and conditions herein and in any
other agreement, as applicable) may elect to assume and satisfy the Partnership’s Redemption obligation and acquire some or all of the Tendered Units from the Tendering Partner in exchange for the Common REIT Shares Amount (as of the Specified
Redemption Date) and, if the Parent (subject to the terms and conditions of any other agreement) so elects, the Tendering Partner shall sell the Tendered Units to the Parent in exchange for the Common REIT Shares Amount. In such event, the Tendering
Partner shall have no right to cause the Partnership to redeem such Tendered Units. The Parent shall give such Tendering Partner written notice of its election on or before the close of business on the fifth Business Day after its receipt of the
Notice of Redemption. 
 (c)    The Common REIT Shares Amount, if applicable, shall be delivered as duly authorized,
validly issued, fully paid and nonassessable Common REIT Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter or the Bylaws of the Parent, the Securities Act, relevant state
securities or blue sky laws and any applicable registration rights agreement with respect to such Common REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to
Section 8.06(e)), the Tendering Partner shall be deemed the owner of such Common REIT Shares for all purposes, including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption
Date. In addition, the Common REIT Shares for which the Partnership Units might be exchanged shall also bear the legend set forth in the Charter. 

(d)    Each Limited Partner covenants and agrees with the General Partner that all Tendered Units shall be delivered to the
General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered Units, the General Partner shall be under no obligation to acquire the
same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the General Partner (or its designee), such Limited Partner shall assume and pay
such transfer tax. 
 (e)    Notwithstanding the provisions of Sections 8.06(a), 8.06(b) or 8.06(c)
or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash or an exchange for Common REIT Shares to the extent the ownership or right to acquire Common REIT Shares pursuant to such
exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person to violate the restrictions on ownership and transfer of Common REIT Shares set forth in the Charter of the Parent and (ii) shall have no
rights under this Agreement to acquire Common REIT Shares which would otherwise be prohibited under the Charter. To the extent any attempted Redemption or exchange for Common REIT Shares would be in violation of this
Section 8.06(e), it shall be null and void ab initio and such Limited Partner shall not acquire any rights or economic interest in the cash otherwise payable upon such Redemption or the Common REIT Shares otherwise
issuable upon such exchange. 
 (f)    Notwithstanding anything herein to the contrary (but subject to
Section 8.06(e)), with respect to any Redemption or exchange for Common REIT Shares pursuant to this Section 8.06: (i) without the consent of the General Partner, each Limited Partner may effect a

  
 43 

 
Redemption only one time in each fiscal quarter; (ii) without the consent of the General Partner, each Limited Partner may not effect a Redemption during the period after the Partnership
Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution; (iii) the consummation of any Redemption or
exchange for Common REIT Shares shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and (iv) each Tendering Partner shall
continue to own all OP Units subject to any Redemption or exchange for Common REIT Shares, and be treated as a Limited Partner with respect to such OP Units for all purposes of this Agreement, until such OP Units are transferred to the General
Partner and paid for or exchanged on the Specified Redemption Date. Until a Tendering Partner receives Common REIT Shares on an applicable Specified Redemption Date, the Tendering Partner shall have no rights as a stockholder of the General Partner
with respect to such Tendering Partner’s OP Units that are tendered for such Common REIT Shares. 
 (g)    In the
event that the Partnership issues additional Partnership Interests to any Additional Limited Partner pursuant to Section 4.04, the General Partner shall make such revisions to this Section 8.06 as
it determines are necessary to reflect the issuance of such additional Partnership Interests. 
 ARTICLE IX. 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.01    Records and Accounting. 

(a)    The General Partner shall keep or cause to be kept at the principal office of the Partnership or the Transfer Agent,
as applicable, those records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and
records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.05 or 9.03 hereof. Any records maintained by or on behalf of the
Partnership or the Transfer Agent in the regular course of its business may be maintained electronically. 
 (b)    The
books of the Partnership shall be maintained for financial reporting purposes in accordance with U.S. GAAP or on such other basis as the General Partner determines to be necessary or appropriate. Unless otherwise required by applicable law, the
Partnership and the Parent may utilize and maintain integrated or consolidated accounting records, accounting operations and accounting principles. 

Section 9.02    Reports. 

(a)    As soon as practicable, but in no event later than the date on which the Parent mails its annual report to its
stockholders, the General Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended calendar year, containing financial statements of the Partnership, or of the Parent if such statements
are prepared on a consolidated basis with the Partnership, for such calendar year, presented in accordance with U.S. GAAP, such statements to be audited by a firm of independent public accountants selected by the General Partner. 

  
 44 

 (b)    If and to the extent that the Parent mails quarterly reports to
its stockholders, as soon as practicable, but in no event later than the date on such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day of
such fiscal quarter, of the Partnership, or of the Parent if such statements are prepared on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulations. 

(c)    The General Partner may satisfy its obligations under Sections 9.02(a) and 9.02(b) by posting or
making available the reports required by this Section 9.02 on a website maintained by the U.S. Securities and Exchange Commission or on a website maintained from time to time by the Partnership or the Parent. 

(d)    At the request of any Limited Partner, the General Partner shall provide reasonable access to the books, records and
work papers upon which the reports required by this Section 9.02 are based, but only to the extent required by the Act. 

ARTICLE X. 
 TAX MATTERS

 Section 10.01    Preparation of Tax Returns. The General Partner shall arrange for the preparation
and timely filing of all returns with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use reasonable effort to furnish, within 90 days of the
close of each taxable year, the tax information reasonably required by Holders for federal and state income tax reporting purposes. A Limited Partner shall promptly provide the General Partner with such information relating to any Contributed
Properties, including tax basis and other relevant information, as may be requested by the General Partner from time to time. 

Section 10.02    Tax Elections. The General Partner shall determine whether to make any available election
pursuant to the Code, including, but not limited to, the election under Code Section 754, the election to use the “recurring item” method of accounting provided under Code Section 461(h) with respect to property taxes imposed on
the Partnership’s Properties and the election under Code Section 6226. The General Partner shall have the right to seek to revoke any such election. 

Section 10.03    Partnership Representative. 

(a)    The General Partner shall be the “partnership representative” of the Partnership for federal income tax
purposes under Code Section 6223. The partnership representative shall receive no compensation for its services. All third-party costs and expenses incurred by the partnership representative in its capacity as such (including legal and
accounting fees and expenses) shall be borne by the Partnership in addition to any reimbursement pursuant to Section 7.04 hereof. The partnership representative may engage an accounting or law firm to assist the partnership
representative in its capacity as the partnership representative. 

  
 45 

 (b)    The partnership representative is authorized, but not required:

 (i)    to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the
adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial
review”); 
 (ii)    in the event that a notice of a final partnership adjustment at the Partnership level of any
item required to be taken into account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the partnership representative, to seek judicial review of such Final Adjustment, including the filing of a petition for
readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is
located; 
 (iii)    to intervene in any action brought by any other Partner for judicial review of a Final Adjustment;

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

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

The taking of any action and the incurring of any expense by the partnership representative in connection with any such proceeding, except to
the extent required by law, will be determined by the partnership representative and the provisions relating to indemnification of the General Partner set forth in Section 7.06 hereof shall be fully applicable to the
partnership representative in its capacity as such. 
 (c)    BBA Elections and Procedures. In the event of a tax
audit of the Partnership that is subject to the partnership audit procedures enacted under Section 1101 of the Bipartisan Budget Act of 2015 (the “BBA Procedures”), the partnership representative may make any and all elections
and take any actions that are available to be made or taken by the partnership representative or the Partnership under the BBA Procedures (including any election under Code Section 6226). If an election under Code Section 6226(a) is made,
the Partnership shall furnish to each Holder for the year under audit a statement of the Holder’s share of any adjustment set forth in the Final Adjustment, and each Holder shall take such adjustment into account as required under Code
Section 6226(b). The financial burden of any “imputed underpayment” within the meaning of Code Section 6225 paid (or payable) by the Partnership as a result of an adjustment with respect to any partnership item, including any
interest or penalties with respect to any such adjustment (collectively, an “Imputed Underpayment Amount”) shall be borne by the Partners and former Partners based on the extent to which such Imputed Underpayment Amount is
attributable to such 

  
 46 

 
Partner or former Partner in respect of an interest in the Partnership held by such Partner or former Partner during the applicable “reviewed year” (within the meaning of Code
Section 6225(d)). The General Partner shall reasonably determine the portion of an Imputed Underpayment Amount attributable to each Partner and/or former Partner. To the extent feasible, this requirement shall be implemented through adjustments
to distributions in accordance with Article 5, but Partners and former Partners shall be obligated to indemnify and hold harmless the Partnership to the extent this requirement cannot be so implemented. Any portion of an Imputed Underpayment Amount
that the General Partner attributes to a former Partner shall be an obligation of such former Partner and any third-party transferee or assignee of such former Partner. Imputed Underpayment Amounts also shall include any imputed underpayment within
the meaning of Code Section 6225 paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Partnership holds (or has held) a direct or indirect interest other than through entities treated as
corporations for U.S. federal income tax purposes to the extent that the Partnership bears the economic burden of such amounts, whether by law or contract. 

(d)    Tax Returns and Tax Deficiencies. No Holder shall treat any Partnership item inconsistently on such
Holder’s federal, state, foreign or other income tax return with the treatment of the item on the Partnership’s return. Any deficiency for taxes imposed on any Holder (including penalties, additions to tax or interest imposed with respect
to such taxes and any tax deficiency imposed pursuant to Code Section 6226 as amended by the BBA) will be paid by such Holder and if required to be paid (and actually paid) by the Partnership, will be recoverable from such Holder. The
provisions of this Section 10.03(d) shall survive the termination, dissolution, liquidation and winding up of the Partnership and the withdrawal of any Holder from the Partnership or Transfer of such Holder’s
Partnership Interest. 
 Section 10.04    Withholding. The Partnership is authorized to withhold from or pay
on behalf of or with respect to each Holder any amount of federal, state, local or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such
Holder pursuant to this Agreement. Any portion of a distribution paid to, or for the benefit of, a Holder that is required to be withheld by the Partnership, shall constitute a loan by the Partnership to such Holder, which loan shall be repaid by
such Holder within 15 days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from another distribution that would otherwise be made to the Holder or (ii) the General
Partner determines that such payment may be satisfied out of the Available Cash of the Partnership that would, but for such payment, be distributed to the Holder. Each Holder unconditionally and irrevocably grants to the Partnership a security
interest in such Holder’s Partnership Interest to secure such Holder’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.04. In the event that a Holder fails to pay
any amounts owed to the Partnership pursuant to this Section 10.04 when due, the General Partner may elect to make the payment to the Partnership on behalf of such defaulting Holder, and in such event shall be deemed to
have loaned such amount to such defaulting Holder and shall succeed to all rights and remedies of the Partnership as against such defaulting Holder (including, without limitation, the right to receive distributions). Any amounts payable by a Holder
hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, plus four percentage points (or, to the extent that such rate exceeds
the maximum rate permitted by applicable law, the maximum rate permitted by applicable law) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Holder shall take such actions as the Partnership or
the General Partner shall request in order to perfect or enforce the security interest created hereunder. 

  
 47 

 ARTICLE XI. 

TRANSFERS AND WITHDRAWALS 

Section 11.01    Transfer. 

(a)    No part of a Partner’s Partnership Interest shall be subject to the claims of any creditor, to any spouse for
alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or as required by applicable law. 

(b)    No Limited Partner Interest shall be Transferred, in whole or in part, whether voluntary or involuntary, except in
strict accordance with the terms and conditions set forth in this Article XI. Any Transfer or purported Transfer of a Partnership Interest not made in strict accordance with this Article XI shall be null and void ab initio
unless consented to by the General Partner in writing. 
 (c)    Notwithstanding the other provisions of this Article
XI (other than Section 11.06(d) hereof), the General Partner Interest may be Transferred, at any time or from time to time, to the Parent or any of its Affiliates. Any transferee of the entire General Partner Interest
pursuant to this Section 11.01(c) shall automatically become, without further action or consent of any Limited Partners, the sole general partner of the Partnership, subject to all the rights, privileges and obligations
under this Agreement relating to a general partner. Upon any Transfer permitted by this Section 11.01(c), the transferor Partner shall be relieved of all its obligations under this Agreement. The provisions of Sections
11.02(b), 11.03 and 11.04 hereof shall not apply to any Transfer permitted by this Section 11.01(c). 

(d)    Except in accordance with the terms and conditions set forth in this Article XI, no
Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose
loan constitutes a Nonrecourse Liability, without the consent of the General Partner; provided, that in the event of, and as a condition to, any such consent, the lender will be required to enter into an arrangement with the Partnership and
the General Partner to redeem or exchange for Common REIT Shares any Partnership Units in which a security interest is held by such lender concurrently with such time as such lender would be deemed to be a partner in the Partnership for purposes of
allocating liabilities to such lender under Code Section 752. 
 Section 11.02    Transfer of General
Partner’s Partnership Interest. 
 (a)    Except as provided in
Section 11.02(c), the General Partner may not Transfer its General Partner Interest except in connection with (i) a transaction permitted under Section 11.02(b), (ii) any merger (including a
triangular merger), consolidation or other combination with or into another Person following the consummation of which the equity holders of the surviving entity are substantially identical to the stockholders of the Parent, (iii) a transfer to
the Parent or to any Subsidiary of the General Partner or the Parent or (iv) as otherwise expressly permitted under this Agreement, nor shall the General Partner withdraw as General Partner except

  
 48 

 
in connection with a transaction permitted under Section 11.02(b) or any merger, consolidation, or other combination permitted under clause (ii) of this
Section 11.02(a). The General Partner may specify upon a Transfer pursuant to clause (iii) of this Section 11.02 that all or a portion of the Partnership Interest that is Transferred will
thereupon be a Limited Partner Interest. 
 (b)    The General Partner shall not engage in any merger (including, without
limitation, a triangular merger), consolidation or other combination with or into another Person (other than any transaction permitted by clause (i) or (ii) of Section 11.02(a)) or any sale of all or substantially all
of its assets (“Termination Transaction”), unless (i) it receives the consent of a Majority in Interest of the Outside Limited Partners, (ii) following such merger or other consolidation, substantially all of the assets of
the surviving entity consists of Partnership Units or (iii) in connection with which all Partners (other than the General Partner) who hold OP Units either will receive, or will have the right to receive, for each OP Unit an amount of cash,
securities, or other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of REIT Shares in consideration of one such REIT Share at any time during the period from and
after the date on which the Termination Transaction is consummated; provided, however, that, if in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the
percentage required for the approval of mergers under the organizational documents of the Parent, each holder of OP Units shall receive, or shall have the right to receive without any right of Consent set forth above in this
Section 11.02(b), the greatest amount of cash, securities, or other property which such holder would have received had it exercised the Redemption right and received Common REIT Shares in exchange for its OP Units
immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer. 

(c)    The General Partner shall not enter into an agreement or other arrangement providing for or facilitating the
creation of a general partner of the Partnership other than the General Partner, unless the successor General Partner executes and delivers a counterpart to this Agreement in which such General Partner agrees to be fully bound by all of the terms
and conditions contained herein that are applicable to a general partner. 
 Section 11.03    Transfer of
Limited Partners’ Partnership Interests. 
 (a)    No Limited Partner shall Transfer all or any
portion of its Partnership Interest to any transferee without the written consent of the General Partner; provided, however, that any Limited Partner may, at any time, without the consent or approval of the General Partner, unless this
Agreement, an applicable Partnership Unit Designation or other writing executed by the relevant parties provides otherwise (i) Transfer all or part of its Partnership Interest to any Family Member (including a Transfer by a Family Member that
is an inter vivos or testamentary trust (whether revocable or irrevocable) to a Family Member that is a beneficiary of such trust), any Charity, any Controlled Entity or any Affiliate or (ii) pledge all or any portion of its Partnership
Interest to a lending institution as collateral or security for a bona fide loan or other extension of credit, and Transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or
extension of credit. To the extent such a Transfer is made to a Controlled Entity or any Affiliate of the Transferor and such transferee thereafter ceases to be a Controlled Entity or Affiliate of the Transferor, then a Transfer to such transferee,
subject to this Article, shall be deemed to occur at such time as such transferee ceases to be a Controlled Entity or any Affiliate of the Transferor. 

  
 49 

 (b)    Notwithstanding any other provision of this Article XI
(other than Section 11.06(d) hereof), any Limited Partner Interests held by the General Partner may be Transferred in whole or in part, at any time and from time to time to any Person that is, at the time of such Transfer,
the Parent (or any successor thereto) or any Qualified REIT Subsidiary or other entity that is disregarded as an entity separate from the Parent (or any successor thereto) for federal income tax purposes. 

(c)    Without limiting the generality of Section 11.03(a) hereof, it is expressly understood and
agreed that the General Partner will not consent to any Transfer of all or any portion of any Partnership Interest pursuant to Section 11.03(a) above unless such Transfer meets each of the following conditions: 

(i)    Such Transfer is made only to a single Qualified Transferee; provided, however, that for such purposes, all
Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee. 

(ii)    The transferee in such Transfer assumes by operation of law or express agreement all of the obligations of the
transferor Limited Partner under this Agreement with respect to such Transferred Partnership Interest; provided, that no such Transfer (unless made pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the
transferor Limited Partner are assumed by a successor entity by operation of law) shall relieve the transferor Limited Partner of its obligations under this Agreement without the approval of the General Partner. Notwithstanding the foregoing, any
transferee of any Transferred Partnership Interest shall be subject to any and all ownership limitations contained in the Charter that may limit or restrict such transferee’s ability to exercise its Redemption rights, including, without
limitation, the applicable restrictions on ownership of shares of the Parent imposed under the Charter. 
 (iii)    Any
transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor Limited Partner hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary or
involuntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.05 hereof. 

(iv)    Such Transfer is effective as of the first day of a calendar month. 

(v)    The transferee is neither a “foreign person” within the meaning of Code Section 1445(f) nor a
“foreign partner” within the meaning of Code Section 1446(e) and has delivered a certification to that effect substantially in the form of Exhibit C or Exhibit D hereto. 

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

  
 50 

 (e)    In connection with any proposed Transfer of a Limited Partner
Interest, the General Partner may require that the transferor Limited Partner provide, in advance of the proposed Transfer, an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without
registration under the Securities Act and will not otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Interests to be Transferred. 

(f)    The General Partner may impose restrictions on the Transfer of a Limited Partner Interest to the extent that the
General Partner determines that such restrictions are reasonably necessary in order to comply with any federal or state securities laws or regulations applicable to the Partnership or the Partnership Interests. The General Partner may impose such
restrictions by amending this Agreement without the approval of the Limited Partners or any other Person. 

Section 11.04    Substituted Limited Partners. 

(a)    A transferee of a Limited Partner Interest pursuant to a Transfer consented to by the General Partner pursuant to
Section 11.03(a) may be admitted as a Substituted Limited Partner only with the consent of the General Partner. The failure or refusal by the General Partner to permit a transferee of any such Limited Partner Interests to
become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, any such transferee shall not be admitted as a Substituted Limited Partner until and unless it
furnishes to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, including, without limitation, the power of
attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such Assignee, and (iii) such other documents and instruments as may be required or advisable, as determined
by the General Partner, to effect such Assignee’s admission as a Substituted Limited Partner. 
 (b)    A transferee
of a Limited Partner Interest who has been admitted as a Substituted Limited Partner in accordance with this Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under
this Agreement. 
 (c)    Upon the admission of a Substituted Limited Partner, the General Partner shall cause the
Substitute Limited Partner to be registered on the books and records of the Transfer Agent or Partnership, as applicable, and to make such other changes to such books and records as the General Partner shall determine to be necessary or appropriate.

 Section 11.05    Assignees. If the General Partner does not consent to the admission of any transferee of
any Limited Partner Interest as a Substituted Limited Partner in connection with a Transfer permitted by the General Partner pursuant to Section 11.03(a), such transferee shall be considered an Assignee for purposes of this
Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items of

  
 51 

 
income, gain, loss, deduction and credit of the Partnership attributable to the Partnership Units assigned to such Assignee and the rights to Transfer the Partnership Units only in accordance
with the provisions of this Article XI, but shall not be deemed to be a Limited Partner or Holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to effect a Redemption or participate in a Consent or
vote with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or vote or effect a Redemption, to the extent provided in this Agreement, shall not be exercisable by any Person, but
rather shall be forfeited). In the event that any Assignee desires to make a further assignment of any such Partnership Units, such Assignee shall be subject to all the provisions of this Article XI to the same
extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. 

Section 11.06    General Provisions. 

(a)    No Limited Partner or Assignee may withdraw from the Partnership other than (i) as a result of a permitted
Transfer of such Limited Partner’s or Assignee’s entire Partnership Interest in accordance with this Article XI, pursuant to which the transferee of such Partnership Interest becomes a Substituted Limited Partner, or
(ii) pursuant to a redemption (or acquisition by the General Partner) of all of its Partnership Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation. 

(b)    Any Limited Partner or Assignee who transfers its entire Partnership Interest in a Transfer (i) consented to by
the General Partner or otherwise permitted pursuant to this Article XI where the transferee of such Partnership Interest is admitted as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of
all of its Partnership Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation, or (iii) to the General Partner, whether or not pursuant to
Section 8.06(b) hereof, shall cease to be a Limited Partner at the effective time of such event. 

(c)    Subject to Section 6.04, if any Partnership Unit is Transferred in compliance with the
provisions of this Article XI, or is redeemed by the Partnership, or acquired by the General Partner pursuant to Section 8.06 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net
Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner or the Tendering Partner, as the case may be, and,
in the case of a Transfer or assignment other than a Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d) and the corresponding Regulations,
using a permissible method selected by the General Partner. All distributions of Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or Redemption
shall be made to the transferor Partner or the Tendering Partner, as the case may be, and, in the case of a Transfer other than a Redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the
transferee Partner. 
 (d)    In no event may any Transfer or assignment of a Partnership Interest by any Partner
(including any Redemption, any acquisition of Partnership Units by the General Partner or any other acquisition of Partnership Units by the Partnership) be made (i) to any Person who lacks 

  
 52 

 
the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) that consists of any component portion of a Partnership Interest, such as
the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) in the event that such Transfer would cause the Parent to cease to comply with the REIT Requirements; (v) if such
Transfer would, in the opinion of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the General Partner) of all
Partnership Units held by all Limited Partners; (vi) if such Transfer would cause the Partnership to have more than one hundred (100) partners for U.S. federal income tax purposes (including as partners those persons indirectly owning an
interest in the Company through a partnership, limited liability company, subchapter S corporation or grantor trust; (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of
ERISA, a “party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii)
without the consent of the General Partner, to any benefit plan investor within the meaning of Department of Labor Regulations Section 2510.3-101(f), as modified by Section 3(42) of ERISA, or as
would otherwise cause participation by benefit plan investors to be “significant” for the purposes of ERISA; (ix) except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the
Partnership or the General Partner, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (x)
if such Transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (xi) except with the consent of the Parent, if such Transfer would, in the opinion of legal counsel to the
Partnership or the General Partner, adversely affect the ability of the Parent to qualify as a REIT or would subject the Parent to any federal income or excise taxes; (xii) except with the consent of the General Partner, if such Transfer would
create a material risk that the Partnership would become a “publicly traded partnership,” as such term is defined in Code Section 469(k)(2) or Code Section 7704(b); (xiii) if such Transfer causes the Partnership (as opposed to
the Parent) to become a reporting company under the Exchange Act; or (xiv) if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 

ARTICLE XII. 
 ADMISSION OF
PARTNERS 
 Section 12.01    Admission of Successor General Partner. A successor to all of the General
Partner’s General Partner Interest pursuant to Section 11.02 who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to
such Transfer. Any such successor shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of
the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. 

Section 12.02    Admission of Additional Limited Partners. 

(a)    After the Effective Date, a Person (other than an existing Partner) who makes a Capital Contribution to the
Partnership in accordance with this Agreement shall be 

  
 53 

 
admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General
Partner, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such
Person, and (iii) such other documents or instruments as may be required, as determined by the General Partner, in order to effect such Person’s admission as an Additional Limited Partner and the satisfaction of all the conditions set
forth in this Section 12.02. 
 (b)    Notwithstanding anything to the contrary in this
Section 12.02, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner. The admission of any Person as an Additional Limited Partner shall become effective on the date
reflected in the books and records of the Partnership, following the consent of the General Partner to such admission. 

(c)    Subject to Section 6.04, if any Additional Limited Partner is admitted to the Partnership
on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among the Holders for such Partnership Year shall be allocated pro
rata among such Additional Limited Partner and all other Holders by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using a permissible method selected by the General Partner.
All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Holders other than the Additional Limited Partner, and all distributions of Available Cash thereafter
shall be made to all Holders including such Additional Limited Partner. 
 Section 12.03    Amendment of
Certificate. In connection with the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the books and records of the Partnership and, to the extent the General
Partner determines to be necessary or advisable, to file an amendment to the Certificate to reflect such admission and may for this purpose exercise the power of attorney granted pursuant to Section 2.04. 

Section 12.04    Limit on Number of Partners. Unless otherwise permitted by the General Partner, no Person
shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange
Act. 
 Section 12.05    Admission. A Person shall be admitted to the Partnership as a Limited Partner of
the Partnership only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as an Additional Limited Partner. Concurrently with, and as evidence of, the
admission of an Additional Limited Partner, the General Partner shall cause the Partnership or the Transfer Agent to amend its books and records to reflect the name, address and number of Partnership Units of such Additional Limited Partner. 

  
 54 

 ARTICLE XIII. 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 13.01    Dissolution. The Partnership shall dissolve, and its affairs shall be wound up, upon the
first to occur of any of the following (each a “Liquidating Event”), and no other event shall cause the dissolution of the Partnership: 

(a)    a final and nonappealable judgment is entered by a court of competent jurisdiction ruling that the General Partner
is bankrupt or insolvent, or a final and nonappealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in
effect, unless, prior to the entry of such order or judgment, a Majority in Interest of the Outside Limited Partners agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of
such order or judgment, of a successor General Partner; 
 (b)    a determination by the General Partner to dissolve the
Partnership; 
 (c)    entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the
Act; 
 (d)    the occurrence of a Terminating Capital Transaction; or 

(e)    the Incapacity or withdrawal of the General Partner, unless a Majority in Interest of the Outside Limited Partners
agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity or withdrawal, of a substitute General Partner. 

Section 13.02    Winding Up. 

(a)    Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its
affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and Partners. After the occurrence of a Liquidating Event, no Partner shall take any action that is inconsistent with, or not necessary to or appropriate
for, the winding up of the Partnership’s business and affairs. The General Partner or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to
operate, any Person elected by the Limited Partners (the General Partner or such other Person being referred to herein as the “Liquidator”) shall be responsible for overseeing the winding up and dissolution of the Partnership and
shall take full account of the Partnership’s liabilities and property, and the Partnership’s property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and
distributed in the following order: 
 (i)    First, to the satisfaction of all of the Partnership’s Debts and
liabilities to creditors other than the Holders (whether by payment or the making of reasonable provision for payment thereof); 

(ii)    Second, to the satisfaction of all of the Partnership’s Debts and liabilities to the General Partner
(whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.04 hereof; 

  
 55 

 (iii)    Third, to the satisfaction of all of the Partnership’s
Debts and liabilities to the Limited Partners and any Assignees (whether by payment or the making of reasonable provision for payment thereof); and 

(iv)    The balance, if any, to the Holders in amounts equal to their respective positive Capital Account balances, after
giving effect to all contributions, distributions and allocations for all periods. Liquidating distributions shall be made by the end of the taxable year of such liquidation (or, if later, within ninety (90) days after the date of such
liquidation) in accordance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). 
 The Liquidator
shall not receive any additional compensation for any services performed pursuant to this Article XIII, but shall be entitled to reimbursement of expenses incurred to fulfill its obligations as the Liquidator. 

(b)    Notwithstanding the provisions of Section 13.02(a) hereof that require liquidation of the
assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be
impractical or would cause undue loss to the Partners, the Liquidator may defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) and/or
distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.02(a) hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for
liquidation. Any such distributions in kind shall be made only if, in the judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be subject to such conditions relating to the disposition and
management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind
using such reasonable method of valuation as it may adopt. 
 (c)    If any Limited Partner has a deficit balance in its
Capital Account (after giving effect to all Capital Contributions, distributions and allocations for all Partnership Years, including the year during which such liquidation occurs) (a “Capital Account Deficit”), such Limited Partner
shall not be required to make any Capital Contribution with respect to such Capital Account Deficit and such Capital Account Deficit shall not be considered a debt owed to the Partnership or any other Person for any purpose whatsoever. 

(d)    (i) if the General Partner has a Capital Account Deficit upon a liquidation of the Partnership, the General Partner
shall contribute to the capital of the Partnership at such time the amount necessary to restore such Capital Account Deficit balance to zero; and (ii) Section 13.02(c) shall not apply with respect to any other Partner
to the extent, but only to the extent, that such Partner previously has agreed in writing, with the consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit that may exist in its Capital Account
upon a liquidation of the Partnership. Any contribution required of a Partner under this Section 13.02(d) shall be made on or before the later of (i) the end of the Partnership Year in which the interest is liquidated
or (ii) the ninetieth (90th) day following the date of such liquidation. 

  
 56 

 (e)    In the discretion of the General Partner or the Liquidator, a
pro rata portion of the distributions that would otherwise be made to the Holders pursuant to this Article XIII may be: 

(i)    distributed to a trust established for the benefit of the Holders for the purpose of liquidating Partnership
assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership and/or Partnership activities.
The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the Liquidator, in the same proportions and amounts as would otherwise have been distributed to the Holders pursuant to
Section 13.02(a); or 
 (ii)    withheld or escrowed to provide a reasonable reserve for
Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the Holders in the manner
and order of priority set forth in Section 13.02(a) hereof as soon as practicable. 

Section 13.03    [Omitted]. 

Section 13.04    Notice of Dissolution. In the event that a Liquidating Event occurs or an event occurs that
would, but for an election or objection by one or more Partners pursuant to Section 13.01 hereof, result in a dissolution of the Partnership, the General Partner shall, within 30 days thereafter, provide written notice
thereof to each of the Partners and, in the General Partner’s discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business, as the General Partner may determine, or, if required by the Act,
shall, publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined by the General Partner). 

Section 13.05    Cancellation of Certificate of Limited Partnership. Upon the completion of the liquidation of
the Partnership’s cash and property as provided in Section 13.02 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the
Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

Section 13.06    Reasonable Time for Winding-Up. A reasonable time
shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.02 hereof, in order to minimize any
losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect during the period of liquidation and until the Partnership’s termination. 

  
 57 

 ARTICLE XIV. 

PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; MEETINGS; AMENDMENTS 

Section 14.01    Procedures for Actions and Consents of Partners. Except as otherwise provided in
Section 15.15(c), the actions requiring Consent of Limited Partners pursuant to this Agreement, or otherwise pursuant to applicable law, rule or regulation, are subject to the procedures set forth in this Article
XIV. 
 Section 14.02    Meetings of the Limited Partners. 

(a)    If the General Partner determines to seek the consent of Limited Partners, meetings of the Limited Partners may be
called by the General Partner. Notice of any such meeting shall be given to all Limited Partners not less than seven days nor more than 90 days prior to the date of such meeting and shall state the nature of the business to be transacted. Limited
Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Limited Partners is required under this Agreement, such vote or Consent may be given at a meeting of the Limited Partners or may be given in accordance with the
procedure prescribed in Section 14.02(b) hereof. 
 (b)    Any action required or permitted to
be taken at a meeting of the Limited Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by Limited Partners holding a majority of the Percentage Interests held by Limited Partners (or such other
percentage as is expressly required by this Agreement for the action in question). Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of Limited Partners holding a majority of the
Percentage Interests held by Limited Partners (or such other percentage as is expressly required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the
effective date so certified. 
 (c)    Each Limited Partner may authorize any Person or Persons to act for it by proxy on
all matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy
shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective upon the General Partner’s receipt of written notice of such revocation from the Limited Partner executing such proxy. The use of proxies
will be governed in the same manner as in the case of corporations organized under the Delaware General Corporation Law (including Section 212 thereof). 

(d)    Each meeting of the Limited Partners shall be conducted by the General Partner or such other Person as the General
Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its discretion. Without limitation, meetings of the Limited Partners may be conducted in the same manner as
meetings of the Parent’s stockholders and may be held at the same time as, and as part of, the meetings of the Parent’s stockholders. 

  
 58 

 (e)    On matters on which Limited Partners are entitled to vote, each
Limited Partner holding OP Units shall have a vote equal to the number of OP Units held. 
 (f)    Except as otherwise
expressly provided in this Agreement, the Consent of Limited Partners holding a majority of the Percentage Interests held by Limited Partners shall control all actions and decisions of the Limited Partners. 

ARTICLE XV. 
 GENERAL PROVISIONS

 Section 15.01    Addresses and Notice. Any notice, demand, request or report required or permitted to
be given or made to a Holder under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by
telecopy, facsimile, electronic mail or commercial courier service) to the Holder at the address set forth in the books and records of the Partnership or the Transfer Agent or such other address of which the Holder shall notify the General Partner
in accordance with this Section 15.01. 
 Section 15.02    Titles and Captions.
All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as
specifically provided otherwise, references to “Articles” or “Sections” are to Articles and Sections of this Agreement. 

Section 15.03    Pronouns and Plurals. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

Section 15.04    Further Action. The parties shall execute and deliver all documents, provide all information
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 15.05    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.06    Waiver. 

(a)    No failure by any party to insist upon the strict performance of any covenant, obligation, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, obligation, agreement or condition. 

(b)    The restrictions, conditions and other limitations on the rights and benefits of the Limited Partners contained in
this Agreement, and the obligations, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or
relinquished by the General Partner on behalf of the Partnership in one or more instances from time to time and at any time. 

  
 59 

 Section 15.07    Counterparts. This Agreement may be
executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by
this Agreement immediately upon affixing its signature hereto. 
 Section 15.08    Applicable Law. 

(a)    This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware,
without regard to the principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act (i.e., a provision of the Act that may be
varied by contract), the provisions of this Agreement shall control and take precedence. 
 (b)    Each Holder
(i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Tennessee (collectively, the “Tennessee Courts”), with respect to any dispute arising
out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, (ii) irrevocably waives, and agrees not to assert by way of motion, defense, or
otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Tennessee Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum,
or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or
delivered if delivered to such Holder at such Holder’s last known address as set forth in the Partnership’s books and records, and (iv) irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or
related to this Agreement or the transactions contemplated hereby. 
 Section 15.09    Entire Agreement.
This Agreement contains all of the understandings and agreements between and among the Partners with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership.
Notwithstanding the immediately preceding sentence, the Partners acknowledge and agree that the General Partner may cause the Partnership to enter into side letters or similar written agreements with a Limited Partner (other than an Affiliate of the
General Partner), executed contemporaneously with the admission of such Limited Partner to the Partnership, varying the terms hereof with respect to such Limited Partner, as negotiated with such Limited Partner and which the General Partner deems
necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner
notwithstanding the provisions of this Agreement. 
 Section 15.10    Invalidity of Provisions. If any
provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

  
 60 

 Section 15.11    Limitation to Preserve REIT Qualification.
Notwithstanding anything else in this Agreement, to the extent that the amount paid, credited, distributed or reimbursed by the Partnership to the Parent or the General Partner or their trustees, officers, directors, managers, members, employees or
agents, whether as a reimbursement, fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the Parent for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any
other provision of this Agreement, the amount of such REIT Payments, as selected by the General Partner from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the
REIT Payments, as so reduced, for or with respect to the Parent or the General Partner, shall not exceed the lesser of: 

(a)    an amount equal to the excess, if any, of (a) 4.9% of the Parent’s total gross income (but excluding the amount
of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over (b) the amount of gross income (within the meaning of Code Section 856(c)(2)) derived by the Parent
from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the amount of any REIT Payments); or 

(b)    an amount equal to the excess, if any, of (a) 24% of the Parent’s total gross income (but excluding the amount
of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income (within the meaning of Code Section 856(c)(3)) derived by the Parent
from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments); provided, however, that REIT Payments in excess of the amounts set forth in
clauses (i) and (ii) above may be made if the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts shall not adversely affect the Parent’s ability to qualify as a REIT. To the
extent that REIT Payments may not be made in a Partnership Year as a consequence of the limitations set forth in this Section 15.11, such REIT Payments shall carry over and shall be treated as arising in the following
Partnership Year. The purpose of the limitations contained in this Section 15.11 is to prevent the Parent from not qualifying as a REIT by reason of the Parent’s share of items, including distributions, payments,
reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this Section 15.11 shall be interpreted and applied to effectuate such purpose. 

Section 15.12    No Partition. No Partner shall have the right while this Agreement remains in effect to have
any Property partitioned, or to file a complaint or institute any proceeding at law or in equity to have such Property partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the
intention of the Partners that the rights of the parties hereto and their successors-in-interest to Property, as among themselves, shall be governed by the terms of this
Agreement, and that the rights of the Partners and their successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 15.13    No Third-Party Rights Created Hereby. Except as otherwise provided in
Section 7.10, the provisions of this Agreement are solely for the purpose of defining the interests of the Partners, inter se; and no other Person that is not a signatory hereto (or a permitted successor to such
signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other 

  
 61 

 
third party having dealings with the Partnership (other than as expressly set forth herein with respect to Indemnitees) shall have the right to enforce the right or obligation of any Partner to
make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. 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 any such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to
secure any debt or other obligation of the Partnership or any of the Partners. 
 Section 15.14    No Rights as
Members of the General Partner Nor as Stockholders of the Parent. Nothing contained in this Agreement shall be construed as conferring upon the Limited Partners or any Assignees any rights whatsoever as members of the General
Partner or as stockholders of the Parent, including without limitation any right to receive dividends or other distributions made to members of the General Partner or stockholders of the Parent or to vote or to consent or receive notice as
stockholders in respect of any meeting of stockholders for the election of directors of the Parent or any other matter. 

Section 15.15    Amendments to Agreement. 

(a)    The General Partner shall not amend this Agreement without the written consent of a Majority in Interest of the
Outside Limited Partners; provided that, the General Partner may amend this Agreement, without the prior consent of any Limited Partners, to the extent that the General Partner determines is necessary or appropriate, in its discretion, to facilitate
or implement any of the following: 
 (i)    to add to the obligations of the General Partner or surrender any right or
power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners; 

(ii)    to reflect the admission, substitution or withdrawal of Partners or the termination of the Partnership in
accordance with this Agreement, and to cause the Partnership or the Transfer Agent to amend its books and records in connection with such admission, substitution or withdrawal; 

(iii)    to cure or clarify any provision of this Agreement that the General Partner determines to be ambiguous in a
manner that the General Partner determines to be consistent with applicable law and the other provisions of this Agreement; 

(iv)    to reflect a change that is of an inconsequential nature or does not adversely affect the Limited Partners as such
in any material respect, or to correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with
applicable law or with the provisions of this Agreement, in any case, as determined by the General Partner; 
 (v)    to
satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; 

  
 62 

 (vi)    to set forth or amend the designations, preferences, conversion
or other rights, voting powers, restrictions, rights to allocations and distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units issued or established pursuant to this Agreement, including
as set forth in Sections 4.03(b), 5.06, 6.02(b), 6.04(c); 
 (vii)    (a) to reflect such
changes as are reasonably necessary for the Parent to qualify as a REIT or to satisfy the REIT Requirements; or (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner, the Parent and any Qualified
REIT Subsidiary or any entity that is disregarded as an entity separate from the Parent for federal income tax purposes; 

(viii)    to modify either or both the manner in which items of Net Income or Net Loss are allocated pursuant to
Article VI or the manner in which Capital Accounts are adjusted, computed or maintained (but only to the extent set forth in the definition of “Capital Account” or contemplated by the Code or the Regulations); 

(ix)    to issue additional Partnership Interests in accordance with Section 4.03; 

(x)    to reflect any other modification to this Agreement as is reasonably necessary for or in furtherance of the
business or operations of the Partnership or the General Partner or Parent and which does not violate Section 15.15(b); 

(xi)     as may be required to reflect the admission, substitution, termination or withdrawal of Partners in accordance
with this Agreement (which may be effected through the replacement of then-current Exhibit A with an amended Exhibit A, or in other records of the Partnership); and 

(xii)    for the purposes contemplated by Section 11.03(f). 

The General Partner will provide notice to the Limited Partners subsequent to any action under this Section 15.15(a)
taken by the General Partner. 
 (b)    Notwithstanding Section 15.15(a), this Agreement shall
not be amended, by the General Partner, without the consent of each Partner adversely affected thereby, if such amendment or action would (i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a
result of the General Partner acquiring such Partnership Interest), (ii) modify the limited liability of a Limited Partner, (iii) materially amend or modify the Redemption rights, Cash Amount or Common REIT Shares Amount as set forth in
Section 8.06 hereof, or materially amend or modify any related definitions, or (iv) amend Section 11.02 or this Section 15.15(b). 

(c)    Any amendments to this Agreement that require Consent of a Majority in Interest of the Outside Limited Partners may
be proposed only by the General Partner. Following such proposal, the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written consent of the Limited Partners on the proposed amendment
or shall call a meeting to vote thereon and to transact any other business that the 

  
 63 

 
General Partner may deem appropriate. For purposes of obtaining a written consent, the General Partner may require a response within a reasonable specified time, but not less than 10 days, and
failure to respond in such time period shall constitute a consent that is consistent with the General Partner’s recommendation with respect to the proposal; provided, however, that an action shall become effective at such time as
requisite consents are received even if prior to such specified time. 
 [signature page follows] 

  
 64 

 IN WITNESS WHEREOF, this First Amended and Restated Agreement of Limited Partnership has
been executed as of the date first written above. 
  

			
	GENERAL PARTNER:
	
	RHP Partner, LLC
		
	By:	 	/s/ Scott J. Lynn
	Name:	 	Scott J. Lynn
	Title:	 	Vice President
	
	LIMITED PARTNER:
	
	Ryman Hospitality Properties, Inc.
		
	By:	 	/s/ Scott J. Lynn
	Name:	 	Scott J. Lynn
	Title:	 	Executive Vice President, General Counsel and Secretary

  
 [Signature Page to
First Amended and Restated Agreement of Limited Partnership] 

 Exhibit A 
  

			
	 Partners
	 	 Units Held as of December 31, 2018

	 RHP Partner, LLC
	 	256,679
	 Ryman Hospitality Properties, Inc.
	 	51,079,060

  
 A-1 

 Exhibit B 

NOTICE OF REDEMPTION OF OP UNITS 

The undersigned Limited Partner hereby irrevocably (i) tenders for redemption the number of OP Units in RHP Hotel Properties, LP (the
“Partnership”) set forth below into OP Units in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any Common REIT Shares and any
cash that may be deliverable upon such redemption be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such OP Units, free and clear of the rights or
interests of any other person or entity other than the Partnership; (b) has the full right, power, and authority to cause the redemption of such OP Units as provided herein; and (c) has obtained the consent or approval of all persons or
entities, if any, having the right to consent or approve such redemption. 
  

			
	Name of Limited Partner:	 	 
		 	(Print Exact Name as Registered with Partnership)

  

			
	Number of OP Units to be Redeemed:	 	 

  

			
	Date of this Notice:    
                                         
       

  

			
	(Signature of Limited Partner: Sign Exact Name as Registered with Partnership)	  	

  

	
	(Street Address)
	
	 
	(City)            (State)            (Zip Code)

  

			
	Signature Guaranteed by:	 	 

  

			
	Issue Check Payable to (if applicable):	 	 

  

			
	Issue Common REIT Shares to (if applicable):	 	 

  

			
	Social Security or Identifying Number of:	  	 

  
 B-1 

 Exhibit C 

CERTIFICATION OF NON-FOREIGN STATUS 

(FOR LIMITED PARTNERS THAT ARE ENTITIES) 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”), as defined in
Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the
non-U.S. person upon the disposition. To inform Ryman Hospitality Properties, Inc. (“Parent”), RHP Partner, LLC (the “General Partner”), and RHP Hotel Properties, LP (the
“Partnership”), that no withholding is required with respect to the redemption or conversion by
                                         
        (“Partner”) of its Partnership Units in the Partnership, the undersigned hereby certifies the following on behalf of Partner: 

 

	 	1.	 Partner is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are
defined in the Code and the Treasury regulations thereunder. 

  

	 	2.	 Partner is not a disregarded entity as defined in Treasury Regulation
Section 1.1445-2(b)(2)(iii). 

  

	 	3.	 The U.S. employer identification number of Partner is
                                         
       . 

  

	 	4.	 The principal business address of Partner is:
                                         
   ,
                                         
   , and Partner’s place of incorporation is:
                                         
   . 

  

	 	5.	 Partner agrees to inform Parent and General Partner if it becomes a foreign person at any time during the
three-year period immediately following the date of this notice. 

  

	 	6.	 Partner understands that this certification may be disclosed to the Internal Revenue Service by Parent or
General Partner and that any false statement contained herein could be punished by fine, imprisonment, or both. 

 Under penalties of
perjury, I declare that I have examined this certification and, to the best of my knowledge and belief, it is true, correct, and complete, and I further declare that I have authority to sign this document on behalf of Partner. 

 

			
	PARTNER:
	
	 
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	Date:	 	 

  
 C-1 

 Exhibit D 

CERTIFICATION OF NON-FOREIGN STATUS 

(FOR LIMITED PARTNERS THAT ARE INDIVIDUALS) 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”), as defined in
Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the
non-U.S. person upon the disposition. To inform Ryman Hospitality Properties, Inc. (“Parent”), RHP Partner, LLC (the “General Partner”), and RHP Hotel Properties, LP (the
“Partnership”) that no withholding is required with respect to my redemption or conversion of my Partnership Units in the Partnership, I,
                                         
       , hereby certify the following: 
  

	 	1.	 I am not a nonresident alien for purposes of U.S. income taxation. 

 

	 	2.	 My U.S. taxpayer identification number (social security number) is
                                         
       . 

  

	 	3.	 My home address is:
                                         
                                         
                                        .

  

	 	4.	 I agree to inform Parent and General Partner promptly if I become a nonresident alien at any time during the
three-year period immediately following the date of this notice. 

  

	 	5.	 I understand that this certification may be disclosed to the Internal Revenue Service by Parent or General
Partner and that any false statement contained herein could be punished by fine, imprisonment, or both. 

 Under penalties of perjury, I
declare that I have examined this certification and, to the best of my knowledge and belief, it is true, correct, and complete. 
  

			
	
	 
		
	Name:	 	 
		
	Date:	 	

  
 D-1curr_ex101.htm

EXHIBIT 10.1
  
 SECURITIES PURCHASE AGREEMENT
  
 This Securities Purchase Agreement (this “Agreement”) is dated as of December 14, 2018, by and between CURE Pharmaceutical Holding Corp., a Nevada corporation (the “Company”), and Michael J. Willner including, without limitation, the MJW Family Trust (the “Purchaser”).
  
 WHEREAS, the Company is offering 833,333 shares of Common Stock (the “Shares” or “Securities”) at $1.20 per share of Common Stock (the “Share Price”) for a purchase price of One Million Dollars ($1,000,000) (the “Purchase Price”). 
  
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, Shares of the Company as more fully described in this Agreement.
  
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:
  
 ARTICLE I 
DEFINITIONS
  
 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:
  
 “Action” shall have the meaning ascribed to it in Section 3.1(i).
  
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.
  
 “Board of Directors” means the board of directors of the Company.
  
 “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
  
 “Closing” means any closing of the purchase and sale of the Securities pursuant to Section 2.1.
  
 “Closing Date” means any Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived.
  
  	 
	1
	 
 
	 

  
 “Common Stock” means the Company’s common stock, par value $0.001 per share.
  
 “Disqualification Event” shall have the meaning ascribed to it in Section 3.1(x).
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
  
 “Excluded Registration” shall have the meaning ascribed to it in Section 4.9.
  
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 
  
 “Indebtedness” shall have the meaning ascribed to it in Section 3.1(s).
  
 “Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
  
 “Material Adverse Effect” shall have the meaning ascribed to it in Section 3.1(b).
  
 “Material Permits” shall have the meaning ascribed to it in Section 3.1(k).
  
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
  
 “Principal Amount” means the principal amount set forth below such Purchaser’s signature block on the signature pages hereto next to the heading “Principal Amount,” in United States Dollars.
  
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.
  
 “Purchaser Party” shall have the meaning ascribed to it in Section 4.7.
  
 “Registrable Securities” shall have the meaning ascribed to it in Section 4.9.
  
 “Rule 144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.
  
 “SEC” means the United States Securities and Exchange Commission.
  
 “SEC Documents” shall have the meaning ascribed to it in Section 3.1(h).
  
 “Securities” means the shares of Common Stock.
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
  
  	 
	2
	 
 
	 

  
 “Share Price” shall mean $1.20 per share of Common Stock.
  
 “Shares” shall mean 833,333 shares of Common Stock.
  
 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).
  
 “Subscription Amount” means the amount to be paid for the Securities, which shall equal the Principal Amount, set forth below such Purchaser’s signature block on the signature pages hereto next to the heading “Subscription Amount,” in United States dollars and in immediately available funds.
  
 “Subsidiary” means a subsidiary of the Company, as set forth in Section 3.1.
  
 “Trading Day” means a day on which the principal Trading Market is open for trading.
  
 “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the New York Stock Exchange, the OTCQB or the Pink OTC Markets (or any successors to any of the foregoing).
  
 “Transaction Documents” means this Agreement and all exhibits thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.
  
 “Transfer Agent” means any transfer agent the Company in the future retains with respect to its shares of Common Stock. 
  
 ARTICLE II 
 PURCHASE AND SALE
  
 2.1 Closing.
  
 (a) On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchaser agrees to purchase, the Shares. The Purchaser shall deliver to the Company, via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount, as set forth on the signature page hereto executed by such Purchaser on or before the dates specified in Section 2.2(b), and the Company shall deliver to the Purchaser its Shares, as determined pursuant to Section 2.2(a), and the Company and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction or waiver of the covenants and conditions set forth in Section 2.2 and Section 2.3, the Closing shall occur at such location as the parties shall mutually agree. 
  
  	 
	3
	 
 
	 

  
 (b) Multiple Closings. The Company and the Purchaser have agreed on the following Closings and Closing Dates: (1) a Closing of $250,000 five (5) business days after the Closing Date, (2) a Closing of $250,000 ten (10) business days after the Closing Date; (3) a Closing of $250,000 thirty (30) business days after the Closing Date; and (4) a Closing of $250,000 sixty (60) business days after the Closing Date. Each of the aforementioned shall be a Closing and the dates of each Closing shall be a Closing Date.
  
 (c) Option to Purchase (“Option”). Upon mutual agreement, the Company may agree to sell, and the Purchaser may agree to purchase, an additional 833,333 Shares of Common Stock (“Option Shares”) at a price per share of $1.20 for a period of 90 days subsequent to the final closing in Section 2.1(b). 
  
 2.2 Deliveries.
  
 (a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser this Agreement and the other Transaction Documents duly executed by the Company; and
  
 (b) On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:
  
 (i) this Agreement duly executed by the Purchaser; and
  
 (ii) such Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company.
  
 2.3 Closing Conditions.
  
 (a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:
  
 (i) the accuracy in all material respects on the Closing Date of the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);
  
 (ii) all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and
  
 (iii) the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.
  
 (b) The respective obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:
  
 (i) the accuracy in all material respects on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);
  
  	 
	4
	 
 
	 

  
 (ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;
  
 (iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; and
  
 (iv) there shall have been no Material Adverse Effect, as defined in Section 3.1(b), with respect to the Company since the date hereof.
  
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES
  
 3.1 Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchaser as of the Closing Date:
  
 (a) Subsidiaries. The Company owns, directly or indirectly, all of the equity interests of each Subsidiary and all of the issued and outstanding equity securities of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.
  
 (b) Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, operating agreements, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.
  
 (c) Authorization; Enforcement. The Company has the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
  
  	 
	5
	 
 
	 

  
 (d) No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, operating agreement, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.
  
 (e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.5 of this Agreement and (ii) the filing of Form D with the SEC and such filings as are required to be made under applicable state securities laws.
  
 (f) Issuance of the Shares. The Shares will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents or federal or state securities laws. 
  
 (g) Capitalization. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Shares. There are no stockholder agreements, voting agreements or other similar agreements with respect to the Common Stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.
  
  	 
	6
	 
 
	 

  
 (h) Financial Statements. The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”). The Company has delivered to the Purchaser true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). Except as set forth in the financial statements of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business, and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not required under generally accepted accounting principles to be reflected in such financial statements, which, individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company is subject to the reporting requirements of the Exchange Act. For the avoidance of doubt, filing of the documents required in this Section via the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall satisfy all delivery requirements of this Section 3.1(h). 
  
 (i) Litigation. There is no action, suit, inquiry, notice of violation, Proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Except as set forth in the SEC Documents, neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as set forth in the SEC Documents, there has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company or any current or former director or officer of the Company. 
  
  	 
	7
	 
 
	 

  
 (j) Compliance. Neither the Company nor any Subsidiary: (i) has received notice of a claim that it is in default under, or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.
  
 (k) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the revocation or modification of any Material Permit.
  
 (l) Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries.
  
 (m) Intellectual Property. To the Company’s knowledge, the Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as necessary or required for use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect.
  
 (n) Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.
  
  	 
	8
	 
 
	 

  
 (o) Transactions With Affiliates and Employees. Except as set forth in the SEC Documents, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from providing for the borrowing of money from or lending of money to, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, stockholder or partner, in each case in excess of $250,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits.
  
 (p) Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchaser as contemplated hereby.
  
 (q) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.
  
 (r) No Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of the Securities Act which would require the registration of any such securities under the Securities Act.
  
 (s) Solvency. The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The SEC Documents set forth all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $150,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $150,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary received notice of a claim that it is in default with respect to any Indebtedness. 
  
  	 
	9
	 
 
	 

  
 (t) Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has no material tax obligations for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.
  
 (u) No General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchaser and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.
  
 (v) Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of the FCPA.
  
 (w) Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).
  
 (x) No Bad Actor Disqualifying Event. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable.
  
  	 
	10
	 
 
	 

  
 3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):
  
 (a) Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
  
 (b) Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.
  
 (c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act. Such Purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act.
  
 (d) Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and is able to afford a complete loss of such investment. 
  
  	 
	11
	 
 
	 

  
 (e) General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. Such Purchaser was only contacted by an agent of the Company for this private placement and no other offering.
  
 (f) No Bad Actor. Such Purchaser hereby represents that neither it nor any of its Rule 506(d) Related Parties is a “bad actor” within the meaning of Rule 506(d). For purposes of this Agreement, “Rule 506(d) Related Party” shall mean a person or entity covered by the “Bad Actor disqualification” provision of Rule 506(d).
  
 (g) Foreign Purchaser. If Purchaser is not a United States person, such Purchaser represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to purchase the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Shares. The Purchaser further represents that its payment for, and its continued beneficial ownership of the Shares, will not violate any applicable securities or other laws of its jurisdiction.
  
 (h) Access to Information. Purchaser acknowledges that it has carefully and fully reviewed the SEC Documents and has been afforded: the opportunity to ask such questions as it has deemed necessary of representatives of the Company concerning items that the Purchaser deemed relevant in making a decision to purchase the Securities, the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities.
  
 ARTICLE IV 
 OTHER AGREEMENTS OF THE PARTIES
  
 4.1 Transfer Restrictions.
  
 (a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser, the Company may require the transferor thereof to provide to the Company an opinion of corporate counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall make the representations set forth in Section 3.2, and then shall have the rights and obligations of a Purchaser under this Agreement.
  
  	 
	12
	 
 
	 

  
 (b) The Purchaser agrees to the imprinting, so long as is required by this Section 4.1(b), of a legend on any of the Securities in the following form:
  
  	  
	 THESE SHARES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF CORPORATE COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
	  

  
  
 4.2 Acknowledgment of Dilution. The Company acknowledges that the issuance of the Shares may result in dilution of the outstanding number of shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Shares, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.
  
 4.3 Furnishing of Information; Public Information. Until the latest of the time that the Shares have been issued and so long as the Company is a reporting company pursuant to the Exchange Act, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date thereof pursuant to the Exchange Act even if the Company subsequently is no longer then subject to the reporting requirements of the Exchange Act.
  
 4.4 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities.
  
  	 
	13
	 
 
	 

  
 4.5 Securities Laws Disclosure; Publicity. The Company shall not issue a press release disclosing the name of any Purchaser, or include the name of any Purchaser in any filing with the SEC or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except: (a) as required by state or federal securities laws, (b) to the extent requested by the SEC and (c) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchaser with prior notice of such disclosure permitted under this clauses (b) and (c).
  
 4.6 Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital and general corporate purposes and expenses. The Company shall not use such proceeds for: (a) the payments of any dividends or (b) the redemption of any shares of Common Stock.
  
 4.7 Indemnification of Purchaser. Subject to the provisions of this Section 4.7, the Company will indemnify and hold the Purchaser and its directors, officers, stockholders, stockholders, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, stockholders, agents, stockholders, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholders of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, in a commercially reasonable manner. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law. For the avoidance of doubts, no officers, directors, employees, or stockholders of the Company shall be held personally liable under this Section 4.7.
  
  	 
	14
	 
 
	 

  
 4.8 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.
  
 4.9 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Purchaser) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration (as defined below)), the Company shall, at such time, promptly give the Purchaser notice of such registration. Upon the request of the Purchaser given within twenty (20) days after such notice is given by the Company, the Company shall cause to be registered all of the Shares (collectively, the “Registrable Securities”) that each such Purchaser has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 4.9 before the effective date of such registration, whether or not any Purchaser has elected to include Registrable Securities in such registration. For purposes of this Section 4.9, “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; or (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities. 
  
 ARTICLE V 
 MISCELLANEOUS
  
 5.1 Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.
  
  	 
	15
	 
 
	 

  
 5.2 Entire Agreement. The Transaction Documents, together with the exhibits thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents and exhibits.
  
 5.3 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via e-mail or facsimile at the e-mail address set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.
  
 5.4 Amendments; Waivers. Each of the Transaction Documents shall not be amended, and no provision of any Transaction Document may be waived, except upon written consent of the Company and the Purchaser. 
  
 5.5 No Short Sales. For as long as any Purchaser holds Securities, neither the Purchaser nor any of its Affiliates nor any entity managed or controlled by each such Purchaser will, directly or indirectly, or cause or assist any Person to (x) enter into any Short Sale or (y) trade in derivative securities to the same effect. 
  
 5.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchaser.”
  
 5.7 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in this Section 5.7.
  
  	 
	16
	 
 
	 

  
 5.8 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, stockholders, partners, stockholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
  
 5.9 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities until one year following the Closing Date.
  
 5.10 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.
  
 5.11 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
  
 5.12 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and an indemnification relating thereto. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.
  
  	 
	17
	 
 
	 

  
 5.13 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.
  
 5.14 Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.
  
 5.15 Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.
  
 5.16 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.
  
 5.17 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and the number of shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, combinations and other similar transactions of the shares of Common Stock that occur after the date of this Agreement.
  
 5.18 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.
  
 (Signature Pages Follow)
  
  	 
	18
	 
 
	 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
  
  	 	CURE PHARMACEUTICAL HOLDING CORP. 	
	 	 	 	 
		By:	/s/ Robert Davidson 	
	  
	 Name:
	Robert Davidson 	 
	 	Title:	Chief Executive Officer	 

  
  
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
  
 SIGNATURE PAGE FOR PURCHASER FOLLOWS]
  
  	 
	
	 
 
	 

  
 IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
  
 Date: December 14, 2018 
  
 Name of Purchaser: Michael J. Willner 
  
 Signature of Authorized Signatory of Purchaser: /s/ Michael J. Willner
  
 Name of Authorized Signatory: Michael J. Willner 
  
 Title of Authorized Signatory: _______________________
  
 Email Address of Authorized Signatory: willnercap@gmail.com 
  
 Address for Notice to Purchaser: c/o Willner Properties, 150 Allendale Rd., King of Prussia, PA 19406 
  
 Address for Delivery of Securities to Purchaser
  
 (if not same as address for notice): TBD 
  
 Subscription Amount (dollar amount paid for the Shares): $ 1,000,000 
  
 Principal Amount (Subscription Amount): $ 1,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]