Document:

Third Amended and Restated Agreement of Limited Partnership

 Exhibit 10.3 

 
  

DATED AS OF APRIL 27, 2012 
 CBRE OPERATING PARTNERSHIP, L.P. 
  

 
 THIRD AMENDED AND
RESTATED AGREEMENT 
 OF LIMITED PARTNERSHIP 

 
  

 
  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	9	  
		
	 Section 2.01. Organization
	  	 	9	  
		
	 Section 2.02. Name
	  	 	9	  
		
	 Section 2.03. Registered Office and Agent; Principal Office
	  	 	9	  
		
	 Section 2.04. Term
	  	 	10	  
		
	 ARTICLE III PURPOSE
	  	 	10	  
		
	 Section 3.01. Purpose and Business
	  	 	10	  
		
	 Section 3.02. Powers
	  	 	10	  
		
	 Section 3.03. Partnership Only for Purposes Specified
	  	 	10	  
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS
	  	 	10	  
		
	 Section 4.01. Capital Contributions of the Partners
	  	 	10	  
		
	 Section 4.02. Issuances of Partnership Interests
	  	 	11	  
		
	 Section 4.03. No Preemptive Rights
	  	 	12	  
		
	 Section 4.04. Other Contribution Provisions
	  	 	12	  
		
	 Section 4.05. No Interest on Capital
	  	 	12	  
		
	 ARTICLE V DISTRIBUTIONS
	  	 	12	  
		
	 Section 5.01. Requirement and Characterization of Distributions
	  	 	12	  
		
	 Section 5.02. Amounts Withheld
	  	 	13	  
		
	 Section 5.03. Distributions Upon Liquidation
	  	 	13	  
		
	 Section 5.04. Revisions to Reflect Issuance of Additional Partnership Interests
	  	 	13	  
		
	 ARTICLE VI ALLOCATIONS
	  	 	13	  
		
	 Section 6.01. Allocations For Capital Account Purposes
	  	 	13	  
		
	 Section 6.02. Revisions to Allocations to Reflect Issuance of Additional Partnership Interests
	  	 	14	  
		
	 ARTICLE VII MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	14	  
		
	 Section 7.01. Management
	  	 	14	  
		
	 Section 7.02. Certificate of Limited Partnership
	  	 	16	  
		
	 Section 7.03. Title to Partnership Assets
	  	 	17	  
		
	 Section 7.04. Reimbursement of the General Partner
	  	 	17	  
		
	 Section 7.05. Outside Activities of the General Partner
	  	 	18	  
		
	 Section 7.06. Transactions with Affiliates
	  	 	19	  
		
	 Section 7.07. Indemnification
	  	 	19	  
		
	 Section 7.08. Liability of the General Partner
	  	 	20	  
		
	 Section 7.09. Other Matters Concerning the General Partner
	  	 	21	  
		
	 Section 7.10. Reliance by Third Parties
	  	 	21	  
		
	 Section 7.11. Restrictions on General Partner’s Authority
	  	 	22	  
		
	 Section 7.12. Loans by Third Parties
	  	 	22	  
		
	 ARTICLE VIII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	22	  
		
	 Section 8.01. Limitation of Liability
	  	 	22	  
		
	 Section 8.02. Management of Business
	  	 	22	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 Section 8.03. Outside Activities of Limited Partners
	  	 	22	  
		
	 Section 8.04. Return of Capital
	  	 	22	  
		
	 Section 8.05. Rights of Limited Partners Relating to the Partnership
	  	 	23	  
		
	 Section 8.06. Class A Redemption Right
	  	 	23	  
		
	 Section 8.07. Redemption of Class B Interest
	  	 	24	  
		
	 Section 8.08. Voting Rights of the Class B Interest
	  	 	25	  
		
	 ARTICLE IX BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	26	  
		
	 Section 9.01. Records and Accounting
	  	 	26	  
		
	 Section 9.02. Fiscal Year
	  	 	26	  
		
	 Section 9.03. Reports
	  	 	26	  
		
	 ARTICLE X TAX MATTERS
	  	 	26	  
		
	 Section 10.01. Preparation of Tax Returns
	  	 	26	  
		
	 Section 10.02. Tax Elections
	  	 	26	  
		
	 Section 10.03. Tax Matters Partner
	  	 	26	  
		
	 Section 10.04. Organizational Expenses
	  	 	27	  
		
	 Section 10.05. Withholding
	  	 	27	  
		
	 ARTICLE XI TRANSFERS AND WITHDRAWALS
	  	 	28	  
		
	 Section 11.01. Transfer
	  	 	28	  
		
	 Section 11.02. Transfers of Partnership Interests of General Partner
	  	 	28	  
		
	 Section 11.03. Limited Partners’ Rights to Transfer
	  	 	28	  
		
	 Section 11.04. Substituted Limited Partners
	  	 	29	  
		
	 Section 11.05. Assignees
	  	 	29	  
		
	 Section 11.06. General Provisions
	  	 	30	  
		
	 ARTICLE XII ADMISSION OF PARTNERS
	  	 	31	  
		
	 Section 12.01. Admission of Successor General Partner
	  	 	31	  
		
	 Section 12.02. Admission of Additional Limited Partners
	  	 	31	  
		
	 Section 12.03. Amendment of Agreement and Certificate of Limited Partnership
	  	 	31	  
		
	 ARTICLE XIII DISSOLUTION AND LIQUIDATION
	  	 	32	  
		
	 Section 13.01. Dissolution
	  	 	32	  
		
	 Section 13.02. Winding Up
	  	 	32	  
		
	 Section 13.03. Deemed Distribution and Recontribution
	  	 	33	  
		
	 Section 13.04. Rights of Limited Partners
	  	 	34	  
		
	 Section 13.05. Notice of Dissolution
	  	 	34	  
		
	 Section 13.06. Cancellation of Certificate of Limited Partnership
	  	 	34	  
		
	 Section 13.07. Reasonable Time for Winding Up
	  	 	34	  
		
	 Section 13.08. Waiver of Partition
	  	 	34	  
		
	 Section 13.09. Liability of Liquidator
	  	 	34	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE XIV AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	 	34	  
		
	 Section 14.01. Amendments
	  	 	34	  
		
	 Section 14.02. Meetings of the Partners
	  	 	35	  
		
	 ARTICLE XV GENERAL PROVISIONS
	  	 	36	  
		
	 Section 15.01. Addresses and Notice
	  	 	36	  
		
	 Section 15.02. Titles and Captions
	  	 	36	  
		
	 Section 15.03. Pronouns and Plurals
	  	 	36	  
		
	 Section 15.04. Further Action
	  	 	36	  
		
	 Section 15.05. Binding Effect
	  	 	36	  
		
	 Section 15.06. Creditors
	  	 	36	  
		
	 Section 15.07. Waiver
	  	 	36	  
		
	 Section 15.08. Counterparts
	  	 	37	  
		
	 Section 15.09. Applicable Law
	  	 	37	  
		
	 Section 15.10. Invalidity of Provisions
	  	 	37	  
		
	 Section 15.11. Power of Attorney
	  	 	37	  
		
	 Section 15.12. Entire Agreement
	  	 	38	  
		
	 Section 15.13. No Rights as Stockholders
	  	 	38	  
		
	 Section 15.14. Limitation to Preserve REIT Status
	  	 	38	  

  
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 THIS THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated
as of April 27, 2012, effective as of May 1, 2012 is entered into by and among CB RICHARD ELLIS REALTY TRUST, a Maryland real estate investment trust, as the General Partner of and a Limited Partner in CBRE Operating Partnership,
L.P., and the Persons (as defined below) whose names are set forth on Exhibit A, as attached hereto (as it may be amended from time to time). 
 AGREEMENT 
 WHEREAS, the parties hereto are party to the
Second Amended and Restated Agreement of Limited Partnership, dated January 30, 2009 (the “Second Amended and Restated Agreement of Limited Partnership”), which amended and restated the Amended and Restated Agreement of Limited
Partnership, dated October 24, 2006 (the “Amended and Restated Agreement of Limited Partnership”), which amended and restated the Agreement of Limited Partnership, dated July 1, 2004 (the “Original Agreement of
Limited Partnership”); 
 WHEREAS, the parties hereto wish to amend and restate the Second Amended
and Restated Agreement of Limited Partnership to make certain other changes as agreed to among the parties; and 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby enter into this Third Amended and Restated Agreement of Limited Partnership (the “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 Limited Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.02 hereof and who is shown as such on the books and records of the
Partnership. 
 “Adjusted Capital Account” means the Capital Account maintained for each Partner
as of the end of each Partnership Year (i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-l(b)(2)(ii)(d)(6). The foregoing definition of Adjusted
Capital Account is intended to comply with the provisions of Regulations Section 1.704-l(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Partnership
Year. 
 “Adjusted Property” means any property the Carrying Value of which has been adjusted
pursuant to Exhibit B hereto. 
 “Adjustment Date” has the meaning set forth in
Section 4.02(b) hereof. 
 “Advisor” means CBRE Advisors LLC, a Delaware limited liability
company. 
 “Advisor Redemption Interest” has the meaning set forth in Section 8.07(b)
hereof. 
 “Advisor Redemption Interest Amount” has the meaning set forth in Section 8.07(b)
hereof. 
 “Affiliate” means, with respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

 “Aggregate Class A Unit Purchase Price” means an amount
equal to the sum of the amount of cash paid for the Class A Units, plus the Agreed Value of Contributed Property contributed for Class A Units. 
 “Aggregate Protected Amount” means the aggregate balances of the Protected Amounts, if any, of all Obligated Partners, if any, as determined on the date in question. 

“Agreed Value” means (i) in the case of any Contributed Property, the 704(c) Value of such property as
of the time of its contribution to the Partnership, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed; and (ii) in the case of any property distributed to a
Partner by the Partnership, the Partnership’s Carrying Value of such property at the time such property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at
the time of distribution as determined under Section 752 of the Code and the Regulations thereunder. 

“Agreement” means this Third Amended and Restated Agreement of Limited Partnership, as it may be amended,
supplemented or restated from time to time. 
 “Amended and Restated Agreement of Limited
Partnership” has the meaning set forth in the preamble of this Agreement. 
 “Assignee”
means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.05 hereof. 

“Bankruptcy” means, with respect to any Person, (a) the filing by such Person of a voluntary petition
seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or
acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of sixty (60) days after the filing of an involuntary petition under Title 11 of the Unites States
Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or
foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 60-day period, (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or
similar law now or hereinafter in effect, (e) the attachment or other judicial seizure of all or substantially all of its assets, which remains pending, (f) its acknowledgement in writing of its inability to pay its debts as they come due,
(g) its entry into an offer of settlement, extension or composition to its creditors generally, (h) its taking any action for the purpose of effecting any of the foregoing, or (i) a determination by the Board, in its reasonable
discretion, that such Person is bankrupt, insolvent or otherwise unable to pay its debts as they come due. 

“Blackout Period” has the meaning set forth in the Section 8.07(e) hereof. 

“Book-Tax Disparities” means, with respect to any item of Contributed Property or Adjusted Property, as of
the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner’s share of the
Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Exhibit B hereto and the
hypothetical balance of such Partner’s Capital Account computed as if it had been maintained, with respect to each such Contributed Property or Adjusted Property, strictly in accordance with federal income tax accounting principles. 

“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which banking institutions in New York City are authorized or required by law, regulation or executive order to close. 
 “Capital Account” means the Capital Account maintained for a Partner pursuant to Exhibit B hereto. 

“Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the Agreed Value
of Contributed Property which such Partner contributes or is deemed to contribute to the Partnership pursuant to Section 4.01 or 4.02 hereof. 
 “Capital Proceeds” means the net cash proceeds received by the Partnership from any Capital Transaction, after taking into account (i) all expenditures to be made out of such proceeds,
(ii) payment of or provision for all debts and obligations to be satisfied as the result of or in connection with such Capital Transaction, (iii) payment of all costs and expenses incurred in connection with the

  
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receipt or collection of such proceeds and the setting aside of any reserves from such proceeds. Upon the occurrence of a transaction described in (vii) and (viii) of the definition of
“Capital Transaction” below, Capital Proceeds shall be deemed to mean the notional net proceeds which would be available had the Partnership’s assets been liquidated at an amount sufficient to yield the price inherent in the
subject transaction. 
 “Capital Transaction” means (i) any sale, exchange, transfer,
assignment or other disposition of all or a portion of the Partnership’s assets or of any real estate interest in which the Partnership holds a direct or indirect interest, (ii) any financing or refinancing of any indebtedness of the
Partnership or any financing or refinancing in respect of assets in which the Partnership holds a direct or indirect real estate interest, (iii) the taking of all or a portion of the assets of the Partnership (or of assets in which the
Partnership holds a direct or indirect real estate interest) by any governmental authority through the exercise of the power of eminent domain or condemnation or the delivery of a deed or transfer in lieu of such taking, (iv) the receipt of the
proceeds of hazard or casualty insurance (other than rental or business interruption insurance), (v) the repayment of principal on any loans made by the Partnership or any entity through which the Partnership holds a direct or indirect real
estate interest, (vi) releases of Partnership reserves funded from previous transactions of a nature described above, (vii) any transaction in which the Partnership acquires an interest in the Advisor or (viii) any merger, sale or
other transaction in which shareholders of the General Partner receive consideration for their shares in the General Partner (other than a dividend from the General Partner). 

“Carrying Value” means (i) with respect to a Contributed Property or Adjusted Property, the 704(c)
Value of such property reduced (but not below zero) by all Depreciation with respect to such Contributed Property or Adjusted Property, as the case may be, charged to the Partners’ Capital Accounts and (ii) with respect to any other
Partnership property, the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time to time in accordance with Exhibit B hereto, and to
reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General Partner. 

“Cash Amount” means an amount of cash equal to the Value on the Valuation Date of the Shares Amount.

 “Certificate” means the Certificate of Limited Partnership relating to the Partnership filed in
the office of the Delaware Secretary of State on March 30, 2004, as amended from time to time in accordance with the terms hereof and the Act. 
 “Class A Interest” means the Partnership Interest represented by Class A Units issued pursuant to Section 4.02(b). 

“Class A Unit” means Class A Units of the Partnership representing a portion of the Class A
Interest. 
 “Class B Interest” means the profits interest issued pursuant to
Section 4.02(d). 
 “Class B Partner” means the Partner that holds the Class B
Interest. 
 “Class B Redemption Date” means (i) with respect to the exercise of the Class B
Redemption Right, a Specified Redemption Date, (ii) with respect to the Partnership Call Right, April 27, 2017, and (iii) with respect to an Other Liquidity Event, the date on which such Other Liquidity Event occurs. 

“Class B Redemption Right” has the meaning set forth in Section 8.07(a). 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, 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. 

“Consent” means the consent or approval of a proposed action by a Partner given in accordance with
Section 14.02 hereof. 
 “Contributed Property” means each property or other asset
contributed to the Partnership, in such form as may be permitted by the Act, but excluding cash contributed or deemed contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Exhibit B hereto,
such property shall no longer constitute a Contributed Property for purposes of Exhibit B hereto, but shall be deemed an Adjusted Property for such purposes. 

“Conversion Factor” means 1.0; provided that in the event that the General Partner (i) declares
or pays a dividend on its outstanding Shares in Shares or makes a distribution to all holders of its outstanding Shares in Shares, (ii) subdivides its outstanding Shares or (iii) combines its outstanding Shares into a smaller number of
Shares, the Conversion Factor shall be adjusted by multiplying 

  
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the Conversion Factor by a fraction, the numerator of which shall be the number of Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination
(assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time) and the denominator of which shall be the actual number of Shares (determined without the above assumption) issued and outstanding
on the record date for such dividend, distribution, subdivision or combination; and provided, further, that in the event that an entity shall cease to be the General Partner (the “Predecessor Entity”) and
another entity shall become the General Partner (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which is the Value of one share of the
Predecessor Entity, determined as of the time immediately prior to when the Successor Entity becomes the General Partner, and the denominator of which is the Value of one Share of the Successor Entity determined as of that same date. For purposes of
the second proviso in the preceding sentence, in the event that any stockholders of the Predecessor Entity will receive consideration in connection with the transaction in which the Successor Entity becomes the General Partner, the numerator in the
fraction described above for determining the adjustment to the Conversion Factor (that is, the Value of one Share of the Predecessor Entity) shall be the sum of the greatest amount of cash and the fair market value of any securities and other
consideration that the holder of one Share in the Predecessor Entity could have received in such transaction (determined without regard to any provisions governing fractional shares). Any adjustment to the Conversion Factor shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for the event giving rise thereto; it being intended that (x) adjustments to the Conversion Factor are to be made in order to avoid unintended dilution
or anti-dilution as a result of transactions in which Shares are issued, redeemed or exchanged without a corresponding issuance, redemption or exchange of Partnership Units and (y) if a Specified Redemption Date shall fall between the record
date and the effective date of any event of the type described above, that the Conversion Factor applicable to such redemption shall be adjusted to take into account such event. 

“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 banks 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) obligations of such Person incurred in connection with entering into a lease
which, in accordance with generally accepted accounting principles, should be capitalized. 
 “Declaration
of Trust” means the second amended and restated declaration of trust or other organizational document governing the General Partner, as amended or restated from time to time. 

“Deemed Partnership Interest Value” means, as of any date with respect to any class of Partnership
Interests, the Deemed Value of the Partnership Interest of such class multiplied by the applicable Partner’s Percentage Interest of such class. 
 “Deemed Value of the Partnership Interest” means, as of any date with respect to any class of Partnership Interest other than the Class B Interest, (a) if the shares of common
beneficial interest (or other comparable equity interests) of the General Partner are Publicly Traded (i) the total number of shares of common beneficial interest (or other comparable equity interest) of the General Partner corresponding to
Class A Units (as provided for in Section 4.02(b) hereof) issued and outstanding as of the close of business on such date (excluding any treasury shares) multiplied by the Value of a share of such common beneficial interest (or other
comparable equity interest) on such date divided by (ii) the Percentage Interest of the General Partner of the Class A Units on such date, and (b) otherwise, the aggregate Value of such class of Partnership Interests determined as set
forth in the fourth and fifth sentences of the definition of Value. 
 “Depreciation” means, for
each fiscal 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, except that if the Carrying Value of an asset differs from its adjusted basis
for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization, or other cost recovery
deduction for such year 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 is zero, Depreciation shall be
determined with reference to such beginning Carrying Value using any reasonable method selected by the General Partner. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
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 “Funding Debt” means the incurrence of any Debt by or on
behalf of the General Partner for the purpose of providing funds to the Partnership. 
 “General
Partner” means CB Richard Ellis Realty Trust, a Maryland real estate investment trust, or its successors as general partner of the Partnership. 
 “General Partner Payment” has the meaning set forth in Section 15.14 hereof. 
 “General Partnership Interest” means a Partnership Interest held by the General Partner that is a general partnership interest. A General Partnership Interest may be expressed as a number of
Partnership Units. 
 “Incapacity” or “Incapacitated” means, (i) as to any
individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her Person or estate,(ii) as to any corporation which is a Partner, the filing of a
certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter, (iii) as to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership, (iv) as to any estate
which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership, (v) as to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee) or
(vi) as to any Partner, 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 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 one hundred twenty (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 ninety (90) days of such appointment or (h) an appointment referred to in clause (g) is not vacated within ninety (90) days after the expiration of any such stay. 

“Indemnitee” means (i) any Person made a party to a proceeding or threatened with being made a party
to a proceeding by reason of its status as (A) the General Partner, (B) a Limited Partner or (C) a director or officer of the Partnership or the General Partner and (ii) such other Persons (including Affiliates of the General
Partner, a Limited Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

“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 Exhibit A attached
hereto, as such Exhibit may be amended and restated from time to time, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partnership 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 Partnership Interest may be expressed as a number of 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. 
 “Listing Amount” has the meaning set forth in Section 8.07(d) hereof. 
 “Merger or Sale Transaction” means any merger, sale or other transaction in which shareholders of the General Partner receive consideration for all of their shares in the General Partner
(other than a cash or stock dividend from the General Partner). 
 “Net Income” means, for any
taxable period, the excess, if any, of the Partnership’s items of income and gain for such taxable period over the Partnership’s items of loss and deduction for such taxable period. The items included in the calculation of Net Income

  
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shall be determined in accordance with Exhibit B hereto. If an item of income, gain, loss or deduction that has been included in the initial computation of Net Income is subjected to the
special allocation rules in Exhibit C hereto, Net Income or the resulting Net Loss, whichever the case may be, shall be recomputed without regard to such item. 

“Net Loss” means, for any taxable period, the excess, if any, of the Partnership’s items of loss and
deduction for such taxable period over the Partnership’s items of income and gain for such taxable period. The items included in the calculation of Net Loss shall be determined in accordance with Exhibit B. If an item of income, gain, loss
or deduction that has been included in the initial computation of Net Loss is subjected to the special allocation rules in Exhibit C hereto, Net Loss or the resulting Net Income, whichever the case may be, shall be recomputed without regard to
such item. 
 “New Securities” means (i) any rights, options, warrants or convertible or
exchangeable securities having the right to subscribe for or purchase shares of common beneficial interest (or other comparable equity interest) of the General Partner, excluding grants under any Stock Option Plan, or (ii) any Debt issued by
the General Partner 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 a Notice of Redemption substantially in the form of Exhibit D
attached hereto. 
 “Obligated Partner” means a Partner who has agreed in writing to be an
Obligated Partner and has agreed and is obligated to make certain contributions, not in excess of such Obligated Partner’s Protected Amount, to the Partnership with respect to such Partner’s Capital Account Deficit upon the occurrence of
certain events. 
 “Operating Cash Flow” means, with respect to any applicable period, the gross
receipts of the Partnership during such period plus any reductions in reserves (other than reserves funded from proceeds of a Capital Transaction) occurring during such period, less (i) operating expenses actually paid during such period
including without limitation taxes, insurance premiums, repair and maintenance costs and management fees, (ii) interest and principal paid during such period of indebtedness of the Partnership, (iii) additions to reserves made during such
periods and (iv) expenditures for capital improvements and other capital items paid during such periods; provided, however, that Operating Cash Flow shall not include any receipts expenses or other charges that are taken
into account in determining Capital Proceeds. 
 “Original Agreement of Limited Partnership” has
the meaning set forth in the preamble of this Agreement. 
 “Other Liquidity Event” means
(i) a Liquidating Event or (ii) a Terminating Capital Transaction. 
 “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)(2), 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 CBRE Operating Partnership, L.P., the limited partnership formed under the Act and
continued upon the terms and conditions set forth in this Agreement, and any successor thereto. 

“Partnership Call Right” has the meaning set forth in Section 8.07(a). 

“Partnership Interest” means a Limited Partnership Interest or the General Partnership Interest 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 Partnership
Interest may be expressed as a number of Partnership Units. 

  
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 “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 the record date established by the
General Partner either (i) for distributions pursuant to Section 5.01 hereof, or (ii) if applicable, for determining the Partners entitled to vote on or consent to any proposed action for which the consent or approval of the Partners
is sought pursuant to Section 14.02 hereof. 
 “Partnership Unit” means a fractional,
undivided share of any Partnership Interests expressed as Units and issued pursuant to Sections 4.01 and 4.02 hereof, and includes Class A Units and any other classes or series of Partnership Units established after the date hereof. The
number of Partnership Units outstanding and the Percentage Interests represented by such Partnership Units are set forth in Exhibit A hereto, as such Exhibit may be amended and restated from time to time. The ownership of Partnership Units may
be evidenced by a certificate in a form approved by the General Partner. 
 “Partnership Year”
means the fiscal year of the Partnership, which shall be the calendar year. 
 “Percentage
Interest” means, as to a Partner holding a class of Partnership Interests, its interest in such class, determined by dividing the Partnership Units of such class owned by such Partner by the total number of Partnership Units of such class
then outstanding as specified in Exhibit A attached hereto, as such Exhibit may be amended and restated from time to time, multiplied by the aggregate Percentage Interest allocable to such class of Partnership Interests. 

“Person” means an individual, corporation, partnership, limited liability company, estate, trust (including
a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within
the meaning of Section 509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 

“Protected Amount” means the amount, if any, specified on Exhibit B, with respect to any Obligated
Partner, as such Exhibit may be amended from time to time. 
 “Publicly Traded” means listed or
admitted to trading on the New York Stock Exchange, the American Stock Exchange or another national securities exchange or designated for quotation on the NASDAQ Global Select Market or the NASDAQ Global Market, or any successor to any of the
foregoing. 
 “Recapture Income” means any gain recognized by the Partnership (computed without
regard to any adjustment required by Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken
with respect to such property or asset. 
 “Redeeming Partner” has the meaning set forth in
Section 8.06(a) hereof. 
 “Redemption Amount” means either the Cash Amount or the Shares
Amount, as determined by the General Partner in its sole and absolute discretion; provided that in the event that the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right the Redemption Amount shall be
paid only in the form of the Cash Amount unless the Redeeming Partner, in its sole and absolute discretion, consents to payment of the Redemption Amount in the form of the Shares Amount. A Redeeming Partner shall have no right, without the General
Partner’s consent, in its sole and absolute discretion, to receive the Redemption Amount in the form of the Shares Amount. 
 “Redemption Right” has the meaning set forth in Section 8.06(a) hereof. 
 “Regulations” means the Income Tax Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding
regulations). 
 “REIT” means a real estate investment trust under Section 856 of the Code.

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

“Residual Gain” or “Residual Loss” means any item of gain or loss, as the case may be, of
the Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 2 of
Exhibit C hereto to eliminate Book-Tax Disparities. 

  
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 “Safe Harbors” has the meaning set forth in
Section 11.06(f) hereof. 
 “Second Amended and Restated Agreement of Limited Partnership”
has the meaning set forth in the preamble of this Agreement. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Share” means a share of common beneficial interest (or
other comparable equity interest) of the General Partner. Shares may be issued in one or more classes or series in accordance with the terms of the Declaration of Trust. In the event that there is more than one class or series of Shares, the term
“Shares” shall, as the context requires, be deemed to refer to the class or series of Shares that correspond to the class or series of Partnership Interests for which the reference to Shares is made. When used with reference to
Class A Units, the term “Shares” refers to shares of common beneficial interest (or other comparable equity interest) of the General Partner. 

“Shares Amount” means a number of Shares equal to the product of the number of Class A Units offered
for redemption by a Redeeming Partner times the Conversion Factor; provided that, in the event the General Partner issues to all holders of Shares rights, options, warrants or convertible or exchangeable securities entitling such holders to
subscribe for or purchase Shares or any other securities or property (collectively, the “rights”), then the Shares Amount for any Class A Units outstanding prior to the issuance of such rights shall also include such rights
that a holder of that number of Shares would be entitled to receive; and provided, further that, the Shares Amount shall be adjusted pursuant to Section 7.05 hereof in the event that the General Partner acquires Specially
Distributed Assets. 
 “Specially Distributed Assets” has the meaning set forth in
Section 7.05(a) hereof. 
 “Specified Redemption Date” means the tenth Business Day after
receipt by the General Partner of a Notice of Redemption; provided that, if the Shares are not Publicly Traded, the Specified Redemption Date means the thirtieth Business Day after receipt by the General Partner of a Notice of Redemption.

 “Stock Option Plan” means any stock incentive plan of the General Partner, the Partnership or
any Affiliate of the Partnership or the General Partner. 
 “Subsidiary” means, with respect to
any Person, any corporation, limited liability company, partnership or joint venture, or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly
or indirectly, by such Person. 
 “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 “Conversion Factor” herein. 
 “Terminating
Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the Partnership for cash 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 for cash. 
 “Termination Transaction” has the
meaning set forth in Section 11.02(b) hereof. 
 “Transaction Amount” has the meaning set
forth in Section 8.07(c) hereof. 
 “Unrealized Gain” attributable to any item of Partnership
property means, as of any date of determination, the excess, if any, of (i) the fair market value of such property (as determined under Exhibit B hereto) as of such date, over (ii) the Carrying Value of such property (prior to any
adjustment to be made pursuant to Exhibit B hereto) as of such date. 
 “Unrealized Loss”
attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the Carrying Value of such property (prior to any adjustment to be made pursuant to Exhibit B hereto) as of such date, over
(ii) the fair market value of such property (as determined under Exhibit B hereto) as of such date. 

“Valuation Date” means the date of receipt by the General Partner of a Notice of Redemption or, if such
date is not a Business Day, the first Business Day thereafter. 

  
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 “Value” means, with respect to any outstanding Shares of the
General Partner that are Publicly Traded, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the date with respect to which value must be determined or, if such date is not a Business Day, the
immediately preceding Business Day. The market price for each such trading day shall be the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day. In the
event that the outstanding Shares of the General Partner are Publicly Traded and the Shares Amount includes rights that a holder of Shares would be entitled to receive, then the Value of such rights shall be determined by the General Partner acting
in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event that the Shares of the General Partner are not Publicly Traded, the Value of the Shares Amount per Partnership
Unit offered for redemption (which will be the Cash Amount per Partnership Unit offered for redemption payable pursuant to Section 8.06 hereof) means the amount that a holder of one Partnership Unit would receive if each of the assets of the
Partnership were to be sold for its fair market value on the Specified Redemption Date, the Partnership were to pay all of its outstanding liabilities, and the remaining proceeds were to be distributed to the Partners in accordance with the terms of
this Agreement. Such Value shall be determined by the General Partner, acting in good faith and based upon a commercially reasonable estimate of the amount that would be realized by the Partnership if each asset of the Partnership (and each asset of
each Partnership, limited liability company, joint venture or other entity in which the Partnership owns a direct or indirect interest) were sold to an unrelated purchaser in an arms’ length transaction where neither the purchaser nor the
seller were under economic compulsion to enter into the transaction (without regard to any discount in value as a result of the Partnership’s minority interest in any property or any illiquidity of the Partnership’s interest in any
property). In connection with determining the Deemed Value of the Partnership Interest for purposes of determining the number of additional Partnership Units issuable upon a Capital Contribution funded by an underwritten public offering of shares of
common beneficial interest (or other comparable equity interest) of the General Partner, the Value of such shares shall be the public offering price per share of such class of the common beneficial interest (or other comparable equity interest)
sold. 
 “704(c) Value” of any Contributed Property means the fair market value of such property
at the time of contribution as determined by the General Partner using such reasonable method of valuation as it may adopt. Subject to Exhibit B hereto, the General Partner shall, in its sole and absolute discretion, use such method as it deems
reasonable and appropriate to allocate the aggregate of the 704(c) Values of Contributed Properties in a single or integrated transaction among each separate property on a basis proportional to their fair market values. 

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 conditions set forth in the Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and
termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 
 Section 2.02. Name. 
 The name of the Partnership is CBRE
Operating Partnership, L.P. 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 words “Limited
Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner
in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 

Section 2.03. Registered Office and Agent; Principal Office. 

The address of the registered office of the Partnership in the State of Delaware shall be located at 2711 Centerville
Road, Suite 400, Wilmington, Delaware 19808 and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be Corporation Service Company. The principal office of the Partnership
shall be 47 Hulfish Street, Suite 210, Princeton, New Jersey 08542 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. 

  
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 Section 2.04. Term. 

The term of the Partnership commenced on March 30, 2004, the date on which the Certificate was filed in the office of
the Secretary of State of the State of Delaware in accordance with the Act, and shall continue until it is dissolved sooner pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 

ARTICLE III 

PURPOSE 
 Section 3.01. Purpose and Business. 
 The purpose and nature
of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act; provided, however, that such business shall be limited
to and conducted in such a manner as to permit the General Partner at all times to be classified as a REIT, unless the General Partner ceases to qualify or is not qualified as a REIT for any reason or reasons not related to the business conducted by
the Partnership; (ii) to enter into any partnership, joint venture, limited liability company or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged, directly or indirectly, in any of
the foregoing; and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, the Partners acknowledge that the status of the General Partner as a REIT inures to the benefit of all the Partners and not
solely the General Partner or its Affiliates. 
 Section 3.02. Powers. 

The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or
convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation, full power and authority, directly or through its ownership
interest in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness whether or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and
develop real property, and lease, sell, transfer and dispose of real property; provided, however, that the Partnership shall not take, or refrain from taking, any action which, in the judgment of the General Partner, in its sole
and absolute discretion, (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, (ii) could subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code
or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner or its securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in
writing. 
 Section 3.03. Partnership Only for Purposes Specified. 

The Partnership shall be a partnership only for the purposes specified in Section 3.01 above, and this Agreement shall
not be deemed to create a partnership 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 above. 

ARTICLE IV 

CAPITAL CONTRIBUTIONS AND ISSUANCES 
 OF PARTNERSHIP INTERESTS 
 Section 4.01. Capital
Contributions of the Partners. 
 (a) Capital Contributions. On July 1, 2004,
certain Partners made Capital Contributions to the Partnership. In connection with the General Partner’s initial public offering of common shares and as reflected in the Amended and Restated Agreement of Limited Partnership, CBRE REIT Holdings
LLC exchanged the Class C Interest (as defined in the Original Agreement of Limited Partnership) for a number of Class A Units set forth on Exhibit A hereto. Exhibit A hereto reflects the Capital Contributions made by each
Partner, the Class A Units assigned to each Partner and the Percentage Interest in the Partnership represented by such Class A Units. The Capital Accounts of the Partners and the Carrying Values of the Partnership’s Assets have been
and will continue to be determined pursuant to Section 1.D of Exhibit B hereto to reflect the Capital Contributions made. 
 (b) General Partnership Interest. A number of Partnership Units held by the General Partner equal to one percent (1%) of all outstanding Class A Units shall be deemed to be the General
Partnership Interest. All other Partnership Units held by the General Partner shall be deemed to be Limited Partnership Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership. 

  
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 (c) Capital Contributions By Merger. To the extent the
Partnership acquires any property by the merger of any other Person into the Partnership, Persons who receive Partnership Interests in exchange for their interests in the Person merging into the Partnership shall become Partners and shall be deemed
to have made Capital Contributions as provided in the applicable merger agreement and as set forth in Exhibit A hereto. 
 (d) No Obligation to Make Additional Capital Contributions. Except as provided in Sections 7.05 and 10.05 hereof, the Partners shall have no obligation to make any additional Capital
Contributions or provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise). No Partner shall have any obligation to restore any deficit that may exist in its Capital Account, either upon a
liquidation of the Partnership or otherwise, except as provided in Section 13.02 hereof. 
 Section 4.02.
Issuances of Partnership Interests. 
 (a) General. The General Partner is hereby
authorized to cause the Partnership from time to time to issue to Partners (including the General Partner and its Affiliates) or other Persons (including, without limitation, in connection with the contribution of property to the Partnership)
Partnership Units or other Partnership Interests in one or more classes, or in one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, all as
shall be determined, subject to applicable Delaware law, by the General Partner in its sole and absolute discretion, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each
such class or series of Partnership Interests, (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions and (iii) the rights of each such class or series of Partnership Interests upon
dissolution and liquidation of the Partnership; provided, that no such Partnership Units or other Partnership Interests shall be issued to the General Partner unless either (a) the Partnership Interests are issued in connection
with the grant, award or issuance of Shares or other equity interests in the General Partner having designations, preferences and other rights such that the economic interests attributable to such Shares or other equity interests are substantially
similar to the designations, preferences and other rights (except voting rights) of the additional Partnership Interests issued to the General Partner in accordance with this Section 4.02(a) or (b) the Partnership Interests are issued to
all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests in such class. In the event that the Partnership issues Partnership Interests pursuant to this Section 4.02(a), the General
Partner shall make such revisions to this Agreement (including but not limited to the revisions described in Section 5.04, Section 6.02 and Section 8.06 hereof) as it deems necessary to reflect the issuance of such additional
Partnership Interests. 
 (b) Percentage Interest Adjustments in the Case of Capital
Contributions for Class A Units. Upon the acceptance of additional Capital Contributions in exchange for Class A Units, the Percentage Interest related thereto shall be equal to the product of (1) a fraction, the numerator of
which is equal to the amount of cash, if any, plus the Agreed Value of Contributed Property, if any, contributed with respect to such additional Partnership Units and the denominator of which is equal to the sum of (i) the Deemed Value of the
Partnership Interests for all outstanding Class A Units (computed as of the Business Day immediately preceding the date on which the additional Capital Contributions are made (an “Adjustment Date”)) plus (ii) the aggregate
amount of additional Capital Contributions contributed to the Partnership on such Adjustment Date in respect of such additional Class A Units and (2) the Percentage Interest attributable to the Class A Interest as provided in
Exhibit A hereto. The Percentage Interest of each other Partner holding Class A Units not making a full pro rata Capital Contribution shall be adjusted to the product of (1) a fraction the numerator of which is equal to the sum of
(i) the Deemed Partnership Interest Value of such Limited Partner (computed as of the Business Day immediately preceding the Adjustment Date) plus (ii) the amount of additional Capital Contributions (such amount being equal to the amount
of cash, if any, plus the Agreed Value of Contributed Property, if any, so contributed), if any, made by such Partner to the Partnership in respect of such Class A Units as of such Adjustment Date and the denominator of which is equal to the
sum of (i) the Deemed Value of the outstanding Class A Units (computed as of the Business Day immediately preceding such Adjustment Date) plus (ii) the aggregate amount of the additional Capital Contributions contributed to the
Partnership on such Adjustment Date in respect of such additional Class A Units and (2) the Percentage Interest attributable to the Class A Interest as provided in Exhibit A hereto. For purposes of calculating a Partner’s
Percentage Interest of Class A Units pursuant to this Section 4.02(b), (a) cash Capital Contributions by the General Partner will be deemed to equal the cash contributed by the General Partner plus (1) in the case of cash
contributions funded by an offering of any equity interests in or other securities of the General Partner, the offering costs attributable to the cash contributed to the Partnership, and (2) in the case of Class A Units issued pursuant to
Section 7.05(e) hereof, an amount equal to the difference between the Value of the Shares sold pursuant to any Stock Option Plan and the net proceeds of such sale. 

(c) Classes of Partnership Interests. From and after the date hereof, subject to Section 4.02(a)
above, the Partnership shall have two classes of Partnership Interests, entitled the “Class A Interest,” (represented by Class A Units) and the “Class B Interest.” Class A Units or new classes of
Partnership Interests may be issued to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration. 

  
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 (d) The Class B Interest. On July 1, 2004, the
General Partner issued the Class B Interest to an Affiliate of the Advisor in exchange for services performed or to be performed for the Partnership and its Subsidiaries, and admitted such Person as a Limited Partner. The Class B Partner
is entitled to certain distributions as provided in Section 5.01(b) and certain preferential allocations of items of income and gain under Section 6.01(d). The Class B Interest is subject to the transfer restrictions set forth in
Article XI and is subject to redemption pursuant to Section 8.07. 
 Section 4.03. No Preemptive
Rights. 
 Except to the extent expressly granted by the Partnership pursuant to another agreement, no Person
shall have any preemptive, preferential or other similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units or other Partnership Interests. 

Section 4.04. Other Contribution Provisions. 

In the event that any Partner other than the Class B Partner is admitted to the Partnership and is given a Capital
Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash, and the Partner had contributed such cash to the
capital of the Partnership. In addition, with the consent of the General Partner, one or more Limited Partners may enter into contribution agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the
Partnership. 
 Section 4.05. No Interest on Capital. 

No Partner shall be entitled to interest on its Capital Contributions or its Capital Account. 

ARTICLE V 

DISTRIBUTIONS 
 Section 5.01. Requirement and Characterization of Distributions. 
 (a) General. Except as otherwise provided herein, the General Partner shall make distributions at such times and in such amounts as it may determine. Such distributions shall be made to the Partners
who are Partners on the Partnership Record Date for such distribution. Notwithstanding anything to the contrary contained herein, in no event may a Partner receive a distribution with respect to a Class A Unit for a quarter or shorter period if
such Partner is entitled to receive a distribution relating to such period with respect to a Share for which such Class A Unit has been redeemed or exchanged. Unless otherwise expressly provided for herein or in an agreement at the time a new
class of Partnership Interests is created in accordance with Article IV hereof, no Partnership Interest shall be entitled to a distribution in preference to any other Partnership Interest. The General Partner shall make such reasonable efforts,
as determined by it in its sole and absolute discretion and consistent with the qualification of the General Partner as a REIT, to make distributions (a) to Limited Partners so as to preclude any such distribution or portion thereof from being
treated as part of a sale of property by a Limited Partner under Section 707 Code or the Regulations thereunder; provided that, the General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances
as a result of any distribution to a Limited Partner being so treated, and (b) to the General Partner in an amount sufficient to enable the General Partner to pay stockholder dividends that will (1) satisfy the requirements for
qualification as a REIT under the Code and the Regulations (the “REIT Requirements”) and (2) avoid any federal income or excise tax liability for the General Partner. 

(b) Method. 

(i) Each holder of Partnership Interests shall be entitled to a distribution in accordance with the rights of
any such class of Partnership Interests, including any preference in distribution. All distributions within a class of Partnership Interests shall be pro rata in proportion to the respective Percentage Interests of the holders of such Partnership
Interests on such Partnership Record Date. All distributions of Operating Cash Flow will be made pro rata among the holders of the Class A Interest in accordance with their respective Percentage Interests. 

(ii) All distributions of Capital Proceeds, and distributions upon a winding up or liquidation of the
Partnership pursuant to Section 13.02 hereto or a Terminating Capital Transaction, shall be made: (A) first, 100% to the holders of the Class A Interest in accordance with their respective Percentage Interests on the Partnership
Record Date until the General Partner has received cumulative distributions under Section 5.01(b)(i) and this Section 5.01(b)(ii) equal to the aggregate Capital Contributions made by the holders of the Class A Interest to the
Partnership plus a cumulative, uncompounded return thereon of 7% per annum, determined by taking into account the dates on which all such Capital Contributions and distributions were made and (B) second, (1) 85% to the holders of the
Class A Interest, in accordance with their respective Percentage Interests on the Partnership Record Date, and (2) 15% to the Class B Partner on the Partnership Record Date. 

  
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 Section 5.02. Amounts Withheld. 

All amounts withheld pursuant to the Code or any provisions of any state or local tax law and Section 10.05 hereof with
respect to any allocation, payment or distribution to the General Partner, the Limited Partners or Assignees shall be treated as amounts distributed to the General Partner, Limited Partners or Assignees pursuant to Section 5.01 above for all
purposes under this Agreement. 
 Section 5.03. Distributions Upon Liquidation. 

Proceeds from a Terminating Capital Transaction shall be distributed to the Partners in accordance with Section 13.02
hereof. 
 Section 5.04. Revisions to Reflect Issuance of Additional Partnership Interests. 

In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited
Partner pursuant to Article IV hereof, the General Partner shall make such revisions to this Article V as it deems necessary to reflect the issuance of such additional Partnership Interests. Subject to Section 8.08, such revisions
shall not require the consent or approval of any other Partner. 
 ARTICLE VI 

ALLOCATIONS 
 Section 6.01. Allocations For Capital Account Purposes. 

For purposes of maintaining the Capital Accounts and in determining the rights of the Partners among themselves, the
Partnership’s items of income, gain, loss and deduction (computed in accordance with Exhibit B hereto) shall be allocated among the Partners in each taxable year (or portion thereof) as provided herein below. 

(a) Allocations of Net Income. Except as otherwise provided herein, Net Income for any Partnership
Year or other applicable period shall be allocated in the following order and priority: 
 (i)
First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(v) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this
subparagraph (a)(i); 
 (ii) Second, to each Obligated Partner until the cumulative Net Income
allocated to such Obligated Partner pursuant to this subparagraph (a)(ii) equals the cumulative Net Loss allocated to such Obligated Partner under subparagraph (b)(iv) below (and, among the Obligated Partners, pro rata in proportion to their respective percentages of the cumulative Net Loss allocated to all Obligated Partners pursuant to
subparagraph (b)(iv) below); 
 (iii) Third, to the General Partner until the cumulative Net
Income allocated to the General Partner pursuant to this subparagraph (a)(iii) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (b)(iii) below; 

(iv) Fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation
until the cumulative Net Income allocated under this subparagraph (iv) equals the cumulative Net Loss allocated to such Partners under subparagraph (b)(ii); 

(v) Fifth, to the holders of any Partnership Interest that is entitled to any preference in distribution in
accordance with the rights of any other class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this subparagraph (a)(v), Net Income equal to the amount of distributions received
which are attributable to such preference with respect to such class of Partnership Interest (and, within such class, pro rata in
proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made); 
 (vi) Thereafter, with respect to Partnership Interests (other than the Class B Interest) that are not entitled to any preference in distribution or with respect to which distributions are not limited to
any preference in distribution, pro rata to each such class in accordance with their Percentage Interests (and, within such class,
pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being
made). 
 (b) Allocations of Net Loss. Except as otherwise provided herein, Net Loss for any
Partnership Year or other applicable period shall be allocated in the following order and priority: 

(i) First, with respect to classes of Partnership Interests that are not entitled to any preference in
distribution or with respect to which distributions are not limited to any preference in distribution (other than the Class B Interest), pro rata to 

  
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each such class in accordance with their Percentage Interests (and within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made); provided that Net Loss shall not be allocated to any Partner pursuant
to this subparagraph (b)(i) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case (i) by not including
in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to Section 13.02, and (ii) in the case of a Partner who
also holds classes of Partnership Units that are entitled to any preferences upon liquidation, by subtracting from such Partners’ Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation) at the end of such
Partnership Year or other applicable period; 
 (ii) Second, with respect to the classes of
Partnership Interests that are entitled to any preference upon liquidation, in reverse order of the priorities of each such class (and within each such class, pro rata in proportion to their respective Percentage Interests as of the last day of the period for which such allocation is being made; provided that Net Loss shall not be allocated to any Partner pursuant
to this subparagraph (b)(ii) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case by not including in the
Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to Section 13.02) at the end of such Partnership Year or other
applicable period; 
 (iii) Third, to the General Partner in an amount equal to the excess of
(a) the amount of the Partnership Recourse Liabilities over (b) the aggregate Protected Amounts of all Obligated Partners; 
 (iv) Fourth, to and among the Obligated Partners, in proportion to their respective Protected Amounts, until such time as the Obligated Partners as a group have been allocated cumulative Net Loss pursuant to
this subparagraph (b)(iv) equal to the Aggregate Protected Amount of all Obligated Partners; and 
 (v) Thereafter, to the General Partner. 
 (c) Priority
Allocations to the Class B Partner. (i) Notwithstanding the provisions of Sections 6.01(a) and 6.01(b) above, the Class B Partner shall be allocated on a priority basis Net Income (or items thereof), including, without
limitation, items of Net Income from a Capital Transaction (including but not limited to net capital gain realized in connection with the adjustment to the Carrying Value of Partnership assets under Section 704(b) of the Code, including upon
the redemption or call of the Class B Interest for the Advisor Redemption Interest) on a cumulative basis pursuant to this Section 6.01(c) in an amount equal to the amount of distributions made (or in connection with a Capital Transaction
or winding up or liquidation of the Partnership pursuant to Section 13.02, to be made) to such Partner. 
 (ii) Any Net Loss pursuant to a Capital Transaction that is associated with an actual sale of an asset in respect of which there is attributable an Advisor Redemption Interest shall be allocated to the
holder of the Advisor Redemption Interest to the extent that such Net Loss would reduce the aggregate amount otherwise distributable to the holder of the Advisor Redemption Interest compared to the amount which would have been distributable to such
holder at the time the Class B Interest was redeemed pursuant to Section 8.07. 
 (d)
Recapture Income. Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible after taking into account other required allocations of gain pursuant to Exhibit C
hereto, be characterized as Recapture Income in the same proportions and to the same extent as such Partners have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income. 

Section 6.02. Revisions to Allocations to Reflect Issuance of Additional Partnership Interests. 

In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited
Partner pursuant to Article IV hereof, the General Partner shall make such revisions to this Article VI and Exhibit A as it deems necessary to reflect the terms of the issuance of such additional Partnership Interests, including
making preferential allocations to classes of Partnership Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner. 
 ARTICLE VII 
 MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.01. Management. 

(a) Powers of General Partner. 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 

  
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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. In
addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to
Sections 7.06 and 7.11 below, 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: 
 (1) the making
of any expenditures, the lending or borrowing of money or will permit the General Partner (as long as the General Partner qualifies as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any excise tax pursuant to
Section 4981 of the Code) and to make distributions to its stockholders sufficient to permit the General Partner to maintain REIT status, 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 mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations the General Partner deems necessary for the conduct of the
activities of the Partnership; 
 (2) 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; 
 (3) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege
or subscription right or other right available in connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership with or into another entity, on such terms as the General Partner deems proper;

 (4) 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 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 and its Subsidiaries and any other Person in which the Partnership has an equity investment and the
making of capital contributions to its Subsidiaries; 
 (5) the negotiation, execution, delivery and
performance of any contracts, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this
Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors, and other agents and the payment of their expenses and compensation out of the Partnership’s assets;

 (6) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, and 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 or the
operations of the General Partners or the Partnership, the lending of funds to other Persons (including, without limitation, any Subsidiaries of the Partnership) and the repayment of obligations of the Partnership, any of its Subsidiaries and any
other Person in which it has an equity investment; 
 (7) the distribution of Partnership cash or
other Partnership assets in accordance with this Agreement; 
 (8) the holding, managing, investing
and reinvesting of cash and other assets of the Partnership; 
 (9) the collection and receipt of
revenues and income of the Partnership; 
 (10) the selection, designation of powers, authority and
duties and dismissal of employees of the Partnership (including, without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer”) and agents, outside attorneys,
accountants, consultants and contractors of the Partnership, and the determination of their compensation and other terms of employment or hiring; 

(11) the maintenance of such insurance for the benefit of the Partnership and the Partners as it deems
necessary or appropriate; 
 (12) the formation of, or acquisition of an interest (including
non-voting interests in entities controlled by Affiliates of the Partnership or third parties) in, and the contribution of property to, any further limited or general partnerships, joint ventures, limited liability companies or other relationships
that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of funds or property, or the making of loans, to its Subsidiaries and any other Person in which it has an equity investment from time to
time or the incurrence of indebtedness on behalf of such Persons or the guarantee of obligations of such Persons); provided that, as long as the General Partner has determined to qualify as a REIT, the Partnership may not engage in any such
formation, acquisition or contribution that would cause the General Partner to fail to qualify as a REIT); 

  
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 (13) 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, 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; 

(14) the determination of the fair market value of any Partnership property distributed in kind, using such
reasonable method of valuation as the General Partner may adopt; 
 (15) 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 assets or investment held by the Partnership; 

(16) 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, individually or jointly with any such Subsidiary or other Person; 

(17) 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 any interest pursuant to contractual or other arrangements with such Person; 
 (18) the making, executing and delivering 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 other 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 under this Agreement; 

(19) 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; and 
 (20)
the amendment and restatement of Exhibit A hereto to reflect accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions,
Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary,
shall not be deemed an amendment of this Agreement, as long as the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement. 

(b) No Approval by Limited Partners. Except as provided in Section 7.11 below, each of the
Limited Partners agrees that 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 Partners, notwithstanding
any other provision of this Agreement, the Act or any applicable law, rule or regulation, to the full extent permitted under the Act or other applicable law. The execution, delivery or performance by the General Partner or the Partnership of any
agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of any duty
stated or implied by law or equity. 
 (c) Insurance. At all times from and after the date
hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the properties of the Partnership, (ii) liability insurance for the Indemnitees hereunder and (iii) such other
insurance as the General Partner, in its sole and absolute discretion, determines to be necessary. 

(d) Working Capital and Other Reserves. At all times from and after the date hereof, the General
Partner may cause the Partnership to establish and maintain working capital reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time, including upon liquidation of the
Partnership pursuant to Section 13.02 hereof. 
 (e) No Obligations to Consider Tax
Consequences of Limited Partners. 
 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. The General Partner and the Partnership shall not have liability to a Limited
Partner for monetary damages or otherwise for losses sustained, liabilities incurred or benefits not derived by such Limited Partner in connection with such decisions, provided that the General Partner has acted in good faith and pursuant to
its authority under this Agreement. 
 Section 7.02. Certificate of Limited Partnership. 

The General Partner has previously filed the Certificate with the Secretary of State of Delaware. 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 

  
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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 other jurisdiction in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.05(a)(4) hereof, the General Partner shall not be
required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be
reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and any other state, the
District of Columbia or other jurisdiction in which the Partnership may elect to do business or own property. 

Section 7.03. 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 Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the
Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held
in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided,
however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the
property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 
 Section 7.04. Reimbursement of the General Partner. 
 (a) No Compensation. Except as provided in this Section 7.04 and elsewhere in this Agreement (including the provisions of Articles V and VI hereof regarding distributions, payments and
allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
 (b) Responsibility for Partnership Expenses. The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s organization, the ownership of its assets and its
operations. The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all expenses it incurs relating to the ownership and operation of, or for the
benefit of, the Partnership (including, without limitation, expenses related to the management and administration of any Subsidiaries of the General Partner or the Partnership or Affiliates of the Partnership such as auditing expenses and filing
fees); provided that, the amount of any such reimbursement shall be reduced by (i) any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it as permitted in Section 7.05(a)
below and (ii) any amount derived by the General Partner from any investments permitted in Section 7.05(a) below. The General Partner shall determine in good faith the amount of expenses incurred by it related to the ownership and
operation of, or for the benefit of, the Partnership. In the event that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such
other entities in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. Such reimbursements shall be in addition to any reimbursement to the General Partner pursuant to Section 10.03(c) hereof and
as a result of indemnification pursuant to Section 7.07 below. 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. 
 (c) Partnership Interest Issuance Expenses. The General Partner shall
also be reimbursed for all expenses it incurs relating to any issuance of additional Partnership Interests, Shares, Debt of the Partnership or the General Partner or rights, options, warrants or convertible or exchangeable securities pursuant to
Article IV hereof (including, without limitation, all costs, expenses, damages and other payments resulting from or arising in connection with litigation related to any of the foregoing), all of which expenses are considered by the Partners to
constitute expenses of, and for the benefit of, the Partnership. 
 (d) Purchases of Shares by
the General Partner. In the event that the General Partner exercises its rights under the Declaration of Trust to purchase Shares or otherwise elects to purchase from its stockholders Shares in connection with a stock repurchase or similar
program or for the purpose of delivering such Shares to satisfy an obligation under any dividend reinvestment or stock purchase program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner or any similar
obligation or arrangement undertaken by the General Partner in the future, the purchase price paid by the General Partner for such Shares and any other expenses incurred by the General Partner in connection with such purchase shall be considered
expenses of the Partnership and shall be reimbursable to the General Partner. 
 (e)
Reimbursement not a Distribution. If and to the extent any reimbursement made pursuant to this Section 7.04 is determined for federal income tax purposes not to constitute a payment of expenses of the Partnership, the amount so
determined shall be treated as a distribution to the General Partner and there shall be a corresponding special allocation of gross income to the General Partner, for purposes of computing the Partners’ Capital Accounts. 

  
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 Section 7.05. Outside Activities of the General Partner.

 (a) General. Notwithstanding anything in this Agreement to the contrary, it is expressly
understood and agreed that the General Partner may, if it determines such action to be in the best interests of the REIT or the Partnership, elect to cause some or all of the assets of the Partnership (including cash expected to be utilized to
purchase assets that will be so held) to be distributed to and held directly by the General Partner (the “Specially Distributed Assets”). Concurrently with any such distribution, the General Partner shall (i) amend
Section 5.01 of this Agreement so as to provide that, from and after the date of such distribution, each Partner other than the General Partner will receive the same distributions that it would have received had the Specially Distributed Assets
been held by the Partnership rather than directly by the General Partner (and a corresponding adjustment shall be made to the distributions to be made to the General Partner); and (ii) make such further amendments to this Agreement (including,
without limitation, to the income and loss allocation provisions of Section 6.01 hereof) as may be necessary or appropriate to effect the intention of the parties that the Partners be placed, as nearly as possible, in the same position they
would have been in had such Specially Distributed Assets been held by the Partnership rather than directly by the General Partner; provided, however, that the General Partner shall in no event be required to make contributions
to the Partnership to fund distributions to the other Partners. 
 (b) Repurchase of Shares.
In the event the General Partner exercises its rights under the Declaration of Trust to purchase Shares or otherwise elects to purchase from its stockholders Shares in connection with a stock repurchase or similar program or for the purpose of
delivering such shares to satisfy an obligation under any dividend reinvestment or stock purchase program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner or any similar obligation or arrangement
undertaken by the General Partner in the future, then the General Partner shall cause the Partnership to purchase from the General Partner that number of Partnership Units of the appropriate class equal to the product obtained by multiplying the
number of Shares purchased by the General Partner times a fraction, the numerator of which is one and the denominator of which is the Conversion Factor, on the same terms and for the same aggregate price that the General Partner purchased such
Shares. 
 (c) Forfeiture of Shares. In the event the Partnership or the General Partner
acquires Shares as a result of the forfeiture of such Shares under a restricted or similar share plan, then the General Partner shall cause the Partnership to cancel that number of Partnership Units of the appropriate class equal to the number of
Shares so acquired divided by the Conversion Factor, and, if the Partnership acquired such Shares, it shall transfer such Shares to the General Partner for cancellation. 

(d) Issuances of Shares. After the date hereof, the General Partner shall not grant, award, or issue
any additional Shares (other than Shares issued pursuant to Section 8.06 hereof or pursuant to a dividend or distribution (including any stock split) of Shares to all of its stockholders), other equity securities of the General Partner or New
Securities unless (i) the General Partner shall cause, pursuant to Section 4.02(a) hereof, the Partnership to issue to the General Partner Partnership Interests or rights, options, warrants or securities of the Partnership having
designations, preferences and other rights, all such that the economic interests are substantially the same as those of such additional Shares, other equity securities or New Securities, as the case may be, and (ii) the General Partner
transfers to the Partnership, as an additional Capital Contribution, the proceeds from the grant, award, or issuance of such additional Shares, other equity securities or New Securities, as the case may be, or from the exercise of rights contained
in such additional Shares, other equity securities or New Securities, as the case may be. Without limiting the foregoing, the General Partner is expressly authorized to issue additional Shares, other equity securities or New Securities, as the case
maybe, for less than fair market value, and the General Partner is expressly authorized, pursuant to Section 4.02(a) hereof, to cause the Partnership to issue to the General Partner corresponding Partnership Interests, as long as (a) the
General Partner concludes in good faith that such issuance is in the interests of the General Partner and the Partnership (for example, and not by way of limitation, the issuance of Shares and corresponding Partnership Units pursuant to a stock
purchase plan providing for purchases of Shares, either by employees or stockholders, at a discount from fair market value or pursuant to employee stock options that have an exercise price that is less than the fair market value of the Shares,
either at the time of issuance or at the time of exercise) and (b) the General Partner transfers all proceeds from any such issuance or exercise to the Partnership as an additional Capital Contribution. 

(e) Stock Option Plan. If at any time or from time to time, the General Partner sells Shares pursuant
to any Stock Option Plan, the General Partner shall transfer the net proceeds of the sale of such Shares to the Partnership as an additional Capital Contribution in exchange for an amount of additional Partnership Units equal to the number of Shares
so sold divided by the Conversion Factor. 
 (f) Funding Debt. The General Partner may incur
a Funding Debt, including, without limitation, a Funding Debt that is convertible into Shares or otherwise constitutes a class of New Securities, subject to the condition that the General Partner lends to the Partnership the net proceeds of such
Funding Debt; provided, that the General Partner shall not be obligated to lend the net proceeds of any Funding Debt to the Partnership in a manner that would be inconsistent with the General Partner’s ability to

  
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remain qualified as a REIT. If the General Partner enters into any Funding Debt, the loan to the Partnership shall be on comparable terms and conditions, including interest rate, repayment
schedule and costs and expenses, as are applicable with respect to or incurred in connection with such Funding Debt. 
 Section 7.06. Transactions with Affiliates. 

(a) Transactions with Certain Affiliates. Except as expressly permitted by this Agreement (other than
Section 7.01(a) hereof which shall not be considered authority for a transaction that otherwise would be prohibited by this Section 7.06(a)), the Partnership shall not, directly or indirectly, sell, transfer or convey any property to, or
purchase any property from, or borrow funds from, or lend funds to, any Partner or any Affiliate of the Partnership or the General Partner that is not also a Subsidiary of the Partnership, except pursuant to transactions that are on terms that
(i) with respect to dispositions, are fair and reasonable to the Partnership, (ii) with respect to acquisitions, are competitive and commercially reasonable to the Partnership and at a price no greater than the cost of the property, and
(iii) with respect to loans, are as fair, competitive and commercially reasonable and no less favorable to the Partnership than comparable loans between unaffiliated third parties. 

(b) Benefit Plans. The General Partner, in its sole and absolute discretion and without the approval
of the Limited Partners, may propose and adopt on behalf of the Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership, the Advisor or any
Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Partnership, the General Partner, or any of the Partnership’s Subsidiaries. 

(c) Conflict Avoidance. The General Partner is expressly authorized to enter into, in the name and on
behalf of the Partnership, a right of first opportunity arrangement and other conflict avoidance agreements with various Affiliates of the Advisor, the Partnership and General Partner on such terms as the General Partner, in its sole and absolute
discretion, believes are advisable. 
 Section 7.07. Indemnification. 

(a) General. The Partnership shall indemnify each Indemnitee from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including, without limitation, attorneys fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from or in connection with any and all claims,
demands, actions, suits or proceedings, civil, criminal, administrative or investigative incurred by the Indemnitee and relating to the Partnership or the General Partner or the formation or operations of, or the ownership of property by, either of
them as set forth in this Agreement in which any such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established by a final determination of a court of competent jurisdiction that: (i) the act
or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty, (ii) the Indemnitee actually received an improper personal
benefit in money, property or services or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any
liability of any Indemnitee, pursuant to a loan guarantee, contractual obligations for any indebtedness or other obligations or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation,
any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements
consistent with the provisions of this Section 7.07 in favor of any Indemnitee having or potentially having liability for any such indebtedness. 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 7.07(a). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation
prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.07(a) with respect to the subject matter of such proceeding. Any indemnification pursuant to this
Section 7.07 shall be made only out of the assets of the Partnership, and any insurance proceeds from the 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 7.07. 

(b) Advancement of Expenses. Reasonable expenses expected to be incurred by an Indemnitee shall be
paid or reimbursed by the Partnership in advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative made or threatened against an Indemnitee upon receipt by the
Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.07(b) has been met and
(ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

  
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 (c) No Limitation of Rights. The indemnification
provided by this Section 7.07 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as
to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a written agreement pursuant to which such Indemnitee is indemnified. 

(d) Insurance. The Partnership may purchase and maintain insurance on behalf of the Indemnitees and
such other Persons as the General Partner shall determine against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership
would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) Benefit Plan Fiduciary. For purposes of this Section 7.07, (i) the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever
the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan, (ii) excise taxes assessed on an Indemnitee with respect to an
employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 7.07 and (iii) actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties
for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 

(f) No Personal Liability for Limited Partners. In no event may an Indemnitee subject any of the
Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) Interested Transactions. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.07 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) Benefit. The provisions of this Section 7.07 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 7.07, or any provision hereof, shall be prospective only and shall not in any way affect the limitation on the Partnership’s liability to any Indemnitee
under this Section 7.07 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or related 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) Indemnification Payments Not
Distributions. If and to the extent any payments to the General Partner pursuant to this Section 7.07 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts
shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the
Partners’ Capital Accounts. 
 (j) Compliance with Guidelines. Notwithstanding any other
term or condition of this Agreement, any indemnification, limitation of liability or advancement of expenses by the Partnership under Section 7.07 of this Agreement shall be permitted only to the extent such indemnification, limitation of
liability or advancement of expenses is consistent with Section II.G of the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association. 

Section 7.08. Liability of the General Partner. 

(a) General. Notwithstanding anything to the contrary set forth in this Agreement, the General Partner
and its directors and officers shall not be liable for monetary damages to the Partnership, any Partners or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law
or of any act or omission if the General Partner or its directors and officers acted in good faith. 

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

  
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 (c) Actions of Agents. Subject to its obligations and
duties as General Partner set forth in Section 7.01(a) above, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its
employees or agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such employee or agent appointed by the General Partner in good faith. 

(d) Effect of Amendment. Any amendment, modification or repeal of this Section 7.08 or any
provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 7.08 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. 

(e) Certain Definitions. Whenever in this Agreement the General Partner is permitted or required to
make a decision (i) in its “sole discretion “or “discretion,” or under a similar grant of authority or latitude, the General Partner shall be entitled to consider such interests and factors as it desires and may consider its
own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or under another express standard, the General
Partner shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or by law or any other agreement contemplated herein. 

Section 7.09. Other Matters Concerning the General Partner. 

(a) Reliance on Documents. The General Partner may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the
proper party or parties. 
 (b) Reliance on Advisors. The General Partner may consult with
legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisors selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which the
General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

(c) Action Through Agents. The General Partner shall have the right, in respect of any of its powers
or obligations hereunder, to act through any of its duly authorized officers 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 and duty which is permitted or required to be done by the General Partner hereunder. 
 (d) Actions to Maintain REIT Qualification or Avoid Taxation of the General Partner. Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of
the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the
General Partner to continue to qualify as a REIT or (ii) to allow the General Partner to avoid incurring any liability for taxes under Section 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by
all of the Limited Partners. 
 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 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, to enter into any contracts on behalf
of the Partnership and to take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if the General Partner were the Partnership’s sole party in interest, both legally and
beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. 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 expedience 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 (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or
instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is
binding upon the Partnership. 

  
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 Section 7.11. Restrictions on General Partner’s Authority.

 (a) Consent Required. The General Partner may not take any action in contravention of an
express prohibition or limitation of this Agreement without the written Consent of (i) all Partners adversely affected or (ii) such lower percentage of the Limited Partnership Interests as may be specifically provided for under a provision
of this Agreement or the Act. 
 (b) Sale of All Assets of the Partnership. Except as
provided in Article XIII hereof, the General Partner may not, directly or indirectly, cause the Partnership to sell, exchange, transfer or otherwise dispose of all or substantially all of the Partnership’s assets in a single transaction or
a series of related transactions (including by way of merger (including a triangular merger), consolidation or other combination with any other Persons) (i) if such merger, sale or other transaction is in connection with a Termination
Transaction permitted under Section 11.02(b) hereof, without the Consent of the Partners holding a majority of Percentage Interests (including the effect of any Partnership Units held by the General Partner) or (ii) otherwise, without the
Consent of the Limited Partners. 
 Section 7.12. Loans by Third Parties. 

The Partnership may incur Debt, or enter into similar credit, guarantee, financing or refinancing arrangements for any
purpose (including, without limitation, in connection with any acquisition of property or other assets) with any Person that is not the General Partner upon such terms as the General Partner determines appropriate. 

ARTICLE VIII 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.01. Limitation of Liability. 
 The Limited
Partners shall have no liability under this Agreement except as expressly provided in this Agreement, including Section 10.05 hereof, or under the Act. 
 Section 8.02. Management of Business. 
 No Limited Partner
or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the
operation, 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. The transaction of
any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or
eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 

Section 8.03. Outside Activities of Limited Partners. 

Subject to Section 7.05 hereof, and subject to any agreements entered into pursuant to Section 7.06(c) hereof and
to any other agreements entered into by a Limited Partner or its Affiliates with the Partnership or a Subsidiary, any Limited Partner (other than the General Partner) and any officer, director, employee, agent, trustee, Affiliate or stockholder 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 in direct or indirect competition with the
Partnership. Neither the Partnership nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. None of the Limited Partners (other than the General Partner) 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 to offer any interest in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, any
Limited Partner or such other Person, could be taken by such Person. 
 Section 8.04. Return of
Capital. 
 Except pursuant to the rights of redemption set forth in Section 8.06 below, no Limited
Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. No Limited Partner or Assignee shall
have priority over any other Limited Partner or Assignee either as 

  
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to the return of Capital Contributions (except as permitted by Section 4.02(a) hereof) or, except to the extent provided by Exhibit C hereto or as permitted by Sections 4.02(a),
5.01(b), 6.01(a) and 6.01(b) hereof or otherwise expressly provided in this Agreement, as to profits, losses, distributions or credits. 
 Section 8.05. Rights of Limited Partners Relating to the Partnership. 
 (a) General. In addition to other rights provided by this Agreement or by the Act, and except as limited by 8.05(d) below, each Limited Partner shall have the right, for a purpose reasonably related
to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at such Limited Partner’s own expense: 

(1) to obtain a copy of the most recent annual and quarterly reports, if any, filed with the Securities and
Exchange Commission by the General Partner pursuant to the Exchange Act; 
 (2) to obtain a copy of
the Partnership’s federal, state and local income tax returns for each Partnership Year; 
 (3)
to obtain a current list of the name and last known business, residence or mailing address of each Partner; 
 (4) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with executed copies of all powers of attorney pursuant to which this Agreement, the Certificate and all
amendments thereto have been executed; and 
 (5) to obtain true and full information regarding the
amount of cash and a description and statement of any other property or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner. 

(b) Notice of Conversion Factor. The Partnership shall notify each Limited Partner upon request of the
then current Conversion Factor and any changes that have been made thereto. 
 (c)
Confidentiality. Notwithstanding any other provision of this Section 8.05, the General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion
to be reasonable, any information that (i) the General Partner reasonably believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interests of the
Partnership or could damage the Partnership or its business or (ii) the Partnership is required by law or by agreements with unaffiliated third parties to keep confidential. 

Section 8.06. Class A Redemption Right. 

(a) General. (i) Subject to Section 8.06(c) below, on or after the date two (2) years
after the issuance of a Class A Unit to a Limited Partner pursuant to Article IV hereof, the holder of a Class A Unit (if other than the General Partner) shall have the right (the “Redemption Right”) to require the
Partnership to redeem such Class A Unit on a Specified Redemption Date and at a redemption price equal to and in the form of the Cash Amount to be paid by the Partnership. Any such Redemption Right shall be exercised pursuant to a Notice of
Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Redemption Right (the “Redeeming Partner”). A Limited Partner may not exercise the Redemption Right for less
than one thousand (1,000) Class A Units or, if such Redeeming Partner holds less than one thousand (1,000) Class A Units, for less than all of the Class A Units held by such Redeeming Partner. 

(ii) The Redeeming Partner shall have no right with respect to any Class A Units so redeemed to receive
any distributions paid after the Specified Redemption Date. 
 (iii) The Assignee of any Limited
Partner may exercise the rights of such Limited Partner pursuant to this Section 8.06 and such Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Limited
Partner’s Assignee. In connection with any exercise of the such rights by such Assignee on behalf of such Limited Partner, the Cash Amount shall be paid by the Partnership directly to such Assignee and not to such Limited Partner. 

(b) General Partner Assumption of Right. (i) If a Limited Partner has delivered a Notice of
Redemption, the General Partner may, in its sole and absolute discretion (subject to any limitations on ownership and transfer of Shares set forth in the Declaration of Trust), elect to assume directly and satisfy a Redemption Right by paying to the
Redeeming Partner either the Cash Amount or the Shares Amount, as the General Partner determines in its sole and absolute discretion (provided that payment of the Redemption Amount in the form of Shares shall be in Shares registered under
Section 12 of the Exchange Act on the Specified Redemption Date, whereupon the General Partner shall acquire the Class A Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the
owner of such Partnership Units. Unless the General Partner, in its sole and absolute discretion, shall exercise its right to assume directly and satisfy the Redemption Right, the 

  
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General Partner shall not have any obligation to the Redeeming Partner or to the Partnership with respect to the Redeeming Partner’s exercise of the Redemption Right. In the event the
General Partner shall exercise its right to satisfy the Redemption Right in the manner described in the first sentence of this Section 8.06(b) and shall fully perform its obligations in connection therewith, the Partnership shall have no right
or obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the Partnership and the General Partner shall, for federal income tax
purposes, treat the transaction between the General Partner and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the General Partner. Nothing contained in this Section 8.06(b) shall imply any right of the
General Partner to require any Limited Partner to exercise the Redemption Right afforded to such Limited Partner pursuant to Section 8.06(a) above. 

(ii) In the event that the General Partner determines to pay the Redeeming Partner the Redemption Amount in
the form of Shares, the total number of Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Partnership Units shall be the applicable Shares Amount. In the event this amount is not a whole number of Shares, the
Redeeming Partner shall be paid (i) that number of Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash which the General Partner determines, in its reasonable discretion, to represent the fair
value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner. 

(iii) Each Redeeming Partner agrees to execute such documents as the General Partner may reasonably require
in connection with the issuance of Shares upon exercise of the Redemption Right. 
 (c)
Exceptions to the Exercise of the Redemption Right. Notwithstanding the provisions of Sections 8.06(a) and 8.06(b) above, a Partner shall not be entitled to exercise the Redemption Right pursuant to Section 8.06(a) above if (but
only as long as) the delivery of Shares to such Partner on the Specified Redemption Date (i) would be prohibited under the Declaration of Trust or (ii) if the Shares are Publicly Traded, would be prohibited under applicable federal or
state securities laws or regulations (in each case regardless of whether the General Partner would in fact assume and satisfy the Redemption Right). 

(d) No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees
with the General Partner that all Partnership Units delivered for redemption (including Partnership Units redeemed under Sections 8.06 and 8.07) shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of
all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to redeem Partnership Units which are or may be subject to any liens. 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 Partnership Units to the Partnership or the General Partner, such Limited Partner shall assume and pay such transfer tax.

 (e) Additional Partnership Interests. In the event that the Partnership issues Partnership
Interests to any Additional Limited Partner pursuant to Article IV hereof, the General Partner shall make such amendments to this Section 8.06 as it determines are necessary to reflect the issuance of such Partnership Interests (including
setting forth any restrictions on the exercise of the Redemption Right with respect to such Partnership Interests). 
 Section 8.07. Redemption of Class B Interest. 

(a) General. Upon the earliest to occur of (i) the exercise by the Class B Partner of its right
to require the Partnership to redeem the Class B Interest, which such right begins as of the date of this Agreement and continues for five (5) years thereafter (the “Class B Redemption Right”), (ii) the fifth anniversary
of the date of this Agreement (the “Partnership Call Right”), (iii) an Other Liquidity Event, (iv) a Merger or Sale Transaction, or (v) the Shares become Publicly Traded (which shall be the date that any portion of
the Shares are Publicly Traded), the Class B Interest shall be redeemed as set forth herein. 
 (b)
Redemption of Class B Interest Upon the Exercise of the Class B Redemption Right or Partnership Call Right or Upon an Other Liquidity Event. Upon the occurrence of (i) the exercise of the Class B Redemption Right, (ii) the exercise
of the Partnership Call Right, or (iii) an Other Liquidity Event, the Class B Interest shall be redeemed for a newly created class of Partnership Interest (the “Advisor Redemption Interest”). The initial Capital Account balance
of the Advisor Redemption Interest shall be the amount equal to the fair value of the redeemed Class B Interest as of such Class B Redemption Date as determined herein (the “Advisor Redemption Interest Amount”). In connection with
the Partnership Call Right or an Other Liquidity Event, the General Partner shall send notice of redemption to the Class B Partner and, in connection with a Class B Redemption Right, the Class B Partner shall send a Notice of Redemption to the
Partnership (with a copy to the General Partner). In any case, the General Partner shall send the name of an appraiser to value the redeemed Class B Interest to the Class B Partner. The holder of the redeemed Class B Interest may, if it so desires,
notify the General Partner that it has selected another appraiser. The appraiser(s) shall determine the fair value of the redeemed Class B Interest as of the Class B Redemption Date. If such appraisers are not able to jointly determine such fair
value, they shall jointly select a third appraiser and submit their respective determinations of such fair value to such appraiser, who shall select as the fair value one of the two appraisals of the redeemed Class B Interest. When determining the
fair value of the redeemed Class B Interest, the appraiser shall take into 

  
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account all Net Income and distributions to which the redeemed Class B Interest was and would be entitled if all of the assets of the Partnership were sold for their fair value on the Class B
Redemption Date and the proceeds were distributed on such date pursuant to this Agreement. So long as the Advisor Redemption Interest remains outstanding, the holder of the Advisor Redemption Interest shall be entitled to receive 15% of the Capital
Proceeds received by the Partnership from a Capital Transaction after the holders of the Class A Interest, in accordance with their respective Percentage Interests, have received cumulative distributions equal to the aggregate Capital
Contributions made by the holders of the Class A Interest to the Partnership plus a cumulative, uncompounded return thereon of 7% per annum, determined by taking into account the dates on which all such Capital Contributions and
distributions were made. The Advisor Redemption Interest Amount shall be paid, as determined by the General Partner’s board of trustees, including a majority of the independent trustees, either in the form of cash or Shares. The Advisor
Redemption Interest shall be redeemed upon the payment of the Advisor Redemption Interest Amount, which payment shall occur no later than 10 Business Days after the determination of thereof. 

(c) Redemption of the Class B Interest Upon a Merger or Sale Transaction. Upon the occurrence of a
Merger or Sale Transaction, the Class B Interest shall be redeemed for a cash amount that would have been distributed on such date to the Class B Partner as described in Section 5.01(b)(ii) herein if the Partnership had distributed to the
Partners upon liquidation an amount (the “Transaction Amount”) equal to the aggregate value of all of the issued and outstanding shares of the the General Partner using a per share value equal to the per share value paid to the
shareholders of the General Partner in the Merger or Sale Transaction. The Transaction Amount shall be paid to the Class B Partner within 10 Business Days of the closing of the Merger or Sale Transaction. 

(d) Redemption of the Class B Interest Upon the Shares Becoming Publicly Traded. After the Shares
become Publicly Traded, the Class B Interest shall be redeemed by the Partnership for an amount equal to the amount that would have been distributed to the Class B Partner as described in Section 5.01(b)(ii) herein if the Partnership had
distributed to the Partners upon liquidation an amount (the “Listing Amount”) equal to the market value of the General Partner’s listed Shares based upon the average closing price, or the average of the bid and asked prices, as
the case may be, during a period of thirty (30) days during which such Shares are traded beginning 150 days after the Shares become Publicly Traded. Should the General Partner effect a recapitalization by means of a stock dividend paid in other
classes of Shares or otherwise, the Listing Amount should include the value of all outstanding Shares as appropriate based on the market value for the Shares that are Listed. The Listing Amount shall be reduced by any distributions made to the Class
B Partner by the Partnership pursuant to Section 5.01(b)(ii) after the determination of the Listing Amount but before the date of payment of the Listing Amount as provided below. The Listing Amount shall be paid within 10 Business Days of the
determination of the market value of the General Partner’s listed Shares as described above. The Listing Amount shall be paid, as determined by the General Partner’s board of trustees, either in the form of cash or Shares. 

(e) Blackout Period. Notwithstanding Section 8.07(a) herein, the Partnership may reject a
Notice of Redemption, upon a determination by the Board of Trustees of the General Partner that, for one of the reasons below, an appraisal process is not in the best interest of the Partnership at the time. Upon such determination, the Partnership
shall reject the Notice of Redemption and any other Notice of Redemption for a period (the “Blackout Period”) which shall continue until the earlier of (i) the expiration of one hundred and twenty (120) calendar days or
(ii) the date upon which the circumstances that gave rise to determination would no longer cause an appraisal to not be in the best interests of the Partnership. The Partnership shall promptly notify the Class B Partner of the expiration of a
Blackout Period. A Blackout Period may only be imposed as a result of a potential Merger or Sale Transaction or a potential that the shares of the General Partner will become Publicly Traded during the Blackout Period. In no event shall the
aggregate Blackout Periods in any rolling twelve (12) month period exceed one hundred and twenty (120) days. If a Notice of Redemption is rejected pursuant to this Section 8.07(e), then the Class B Partner may, but shall not be
obligated to, re-send the Notice of Redemption following the termination of the Blackout Period, provided, however, if upon the termination of the Blackout Period the General Partner is a party to an agreement relating to a Merger or Sale
Transaction, such Blackout Period shall continue until the earlier of (i) termination of such agreement, (ii) the closing of the Merger or Sale Transaction or (iii) an additional ninety (90) days. 

Section 8.08. Voting Rights of the Class B Interest. 

So long as the Class B Interest or an Advisor Redemption Interest remains outstanding, the Partnership shall not,
without the consent of the Class B Partner or the holders of the Advisor Redemption Interest, as applicable, given in person or by proxy, amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of the Partnership
Agreement applicable to such Interest so as to materially and adversely affect any right, privilege or voting power of such Interest or such Partner. 

  
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 ARTICLE IX 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 Section 9.01.
Records and Accounting. 
 The General Partner shall keep or cause to be kept at the principal office of the
Partnership appropriate books and records 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 9.03 below. Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of, punch cards, magnetic tape, photographs, micrographics or any
other information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting
purposes, on an accrual basis in accordance with generally accepted accounting principles. 
 Section 9.02.
Fiscal Year. 
 The fiscal year of the Partnership shall be the calendar year. 

Section 9.03. Reports. 

(a) Annual Reports. As soon as practicable, but in no event later than the date on which the General
Partner mails its annual report to its stockholders, the General Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended Partnership Year, containing financial statements of the
Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the Partnership, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be
audited by a nationally recognized firm of independent public accountants selected by the General Partner. 
 (b) Quarterly Reports. If and to the extent that the General Partner mails quarterly reports to its stockholders, as soon as practicable, but in no event later than the date on which 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 calendar quarter, of the Partnership, or of the General Partner if such statements are
prepared solely on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation, or as the General Partner determines to be appropriate. 

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

Section 10.02. Tax Elections. 

Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to
make any available election pursuant to the Code. The General Partner shall have the right to seek to revoke any such election (including, without limitation, an election under Section 754 of the Code) upon the General Partner’s
determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

Section 10.03. Tax Matters Partner. 

(a) General. The General Partner shall be the “tax matters partner” of the Partnership for
federal income tax purposes. Pursuant to Section 6223(c)(3) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with
the name, address, taxpayer identification number and profit interest of each of the Limited Partners and any Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners.

  
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 (b) Powers. The tax matters partner is authorized, but
not required: 
 (1) 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”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner
(i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or
(ii) who is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 

(2) in the event that a notice of a final administrative adjustment at the Partnership level of any item
required to be taken into account by a Partner for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a petition for readjustment with
the Tax Court or the filing of a complaint for refund with the United States Claims Court or the District Court of the United States for the district in which the Partnership’s principal place of business is located; 

(3) to intervene in any action brought by any other Partner for judicial review of a final adjustment;

 (4) 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; 

(5) to enter into an agreement with the IRS to extend the period for assessing any tax which 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 
 (6) to take any other action on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. 

The taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding,
except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.07 hereof shall be fully applicable to
the tax matters partner in its capacity as such. 
 (c) Reimbursement. The tax matters
partner shall receive no compensation for its services. All third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership.
Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm or a law firm to assist the tax matters partner in discharging its duties hereunder. 

Section 10.04. Organizational Expenses. 

The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a sixty
(60) month period as provided in Section 709 of the Code. 
 Section 10.05. Withholding.

 Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to
such Limited Partner any amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant
to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Section 1441, 1442, 1445, or 1446 of the Code. Any amount paid on behalf of or with respect to a Limited Partner shall
constitute a recourse loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the
Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available
funds of the Partnership which would, but for such payment, be distributed to the Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each
Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required
to be paid pursuant to this Section 10.05. In the event that a Limited Partner fails to pay any amounts owed to the Partnership pursuant to this Section 10.05 when due, the General Partner may, in its sole and absolute discretion, elect to
make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as
against such defaulting Limited Partner (including, without limitation, the right to receive distributions). Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at

  
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large United States money center commercial banks, as published from time to time in the Wall Street Journal, plus four (4) percentage points (but not higher than the maximum lawful rate)
from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the General Partner shall request in order to perfect or enforce the
security interest created hereunder. 
 ARTICLE XI 
 TRANSFERS AND WITHDRAWALS 
 Section 11.01. Transfer.

 (a) Definition. The term “transfer,” when used in this Article XI with
respect to a Partnership Interest or a Partnership Unit, shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partnership Interest to another Person or by which a Limited Partner
purports to assign all or any part of its Limited Partnership Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term
“transfer” when used in this Article XI does not include any redemption or repurchase of Partnership Units by the Partnership from a Partner (including the General Partner) or acquisition of Partnership Units from a Limited Partner by
the General Partner pursuant to Section 8.06 hereof or otherwise. No part of the interest of a Limited Partner shall be subject to the claims of any creditor, 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. 

(b) General. No Partnership Interest shall be transferred, in whole or in part, except in accordance
with the terms and conditions set forth in this Article XI. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article XI shall be null and void. 

Section 11.02. Transfers of Partnership Interests of General Partner. 

(a) Except for transfers of Partnership Units to the Partnership as provided in Section 7.05 or
Section 8.06 hereof, the General Partner may not transfer any of its Partnership Interest except (i) to a wholly-owned Subsidiary or (ii) as otherwise expressly permitted under this Agreement. In addition, the General Partner shall
not withdraw as General Partner or engage in a Termination Transaction except in connection with a transaction described in Section 11.02(b) below. 

(b) The General Partner shall not engage in any merger (including a triangular merger), consolidation or
other combination with or into another person, sale of all or substantially all of its assets or any reclassification, recapitalization or change of outstanding Shares (other than a change in par value, or from par value to no par value, or as a
result of a subdivision or combination as described in the definition of “Conversion Factor”) (“Termination Transaction”), unless the Termination Transaction has been approved by the Consent of the Partners holding
a majority or more of the then outstanding Percentage Interests (including the effect of any Partnership Units held by the General Partner) and in connection with which all Limited Partners (excluding the Class B Partner) either will receive,
or will have the right to elect to receive, for each Partnership Unit an amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid to a holder of
Shares, if any, corresponding to such Partnership Unit that was issued pursuant to Section 4.02(a) hereof in consideration of one such Share at any time during the period from and after the date on which the Termination Transaction is
consummated; provided 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 more than fifty percent (50%) of the outstanding Shares, each
holder of Partnership Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities, or other property which such holder would have received had it exercised the Redemption Right and received Shares in
exchange for its Partnership Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer. 

Section 11.03. Limited Partners’ Rights to Transfer. 

(a) General. A Limited Partner may not transfer any of such Limited Partner’s rights as a Limited
Partner without the consent of the General Partner, which consent the General Partner may withhold in its sole discretion. 
 (b) Incapacitated Limited Partners. 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 interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 

  
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 (c) No Transfers Violating Securities Laws. The General
Partner may prohibit any transfer of Partnership Units by a Limited Partner if, in the opinion of legal counsel to the Partnership, such transfer would require filing of a registration statement under the Securities Act or would otherwise violate
any federal, or state securities laws or regulations applicable to the Partnership or the Partnership Unit. 
 (d) No Transfers Affecting Tax Status of Partnership. No transfer of Partnership Units by a Limited Partner (including a redemption or exchange pursuant to Section 8.06 hereof) may be made to any
Person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes or would result in a termination of the Partnership
for federal income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership Units held by all Limited Partners other than the General Partner or any Subsidiary of the General Partner or pursuant to a transaction
expressly permitted under Section 7.11(b) or Section 11.02 hereof), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or would
subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 
 (e)
No Transfers to Holders of Nonrecourse Liabilities. No pledge or transfer of any Partnership Units may be made to a lender to the Partnership, or to any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations)
to any lender to the Partnership, whose loan constitutes a Nonrecourse Liability without the consent of the General Partner, in its sole and absolute discretion; provided that, as a condition to such consent the lender will be required to
enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Redemption Amount any Partnership Units transferred or in which a security interest is held simultaneously with the time at which such lender would
be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (f) Transfer Register. The General Partner shall keep a register for the Partnership on which the transfer, pledge or release of Partnership Units shall be shown and pursuant to which entries shall be
made to effect all transfers, pledges or releases as required by Sections 8-207,8-313(1) and 8-321 of the Uniform Commercial Code, as amended, in effect in the States of New York and Delaware; provided, however, that if
there is any conflict between such requirements, the provisions of the Delaware Uniform Commercial Code shall govern. The General Partner shall (i) place proper entries in such register clearly showing each transfer and each pledge and grant of
security interest and the transfer and assignment pursuant thereto, such entries to be endorsed by the General Partner and (ii) maintain the register and make the register available for inspection by all of the Partners and their pledgees at
all times during the term of this Agreement. Nothing herein shall be deemed a consent to any pledge or transfer otherwise prohibited under this Agreement. 
 Section 11.04. Substituted Limited Partners. 

(a) Consent of General Partner. No Limited Partner shall have the right to substitute a transferee as
a Limited Partner in its place without the consent of the General Partner to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.04 as a Substituted Limited Partner, which consent may be given or
withheld by the General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action
against the Partnership or any Partner. 
 (b) Rights of Substituted Limited Partner. A
transferee 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. The
admission of any transferee as a Substituted Limited Partner shall be conditioned upon the transferee executing and delivering to the Partnership an acceptance of all the terms and conditions of this Agreement (including, without limitation, the
provisions of Section 15.11 hereof and such other documents or instruments as may be required to effect the admission). 
 (c) Amendment and Restatement of Exhibit A. Upon the admission of a Substituted Limited Partner, the General Partner shall amend and restate Exhibit A hereto to reflect the name, address, Capital
Account, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address, Capital Account and Percentage Interest of the predecessor of such Substituted Limited
Partner. 
 Section 11.05. Assignees. 

If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee
under Section 11.03 above as a Substituted Limited Partner, as described in Section 11.04 above, 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, gain, loss and Recapture Income attributable to the Partnership Units assigned to such
transferee, and shall have the rights granted to the Limited Partners under Section 8.06 hereof but shall not be deemed to be a holder of Partnership Units for any other purpose under this

  
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Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited Partners for a vote (such Partnership Units being deemed to have been voted on such
matter in the same proportion as all other Partnership Units held by Limited Partners are voted). In the event any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all 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)
Withdrawal of Limited Partner. No Limited Partner may withdraw from the Partnership other than as a result of a permitted transfer of all of such Limited Partner’s Partnership Units in accordance with this Article XI or pursuant to
redemption of all of its Partnership Units under Section 8.06 hereof. 
 (b) Termination of
Status as Limited Partner. Any Limited Partner who shall transfer all of its Partnership Units in a transfer permitted pursuant to this Article XI or pursuant to redemption of all of its Partnership Units under Section 8.06 hereof
shall cease to be a Limited Partner. 
 (c) Timing of Transfers. Transfers pursuant to this
Article XI may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 
 (d) Allocations. If any Partnership Interest is transferred during any quarterly segment of the Partnership’s fiscal year in compliance with the provisions of this Article XI or redeemed or
transferred pursuant to Section 8.06 hereof, Net Income, Net Losses, each item thereof and all other items attributable to such interest for such fiscal year shall be divided and allocated between the transferor Partner and the transferee
Partner by taking into account their varying interests during the fiscal year in accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects
to adopt a daily, weekly, or a monthly proration period, in which event Net Income, Net Losses, each item thereof and all other items attributable to such interest for such fiscal year shall be prorated based upon the applicable method selected by
the General Partner). Solely for purposes of making such allocations, each of such items for the calendar month in which the transfer or redemption occurs shall be allocated to the Person who is a Partner as of midnight on the last day of said
month. All distributions attributable to any 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 Redeeming Partner, as the
case may be, and, in the case of a transfer or assignment other than a redemption, all distributions thereafter attributable to such Partnership Unit shall be made to the transferee Partner. 

(e) Additional Restrictions. In addition to any other restrictions on transfer herein contained,
including without limitation the provisions of this Article XI, in no event may any transfer or assignment of a Partnership Interest by any Partner (including pursuant to Section 8.06 hereof) be made without the express consent of the
General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a
Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) if in the opinion of legal counsel to the Partnership such transfer would cause a
termination of the Partnership for federal or state income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership Units held by all Limited Partners or pursuant to a transaction expressly permitted under
Section 7.11(b) or Section 11.02 hereof); (v) if in the opinion of counsel to the Partnership, such transfer would cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of
the redemption or exchange for Shares of all Partnership Units held by all Limited Partners or pursuant to a transaction expressly permitted under Section 7.11(b) or Section 11.02 hereof); (vi) 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 Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(c)
of the Code); (vii) if such transfer would, in the opinion of counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations
Section 2510.1101; (viii) if such transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (ix) if such transfer is effectuated through an “established
securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or such transfer causes the Partnership to become a “publicly traded partnership,” as
such term is defined in Section 469(k)(2) or Section 7704(b) of the Code; (x) if such transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee
Retirement Income Security Act of 1974, each as amended; (xi) if the transferee or assignee of such Partnership Interest is unable to make the representations set forth in Section 15.14 hereof or such transfer could otherwise adversely
affect the ability of the General Partner to remain qualified as a REIT; or (xii) if in the opinion of legal counsel for the Partnership, such transfer would adversely affect the ability of the General Partner to continue to qualify as a REIT
or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code. 

  
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 (f) Avoidance of “Publicly Traded Partnership”
Status. The General Partner shall monitor the transfers of interests in the Partnership to determine (i) if such interests are being traded on an “established securities market” or a “secondary market (or the substantial
equivalent thereof)” within the meaning of Section 7704 of the Code and (ii) whether additional transfers of interests would result in the Partnership being unable to qualify for at least one of the “safe harbors” set forth
in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable” on a secondary market (or the substantial equivalent
thereof) within the meaning of Section 7704 of the Code (the “Safe Harbors”). The General Partner shall take all steps reasonably necessary or appropriate to prevent any trading of interests or any recognition by the
Partnership of transfers made on such markets and, except as otherwise provided herein, to insure that at least one of the Safe Harbors is met. 
 ARTICLE XII 
 ADMISSION OF PARTNERS 

Section 12.01. Admission of Successor General Partner. 

A successor to all of the General Partner’s General Partnership Interest pursuant to Section 11.02 hereof who is
proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer. Any such transferee shall carry on the business of the Partnership without dissolution. In each case,
the admission shall be subject to the successor General Partner’s 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) General. No Person shall be admitted as an Additional Limited Partner without the consent of the
General Partner, which consent shall be given or withheld in the General Partner’s sole and absolute discretion. A Person who makes a Capital Contribution to the Partnership in accordance with this Agreement, including, without limitation,
pursuant to Section 4.01(c) hereof, or who exercises an option to receive Partnership Units shall be admitted to the Partnership as an Additional Limited Partner only with the consent of the General Partner and only upon furnishing to the
General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 15.11 hereof and
(ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. The admission of any Person as an Additional Limited Partner
shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission. 

(b) Allocations to Additional Limited Partners. If any Additional Limited Partner is admitted to the
Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall be allocated among such Additional
Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General
Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration method, in which event Net Income, Net Losses, and each item thereof would be prorated based upon the applicable period selected by the General
Partner). Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Partners and Assignees including such Additional
Limited Partner. All distributions with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner, and all distributions thereafter
shall be made to all the Partners and Assignees including such Additional Limited Partner. 
 Section 12.03.
Amendment of Agreement and Certificate of Limited Partnership. 
 For the admission to the Partnership of
any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership (including an amendment and restatement of Exhibit A hereto) and, if necessary, to prepare as soon as
practical an amendment of this Agreement and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 15.11 hereof. 

  
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 ARTICLE XIII 
 DISSOLUTION AND LIQUIDATION 
 Section 13.01.
Dissolution. 
 The Partnership shall not be dissolved by the admission of Substituted Limited Partners or
Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership.
The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (“Liquidating Events”): 

(i) the expiration of its term as provided in Section 2.04 hereof; 

(ii) an event of withdrawal of the General Partner, as defined in the Act (other than an event of
bankruptcy), unless, within ninety (90) days after the withdrawal a “majority in interest” (as defined below) of the remaining Partners Consent in writing to continue the business of the Partnership and to the appointment, effective
as of the date of withdrawal, of a substitute General Partner; 
 (iii) an election to dissolve the
Partnership made by the General Partner, in its sole and absolute discretion; 
 (iv) entry of a
decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; or 
 (v) 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 or within ninety days after of the entry of such order or judgment a “majority in interest” (as defined
below) of the remaining Partners Consent in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner. 

As used herein, a “majority in interest” shall refer to Partners (excluding the General Partner) who hold more
than fifty percent (50%) of the outstanding Percentage Interests not held by the General Partner. 

Section 13.02. Winding Up. 

(a) General. 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. No Partner shall take any action that is in consistent 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 there is no remaining General Partner, any Person elected by a majority in interest of the Limited Partners (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 property shall be liquidated as promptly as is consistent with
obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include equity or other securities of the General Partner or any other entity) shall be applied and distributed in the
following order: 
 (1) First, to the payment and discharge of all of the Partnership’s debts
and liabilities to creditors other than the Partners; 
 (2) Second, to the payment and discharge of
all of the Partnership’s debts and liabilities to the Partners; and 
 (3) The balance, if any,
to the Partners in accordance with Section 5.01(b). 
 The General Partner shall not receive any additional compensation for
any services performed pursuant to this Article XIII. 
 (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, in its sole and absolute discretion, 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 good faith 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 

  
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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) In the event that the Partnership is
“liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article XIII to the Partners and Assignees that have positive Capital Accounts in compliance with
Regulations Section 1.704-1(b)(2)(ii)(b)(2) to the extent of, and in proportion to, positive Capital Account balances. Subject to Section 13.02(d). below, if any Partner has a deficit balance in its Capital Account (after giving effect to
all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs) (a “Capital Account Deficit”), such Partner shall not be required to make any contribution to the
capital of the Partnership with respect to a Capital Account Deficit, if any, of such Partner, and such Capital Account Deficit shall not be considered a debt owed to the Partnership or any other person for any purpose whatsoever. 

(d) Notwithstanding the provisions of Section 13.02(c), (i) if the General Partner has a Capital
Account Deficit, the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such Capital Account Deficit balance to zero; (ii) if an Obligated Partner has a Capital Account Deficit, such Obligated
Partner shall be obligated to make a contribution to the Partnership with respect to any such Capital Account Deficit balance upon a liquidation of the Partnership or a “liquidation” of such Partner’s Partnership Interest within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (which term shall include a redemption by the Partnership of such Obligated Partner’s Partnership Interest upon exercise of the Redemption Right) in an amount equal to the lesser of such
Capital Account Deficit balance or such Obligated Partner’s Protected Amount; and (iii) the second sentence of 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. Solely for purposes
of determining an Obligated Partner’s Capital Account balance upon a liquidation of such Partner’s Partnership Interest, the General Partner shall redetermine the Carrying Value of the Partnership’s assets on such date based upon the
principles set forth in the definition of “Carrying Value” and Exhibit B hereto, and shall take into account the Obligated Partner’s allocable share of any unrealized gain or unrealized loss resulting from such adjustment in
determining the Obligated Partner’s Capital Account balance. No Partner shall have the right to become an Obligated Partner, to increase its Protected Amount, or otherwise to agree to restore any portion of any Capital Account Deficit without
the express written consent of the General Partner, in its sole and absolute discretion. The General Partner shall not have the right to eliminate or decrease any Partner’s Protected Amount without the written consent of such Partner unless
otherwise agreed to by the parties. 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. The proceeds of any contribution to the Partnership made by an Obligated Partner with respect to such Obligated Partner’s Capital Account Deficit balance shall be treated as a
Capital Contribution by such Obligated Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in Section 13.02(a). 

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

(i) distributed to a trust established for the benefit of the General Partner and the Limited Partners 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 General Partner and the Limited Partners, from time to time, in the reasonable discretion of the General Partner or the Liquidator, in the same
proportions and amounts as would otherwise have been distributed to the General Partner and the Limited Partners pursuant to this Agreement; or 
 (ii) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership,
provided that such withheld or escrowed amounts shall be distributed to the General Partner and Limited Partners in the manner and order of priority set forth in Section 13.02(a) hereof as soon as practicable. 

Section 13.03. Deemed Distribution and Recontribution. 

Notwithstanding any other provision of this Article XIII, in the event the Partnership is deemed liquidated within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no Liquidating Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged and the Partnership’s
affairs shall not be wound up. Instead, for federal income tax purposes and for purposes of maintaining Capital Accounts pursuant to Exhibit B hereto, the Partnership shall be deemed to have distributed its assets in kind to the General Partner
and Limited Partners, who shall be deemed to have assumed and taken such assets 

  
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subject to all Partnership liabilities, all in accordance with their respective Capital Accounts. Immediately thereafter, the General Partner and Limited Partners shall be deemed to have
recontributed the Partnership assets in kind to the Partnership, which shall be deemed to have assumed and taken such assets subject to all such liabilities. 
 Section 13.04. Rights of Limited Partners. 
 Except as
otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions and shall have no right or power to demand or receive property other than cash from the
Partnership. Except as otherwise expressly provided in this Agreement, no Limited Partner shall have priority over any other Limited Partner as to the return of its Capital Contributions, distributions, or allocations. 

Section 13.05. Notice of Dissolution. 

In the event a Liquidating Event occurs or an event occurs that would, but for provisions of an election or objection by one
or more Partners pursuant to Section 13.01 above, result in a dissolution of the Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners and to all other parties
with whom the Partnership regularly conducts business (as determined in the discretion of the General Partner) and shall publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts
business(as determined in the discretion of the General Partner). 
 Section 13.06. Cancellation of
Certificate of Limited Partnership. 
 Upon the completion of the liquidation of the Partnership cash and
property as provided in Section 13.02 above, the Partnership shall be terminated and the Certificate and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall be canceled
and such other actions as may be necessary to terminate the Partnership shall be taken. 
 Section 13.07.
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 above, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect
among the Partners during the period of liquidation. 
 Section 13.08. Waiver of Partition. 

Each Partner hereby waives any right to partition of the Partnership property. 

Section 13.09. Liability of Liquidator. 

The Liquidator shall be indemnified and held harmless by the Partnership in the same manner and to the same degree as an
Indemnitee may be indemnified pursuant to Section 7.07 hereof. 
 ARTICLE XIV 

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 
 Section 14.01. Amendments. 
 (a)
General. Amendments to this Agreement may be proposed by the General Partner or by any Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests. Following such proposal (except an amendment pursuant to
Section 14.01(b) below), the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written vote of the Partners on the proposed amendment or shall call a meeting to vote thereon and to
transact any other business that it may deem appropriate. For purposes of obtaining a written vote, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in
such time period shall constitute a vote which is consistent with the General Partner’s recommendation with respect to the proposal. Except as provided in Section 14.01(b), 14.01(c) or 14.01(d) below, a proposed amendment shall be adopted
and be effective as an amendment hereto if it is approved by the General Partner and it receives the Consent of Partners holding a majority of the Percentage Interests of the Limited Partners (including Limited Partnership Interests held by the
General Partner). 

  
 - 34 -

 (b) Amendments Not Requiring Limited Partner Approval.
Notwithstanding Section 14.01(a) or Section 14.01(c) hereof, the General Partner shall have the power, without the Consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following
purposes: 
 (1) 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; 
 (2) to reflect the admission, substitution, termination or withdrawal of any Partner in accordance with this Agreement; 

(3) to set forth the designations, rights, powers, duties, and preferences of the holders of any additional
Partnership Interests issued pursuant to Article IV hereof; 
 (4) to reflect a change that
does not adversely affect any of the Limited Partners in any material respect, or to cure any ambiguity, 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 law or with the provisions of this Agreement or as may be expressly provided by any other provisions of this Agreement; 

(5) to adjust the terms hereof to reflect any Specially Distributed Assets, as contemplated in
Section 7.05(a) hereof; and 
 (6) to satisfy any requirements, conditions, or guidelines
contained in any order, directive, opinion, ruling or regulation of a federal, state or local agency or contained in federal, state or local law. 
 The General Partner shall notify the Limited Partners when any action under this Section 14.01(b) is taken in the next regular communication to the Limited Partners. 

(c) Amendments Requiring Limited Partner Approval (Excluding General Partner). Notwithstanding
Section 14.01(a) above, without the Consent of the Limited Partners (not including Limited Partnership Interests held by the General Partner), the General Partner shall not amend Section 4.02(a), Section 7.01(a) (second sentence
only), Section 7.05, Section 7.06, Section 7.08, Section 11.02, Section 13.01, this Section 14.01(c) or Section 14.02. 

(d) Other Amendments Requiring Certain Limited Partner Approval. Notwithstanding anything in this
Section 14.01 to the contrary, this Agreement shall not be amended with respect to any Partner adversely affected without the Consent of such Partner adversely affected if such amendment would (i) convert a Limited Partner’s interest
in the Partnership into a general partner’s interest, (ii) modify the limited liability of a Limited Partner, (iii) amend Section 7.11(a), (iv) amend Article V, Article VI, or Section 13.02(a)(3) (except as
permitted pursuant to Sections 4.02, 5.04, 6.02 and 14.01(B)(3)), (v) amend Section 8.06 or Section 8.07 or any defined terms set forth in Article I that relate to the Redemption Right (except as permitted in
Section 8.06(e)) or the Class B Redemption Right, or (vi) amend this Section 14.01(d). Moreover, this Agreement may be amended by the General Partner to provide that certain Limited Partners have the obligation, upon liquidation of
their interests in the Partnership (within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)), to restore to the Partnership the amounts of their negative Capital Account balances, if any, for the benefit of creditors of the Partnership
or Partners with positive Capital Account balances or both, together with any necessary corresponding amendments (including corresponding amendments to Sections 6.01(a), 6.01(b) and Exhibit C), with the consent of only such Limited
Partners and of any other Limited Partners already subject to such a restoration obligation whose restoration obligation may be affected by such amendment. 

(e) Amendment and Restatement of Exhibit A Not An Amendment. Notwithstanding anything in this
Article XIV or elsewhere in this Agreement to the contrary, any amendment and restatement of Exhibit A hereto by the General Partner to reflect events or changes otherwise authorized or permitted by this Agreement, whether pursuant to
Section 7.01(a)(20) hereof or otherwise, shall not be deemed an amendment of this Agreement and may be done at any time and from time to time, as necessary by the General Partner without the Consent of the Limited Partners. 

Section 14.02. Meetings of the Partners. 

(a) General. Meetings of the Partners may be called by the General Partner and shall be called upon
the receipt by the General Partner of a written request by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests. The notice of meeting shall state the nature of the business to be transacted. Notice of any
such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners is
permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.01(a) above. Except as otherwise expressly provided in this
Agreement, the Consent of holders of a majority of the Class A Percentage Interests held by Limited Partners (including Limited Partnership Interests held by the General Partner), voting as a single class, shall control. 

(b) Actions Without a Meeting. Any action required or permitted to be taken at a meeting of the
Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the 

  
 - 35 -

 
Partners (or such other percentage as is expressly required by this Agreement). Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote
of a majority of the Percentage Interests of the 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) Proxy. Each Limited Partner may authorize any
Person or Persons to act for him 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 eleven (11) months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it. Such
revocation to be effective upon the Partnership’s receipt of notice thereof in writing. 
 (d)
Conduct of Meeting. Each meeting of 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. 
 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 Partner or
Assignee 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 communication to the Partner or Assignee at the address set
forth in Exhibit A hereto or such other address as the Partners shall notify the General Partner in writing. 

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” and “Sections” are to Articles and Sections of this
Agreement. 
 Section 15.03. Pronouns and Plurals. 

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

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.
Creditors. 
 Other than as expressly set forth herein with regard to any Indemnitee, none of the provisions
of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. 

Section 15.07. Waiver. 
 No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall
constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

  
 - 36 -

 Section 15.08. 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 15.09. Applicable Law. 

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

Section 15.11. Power of Attorney. 

(a) General. Each Limited Partner and each Assignee who accepts Partnership Units (or any rights,
benefits or privileges associated therewith) is deemed to irrevocably constitute and appoint the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each 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: 
 (1) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other instruments (including, without limitation, this Agreement and
the Certificate and all amendments or restatements thereof) that the General Partner or any Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a
partnership in which the limited partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property, (b) all instruments that the General Partner or any
Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms, (c) all conveyances and other instruments or documents that the General Partner or any
Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation, (d) all instruments relating to the
admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article XI, XII or XIII hereof or the Capital Contribution of any Partner and (e) all certificates, documents and other instruments
relating to the determination of the rights, preferences and privileges of Partnership Interests; and 
 (2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner
or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in
the sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 

Nothing contained in this Section 15.11 shall be construed as authorizing the General Partner or any Liquidator to
amend this Agreement except in accordance with Article XIV hereof or as may be otherwise expressly provided for in this Agreement. 
 (b) Irrevocable Nature. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact that each of the Partners will be relying
upon the power of the General Partner or any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited
Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal
representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee
hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and
deliver to the General Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General
Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership. 

  
 - 37 -

 Section 15.12. Entire Agreement. 

This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof
and supersedes any prior written oral understandings or agreements among them with respect thereto. 

Section 15.13. No Rights as Stockholders. 

Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights
whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to stockholders of the General Partner or to vote or to consent or receive notice as stockholders in respect
to any meeting of stockholders for the election of directors of the General Partner or any other matter. 

Section 15.14. Limitation to Preserve REIT Status. 

To the extent that any amount paid or credited to the General Partner or its officers, directors, employees or agents
pursuant to Section 7.04 or Section 7.07 hereof would constitute gross income to the General Partner for purposes of Section 856(c)(2) or 856(c)(3) of the Code (a “General Partner Payment”) then, notwithstanding any
other provision of this Agreement, the amount of such General Partner Payments for any fiscal year shall not exceed the lesser of: 
 (i) an amount equal to the excess, if any, of (a) 4.20% of the General Partner’s total gross income (but not including the amount of any General Partner Payments) for the fiscal year which is
described in subsections (A) though (H) of Section 856(c)(2) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(2) of the Code) derived by the General Partner from sources other than those
described in subsections (A) through (H) of Section 856(c)(2) of the Code (but not including the amount of any General Partner Payments); or 

(ii) an amount equal to the excess, if any of (a) 25% of the General Partner’s total gross income
(but not including the amount of any General Partner Payments) for the fiscal year which is described in subsections (A) through (I) of Section 856(c)(3) of the Code over (b) the amount of gross income (within the meaning of
Section 856(c)(3) of the Code) derived by the General Partner from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of the Code (but not including the amount of any General Partner Payments);

 provided, however, that General Partner Payments in excess of the amounts set forth in
subparagraphs (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 would not adversely affect the General Partner’s ability to
qualify as a REIT. To the extent General Partner Payments may not be made in a year due to the foregoing limitations, such General Partner Payments shall carry over and be treated as arising in the following year, provided, however,
that such amounts shall not carry over for more than five years, and if not paid within such five year period, shall expire; provided, further, that (i) as General Partner Payments are made, such payments shall be
applied first to carryover amounts outstanding, if any, and (ii) with respect to carryover amounts for more than one Partnership Year, such payments shall be applied to the earliest Partnership Year first. 

  
 - 38 -

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above. 
  

					
	 GENERAL PARTNER:
  

CB RICHARD ELLIS REALTY TRUST,
 a Maryland real estate investment trust

		
	 By:
	 	 /s/ Charles E. Black

		 	 Name:
	 	 Charles E. Black

		 	 Title:
	 	 Chair, Special Committee

  

					
	 LIMITED PARTNER:
  

CBRE REIT HOLDINGS LLC

		
	 By:
	 	 CBRE Global Investors, LLC 
 as managing member

		
	 By:
	 	 /s/ Matt Khourie

		 	 Name:
	 	 Matt Khourie

		 	 Title:
	 	 Global PresidentOffice Lease

 Exhibit 10.3 
 SAN MATEO PLAZA 
 1850 GATEWAY DRIVE 

SAN MATEO, CALIFORNIA 
 OFFICE LEASE 
 LEGACY PARTNERS II SAN MATEO PLAZA, LLC,

 a Delaware limited liability company 
 as Landlord, 
 and 

SERENA SOFTWARE, INC., 
 a Delaware corporation, 
 as Tenant 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 BUILDING, PREMISES AND PROJECT
	  	 	1	  
	 ARTICLE 2 LEASE TERM
	  	 	1	  
	 ARTICLE 3 BASE RENT
	  	 	2	  
	 ARTICLE 4 ADDITIONAL RENT
	  	 	2	  
	 ARTICLE 5 USE OF PREMISES
	  	 	7	  
	 ARTICLE 6 SERVICES AND UTILITIES
	  	 	7	  
	 ARTICLE 7 REPAIRS
	  	 	8	  
	 ARTICLE 8 ADDITIONS AND ALTERATIONS
	  	 	9	  
	 ARTICLE 9 COVENANT AGAINST LIENS
	  	 	10	  
	 ARTICLE 10 INDEMNIFICATION AND INSURANCE
	  	 	10	  
	 ARTICLE 11 DAMAGE AND DESTRUCTION
	  	 	12	  
	 ARTICLE 12 CONDEMNATION
	  	 	13	  
	 ARTICLE 13 COVENANT OF QUIET ENJOYMENT
	  	 	13	  
	 ARTICLE 14 ASSIGNMENT AND SUBLETTING
	  	 	13	  
	 ARTICLE 15 SURRENDER; OWNERSHIP AND REMOVAL OF TRADE FIXTURES
	  	 	15	  
	 ARTICLE 16 HOLDING OVER
	  	 	16	  
	 ARTICLE 17 ESTOPPEL CERTIFICATES
	  	 	16	  
	 ARTICLE 18 SUBORDINATION
	  	 	16	  
	 ARTICLE 19 TENANT’S DEFAULTS; LANDLORD’S REMEDIES
	  	 	17	  
	 ARTICLE 20 SECURITY DEPOSIT
	  	 	18	  
	 ARTICLE 21 COMPLIANCE WITH LAW
	  	 	19	  
	 ARTICLE 22 ENTRY BY LANDLORD
	  	 	19	  
	 ARTICLE 23 TENANT PARKING
	  	 	19	  
	 ARTICLE 24 MISCELLANEOUS PROVISIONS
	  	 	20	  

 EXHIBITS 

			
		
	A	  	OUTLINE OF PREMISES
		
	B	  	TENANT WORK LETTER
		
	C	  	AMENDMENT TO LEASE
		
	D	  	RULES AND REGULATIONS
		
	E	  	FORM OF SNDA

 EXTENSION OPTION RIDER 

  
 -i-

 INDEX 

 

					
	 	  	 Page
	 
		
	 Additional Rent
	  	 	2	  
	 Alterations
	  	 	8	  
	 Amendment
	  	 	Exhibit C	  
	 Architect
	  	 	Exhibit B	  
	 Base Rent
	  	 	2	  
	 Base, Shell and Core
	  	 	1	  
	 Brokers
	  	 	22	  
	 Building
	  	 	1	  
	 Cabling
	  	 	15	  
	 Calendar Year
	  	 	3	  
	 Common Areas
	  	 	1	  
	 Construction Designs
	  	 	Exhibit B	  
	 Construction Drawings
	  	 	Exhibit B	  
	 Contractor
	  	 	Exhibit B	  
	 Cost Pools
	  	 	3	  
	 Cost Proposal
	  	 	Exhibit B	  
	 Cost Proposal Delivery Date
	  	 	3	  
	 Delivery Termination Date
	  	 	2	  
	 Embargoed Person
	  	 	23	  
	 Engineers
	  	 	Exhibit B	  
	 Estimate
	  	 	6	  
	 Estimate Statement
	  	 	5	  
	 Estimated Excess
	  	 	6	  
	 Excess
	  	 	5	  
	 Expense Base Year
	  	 	3	  
	 Expense Year
	  	 	3	  
	 Extension Option
	  	 	1	  
	 Extension Option Notice
	  	 	1	  
	 Extension Term
	  	 	1	  
	 Fair Market Rental Rate
	  	 	1	  
	 Final Space Plan
	  	 	Exhibit B	  
	 Final Working Drawings
	  	 	Exhibit B	  
	 Force Majeure
	  	 	21	  
	 Furnishings Credit
	  	 	1	  
	 Hazardous Material
	  	 	7	  
	 Holidays
	  	 	7	  
	 Information
	  	 	Exhibit B	  
	 Interest Rate
	  	 	6	  
	 Landlord
	  	 	1	  
	 Landlord Parties
	  	 	10	  
	 Landlord Supervision Fee
	  	 	Exhibit B	  
	 Landlord’s Damage Notice
	  	 	12	  
	 Lease
	  	 	1	  
	 Lease Commencement Date
	  	 	1	  
	 Lease Expiration Date
	  	 	1	  
	 Lease Term
	  	 	1	  
	 Lease Year
	  	 	1	  
	 List
	  	 	23	  
	 Notices
	  	 	22	  
	 OFAC
	  	 	23	  
	 Operating Expenses
	  	 	3	  
	 Outside Delivery Date
	  	 	2	  
	 Parking Area
	  	 	1	  
	 Partial Cost Proposal
	  	 	Exhibit B	  
	 Permits
	  	 	Exhibit B	  
	 Premises
	  	 	1	  
	 Project
	  	 	1	  
	 Proposition 13
	  	 	4	  
	 Ready for Occupancy
	  	 	3	  
	 Renovations
	  	 	23	  
	 Rent
	  	 	2	  
	 Rider
	  	 	1	  
	 Security Deposit
	  	 	18	  
	 Space Plan Design Problem
	  	 	Exhibit B	  
	 Specifications
	  	 	Exhibit B	  
	 Statement
	  	 	5	  
	 Subject Space
	  	 	13	  
	 Subleasing Costs
	  	 	14	  
	 Substantial Completion
	  	 	3	  
	 Summary
	  	 	iv	  
	 Systems and Equipment
	  	 	4	  
	 Tax Expense Base Year
	  	 	4	  

  
 -ii-

 INDEX 

 

					
	 	  	 Page
	 
		
	 Tax Expenses
	  	 	4	  
	 Tenant
	  	 	1	  
	 Tenant Delays
	  	 	Exhibit B	  
	 Tenant Improvement Allowance
	  	 	Exhibit B	  
	 Tenant Improvement Allowance Items
	  	 	Exhibit B	  
	 Tenant Improvements
	  	 	Exhibit B	  
	 Tenant Work Letter
	  	 	1	  
	 Tenant’s Share
	  	 	5	  
	 Transfer Notice
	  	 	13	  
	 Transfer Premium
	  	 	14	  
	 Transferee
	  	 	13	  
	 Transfers
	  	 	13	  
	 Utilities Base Year
	  	 	5	  
	 Utilities Costs
	  	 	5	  
	 Wi-Fi Network
	  	 	9	  
	 Working Drawing Design Problem
	  	 	Exhibit B	  

  
 -iii-

 SUMMARY OF BASIC LEASE INFORMATION 

This Summary of Basic Lease Information (“Summary”) is hereby incorporated into and made a part of the attached Office
Lease. Each reference in the Office Lease to any term of this Summary shall have the meaning as set forth in this Summary for such term. In the event of a conflict between the terms of this Summary and the Office Lease, the terms of the Office Lease
shall prevail. Any capitalized terms used herein and not otherwise defined herein shall have the meaning as set forth in the Office Lease. 
  

							
	TERMS OF LEASE
	(References are to the Office Lease)	  	DESCRIPTION
			
	1.	 	Date:	  	March 16, 2012
			
	2.	 	Landlord:	  	LEGACY PARTNERS II SAN MATEO PLAZA, LLC,
		 		 		  	a Delaware limited liability company
			
	3.	 	Address of Landlord (Section 24.19):	  	LEGACY PARTNERS II SAN MATEO PLAZA, LLC
		 		 		  	 c/o Legacy Partners Commercial, Inc.
 4000 East Third Avenue, Suite 600
 Foster City, California 94406

Attention: Executive Vice President, Property Management

			
	4.	 	Tenant:	  	SERENA SOFTWARE, INC.,
		 		 		  	a Delaware corporation
			
	5.	 	Address of Tenant (Section 24.19):	  	SERENA SOFTWARE, INC.
		 		 		  	 2345 NW Amberbrook Drive, Suite 200
 Hillsboro, Oregon 97006
 Attention: Real Estate Director

				
		 		 		  	With a copy to:
				
		 		 		  	SERENA SOFTWARE, INC.
		 		 		  	 1900 Seaport Boulevard, 2nd Floor

Redwood City, California 94063
 Attention:
General Counsel
 (Prior to Lease Commencement Date)

				
		 		 		  	and
				
		 		 		  	SERENA SOFTWARE, INC.
		 		 		  	 1850 Gateway Drive, Suite 400

San Mateo, California 94404
 Attention: Office
Manager
 (After Lease Commencement Date)

			
	6.	 	Premises (Article 1):	  	
				
		 	6.1	 	Premises:	  	20,790 rentable square feet of space located on the fourth (4th) floor of the Building (as defined below), as set forth in Exhibit A attached hereto.
				
		 	6.2	 	Building:	  	The Premises are located in that certain building whose address is 1850 Gateway Drive, San Mateo, California 94404.
			
	7.	 	Term (Article 2):	  	
				
		 	7.1	 	Lease Term:	  	Seventy-six (76) full calendar months.
				
		 	7.2	 	Lease Commencement Date:	  	The earlier of (i) the date Tenant commences business operations in the Premises, or (ii) the date the Premises are Ready for Occupancy (as defined in the Tenant Work
Letter attached hereto as Exhibit B), which Lease Commencement Date is anticipated to be August 1, 2012.

  
 -iv-

							
	TERMS OF LEASE
	(References are to the Office Lease)	  	DESCRIPTION
				
		 	7.3	 	Lease Expiration Date:	  	The last day of the seventy-sixth (76th) full calendar month following the Lease Commencement Date.
				
		 	7.4	 	Amendment to Lease:	  	Landlord and Tenant may confirm the Lease Commencement Date and Lease Expiration Date in an Amendment to Lease (Exhibit C) to be executed pursuant to
Article 2 of the Office Lease.
		
	8.	 	Base Rent (Article 3):

  

													
	 Months of

Lease Term
	  	 Annual

Base Rent
	 	 	 Monthly
 Installment

of Base Rent
	 	 	 Monthly Rental

Rate per Rentable

Square Foot
	 
				
	 1 – 12
	  	$	729,254.99	* 	 	$	60,771.25	* 	 	$	2.9231	  
	 13 – 24
	  	$	754,202.99	  	 	$	62,850.25	  	 	$	3.0231	  
	 25 – 36
	  	$	779,150.99	  	 	$	64,929.25	  	 	$	3.1231	  
	 37 – 48
	  	$	804,098.99	  	 	$	67,008.25	  	 	$	3.2231	  
	 49 – 60
	  	$	829,046.99	  	 	$	69,087.25	  	 	$	3.3231	  
	 61 – 76
	  	$	853,994.99	  	 	$	71,166.25	  	 	$	3.4231	  

  

	*	 Tenant shall not be obligated to pay monthly Base Rent for the first (1st) through fourth (4th) months of the Lease Term so long as Tenant is not in monetary or other material default under the Lease, as more
particularly described in the immediately following sentence. If, at any time, Tenant is in monetary or other material default of any term, condition or provision of this Lease beyond applicable notice and grace periods that results in a termination
of the Lease as provided for in Section 19.2 below, then to the fullest extent permitted by law, any express or implicit waiver by Landlord of Tenant’s requirement to pay monthly Base Rent during any period of time from and after
the date of this Lease shall be null and void and Tenant shall immediately pay to Landlord all Base Rent so expressly or implicitly waived by Landlord. 

 

							
	 9.
	 	Additional Rent (Article 4):	  	
				
		 	9.1	 	Expense Base Year:	  	Calendar year 2012.
				
		 	9.2	 	Tax Expense Base Year:	  	Calendar year 2012.
				
		 	9.3	 	Utilities Base Year:	  	Calendar year 2012.
				
		 	9.4	 	Tenant’s Share of Operating Expenses, Tax Expenses and Utilities Costs:	  	14.55% (20,790 rentable square feet within the Premises/142,911 rentable square feet within the Building).
			
	 10.
	 	 Security Deposit (Article 20):
	  	$71,166.25.
			
	 11.
	 	 Brokers (Section 24.25):
	  	Colliers International and Hume Myers Tenant Counsel, LLC representing Tenant and CBRE, Inc. and Legacy Partners Commercial representing Landlord.
			
	 12.
	 	 Parking (Article 23):
	  	3.3 unreserved parking spaces for every 1,000 rentable square feet of the Premises which is equivalent to 68 spaces.

  
 -v-

 OFFICE LEASE 

This Office Lease, which includes the preceding Summary and the exhibits attached hereto and incorporated herein by this reference (the
Office Lease, the Summary and the exhibits to be known sometimes collectively hereafter as the “Lease”), dated as of the date set forth in Section 1 of the Summary, is made by and between LEGACY PARTNERS II SAN MATEO
PLAZA, LLC, a Delaware limited liability company (“Landlord”), and SERENA SOFTWARE, INC., a Delaware corporation (“Tenant”). 
 ARTICLE 1 
 BUILDING, PREMISES AND PROJECT 

1.1 Building, Premises and Project. Upon and subject to the terms, covenants and conditions hereinafter set forth in this Lease,
Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in Section 6.1 of the Summary (the “Premises”), which Premises are part of the building commonly known as San Mateo Plaza
(the “Building”). The outline of the floor plan of the Premises is set forth in Exhibit A attached hereto. The Building, the Building’s parking area (the “Parking Area”), any outside plaza areas,
land and other improvements surrounding the Building which are designated from time to time by Landlord as common areas appurtenant to or servicing the Building, and the land upon which any of the foregoing are situated, are herein collectively
referred to as the “Project.” Tenant is hereby granted the right to the nonexclusive use of the common corridors and hallways, stairwells, elevators, restrooms and other public or common areas located within the Building, and the
non-exclusive use of the areas located on the Project designated by Landlord from time to time as common areas for the Building (the “Common Areas”); provided, however, that (i) the manner in which such public and Common Areas
are maintained and operated shall be at the sole discretion of Landlord, (ii) the use thereof shall be subject to (1) such rules, regulations and restrictions as Landlord may make from time to time and (2) the provisions of any
covenants, conditions and restrictions regarding the use thereof, now or hereafter recorded against the Project, and (iii) Tenant may not go on the roof of the Building without Landlord’s prior consent (which may be withheld in
Landlord’s sole and absolute discretion) and without otherwise being accompanied by a representative of Landlord. Landlord reserves the right from time to time to use any of the Common Areas, and the roof, risers and conduits of the Building
for telecommunications and/or any other purposes, and to do any of the following: (1) make any changes, additions, improvements, repairs and/or replacements in or to the Project or any portion or elements thereof, including, without limitation,
expanding or decreasing the size of any Common Areas and other elements thereof; (2) close temporarily any of the Common Areas while engaged in making repairs, improvements or alterations to the Project; (3) retain and/or form a
common area association or associations under covenants, conditions and restrictions to own, manage, operate, maintain, repair and/or replace all or any portion of the landscaping, driveways, walkways, public and private streets, plazas, courtyards,
transportation facilitation areas and/or other common areas located outside of the Building and, subject to Article 4 below, include the common area assessments, fees and taxes charged by the association(s) and the cost of maintaining,
managing, administering and operating the association(s), in Operating Expenses or Tax Expenses; and (4) perform such other acts and make such other changes with respect to the Project as Landlord may, in the exercise of good faith
business judgment, deem to be appropriate (provided in the case of clauses (1), (2) and (4) that Landlord shall minimize any material and adverse interference with Tenant’s business at the Premises or access thereto). 

1.2 Condition of Premises. Except as expressly set forth in this Lease and Landlord’s obligation to deliver the Premises
Ready for Occupancy as set forth in the Tenant Work Letter attached hereto as Exhibit B, Landlord shall not be obligated to provide or pay for any improvement, remodeling or refurbishment work or services related to the improvement,
remodeling or refurbishment of the Premises, and Tenant shall accept the Premises in its “AS IS” condition on the Lease Commencement Date. Notwithstanding the foregoing, on the Lease Commencement Date, Landlord shall deliver the
Premises with the existing Systems and Equipment in good working condition and Tenant shall have a review period of ninety (90) days from the Lease Commencement Date (the “Review Period”) to confirm such condition. In the event
that Tenant notifies Landlord during the Review Period, in writing, of any of the foregoing items that are not in good working condition, Landlord shall use commercially reasonable efforts to cause such items to be promptly repaired to the extent
that any deficiencies to such systems are not caused by the acts or omissions of Tenant or any of Tenant’s Representatives (as defined below), or any Alterations performed by or on behalf of Tenant. If Tenant fails to timely deliver to Landlord
such written notice of Systems or Equipment not in good working condition within the Review Period, Landlord shall have no obligation to perform any such work thereafter, except as otherwise expressly provided in the Lease. 

1.3 Rentable Square Feet. The parties hereby stipulate that the Premises contain the rentable square feet set forth in
Section 6.1 of the Summary, and such square footage amount is not subject to adjustment or remeasurement by Landlord or Tenant. Accordingly, there shall be no adjustment in the Base Rent or other amounts set forth in this Lease which are
determined based upon the rentable square feet of the Premises. 
 ARTICLE 2 

LEASE TERM 
 The terms and provisions of this Lease shall be effective as of the date of this Lease except for the provisions of this Lease relating to the payment of Rent. The term of this Lease (the “Lease
Term”) shall be as set forth in Section 7.1 of the Summary and shall commence on the date (the “Lease Commencement Date”) set forth in Section 7.2 of the Summary (subject, however, to the terms of
the Tenant Work Letter), and shall terminate on the date (the “Lease Expiration Date”) 

  
 1 

 
set forth in Section 7.3 of the Summary, unless this Lease is sooner terminated as hereinafter provided. For purposes of this Lease, the term “Lease Year” shall mean
each consecutive twelve (12) month period during the Lease Term, provided that the last Lease Year shall end on the Lease Expiration Date. If Landlord does not deliver possession of the Premises to Tenant on or before the anticipated Lease
Commencement Date (as set forth in Section 7.2(ii) of the Summary), Landlord shall not be subject to any liability nor shall the validity of this Lease nor the obligations of Tenant hereunder be affected. In the event that the Lease
Commencement Date is a date which is other than the anticipated Lease Commencement Date set forth in Section 7.2(ii) of the Summary, within a reasonable period of time after the date Tenant takes possession of the Premises Landlord
shall deliver to Tenant an amendment to lease in the form attached hereto as Exhibit C, attached hereto, setting forth the Lease Commencement Date and the Lease Expiration Date, which amendment Tenant shall execute and return to Landlord
within thirty (30) days after Tenant’s receipt thereof. If Tenant fails to execute and return the amendment within such 30-day period, Tenant shall be deemed to have approved and confirmed the dates set forth therein,
provided that such deemed approval shall not relieve Tenant of its obligation to execute and return the amendment. In the event that neither Tenant nor Landlord delivers such amendment to the other party, the Lease Commencement Date shall be
deemed to be the anticipated Lease Commencement Date set forth in Section 7.2(ii) of the Summary. Notwithstanding anything to the contrary set forth herein, in the event that Landlord is unable to deliver the Premises to Tenant
Ready for Occupancy on or before July 26, 2012 (which date shall be extended for the period of any Tenant Delays [as defined in the Work Letter] or any event of Force Majeure (the “Outside Delivery Date”), which delays
Substantial Completion of the Premises), Tenant shall receive one (1) day free of Base Rent for each day beyond the Outside Delivery Date that Landlord fails to so deliver the Premises to Tenant (not to exceed six (6) month’s Base
Rent), to be applied to Base Rent due hereunder after the expiration of any free rent periods, and as and when such obligation of Tenant commences. In addition, if Landlord is unable to tender possession of the Premises on or before November 1,
2012 (which date shall be extended for the period of any Tenant Delays or any event of Force Majeure which delays Substantial Completion of the Premises) (the “Delivery Termination Date”), then Tenant may terminate this Lease by
delivering to Landlord a written termination notice thereof prior to the earlier of (i) the date which is seven (7) days following the Delivery Termination Date or (ii) the date upon which Landlord tenders possession of the Premises
Ready for Occupancy. Tenant’s termination notice delivered pursuant to this Article 2 shall be effective seven (7) days after receipt thereof by Landlord; provided, however, Landlord may vitiate Tenant’s termination notice
provided to Landlord pursuant to this Article 2 by Landlord tendering possession of the Premises to Tenant prior to the effective date of such termination notice, in which event Tenant’s termination notice shall be null and void and of
no further force or effect. The rent abatement right and termination right afforded to Tenant under this Article 2 shall be Tenant’s sole remedies for Landlord’s failure to timely tender possession of the Premises. Time is of the
essence for the delivery of Tenant’s termination notice under this Article 2; accordingly, if Tenant fails to timely deliver any such notice, Tenant’s right to terminate this Lease under this Article 2 shall expire and be of
no further force or effect as of the date Tenant fails to timely deliver such termination notice. 
 ARTICLE 3

 BASE RENT 
 Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Project, or at such other place as Landlord may from time to time designate in writing, in
currency or a check for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, base rent (“Base Rent”) as set forth in Section 8 of the Summary, payable in
equal monthly installments as set forth in Section 8 of the Summary in advance on or before the first day of each and every month during the Lease Term, without any setoff or deduction whatsoever, except as otherwise expressly provided
in this Lease. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any rental payment date (including the Lease Commencement Date) falls on a day of the month other than the
first day of such month or if any rental payment is for a period which is shorter than one month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month’s rental based on the proportion that the
number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time
basis shall be prorated on the same basis. If, at any time, Tenant is in default of any monetary or other material term, condition or provision of this Lease (beyond applicable notice and grace periods) that results in a termination of the Lease as
provided in Section 19.2 below, then to the fullest extent permitted by law, any express or implicit waiver by Landlord of Tenant’s requirement to pay Base Rent during any period of time from and after the Lease Commencement Date
shall be null and void and Tenant shall immediately pay to Landlord all Base Rent so expressly or implicitly waived by Landlord. 

ARTICLE 4 
 ADDITIONAL RENT 
 4.1 Additional Rent. In addition to paying
the Base Rent specified in Article 3 of this Lease, Tenant shall pay as additional rent the sum of the following: (i) Tenant’s Share (as such term is defined below) of the annual Operating Expenses which are in excess of the
amount of Operating Expenses applicable to the Expense Base Year; plus (ii) Tenant’s Share of the annual Tax Expenses which are in excess of the amount of Tax Expenses applicable to the Tax Expense Base Year; plus (iii) Tenant’s
Share of the annual Utilities Costs which are in excess of the amount of Utilities Costs applicable to the Utilities Base Year. Such additional rent, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this
Lease (including, without limitation, pursuant to Article 6), shall be hereinafter collectively referred to as the “Additional Rent.” The Base Rent and Additional Rent are herein collectively referred to as the
“Rent.” All amounts due under this 

  
 2 

 
Article 4 as Additional Rent shall be payable for the same periods and in the same manner, time and place as the Base Rent. Without limitation on other obligations of Tenant which
shall survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for in this Article 4 shall survive the expiration of the Lease Term. 

4.2 Definitions. As used in this Article 4, the following terms shall have the meanings hereinafter set forth:

 4.2.1 “Calendar Year” shall mean each calendar year in which any portion of the Lease Term falls, through
and including the calendar year in which the Lease Term expires. 
 4.2.2 “Expense Base Year” shall mean the
year set forth in Section 9.1 of the Summary. 
 4.2.3 “Expense Year” shall mean each Calendar
Year, provided that Landlord, upon notice to Tenant, may change the Expense Year from time to time to any other twelve (12) consecutive-month period, and, in the event of any such change, Tenant’s Share of Operating Expenses, Tax Expenses
and Utilities Costs shall be equitably adjusted for any Expense Year involved in any such change. 
 4.2.4 “Operating
Expenses” shall mean all expenses, costs and amounts of every kind and nature which Landlord shall pay during any Expense Year because of or in connection with the ownership, management, maintenance, repair, replacement, restoration or
operation of the Project, including, without limitation, any amounts paid for: (i) the cost of operating, maintaining, repairing, renovating and managing the utility systems, mechanical systems, sanitary and storm drainage systems, any elevator
systems and all other “Systems and Equipment” (as defined in Section 4.2.5 of this Lease), and the cost of supplies and equipment and maintenance and service contracts in connection therewith; (ii) the cost of licenses,
certificates, permits and inspections, and the cost of contesting the validity or applicability of any governmental enactments which may affect Operating Expenses, and the costs incurred in connection with implementation and operation of a
transportation system management program or similar program required by any applicable governmental authority; (iii) the cost of insurance carried by Landlord, in such amounts as Landlord may reasonably determine or as may be required by any
mortgagees or the lessor of any underlying or ground lease affecting the Project; (iv) the cost of landscaping, relamping, supplies, tools, equipment and materials, and all fees, charges and other costs (including reasonable consulting fees,
legal fees and accounting fees) incurred in connection with the management, operation, repair and maintenance of the Project provided Tenant’s Share of management fees shall not exceed five percent (5%) of aggregate gross Rent;
(v) the cost of Parking Area repair, restoration, and maintenance; (vi) any equipment rental agreements or management agreements (including the cost of any management fee and the fair rental value of any office space provided thereunder);
(vii) wages, salaries and other compensation and benefits of all persons (at or below the level of Senior Property Manager) engaged in the operation, management, maintenance or security of the Project, and employer’s Social Security taxes,
unemployment taxes or insurance, and any other taxes which may be levied on such wages, salaries, compensation and benefits (provided, for persons who do not devote substantially all of their time to the Project, such wages, compensation and
benefits shall be equitably prorated and only the portion allocable to the Project shall be included as a component of Operating Expenses); (viii) payments under any easement, license, operating agreement, declaration, restrictive covenant,
underlying or ground lease (excluding rent), or instrument pertaining to the sharing of costs by the Project; (ix) the cost of janitorial service, alarm and security service, if any, window cleaning, trash removal, replacement of wall and floor
coverings, ceiling tiles and fixtures in lobbies, corridors, restrooms and other common or public areas or facilities, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing; (x) amortization (including interest on
the unamortized cost) of the cost of acquiring or the rental expense of personal property used in the maintenance, operation and repair of the Project; (xi) costs for workers’ compensation insurance, wages, withholding taxes, personal
property taxes, fees for required licenses and permits, supplies, charges for management of the Building and Common Areas, and the costs and expenses of complying with, or participating in, conservation, recycling, sustainability, energy efficiency,
waste reduction or other programs or practices implemented or enacted from time to time at the Building, including without limitation, in connection with any LEED (Leadership in Energy and Environmental Design) rating or compliance system or
program, including that currently coordinated through the U.S. Green Building Council or Energy Star rating and/or compliance system or program (collectively “Conservation Costs”); and (xii) the cost of any capital improvements
or other costs (1) which are intended as a labor-saving device or to effect other economies in the operation or maintenance of the Project, (2) made to the Project or any portion thereof after the Lease Commencement Date that are required
under any governmental law or regulation, or (3) replacements and modifications of Systems and Equipment, the roof (or any capital components thereof) and the Common Areas located on the Project that are required to keep the Project in good
order and condition; provided, however, that if any such cost described in (1), (2) or (3) above, is a capital expenditure, such cost shall be amortized over the useful life of the improvement (including interest on the unamortized cost)
as Landlord shall reasonably determine. If Landlord is not furnishing any particular work or service (the cost of which, if performed by Landlord, would be included in Operating Expenses) to a tenant who has undertaken to perform such work or
service in lieu of the performance thereof by Landlord, Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have been incurred during such period by Landlord if it had at
its own expense furnished such work or service to such tenant. If the Building is less than ninety-five percent (95%) occupied during all or a portion of any Expense Year (including the Expense Base Year), Landlord shall make an appropriate
adjustment to the variable components of Operating Expenses for such year or applicable portion thereof, employing sound accounting and management principles, to determine the amount of Operating Expenses that would have been paid had the Building
been ninety-five percent (95%) occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year, or applicable portion thereof. 

  
 3 

 Landlord shall have the right, from time to time, in its discretion, to equitably allocate
some or all of the Operating Expenses (and/or Tax Expenses and Utilities Costs) among different tenants of the Project and/or among other buildings of the Project as and when such other buildings are constructed for purposes of determining Operating
Expenses (and/or Tax Expenses and Utilities Costs) and/or the provision of various services and amenities thereto (the “Cost Pools”). Such Cost Pools may include, without limitation, the office space tenants and retail space tenants
of the Building and/or any such additional buildings. Such Cost Pools may also include an allocation of certain Operating Expenses (and/or Tax Expenses and Utilities Costs) within or under covenants, conditions and restrictions affecting the
Project. 
 Notwithstanding anything to the contrary set forth in this Article 4, when calculating Operating
Expenses for the Expense Base Year, Operating Expenses shall exclude one-time Conservation Costs and other special charges, costs or fees incurred in the Expense Base Year only, including those attributable to market-wide labor-rate increases or
other extraordinary circumstances, including, but not limited to, boycotts and strikes, and costs relating to capital improvements or expenditures. 
 Notwithstanding the foregoing, Operating Expenses shall not, however, include: (A) costs of leasing commissions, attorneys’ fees and other costs and expenses incurred in connection with
negotiations or disputes with present or prospective tenants or other occupants of the Project; (B) costs (including permit, license and inspection costs) incurred in renovating or otherwise improving, decorating or redecorating rentable space
for other tenants or vacant rentable space; (C) costs incurred due to the violation by Landlord of the terms and conditions of any lease of space in the Project; (D) costs of overhead or profit increment paid to Landlord or to subsidiaries
or affiliates of Landlord for services in or in connection with the Project to the extent the same exceeds the costs of overhead and profit increment included in the costs of such services which could be obtained from third parties on a competitive
basis; (E) except as otherwise specifically provided in this Section 4.2.4, costs of interest on debt or amortization on any mortgages, and rent payable under any ground lease affecting the Project; (F) Utilities Costs;
(G) Tax Expenses; (H) costs directly necessitated by or directly resulting from the gross negligence of Landlord, its agents or employees; (I) costs associated with the investigation and/or remediation of Hazardous Materials
(hereafter defined) present in, on or about the Building, unless such costs and expenses are the responsibility of Tenant as provided in this Lease, in which event all such costs and expenses shall be paid solely by Tenant; (J) except as
otherwise provided in this Lease, the cost of any capital improvements; (K) costs of Landlord’s charitable and/or political contributions; (L) costs of advertising, marketing, or promotional expenses; (M) costs to the extent that
Landlord receives reimbursement for such expenses from insurance, other tenants or third parties; (N) costs associated with operating the entity that constitutes Landlord, as the same are distinguished from the costs of operating the Project;
(O) costs incurred in bringing the Building into compliance with laws (including the Americans with Disabilities Act) in effect as of the Lease Commencement Date and as interpreted by applicable governmental authorities as of such date; and
(P) costs of repairs or other work necessitated by casualty (excluding any deductibles) and/or costs of repair or other work necessitated by the exercise of the right of eminent domain to the extent insurance proceeds or a condemnation award,
as applicable, is actually received by Landlord for such purposes; provided, such costs of repairs or other work shall be paid by the parties in accordance with the provisions of Articles 11 and 12, below. 

4.2.5 “Systems and Equipment” shall mean any plant, machinery, transformers, duct work, cable, wires, and other
equipment, facilities, and systems designed to supply heat, ventilation, air conditioning and humidity or any other services or utilities, or comprising or serving as any component or portion of the electrical, gas, steam, plumbing, sprinkler,
communications, alarm, security, or fire/life safety systems or equipment, or any other mechanical, electrical, electronic, computer or other systems or equipment which serve the Building and/or any other building in the Project in whole or in part.

 4.2.6 “Tax Expense Base Year” shall mean the year set forth in Section 9.2 of the Summary.

 4.2.7 “Tax Expenses” shall mean all federal, state, county, or local governmental or municipal taxes, fees,
assessments, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary, (including, without limitation, real estate taxes, general and special assessments, transit assessments, fees and taxes, child
care subsidies, fees and/or assessments, job training subsidies, fees and/or assessments, open space fees and/or assessments, housing subsidies and/or housing fund fees or assessments, public art fees and/or assessments, leasehold taxes or taxes
based upon the receipt of rent, including gross receipts or sales taxes applicable to the receipt of rent, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and other
personal property used in connection with the Project), which Landlord shall pay during any Expense Year because of or in connection with the ownership, leasing and operation of the Project or Landlord’s interest therein. For purposes of this
Lease, Tax Expenses shall be calculated as if the tenant improvements in the Building were fully constructed and the Project, the Building and all tenant improvements in the Building were fully assessed for real estate tax purposes. 

4.2.7.1 Tax Expenses shall include, without limitation: 
 (i) Any tax on Landlord’s rent, right to rent or other income from the Project or as against Landlord’s business of leasing any of the Project; 

(ii) Any assessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee,
levy or charge previously included within the definition of real property tax, it being acknowledged by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the June 1978 election (“Proposition
13”) and that assessments, taxes, fees, levies and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and for other governmental services formerly
provided without 

  
 4 

 
charge to property owners or occupants. It is the intention of Tenant and Landlord that all such new and increased assessments, taxes, fees, levies, and charges and all similar assessments,
taxes, fees, levies and charges be included within the definition of Tax Expenses for purposes of this Lease; 
 (iii) Any
assessment, tax, fee, levy, or charge allocable to or measured by the area of the Premises or the rent payable hereunder, including, without limitation, any gross income tax upon or with respect to the possession, leasing, operating, management,
maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof; 
 (iv) Any assessment,
tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party, creating or transferring an interest or an estate in the Premises; and 
 (v) Any reasonable expenses incurred by Landlord in attempting to protest, reduce or minimize Tax Expenses. 
 4.2.7.2 In no event shall Tax Expenses for any Expense Year be less than the Tax Expenses for the Tax Expense Base Year. 
 4.2.7.3 Notwithstanding anything to the contrary contained in this Section 4.2.7, there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift taxes,
capital stock taxes, inheritance and succession taxes, estate taxes, federal and state net income taxes, and other taxes to the extent applicable to Landlord’s net income (as opposed to rents, receipts or income attributable to operations at
the Project), (ii) any items included as Operating Expenses or Utilities Costs, and (iii) any taxes assessed against another tenant’s personal property or improvements for which such tenant is responsible, and (iv) any items paid
by Tenant under Section 4.4 of this Lease. 
 4.2.8 “Tenant’s Share” shall mean the percentage
set forth in Section 9.4 of the Summary. Tenant’s Share was calculated by dividing the number of rentable square feet of the Premises by the total rentable square feet in the Building (as set forth in Section 9.4 of the
Summary), and stating such amount as a percentage. 
 4.2.9 “Utilities Base Year” shall mean the year set forth
in Section 9.3 of the Summary. 
 4.2.10 “Utilities Costs” shall mean all actual charges for
utilities for the Building and the Project which Landlord shall pay during any Expense Year, including, but not limited to, the costs of water, sewer and electricity, and the costs of HVAC (including, unless paid by Tenant pursuant to
Section 6.2 below, the cost of electricity to operate the HVAC air handlers) and other utilities as well as related fees, assessments, measurement meters and devices and surcharges (but excluding those charges, such as the cost of
providing HVAC during non-Business Hours for which a tenant directly reimburses Landlord, for which tenants directly reimburse Landlord or otherwise pay directly to the utility company). Utilities Costs shall be calculated assuming the Building is
at least ninety-five percent (95%) occupied during all or any portion of an Expense Year (including the Utilities Base Year). If, during all or any part of any Expense Year, Landlord shall not provide any utilities (the cost of which, if
provided by Landlord, would be included in Utilities Costs) to a tenant (including Tenant) who has undertaken to provide the same instead of Landlord, Utilities Costs shall be deemed to be increased by an amount equal to the additional Utilities
Costs which would reasonably have been incurred during such period by Landlord if Landlord had at its own expense provided such utilities to such tenant. Utilities Costs shall include any costs of utilities which are allocated to the Project under
any declaration, restrictive covenant, or other instrument pertaining to the sharing of costs by the Project or any portion thereof, including any covenants, conditions or restrictions now or hereafter recorded against or affecting the Project. For
purposes of determining Utilities Costs incurred for the Utilities Base Year, Utilities Costs for the Utilities Base Year shall not include any one-time Conservation Costs or other special charges, costs or fees or extraordinary charges or costs
incurred in the Utilities Base Year only, including those attributable to boycotts, embargoes, strikes or other shortages of services or fuel. 
 4.3 Calculation and Payment of Additional Rent. 
 4.3.1 Calculation of
Excess. If for any Expense Year ending or commencing within the Lease Term, (i) Tenant’s Share of Operating Expenses for such Expense Year exceeds Tenant’s Share of Operating Expenses for the Expense Base Year and/or
(ii) Tenant’s Share of Tax Expenses for such Expense Year exceeds Tenant’s Share of Tax Expenses for the Tax Expense Base Year, and/or (iii) Tenant’s Share of Utilities Costs for such Expense Year exceeds Tenant’s Share
of Utilities Costs for the Utilities Base Year, then Tenant shall pay to Landlord, in the manner set forth in Section 4.3.2, below, and as Additional Rent, an amount equal to such excess (the “Excess”). 

4.3.2 Statement of Actual Operating Expenses, Tax Expenses and Utilities Costs and Payment by Tenant. Landlord
shall endeavor to give to Tenant on or before the thirtieth (30th) day of June following the end of each Expense Year, a statement (the “Statement”) which shall state the Operating Expenses, Tax Expenses and Utilities Costs incurred or accrued for such
preceding Expense Year, and which shall indicate the amount, if any, of any Excess. Upon receipt of the Statement for each Expense Year ending during the Lease Term, if an Excess is present, Tenant shall pay, with its next installment of Base Rent
due, the full amount of the Excess for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Excess,” as that term is defined in Section 4.3.3 of this Lease. The failure of Landlord to timely
furnish the Statement for any Expense Year shall not prejudice Landlord from enforcing its rights under this Article 4. Even though the Lease Term has 

  
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expired and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of the Operating Expenses, Tax Expenses and Utilities Costs for the Expense Year in which
this Lease terminates, if an Excess is present, Tenant shall immediately pay to Landlord an amount as calculated pursuant to the provisions of Section 4.3.1 of this Lease. The provisions of this Section 4.3.2 shall survive
the expiration or earlier termination of the Lease Term for a period of two (2) years from the date of such expiration or termination. 
 4.3.3 Statement of Estimated Operating Expenses, Tax Expenses and Utilities Costs. In addition, Landlord shall endeavor to give Tenant, within ninety (90) days after the commencement of each
Expense Year, a yearly expense estimate statement (the “Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”) of what the total amount of Operating Expenses, Tax Expenses
and Utilities Costs for the then-current Expense Year shall be and the estimated Excess (the “Estimated Excess”) as calculated by comparing (i) Tenant’s Share of Operating Expenses, which shall be based upon the Estimate,
to Tenant’s Share of Operating Expenses for the Expense Base Year, (ii) Tenant’s Share of Tax Expenses, which shall be based upon the Estimate, to Tenant’s Share of Tax Expenses for the Tax Expense Base Year, and
(iii) Tenant’s Share of Utilities Costs, which shall be based upon the Estimate, to Tenant’s Share of Utilities Costs for the Utilities Base Year. The failure of Landlord to timely furnish the Estimate Statement for any Expense Year
shall not preclude Landlord from enforcing its rights to collect any Estimated Excess under this Article 4. If, pursuant to the Estimate Statement, an Estimated Excess is calculated for the then-current Expense Year, Tenant shall pay,
with its next installment of Base Rent due, a fraction of the Estimated Excess for the then-current Expense Year (reduced by any amounts paid pursuant to the last sentence of this Section 4.3.3). Such fraction shall have as its numerator
the number of months which have elapsed in such current Expense Year to the month of such payment, both months inclusive, and shall have twelve (12) as its denominator. Notwithstanding the foregoing, if Landlord determines that Tenant’s
Share of Operating Expenses, Tax Expenses or Utilities Costs for the then current Expense Year is greater than that set forth in the Estimate Statement, then Landlord may deliver a revised Estimate Statement to Tenant not more than once during such
Expense Year and Tenant shall pay to Landlord, within ten (10) days of the delivery of such revised Estimate Statement, the difference between such revised Estimate Statement and the original Estimate Statement for the portion of the then
current Expense Year which has then expired, and Tenant shall pay during the balance of such then current Expense Year a fraction of the balance of such difference as would fully amortize such Excess over the remaining months of the then current
Expense Year. Until a new Estimate Statement is furnished, Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated Excess set forth in the previous Estimate Statement
delivered by Landlord to Tenant. 
 4.4 Taxes and Other Charges for Which Tenant Is Directly Responsible. Tenant shall
reimburse Landlord upon demand for any and all taxes or assessments required to be paid by Landlord (except to the extent included in Tax Expenses by Landlord), excluding state, local and federal personal or corporate income taxes measured by the
net income of Landlord from all sources and estate and inheritance taxes, whether or not now customary or within the contemplation of the parties hereto, when: 
 4.4.1 said taxes are measured by or reasonably attributable to the cost or value of Tenant’s equipment, furniture, fixtures and other personal property located in the Premises, or by the cost or
value of any leasehold improvements made in or to the Premises by or for Tenant, to the extent the cost or value of such leasehold improvements exceeds the cost or value of a building standard build-out as determined by Landlord regardless of
whether title to such improvements shall be vested in Tenant or Landlord; 
 4.4.2 said taxes are assessed upon or with respect
to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises or any portion of the Project (including the Parking Area); or 

4.4.3 said taxes are assessed upon this transaction or any document to which Tenant is a party creating or transferring an interest or an
estate in the Premises. 
 4.5 Late Charges. If any installment of Rent or any other sum due from Tenant shall not be
received by Landlord or Landlord’s designee by the date that is five (5) days after the due date therefor, then Tenant shall pay to Landlord a late charge equal to five percent (5%) of the amount due plus any attorneys’ fees
incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when due hereunder. The late charge shall be deemed Additional Rent and the right to require it shall be in addition to all of Landlord’s other rights and
remedies hereunder, at law and/or in equity and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. In addition to the late charge described above, any Rent or other amounts owing hereunder which are
not paid by the date that they are due shall thereafter bear interest until paid at a rate (the “Interest Rate”) equal to the lesser of (i) the “Prime Rate” or “Reference Rate” announced from time to time by
the Bank of America (or such reasonable comparable national banking institution as selected by Landlord in the event Bank of America ceases to exist or publish a Prime Rate or Reference Rate), plus four percent (4%), or (ii) ten percent
(10%) per annum. 
 4.6 Audit. After delivery to Landlord of at least thirty (30) days’ prior written
notice delivered no later than one hundred twenty (120) days after receipt of a Statement, Tenant, at its sole cost and expense through any accountant designated by it, shall have the right to examine and/or audit the books and records
evidencing such costs and expenses for the previous one (1) calendar year, during Landlord’s reasonable business hours but not more frequently than once during any calendar year. Any such accounting firm designated by Tenant may not be
compensated on a contingency fee basis. The results of any such audit (and any negotiations between the parties related thereto) shall be maintained strictly confidential by Tenant and its accounting firm and shall not be disclosed, published or
otherwise disseminated to any other party other than to Landlord and its authorized agents. Landlord and Tenant each shall use its best efforts to cooperate in such negotiations and to promptly resolve any discrepancies between Landlord and Tenant
in the accounting of such costs and expenses. 

  
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 ARTICLE 5 

USE OF PREMISES 
 Tenant shall use the Premises solely for general office purposes consistent with the character of the Building, and Tenant shall not use or permit the Premises to be used for any other purpose or purposes
whatsoever. Tenant further covenants and agrees that it shall not use, or suffer or permit any person or persons to use, the Premises or any part thereof for any use or purpose contrary to the provisions of Exhibit D, attached hereto, or
in violation of the laws of the United States of America, the state in which the Project is located, or the ordinances, regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over
the Project. Tenant shall comply with all recorded covenants, conditions, and restrictions, and the provisions of all ground or underlying leases, now or hereafter affecting the Project. Tenant shall not use or allow another person or entity to use
any part of the Premises for the storage, use, treatment, manufacture or sale of “Hazardous Material,” as that term is defined below, except that Tenant may use and store at the Premises limited quantities of typical office supplies and
cleaning products, containing limited amounts of Hazardous Materials, which are required in connection with the routine use, operation and maintenance of the Premises, provided such office supplies and cleaning products are used and disposed of in
compliance with applicable law. As used herein, the term “Hazardous Material” means any hazardous or toxic substance, material or waste which is or becomes regulated by any local governmental authority, the state in which the
Project is located or the United States Government. 
 ARTICLE 6 

SERVICES AND UTILITIES 
 6.1 Standard Tenant Services. Landlord shall provide the following services on all days during the Lease Term, unless otherwise stated below. 

6.1.1 Subject to reasonable changes implemented by Landlord and to all governmental rules, regulations and guidelines applicable thereto,
Landlord shall provide heating and air conditioning when necessary for normal comfort for normal office use in the Premises, from Monday through Friday, during the period from 8:00 a.m. to 6:00 p.m., except for the date of observation of New
Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day and other locally or nationally recognized holidays as designated by Landlord (collectively, the “Holidays”).

 6.1.2 Landlord shall provide adequate electrical wiring, lighting and electricity plug load and facilities and power for
normal general office use for Building standard lighting as determined by Landlord. Landlord shall designate the electricity utility provider from time to time. 
 6.1.3 As part of Operating Expenses or Utilities Costs (as determined by Landlord), Landlord shall replace lamps, starters and ballasts for Building standard lighting fixtures within the Premises. Tenant
shall bear the cost of replacement of lamps, starters and ballasts for non-Building standard lighting fixtures within the Premises. 
 6.1.4 Landlord shall provide city water from the regular Building outlets for drinking, lavatory and toilet purposes. 
 6.1.5 Landlord shall provide janitorial services five (5) days per week, except the date of observation of the Holidays, in and about the Premises and window washing services in a manner consistent
with other comparable buildings in the vicinity of the Project. 
 6.1.6 Landlord shall provide nonexclusive automatic passenger
elevator service at all times. 
 6.1.7 Landlord shall provide nonexclusive freight elevator service subject to scheduling by
Landlord. 
 6.2 Overstandard Tenant Use. Tenant shall not, without Landlord’s prior written consent, use
heat-generating machines, machines other than normal fractional horsepower office machines, or equipment or lighting other than Building standard lights in the Premises, which may affect the temperature otherwise maintained by the air conditioning
system or increase the water normally furnished for the Premises by Landlord pursuant to the terms of Section 6.1 of this Lease. If such consent is given, Landlord shall have the right to install supplementary air conditioning units or
other facilities in the Premises, including supplementary or additional metering devices, and the cost thereof, including the cost of installation, operation and maintenance, increased wear and tear on existing equipment and other similar charges,
shall be paid by Tenant to Landlord upon billing by Landlord. If Tenant uses water or heat or air conditioning in excess of that supplied by Landlord pursuant to Section 6.1 of this Lease, or if Tenant’s consumption of electricity
shall exceed two (2) watts connected load per square foot of rentable area of the Premises, calculated on a monthly basis for the hours described in Section 6.1.1 above, Tenant shall pay to Landlord, within thirty (30) days
after billing and as Additional Rent, the cost of such excess consumption, the cost of the installation, operation, and maintenance of equipment which is installed in order to supply such excess consumption, and the cost of the increased wear and
tear on existing equipment caused by such excess consumption; and Landlord may install devices to separately meter any increased use, and in such event Tenant shall pay, as 

  
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Additional Rent, the increased cost directly to Landlord, within thirty (30) days after demand, including the cost of such additional metering devices. If Tenant desires to use heat,
ventilation or air conditioning during hours other than those for which Landlord is obligated to supply such utilities pursuant to the terms of Section 6.1 of this Lease, (i) Tenant shall give Landlord such prior notice, as Landlord
shall from time to time establish as appropriate, of Tenant’s desired use, (ii) Landlord shall supply such heat, ventilation or air conditioning to Tenant at such hourly cost to Tenant as Landlord shall from time to time establish, and
(iii) Tenant shall pay such cost within thirty (30) days after billing, as Additional Rent. 
 6.3 Interruption of
Use. Tenant agrees that Landlord shall not be liable for damages, by abatement of Rent or otherwise, for failure to furnish or delay in furnishing any service (including telephone and telecommunication services), or for any diminution in the
quality or quantity thereof, when such failure or delay or diminution is occasioned, in whole or in part, by repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water, or
other fuel at the Building or Project after reasonable effort to do so, by any accident or casualty whatsoever, by act or default of Tenant or other parties, or by any other cause beyond Landlord’s reasonable control; and such failures or
delays or diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease. Furthermore, Landlord
shall not be liable under any circumstances for a loss of, or injury to, property or for injury to, or interference with, Tenant’s business, including, without limitation, loss of profits, however occurring, through or in connection with or
incidental to a failure to furnish any of the services or utilities as set forth in this Article 6. Notwithstanding any provision contained herein to the contrary, Tenant’s Base Rent shall be abated to the extent that utility
services are interrupted for a period of five (5) or more consecutive business days as a result of Landlord’s sole fault or neglect and not due to (i) the fault of the utility supplier or failure of the utility supplier to provide the
applicable service, (ii) Force Majeure (as defined in Section 24.17), (iii) a casualty, or (iv) the act or omission of Tenant, its employees, contractors or agents or the failure of any equipment or non-Building standard
improvements installed by Tenant in the Premises; provided Tenant is prevented from using the Premises as a result thereof. 

6.4 Additional Services. Landlord shall also have the exclusive right, but not the obligation, to provide any additional services
which may be required by Tenant, including, without limitation, locksmithing, lamp replacement, additional janitorial service, and additional repairs and maintenance, provided that Tenant shall pay to Landlord upon billing, the sum of all costs to
Landlord of such additional services plus an administration fee not to exceed five percent (5%). Notwithstanding the foregoing, Tenant shall have the right to provide its own catering services and vending machine contractor without using
Landlord’s vendors for such services. Charges for any utilities or services for which Tenant is required to pay from time to time hereunder, shall be deemed Additional Rent hereunder and shall be billed on a monthly basis. 

ARTICLE 7 
 REPAIRS 
 7.1 Tenant’s Repairs. Subject to
Landlord’s repair obligations in Sections 7.2 and 11.1 below, and except for damage resulting from casualty which shall be governed by the terms of Article 11, Tenant shall, at Tenant’s own expense, keep the
Premises, including all improvements, fixtures and furnishings therein and all Systems and Equipment that exclusively serve the Premises, in good order, repair and condition at all times during the Lease Term, which repair obligations shall include,
without limitation, the obligation to promptly and adequately repair all damage to the Premises and replace or repair all damaged or broken fixtures and appurtenances; provided however, that, at Landlord’s option, or if Tenant fails to make
such repairs, Landlord may, but need not, make such repairs and replacements, and Tenant shall pay Landlord the cost thereof, including a percentage of the cost thereof (to be uniformly established for the Building) sufficient to reimburse Landlord
for all overhead, general conditions, fees and other costs or expenses arising from Landlord’s involvement with such repairs and replacements forthwith upon being billed for same. 

7.2 Landlord’s Repairs. Anything contained in Section 7.1 above to the contrary notwithstanding, and subject to
Articles 11 and 12 of this Lease, Landlord shall repair and maintain the (i) structural portions of the Building, including the Systems and Equipment serving the Building, the roof, windows, window frames and all exterior and
common area glass, (ii) the Common Areas, (iii) the Parking Area, (iv) the restrooms located within the Premises, (v) all fire-exit stairways, (vi) janitorial, telephone and electrical closets located in the Premises, and
(vii) latent defects in the Building; provided, however, if such maintenance and repairs are caused in part or in whole by the act, neglect, fault of or omission of any duty by Tenant, its agents, servants, employees or invitees, Tenant shall
pay to Landlord, as Additional Rent, the reasonable cost of such maintenance and repairs within thirty (30) days after Landlord’s invoice therefore. Landlord shall not be liable for any failure to make any such repairs, or to perform any
maintenance. There shall be no abatement of Rent (except as otherwise expressly provided in Section 6.3) and no liability of Landlord by reason of any injury to or interference with Tenant’s business arising from the making of any
repairs, alterations or improvements in or to any portion of the Project, Building or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant hereby waives and releases its right to make repairs at Landlord’s expense
under Sections 1941 and 1942 of the California Civil Code; or under any similar law, statute, or ordinance now or hereafter in effect. Except for maintenance or repairs made necessary by act, neglect, fault of or omission of any duty by Tenant,
its agents, servants, employees or invitees, all costs incurred by Landlord pursuant to this Section 7.2 shall, except to the extent the same are excluded by Section 4.2.4, be included in Operating Expenses. 

  
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 ARTICLE 8 

ADDITIONS AND ALTERATIONS 
 8.1 Landlord’s Consent to Alterations. Tenant may not make any improvements, alterations, additions or changes to the Premises (collectively, the “Alterations”) without first
procuring the prior written consent of Landlord to such Alterations, which consent shall be requested by Tenant not less than fifteen (15) days prior to the commencement thereof, and which consent shall not be unreasonably withheld or delayed
by Landlord; provided, however, Landlord may withhold its consent in its sole and absolute discretion with respect to any Alterations which may affect the structural components of the Building or the Systems and Equipment or which can be seen from
outside the Premises. Notwithstanding the foregoing, the installation by Tenant of a Wi-Fi Network shall be governed by the terms of Section 8.3 below. Notwithstanding the foregoing, Tenant shall have the right to make Alterations to the
Premises which are (i) nonstructural, (ii) do not affect the Systems and Equipment, (iii) are not visible from the exterior of the Premises or the Building, (iv) do not require permits or roof penetrations, and (v) which do
not exceed in the aggregate Twenty-five Thousand Dollars ($25,000) in any one calendar year without the prior written approval of Landlord, provided that Tenant shall give Landlord at last ten (10) business days’ prior written notice of
the Alteration, including fully detailed and dimensioned plans and specifications therefore (to the extent applicable), and subject to all of the other terms and conditions of this Article 8. Tenant shall pay for all overhead, general
conditions, fees and other costs and expenses of the Alterations, and shall pay to Landlord a Landlord supervision fee of five percent (5%) of the cost of the Alterations. The construction of the initial improvements to the Premises shall be
governed by the terms of the Tenant Work Letter and not the terms of this Article 8. 
 8.2 Manner of
Construction. Landlord may impose, as a condition of its consent to all Alterations or repairs of the Premises or about the Premises, such requirements as Landlord in its reasonable discretion may deem desirable, including, but not limited to,
the requirement that Tenant utilize for such purposes only contractors, materials, mechanics and materialmen reasonably approved by Landlord; provided, however, Landlord may impose such requirements as Landlord may determine, in its sole and
absolute discretion, with respect to any work affecting the structural components of the Building or Systems and Equipment (including designating specific contractors to perform such work). Tenant shall construct such Alterations and perform such
repairs in conformance with any and all applicable rules and regulations of any federal, state, county or municipal code or ordinance and pursuant to a valid building permit, issued by the city in which the Project is located, and in conformance
with Landlord’s construction rules and regulations and all covenants, conditions and restrictions now or hereafter affecting the Project. Landlord’s approval of the plans, specifications and working drawings for Tenant’s Alterations
shall create no responsibility or liability on the part of Landlord for their completeness, design sufficiency, or compliance with all laws, rules and regulations of governmental agencies or authorities. All work with respect to any Alterations must
be done in a good and workmanlike manner and diligently prosecuted to completion to the end that the Premises shall at all times be a complete unit except during the period of work. In performing the work of any such Alterations, Tenant shall have
the work performed in such manner as not to obstruct access to the Building or Project or the Common Areas for any other tenant of the Project, and as not to obstruct the business of Landlord or other tenants of the Project, or interfere with the
labor force working at the Project. If Tenant makes any Alterations, Tenant agrees to carry “Builder’s All Risk” insurance in an amount approved by Landlord covering the construction of such Alterations, and such other insurance as
Landlord may require, it being understood and agreed that all of such Alterations shall be insured by Tenant pursuant to Article 10 of this Lease immediately upon completion thereof. In addition, if Tenant makes any Alterations with a
cost in excess of Fifty Thousand Dollars ($50,000), Landlord may, in its discretion, require Tenant to obtain a lien and completion bond or some alternate form of security satisfactory to Landlord in an amount sufficient to ensure the lien-free
completion of such Alterations and naming Landlord as a co-obligee. Upon completion of any Alterations, Tenant shall (i) cause a Notice of Completion to be recorded in the office of the Recorder of the county in which the Project is located in
accordance with Section 3093 of the Civil Code of the State of California or any successor statute, (ii) deliver to the management office of the Project a reproducible copy of the “as built” drawings of the Alterations, and
(iii) deliver to Landlord evidence of payment, contractors’ affidavits and full and final waivers of all liens for labor, services or materials. 
 8.3 Wi-Fi Network. Without limiting the generality of the foregoing, in the event Tenant desires to install wireless intranet, Internet or any other wireless data or communications network
(“Wi-Fi Network”) in the Premises for the use by Tenant and its employees, then Tenant shall be permitted to install such Wi-Fi Network and the same shall be subject to the provisions of this Section 8.3 (in addition to
the other provisions of this Article 8). Tenant shall, in accordance with Section 8.4 below, remove the Wi-Fi Network from the Premises prior to the termination of the Lease. Tenant shall use the Wi-Fi Network so as not to
cause any interference to other tenants in the Building or to other tenants at the Project or with any other tenant’s communication equipment, and not to damage the Building or Project or interfere with the normal operation of the Building or
Project and Tenant hereby agrees to indemnify, defend and hold Landlord harmless from and against any and all claims, costs, damages, expenses and liabilities (including attorneys’ fees) arising out of Tenant’s failure to comply with the
provisions of this Section 8.3, except to the extent same is caused by the gross negligence or willful misconduct of Landlord and which is not covered by the insurance carried by Tenant under this Lease (or which would not be covered by
the insurance required to be carried by Tenant under this Lease). Should any interference occur, Tenant shall take all necessary steps as soon as reasonably possible and no later than three (3) calendar days following such occurrence to correct
such interference. If such interference continues after such three (3) day period, Landlord and Tenant shall immediately use their diligent and good faith efforts to resolve such interference issues until such interference is corrected or
remedied to Landlord’s satisfaction. Tenant acknowledges that Landlord has granted and/or may grant telecommunication rights to other tenants and occupants of the Building and to telecommunication service providers and in no event shall
Landlord be liable to Tenant for any interference of the same with such Wi-Fi Network. Landlord makes no representation that the Wi-Fi Network will be able to receive or transmit communication signals without interference or disturbance. Tenant
shall (i) be solely responsible for any damage caused as a result of the Wi-Fi Network, (ii) promptly pay any tax, license or permit fees charged pursuant to any laws or regulations in connection with the installation, maintenance or use
of the Wi-Fi Network and comply with all precautions and safeguards recommended by all governmental authorities, (iii) pay for all necessary 

  
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repairs, replacements to or maintenance of the Wi-Fi Network, and (iv) be responsible for any modifications, additions or repairs to Building systems or infrastructure which are required by
reason of the installation or operation of Tenant’s Wi-Fi Network. Should Landlord be required to retain professionals to research any interference issues that may arise and to confirm Tenant’s compliance with the terms of this
Section 8.3, Tenant shall reimburse Landlord for all costs incurred by Landlord in connection therewith within twenty (20) days following submission to Tenant of an invoice from Landlord, which costs shall not exceed $1,000 per year
(except in the event of a default by Tenant hereunder). This reimbursement obligation is in addition to any other rights or remedies Landlord may have in the event of a breach or default by Tenant under this Lease. 

8.4 Landlord’s Property. All Alterations, improvements, fixtures and/or equipment (other than Tenant’s personal property
and trade fixtures) which may be installed or placed in or about the Premises, including any Cabling (as defined below) and wiring associated with the Wi-Fi Network, and all signs installed in, on or about the Premises and all furniture purchased
with the Furnishings Credit (as defined in Exhibit B), shall be at the sole cost of Tenant and shall be and become the property of Landlord. Furthermore, Landlord may require that Tenant remove any improvement or Alteration (including any
Cabling and wiring associated with the Wi-Fi Network, but excluding the initial Tenant Improvements constructed pursuant to Exhibit B) upon the expiration or early termination of the Lease Term, and repair any damage to the Premises and
Building caused by such removal; provided, however, that, Landlord shall give Tenant written notice of such removal requirement not less than thirty (30) days prior to the expiration of the Lease, and provided, further, for Alterations made
with Landlord’s consent, Landlord shall advise Tenant at the time of granting consent if Landlord requires such Alterations to be removed at the expiration or earlier termination of the Lease. If Tenant fails to complete such removal and/or to
repair any damage caused to the Premises and Building by the removal of any Alterations (including any Cabling and wiring associated with the Wi-Fi Network), Landlord may do so and may charge the cost thereof to Tenant (together with a five
percent (5%) supervision/administration fee), and Tenant shall pay such cost to Landlord within thirty (30) days of being billed for the same. The provisions of this Section 8.4 shall survive the expiration or earlier
termination of the Lease. 
 ARTICLE 9 
 COVENANT AGAINST LIENS 
 Tenant has no authority or power to cause
or permit any lien or encumbrance of any kind whatsoever, whether created by act of Tenant, operation of law or otherwise, to attach to or be placed upon the Project, Building or Premises, and any and all liens and encumbrances created by Tenant
shall attach to Tenant’s interest only. Landlord shall have the right at all times to post and keep posted on the Premises any notice which it deems necessary for protection from such liens. Tenant covenants and agrees not to suffer or permit
any lien of mechanics or materialmen or others to be placed against the Project, the Building or the Premises with respect to work or services claimed to have been performed for or materials claimed to have been furnished to Tenant or the Premises,
and, in case of any such lien attaching or notice of any lien, Tenant covenants and agrees to cause it to be released and removed of record within ten (10) days after the date Tenant receives written notice of such lien. Notwithstanding
anything to the contrary set forth in this Lease, if any such lien is not released and removed on or before the date specified in the preceding sentence, Landlord, at its sole option, may immediately take all action necessary to release and remove
such lien, without any duty to investigate the validity thereof, and all sums, costs and expenses, including reasonable attorneys’ fees and costs, incurred by Landlord in connection with such lien shall be deemed Additional Rent under this
Lease and shall be due and payable by Tenant within thirty (30) days after Landlord’s invoice. 
 ARTICLE 10

 INDEMNIFICATION AND INSURANCE 
 10.1 Indemnification and Waiver. Tenant hereby assumes all risk of damage to property and injury to persons, in, on, or about the Premises and/or parking facilities from any cause whatsoever and
agrees that Landlord, and its partners and subpartners, and their respective officers, agents, property managers, servants, employees, and independent contractors (collectively, “Landlord Parties”) shall not be liable for, and are
hereby released from any responsibility for, any damage to property or injury to persons or resulting from the loss of use thereof, which damage or injury is sustained by Tenant, Tenant’s employees, agents, contractors, invitees or by other
persons claiming through Tenant; provided, however, that the foregoing shall not be deemed to constitute Tenant’s waiver of claims with respect to the foregoing to the extent caused by the gross negligence or willful misconduct of Landlord or
Landlord’s Parties. Tenant shall indemnify, defend, protect, and hold harmless the Landlord Parties from any and all loss, cost, damage, expense and liability (including, without limitation, court costs and reasonable attorneys’ fees)
incurred in connection with or arising from any cause in, on or about the Premises (including, without limitation, Tenant’s installation, placement and removal of Alterations, improvements, fixtures and/or equipment in, on or about the
Premises), and any acts, omissions or negligence of Tenant or of any person claiming by, through or under Tenant, or of the contractors, agents, servants, employees, licensees or invitees of Tenant or any such person, in, on or about the Premises,
the Building and Project; provided, however, that the terms of the foregoing indemnity shall not apply to the gross negligence or willful misconduct of Landlord. The provisions of this Section 10.1 shall survive the expiration or earlier
termination of this Lease. 
 10.2 Tenant’s Compliance with Landlord’s Fire and Casualty Insurance. Tenant
shall, at Tenant’s expense, comply as to the Premises with all insurance company requirements pertaining to the use of the Premises. If Tenant’s conduct or use of the Premises causes any increase in the premium for such insurance policies,
then Tenant shall reimburse Landlord for any such increase. Tenant, at Tenant’s expense, shall comply with all rules, orders, regulations or requirements of the American Insurance Association (formerly the National Board of Fire Underwriters)
and with any similar body. 

  
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 10.3 Tenant’s Insurance. Tenant shall maintain the following coverages in the
following amounts. 
 10.3.1 Commercial General Liability Insurance covering the insured against claims of bodily injury,
personal injury and property damage arising out of Tenant’s operations, assumed liabilities or use of the Premises, including a Broad Form Commercial General Liability endorsement covering the insuring provisions of this Lease and the
performance by Tenant of the indemnity agreements set forth in Section 10.1 of this Lease, (and with owned and non-owned automobile liability coverage, and liquor liability coverage in the event alcoholic beverages are served on the
Premises) for limits of liability (which may be maintained through a combination of primary and excess coverage insurance) not less than: 
  

			
	 Bodily Injury and
	  	$5,000,000 each occurrence
	 Property Damage Liability
	  	$5,000,000 annual aggregate
		
		  	$5,000,000 each occurrence
	 Personal Injury Liability
	  	$5,000,000 annual aggregate

 10.3.2 Physical Damage Insurance covering (i) all furniture, trade fixtures, equipment, merchandise
and all other items of Tenant’s property on the Premises installed by, for, or at the expense of Tenant, (ii) the Tenant Improvements, including any Tenant Improvements which Landlord permits to be installed above the ceiling of the
Premises or below the floor of the Premises, and (iii) all other improvements, alterations and additions to the Premises, including any improvements, alterations or additions installed at Tenant’s request above the ceiling of the Premises
or below the floor of the Premises. Such insurance shall be written on a “physical loss or damage” basis under a “special form” policy, for the full replacement cost value new without deduction for depreciation of the covered
items and in amounts that meet any co-insurance clauses of the policies of insurance and shall include a vandalism and malicious mischief endorsement, sprinkler leakage coverage and earthquake sprinkler leakage coverage. 

10.3.3 Workers’ compensation insurance as required by law. 
 10.3.4 Loss-of-income, business interruption and extra-expense insurance in such amounts as will reimburse Tenant for direct and indirect loss of earnings attributable to all perils commonly insured
against by prudent tenants or attributable to prevention of loss of access to the Premises or to the Building as a result of such perils. 
 10.3.5 Tenant shall carry comprehensive automobile liability insurance having a combined single limit of not less than Two Million Dollars ($2,000,000.00) per occurrence and insuring Tenant against
liability for claims arising out of ownership, maintenance or use of any owned, hired or non-owned automobiles. Tenant may maintain such coverage through a combination of primary and excess coverage insurance. 

10.3.6 The minimum limits of policies of insurance required of Tenant under this Lease shall in no event limit the liability of Tenant
under this Lease. Such insurance shall: (i) name Landlord, and any other party it so specifies, as an additional insured; (ii) specifically cover the liability assumed by Tenant under this Lease, including, but not limited to,
Tenant’s obligations under Section 10.1 of this Lease; (iii) be issued by an insurance company having a rating of not less than A-:X in Best’s Insurance Guide or which is otherwise acceptable to Landlord and licensed to do
business in the state in which the Project is located; (iv) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and is non-contributing with any insurance requirement of Tenant;
(v) provide that said insurance shall not be canceled or coverage changed unless thirty (30) days’ prior written notice (fifteen (15) days for non-payment of premium) shall have been given to Landlord by the Tenant;
(vi) contain a cross-liability endorsement or severability of interest clause acceptable to Landlord; and (vii) with respect to the insurance required in Sections 10.3.1 and 10.3.2 above, have deductible amounts not
exceeding Five Thousand Dollars ($5,000.00). Tenant shall deliver said policy or policies or certificates thereof to Landlord on or before the Lease Commencement Date and within ten (10) days before the expiration dates thereof. If Tenant shall
fail to procure such insurance, or to deliver such policies or certificate, within such time periods, Landlord may, at its option, in addition to all of its other rights and remedies under this Lease, and without regard to any notice and cure
periods set forth in Section 19.1, procure such policies for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent within ten (10) days after delivery of bills therefor. 

10.4 Subrogation. Landlord and Tenant agree to have their respective insurance companies issuing property damage insurance waive
any rights of subrogation that such companies may have against Landlord or Tenant, as the case may be. As long as such waivers of subrogation are contained in their respective insurance policies, Landlord and Tenant hereby waive any right that
either may have against the other on account of any loss or damage to their respective property to the extent such loss or damage is insurable under policies of insurance for fire and all risk coverage, theft, public liability, or other similar
insurance. 
 10.5 Additional Insurance Obligations. Tenant shall carry and maintain during the entire Lease Term, at
Tenant’s sole cost and expense, increased amounts of the insurance required to be carried by Tenant pursuant to this Article 10, and such other types of insurance coverage and in such reasonable amounts covering the Premises and
Tenant’s operations therein, as may be reasonably requested by Landlord provided such other reasonable coverages and amounts are required by Landlord’s lender or are required by landlords of other comparable buildings in the vicinity of
the Building. 

  
 11 

 ARTICLE 11 

DAMAGE AND DESTRUCTION 
 11.1 Repair of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire or any other casualty. If the Premises or any Common Areas
serving or providing access to the Premises shall be damaged by fire or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, and
subject to all other terms of this Article 11, restore the base, shell, and core of the Premises and such Common Areas. Such restoration shall be to substantially the same condition of the base, shell, and core of the Premises and Common
Areas prior to the casualty, except for modifications required by zoning and building codes and other laws, or any other modifications to the Common Areas deemed desirable by Landlord, provided access to the Premises and any common restrooms serving
the Premises shall not be materially impaired. Notwithstanding any other provision of this Lease, upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) the portion of the
insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.3.2 of this Lease allocable to the Tenant Improvements and any Alterations (and Tenant shall retain the portion of such proceeds allocable to
Tenant’s furniture, fixtures and equipment, telephone system, Cabling (as defined below), supplemental utility system and Wi-Fi Network), and Landlord shall repair any injury or damage to the Tenant Improvements and Alterations installed in the
Premises and shall return such Tenant Improvements and Alterations to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier,
as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s repair of the damage. Notwithstanding anything to the contrary herein, in no event shall Landlord be obligated to repair or restore any
specialized or dedicated equipment serving Tenant, such as any Cabling (as defined below), wiring, supplemental utility system, Tenant’s furniture, fixtures and equipment and the telephone system or wireless/Wi-Fi Network. In connection with
such repairs and replacements, Tenant shall, prior to the commencement of construction, submit to Landlord, for Landlord’s review and approval, all plans, specifications and working drawings relating thereto. Landlord shall not be liable for
any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof; provided however, that if such fire or other casualty shall have damaged the Premises or
Common Areas necessary to Tenant’s occupancy, and Landlord shall allow Tenant a proportionate abatement of Base Rent and Tenant’s Share of Operating Expenses, Tax Expenses and Utilities Costs, during the time and to the extent the Premises
are unfit for occupancy for the purposes permitted under this Lease, and not occupied by Tenant as a result thereof. 
 11.2
Landlord’s Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, the Building and/or any other portion of the Project and instead terminate
this Lease by notifying Tenant in writing (“Landlord’s Damage Notice”) of such termination within sixty (60) days after the date of damage, such notice to include a termination date giving Tenant ninety (90) days to
vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) repairs cannot
reasonably be completed within one hundred twenty (120) days of the date of damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Project or ground or underlying
lessor with respect to the Project and/or the Building shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground or underlying lease, as the case may be; or (iii) the
damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. In addition, if the Premises or the Building is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease
Term, then notwithstanding anything contained in this Article 11, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within thirty (30) days after such damage or
destruction, in which event this Lease shall cease and terminate as of the date of such notice. Upon any such termination of this Lease pursuant to this Section 11.2, Tenant shall pay the Base Rent and Additional Rent, properly
apportioned up to such date of termination, and both parties hereto shall thereafter be freed and discharged of all further obligations hereunder, except as provided for in provisions of this Lease which by their terms survive the expiration or
earlier termination of the Lease Term. 
 11.3 Waiver of Statutory Provisions. The provisions of this Lease, including
this Article 11, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or any other portion of the Project, and any statute or
regulation of the state in which the Project is located, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an
express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or any other portion of the
Project. 
 11.4 Tenant’s Termination Option. If (i) Landlord does not elect to terminate this Lease pursuant
to Landlord’s termination right as provided in Section 11.2 above, (ii) the damage substantially interferes with Tenant’s access to or usage of the Premises and Tenant does not thereafter use the Premises, and
(iii) Landlord’s restoration work cannot, in the reasonable opinion of Landlord’s licensed contractor, be substantially completed within one hundred eighty (180) days after the date of Landlord’s Damage Notice, then Tenant
may elect to terminate this Lease by delivering written notice thereof to Landlord within thirty (30) days after Tenant’s receipt of Landlord’s Damage Notice, which termination shall be effective as of the date which is ninety
(90) days after the date such termination notice is delivered to Landlord. 

  
 12 

 ARTICLE 12 

CONDEMNATION 
 12.1 Permanent Taking. If the whole or any material part of the Premises, Building or Project shall be taken by power of eminent domain or condemned by any competent authority for any public or
quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such authority in such manner as to require the use, reconstruction or remodeling of any part of the Premises, Building
or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, Landlord shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given
no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument. If a material portion of the Premises is taken, or if access to the Premises is substantially
impaired, Tenant shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking. Landlord shall be entitled to
receive the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by
Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, and for moving expenses, so long as such claim does not diminish the award available to Landlord, its ground lessor with respect to the Project or its mortgagee, and such
claim is payable separately to Tenant. All Rent shall be apportioned as of the date of such termination, or the date of such taking, whichever shall first occur. If any part of the Premises shall be taken, and this Lease shall not be so terminated,
the Base Rent and Tenant’s Share of Operating Expenses, Tax Expenses and Utilities Costs shall be proportionately abated. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the California Code
of Civil Procedure. 
 12.2 Temporary Taking. Notwithstanding anything to the contrary contained in this
Article 12, in the event of a temporary taking of all or any portion of the Premises for a period of one hundred and eighty (180) days or less, then this Lease shall not terminate but the Base Rent and Tenant’s Share of
Operating Expenses, Tax Expenses and Utilities Costs shall be abated for the period of such taking in proportion to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the Premises.
Landlord shall be entitled to receive the entire award made in connection with any such temporary taking. 
 ARTICLE 13

 COVENANT OF QUIET ENJOYMENT 
 Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved and on keeping, observing and performing all the other terms, covenants, conditions, provisions
and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements
hereof without interference by any persons lawfully claiming by or through Landlord. The foregoing covenant is in lieu of any other covenant express or implied. 
 ARTICLE 14 
 ASSIGNMENT AND SUBLETTING 

14.1 Transfers. Tenant shall not, without the prior written consent of Landlord, assign, mortgage, pledge, hypothecate, encumber,
or permit any lien to attach to, or otherwise transfer, this Lease or any interest hereunder, permit any assignment or other such foregoing transfer of this Lease or any interest hereunder by operation of law, sublet the Premises or any part
thereof, or permit the use of the Premises by any persons other than Tenant and its employees (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers” and any person to whom any Transfer is made or
sought to be made is hereinafter sometimes referred to as a “Transferee”). If Tenant shall desire Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the “Transfer
Notice”) shall include (i) the proposed effective date of the Transfer, which shall not be less than fifteen (15) business days nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice,
(ii) a description of the portion of the Premises to be transferred (the “Subject Space”), (iii) the material terms of the proposed Transfer, the name and address of the proposed Transferee, and a copy of the operative
documents to be executed to evidence such Transfer, (iv) the most recent audited annual financial statements of the proposed Transferee or, in the case of unaudited financial statements, the most recent annual financial statements of the
proposed Transferee certified by an officer, partner or owner thereof, and (v) such other information as Landlord may reasonably require. Any Transfer made without Landlord’s prior written consent shall, at Landlord’s option, be null,
void and of no effect, and shall, at Landlord’s option, constitute a default by Tenant under this Lease. Each time Tenant requests Landlord’s consent to a proposed Transfer, whether or not Landlord shall grant consent, within
thirty (30) days after written request by Landlord, as Additional Rent hereunder, Tenant shall pay to Landlord One Thousand Five Hundred Dollars ($1,500) to reimburse Landlord for its review and processing fees, and Tenant shall also reimburse
Landlord for any reasonable legal fees incurred by Landlord in connection with Tenant’s proposed Transfer (so long as Tenant utilizes Landlord’s standard form transfer and consent documents without material modification, Landlord legal
fees shall not exceed $2,000). Notwithstanding anything to the contrary contained in this Article 14, so long as Tenant delivers to Landlord (i) written notice at least fifteen (15) days prior to the effective date of an assignment or
subletting of the Premises to any Permitted Transferee, which notice shall set forth the name of the Permitted 

  
 13 

 
Transferee, (ii) a copy of the agreement pursuant to which such assignment or sublease shall be effectuated, and (iii) such other information concerning the Permitted Transferee as
Landlord may reasonably require, including without limitation, information regarding any change in the proposed use of any portion of the Premises and any financial information with respect to such Permitted Transferee, and so long as (a) any
change in the proposed use of the subject portion of the Premises is in conformance with the uses permitted to be made under this Lease and do not involve the use or storage of any Hazardous Materials (other than nominal amounts of ordinary
household cleaners, office supplies and janitorial supplies which are not regulated by any environmental laws), and (b) the Permitted Transferee has a tangible net worth (defined as total assets, less goodwill and total liabilities) as of the
date of the proposed Permitted Transfer, in the aggregate, computed in accordance with Generally Accepted Accounting Principles, which is equal to or greater than Tenant as of the date of the Lease, then Tenant may assign (whether by assignment
document or by operation of law) this Lease or sublease any portion of the Premises (1) to any Related Entity, or (2) in connection with any merger, consolidation or sale of substantially all of the assets of Tenant, without having to
obtain the prior written consent of Landlord thereto (each such transfer shall be referred to herein as a “Permitted Transfer” and each transferee pursuant to a Permitted Transfer shall be referred to herein as a “Permitted
Transferee”). Notwithstanding anything to the contrary contained in this Article 14, a “Transfer” shall not include, and Landlord’s prior written consent shall not be required, in connection with any encumbrance of Tenant’s
assets pursuant to a security or pledge agreement securing the performance of Tenant’s obligations under a credit or loan agreement (or any amendment, modification or extension thereof) with one or more third party lenders. The provisions of
Section 14.3 and 14.4 below shall not be applicable in connection with a Permitted Transfer. Any Permitted Transfer shall in no way relieve Tenant of any liability Tenant may have under this Lease and such assignee or sublessee shall be jointly
and severally liable with Tenant hereunder. For purposes of this Section 14.1, the term “Related Entity” shall mean any entity controlled by, under control with, or in control of Tenant. The term “control” as used in the
immediately preceding sentence shall mean having direct ownership of fifty percent (50%) or more of the ownership interests of an entity and having the ability to direct the management and policies of such entity. 

14.2 Landlord’s Consent. Landlord shall not unreasonably withhold its consent to any proposed Transfer of the Subject Space
to the Transferee on the terms specified in the Transfer Notice. The parties hereby agree that it shall be reasonable under this Lease and under any applicable law for Landlord to withhold consent to any proposed Transfer where one or more of the
following apply, without limitation as to other reasonable grounds for withholding consent: 
 14.2.1 The Transferee is of a
character or reputation or engaged in a business which is not consistent with the quality of the Building or Project; 
 14.2.2
The Transferee intends to use the Subject Space for purposes which are not permitted under this Lease; 
 14.2.3 The Transferee
is either a governmental agency or instrumentality thereof; 
 14.2.4 The Transfer will result in more than a reasonable and
safe number of occupants per floor within the Subject Space; 
 14.2.5 The Transferee is not a party of reasonable financial
worth and/or financial stability that has and will continue to have sufficient financial strength to perform all of the remaining obligations of Tenant under the Lease from and after the date of transfer, as reasonably determined by Landlord taking
into account all relevant facts and circumstances; 
 14.2.6 The proposed Transfer would cause Landlord to be in violation of
another lease or agreement to which Landlord is a party, or would give an occupant of the Project a right to cancel its lease; or 
 14.2.7 The terms of the proposed Transfer will allow the Transferee to exercise a right of renewal, right of expansion, right of first offer, or other similar right held by Tenant (or will allow the
Transferee to occupy space leased by Tenant pursuant to any such right). 
 If Landlord consents to any Transfer pursuant to the
terms of this Section 14.2 (and does not exercise any recapture rights Landlord may have under Section 14.4 of this Lease), Tenant may within six (6) months after Landlord’s consent, but not later than the
expiration of said six-month period, enter into such Transfer of the Premises or portion thereof, upon substantially the same terms and conditions as are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to
Section 14.1 of this Lease, provided that if there are any changes in the terms and conditions from those specified in the Transfer Notice (i) such that Landlord would initially have been entitled to refuse its consent to such
Transfer under this Section 14.2, or (ii) which would cause the proposed Transfer to be more favorable to the Transferee than the terms set forth in Tenant’s original Transfer Notice, Tenant shall again submit the Transfer to
Landlord for its approval and other action under this Article 14 (including Landlord’s right of recapture, if any, under Section 14.4 of this Lease). 

14.3 Transfer Premium. If Landlord consents to a Transfer, as a condition thereto which the parties hereby agree is reasonable,
Tenant shall pay to Landlord fifty percent (50%) of any “Transfer Premium,” as that term is defined in this Section 14.3, received by Tenant from such Transferee. “Transfer Premium” shall mean all rent,
additional rent or other consideration payable by such Transferee in excess of the Rent and Additional Rent payable by Tenant under this Lease on a per rentable square foot basis if less than all of the Premises is transferred, after deducting the
reasonable expenses incurred by Tenant for (i) any reasonable changes, alterations and improvements to the Premises in connection with the Transfer (but only to the extent approved by Landlord), and (ii) any reasonable brokerage
commissions in connection with the Transfer. 

  
 14 

 
“Transfer Premium” shall also include, but not be limited to, key money and bonus money paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair
market value for services rendered by Tenant to Transferee in connection with such Transfer. 
 14.4 Landlord’s Option
as to Subject Space. Notwithstanding anything to the contrary contained in this Article 14, in the event Tenant desires to assign the Lease or sublease more than twenty-five percent (25%) of the rentable square footage of the
Premises, then Landlord shall have the option, by giving written notice to Tenant within fifteen (15) days after receipt of any Transfer Notice, to recapture the Subject Space. Such recapture notice shall cancel and terminate this Lease with
respect to the Subject Space as of the effective termination date stated in the recapture notice. If this Lease shall be canceled with respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the number of
rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises, and this Lease as so amended shall continue thereafter in full force and effect, and upon request of either party, the parties
shall execute written confirmation of the same. If Landlord declines, or fails to elect in a timely manner to recapture the Subject Space under this Section 14.4, then, provided Landlord has consented to the proposed Transfer, Tenant
shall be entitled to proceed to transfer the Subject Space to the proposed Transferee, subject to provisions of the last paragraph of Section 14.2 of this Lease. 
 14.5 Effect of Transfer. If Landlord consents to a Transfer, (i) the terms and conditions of this Lease shall in no way be deemed to have been waived or modified, (ii) such consent shall
not be deemed consent to any further Transfer by either Tenant or a Transferee, (iii) Tenant shall deliver to Landlord, promptly after execution, a fully-executed copy of the Transfer document, and (iv) no Transfer relating to this Lease
or agreement entered into with respect thereto, whether with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from liability under this Lease. Landlord or its authorized representatives shall have the right at
all reasonable times to audit the books, records and papers of Tenant relating to any Transfer, and shall have the right to make copies thereof. If the Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within
thirty (30) days after demand, pay the deficiency and Landlord’s costs of such audit. 
 14.6 Additional
Transfers. For purposes of this Lease, the term “Transfer” shall also include (i) if Tenant is a partnership or limited liability company, the withdrawal or change, voluntary, involuntary or by operation of law, of fifty
percent (50%) or more of the partners or members, as applicable, or transfer of twenty-five percent or more of partnership or membership interests, as applicable, within a twelve (12) month period, or the dissolution of the partnership or
limited liability company without immediate reconstitution thereof, and (ii) if Tenant is a closely held corporation (i.e., whose stock is not publicly held and not traded through an exchange or over the counter), (1) the dissolution,
merger, consolidation or other reorganization of Tenant, (2) the sale or other transfer of more than an aggregate of fifty percent (50%) of the voting shares of Tenant (other than to immediate family members by reason of gift or death),
within a twelve (12)-month period, or (3) the sale, mortgage, hypothecation or pledge of more than an aggregate of fifty percent (50%) of the value of the unencumbered assets of Tenant within a twelve (12) month period.
Notwithstanding the foregoing terms of this Section 14.6, the term “Transfer” shall not include, and Landlord shall have no right to consent to, the sale of the voting shares of Tenant by Silver Lake Partners II, LP, a Delaware
limited partnership, Silver Lake Technology Investors II, LP, a Delaware limited partnership or Serena Co-invest Partners LP, a Delaware limited partnership, so long as (a) Tenant delivers at least ten (10) business days prior written
notice of such sale to Landlord, (b) any such sale is not intended and does not serve as a subterfuge to avoid the requirements of this Article 14, and (c) the transferee is an entity with a character and reputation consistent with the
quality of the Building. 
 ARTICLE 15 
 SURRENDER; OWNERSHIP AND REMOVAL OF TRADE FIXTURES 
 15.1
Surrender of Premises. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically
acknowledged in a writing signed by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are
thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly terminated. The voluntary or other surrender of this
Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises.

 15.2 Removal of Tenant Property by Tenant. Upon the expiration of the Lease Term, or upon any earlier termination of
this Lease, Tenant shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in as good order and condition as when Tenant took possession and as thereafter improved by Landlord and/or
Tenant, reasonable wear and tear and repairs which are specifically made the responsibility of Landlord hereunder excepted. Upon such expiration or termination, Tenant shall, without expense to Landlord, remove or cause to be removed from the
Premises all debris and rubbish, and all items of furniture, equipment, free-standing cabinet work, and other articles of personal property owned by Tenant or installed or placed by Tenant at its expense in the Premises (other than furniture,
equipment or fixtures attached to the Premises and purchased with the Furnishings Credit) and such similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed. Landlord may require that
Tenant remove any Cabling (as defined below), wiring or conduit (including any such Cabling or wiring associated with the Wi-Fi Network, if any) which may have been placed at the Project or within the Building by or on behalf of Tenant. Tenant shall
repair at its own expense all damage to the Premises and Building resulting from removal of any of the foregoing items. In no event shall Tenant be required to remove any of the Tenant Improvements. In addition, if all or a portion of the corridor
located on the fourth floor of the Building is removed as part of the Tenant 

  
 15 

 
Improvements, then Tenant shall not be required to restore such corridor upon the expiration or earlier termination of the Lease. Landlord and Tenant hereby agree that the additional Base Rent
paid by Tenant under Article 3 of the Lease for the portion of the Premises where the corridor was removed shall be deemed to be full consideration for Landlord’s agreement that Tenant is not required to restore such corridor.

 15.3 Cabling. Notwithstanding anything to the contrary herein, Tenant shall, prior to the expiration or earlier
termination of this Lease, at Tenant’s expense and in compliance with the National Electric Code and other applicable laws, remove all electronic, fiber, phone and data cabling and related equipment that has been installed by or for the
exclusive benefit of Tenant in or around the Premises (collectively, the “Cabling”); provided, however, Tenant shall not remove such Cabling if Tenant receives a written notice from Landlord at least thirty (30) days prior to
the expiration of the Term of this Lease authorizing such Cabling to remain in place, in which event the Cabling shall be surrendered with the Premises upon the expiration or earlier termination of this Lease. 

ARTICLE 16 
 HOLDING OVER 
 If Tenant holds over after the expiration of the
Lease Term hereof, with or without the express or implied consent of Landlord, such tenancy shall be a tenancy at sufferance only, and shall not constitute a renewal hereof or an extension for any further term, and in such case Base Rent shall be
payable at a monthly rate equal to one hundred fifty percent (150%) of the Base Rent applicable during the last rental period of the Lease Term under this Lease. Such tenancy shall be subject to every other term, covenant and agreement
contained herein. Landlord hereby expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this
Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises upon the termination or expiration of this Lease, in addition
to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting from such failure, including,
without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender, and any lost profits to Landlord resulting therefrom. 

ARTICLE 17 
 ESTOPPEL CERTIFICATES 
 Within fifteen (15) days following a
request in writing by Landlord, Tenant shall execute and deliver to Landlord an estoppel certificate, which, as submitted by Landlord, shall be in the form as may be reasonably required by any prospective mortgagee or purchaser of the Project (or
any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall also contain any other information reasonably requested by Landlord or Landlord’s mortgagee or prospective mortgagee. Failure of Tenant to
timely execute and deliver such estoppel certificate shall constitute an acceptance of the Premises and an acknowledgment by Tenant that statements included in the estoppel certificate are true and correct, without exception. Failure by Tenant to
timely deliver such estoppel certificate shall be a material default of the provisions of this Lease. In addition, Tenant shall be liable to Landlord, and shall indemnify Landlord from and against any loss, cost, damage or expense, incidental,
consequential, or otherwise, including attorneys’ fees, arising or accruing directly or indirectly, from any failure of Tenant to execute or deliver to Landlord any such estoppel certificate. 

ARTICLE 18 
 SUBORDINATION 
 This Lease is subject and subordinate to all present
and future ground or underlying leases of the Project and to the lien of any mortgages or trust deeds, now or hereafter in force against the Project, if any, and to all renewals, extensions, modifications, consolidations and replacements thereof,
and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages or trust deeds, or the lessors under such ground lease or underlying leases, require in writing that this Lease
be superior thereto. Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any such mortgage, or if any ground or underlying lease is terminated, to attorn, without any deductions or set-offs whatsoever, to the
purchaser upon any such foreclosure sale, or to the lessor of such ground or underlying lease, as the case may be, if so requested to do so by such purchaser or lessor and to recognize such purchaser or lessor as the lessor under this Lease. Tenant
shall, within ten (10) days of written request by Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm the subordination or superiority of this Lease to any such mortgages,
trust deeds, ground leases or underlying leases. Notwithstanding the foregoing, the subordination of this Lease to any future ground or underlying lease of the Project or to any future lien of any mortgage or deed of trust is conditioned upon the
rights of Tenant under the Lease not being disturbed by any termination of such lease or foreclosure of such mortgage or deed of trust so long as Tenant is not in default hereunder beyond applicable notice and cure periods. Tenant waives the
provisions of any current or future statute, rule or law which may give or purport to give Tenant any right or election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder in the event of any foreclosure
proceeding or sale. Tenant hereby acknowledges that as of the date of execution of this Lease, there is a deed of trust encumbering Landlord’s interest in the Property in favor of Societe General (the “Current Lender”). Tenant
shall, concurrently with the execution of this Lease by Tenant, execute, notarize and deliver to Landlord a subordination, non-disturbance and attornment agreement in the form attached to this Lease as Exhibit E and incorporated herein by
this reference (the 

  
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“SNDA”). Landlord shall use commercially reasonable efforts to cause the Current Lender to execute, notarize and deliver to Tenant the SNDA within ninety
(90) days of the later of: the mutual execution and delivery of this Lease or the date Landlord receives Tenant’s executed original SNDA, but Landlord shall not be in default under this Lease and shall have no liability to Tenant
whatsoever if Landlord is unable to obtain and deliver to Tenant the SNDA executed by the Current Lender. 
 ARTICLE 19

 TENANT’S DEFAULTS; LANDLORD’S REMEDIES 

19.1 Events of Default by Tenant. All covenants and agreements to be kept or performed by Tenant under this Lease shall be
performed by Tenant at Tenant’s sole cost and expense and without any reduction of Rent. The occurrence of any of the following shall constitute a default of this Lease by Tenant: 

19.1.1 Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, within five
(5) days of written notice that the same is past due; provided however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or any similar or successor
law; or 
 19.1.2 Any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be
observed or performed by Tenant where such failure continues for twenty (20) days after written notice thereof from Landlord to Tenant; provided however, that any such notice shall be in lieu of, and not in addition to, any notice required
under California Code of Civil Procedure Section 1161 or any similar or successor law; and provided further that if the nature of such default is such that the same cannot reasonably be cured within a twenty (20) day period, Tenant shall
not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure said default as soon as possible; 
 19.1.3 The abandonment or vacation of the Premises by Tenant. Abandonment is herein defined to include, but is not limited to, any absence by Tenant from the Premises for three (3) business days or
longer while in default of any provision of this Lease; provided, however, that Tenant’s vacation of the Premises shall not constitute a default under this Lease so long as Tenant continues to pay the Base Rent, Additional Rent and all other
sums hereunder when due, and perform all of Tenant’s other obligations under this Lease; or 
 19.1.4 The making of a
general assignment by Tenant for the benefit of creditors, the filing of a voluntary petition by Tenant or the filing of an involuntary petition by any of Tenant’s creditors seeking the rehabilitation, liquidation, or reorganization of Tenant
under any law relating to bankruptcy, insolvency or other relief of debtors and, in the case of an involuntary action, the failure to remove or discharge the same within sixty (60) days of such filing, the appointment of a receiver or other
custodian to take possession of substantially all of Tenant’s assets or this leasehold, Tenant’s insolvency or inability to pay Tenant’s debts or failure generally to pay Tenant’s debts when due, any court entering a decree or
order directing the winding up or liquidation of Tenant or of substantially all of Tenant’s assets, Tenant taking any action toward the dissolution or winding up of Tenant’s affairs, the cessation or suspension of Tenant’s use of the
Premises, or the attachment, execution or other judicial seizure of substantially all of Tenant’s assets or this leasehold. 
 19.2 Landlord’s Remedies Upon Default. Upon the occurrence of any such default by Tenant, Landlord shall have, in addition to any other remedies available to Landlord at law or in equity, the
option to pursue any one or more of the following remedies, each and all of which shall be cumulative and nonexclusive, without any notice or demand whatsoever. 
 19.2.1 Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have
for possession or arrearages in Rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, without being liable for prosecution or any claim or damages
therefor; and Landlord may recover from Tenant the following: 
 (i) The worth at the time of award of any unpaid Rent which
has been earned at the time of such termination; plus 
 (ii) The worth at the time of award of the amount by which the unpaid
Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 
 (iii) The worth at the time of award of the amount by which the unpaid Rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have
been reasonably avoided; plus 
 (iv) Any other amount necessary to compensate Landlord for all the detriment proximately
caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically including but not limited to, brokerage commissions and advertising expenses
incurred, expenses of remodeling the Premises or any portion thereof for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant, including, without limitation, any rent abatement; and

  
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 (v) At Landlord’s election, such other amounts in addition to or in lieu of the
foregoing as may be permitted from time to time by applicable law. 
 As used in Sections 19.2.1(i) and (ii), above, the
“worth at the time of award” shall be computed by allowing interest at the Interest Rate set forth in Section 4.5 of this Lease. As used in Section 19.2.1(iii) above, the “worth at the time of award”
shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). 
 19.2.2 Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after lessee’s breach and abandonment and recover Rent as it becomes
due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may, from time to time, without terminating this
Lease, enforce all of its rights and remedies under this Lease, including the right to recover all Rent as it becomes due. 

19.2.3 Landlord shall have the immediate right of re-entry without terminating this Lease, and if this right of re-entry is exercised
following abandonment of the Premises by Tenant, Landlord may consider any of Tenant’s equipment, trade fixtures, Cabling, furnishings, inventories, goods and personal property left on the Premises to also have been abandoned. No re-entry or
taking possession of the Premises by Landlord pursuant to this Section 19.2 shall be construed as an election to terminate this Lease unless a written notice of such intention is given to Tenant. 

19.2.4 Landlord may, but shall not be obligated to, make any such payment or perform or otherwise cure any such obligation, provision,
covenant or condition on Tenant’s part to be observed or performed (and may enter the Premises for such purposes). In the event of Tenant’s failure to perform any of its obligations or covenants under this Lease, and such failure to
perform poses a material risk of injury or harm to persons or damage to or loss of property, then Landlord shall have the right to cure or otherwise perform such covenant or obligation at any time after such failure to perform by Tenant, whether or
not any such notice or cure period set forth in Section 19.1 above has expired. Any such actions undertaken by Landlord pursuant to the foregoing provisions of this Section 19.2.4 shall not be deemed a waiver of
Landlord’s rights and remedies as a result of Tenant’s failure to perform and shall not release Tenant from any of its obligations under this Lease. Tenant waives redemption or relief from forfeiture under California Code of Civil
Procedure Sections 1174 and 1179 (or any successor or substitute statute), or under any other present or future law, in the event Tenant is evicted or Landlord takes possession of the Premises by reason of any default of Tenant hereunder. Tenant
hereby waives for Tenant and for all those claiming under Tenant all rights now or hereafter existing to redeem by order or judgment of any court or by any legal process or writ, Tenant’s right of occupancy of the Premises after any termination
of this Lease. 
 19.3 Payment by Tenant. Tenant shall pay to Landlord, within fifteen (15) days after delivery by
Landlord to Tenant of statements therefor: (i) sums equal to expenditures reasonably made and obligations incurred by Landlord in connection with Landlord’s performance or cure of any of Tenant’s obligations pursuant to the provisions
of Section 19.2.4 above; and (ii) sums equal to all expenditures made and obligations incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any rights of Landlord under this
Lease or pursuant to law, including, without limitation, all legal fees and other amounts so expended. Tenant’s obligations under this Section 19.3 shall survive the expiration or earlier termination of the Lease Term. 

19.4 Sublessees of Tenant. Whether or not Landlord elects to terminate this Lease on account of any default by Tenant, as set
forth in this Article 19, Landlord shall have the right to terminate any and all subleases, licenses, concessions or other consensual arrangements for possession entered into by Tenant and affecting the Premises or may, in
Landlord’s sole discretion, succeed to Tenant’s interest in such subleases, licenses, concessions or arrangements. In the event of Landlord’s election to succeed to Tenant’s interest in any such subleases, licenses, concessions
or arrangements, Tenant shall, as of the date of notice by Landlord of such election, have no further right to or interest in the rent or other consideration receivable thereunder. 

19.5 Waiver of Default. No waiver by Landlord of any violation or breach by Tenant of any of the terms, provisions and covenants
herein contained shall be deemed or construed to constitute a waiver of any other or later violation or breach by Tenant of the same or any other of the terms, provisions, and covenants herein contained. Forbearance by Landlord in enforcement of one
or more of the remedies herein provided upon a default by Tenant shall not be deemed or construed to constitute a waiver of such default. The acceptance of any Rent hereunder by Landlord following the occurrence of any default, whether or not known
to Landlord, shall not be deemed a waiver of any such default, except only a default in the payment of the Rent so accepted. 

19.6 Efforts to Relet. For the purposes of this Article 19, Tenant’s right to possession shall not be deemed to
have been terminated by efforts of Landlord to relet the Premises, by its acts of maintenance or preservation with respect to the Premises, or by appointment of a receiver to protect Landlord’s interests hereunder. The foregoing enumeration is
not exhaustive, but merely illustrative of acts which may be performed by Landlord without terminating Tenant’s right to possession. 
 ARTICLE 20 
 SECURITY DEPOSIT 

Concurrent with Tenant’s execution of this Lease, Tenant shall deposit with Landlord a security deposit (the “Security
Deposit”) in the amount set forth in Section 10 of the Summary. The Security 

  
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Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease
Term. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of Rent, Landlord may, but shall not be required to, use, apply or retain all or any part of the Security
Deposit for the payment of any Rent or any other sum in default, or for the payment of any amount that Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage that
Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to
restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a default under this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit, or
any balance thereof, shall be returned to Tenant, or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, within forty-five (45) days following the expiration of the Lease Term. Tenant shall not be entitled to
any interest on the Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other provisions of law, now or hereafter in force, which provide that Landlord may claim from a security deposit
only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord
for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any officer, employee, agent or invitee of Tenant. 
 ARTICLE 21 
 COMPLIANCE WITH LAW 

Tenant shall not do anything or suffer anything to be done in or about the Premises which will in any way conflict with any law, statute,
ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated. Tenant shall, at its sole cost and expense, make any and all alterations, improvements and structural changes that are
required by laws, statutes, ordinances and governmental regulations or requirements as a result of Tenant’s particular use of the Premises or any alterations, additions or improvements made by Tenant. Any other alterations, improvements or
structural changes to the Premises or the Project that are required by laws, statutes, ordinances and governmental regulations or requirements, and not due to Tenant’s particular use of the Premises or Tenant’s alterations, additions or
improvements, shall be made by Landlord, and the cost thereof shall be an Operating Expense, subject to reimbursement pursuant to Section 4.2.4. In addition, Tenant shall fully comply with all present or future programs intended to
manage parking, transportation or traffic in and around the Project, and in connection therewith, Tenant shall take responsible action for the transportation planning and management of all employees located at the Premises by working directly with
Landlord, any governmental transportation management organization or any other transportation-related committees or entities. The judgment of any court of competent jurisdiction or the admission of Tenant in any judicial action, regardless of
whether Landlord is a party thereto, that Tenant has violated any of said governmental measures, shall be conclusive of that fact as between Landlord and Tenant. 
 ARTICLE 22 
 ENTRY BY LANDLORD 

Landlord reserves the right at all reasonable times and upon reasonable notice to Tenant (not less than twenty-four hours notice, except
in an emergency) to enter the Premises to: (i) inspect them; (ii) show the Premises to prospective purchasers, mortgagees or, during the last twelve (12) months of the Lease Term, to tenants, or to the ground or underlying lessors;
(iii) to post notices of nonresponsibility; or (iv) alter, improve or repair the Premises or the Building if necessary to comply with current building codes or other applicable laws, or for structural alterations, repairs or improvements
to the Building, or as Landlord may otherwise reasonably desire or deem necessary. Except in the event of an emergency, Tenant shall have the right to have a representative accompany Landlord in connection with any entry into the Premises. If Tenant
fails to make a representative available to accompany Landlord at the time of Landlord’s entry, then Tenant shall be deemed to have waived its right to accompany Landlord in connection with such entry. Notwithstanding anything to the contrary
contained in this Article 22, Landlord may enter the Premises at any time, without notice to Tenant, in emergency situations and/or to perform janitorial or other services required of Landlord pursuant to this Lease. Any such entries
shall be without the abatement of Rent and shall include the right to take such reasonable steps as required to accomplish the stated purposes; provided, however, Landlord shall use commercially reasonable efforts to minimize any interference with
Tenant’s use of the Premises given the circumstances of Landlord’s entry. Tenant hereby waives any claims for damages or for any injuries or inconvenience to or interference with Tenant’s business, lost profits, any loss of occupancy
or quiet enjoyment of the Premises, and any other loss occasioned thereby. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in the Premises, excluding Tenant’s vaults, safes and special
security areas designated in advance by Tenant. In an emergency, Landlord shall have the right to enter without notice and use any means that Landlord may deem proper to open the doors in and to the Premises. Any entry into the Premises in the
manner hereinbefore described shall not be deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. 

ARTICLE 23 
 TENANT PARKING 
 Subject to the terms of this Article 23,
Tenant shall be entitled to use, on an unassigned, unreserved and first come, first served basis, the number of parking spaces set forth in Section 12 of the Summary, which parking

  
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spaces are located in the Parking Area. The Parking Area shall be for passenger vehicles only and shall be in parking areas designated by Landlord. Tenant’s parking in the Parking Area shall
be free of charge by Landlord. Tenant’s continued right to use the Parking Area is conditioned upon (i) Tenant abiding by (1) all rules and regulations which are prescribed by Landlord from time to time for the orderly operation and
use of the Parking Area, and (2) all recorded covenants, conditions and restrictions affecting the Project, and (ii) Tenant’s cooperation in seeing that Tenant’s employees and visitors also comply with such rules and regulations
and covenants, conditions and restrictions. In addition, Landlord may assign any parking spaces and/or make all or a portion of such spaces reserved or institute an attendant-assisted tandem parking program and/or valet parking program if Landlord
determines in its sole discretion that such is necessary or desirable for orderly and efficient parking. Landlord specifically reserves the right, from time to time, to change the size, configuration, design, layout, location and all other aspects
of the Parking Area, and Tenant acknowledges and agrees that Landlord, from time to time, may, without incurring any liability to Tenant and without any abatement of Rent under this Lease temporarily close-off or restrict access to the Parking Area,
or temporarily relocate parking to other parking structures and/or surface parking areas within a reasonable distance from the Parking Area, for purposes of permitting or facilitating any such construction, alteration or improvements or to
accommodate or facilitate renovation, alteration, construction or other modification of other improvements or structures located on the Project. Landlord may delegate its responsibilities hereunder to a parking operator in which case such parking
operator shall have all the rights of control attributed hereby to Landlord. Any parking rates charged by Landlord shall be exclusive of any parking tax or other charges imposed by governmental authorities in connection with the use of such parking,
which taxes and/or charges shall be paid directly by Tenant or the parking users, or, if directly imposed against Landlord, Tenant shall reimburse Landlord for all such taxes and/or charges within ten (10) days after Tenant’s receipt of
the invoice from Landlord. The rights of Tenant to park in the Parking Area may not be transferred, assigned, subleased or otherwise alienated by Tenant without Landlord’s prior written approval. 

ARTICLE 24 
 MISCELLANEOUS PROVISIONS 
 24.1 Terms; Captions. The
necessary grammatical changes required to make the provisions hereof apply either to corporations or partnerships or individuals, men or women, as the case may require, shall in all cases be assumed as though in each case fully expressed. The
captions of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles and Sections. 
 24.2 Binding Effect. Each of the provisions of this Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their
respective successors or assigns, provided this clause shall not permit any assignment by Tenant contrary to the provisions of Article 14 of this Lease. 
 24.3 No Waiver. No waiver of any provision of this Lease shall be implied by any failure of a party to enforce any remedy on account of the violation of such provision, even if such violation shall
continue or be repeated subsequently, any waiver by a party of any provision of this Lease may only be in writing, and no express waiver shall affect any provision other than the one specified in such waiver and that one only for the time and in the
manner specifically stated. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder or after the giving of any notice
shall reinstate, continue or extend the Lease Term or affect any notice given Tenant prior to the receipt of such monies, it being agreed that after the service of notice or the commencement of a suit or after final judgment for possession of the
Premises, Landlord may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said notice, suit or judgment. 
 24.4 Financials. Upon request from time to time, Tenant agrees to provide to Landlord, within ten (10) days of written request, current financial statements for Tenant, dated no earlier than
one (1) year prior to such request, certified as accurate by Tenant or, if available, audited financial statements prepared by an independent certified public accountant with copies of the auditor’s statement. If any Guaranty is executed
in connection with this Lease, Tenant also agrees to deliver to Landlord, within ten (10) days of written request, current financial statements of the Guarantor in a form consistent with the above criteria. All such financial statements will be
delivered to Landlord and any such lender or purchaser in confidence and shall only be used for purposes of evaluating the financial strength of Tenant or of Guarantor, as applicable. 

24.5 Transfer of Landlord’s Interest. Tenant acknowledges that Landlord has the right to transfer all or any portion of its
interest in the Project, the Building and/or in this Lease, and Tenant agrees that in the event of any such transfer and subject to Landlord’s transferee assuming all of Landlord’s obligations under this Lease, Landlord shall automatically
be released from all liability arising under this Lease after the date of such transfer and Tenant agrees to look solely to such transferee for the performance of Landlord’s obligations hereunder after the date of transfer. Without limiting the
generality of the foregoing, it is acknowledged and agreed that the liability of Landlord under this Lease is limited to its actual period of ownership of title to the Building. The liability of any transferee of Landlord shall be limited to the
interest of such transferee in the Project and such transferee shall be without personal liability under this Lease, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or
under Tenant. Tenant further acknowledges that Landlord may assign its interest in this Lease to a mortgage lender as additional security and agrees that such an assignment shall not release Landlord from its obligations hereunder and that Tenant
shall continue to look to Landlord for the performance of its obligations hereunder. 
 24.6 Prohibition Against
Recording. Except as provided in Section 24.4 of this Lease, neither this Lease, nor any memorandum, affidavit or other writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of
Tenant, and the recording thereof in violation of this provision shall make this Lease null and void at Landlord’s election. 

  
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 24.7 Landlord’s Title; Air Rights. Landlord’s title is and always shall be
paramount to the title of Tenant. Nothing herein contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord. No rights to any view or to light or air over any property, whether belonging to Landlord or any
other person, are granted to Tenant by this Lease. 
 24.8 Tenant’s Signs. Tenant shall be entitled to
(i) one (1) identification sign on or near the entry doors of the Premises, and (ii) for multi-tenant floors, one (1) identification or directional sign, as designated by Landlord, in the elevator lobby on the floor on which the
Premises are located. Landlord shall pay for the cost of the initial installation of such permitted signage, and Tenant shall pay for the cost of any changes thereto. Tenant acknowledges and agrees that there currently are no available spaces on the
existing monument sign for the Building. If, during the Lease Term, space becomes available on such monument sign (as determined by Landlord), then Tenant shall have the right to install, at Tenant’s sole cost, a sign panel on such monument
sign. Tenant’s right to any monument signage shall be subject and subordinate to monument signage rights currently set forth in any lease which has been executed as of the date of execution of this Lease (as such leases may be modified, amended
or extended) and the rights of any tenant of the Project that leases more rentable square feet at the Project than Tenant. Such signs shall be installed by a signage contractor designated by Landlord. The location, quality, design, style, lighting
and size of such signs shall be consistent with the Landlord’s Building standard signage program and shall be subject to Landlord’s prior written approval, in its reasonable discretion. Upon the expiration or earlier termination of this
Lease, Tenant shall be responsible, at its sole cost and expense, for the removal of such signage and the repair of all damage to the Building caused by such removal. Tenant may not install any signs on the exterior or roof of the Building or the
Common Areas. Any signs, window coverings, or blinds (even if the same are located behind the Landlord approved window coverings for the Building), or other items visible from the exterior of the Premises or Building are subject to the prior
approval of Landlord, in its sole and absolute discretion. 
 24.9 Relationship of Parties. Nothing contained in this
Lease shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant, it being expressly understood and agreed
that neither the method of computation of Rent nor any act of the parties hereto shall be deemed to create any relationship between Landlord and Tenant other than the relationship of landlord and tenant. 

24.10 Application of Payments. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease,
regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. 

24.11 Time of Essence. Time is of the essence of this Lease and each of its provisions. 

24.12 Partial Invalidity. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or
unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every
other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by law. 
 24.13 No Warranty. In executing and delivering this Lease, Tenant has not relied on any representation, including, but not limited to, any representation whatsoever as to the amount of any item
comprising Additional Rent or the amount of the Additional Rent in the aggregate or that Landlord is furnishing the same services to other tenants, at all, on the same level or on the same basis, or any warranty or any statement of Landlord which is
not set forth herein or in one or more of the Exhibits attached hereto. 
 24.14 Landlord Exculpation. It is expressly
understood and agreed that notwithstanding anything in this Lease to the contrary, and notwithstanding any applicable law to the contrary, the liability of Landlord and the Landlord Parties hereunder (including any successor landlord) and any
recourse by Tenant against Landlord or the Landlord Parties shall be limited solely and exclusively to an amount which is equal to the ownership interest of Landlord in the Project, and neither Landlord, nor any of the Landlord Parties shall have
any personal liability therefor, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Tenant. 

24.15 Entire Agreement. It is understood and acknowledged that there are no oral agreements between the parties hereto affecting
this Lease and this Lease supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter
thereof, and none thereof shall be used to interpret or construe this Lease. This Lease and any side letter or separate agreement executed by Landlord and Tenant in connection with this Lease and dated of even date herewith contain all of the terms,
covenants, conditions, warranties and agreements of the parties relating in any manner to the rental, use and occupancy of the Premises, shall be considered to be the only agreement between the parties hereto and their representatives and agents,
and none of the terms, covenants, conditions or provisions of this Lease can be modified, deleted or added to except in writing signed by the parties hereto. All negotiations and oral agreements acceptable to both parties have been merged into and
are included herein. There are no other representations or warranties between the parties, and all reliance with respect to representations is based totally upon the representations and agreements contained in this Lease. 

24.16 Right to Lease. Landlord reserves the absolute right to effect such other tenancies in the Building or other portions of the
Project as Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Project. Tenant does not rely on the fact, nor does Landlord represent, that any specific tenant or type or number of tenants
shall, during the Lease Term, occupy any space in the Building or Project. 

  
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 24.17 Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts,
labor disputes, acts of God, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated
to perform, except with respect to the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease and except with respect to Tenant’s obligations under the Tenant Work Letter (collectively, the
“Force Majeure”), notwithstanding anything to the contrary contained in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a
time period for performance of an obligation of either party, that time period shall be extended by the period of any delay in such party’s performance caused by a Force Majeure. 

24.18 Waiver of Redemption by Tenant. Tenant hereby waives for Tenant and for all those claiming under Tenant all right now or
hereafter existing to redeem by order or judgment of any court or by any legal process or writ, Tenant’s right of occupancy of the Premises after any termination of this Lease. 

24.19 Notices. All notices, demands, statements or communications (collectively, “Notices”) given or required to
be given by either party to the other hereunder shall be in writing, shall be sent by United States certified or registered mail, postage prepaid, return receipt requested, or delivered personally (i) to Tenant at the appropriate address set
forth in Section 5 of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord; or (ii) to Landlord at the addresses set forth in Section 3 of the Summary, or to such other
firm or to such other place as Landlord may from time to time designate in a Notice to Tenant. Any Notice will be deemed given on the date it is received or upon the date personal delivery is made. If Tenant is notified of the identity and address
of Landlord’s mortgagee or ground or underlying lessor, Tenant shall give to such mortgagee or ground or underlying lessor written notice of any default by Landlord under the terms of this Lease by registered or certified mail, and such
mortgagee or ground or underlying lessor shall be given a reasonable opportunity to cure such default prior to Tenant’s exercising any remedy available to Tenant. 
 24.20 Joint and Several. If there is more than one Tenant, the obligations imposed upon Tenant under this Lease shall be joint and several. 

24.21 Authority. If Tenant is a corporation, partnership or limited liability company, each individual executing this Lease on
behalf of Tenant hereby represents and warrants that Tenant is a duly formed and validly existing entity qualified to do business in the state in which the Project is located and that Tenant has full right and authority to execute and deliver this
Lease and that each person signing on behalf of Tenant is authorized to do so. 
 24.22 Jury Trial; Attorneys’ Fees.
IF EITHER PARTY COMMENCES LITIGATION AGAINST THE OTHER FOR THE SPECIFIC PERFORMANCE OF THIS LEASE, FOR DAMAGES FOR THE BREACH HEREOF OR OTHERWISE FOR ENFORCEMENT OF ANY REMEDY HEREUNDER, THE PARTIES HERETO AGREE TO AND HEREBY DO WAIVE ANY RIGHT TO A
TRIAL BY JURY. In the event of any such commencement of litigation, the prevailing party shall be entitled to recover from the other party such costs and reasonable attorneys’ fees as may have been incurred, including any and all costs incurred
in enforcing, perfecting and executing such judgment. 
 24.23 Governing Law. This Lease shall be construed and enforced
in accordance with the laws of the State of California. 
 24.24 Submission of Lease. Submission of this instrument for
examination or signature by Tenant does not constitute a reservation of or an option for lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant. 

24.25 Brokers. Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or
agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 11 of the Summary (the “Brokers”), and that they know of no other real estate broker or agent
who is entitled to a commission in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, and costs
and expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party’s dealings with any real estate broker or
agent other than the Brokers. Landlord shall pay commissions to the Brokers pursuant to separate agreements between Landlord and the Brokers. 
 24.26 Independent Covenants. This Lease shall be construed as though the covenants herein between Landlord and Tenant are independent and not dependent and Tenant hereby expressly waives the
benefit of any statute to the contrary and agrees that if Landlord fails to perform its obligations set forth herein, Tenant shall not be entitled to make any repairs or perform any acts hereunder at Landlord’s expense or to any setoff of the
Rent (except to the extent expressly provided in Section 6.3 above) or other amounts owing hereunder against Landlord; provided, however, that the foregoing shall in no way impair the right of Tenant to commence a separate action against
Landlord for any violation by Landlord of the provisions hereof so long as notice is first given to Landlord and any holder of a mortgage or deed of trust covering the Building, Project or any portion thereof, of whose address Tenant has theretofore
been notified, and an opportunity is granted to Landlord and such holder to correct such violations as provided above. 

  
 22 

 24.27 Building Name and Signage. Landlord shall have the right at any time to change
the name of the Building and Project and to install, affix and maintain any and all signs on the exterior and on the interior of the Building and any portion of the Project as Landlord may, in Landlord’s sole discretion, desire. Tenant shall
not use the names of the Buildings or Project or use pictures or illustrations of the Building or Project in advertising or other publicity, without the prior written consent of Landlord. 

24.28 Building Directory. At Landlord’s cost, Landlord shall include Tenant’s name and location in the Building on
one (1) line on the Building directory. 
 24.29 Intentionally Deleted. 

24.30 Landlord’s Construction. It is specifically understood and agreed that Landlord has no obligation and has made no
promises to alter, remodel, improve, renovate, repair or decorate the Premises, Building, Project, or any part thereof and that no representations or warranties respecting the condition of the Premises, the Building or the Project have been made by
Landlord to Tenant, except as specifically set forth in this Lease. However, Tenant acknowledges that Landlord may from time to time, at Landlord’s sole option, renovate, improve, alter, or modify (collectively, the
“Renovations”) the Building, Premises, and/or Project, including without limitation the Building Parking Area, Common Areas, systems and equipment, roof, and structural portions of the same, which Renovations may include, without
limitation, (i) modifying the Common Areas and tenant spaces to comply with applicable laws and regulations, including regulations relating to the physically disabled, seismic conditions, and building safety and security, and
(ii) installing new carpeting, lighting, and wall coverings in the Building Common Areas, and in connection with such Renovations, Landlord may, among other things, erect scaffolding or other necessary structures in the Building, limit or
eliminate access to portions of the Project, including portions of the Common Areas, or perform work in the Building and/or Project, which work may create noise, dust or leave debris in the Building and/or Project. Tenant hereby agrees that such
Renovations and Landlord’s actions in connection with such Renovations shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent; provided, however, that Landlord shall use commercially reasonable
efforts to minimize interference with Tenant’s use of the Premises during such Renovations. Landlord shall have no responsibility or for any reason be liable to Tenant for any direct or indirect injury to or interference with Tenant’s
business arising from the Renovations, nor shall Tenant be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or of Tenant’s personal property or improvements resulting from the
Renovations or Landlord’s actions in connection with such Renovations, or for any inconvenience or annoyance occasioned by such Renovations or Landlord’s actions in connection with such Renovations. 

24.31 Intentionally Deleted. 
 24.32 OFAC Compliance. 
 24.32.1 Tenant represents and warrants that
(i) Tenant and each person or entity owning an interest in Tenant is (1) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury
(“OFAC”) and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”), and (2) not a person or entity with whom a citizen of
the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (ii) none of the funds or other
assets of Tenant constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (iii) no Embargoed Person has any interest of any nature whatsoever in Tenant (whether directly or
indirectly), (iv) none of the funds of Tenant have been derived from any unlawful activity with the result that the investment in Tenant is prohibited by law or that the Lease is in violation of law, and (v) Tenant has implemented
procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times. The term “Embargoed Person” means any person, entity or government subject to
trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations
promulgated thereunder with the result that the investment in Tenant is prohibited by law or Tenant is in violation of law. 

24.32.2 Tenant covenants and agrees (i) to comply with all requirements of law relating to money laundering, anti-terrorism, trade
embargos and economic sanctions, now or hereafter in effect, (ii) to immediately notify Landlord in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are no longer true or have
been breached or if Tenant has a reasonable basis to believe that they may no longer be true or have been breached, (iii) not to use funds from any “Prohibited Person” (as such term is defined in the September 24, 2001 Executive
Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Landlord under the Lease and (iv) at the request of Landlord, to provide such information as may
be requested by Landlord to determine Tenant’s compliance with the terms hereof. 
 24.32.3 Tenant hereby acknowledges and
agrees that Tenant’s inclusion on the List at any time during the Lease Term shall be a default of the Lease. Notwithstanding anything herein to the contrary, Tenant shall not permit the Premises or any portion thereof to be used or occupied by
any person or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Premises by any such person or entity shall be a default of the Lease. 

 

  
 23 

 Simultaneously with the execution of the Lease, Tenant will provide to Landlord the names of
the persons holding an ownership interest in Tenant, for purposes of compliance with Presidential Executive Order 13224 (issued September 24, 2001). 
 24.33 Consent. Wherever a party’s consent is required in this Lease, except as otherwise expressly provided herein, such consent shall not be unreasonably withheld. 

///continued on next page/// 

  
 24 

 ///continued from previous page/// 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and date first above written. 

 

							
	“Landlord”:
	
	 LEGACY PARTNERS II SAN MATEO PLAZA, LLC,

a Delaware limited liability company

		
	By:	 	 LEGACY PARTNERS COMMERCIAL, L.P.,
 a California limited partnership,
 as Manager and Agent for Owner

			
		 	By:	 	 LEGACY PARTNERS COMMERCIAL, INC.,
 General Partner

				
		 		 	By:	 	  

		 		 		 	Debra Smith
		 		 	Its:	 	Chief Administrative Officer
		 		 		 	DRE #00975555
		 		 		 	BL DRE #01464134
	
	“Tenant”:
	
	 SERENA SOFTWARE, INC.,
 a Delaware corporation

		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

  

	***	If Tenant is a CORPORATION, the authorized officers must sign on behalf of the corporation and indicate the capacity in which they are signing. The Lease must be
executed by the chairman of the board, president or vice president and the chief financial officer, secretary, assistant secretary or assistant treasurer, unless the bylaws or a resolution of the board of directors shall otherwise provide, in which
event, the bylaws or a certified copy of the resolution, as the case may be, must be attached to this Lease. 

  
 S-1

 EXHIBIT A 

OUTLINE OF FLOOR PLAN OF PREMISES 
 1850 GATEWAY DRIVE 
 FOURTH FLOOR 

 
 

 
 TENANT INITIALS HERE:            

  
 EXHIBIT A

 Page 1 

 EHIBIT B 

TENANT WORK LETTER 
 This Tenant Work Letter (“Tenant Work Letter”) sets forth the terms and conditions relating to the construction of improvements for the Premises. All references in this Tenant Work Letter
to the “Lease” shall mean the relevant portions of the Lease to which this Tenant Work Letter is attached as Exhibit B. 
 SECTION 1 
 AS-IS CONDITION 

Landlord has previously constructed the base, shell and core (i) of the Premises and (ii) of the floor(s) of the Building on
which the Premises are located (collectively, the “Base, Shell and Core”), and Tenant shall accept the Base, Shell and Core in its current “AS-IS” condition existing as of the date of the Lease and the Lease
Commencement Date. Except for the Tenant Improvement Allowance set forth below, Landlord shall not be obligated to pay for any alterations or improvements to the Premises, the Building or the Project. Except for the Tenant Improvements (as defined
below), Landlord shall not be obligated to make any alterations or improvements to the Premises, the Building or the Project. 

SECTION 2 
 TENANT IMPROVEMENTS 
 2.1 Tenant Improvement Allowance.
Tenant shall be entitled to a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount of up to, but not exceeding Thirty-Two Dollars ($32.00) per rentable square foot of the Premises (i.e., up
to Six Hundred Sixty-Five Thousand Two Hundred Eighty Dollars ($665,280.00), based on 20,790 rentable square feet in the Premises), for the costs relating to (i) the initial design and construction of Tenant’s improvements which are
permanently affixed to the Premises; (ii) renovation of the restrooms located within the Premises; (iii) removal of all or a portion of the corridor on the fourth floor of the Building in accordance with Article 3 of the Lease; and
(iv) the Furnishings Credit (as defined in Section 2.2.8 below) (collectively, the “Tenant Improvements”). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total
amount which exceeds the Tenant Improvement Allowance. Tenant shall not be entitled to receive any cash payment or credit against Rent or otherwise for any portion of the Tenant Improvement Allowance which is not used to pay for the Tenant
Improvement Allowance Items (as such term is defined below). 
 2.2 Disbursement of the Tenant Improvement Allowance.
Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord (each of which disbursement shall be made pursuant to Landlord’s standard disbursement process), only for the following
items and costs (collectively, the “Tenant Improvement Allowance Items”): 
 2.2.1 payment of the fees of the
“Architect” and the “Engineers,” as those terms are defined in Section 3.1 of this Tenant Work Letter, and payment of the fees incurred by, and the cost of documents and materials supplied by, Landlord
and Landlord’s consultants in connection with the preparation and review of the “Construction Drawings,” as that term is defined in Section 3.1 of this Tenant Work Letter; 

2.2.2 the payment of plan check, permit and license fees relating to construction of the Tenant Improvements; 

2.2.3 the cost of construction of the Tenant Improvements (including renovation of the restrooms in the Premises and/or removal of all or
a portion of the corridor on the fourth floor of the Building, to the extent such work is included in the Construction Drawings), including, without limitation, contractors’ fees and general conditions, testing and inspection costs, costs of
utilities, trash removal and hoists; 
 2.2.4 the cost of any changes in the Base, Shell and Core when such changes are required
by the Construction Drawings (including if such changes are due to the fact that such work is prepared on an unoccupied basis), such cost to include all direct architectural and/or engineering fees and expenses incurred in connection therewith;

 2.2.5 the cost of any changes to the Construction Drawings applicable to the interior of the Premises or Tenant Improvements
applicable to the interior of the Premises required by applicable laws; 
 2.2.6 sales and use taxes and Title 24 fees;

 2.2.7 the “Landlord Supervision Fee,” as that term is defined in Section 4.3.2 of this Tenant Work
Letter; 
 2.2.8 provided the Tenant Improvement Allowance is not used in its entirety pursuant to the foregoing Tenant
Improvement Allowance Items, then Tenant shall have the right to reimbursement of up to One Hundred Three Thousand Nine Hundred and Fifty Dollars ($103,950) (the “Furnishings Credit”) for Tenant’s furniture, fixtures and
equipment; and 

  
 EXHIBIT B

 Page 1 

 2.2.9 all other costs to be reasonably expended by Landlord in connection with the
construction of the Tenant Improvements. 
 2.3 Specifications for Building Standard Components. Landlord has established
specifications (the “Specifications”) for the Building standard components to be used in the construction of the Tenant Improvements in the Premises, which Specifications have been received by Tenant. Unless otherwise agreed to by
Landlord, the Tenant Improvements shall comply with the Specifications. The Specifications for the Building are attached hereto as Schedule B-1; provided, however, Landlord may make changes to the Specifications from time to time. 

SECTION 3 
 CONSTRUCTION DRAWINGS 
 3.1 Selection of Architect/Construction
Drawings. Landlord shall retain an architect/space planner (the “Architect”) to prepare the “Construction Drawings,” as that term is defined in this Section 3.1. Landlord shall retain Landlord’s
engineering consultants (the “Engineers”) to prepare all plans and engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC, life safety, and sprinkler work in the Premises. The plans and
drawings to be prepared by Architect and the Engineers hereunder shall be known collectively as the “Construction Drawings.” Notwithstanding that any Construction Drawings are reviewed by Landlord or prepared by its Architect,
Engineers and consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s Architect, Engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and
shall not be responsible for any omissions or errors contained in the Construction Drawings and Tenant waives all claims against Landlord and any Landlord Parties (but excluding Landlord’s Architect) in connection therewith as provided in
Article 10 of the Lease. 
 3.2 Final Space Plan. Within three (3) business days of the full execution and
delivery of the Lease by Landlord and Tenant, Tenant shall meet with Landlord’s Architect and provide Landlord’s Architect with information regarding the preliminary layout and designation of all proposed offices, rooms and other
partitioning, and their intended use and equipment to be contained therein (the “Information”). Landlord and Architect shall, based on such Information, prepare the final space plan for Tenant Improvements in the Premises
(collectively, the “Final Space Plan”), which Final Space Plan shall include a layout and designation of all offices, rooms and other partitioning, their intended use, and equipment to be contained therein, and shall deliver the
Final Space Plan to Tenant for Tenant’s approval. Tenant shall approve or reasonably disapprove the Final Space Plan or any revisions thereto within three (3) business days after Landlord delivers the Final Space Plan or such revisions to
Tenant; provided, however, that Tenant may only disapprove the Final Space Plan to the extent the same is not (subject to changes reasonably required by Landlord) in substantial conformance with the Information provided by Tenant to Architect
(“Space Plan Design Problem”). If Tenant reasonably disapproves the Final Space Plan, Tenant shall provide Landlord with written notice of such disapproval within said three (3) business day time period along with the reasons
for such disapproval. Thereafter, the parties shall negotiate in good faith to revise the Final Space Plan to remove Tenant’s objections thereto. Tenant’s failure to disapprove the Final Space Plan for any Space Plan Design Problem or any
revisions thereto by written notice to Landlord (which notice shall specify in detail the reasonable reasons for Tenant’s disapproval pertaining to any Space Plan Design Problem) within said three (3) business day period shall be deemed to
constitute Tenant’s approval of the Final Space Plan or such revisions. 
 3.3 Final Working Drawings. Based on the
Final Space Plan, Landlord shall cause the Architect and the Engineers to complete the architectural and engineering drawings for the Premises, and Architect shall compile a fully coordinated set of architectural, structural, mechanical, electrical
and plumbing working drawings in a form which is complete to allow subcontractors to bid on the work and to obtain all applicable permits (collectively, the “Final Working Drawings”) and shall submit the same to Tenant for
Tenant’s approval. The Final Working Drawings shall incorporate modifications to the Final Space Plan as necessary to comply with the floor load and other structural and system requirements of the Building. To the extent that the finishes and
specifications are not completely set forth in the Final Space Plan for any portion of the Tenant Improvements depicted thereon, the actual specifications and finish work shall be in accordance with the Specifications. Tenant shall approve or
reasonably disapprove the Final Working Drawings or any revisions thereto within three (3) business days after Landlord delivers the Final Working Drawings or any revisions thereto to Tenant; provided, however, that Tenant may only disapprove
the Final Working Drawings to the extent the same are not (subject to changes reasonably required by Landlord) in substantial conformance with the Final Space Plan (“Working Drawing Design Problem”). If Tenant reasonably disapproves
the Final Working Drawings, Tenant shall provide Landlord with written notice of such disapproval within said three (3) business day period along with the reasons for such disapproval. Thereafter, the parties shall negotiate in good faith to
revise the Final Working Drawings to remove Tenant’s objections thereto. Tenant’s failure to reasonably disapprove the Final Working Drawings or any revisions thereto by written notice to Landlord (which notice shall specify in detail the
reasonable reasons for Tenant’s disapproval pertaining to any Working Drawing Design Problem) within said three (3) business day period shall be deemed to constitute Tenant’s approval of the Final Working Drawings or such revisions.

 
 3.4 Approved Working Drawings. The Final
Working Drawings shall be approved or deemed approved by Tenant (the “Approved Working Drawings”) prior to the commencement of the construction of the Tenant Improvements. Landlord shall cause the Architect to submit the Approved
Working Drawing to the applicable local governmental agency for all applicable building permits necessary to allow “Contractor,” as that term is defined in Section 4.1 of this Tenant Work Letter, to commence and fully complete
the construction of the Tenant Improvements (the “Permits”). No changes, modifications or alterations in the Approved Working Drawings may be made without the prior written consent of Landlord and Tenant. 

  
 EXHIBIT B

 Page 2 

 3.5 Time Deadlines. Tenant shall use its best efforts to cooperate with Architect,
the Engineers, and Landlord to complete all phases of the Construction Drawings and the permitting process and to receive the Permits, and with Contractor, for approval of the “Cost Proposal,” as that term is defined in
Section 4.2 below as soon as possible after the execution of the Lease and, in this regard, to the extent Landlord considers such meeting(s) to be reasonably necessary, Tenant shall meet with Landlord on a weekly basis to discuss
Tenant’s progress in connection with the same. 
 SECTION 4 

CONSTRUCTION OF THE TENANT IMPROVEMENTS 
 4.1 Contractor. Landlord shall cause a contractor, under the supervision of and selected by Landlord, to construct the Tenant Improvements (the “Contractor”). 

4.2 Cost Proposal. After the Approved Working Drawings are signed by Landlord and Tenant, Landlord shall provide Tenant with a
cost proposal in accordance with the Approved Working Drawings, which cost proposal shall include, as nearly as possible, the cost of all Tenant Improvement Allowance Items to be incurred by Tenant in connection with the construction of the Tenant
Improvements (the “Cost Proposal”). Notwithstanding the foregoing, portions of the cost of the Tenant Improvements may be delivered to Tenant as such portions of the Tenant Improvements are priced by Contractor (on an individual
item-by-item or trade-by-trade basis), even before the Approved Working Drawings are completed (the “Partial Cost Proposal”). Tenant shall approve and deliver the Cost Proposal to Landlord or disapprove and deliver Tenant’s
reasons for such disapproval within five (5) business days of the receipt of the same (or, as to a Partial Cost Proposal, within three (3) business days of receipt of the same). If Tenant disapproves the Cost Proposal or a Partial Cost
Proposal, the parties shall thereafter negotiate in good faith to remove Tenant’s objections. The date by which Tenant must approve and deliver the Cost Proposal, or the last Partial Cost Proposal to Landlord, as the case may be, shall be known
hereafter as the “Cost Proposal Delivery Date.” The total of all Partial Cost Proposals, if any, shall be known as the Cost Proposal. 
 4.3 Construction of Tenant Improvements by Landlord’s Contractor under the Supervision of Landlord. 
 4.3.1 Over-Allowance Amount. Tenant shall be responsible for payment of the amount (the “Over-Allowance Amount”) equal to the difference between (i) the amount of the Cost Proposal
and (ii) the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the Cost Proposal Delivery Date). The Over-Allowance Amount and the
Tenant Improvement Allowance shall be disbursed on a prorata basis with the portion of each such disbursement attributable to the Over-Allowance Amount being equal to the percentage that the Over-Allowance Amount bears to the Cost Proposal. Within
three (3) business days of notice from Landlord of the amount of each disbursement to be made by Landlord in connection with the Tenant Improvement Allowance, Tenant shall deliver funds to Landlord in the amount of the Over-Allowance Amount
portion of such disbursement. In the event that, after the Cost Proposal Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements, any additional costs which arise in connection with such
revisions, changes or substitutions shall be added to the Cost Proposal to the extent such additional costs increase any existing Over-Allowance Amount or result in an Over-Allowance Amount. Following completion of the Tenant Improvements, Landlord
shall deliver to Tenant a final cost statement which shall indicate the final costs of the Tenant Improvement Allowance Items, and if such cost statement indicates that Tenant has underpaid or overpaid the Over-Allowance Amount, then within
ten (10) business days after receipt of such statement, Tenant shall deliver to Landlord the amount of such underpayment or Landlord shall return to Tenant the amount of such overpayment, as the case may be. 

4.3.2 Landlord Supervision. After Landlord selects the Contractor, Landlord shall independently retain Contractor to construct the
Tenant Improvements in accordance with the Approved Working Drawings and the Cost Proposal and Landlord shall supervise the construction by Contractor, and Tenant shall pay a construction supervision and management fee (the “Landlord
Supervision Fee”) to Landlord in an amount equal to the product of (i) four percent (4%) and (ii) an amount equal to the Tenant Improvement Allowance plus the Over-Allowance Amount (as such Over-Allowance Amount may increase
pursuant to the terms of this Tenant Work Letter). 
 4.3.3 Contractor’s Warranties and Guarantees. Landlord hereby
assigns to Tenant all warranties and guarantees by Contractor relating to the Tenant Improvements, which assignment shall be on a non-exclusive basis such that the warranties and guarantees may be enforced by Landlord and/or Tenant, and Tenant
hereby waives all claims against Landlord relating to, or arising out of the construction of, the Tenant Improvements. 
 

SECTION 5 
 SUBSTANTIAL COMPLETION; LEASE COMMENCEMENT DATE 
 5.1 Substantial
Completion. For purposes of the Lease, including for purposes of determining the Lease Commencement Date (as set forth in Section 7.2 of the Summary), the Premises shall be “Ready for Occupancy” upon Substantial
Completion of the Premises. For purposes of this 

  
 EXHIBIT B

 Page 3 

 
Lease, “Substantial Completion” of the Premises shall occur upon (i) the completion of construction of the Tenant Improvements in the Premises pursuant to the Approved
Working Drawings, with the exception of any minor punchlist items and any tenant fixtures, work-stations, built-in furniture, or equipment to be installed by Tenant or under the supervision of Contractor and (ii) the receipt of all applicable
final permit card sign-offs necessary for Tenant to occupy the Premises. 
 5.2 Tenant Delays. If there shall be a delay
or there are delays in the Substantial Completion of the Premises (as a direct, indirect, partial, or total result of any of the following (collectively, “Tenant Delays”): 

5.2.1 Tenant’s failure to timely approve any matter requiring Tenant’s approval, including a Partial Cost Proposal or the Cost
Proposal and/or Tenant’s failure to timely perform any other obligation or act required of Tenant hereunder; 
 5.2.2 a
breach by Tenant of the terms of this Tenant Work Letter or the Lease; 
 5.2.3 Tenant’s request for changes in the
Construction Drawings; 
 5.2.4 Tenant’s requirement for materials, components, finishes or improvements which are not
available in a reasonable time (based upon the anticipated date of the Lease Commencement Date) or which are different from, or not included in, the Specifications; 
 5.2.5 any changes in the Construction Drawings and/or the Tenant Improvements and/or Base, Shell and Core required by applicable laws if such changes are directly attributable to Tenant’s use of
the Premises or Tenant’s specialized tenant improvement(s); or 
 5.2.6 any other acts or omissions of Tenant, or its
agents, or employees; 
 then, notwithstanding anything to the contrary set forth in the Lease and regardless of the actual date of the
Substantial Completion of the Premises, the Lease Commencement Date (as set forth in Section 7.2 of the Summary) shall be deemed to be the date the Lease Commencement Date would have occurred if no Tenant Delay or Delays, as set forth
above, had occurred. 
 SECTION 6 
 MISCELLANEOUS 
 6.1 Tenant’s Entry Into the Premises Prior
to Substantial Completion. Subject to the terms hereof and provided that Tenant and its agents do not interfere with, or delay, Contractor’s work in the Building and the Premises, at Landlord’s reasonable discretion, Contractor shall
allow Tenant access to the Premises thirty (30) days prior to the Substantial Completion of the Premises for the purpose of Tenant installing overstandard equipment or fixtures (including Tenant’s data and telephone equipment) in the
Premises. Prior to Tenant’s entry into the Premises as permitted by the terms of this Section 6.1, Tenant shall submit a schedule to Landlord and Contractor, for their approval, which schedule shall detail the timing and purpose of
Tenant’s entry. In connection with any such entry, Tenant acknowledges and agrees that Tenant’s employees, agents, contractors, consultants, workmen, mechanics, suppliers and invitees shall fully cooperate, work in harmony and not, in any
manner, interfere with Landlord or Landlord’s Contractor, agents or representatives in performing work in the Building and the Premises, or interfere with the general operation of the Building and/or the Project. If at any time any such person
representing Tenant shall not be cooperative or shall otherwise cause or threaten to cause any such disharmony or interference, including, without limitation, labor disharmony, and Tenant fails to immediately institute and maintain corrective
actions as directed by Landlord, then Landlord may revoke Tenant’s entry rights upon twenty-four (24) hours’ prior written notice to Tenant, such entry right revocation to remain in effect only so long as necessary to prevent such
interference or disharmony. Tenant acknowledges and agrees that any such entry into and occupancy of the Premises or any portion thereof by Tenant or any person or entity working for or on behalf of Tenant shall be deemed to be subject to all of the
terms, covenants, conditions and provisions of the Lease, excluding only the covenant to pay Rent (until the occurrence of the Lease Commencement Date). Tenant further acknowledges and agrees that Landlord shall not be liable for any injury, loss or
damage which may occur to any of Tenant’s work made in or about the Premises in connection with such entry or to any property placed therein prior to the Lease Commencement Date, the same being at Tenant’s sole risk and liability. Tenant
shall be liable to Landlord for any damage to any portion of the Premises, including the Tenant Improvement work, caused by Tenant or any of Tenant’s employees, agents, contractors, consultants, workmen, mechanics, suppliers and invitees during
any early entry to the Premises under this Section 6.1. In the event that the performance of Tenant’s work in connection with such entry causes extra costs to be incurred by Landlord or requires the use of any Building services,
Tenant shall promptly reimburse Landlord for such extra costs and/or shall pay Landlord for such Building services at Landlord’s standard rates then in effect. 

 6.2 Tenant’s Representative. Tenant has designated
Chris Anderson, Director of Real Estate, as its sole representative with respect to the matters set forth in this Tenant Work Letter, who shall have full authority and responsibility to act on behalf of the Tenant as required in this Tenant Work
Letter. 
 6.3 Landlord’s Representative. Landlord has designated Alexandra Arsenlis as its sole representative with
respect to the matters set forth in this Tenant Work Letter, who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Tenant Work Letter. 

  
 EXHIBIT B

 Page 4 

 6.4 Time of the Essence in This Tenant Work Letter. Unless otherwise indicated, all
references herein to a “number of days” shall mean and refer to calendar days. In all instances where Tenant is required to approve or deliver an item, if no written notice of approval is given or the item is not delivered within the
stated time period, at Landlord’s sole option, at the end of said period the item shall automatically be deemed approved or delivered by Tenant and the next succeeding time period shall commence. 

6.5 Tenant’s Lease Default. Notwithstanding any provision to the contrary contained in the Lease, if an event of default by
Tenant beyond any applicable notice and cure period as described in Section 19.1 of the Lease or any default by Tenant under this Tenant Work Letter has occurred at any time on or before the Substantial Completion of the Premises, then
(i) in addition to all other rights and remedies granted to Landlord pursuant to the Lease, at law and/or in equity, Landlord shall have the right to withhold payment of all or any portion of the Tenant Improvement Allowance and/or Landlord may
cause Contractor to cease the construction of the Premises (in which case, Tenant shall be responsible for any delay in the Substantial Completion of the Premises caused by such work stoppage as set forth in Section 5.2 of this Tenant
Work Letter), and (ii) all other obligations of Landlord under the terms of this Tenant Work Letter shall be forgiven until such time as such default is cured pursuant to the terms of the Lease (in which case, Tenant shall be responsible for
any delay in the Substantial Completion of the Premises caused by such inaction by Landlord). In addition, if the Lease is terminated prior to the Lease Commencement Date, for any reason due to a default by Tenant as described in
Section 19.1 of the Lease or under this Tenant Work Letter, in addition to any other remedies available to Landlord under the Lease, at law and/or in equity, Tenant shall pay to Landlord, as Additional Rent under the Lease, within
five (5) days of receipt of a statement therefor, any and all costs incurred by Landlord (including any portion of the Tenant Improvement Allowance disbursed by Landlord) and not reimbursed or otherwise paid by Tenant through the date of such
termination in connection with the Tenant Improvements to the extent planned, installed and/or constructed as of such date of termination, including, but not limited to, any costs related to the removal of all or any portion of the Tenant
Improvements and restoration costs related thereto. 

  
 EXHIBIT B

 Page 5 

 EXHIBIT C 

AMENDMENT TO LEASE 
 THIS AMENDMENT TO LEASE (“Amendment“) is made and entered into effective as of
                    , 20    , by and between LEGACY PARTNERS II SAN MATEO PLAZA, LLC, a Delaware limited liability company
(“Landlord”) and
                                        , a
                                        
(“Tenant”). 
 R E C I T A L S : 

A. Landlord and Tenant entered into that certain Office Lease dated as of
                     (the “Lease”) pursuant to which Landlord leased to Tenant and Tenant leased from Landlord certain
“Premises”, as described in the Lease, in that certain Building located at 1850 Gateway Drive, San Mateo, California. 
 B. Except as otherwise set forth herein, all capitalized terms used in this Amendment shall have the same meaning as such terms have in the Lease. 

C. Landlord and Tenant desire to amend the Lease to confirm the commencement and expiration dates of the term, as hereinafter provided.

 NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual covenants contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Confirmation of Dates. The parties hereby confirm that (a) the Premises are Ready for Occupancy, and (b) the term of the Lease commenced as of
                     (the “Lease Commencement Date”) for a term of
                     ending on
                     (unless sooner terminated as provided in the Lease). 
 2. No Further Modification. Except as set forth in this Amendment, all of the terms and provisions of the Lease shall remain unmodified and in full force and effect. 

IN WITNESS WHEREOF, this Amendment to Lease has been executed as of the day and year first above written. 

 

									
	“Landlord”:
	
	 LEGACY PARTNERS II SAN MATEO PLAZA, LLC,
 a Delaware limited liability company

		
	By:	 	LEGACY PARTNERS COMMERCIAL, L.P.,
		 	 a California limited partnership,
 as Manager and Agent for Owner

			
		 	By:	 	 LEGACY PARTNERS COMMERCIAL, INC.,
 General Partner

				
		 		 	By:	 	  

 

		 		 		 	Debra Smith
		 		 	Its:	 	Chief Administrative Officer
		 		 		 	DRE #00975555
		 		 		 	BL DRE #01464134
	
	“Tenant”:
		
	  
	 	,
	a	 	  

		
	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

		
	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

  
 EXHIBIT C

 Page 1 

 EXHIBIT D 

RULES AND REGULATIONS 
 Tenant shall faithfully observe and comply with the following Rules and Regulations. Landlord shall not be responsible to Tenant for the nonperformance of any of said Rules and Regulations by or otherwise
with respect to the acts or omissions of any other tenants or occupants of the Building or Project. In the event of any conflict between the terms of the Lease and the terms of these Rules and Regulations, the provisions of the Lease shall govern.

 1. Other than the security system that will be installed by Tenant in the Premises (which system shall be subject to Landlord’s prior
approval), Tenant shall not place any lock(s) on any door in the Premises or Building without Landlord’s prior written consent, which consent shall not be unreasonably withheld, and Landlord shall have the right to retain at all times and to
use keys or other access codes or devices to all locks and/or security system within and into the Premises. A reasonable number of keys to the locks on the entry doors in the Premises shall be furnished by Landlord to Tenant at Tenant’s cost,
and Tenant shall not make any duplicate keys. All keys shall be returned to Landlord at the expiration or early termination of this Lease. Further, if and to the extent Tenant re-keys, re-programs or otherwise changes any locks at the Project,
Tenant shall be obligated to restore all such locks and key systems to be consistent with the master lock and key system at the Building, all at Tenant’s sole cost and expense. 
 2. All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises, unless electrical hold backs have been installed. Sidewalks, doorways,
vestibules, halls, stairways and other similar areas shall not be obstructed by Tenant or used by Tenant for any purpose other than ingress and egress to and from the Premises. 
 3. Landlord reserves the right to close and keep locked all entrance and exit doors of the Building during such hours as are customary for comparable buildings in the vicinity of the Building. Tenant, its
employees and agents must be sure that the doors to the Building are securely closed and locked when leaving the Premises if it is after the normal hours of business for the Building. Any tenant, its employees, agents or any other persons entering
or leaving the Building at any time when it is so locked, or any time when it is considered to be after normal business hours for the Building, may be required to sign the Building register when so doing. After-hours access by Tenant’s
authorized employees may be provided by hard-key, card-key access or other procedures adopted by Landlord from time to time; Landlord shall provide Tenant with up to one hundred (100) access cards for Tenant’s personnel prior to the Lease
Commencement Date free of charge; thereafter, Tenant shall pay for the costs of all replacements thereof for lost, stolen or damaged cards and any other access cards requested by Tenant. Access to the Building and/or Project may be refused unless
the person seeking access has proper identification or has a previously arranged pass for such access. Landlord and its agents shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building and/or
Project of any person. In case of invasion, mob, riot, public excitement, or other commotion, Landlord reserves the right to prevent access to the Building and/or Project during the continuance of same by any means it deems appropriate for the
safety and protection of life and property. 
 4. Landlord shall have the right to prescribe the weight, size and position of all safes and
other heavy property brought into the Building. Safes and other heavy objects shall, if considered necessary by Landlord, stand on supports of such thickness as is necessary to properly distribute the weight. Landlord will not be responsible for
loss of or damage to any such safe or property in any case. All damage done to any part of the Building, its contents, occupants or visitors by moving or maintaining any such safe or other property shall be the sole responsibility of Tenant and any
expense of said damage or injury shall be borne by Tenant. 
 5. No furniture, freight, packages, supplies, equipment or merchandise will be
brought into or removed from the Building or carried up or down in the elevators, except upon prior notice to Landlord, and in such manner, in such specific elevator, and between such hours as shall be designated by Landlord. Tenant shall provide
Landlord with not less than 24 hours prior notice of the need to utilize an elevator for any such purpose, so as to provide Landlord with a reasonable period to schedule such use and to install such padding or take such other actions or prescribe
such procedures as are appropriate to protect against damage to the elevators or other parts of the Building. Tenant shall assume all risk for damage to articles moved and injury to any persons resulting from the activity. If equipment, property, or
personnel of Landlord or of any other party is damaged or injured as a result of or in connection with the activity, Tenant shall be solely liable for any resulting damage or loss. 
 6. Landlord shall have the right to control and operate the public portions of the Building and Project, the public facilities, the heating and air conditioning, and any other facilities furnished for the
common use of tenants, in such manner as is customary for comparable buildings in the vicinity of the Building. 
 
 7. No signs, advertisements or notices shall be painted or affixed to windows, doors or other parts of the Building, except those of such color, size, style and in such places as are first approved in
writing by Landlord. All tenant identification and suite numbers at the entrance to the Premises shall be installed by Landlord, at Tenant’s cost and expense, using the standard graphics for the Building. Landlord may provide and maintain in
the first floor (main lobby) of the Building an alphabetical directory board or other directory device listing tenants, and no other directory shall be permitted unless previously consented to by Landlord in writing. 

  
 EXHIBIT D

 Page 1 

 8. The requirements of Tenant will be attended to only upon application at the management office of the
Project or at such office location designated by Landlord. 
 9. Tenant shall not disturb, solicit, or canvass any occupant of the Building or
Project and shall cooperate with Landlord or Landlord’s agents to prevent same. 
 10. The toilet rooms, urinals, wash bowls and other
apparatus shall not be used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting from the violation of
this rule shall be borne by the tenant who, or whose employees or agents, shall have caused it. 
 11. Tenant shall not overload the floor of
the Premises. Tenant shall not mark, drive nails or screws, or drill into the partitions, woodwork or plaster or in any way deface the Premises or any part thereof without Landlord’s consent first had and obtained; provided, however,
Landlord’s prior consent shall not be required with respect to Tenant’s placement of pictures and other normal office wall hangings on the interior walls of the Premises (but at the end of the Term, Tenant shall repair any holes and other
damage to the Premises resulting therefrom). 
 12. Except for vending machines intended for the sole use of Tenant’s employees and
invitees, no vending machine or machines of any description other than fractional horsepower office machines shall be installed, maintained or operated upon the Premises without the written consent of Landlord. Tenant shall not install, operate or
maintain in the Premises or in any other area of the Building, electrical equipment that would overload the electrical system beyond its capacity for proper, efficient and safe operation as determined solely by Landlord. 

13. Tenant shall not use any method of heating or air conditioning other than that which may be supplied by Landlord, without the prior written consent
of Landlord. Tenant shall not furnish cooling or heating to the Premises, including, without limitation, the use of electronic or gas heating devices, portable coolers (such as “move n cools”) or space heaters, without Landlord’s
prior written consent, and any such approval will be for devices that meet federal, state and local code. 
 14. No inflammable, explosive or
dangerous fluids or substances shall be used or kept by Tenant in the Premises, Building or about the Property, except for those substances as are typically found in similar premises used for general office purposes and are being used by Tenant in a
safe manner and in accordance with all applicable Laws, rules and regulations. Tenant shall not, without Landlord’s prior written consent, use, store, install, spill, remove, release or dispose of, within or about the Premises or any other
portion of the Property, any asbestos-containing materials or any solid, liquid or gaseous material now or subsequently considered toxic or hazardous under the provisions of 42 U.S.C. Section 9601 et seq. or any other applicable environmental
Laws which may now or later be in effect. Tenant shall comply with all Laws pertaining to and governing the use of these materials by Tenant, and shall remain solely liable for the costs of abatement and removal. 

15. Tenant shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow the Premises
to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building or Project by reason of noise, odors, or vibrations, or interfere in any way with other tenants or those having business therewith.

 16. Tenant shall not bring into or keep within the Project, the Building or the Premises any animals (except those assisting handicapped
persons), birds, fish tanks, bicycles or other vehicles. 
 17. Tenant shall not use or occupy the Premises in any manner or for any purpose
which might injure the reputation or impair the present or future value of the Premises or the Building. Tenant shall not use, or permit any part of the Premises to be used, for lodging, sleeping or for any illegal purpose. 

18. No cooking shall be done or permitted by Tenant on the Premises, nor shall the Premises be used for the storage of merchandise, for lodging or for
any improper, objectionable or immoral purposes. Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar
beverages, provided that such use is in accordance with all applicable federal, state and city laws, codes, ordinances, rules and regulations, and does not cause odors which are objectionable to Landlord and other tenants. 

19. Landlord will approve where and how telephone and telegraph wires and other cabling are to be introduced to the Premises. No boring or cutting for
wires shall be allowed without the consent of Landlord. The location of telephone, call boxes and other office equipment and/or systems affixed to the Premises shall be subject to the approval of Landlord. Tenant shall not use more than its
proportionate share of telephone lines and other telecommunication facilities available to service the Building. 
 
 20. Landlord reserves the right to exclude or expel from the Building and/or Project any person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in
any manner do any act in violation of any of these Rules and Regulations or cause harm to Building occupants and/or property. 
 21. All
contractors, contractor’s representatives and installation technicians performing work in the Building shall be subject to Landlord’s prior approval, which approval shall not be unreasonably withheld, and shall be required to comply with
Landlord’s standard rules, regulations, policies and procedures, which may be revised from time to time. 

  
 EXHIBIT D

 Page 2 

 22. Tenant, its employees and agents shall not loiter in the entrances or corridors, nor in any way obstruct
the sidewalks, lobby, halls, stairways or elevators, and shall use the same only as a means of ingress and egress for the Premises. 
 23.
Tenant at all times shall maintain the entire Premises in a neat and clean, first class condition, free of debris. Tenant shall not place items, including, without limitation, any boxes, files, trash receptacles or loose cabling or wiring, in or
near any window to the Premises which would be visible anywhere from the exterior of the Premises. 
 24. Tenant shall not waste electricity,
water or air conditioning and agrees to cooperate fully with Landlord to ensure the most effective operation of the Building’s heating and air conditioning system, including, without limitation, the use of window blinds to block solar heat
load, and shall refrain from attempting to adjust any controls. Tenant shall comply with and participate in any program for metering or otherwise measuring the use of utilities and services, including, without limitation, programs requiring the
disclosure or reporting of the use of any utilities or services. Tenant shall also cooperate and comply with, participate in, and assist in the implementation of (and take no action that is inconsistent with, or which would result in Landlord, the
Building and/or the Project failing to comply with the requirements of) any conservation, sustainability, recycling, energy efficiency, and waste reduction programs, environmental protection efforts and/or other programs that are in place and/or
implemented from time to time at the Building and/or the Project, including, without limitation, any required reporting, disclosure, rating or compliance system or program (including, but not limited to any LEED [Leadership in Energy and
Environmental Design] rating or compliance system, including those currently coordinated through the U.S. Green Building Council). 
 25. Tenant
shall store all its recyclables, trash and garbage within the interior of the Premises. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary
manner of removing and disposing of recyclables, trash and garbage in the city in which the Project is located without violation of any law or ordinance governing such disposal. All trash, garbage and refuse disposal shall be made only through
entry-ways and elevators provided for such purposes at such times as Landlord shall designate. 
 26. Tenant shall comply with all safety, fire
protection and evacuation procedures and regulations established by Landlord or any governmental agency. 
 27. Tenant shall assume any and all
responsibility for protecting the Premises from theft, robbery and pilferage, which includes keeping doors locked and other means of entry to the Premises closed, when the Premises are not occupied, or when the Premises’ entry is not manned by
Tenant on a regular basis. 
 28. No awnings or other projection shall be attached to the outside walls of the Building without the prior
written consent of Landlord. No curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises without the prior written consent of Landlord. The sashes, sash doors, skylights,
windows, and doors that reflect or admit light and air into the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant, nor shall any bottles, parcels or other articles be placed on the windowsills.
All electrical ceiling fixtures hung in offices or spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and bulb color approved by Landlord. 
 29. The washing and/or detailing of or, the installation of windshields, radios, telephones in or general work on, automobiles shall not be allowed on the Project, except under specific arrangement with
Landlord. 
 30. Food vendors shall be allowed in the Building upon receipt of a written request from the Tenant. The food vendor shall service
only the tenants that have a written request on file in the management office of the Project. Under no circumstance shall the food vendor display their products in a public or Common Area including corridors and elevator lobbies. Any failure to
comply with this rule shall result in immediate permanent withdrawal of the vendor from the Building. Tenants shall obtain ice, drinking water, linen, barbering, shoe polishing, floor polishing, cleaning, janitorial, plant care or other similar
services only from vendors who have registered with the Building office and who have been approved by Landlord for provision of such services in the Premises. 
 31. Tenant must comply with requests by the Landlord concerning the informing of their employees of items of importance to the Landlord. 
 32. Tenant shall comply with any non-smoking ordinance adopted by any applicable governmental authority. Neither Tenant nor its agents, employees, contractors, guests or invitees shall smoke or permit
smoking in the Common Areas, unless the Common Areas have been declared a designated smoking area by Landlord, nor shall the above parties allow smoke from the Premises to emanate into the Common Areas or any other part of the Building. Landlord
shall have the right to designate the Building (including the Premises) as a non-smoking building. 
 
 33. Tenant shall not take any action which would violate Landlord’s labor contracts or which would cause a work stoppage, picketing, labor disruption or dispute, or interfere with Landlord’s or
any other tenant’s or occupant’s business or with the rights and privileges of any person lawfully in the Building (“Labor Disruption”). Tenant shall take the actions necessary to resolve the Labor Disruption, and shall
have pickets removed and, at the request of Landlord, immediately terminate any work in the Premises that gave rise to the Labor Disruption, until Landlord gives its written consent for the work to resume. Tenant shall have no claim for damages
against Landlord or and its trustees, members, principals, beneficiaries, partners, officers, directors, employees, Mortgagees, or agents. 

  
 EXHIBIT D

 Page 3 

 34. No tents, shacks, temporary or permanent structures of any kind shall be allowed on the Project. No
personal belongings may be left unattended in any Common Areas. 
 35. Landlord shall have the right to prohibit the use of the name of the
Building or any other publicity by Tenant that in Landlord’s sole opinion may impair the reputation of the Building or its desirability. Upon written notice from Landlord, Tenant shall refrain from and discontinue such publicity immediately.

 36. Landlord shall have the right to designate and approve standard window coverings for the Premises and to establish rules to assure that
the Building presents a uniform exterior appearance. Tenant shall ensure, to the extent reasonably practicable, that window coverings are closed on windows in the Premises while they are exposed to the direct rays of the sun. 

37. The work of cleaning personnel shall not be hindered by Tenant after 5:30 P.M., and all cleaning work shall be performed after 5:30 P.M.. Tenant
shall provide adequate waste and rubbish receptacles to prevent unreasonable hardship to the cleaning service. 
 PARKING
RULES AND REGULATIONS 
 (i) Landlord reserves the right to establish and reasonably change the hours for the Parking Area, on a
non-discriminatory basis, from time to time. Tenant shall not store or permit its employees to store any automobiles in the Parking Area without the prior written consent of the operator. Except for emergency repairs, Tenant and its employees shall
not perform any work on any automobiles while located in the Parking Area, or on the Property. The Parking Area may not be used by Tenant or its agents for overnight parking of vehicles. If it is necessary for Tenant or its employees to leave an
automobile in the Parking Area overnight, Tenant shall provide the operator with prior notice thereof designating the license plate number and model of such automobile. 
 (ii) Tenant (including Tenant’s agents) will use the parking spaces solely for the purpose of parking passenger model cars, small vans and small trucks and will comply in all respects with any rules
and regulations that may be promulgated by Landlord from time to time with respect to the Parking Area. 
 (iii) Cars must be parked entirely
within the stall lines painted on the floor, and only small cars may be parked in areas reserved for small cars. 
 (iv) All directional signs
and arrows must be observed. 
 (v) The speed limit shall be 5 miles per hour. 
 (vi) Parking spaces reserved for handicapped persons must be used only by vehicles properly designated. 
 (vii) Parking is prohibited in all areas not expressly designated for parking, including without limitation: 
  

	 	(a)	areas not striped for parking; 

  

	 	(b)	aisles; 

  

	 	(c)	where “no parking” signs are posted; 

  

	 	(d)	ramps; and 

  

	 	(e)	loading zones. 

 (viii) Parking stickers, key
cards or any other devices or forms of identification or entry supplied by the operator shall remain the property of the operator. Such device must be displayed as requested and may not be mutilated in any manner. The serial number of the parking
identification device may not be obliterated. Parking passes and devices are not transferable and any pass or device in the possession of an unauthorized holder will be void. 
 (ix) Parking managers or attendants are not authorized to make or allow any exceptions to these Rules. 
 (x) Every parker is required to park and lock his/her own car. 
 (xi) Loss or theft of parking
pass, identification, key cards or other such devices must be reported to Landlord and to the parking manager immediately. Any parking devices reported lost or stolen found on any authorized car will be confiscated and the illegal holder will be
subject to prosecution. Lost or stolen passes and devices found by Tenant or its employees must be reported to the office of the parking manager immediately. 
 (xii) Washing, waxing, cleaning or servicing of any vehicle by the customer and/or his agents is prohibited. Parking spaces may be used only for parking automobiles. 

(xiii) Tenant agrees to acquaint all persons to whom Tenant assigns a parking space with these Rules. 

(xiv) Neither Landlord nor any operator of the Parking Area within the Project, as the same are designated and modified by Landlord, in its sole
discretion, from time to time will be liable for loss of or damage to any vehicle or any contents of such vehicle or accessories to any such vehicle, or any property left in the Parking Area, resulting from fire, theft, vandalism, accident, conduct
of other users of the Parking Area and other persons, or any other casualty or cause. Further, Tenant understands and agrees that: (i) Landlord will not be obligated to provide any traffic control, security protection or operator for the
Parking Area; (ii) Tenant uses the Parking Area at its own risk; and (iii) Landlord will not be liable for personal injury or death, or theft, loss of or damage to property. Tenant indemnifies and agrees to hold Landlord, any operator of
the Parking Area and their respective agents harmless from and against any and all claims, demands, and actions arising out of the use of the Parking Area by Tenant and its agents, whether brought by any of such persons or any other person, except
to the extent caused by the gross negligence or willful misconduct of Landlord. 

  
 EXHIBIT D

 Page 4 

 (xv) Tenant will ensure that any vehicle parked in any of the parking spaces will be kept in proper repair
and will not leak excessive amounts of oil or grease or any amount of gasoline. If any of the parking spaces are at any time used: (i) for any purpose other than parking as provided above; (ii) in any way or manner reasonably objectionable
to Landlord; or (iii) by Tenant after default by Tenant under the Lease, Landlord, in addition to any other rights otherwise available to Landlord, may consider such default an event of default under the Lease. 

(xvi) Tenant’s right to use the Parking Area will be in common with other tenants of the Project and with other parties permitted by Landlord to use
the Parking Area. Landlord reserves the right to assign and reassign, from time to time, particular parking spaces for use by persons selected by Landlord, provided that Tenant’s rights to use the number of parking spaces specified under the
Lease are preserved. Landlord will not be liable to Tenant for any unavailability of Tenant’s designated spaces, if any, nor will any unavailability entitle Tenant to any refund, deduction, or allowance. Tenant will not park in any numbered
space or any space designated as: RESERVED, HANDICAPPED, VISITORS ONLY, or LIMITED TIME PARKING (or similar designation). 
 (xvii) If the
Parking Area is damaged or destroyed, or if the use of the Parking Area is limited or prohibited by any governmental authority, or the use or operation of the Parking Area is limited or prevented by strikes or other labor difficulties or other
causes beyond Landlord’s control, Tenant’s inability to use the parking spaces will not subject Landlord or any operator of the Parking Area to any liability to Tenant and will not relieve Tenant of any of its obligations under the Lease
and the Lease will remain in full force and effect. Tenant will pay to Landlord upon demand, and Tenant indemnifies Landlord against, any and all loss or damage to the Parking Area, or any equipment, fixtures, or signs used in connection with the
Parking Area and any adjoining buildings or structures caused by Tenant or any of its agents. 
 (xviii) Tenant has no right to assign or
sublicense any of its rights in the parking passes, except as part of a permitted assignment or sublease of the Lease; however, Tenant may allocate the parking passes among its employees. 
 (xix) Tenant shall be responsible for the observance of all of the foregoing rules by Tenant’s employees, agents, clients, customers, invitees or guests. Landlord may waive any one or more of these
Rules and Regulations for the benefit of any particular tenant or tenants, but no such waiver by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any other tenant or tenants, nor prevent Landlord from thereafter
enforcing any such Rules or Regulations against any or all tenants of the Building and/or Project. Landlord reserves the right at any time to change or rescind any one or more of these Rules and Regulations, or to make such other and further
reasonable Rules and Regulations as in Landlord’s judgment may from time to time be necessary for the management, safety, care and cleanliness of the Premises, Building and Project, and for the preservation of good order therein, as well as for
the convenience of other occupants and tenants therein. Landlord shall not be responsible to Tenant or to any other person for the nonobservance of the Rules and Regulations by another tenant or other person. Tenant shall be deemed to have read
these Rules and Regulations and to have agreed to abide by them as a condition of its occupancy of the Premises. 

  
 EXHIBIT D

 Page 5 

 EXHIBIT E 

FORM OF SNDA 

RECORDING REQUESTED BY 
 AND WHEN RECORDED MAIL
TO: 
 MESA WEST REAL ESTATE INCOME 

FUND II (CORE INV), LLC 
 11755 Wilshire Blvd.,
Suite 1670 
 Los Angeles, CA 90025 

Attention: Loan Notices, Ryan Delaney 
 Phone:
(310) 806-6300 
 Facsimile: (310) 806-6301 
  

 
 (SPACE ABOVE THIS LINE FOR
RECORDER’S USE ONLY) 
 SUBORDINATION, NON-DISTURBANCE AND 

ATTORNMENT AGREEMENT 
  

					
		 	NOTICE:	 	THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT RESULTS IN YOUR LEASEHOLD ESTATE IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER
OR LATER SECURITY INSTRUMENT.

 THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”)
is entered into as of             , 20            by and among SERENA SOFTWARE, INC., a Delaware corporation
(“Tenant”), LEGACY PARTNERS II SAN MATEO PLAZA, LLC, a Delaware limited liability company (“Borrower”), and MESA WEST REAL ESTATE INCOME FUND II (CORE INV), LLC, Delaware limited liability company
(“Lender”). 
 RECITALS 
 A. Tenant is the lessee and Borrower is the lessor under that certain lease dated as
of                    , as amended (the “Lease”). 
 B. Borrower has requested that Lender make a loan to Borrower, to be secured by a deed of trust from Borrower for the benefit of Lender (the “Deed of Trust”), covering the property
wherein the premises (the “Premises”) covered by the Lease are located, which property is described more fully in Exhibit A attached hereto (the “Property”). The Deed of Trust and
all other documents to be executed by Borrower in connection with the requested loan (the “Loan”) being herein collectively called the “Loan Documents”. 

C. Lender is willing to make the Loan, provided that, as a condition precedent thereto, Borrower and Tenant execute this Agreement.

 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, and to
induce Lender to make the Loan, Tenant, Borrower and Lender hereby agree and covenant as follows: 
 1.
Subordination. Notwithstanding anything to the contrary contained in the Lease, Tenant, Lender and Borrower hereby agree that the Lease (including (a) any option or options to purchase or rights of first refusal affecting the
Property, or any portion thereof, contained therein, (b) any extension, renewal or modification of the Lease, (c) the leasehold estate in the Premises created by the Lease, and (d) all of Tenant’s rights under the Lease) is and
shall at all times be completely and unconditionally subject and subordinate in all respects (i) to the Deed of Trust and other Loan Documents, the lien thereof and to all renewals, modifications, extensions, substitutions, rearrangements and
replacements thereof, and all advances of any character made or to be made thereunder, and (ii) to any and all renewals, modifications, replacements, extensions, substitutions and rearrangements of any and all obligations and indebtedness
secured by the Deed of Trust or the other Loan Documents. 
 
 2. Non-disturbance and Attornment. Provided that Tenant is not in default under any of the terms, covenants or conditions of the Lease, and Tenant is then in possession of the Premises,
Tenant’s rights under the Lease and possession of the Premises thereunder shall not be affected or disturbed by Lender in the exercise of any of its rights and remedies under the Note (as that term is defined in the Deed of Trust) or the Loan
Documents. Upon foreclosure of the Loan Documents, or any of them, Tenant shall continue in occupancy of the Premises upon the terms and conditions of the Lease, shall attorn to Lender to the same extent and with the same force as if Lender were the
Landlord under the Lease, and shall be bound by and perform all of the obligations imposed upon Tenant by the Lease. Tenant’s attornment hereunder shall be effective and self-operative without the execution of any other instruments on the part
of any party hereto, immediately upon Lender’s acquisition of title to the Property. Tenant shall, within ten (10) days after request by Lender, execute any instrument or take any action specified by Lender further to confirm attornment
hereunder in accordance with the provisions of this Agreement. 

  
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 3. Rights of Lender. If Lender exercises its rights or remedies under the Loan
Documents, or any of them, then Lender shall be entitled, but not obligated, to exercise any and all claims, rights, powers, privileges and remedies of Borrower under the Lease and shall be further entitled to the benefits of and to receive and
enforce performance of all of the covenants, terms and conditions to be performed by Tenant under the Lease. Lender shall not, by execution of this Agreement, be or become subject to any liability or obligation to Tenant under the Lease or
otherwise, unless and until Lender has obtained title to the Premises by foreclosure or otherwise, and then only to the extent of liabilities or obligations accruing subsequent to the date Lender acquires (and prior to the date it disposes of) title
to the Premises; provided, however, that Lender shall not be: 
 (a) liable for any act or omission of any prior lessor
(including Borrower) or subsequent lessor of which Lender did not receive written notice in accordance with Section 4(b) hereof; 
 (b) subject to any counterclaims, offsets, abatements, or defenses which Tenant might have against any prior lessor (including Borrower); 

(c) bound by any rent or additional rent which Tenant might have paid in advance to any prior lessor (including Borrower) for any period
beyond the month in which Lender succeeds to the interest of Borrower under the Lease; 
 (d) responsible for any security
deposit, cleaning deposit or other prepaid charge which Tenant may have paid in advance to any prior lessor (including Borrower) which has not been delivered to Lender (Lender acknowledging that Lender will be responsible for any security deposit
that is delivered or obtained by Lender); 
 (e) bound by any previous amendment or modification or termination of the Lease or
by any waiver or forbearance by any prior landlord (including Borrower) unless the same was approved in writing by Lender; 

(f) responsible for the performance of (or contribution toward) any work to be done by the landlord under the Lease to render the
Premises ready or available for occupancy by Tenant, or required to remove any person occupying the Premises or any part thereof; or 
 (g) personally liable under or in connection with the Lease (Tenant’s recourse being limited to Lender’s interest in the Property). 

4. Certain Acknowledgments and Agreements by Tenant. 

(a) Loan Disbursements. Lender, in making any disbursements of the Loan to Borrower, shall be under no obligation or duty
to oversee or direct the application of the proceeds of such disbursements, and such disbursements may be used by Borrower for purposes other than improvement of the Property. 
 (b) Notice and Cure. If Borrower commits any act or omission which constitutes a default under the Lease, or which would give Tenant the right, either immediately or after a lapse of time,
to terminate the Lease, or to claim a partial or total eviction, Tenant shall not exercise any such right, or remedy with respect thereto: (i) until it has given notice of such act or omission to Lender; and (ii) until Lender is entitled
under the Loan Documents to remedy Borrower’s default and Lender has thereafter been afforded a reasonable time, at Lender’s option, to cure Borrower’s default. As used herein, a “reasonable time” shall include, any time
that may be necessary to enable Lender to invoke and perfect its remedies under the Loan Documents, or any of them, such as appointment of a receiver for the Property or foreclosure thereof, plus not less than sixty (60) days. Nothing contained
herein shall obligate Lender to effect a cure of any act or omission of Borrower. 
 (c) Notices. Tenant shall
send to Lender a copy of any notice or statement given by Tenant to Borrower under the Lease at the same time such notice or statement is sent to Borrower. 
 (d) Option Rights. Tenant warrants and represents that it has no right or option of any nature whatsoever, whether pursuant to the Lease or otherwise, to purchase the Premises or the
Property, or any portion thereof, or any interest therein, but to the extent that Tenant has had or hereafter acquires any such right or option, Tenant hereby acknowledges that such right or option is made subject and subordinate to the Loan
Documents pursuant to this Agreement and is hereby waived and released against Lender. 
 (e) New Lease. Upon
Lender’s written request at or after any foreclosure under the Loan Documents, or any of them, Tenant shall execute a new lease of the Premises upon the same terms and conditions as the Lease between Borrower and Tenant, which new lease shall
cover any unexpired term of the Lease existing prior to such foreclosure (but there shall be no requirement for an additional deposit). 
 

(f) Rental Payments and Performance Under Lease. Tenant shall not pay any installment of rent, or any other amount or
charge due under the Lease, more than thirty (30) days prior to the due date thereof, and Lender shall be entitled to recover from Tenant any such payments or charges made by Tenant in violation hereof. Tenant shall observe and perform,
throughout the term of the Lease, all of the terms, covenants, conditions and obligations to be performed by Tenant thereunder. 

(g) Modification and Cancellation of Lease. Tenant shall not enter into any termination, cancellation, surrender, amendment
or modification of the Lease without Lender’s prior written consent. 

  
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 (h) Tenant Estoppel Statement. Tenant hereby confirms, acknowledges, warrants,
represents and certifies as follows: (i) the Lease is in full force and effect and a valid and binding obligation of Borrower and Tenant enforceable in accordance with its terms; (ii) neither Borrower nor Tenant is in default under any of
the terms, covenants or conditions of the Lease, and, as of the date hereof, there are no setoffs, counterclaims or credits against rentals or other amounts payable under the Lease, and no event or circumstance has occurred or pertains that, but for
the giving of required notice or the lapse of an applicable grace period, would result in any of the foregoing; (iii) Tenant has no notice of any prior assignment, hypothecation or pledge of the Lease or any of the amounts payable thereunder;
(iv) the Lease is a complete statement of the agreement of the parties thereto with respect to the leasing of the Premises, and no modifications, amendments, supplements, assignments or subleases (whether written or oral) have been made to the
Lease; (v) any information contained in any prior estoppel certificate delivered by Tenant for the benefit of Borrower or Lender remains true and correct as of the date hereof as if remade as of the date hereof; (vi) Tenant has accepted
the Premises, and Borrower has completed all construction and improvements required under the terms of the Lease to be completed by Borrower; and (vii) no rent, additional rent or reimbursement obligations of Tenant under the Lease have been
paid more than one month in advance. 
 5. Certain Acknowledgments and Agreements by Borrower. 

(a) Right of Lender to Receive Rental Payments. In the event of any Event of Default under the Loan Documents, Lender has
the right to give notice to Tenant to pay all rent and all other sums due or payable under the Lease directly to Lender. Borrower hereby expressly authorizes and directs Tenant (and Tenant agrees) to make such payments to Lender upon receipt of such
notice (regardless of any conflicting claims made by Borrower as to whether a default exists or otherwise) and Borrower hereby releases and discharges Tenant of and from any liability to Borrower on account of any such payments made by Tenant
hereunder. 
 (b) Agreement Does Not Alter Loan Documents. Borrower acknowledges that the Note and the Loan
Documents remain in full force and effect, enforceable in accordance with their terms, and that this Agreement does not constitute a waiver by Lender of any of its rights thereunder, or in any way release Borrower from its obligations to comply with
any of the terms, provisions, conditions, covenants, agreements or obligations under the Note or the Loan Documents. 
 6.
No Merger. Borrower, Tenant and Lender agree that unless Lender shall otherwise expressly consent in writing, fee title to the Property and the leasehold estate created by the Lease shall not merge but shall remain separate and
distinct, notwithstanding the union of said estates either in Borrower or Tenant or any third party by purchase, assignment or otherwise. 
 7. Modifications; Lease Not Amended; Alterations to Loan. This Agreement may not be modified orally or in any other manner other than by an agreement in writing signed by the parties hereto
or their respective successors in interest. This Agreement shall not be deemed to alter or modify any of the terms, covenants, conditions or obligations of the Lease, except to the extent specifically set forth herein. No renewal, extension,
modification, consolidation or replacement of the Loan Documents, or any of them, or any other provision of the loan evidenced by the Note, or any waiver of any term thereof, shall in any manner affect the obligations of Tenant under the Lease or
this Agreement, and Tenant hereby unconditionally relinquishes, waives and releases any and all claims or defenses based thereon. 
 8. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective heirs, successors and assigns; and provided, however,
that the obligations and liabilities of Lender, and each of its successors and assigns, shall be binding upon Lender and each such successor only during such period as Lender or such successor retains an interest in the Loan Documents; provided,
further, that the interest of Tenant under this Agreement may not be assigned or transferred without the prior written consent of Lender (which consent shall not be unreasonably withheld). As used herein, the term “Tenant” shall include
the original Tenant designated herein and its heirs, successors and assigns; the term “Borrower” shall include the original Borrower designated herein and its heirs, successors and assigns; the term “Lender” shall include the
original Lender designated herein and its heirs, successors and assigns, including anyone who shall have succeeded to Borrower’s interest in the Premises by, through or under foreclosure of the Loan Documents, or any of them; and the term
“foreclosure” shall be deemed to include judicial foreclosure, foreclosure by any power of sale granted under the Loan Documents, or the acquisition of Borrower’s estate in the Property by voluntary deed or assignment in lieu of
foreclosure. 
 9. Severability. If any term of this Agreement, or the application thereof to any person or
circumstance, shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such term to persons or circumstances other than those to which it is invalid and unenforceable, shall, at Lender’s option,
not be affected thereby, and in such event this Agreement shall be construed to the extent necessary as if such invalid or unenforceable provision had never been contained herein. 

10. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of California (without regard to conflicts of law). 
 
 11. Attorneys’ Fees. If any action or proceeding is brought by any party against any other party under this Agreement, the prevailing party shall be entitled to recover for the fees of
its attorneys in such action or proceeding such amount as the court may adjudge reasonable. 
 12. Notices.
Whenever a party shall desire to give or serve any notice, demand, request or other communication with respect to this Agreement (“Notice”), each such Notice shall be in writing and shall be

  
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personally served or sent by a commercial overnight delivery service or by certified mail, return receipt requested, and shall be deemed to have been received on the date actually received if
personally served or on the next business day after deposit with an overnight delivery service or on the date of receipt or refusal as shown on the return receipt if sent by certified mail or by the overnight carrier’s proof of delivery, as the
case may be. The addresses of the parties to which Notices shall be sent (until notice of a change is served as provided in this paragraph) are as set forth below the signature of such party on the signature page of this Agreement. 

13. Terminology. Whenever used in this Agreement (including any Exhibit hereto), the word “including”,
“includes”, or “include” shall be read as though the phrase “, without limitation,” immediately followed the same. 
 14. Duplicate Originals, Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may
be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to execute any counterpart of this Agreement shall
not relieve the other signatories from their obligations hereunder. 
 THE PARTIES HERETO EACH HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CONTROVERSY OR CLAIM, WHETHER ARISING IN TORT OR CONTRACT OR BY STATUTE OR LAW, BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION WITH THIS AGREEMENT OR ANY OF
THE OTHER LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, THE VALIDITY, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR THEREOF), OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY IN
CONNECTION HEREWITH OR THEREWITH. EACH PARTY ACKNOWLEDGES AND AGREES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY PERSON TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR LENDER’S, BORROWER’S, AND TENANT’S ENTERING INTO THIS AGREEMENT AND THE PARTIES WOULD NOT HAVE ENTERED INTO THIS AGREEMENT WITHOUT THIS WAIVER. LENDER, BORROWER AND TENANT ARE EACH HEREBY AUTHORIZED TO FILE A
COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL. 
 [Signatures appear on following pages]

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
 NOTICE: THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT CONTAINS PROVISIONS WHICH ALLOW THE
LANDLORD OBLIGATED ON THE LEASE TO OBTAIN A LOAN, ALL OR A PORTION OF WHICH MAY BE EXPENDED FOR PURPOSES OTHER THAN IMPROVEMENT OF THE PROPERTY. 
  

			
	“TENANT”
	
	SERENA SOFTWARE, INC.,
	a Delaware corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	
	Tenant’s Address:
		
	**	 	
	**	 	
	**	 	
	**	 	
	Attention:	 	  

	Telephone:	 	  

	Fax:	 	  

  
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	“BORROWER”
	
	 LEGACY PARTNERS II SAN MATEO PLAZA, LLC,

a Delaware limited liability company

		
	By:	 	LEGACY PARTNERS COMMERCIAL, L.P.,
		 	 a California limited partnership,
 as Manager and Agent for Owner

			
		 	By:	 	 LEGACY PARTNERS COMMERCIAL, INC.,
 General Partner

				
		 		 	By:	 	  

		 		 		 	Debra Smith
		 		 	Its:	 	Chief Administrative Officer
		 		 		 	DRE #00975555
		 		 		 	BL DRE #01464134
	
	Borrower’s Address:
	
	 LEGACY PARTNERS II SAN MATEO PLAZA, LLC

c/o Legacy Partners Commercial, LLC
 4000 East
Third Avenue, Suite 600
 Foster City, California 94404

	Attention:                    

  
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	“LENDER”
	
	MESA WEST REAL ESTATE INCOME FUND II (Core Inv), LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Lender’s Address:
	
	 c/o Mesa West Capital
 11755 Wilshire Boulevard, Suite 1670
 Los Angeles, California 90025

Attention: Loan Notices, Ryan Delaney
 Facsimile
No.: (310) 806-6301

	
	With a copy to:
	
	 Allen Matkins Leck Gamble Mallory & Natsis LLP
 515 South Figueroa Street, Ninth Floor
 Los Angeles, California 90071-3398

Attention: Kevin M. Ehrhart
 Phone number:
213-955-5599
 Facsimile number: 213-620-8816

  
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 ACKNOWLEDGMENT 

 

					
	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	COUNTY OF            	  	)	  	

 On            ,    ,
20    , before
me,                                        ,
Notary Public, personally
appeared                                        ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

WITNESS my hand and official seal. 
  

							
	Signature	 	  
	 		 	(Seal)

  
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 ACKNOWLEDGMENT 

 

					
	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	COUNTY OF            	  	)	  	

 On            ,    ,
20    , before
me,                                        ,
Notary Public, personally
appeared                                        ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

WITNESS my hand and official seal. 
  

							
	Signature	 	  
	 		 	(Seal)

  
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 ACKNOWLEDGMENT 

 

					
	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	COUNTY OF            	  	)	  	

 On            ,    ,
20    , before
me,                                        ,
Notary Public, personally
appeared                                        ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

WITNESS my hand and official seal. 
  

							
	Signature	 	  
	 		 	(Seal)

  
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 EXHIBIT A TO SNDA 

DESCRIPTION OF PROPERTY 

  
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 RIDER 
 EXTENSION OPTION 
 This Rider (the “Rider”)
is incorporated as a part of that certain Lease dated March 16, 2012 by and between LEGACY PARTNERS II SAN MATEO PLAZA, LLC, a Delaware limited liability company (“Landlord”), and SERENA SOFTWARE, INC., a Delaware corporation
(“Tenant”), for the leasing of those certain premises located at 1850 Gateway Drive, Suite 400, San Mateo, California 94404, as more particularly described in the Lease (the “Premises”). Any capitalized terms used
herein and not otherwise defined herein shall have the meaning ascribed to such terms as set forth in the Lease. 
 1.
Grant of Extension Option. Subject to the provisions, limitations and conditions set forth in this Rider, Tenant shall have one (1) option (the “Extension Option”) to extend the initial Lease Term for five
(5) years (the “Extension Term”). 
 2. Tenant’s Extension Option Notice. Tenant shall have
the right to deliver written notice to Landlord of its intent to exercise this Extension Option (the “Extension Option Notice”) no earlier than twelve (12) months and no less than nine (9) months prior to the expiration of
the initial Lease Term. If Landlord does not receive the Extension Option Notice from Tenant on a date which is no earlier than twelve (12) months and no less than nine (9) months prior to the expiration of the initial Lease Term, all
rights under this Extension Option shall automatically terminate and shall be of no further force or effect. Upon the proper exercise of this Extension Option, subject to the provisions, limitations and conditions set forth in this Rider, the Lease
Term shall be extended for the Extension Term. 
 3. Establishing the Initial Base Rent for the Extension Term.
The initial Base Rent for the Extension Term shall be equal to the then Fair Market Rental Rate, as hereinafter defined. As used herein, the “Fair Market Rental Rate” payable by Tenant for the Extension Term shall mean the Base Rent
for comparable Class A office space at which non-equity tenants, as of the commencement of the lease term for the Extension Term, will be leasing non-sublease, non-equity, space comparable in size, location and quality to the Premises for a
comparable term, which comparable space is located in the Building and in other comparable first-class buildings in the San Mateo/Foster City market area, taking into consideration all out-of-pocket concessions generally being granted at such time
for such comparable space, including the condition and value of existing tenant improvements in the Premises. The Fair Market Rental Rate shall include the periodic rental increases that would be included for space leased for the period of the
Extension Term. 
 4. Determination of Brokers. If Landlord and Tenant are unable to agree on
the Fair Market Rental Rate for the Extension Term within ten (10) days of receipt by Landlord of the Extension Option Notice for the Extension Term, Landlord and Tenant each, at its cost and by giving notice to the other party, shall appoint a
competent and impartial commercial real estate broker (hereinafter “broker”) with at least ten (10) years’ full-time commercial real estate brokerage experience in the geographical area of the Premises to set the Fair
Market Rental Rate for the space and term at issue. If either Landlord or Tenant does not appoint a broker within ten (10) days after the other party has given notice of the name of its broker, the single broker appointed shall be the sole
broker and shall conclusively determine the Fair Market Rental Rate for the Extension Term. If two (2) brokers are appointed by Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the Fair Market Rental
Rate. In addition, if either of the first two (2) brokers fails to submit their opinion of the Fair Market Rental Rate within the time frames set forth below, then the single Fair Market Rental Rate submitted shall automatically be the initial
monthly Base Rent for the Extension Term and shall be binding upon Landlord and Tenant. If the two (2) brokers are unable to agree within ten (10) days after the second broker has been appointed, they shall attempt to select a third
broker, meeting the qualifications stated in this paragraph within ten (10) days after the last day the two (2) brokers are given to set the Fair Market Rental Rate. If the two (2) brokers are unable to agree on the third broker,
either Landlord or Tenant by giving ten (10) days’ written notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the Premises is located for the selection of a third broker who meets the
qualifications stated in this paragraph. Landlord and Tenant each shall bear one-half ( 1/2) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not previously acted in any capacity for either
Landlord or Tenant. Within fifteen (15) days after the selection of the third broker, the third broker shall select one of the two Fair Market Rental Rates submitted by the first two brokers as the Fair Market Rental Rate for the space and term
at issue. The determination of the Fair Market Rental Rate by the third broker shall be conclusive and binding upon Landlord and Tenant. 
 In no event shall the monthly Base Rent for any period of the Extension Term as determined pursuant to this Rider, be less than the highest monthly Base Rent charged during the initial term of the Lease.
Upon determination of the initial monthly Base Rent for the Extension Term in accordance with the terms outlined above, Landlord and Tenant shall immediately execute an amendment to the Lease. Such amendment shall set forth the initial monthly Base
Rent for the Extension Term and the actual commencement date and expiration date of the Extension Term. Tenant shall have no other right to extend the Lease Term under this Rider unless Landlord and Tenant otherwise agree in writing. 

 5. Condition of Premises for the Extension Term.
If Tenant timely and properly exercises this Extension Option, in strict accordance with the terms contained herein, Tenant shall accept the Premises in its then “AS-IS” condition and, accordingly, Landlord shall not be required to
perform any additional improvements to the Premises. 

  
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 6. Limitations On, and Conditions To, Extension Option. This Extension Option
is personal to Tenant (and any Permitted Transferee) and may not be assigned, voluntarily or involuntarily, separate from or as part of the Lease (except to a transferee in connection with a Permitted Transfer). At Landlord’s option, all rights
of Tenant under this Extension Option shall terminate and be of no force or effect if any of the following individual events occur or any combination thereof occur: (1) Tenant has been in default beyond any applicable cure period at any time
during the Lease Term, or is in default beyond any applicable cure period of any provision of the Lease on the date Landlord receives the Extension Option Notice; and/or (2) except for a Permitted Transfer, Tenant has assigned its rights and
obligations under all or part of the Lease or Tenant has subleased all or part of the Premises in a transfer; and/or (3) Tenant has a tangible net worth and net income as of the date of the Extension Option Notice, in the aggregate, computed in
accordance with Generally Accepted Accounting Principles (but excluding goodwill as an asset), which is less than Tenant’s tangible net worth and net income as of the date of this Lease; and/or (4) Tenant has failed to exercise properly
this Extension Option in a timely manner in strict accordance with the provisions of this Rider; and/or (5) Tenant no longer has possession of the entire Premises pursuant to the Lease, or if the Lease has been terminated earlier, pursuant to
the terms and provisions of the Lease. 
 7. Time is of the Essence. Time is of the essence with
respect to each and every time period described in this Rider. 

  
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