Document:

Exhibit
10.1

 

CEMTREX,
INC.

(the
“Company”)

 

2020
INCENTIVE PLAN

 

Section
1. PURPOSE

 

The
purpose of the Cemtrex, Inc. 2020 Incentive Plan is to attract, retain and motivate employees, officers, directors, consultants,
agents, advisors and independent contractors of the Company and its Related Companies by providing them the opportunity to acquire
a proprietary interest in the Company and to align their interests and efforts to the long-term interests of the Company’s
stockholders.

 

Section
2. DEFINITIONS

 

Certain
capitalized terms used in the Plan have the meanings set forth in Appendix A.

 

Section
3. ADMINISTRATION

 

	3.1	Administration
    of the Plan

 

The
Plan shall be administered by the Board or its Compensation Committee. The Compensation Committee shall be composed of two or
more directors, each of whom is a “non-employee director” within the meaning of Rule 16b-3(b)(3) promulgated under
the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission. As used in this Plan, the term
“Compensation Committee” shall be construed as if followed by the words “(if any)”; nothing in this Plan
requires the Board to have a Compensation Committee.

 

	3.2	Delegation

 

Notwithstanding
the foregoing, the Board may delegate responsibility for administering the Plan with respect to designated classes of Eligible
Persons to different committees consisting of one or more members of the Board, subject to such limitations as the Board deems
appropriate, except with respect to Awards to any Participants who are then subject to Section 16 of the Exchange Act. Members
of any committee shall serve for such term as the Board may determine, subject to removal by the Board at any time. To the extent
consistent with applicable law, the Board or the Compensation Committee may authorize one or more officers of the Company to grant
Awards to designated classes of Eligible Persons, within limits specifically prescribed by the Board or the Compensation Committee;
provided, however, that no such officer shall have or obtain authority to grant Awards to himself or herself or to any person
then subject to Section 16 of the Exchange Act. All references in the Plan to the “Committee” shall be, as applicable,
to the Board, the Compensation Committee or any other committee or any officer to whom the Board or the Compensation Committee
has delegated authority to administer the Plan.

 

	3.3	Administration
    and Interpretation by Committee

 

(a)
Except for the terms and conditions explicitly set forth in the Plan and to the extent permitted by applicable law, the Committee
shall have full power and exclusive authority, subject to such orders or resolutions not inconsistent with the provisions of the
Plan as may from time to time be adopted by the Board, to

 

    	 

     

    

 

(i)
select the Eligible Persons to whom Awards may from time to time be granted under the Plan;

 

(ii)
determine the type or types of Awards to be granted to each Participant under the Plan;

 

(iii)
determine the number of shares of Common Stock, if any, to be covered by each Award granted under the Plan;

 

(iv)
determine the terms and conditions of any Award granted under the Plan;

 

(v)
approve the forms of notice or agreement for use under the Plan;

 

(vi)
determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other
property or canceled or suspended;

 

(vii)
determine whether, to what extent and under what circumstances cash, shares of Common Stock, other property and other amounts
payable with respect to an Award shall be deferred either automatically or at the election of the Participant;

 

(viii)
interpret and administer the Plan and any instrument evidencing an Award, notice or agreement executed or entered into under the
Plan;

 

(ix)
establish such rules and regulations as it shall deem appropriate for the proper administration of the Plan;

 

(x)
delegate ministerial duties to such of the Company’s employees as it so determines; and

 

(xi)
make any other determination and take any other action that the Committee deems necessary or desirable for administration of the
Plan.

 

(b)
The Committee shall have the right, without stockholder approval, to cancel or amend outstanding Options or SARs for the purpose
of repricing, replacing or regranting such Options or SARs with Options or SARs that have a purchase or grant price that is less
than the purchase or grant price for the original Options or SARs except in connection with adjustments provided in Section 15.

 

(c)
The effect on the vesting of an Award of a Company-approved leave of absence or a Participant’s working less than full-time
shall be determined by the Company’s chief human resources officer or other person performing that function or, with respect
to directors or executive officers, by the Committee, whose determination shall be final.

 

(d)
Decisions of the Committee shall be final, conclusive and binding on all persons, including the Company, any Participant, any
stockholder and any Eligible Person. A majority of the members of the Committee may determine its actions.

 

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Section
4. SHARES SUBJECT TO THE PLAN

 

	4.1	Authorized
    Number of Shares

 

Subject
to adjustment from time to time as provided in subsection 15.1, a maximum of 2,000,000 shares of Common Stock shall be available
for issuance under the Plan. Shares issued under the Plan shall be drawn from authorized and unissued shares or shares now held
or subsequently acquired by the Company as treasury shares.

 

	4.2	Share
    Usage

 

(a)
Shares of Common Stock covered by an Award shall not be counted as used unless and until they are actually issued and delivered
to a Participant. If any Award lapses, expires, terminates or is canceled prior to the issuance of shares thereunder or if shares
of Common Stock are issued under the Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company,
the shares subject to such Awards and the forfeited or reacquired shares shall again be available for issuance under the Plan.
Any shares of Common Stock

 

(i)
tendered by a Participant or retained by the Company as full or partial payment to the Company for the purchase price of an Award
or to satisfy tax withholding obligations in connection with an Award, or

 

(ii)
covered by an Award that is settled in cash, or in a manner such that some or all of the shares of Common Stock covered by the
Award are not issued,

 

shall
be available for Awards under the Plan. The number of shares of Common Stock available for issuance under the Plan shall not be
reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares of Common Stock or credited
as additional shares of Common Stock subject or paid with respect to an Award.

 

(b)
The Committee shall also, without limitation, have the authority to grant Awards as an alternative to or as the form of payment
for grants or rights earned or due under other compensation plans or arrangements of the Company.

 

(c)
Notwithstanding anything in the Plan to the contrary, the Committee may grant Substitute Awards under the Plan. Substitute Awards
shall not reduce the number of shares authorized for issuance under the Plan. In the event that an Acquired Entity has shares
available for awards or grants under one or more preexisting plans not adopted in contemplation of such acquisition or combination,
then, to the extent determined by the Committee, the shares available for grant pursuant to the terms of such preexisting plan
(as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such
acquisition or combination to determine the consideration payable to holders of common stock of the entities that are parties
to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the number of shares of Common
Stock authorized for issuance under the Plan; provided, however, that Awards using such available shares shall not be made after
the date awards or grants could have been made under the terms of such preexisting plans, absent the acquisition or combination,
and shall only be made to individuals who were not employees or directors of the Company or a Related Company prior to such acquisition
or combination. In the event that a written agreement between the Company and an Acquired Entity pursuant to which a merger or
consolidation is completed is approved by the Board and that agreement sets forth the terms and conditions of the substitution
for or assumption of outstanding awards of the Acquired Entity, those terms and conditions shall be deemed to be the action of
the Committee without any further action by the Committee, except as may be required for compliance with Rule 16b-3 under the
Exchange Act, and the persons holding such awards shall be deemed to be Participants.

 

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(d)
Notwithstanding the other provisions in this subsection, the maximum number of shares that may be issued upon the exercise of
Incentive Stock Options shall equal the aggregate share number stated in subsection 4.1, subject to adjustment as provided in
subsection 15.1.

 

Section
5. ELIGIBILITY

 

An
Award may be granted to any employee, officer or director of the Company or a Related Company whom the Committee from time to
time selects. An Award may also be granted to any consultant, agent, advisor or independent contractor for bona fide services
rendered to the Company or any Related Company that:

 

(a)
are not in connection with the offer and sale of the Company’s securities in a capital-raising transaction, and

 

(b)
do not directly or indirectly promote or maintain a market for the Company’s securities.

 

Section
6. AWARDS

 

	6.1	Form,
    Grant and Settlement of Awards

 

The
Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan.
Such Awards may be granted either alone or in addition to or in tandem with any other type of Award. Any Award settlement may
be subject to such conditions, restrictions and contingencies as the Committee shall determine.

 

	6.2	Evidence
    of Awards

 

Awards
granted under the Plan shall be evidenced by a written, including an electronic, notice or agreement that shall contain such terms,
conditions, limitations and restrictions as the Committee shall deem advisable and that are not inconsistent with the Plan.

 

	6.3	Deferrals

 

The
Committee may permit or require a Participant to defer receipt of the payment of any Award if and to the extent set forth in the
instrument evidencing the Award at the time of grant. If any such deferral election is permitted or required, the Committee, in
its sole discretion, shall establish rules and procedures for such payment deferrals, which may include the grant of additional
Awards or provisions for the payment or crediting of interest or dividend equivalents, including converting such credits to deferred
stock unit equivalents; provided, however, that the terms of any deferrals under this subsection shall comply with all applicable
law, rules and regulations, including, without limitation, Section 409A of the Code.

 

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	6.4	Dividends
    and Distributions

 

Participants
may, if and to the extent the Committee so determines and sets forth in the instrument evidencing the Award at the time of grant,
be credited with dividends paid with respect to shares of Common Stock underlying an Award in a manner determined by the Committee
in its sole discretion. The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems
appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including
cash, shares of Common Stock, Restricted Stock or Stock Units.

 

Section
7. OPTIONS

 

	7.1	Grant
    of Options

 

The
Committee may grant Options designated as Incentive Stock Options or Nonqualified Stock Options.

 

	7.2	Option
    Exercise Price

 

The
exercise price for shares purchased under an Option shall be at least 100% of the Fair Market Value on the Grant Date (and shall
not be less than the minimum exercise price required by Section 422 of the Code with respect to Incentive Stock Options), except
in the case of Substitute Awards.

 

	7.3	Term
    of Options

 

Subject
to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of
a Nonqualified Stock Option shall be ten years from the Grant Date.

 

	7.4	Exercise
    of Options

 

The
Committee shall establish and set forth in each instrument that evidences an Option the time at which, or the installments in
which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Committee at any
time.

 

To
the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to time in part by delivery
to or as directed or approved by the Company of a properly executed stock option exercise agreement or notice, in a form and in
accordance with procedures established by the Committee, setting forth the number of shares with respect to which the Option is
being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations
and agreements as may be required by the Committee, accompanied by payment in full as described in subsection 7.5 and Section
13. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any
one time, as determined by the Committee.

 

	7.5	Payment
    of Exercise Price

 

The
exercise price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to
the product of the Option exercise price and the number of shares purchased. Such consideration must be paid before the Company
will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Committee for that purchase,
which forms may include:

 

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(a)
cash;

 

(b)
check or wire transfer;

 

(c)
having the Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have an aggregate
Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option;

 

(d)
tendering (either actually or, so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, by
attestation) shares of Common Stock owned by the Participant that have an aggregate Fair Market Value equal to the aggregate exercise
price of the shares being purchased under the Option;

 

(e)
so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by law,
delivery of a properly executed exercise notice, together with irrevocable instructions to a brokerage firm designated or approved
by the Company to deliver promptly to the Company the aggregate amount of proceeds to pay the Option exercise price and any withholding
tax obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve
Board; or

 

(f)
such other consideration as the Committee may permit.

 

	7.6	Effect
    of Termination of Service

 

The
Committee shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable,
and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified
by the Committee at any time. If not so established in the instrument evidencing the Option, the Option shall be exercisable according
to the following terms and conditions, which may be waived or modified by the Committee at any time:

 

(a)
Any portion of an Option that is not vested and exercisable on the date of a Participant’s Termination of Service shall
expire on such date.

 

(b)
Any portion of an Option that is vested and exercisable on the date of a Participant’s Termination of Service shall expire
on the earliest to occur of:

 

(i)
if the Participant’s Termination of Service occurs for reasons other than Cause, Retirement, Disability or death, the date
that is three months after such Termination of Service;

 

(ii)
if the Participant’s Termination of Service occurs by reason of Retirement, Disability or death, the one-year anniversary
of such Termination of Service; and

 

(iii)
the Option Expiration Date.

 

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Notwithstanding
the foregoing, if a Participant dies after his or her Termination of Service but while an Option is otherwise exercisable, the
portion of the Option that is vested and exercisable on the date of such Termination of Service shall expire upon the earlier
to occur of (y) the Option Expiration Date and (z) the one-year anniversary of the date of death, unless the Committee determines
otherwise. Also notwithstanding the foregoing, in case a Participant’s Termination of Service occurs for Cause, all Options
granted to the Participant shall automatically expire upon first notification to the Participant of such termination, unless the
Committee determines otherwise. If a Participant’s employment or service relationship with the Company is suspended pending
an investigation of whether the Participant shall be terminated for Cause, all the Participant’s rights under any Option
shall likewise be suspended during the period of investigation. If any facts that would constitute termination for Cause are discovered
after a Participant’s Termination of Service, any Option then held by the Participant may be immediately terminated by the
Committee, in its sole discretion.

 

(c)
If the exercise of the Option following a Participant’s Termination of Service, but while the Option is otherwise exercisable,
would be prohibited solely because the issuance of Common Stock would violate either the registration requirements under the Securities
Act or the Company’s insider trading policy, then the Option shall remain exercisable until the earlier of (i) the Option
Expiration Date and (ii) the expiration of a period of three months (or such longer period of time as determined by the Committee
in its sole discretion) after the Participant’s Termination of Service during which the exercise of the Option would not
be in violation of such Securities Act or insider trading policy requirements.

 

Section
8. INCENTIVE STOCK OPTION LIMITATIONS

 

Notwithstanding
any other provisions of the Plan, the terms and conditions of any Incentive Stock Options shall also comply in all respects with
Section 422 of the Code, or any successor provision, and any applicable regulations thereunder, including, to the extent required
thereunder, the following:

 

	8.1	Dollar
    Limitation

 

To
the extent the aggregate Fair Market Value (determined as of the Grant Date) of Common Stock with respect to which a Participant’s
Incentive Stock Options become exercisable for the first time during any calendar year (under the Plan and all other stock option
plans of the Company and its parent and subsidiary corporations) exceeds $100,000, such portion in excess of $100,000 shall be
treated as a Nonqualified Stock Option. In the event the Participant holds two or more such Options that become exercisable for
the first time in the same calendar year, such limitation shall be applied on the basis of the order in which such Options are
granted.

 

	8.2	Eligible
    Employees.

 

Individuals
who are not employees of the Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options.

 

	8.3	Exercise
    Price

 

The
exercise price of an Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date,
and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power
of all classes of the stock of the Company or of its parent or subsidiary corporations (a “Ten Percent Stockholder”),
shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date. The determination of more than 10%
ownership shall be made in accordance with Section 422 of the Code.

 

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	8.4	Option
    Term

 

Subject
to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of
an Incentive Stock Option shall not exceed ten years, and in the case of an Incentive Stock Option granted to a Ten Percent Stockholder,
shall not exceed five years.

 

	8.5	Exercisability

 

An
Option designated as an Incentive Stock Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option
to the extent it is exercised (if permitted by the terms of the Option) (a) more than three months after the date of a Participant’s
Termination of Service if termination was for reasons other than death or disability, (b) more than one year after the date of
a Participant’s Termination of Service if termination was by reason of disability, or (c) after the Participant has been
on leave of absence for more than 90 days, unless the Participant’s reemployment rights are guaranteed by statute or contract.

 

	8.6	Taxation
    of Incentive Stock Options

 

In
order to obtain certain tax benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold
the shares acquired upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year after the date
of exercise.

 

A
Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option. The Participant
shall give the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior
to the expiration of such holding periods.

 

	8.7	Code
    Definitions

 

For
the purposes of this Section, “disability” “parent corporation” and “subsidiary corporation”
shall have the meanings attributed to those terms for purposes of Section 422 of the Code.

 

Section
9. STOCK APPRECIATION RIGHTS

 

	9.1	Grant
    of Stock Appreciation Rights

 

The
Committee may grant Stock Appreciation Rights to Participants at any time on such terms and conditions as the Committee shall
determine in its sole discretion. An SAR may be granted in tandem with an Option or alone (“freestanding”). The grant
price of a tandem SAR shall be equal to the exercise price of the related Option. The grant price of a freestanding SAR shall
be established in accordance with procedures for Options set forth in subsection 7.2. An SAR may be exercised upon such terms
and conditions and for the term as the Committee determines in its sole discretion; provided, however, that, subject to earlier
termination in accordance with the terms of the Plan and the instrument evidencing the SAR, the maximum term of a freestanding
SAR shall be ten years, and in the case of a tandem SAR, (a) the term shall not exceed the term of the related Option and (b)
the tandem SAR may be exercised for all or part of the shares subject to the related Option upon the surrender of the right to
exercise the equivalent portion of the related Option, except that the tandem SAR may be exercised only with respect to the shares
for which its related Option is then exercisable.

 

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	9.2	Payment
    of SAR Amount

 

Upon
the exercise of an SAR, a Participant shall be entitled to receive payment in an amount determined by multiplying:

 

(a)
the difference between the Fair Market Value of the Common Stock on the date of exercise over the grant price of the SAR by

 

(b)
the number of shares with respect to which the SAR is exercised.

 

At
the discretion of the Committee as set forth in the instrument evidencing the Award, the payment upon exercise of an SAR may be
in cash, in shares, in some combination thereof or in any other manner approved by the Committee in its sole discretion.

 

	9.3	Waiver
    of Restrictions

 

Subject
to subsection 18.5, the Committee, in its sole discretion, may waive any other terms, conditions or restrictions on any SAR under
such circumstances and subject to such terms and conditions as the Committee shall deem appropriate.

 

Section
10. STOCK AWARDS, RESTRICTED STOCK AND STOCK UNITS

 

	10.1	Grant
    of Stock Awards, Restricted Stock and Stock Units

 

The
Committee may grant Stock Awards, Restricted Stock and Stock Units on such terms and conditions and subject to such repurchase
or forfeiture restrictions, if any, which may be based on continuous service with the Company or a Related Company or the achievement
of any performance goals, as the Committee shall determine in its sole discretion, which terms, conditions and restrictions shall
be set forth in the instrument evidencing the Award.

 

	10.2	Vesting
    of Restricted Stock and Stock Units

 

Upon
the satisfaction of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon
a Participant’s release from any terms, conditions and restrictions of Restricted Stock or Stock Units, as determined by
the Committee, and subject to the provisions of Section 13:

 

(a)
the shares of Restricted Stock covered by each Award of Restricted Stock shall become freely transferable by the Participant,
and

 

(b)
Stock Units shall be paid in shares of Common Stock or, if set forth in the instrument evidencing the Awards, in cash or a combination
of cash and shares of Common Stock.

 

Any
fractional shares subject to such Awards shall be paid to the Participant in cash.

 

	10.3	Waiver
    of Restrictions

 

Subject
to subsection 18.5, the Committee, in its sole discretion, may waive the repurchase or forfeiture period and any other terms,
conditions or restrictions on any Restricted Stock or Stock Unit under such circumstances and subject to such terms and conditions
as the Committee shall deem appropriate.

 

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Section
11. PERFORMANCE AWARDS

 

	11.1	Performance
    Shares

 

The
Committee may grant Awards of Performance Shares, designate the Participants to whom Performance Shares are to be awarded and
determine the number of Performance Shares and the terms and conditions of each such Award. Performance Shares shall consist of
a unit valued by reference to a designated number of shares of Common Stock, the value of which may be paid to the Participant
by delivery of shares of Common Stock or, if set forth in the instrument evidencing the Award, of such property as the Committee
shall determine, including, without limitation, cash, shares of Common Stock, other property, or any combination thereof, upon
the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.
Subject to subsection 18.5, the amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further
consideration as the Committee shall determine in its sole discretion.

 

	11.2	Performance
    Units

 

The
Committee may grant Awards of Performance Units, designate the Participants to whom Performance Units are to be awarded and determine
the number of Performance Units and the terms and conditions of each such Award. Performance Units shall consist of a unit valued
by reference to a designated amount of property other than shares of Common Stock, which value may be paid to the Participant
by delivery of such property as the Committee shall determine, including, without limitation, cash, shares of Common Stock, other
property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms
and conditions specified by the Committee. Subject to subsection 18.5, the amount to be paid under an Award of Performance Units
may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion.

 

Section
12. OTHER STOCK OR CASH-BASED AWARDS

 

Subject
to the terms of the Plan and such other terms and conditions as the Committee deems appropriate, the Committee may grant other
incentives payable in cash or in shares of Common Stock under the Plan.

 

Section
13. WITHHOLDING

 

The
Company may require the Participant to pay to the Company the amount of:

 

(a)
any taxes that the Company is required by applicable federal, state, local or foreign law to withhold with respect to the grant,
vesting or exercise of an Award (“tax withholding obligations”); and

 

(b)
any amounts due from the Participant to the Company or to any Related Company (“other obligations”).

 

The
Company shall not be required to issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax withholding
obligations and other obligations are satisfied. The Committee may permit or require a Participant to satisfy all or part of the
Participant’s tax withholding obligations and other obligations by:

 

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(i)
paying cash to the Company,

 

(ii)
having the Company withhold an amount from any cash amounts otherwise due or to become due from the Company to the Participant,

 

(iii)
having the Company withhold a number of shares of Common Stock that would otherwise be issued to the Participant (or become vested,
in the case of Restricted Stock) having a Fair Market Value equal to the tax withholding obligations and other obligations, or

 

(iv)
surrendering a number of shares of Common Stock the Participant already owns having a value equal to the tax withholding obligations
and other obligations.

 

The
value of the shares so withheld or tendered may not exceed the employer’s minimum required tax withholding rate.

 

Section
14. ASSIGNABILITY

 

No
Award or interest in an Award may be sold, assigned, pledged (as collateral for a loan or as security for the performance of an
obligation or for any other purpose) or transferred by a Participant or made subject to attachment or similar proceedings otherwise
than by will or by the applicable laws of descent and distribution, except to the extent the Participant designates one or more
beneficiaries on a Company-approved form who may exercise the Award or receive payment under the Award after the Participant’s
death. During a Participant’s lifetime, an Award may be exercised only by the Participant. Notwithstanding the foregoing
and to the extent permitted by Section 422 of the Code, the Committee, in its sole discretion, may permit a Participant to assign
or transfer an Award subject to such terms and conditions as the Committee shall specify.

 

Section
15. ADJUSTMENTS

 

	15.1	Adjustment
    of Shares

 

In
the event, at any time or from time to time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization,
merger, consolidation, distribution to stockholders other than a normal cash dividend, or other change in the Company’s
corporate or capital structure results in

 

(a)
the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a
different number or kind of securities of the Company or

 

(b)
new, different or additional securities of the Company or any other company being received by the holders of shares of Common
Stock,

 

then
the Committee shall make proportional adjustments in

 

(i)
the maximum number and kind of securities available for issuance under the Plan;

 

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(ii)
the maximum number and kind of securities issuable as Incentive Stock Options as set forth in subsection 4.2; and

 

(iii)
the number and kind of securities that are subject to any outstanding Award and the per share price of such securities, without
any change in the aggregate price to be paid therefor.

 

The
determination by the Committee, as to the terms of any of the foregoing adjustments shall be conclusive and binding. Notwithstanding
the foregoing, the issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, for cash or property, or for labor or services rendered, either upon direct sale or upon the exercise of rights or
warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other
securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. Also notwithstanding
the foregoing, a dissolution or liquidation of the Company or a Company Transaction shall not be governed by this subsection but
shall be governed by subsections 15.2 and 15.3, respectively.

 

	15.2	Dissolution
    or Liquidation

 

To
the extent not previously exercised or settled, and unless otherwise determined by the Committee in its sole discretion, Awards
shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a vesting condition, forfeiture
provision or repurchase right applicable to an Award has not been waived by the Committee, the Award shall be forfeited immediately
prior to the consummation of the dissolution or liquidation.

 

	15.3	Change
    in Control

 

Notwithstanding
any other provision of the Plan to the contrary, unless the Committee shall determine otherwise in the instrument evidencing the
Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, in
the event of a Change in Control:

 

(a)
All outstanding Awards, other than Performance Shares and Performance Units, shall become fully and immediately exercisable, and
all applicable deferral and restriction limitations or forfeiture provisions shall lapse, immediately prior to the Change in Control
and shall terminate at the effective time of the Change in Control; provided, however, that with respect to a Change in Control
that is a Company Transaction, such Awards shall become fully and immediately exercisable, and all applicable deferral and restriction
limitations or forfeiture provisions shall lapse, only if and to the extent such Awards are not converted, assumed or replaced
by the Successor Company. For the purposes of this paragraph, an Award shall be considered converted, assumed or replaced by the
Successor Company if following the Company Transaction the option or right confers the right to purchase or receive, for each
share of Common Stock subject to the Award immediately prior to the Company Transaction, the consideration (whether stock, cash
or other securities or property) received in the Company Transaction by holders of Common Stock for each share held on the effective
date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders
of a majority of the outstanding shares); provided, however, that if such consideration received in the Company Transaction is
not solely common stock of the Successor Company, the Committee may, with the consent of the Successor Company, provide for the
consideration to be received upon the exercise of the Option, for each share of Common Stock subject thereto, to be solely common
stock of the Successor Company substantially equal in fair market value to the per share consideration received by holders of
Common Stock in the Company Transaction. The determination of such substantial equality of value of consideration shall be made
by the Committee, and its determination shall be conclusive and binding.

 

    	12

     

    

 

(b)
All Performance Shares or Performance Units earned and outstanding as of the date the Change in Control is determined to have
occurred shall be payable in full at the target level in accordance with the payout schedule pursuant to the instrument evidencing
the Award. Any remaining Performance Shares or Performance Units (including any applicable performance period) for which the payout
level has not been determined shall be prorated at the target payout level up to and including the date of such Change in Control
and shall be payable in full at the target level in accordance with the payout schedule pursuant to the instrument evidencing
the Award. Any existing deferrals or other restrictions not waived by the Committee in its sole discretion shall remain in effect.

 

(c)
Notwithstanding paragraphs 15.3(a) and 15.3(b), the Committee, in its sole discretion, may (unless otherwise provided in the instrument
evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related
Company) instead provide in the event of a Change in Control that is a Company Transaction

 

(i)
for adjustments to the Plan and outstanding Awards as contemplated by subsection 15.1 or

 

(ii)
that a Participant’s outstanding Awards shall terminate upon or immediately prior to such Company Transaction and that such
Participant shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (x) the value of the per
share consideration received by holders of Common Stock in the Company Transaction, or, if the Company Transaction is a sale of
assets or otherwise does not result in direct receipt of consideration by holders of Common Stock, the value of the deemed per
share consideration received, in each case as determined by the Committee in its sole discretion, multiplied by the number of
shares of Common Stock subject to such outstanding Awards (to the extent then vested and exercisable or whether or not then vested
and exercisable, as determined by the Committee in its sole discretion) exceeds (y) if applicable, the respective aggregate exercise
price or grant price for such Awards.

 

	15.4	Further
    Adjustment of Awards

 

Subject
to subsections 15.2 and 15.3, the Committee shall have the discretion, exercisable at any time before a sale, merger, consolidation,
reorganization, liquidation, dissolution or change in control of the Company, as defined by the Committee, to take such further
action as it determines to be necessary or advisable with respect to Awards. Such authorized action may include (but shall not
be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on, Awards so as
to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the
Committee may take such actions with respect to all Participants, to certain categories of Participants or only to individual
Participants. The Committee may take such action before or after granting Awards to which the action relates and before or after
any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation, dissolution or change in
control that is the reason for such action.

 

    	13

     

    

 

	15.5	No
    Limitations

 

The
grant of Awards shall in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital
or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

 

	15.6	Fractional
    Shares

 

In
the event of any adjustment in the number of shares covered by any Award, each such Award shall cover only the number of full
shares resulting from such adjustment.

 

	15.7	Section
    409A of the Code

 

Notwithstanding
anything in this Plan to the contrary,

 

(a)
any adjustments made pursuant to this Section 15 or any other amendments to Awards that are considered “deferred compensation”
within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code and

 

(b)
any adjustments made pursuant to this Section 15 or any other amendments to Awards that are not considered “deferred compensation”
subject to Section 409A of the Code

 

shall
be made in such a manner as to ensure that after such adjustment or amendment the Awards either

 

(i)
continue not to be subject to Section 409A of the Code or

 

(ii)
comply with the requirements of Section 409A of the Code.

 

Section
16. MARKET STANDOFF

 

In
the event of an underwritten public offering by the Company of its equity securities pursuant to an effective registration statement
filed under the Securities Act, no person may sell, make any short sale of, loan, hypothecate, pledge, grant any option for the
purchase of, or otherwise dispose of or transfer for value or otherwise agree to engage in any of the foregoing transactions with
respect to any shares issued pursuant to an Award granted under the Plan without the prior written consent of the Company or its
underwriters. Such limitations shall be in effect for such period of time as may be requested by the Company or such underwriters;
provided, however, that in no event shall such period exceed

 

(a)
180 days after the effective date of the registration statement for such public offering or

 

(b)
such longer period requested by the underwriter as is necessary to comply with regulatory restrictions on the publication of research
reports (including, but not limited to, NYSE Rule 472 or NASD Conduct Rule 2711).

 

In
the event of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting
the Company’s outstanding Common Stock effected as a class without the Company’s receipt of consideration, any new,
substituted or additional securities distributed with respect to any shares issued as or pursuant to an Award under the Plan shall
be immediately subject to the provisions of this Section 16, to the same extent such shares are at such time covered by such provisions.
In order to enforce the limitations of this Section 16, the Company may impose stop-transfer instructions with respect to the
purchased shares until the end of the applicable standoff period.

 

    	14

     

    

 

Section
17. AMENDMENT AND TERMINATION

 

	17.1	Amendment,
    Suspension or Termination

 

The
Board or the Compensation Committee may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such
respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange
rule, stockholder approval shall be required for any amendment to the Plan; and provided, further, that any amendment that requires
stockholder approval may be made only by the Board and not by the Compensation Committee. Subject to subsection 17.3, the Committee
may amend the terms of any outstanding Award, prospectively or retroactively.

 

	17.2	Term
    of the Plan

 

Unless
sooner terminated as provided herein, the Plan shall terminate 10 years from the Effective Date. After the Plan is terminated,
no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with their applicable terms
and conditions and the Plan’s terms and conditions. Notwithstanding the foregoing, no Incentive Stock Options may be granted
more than 10 years after the later of:

 

(a)
the adoption of the Plan by the Board and

 

(b)
the adoption by the Board of any amendment to the Plan that constitutes the adoption of a new plan for purposes of Section 422
of the Code.

 

	17.3	Consent
    of Participant

 

The
amendment, suspension or termination of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without
the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to a Participant under
the Plan. Any change or adjustment to an outstanding Incentive Stock Option shall not, without the consent of the Participant,
be made in a manner so as to constitute a “modification” that would cause such Incentive Stock Option to fail to continue
to qualify as an Incentive Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to Section 15 shall not
be subject to these restrictions.

 

Section
18. GENERAL

 

	18.1	No
    Individual Rights

 

No
individual or Eligible Person shall have any claim to be granted any Award under the Plan, and the Company has no obligation for
uniformity of treatment of Eligible Persons or Participants under the Plan. Furthermore, nothing in the Plan or any Award granted
under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right
to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way
the right of the Company or any Related Company to terminate a Participant’s employment or other relationship at any time,
with or without cause.

 

    	15

     

    

 

	18.2	Issuance
    of Shares

 

Notwithstanding
any other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the
Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such issuance,
delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities
Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities exchange or similar entity.
The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under
the Securities Act, or to register or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock,
security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such registrations
or qualifications if made. As a condition to the exercise of an Option or any other receipt of Common Stock pursuant to an Award
under the Plan, the Company may require:

 

(a)
the Participant to represent and warrant at the time of any such exercise or receipt that such shares are being purchased or received
only for the Participant’s own account and without any present intention to sell or distribute such shares and

 

(b)
such other action or agreement by the Participant as may from time to time be necessary to comply with the federal, state and
foreign securities laws.

 

At
the option of the Company, a stop-transfer order against any such shares may be placed on the official stock books and records
of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred, unless an opinion
of counsel (satisfactory to the Company, in its sole discretion) is provided stating that such transfer is not in violation of
any applicable law or regulation, may be stamped on stock certificates to ensure exemption from registration. The Committee may
also require the Participant to execute and deliver to the Company a purchase agreement or such other agreement as may be in use
by the Company at such time that describes certain terms and conditions applicable to the shares. To the extent the Plan or any
instrument evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common Stock,
the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules
of any stock exchange.

 

	18.3	Indemnification

 

Each
person who is or shall have been a member of the Board, or a committee appointed by the Board, or an officer of the Company to
whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the Company against and from
any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting
from any claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by reason
of any action taken or failure to act under the Plan and against and from any and all amounts paid by such person in settlement
thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment in any such claim, action,
suit or proceeding against such person; provided, however, that such person shall give the Company an opportunity, at its own
expense, to handle and defend the same before such person undertakes to handle and defend it on such person’s own behalf.
This duty to indemnify shall not apply to the extent that:

 

    	16

     

    

 

(a)
such loss, cost, liability or expense is a result of such person’s own willful misconduct or

 

(b)
such indemnification is expressly prohibited by statute.

 

The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such person may be entitled
under the Company’s certificate of incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company
may have to indemnify or hold harmless.

 

	18.4	No
    Rights as a Stockholder

 

Unless
otherwise provided by the Committee or in the instrument evidencing the Award or in a written employment, services or other agreement,
no Award, other than a Stock Award, shall entitle the Participant to any cash dividend, voting or other right of a stockholder
unless and until the date of issuance under the Plan of the shares that are the subject of such Award.

 

	18.5	Compliance
    with Laws and Regulations

 

In
interpreting and applying the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall,
to the extent permitted by law, be construed as an “incentive stock option” within the meaning of Section 422 of the
Code. Any Award granted pursuant to the Plan is intended to comply with the requirements of Section 409A of the Code, including
any applicable regulations and guidance issued thereunder, and including transition guidance, to the extent Section 409A of the
Code is applicable thereto, and the terms of the Plan and any Award granted under the Plan shall be interpreted, operated and
administered in a manner consistent with this intention to the extent the Committee deems necessary or advisable to comply with
Section 409A of the Code and any official guidance issued thereunder. Any payment or distribution that is to be made under the
Plan (or pursuant to an Award under the Plan) to a Participant who is a “specified employee” of the Company within
the meaning of that term under Section 409A of the Code and as determined by the Committee, on account of a “separation
from service” within the meaning of that term under Section 409A of the Code, may not be made before the date which is six
months after the date of such “separation from service” unless the payment or distribution is exempt from the application
of Section 409A of the Code by reason of the short-term deferral exemption or otherwise. Notwithstanding any other provision in
the Plan, the Committee, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not
be required, to unilaterally amend or modify the Plan and any Award granted under the Plan so that the Award qualifies for exemption
from or complies with Section 409A of the Code; provided, however, that the Committee makes no representations that Awards granted
under the Plan shall be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A
of the Code from applying to Awards granted under the Plan.

 

	18.6	Participants
    in Other Countries or Jurisdictions

 

Without
amending the Plan, the Committee may grant Awards to Eligible Persons who are foreign nationals on such terms and conditions different
from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement
of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may
be necessary or desirable to comply with provisions of the laws or regulations of other countries or jurisdictions in which the
Company or any Related Company may operate or have employees to ensure the viability of the benefits from Awards granted to Participants
employed in such countries or jurisdictions, meet the requirements that permit the Plan to operate in a qualified or tax-efficient
manner, comply with applicable foreign laws or regulations and meet the objectives of the Plan.

 

    	17

     

    

 

	18.7	No
    Trust or Fund

 

The
Plan is intended to constitute an “unfunded” plan. Nothing contained herein shall require the Company to segregate
any monies or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate
or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general
unsecured creditor of the Company.

 

	18.8	Successors

 

All
obligations of the Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all the business and/or assets of the Company.

 

	18.9	Severability

 

If
any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any
person, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed
or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Committee’s
determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

 

	18.10	Choice
    of Law and Venue

 

The
Plan, all Awards granted thereunder and all determinations made and actions taken pursuant hereto, to the extent not otherwise
governed by the laws of the United States, shall be governed by the laws of the State of Delaware without giving effect to principles
of conflicts of law. Participants irrevocably consent to the nonexclusive jurisdiction and venue of the state and federal courts
located in the State of New York

 

	18.11	Legal
    Requirements

 

The
granting of Awards and the issuance of shares of Common Stock under the Plan are subject to all applicable laws, rules and regulations
and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

Section
19. EFFECTIVE DATE

 

The
effective date (the “Effective Date”) is the date on which the Plan is adopted by the Board. If the stockholders of
the Company do not approve the Plan within 12 months after the Board’s adoption of the Plan, any Incentive Stock Options
granted under the Plan will be treated as Nonqualified Stock Options.

 

    	18

     

    

 

APPENDIX
A

 

DEFINITIONS

 

“Acquired
Entity” means any entity acquired by the Company or a Related Company or with which the Company or a Related Company
merges or combines.

 

“Award”
means any Option, Stock Appreciation Right, Stock Award, Restricted Stock, Stock Unit, Performance Share, Performance Unit, or
other incentive payable in shares of Common Stock as may be designated by the Committee from time to time.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
means, unless otherwise defined in the instrument evidencing an Award or in a written employment, services or other agreement
between the Participant and the Company or a Related Company, dishonesty, fraud, serious or willful misconduct, unauthorized use
or disclosure of confidential information or trade secrets, or conduct prohibited by law (except minor violations), in each case
as determined by the Company’s chief human resources officer or other person performing that function or, in the case of
directors and executive officers, the Committee, whose determination shall be conclusive and binding.

 

“Change
in Control” means, unless the Committee determines otherwise with respect to an Award at the time the Award is granted
or unless otherwise defined for purposes of an Award in a written employment, services or other agreement between the Participant
and the Company or a Related Company, the occurrence of any of the following events:

 

(a)
An acquisition by any individual, entity or group, within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than
fifty percent (50%) of either:

 

(i)
the then outstanding shares of Common Stock of the Company (the “Outstanding Common Stock”) or

 

(ii)
the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Voting Securities”);

 

excluding,
however, the following:

 

(iii)
any acquisition directly from the Company, other than an acquisition by virtue of the exercise, exchange or conversion of any
Convertible Securities unless such securities were themselves acquired directly from the Company,

 

(iv)
any acquisition by the Company;

 

(v)
any acquisition by any Person pursuant to a transaction which complies with clauses (b)(i), (b)(ii) and (b)(iii) of the definition
of Company Transaction; or

 

    	19

     

    

 

(b)
Within any period of 24 consecutive months, a change in the composition of the Board such that the individuals who, immediately
prior to such period, constituted the Board (such Board shall be hereinafter referred to as the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, for purposes hereof, that any individual
who becomes a member of the Board during such period, whose election, or nomination for election by the Company’s stockholders,
was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the
Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of
the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of
either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board
shall not be so considered as a member of the Incumbent Board; or

 

(c)
A Company Transaction; or

 

(d)
The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, other than to an entity
pursuant to a transaction which would comply with clauses (1), (2) and (3) of the definition of “Company Transaction”,
assuming for this purpose that such transaction were a Company Transaction.

 

For
purposes of the definition of “Change of Control” and “Company Transaction”, a series of transactions
undertaken with a common purpose shall be treated as a single transaction that begins at the consummation of the first transaction
in the series and ends at the consummation of the last transaction in the series.

 

“Company
Transaction” means the consummation of

 

(a)
a reorganization, merger or consolidation of the Company or

 

(b)
the sale or other disposition of all or substantially all of the assets of the Company and its direct and indirect subsidiaries
taken as a whole, except in each case a transaction pursuant to which

 

(i)
all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Common
Stock and Outstanding Voting Securities immediately prior to such transaction will beneficially own, directly or indirectly, more
than sixty percent (60%) of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding
voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such
transaction (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets, either directly or through one or more subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such transaction, of the Outstanding Common Stock and Outstanding Voting Securities,
as the case may be,

 

(ii)
no person (other than the Company) will beneficially own, directly or indirectly, more than twenty-five percent (25%) of, respectively,
the outstanding shares of common stock of the Company resulting from such transaction or the combined voting power of the outstanding
voting securities of such Company entitled to vote generally in the election of directors, except to the extent that such ownership
existed with respect to the Company prior to the transaction, and

 

    	20

     

    

 

(iii)
individuals who were members of the Board immediately prior to the approval by the stockholders of the Company of such transaction
will constitute at least a majority of the members of the board of directors of the Company resulting from such transaction.

 

“Convertible
Security” means any security convertible into or exchangeable for shares of Common Stock of the Company, or any option,
warrant or other right to acquire shares of Common Stock of the Company.

 

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

 

“Committee”
has the meaning set forth in subsection 3.2.

 

“Common
Stock” means the common stock of the Company.

 

“Company”
means Cemtrex, Inc., a Delaware corporation

 

“Compensation
Committee” means the Compensation Committee (if any) of the Board.

 

“Disability”
means, unless otherwise defined by the Committee for purposes of the Plan or in the instrument evidencing an Award or in a written
employment, services or other agreement between the Participant and the Company or a Related Company, a mental or physical impairment
of the Participant that is expected to result in death or that has lasted or is expected to last for a continuous period of 12
months or more and that causes the Participant to be unable to perform his or her material duties for the Company or a Related
Company and to be engaged in any substantial gainful activity, in each case as determined by the Company’s chief human resources
officer or other person performing that function or, in the case of directors and executive officers, the Committee, whose determination
shall be conclusive and binding.

 

“Effective
Date” has the meaning set forth in Section 19.

 

“Eligible
Person” means any person eligible to receive an Award as set forth in Section 5.

 

“Entity”
means any individual, entity or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act).

 

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

 

“Fair
Market Value” means the closing price for the Common Stock on any given date during regular trading, or if not trading
on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the Committee
using such methods or procedures as it may establish.

 

“Grant
Date” means the later of:

 

(c)
the date on which the Committee completes the corporate action authorizing the grant of an Award or such later date specified
by the Committee and

 

(d)
the date on which all conditions precedent to an Award have been satisfied, provided that conditions to the exercisability or
vesting of Awards shall not defer the Grant Date.

 

    	21

     

    

 

“Incentive
Stock Option” means an Option granted with the intention that it qualify as an “incentive stock option”
as that term is defined for purposes of Section 422 of the Code or any successor provision.

 

“including”,
“include”, “includes” and words of similar import shall be construed broadly as if followed
by the phrase “without limitation”.

 

“Nonqualified
Stock Option” means an Option other than an Incentive Stock Option.

 

“Option”
means a right to purchase Common Stock granted under Section 7. .

 

“Option
Expiration Date” means the last day of the maximum term of an Option.

 

“Outstanding
Company Common Stock” has the meaning set forth in the definition of “Change in Control.”

 

“Outstanding
Company Voting Securities” has the meaning set forth in the definition of “Change in Control.”

 

“Parent
Company” means a company or other entity which as a result of a Company Transaction owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries.

 

“Participant”
means any Eligible Person to whom an Award is granted.

 

“Performance
Award” means an Award of Performance Shares or Performance Units granted under Section 11.

 

“Performance
Share” means an Award of units denominated in shares of Common Stock granted under subsection 11.1.

 

“Performance
Unit” means an Award of units denominated in cash or property other than shares of Common Stock granted under subsection
11.2.

 

“Plan”
means this Cemtrex, Inc. 2020 Incentive Plan.

 

‘‘Related
Company” means any entity that is directly or indirectly controlled by, in control of or under common control with the
Company.

 

“Restricted
Stock” means an Award of shares of Common Stock granted under Section 10. , the rights of ownership of which are subject
to restrictions prescribed by the Committee.

 

“Retirement”
means, unless otherwise defined in the instrument evidencing the Award or in a written employment, services or other agreement
between the Participant and the Company or a Related Company, retirement as defined for purposes of the Plan by the Committee
or the Company’s chief human resources officer or other person performing that function or, if not so defined, means Termination
of Service on or after the date the Participant reaches “normal retirement age” as that term is defined in Section
411(a)(8) of the Code.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

    	22

     

    

 

“Stock
Appreciation Right” or “SAR” means a right granted under subsection 9.1 to receive the excess of
the Fair Market Value of a specified number of shares of Common Stock over the grant price.

 

“Stock
Award” means an Award of shares of Common Stock granted under Section 10, the rights of ownership of which are not subject
to restrictions prescribed by the Committee.

 

“Stock
Unit” means an Award denominated in units of Common Stock granted under Section 10.

 

“Substitute
Awards” means Awards granted or shares of Common Stock issued by the Company in substitution or exchange for awards
previously granted by an Acquired Entity.

 

“Successor
Company” means the surviving company, the successor company or Parent Company, as applicable, in connection with a Company
Transaction.

 

“Termination
of Service” means a termination of employment or service relationship with the Company or a Related Company for any
reason, whether voluntary or involuntary, including by reason of death, Disability or Retirement. Any question as to whether and
when there has been a Termination of Service for the purposes of an Award and the cause of such Termination of Service shall be
determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors
and executive officers, by the Committee, whose determination shall be conclusive and binding. Transfer of a Participant’s
employment or service relationship between the Company and any Related Company shall not be considered a Termination of Service
for purposes of an Award. Unless the Committee determines otherwise, a Termination of Service shall be deemed to occur if the
Participant’s employment or service relationship is with an entity that has ceased to be a Related Company. A Participant’s
change in status from an employee of the Company or a Related Company to a consultant, advisor or independent contractor of the
Company or a Related Company or a change in status from a consultant, advisor or independent contractor of the Company or a Related
Company to an employee of the Company or a Related Company, shall not be considered a Termination of Service.

 

“Vesting
Commencement Date” means the Grant Date or such other date selected by the Committee as the date from which an Award
begins to vest.

 

    	23

     

    

 

PLAN
ADOPTION AND AMENDMENTS/ADJUSTMENTS

SUMMARY
PAGE

 

	Date
of Board Action
	 	Action	 	Section/Effect
                                                                                                       of Amendment
	 	Date
of Shareholder Approval

	 	 	 	 	 	 	 
	_____________,
    2020	 	Initial
    Plan Adoption	 	 	 	_____________,
    2020

 

    	24Exhibit 4.1

 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

 

OF

 

NEW YORK CITY OPERATING PARTNERSHIP, L.P.

(a Delaware limited partnership)

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINED TERMS	 	3

 

	ARTICLE II FORMATION OF PARTNERSHIP	 	23

		2.01	Formation of the Partnership	23
		2.02	Name	23
		2.03	Registered Office and Agent; Principal Office	23
		2.04	Term and Dissolution	24
		2.05	Filing of Certificate and Perfection of Limited Partnership	25
		2.06	Certificates Describing Partnership Units	25

 

	ARTICLE III BUSINESS OF THE PARTNERSHIP	 	26

 

	ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS	 	26

		4.01	Capital Contributions	26
		4.02	Additional Capital Contributions and Issuances of Additional Partnership Units	26
		4.03	Additional Funding	31
		4.04	Capital Accounts	31
		4.05	Percentage Interests	31
		4.06	No Interest on Contributions	31
		4.07	Return of Capital Contributions	31
		4.08	No Third-Party Beneficiary	32

 

	ARTICLE V NET INCOME AND NET LOSS; DISTRIBUTIONS	 	32

		5.01	Allocations	32
		5.02	Distribution of Cash	37
		5.03	REIT Distribution Requirements	41
		5.04	No Right to Distributions in Kind	41
		5.05	Limitations on Distributions	42
		5.06	Distributions Upon Liquidation	42
		5.07	Substantial Economic Effect / Savings Clause	42

 

	ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	 	43

		6.01	Management of the Partnership	43
		6.02	Delegation of Authority	46
		6.03	Indemnification and Exculpation of Indemnitees	46
		6.04	Liability of the General Partner	48
		6.05	Partnership Obligations	49
		6.06	Outside Activities	49
		6.07	Employment or Retention of Affiliates	50
		6.08	General Partner Activities	50
		6.09	Title to Partnership Assets	50
		6.10	Redemption of General Partner’s Partnership Units	50

 

    i

     

    

 

	ARTICLE VII CHANGES IN GENERAL PARTNER	 	51

		7.01	Transfer of the General Partner’s Partnership Interest	51
		7.02	Merger of General Partner	51
		7.03	Admission of a Substitute or Additional General Partner	53
		7.04	Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner	53
		7.05	Removal of General Partner	54

 

	ARTICLE VIII RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	 	55

		8.01	Management of the Partnership	55
		8.02	Power of Attorney	55
		8.03	Limitation on Liability of Limited Partners	55
		8.04	Class A Unit Redemption Right	56
		8.05	Exchange of Special Limited Partner Interest	58
		8.06	Registration	59

 

	ARTICLE IX TRANSFERS OF PARTNERSHIP INTERESTS	 	64

		9.01	Purchase for Investment	64
		9.02	Restrictions on Transfer of Partnership Units	64
		9.03	Admission of Substitute Limited Partner	66
		9.04	Rights of Assignees of Partnership Units	67
		9.05	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	67
		9.06	Joint Ownership of Partnership Units	67

 

	ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	 	68

		10.01	Books and Records	68
		10.02	Custody of Partnership Funds; Bank Accounts	68
		10.03	Fiscal and Taxable Year	68
		10.04	Annual Tax Information and Report	68
		10.05	Tax Matters Partner/Partnership Representative; Tax Elections; Special Basis Adjustments	69
		10.06	Reports to Limited Partners	72

 

	ARTICLE XI AMENDMENT OF AGREEMENT; MERGER	 	72

		11.01	Amendment of Agreement	72
		11.02	Merger of Partnership	73

 

	ARTICLE XII CLASS B UNITS	 	73

		12.01	Designation and Number	73
		12.02	Special Provisions	74
		12.03	Voting	74
		12.04	Conversion of Class B Units	75
		12.05	Profits Interests	77

 

	ARTICLE XIII LTIP UNITS	 	78

		13.01	LTIP Units	78
		13.02	Conversion of LTIP Units	84

 

    ii

     

    

 

	ARTICLE XIV GENERAL PROVISIONS	 	86

		14.01	Notices	86
		14.02	Survival of Rights	86
		14.03	Additional Documents	87
		14.04	Severability	87
		14.05	Entire Agreement	87
		14.06	Pronouns and Plurals	87
		14.07	Headings	87
		14.08	Counterparts	87
		14.09	Governing Law	87

 

SCHEDULES AND EXHIBITS

 

SCHEDULE A — Partners and Percentage Interests

EXHIBIT A — Notice of Exercise of Class A Unit
Redemption Right

EXHIBIT B-1 — Certification of Non-Foreign Status
(For Redeeming Limited Partners That Are Entities)

EXHIBIT B-2 — Certification of Non-Foreign Status
(For Redeeming Limited Partners That Are Individuals)

EXHIBIT C — Notice of Election by Partner to Convert
LTIP Units into Class A Units

EXHIBIT D — Notice of Election by Partnership to
Force Conversion of LTIP Units into Class A Units

EXHIBIT E-1 — Certification of Non-Foreign Status
(For Redeeming Partners that are Entities)

EXHIBIT E-2 — Certification of Non-Foreign Status
(For Redeeming Partners that are Individuals)

 

    iii

     

    

 

 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

OF

NEW YORK CITY OPERATING PARTNERSHIP, L.P.

 

RECITALS

 

THIS AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP (this “Agreement”) of NEW YORK CITY OPERATING PARTNERSHIP, L.P. (the “Partnership”),
is entered into among NEW YORK CITY REIT, INC., a Maryland corporation (in its capacity as general partner of the Partnership,
together with its successors and permitted assigns that are admitted to the Partnership as a general partner of the Partnership
in accordance with the terms hereof, the “General Partner”), for itself and for the Limited Partners listed
on Schedule A not included on the signature page hereto, the Limited Partners included on the signature page hereto,
and any other limited partner or general partner that is admitted from time to time to the Partnership and listed on Schedule
A attached hereto, on August 18, 2020.

 

WHEREAS, the General Partner formed the
Partnership as a limited partnership on October 11, 2012 pursuant to the Revised Uniform Limited Partnership Act of the State
of Delaware and filed a Certificate of Limited Partnership of the Partnership with the Secretary of State of the State of Delaware.

 

WHEREAS, the parties entered into the Agreement
of Limited Partnership of the Partnership on April 24, 2014, as amended by the First Amendment to Agreement of Limited Partnership,
dated as of November 5, 2015 (the “Original Agreement”).

 

WHEREAS, on August 5, 2020, in contemplation
of the Listing, the General Partner took the following corporate actions: (1) amended the Charter to effect a 9.72-to-1 reverse
stock split combining every 9.72 shares of common stock, par value $0.01 per share, into one share of common stock, par value $0.0972
per share, and subsequently amended the Charter to reduce the resulting par value of the shares of common stock outstanding after
the reverse stock split from $0.0972 per share back to $0.01 per share; (2) amended the Charter to change the name of common
stock to “Class A Common Stock;” (3) filed articles supplementary reclassifying a number of authorized but
unissued shares of Class A Common Stock equal to approximately three times the number of shares of Class A Common Stock
then outstanding, into shares of Class B Common Stock; and (4) declared and paid to the holders of shares of Class A
Common Stock a stock dividend equal to three shares of Class B Common Stock for each share of Class A Common Stock outstanding.

 

WHEREAS, as of the date of this Agreement,
and as a result of the corporate actions described in the foregoing recital, shares of Class A Common Stock represent 25%
of the issued and outstanding REIT Shares and shares of Class B Common Stock represent 75% of the issued and outstanding REIT
Shares.

 

WHEREAS, on the date of this Agreement (which
is also referred to as the “Listing Date”) the General Partner is listing its shares of Class A Common
Stock for trading on the NYSE and causing the Partnership to issue the Master LTIP Unit (which will automatically convert into
a number of LTIP Units equal to the LTIP Award Number effective as of the Effective Date) to Advisors Limited Partner pursuant
to the 2020 Advisor OPP Agreement.

 

    

     

    

 

WHEREAS, the grant of the Master LTIP Unit
allowed the Partnership to adjust the Gross Asset Value of the Partnership’s assets and allocate any Net Property Gain from
the adjustment to Gross Asset Value to the Capital Accounts of the Partners in accordance with Exhibit B of the Amended and
Restated Agreement, including the special allocation to the holders of Class B Units in Section 1(c)(ii) of Exhibit B
of the Amended and Restated Agreement.

 

WHEREAS, as of the date hereof, the initial
Capital Account for the LTIP Unitholder with respect to the Master LTIP Unit is zero.

 

WHEREAS, in connection with the Listing,
the conditions for the Class B Units of the Partnership to become Unrestricted Class B Units were met, the Economic Capital
Account Balance attributable to the Class B Units was adjusted so that it equaled the OP Unit Economic Balance (as such terms
were defined in the Original Agreement) and, effective at the Listing, all Class B Units that were previously issued and outstanding
automatically converted into Class A Units which, with respect to the Class A Units issued upon conversion of Class B
Units owned by Advisors Limited Partner, were then, upon the request and with the consent of the Advisors Limited Partner, redeemed,
at the election of the General Partner, for an equal number of shares of newly issued Class A Common Stock (the “Class B
Unit Shares”).

 

WHEREAS, shares of Class B Common Stock
will not be listed on the NYSE but will automatically convert into shares of Class A Common Stock to be listed on the NYSE
in three equal tranches over the 360 days following the Listing Date, but each share of Class B Common Stock is otherwise
identical to each share of Class A Common Stock in all other respects, including the right to vote on matters presented to
the stockholders of the General Partner, and shares of all classes of REIT Shares are expected to receive the same dividends and
other distributions (to the extent the General Partner pays dividends or other distributions to its common stockholders).

 

WHEREAS, pursuant to the authority granted
to the General Partner pursuant to Article 14 of the Amended and Restated Agreement, the General Partner desires to amend
and restate the Original Agreement in its entirety with this Agreement.

 

WHEREAS, in connection with amending and
restating this Agreement, the Partnership is re-designating its OP Units as Class A Units, and, until the shares of Class B
Common Stock automatically convert into shares of Class A Common Stock pursuant to their terms, each Class A Unit will
correspond with one REIT Share without regard to whether such REIT Share is then designated as Class A Common Stock, Class B
Common Stock; provided however for purposes of this Agreement, as necessary, including, for example, the distribution and
allocation provisions of Article 5, until such time as such automatic conversions occur, a percentage of the Class A
Units that is equal to the percentage of REIT Shares that are shares of Class B Common Stock shall correspond with the shares
of Class B Common Stock.

 

    2

     

    

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Original Agreement is hereby amended, restated, superseded and replaced in its entirety and
the parties hereto agree as follows:

 

ARTICLE I

DEFINED TERMS

 

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

 

“2020 Advisor OPP Agreement”
means the Advisor Multi-Year Outperformance Award Agreement, entered into as of August 18, 2020, by and among the General
Partner, the Partnership and Advisors Limited Partner, as amended from time to time.

 

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

 

“Additional Funds” has
the meaning set forth in Section 4.03.

 

“Additional Securities”
has the meaning set forth in Section 4.02(a)(ii).

 

“Adjusted Capital Account Deficit”
means, with respect to any Partner, the negative balance, if any, in such Partner’s Capital Account as of the end of any
relevant fiscal year, determined after giving effect to the following adjustments:

 

(a)           credit
to such Capital Account any portion of such negative balance which such Partner (i) is treated as obligated to restore to
the Partnership pursuant to the provisions of Section 1.704-1(b)(2)(ii)(c) of the Regulations, or (ii) is deemed
to be obligated to restore to the Partnership pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of
the Regulations; and

 

(b)           debit
to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations.

 

“Adjustment Events” means
the following events: (a) the Partnership makes a distribution on all outstanding Class A Units in Partnership Units,
(b) the Partnership subdivides the outstanding Class A Units into a greater number of units or combines the outstanding
Class A Units into a smaller number of units, or (c) the Partnership issues any Partnership Units in exchange for its
outstanding Class A Units by way of a reclassification or recapitalization of its Class A Units. For the avoidance of
doubt, the following events shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization,
acquisition or other similar business transaction, (y) the issuance of Partnership Units pursuant to any employee benefit
or compensation plan or distribution reinvestment plan, or (z) the issuance of any Partnership Units to the General Partner
in respect of a Capital Contribution to the Partnership of proceeds from the sale of securities by the General Partner.

 

    3

     

    

 

“Administrative Expenses”
means (a) all administrative and operating costs and expenses incurred by the Partnership, (b) administrative costs and
expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner,
and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are the expenses of the
Partnership and not the General Partner, and (c) to the extent not included in clauses (a) or (b) above, REIT Expenses;
provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred
by the General Partner that are attributable to Properties or interests in a Subsidiary that are owned by the General Partner other
than through its ownership interest in the Partnership.

 

“Advisors Limited Partner”
means New York City Advisors, LLC, its successors and assigns.

 

“Affected Gain” has the
meaning set forth in Section 5.01(f)(ii).

 

“Affiliate” means, (a) with
respect to any individual Person, any member of the immediate family of such Person or a trust established for the benefit of such
member, (b) any Person that, directly or indirectly, controls or is controlled by or is under common control with such Person,
(c) any other Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares
or equity interests of such Person, or (d) any officer, director, employee, partner, member, manager or trustee of such Person
or any Person controlling, controlled by or under common control with such Person (excluding trustees and Persons serving in similar
capacities who are not otherwise an Affiliate of such Person). For the purposes of this definition, “control” (including
the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect
to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, through the ownership of voting securities or partnership interests or otherwise.

 

“Aggregate Share Ownership Limit”
has the meaning set forth in the Charter.

 

“Agreed Value” means
the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by such Partner
and the General Partner. The names and addresses of the Partners, number of Partnership Units issued to each Partner, and the Agreed
Value of any non-cash Capital Contributions as of the date of contribution are set forth on Schedule A, as it may be amended
or restated from time to time.

 

“Agreement” means this
Amended and Restated Agreement of Limited Partnership, as it may be amended, supplemented or restated from time to time.

 

“Asset Sale” has the
meaning set forth in the Listing Note.

 

    4

     

    

 

“Available Cash” means,
with respect to the applicable period of measurement (i.e., any period (other than the first period in which this calculation of
Available Cash is being made) beginning on the first day of the fiscal year, quarter or other period commencing immediately after
the last day of the fiscal year, quarter or other applicable period for purposes of the prior calculation of Available Cash for
or with respect to which a distribution has been made, and ending on the last day of the fiscal year, quarter or other applicable
period immediately preceding the date of the calculation), the excess, if any, as of such date, of

 

(a)           the
gross cash receipts of the Partnership for such period from all sources whatsoever, including the following:

 

(i)            all
rents, revenues, income and proceeds derived by the Partnership from its operations, including distributions received by the Partnership
from any Entity in which the Partnership has an interest;

 

(ii)           all
proceeds and revenues received by the Partnership on account of any sales of any Property or as a refinancing of or payment of
principal, interest, costs, fees, penalties or otherwise on account of any borrowings or loans made by the Partnership or financings
or refinancings of any Property of the Partnership;

 

(iii)          the
amount of any insurance proceeds and condemnation awards received by the Partnership;

 

(iv)          all
Capital Contributions and loans received by the Partnership from its Partners;

 

(v)           all
cash amounts previously reserved by the Partnership, to the extent such amounts are no longer needed for the specific purposes
for which such amounts were reserved; and

 

(vi)          the
proceeds of liquidation of the Property in accordance with this Agreement;

 

over

 

(b)           the
sum of the following:

 

(i)            all
operating costs and expenses paid, including taxes and other expenses of the Properties and capital expenditures made during such
period (without deduction, however, for any capital expenditures, charges for Depreciation or other expenses not paid in cash or
expenditures from reserves described in clause (viii) below);

 

(ii)           all
costs and expenses paid during such period in connection with the sale or other disposition, or financing or refinancing, of Property
or the recovery of insurance or condemnation proceeds;

 

(iii)          all
fees provided for under this Agreement;

 

(iv)          all
debt service, including principal and interest, paid during such period on all indebtedness (including under any line of credit)
of the Partnership;

 

    5

     

    

 

(v)           all
capital contributions, advances, reimbursements, loans or similar payments made to any Person in which the Partnership has an interest;

 

(vi)          all
loans made by the Partnership in accordance with the terms of this Agreement;

 

(vii)         all
reimbursements paid to the General Partner or its Affiliates during such period; and

 

(viii)        the
amount of any new reserve or increase in reserves established during such period which the General Partner determines is necessary
or appropriate in its sole and absolute discretion.

 

Notwithstanding the foregoing, Available Cash shall not include
any cash received or reductions in reserves, or take into account any disbursements made or reserves established, after commencement
of the dissolution and liquidation of the Partnership.

 

“Average Class B Economic
Capital Account Balance” means, with respect to a Limited Partner owning Class B Units, an amount equal to the quotient
of (a) the Class B Economic Capital Account Balance of such Limited Partner, divided by (b) the number of Class B
Units owned by such Limited Partner.

 

“Average LTIP Economic Capital
Account Balance” means, with respect to a Limited Partner owning LTIP Units, an amount equal to the quotient of (a) the
LTIP Economic Capital Account Balance of such Limited Partner, divided by (b) the number of LTIP Units owned by such Limited
Partner.

 

“Board of Directors”
means the Board of Directors of the General Partner.

 

“Budget Act” means the
Bipartisan Budget Act of 2015 and any sections of the Code or Regulations promulgated thereunder and with respect thereto, each
as amended from time to time.

 

“Business Day” means
any day other than Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are
not required to be open.

 

“Capital Account” means
with respect to any Partner, the Capital Account maintained for such Partner in accordance with the following provisions:

 

(a)           to
each Partner’s Capital Account there shall be credited:

 

(i)            such
Partner’s Capital Contributions;

 

(ii)           such
Partner’s distributive share of Net Income and any items in the nature of income or gain which are specially allocated to
such Partner pursuant to Sections 5.01(c) and 5.01(d); and

 

    6

     

    

 

(iii)          the
amount of any Partnership liabilities assumed by such Partner or which are secured by any asset distributed to such Partner;

 

(b)           to
each Partner’s Capital Account there shall be debited:

 

(i)            the
amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement;

 

(ii)           such
Partner’s distributive share of Net Loss, Net Property Loss and any items in the nature of expenses or losses which are specially
allocated to such Partner pursuant to Sections 5.01(c), 5.01(d), 12.04(c), 12.05(d), 13.01(e)(iv) and 13.02(e); and

 

(iii)          the
amount of any liabilities of such Partner assumed by the Partnership or which are secured by any asset contributed by such Partner
to the Partnership; and

 

(c)           if
all or a portion of a Partnership Interest is transferred in accordance with the terms of this Agreement, the transferee shall
succeed to the Capital Account of the transferor to the extent it relates to the transferred Partnership Interest.

 

In determining the amount of any liability
for purposes of clauses (a)(iii) and (b)(iii), there shall be taken into account Section 752(c) of the Code and
any other applicable provisions of the Code or Regulations. The foregoing provisions and the other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b) and 1.704-2 of the Regulations,
and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall reasonably determine
that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including debits or credits
relating to liabilities which are secured by contributed or distributed assets or which are assumed by the Partnership, the General
Partner or any Limited Partner) are computed in order to comply with such Regulations, the General Partner may make such modification;
provided, however, that all allocations of Partnership income, gain, loss and deduction continue to have “substantial
economic effect” within the meaning of Section 704(b) of the Code and that no Limited Partner is materially adversely
affected by any such modification.

 

“Capital Account Limitation”
has the meaning set forth in Section 13.02(b).

 

“Capital Contribution”
means the total amount of cash, cash equivalents, and the Agreed Value of any Property (less any liabilities assumed with respect
to such Property) or other asset contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner
pursuant to the terms of the Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution
made by a predecessor holder of the Partnership Interest of such Partner.

 

“Cash Amount” means an
amount of cash per Class A Unit equal to the Value of the REIT Shares Amount on the date of receipt by the Partnership and
the General Partner of a Notice of Redemption.

 

    7

     

    

 

“Cash Available for Distribution”
means the Available Cash other than Net Sales Proceeds.

 

“Catch-Up Distributions”
has the meaning set forth in Section 5.02(a)(iii).

 

“Certificate” means any
instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership
conducts business, to be signed and sworn to by the Partners (either by themselves or pursuant to the power-of-attorney granted
to the General Partner in Section 8.02 hereof) and filed for recording in the appropriate public offices within the State
of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission,
withdrawal or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited
partners under the laws of the State of Delaware or such other jurisdiction.

 

“Change of Control” means,
as to the General Partner, the occurrence of any of the following:

 

(a)           any
“person” as such term is used in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof except that such term shall not include (A) the General Partner or any Subsidiaries of the General Partner,
(B) any trustee or other fiduciary holding securities under an employee benefit plan of the General Partner or any Affiliate
of the General Partner, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, (D) any
corporation owned, directly or indirectly, by the stockholders of the General Partner in substantially the same proportions as
their ownership of REIT Shares, or (E) any person or group as used in Rule 13d-1(b) under the Exchange Act, is or
becomes the Beneficial Owner, as such term is defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities
of the General Partner representing at least 35% of the combined voting power of the General Partner or the REIT Shares then outstanding;

 

(b)           during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors or whose
election by the Board of Directors or nomination for election by the General Partner’s stockholders was approved by a vote
of at least two thirds (2/3) of the Board of Directors then still in office cease for any reason to constitute at least a majority
thereof;

 

(c)           there
is consummated a merger or consolidation of the General Partner or any Subsidiary of the General Partner with any other corporation,
other than a merger or consolidation which would result in the voting securities of the General Partner outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity or any parent thereof) in combination with the ownership of any trustee or other fiduciary holding securities under an employee
benefit plan of the General Partner or any Subsidiary of the General Partner, more than 50% of the combined voting power and common
shares of the General Partner or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation;
or

 

(d)           there
is consummated an agreement for the sale or disposition by the General Partner of all or substantially all of the General Partner’s
assets (or any transaction having a similar effect, including a liquidation) other than a sale or disposition by the General Partner
of all or substantially all of the General Partner’s assets to an entity, more than fifty percent (50%) of the combined voting
power and common shares of which is owned by stockholders of the General Partner in substantially the same proportions as their
ownership of the common shares of the General Partner immediately prior to such sale.

 

    8

     

    

 

“Charter” means the General
Partner’s charter, filed with the Maryland State Department of Assessments and Taxation, or other organizational documents
governing the General Partner, as amended, supplemented or restated from time to time.

 

“Class A Common Stock”
means the class of common stock of the General Partner, $0.01 par value per share, designated as “Class A Common Stock.”

 

“Class A Unit” means
a Partnership Unit which is designated by the General Partner as a Class A Unit of the Partnership.

 

“Class A Unit Economic Balance”
means the quotient of (a) the aggregate Capital Account balance attributable to the Class A Units outstanding, plus the
amount of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the ownership of Class A
Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is
made under Section 5.01(c), divided by (b) the number of Class A Units outstanding.

 

“Class A Unit Redemption Amount”
means either (a) the Cash Amount pursuant to Section 8.04(a) or (b) the Cash Amount or the REIT Shares Amount
as selected by the General Partner pursuant to Section 8.04(b).

 

“Class A Unit Redemption Right”
has the meaning provided in Section 8.04(a) hereof.

 

“Class A Unit Transaction”
shall mean a transaction to which the Partnership or the General Partner shall be a party, including, without limitation a merger,
consolidation, unit exchange, self tender offer for all or substantially all Class A Units or other business combination or
reorganization, or sale of all or substantially all the Partnership’s assets (but excluding any transaction which constitutes
an Adjustment Event) in each case as a result of which Class A Units shall be exchanged for or converted into the right, or
the holders of such Class A Units shall otherwise be entitled, to receive cash, securities or other property or any combination
thereof.

 

“Class B Conversion Date”
has the meaning set forth in Section 12.04(a).

 

“Class B Economic Capital
Account Balances” mean the Capital Account balances of the Class B Units holders to the extent attributable to their
ownership of Class B Units reduced by any forfeiture allocations in accordance with Section 12.05(d) due to the
forfeiture of any Class B Units.

 

“Class B Common Stock”
means the class of common stock of the General Partner, $0.01 par value per share, designated as “Class B Common Stock.”

 

    9

     

    

 

“Class B Unit” means
a Partnership Unit which is designated as a Class B Unit of the Partnership.

 

“Class B Unit Shares”
has the meaning set forth in the recitals.

 

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

 

“Commission” means the
U.S. Securities and Exchange Commission.

 

“Common Units” means
any class or series of Partnership Interest that does not have a priority or preference in the payment of distributions in the
distribution of assets upon any Liquidation, including Class A Units, Class B Units and LTIP Units.

 

“Constituent Person”
has the meaning set forth in Section 12.04(d).

 

“Contributed Property”
means each property, partnership interest, contract right or other asset, in such form as may be permitted by the Act, contributed
or deemed contributed to the Partnership by any Partner, including any interest in any successor partnership occurring as a result
of a termination of the Partnership pursuant to Section 708 of Code.

 

“Conversion Factor” means
1.0, provided, however that in the event that the General Partner:

 

(a)           (i) declares
or pays a dividend on all of its outstanding REIT Shares wholly or partly in REIT Shares or makes a distribution to all holders
of its outstanding REIT Shares wholly or partly in REIT Shares, (ii) splits or subdivides its outstanding REIT Shares or (iii) effects
a reverse stock split or otherwise combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Factor
shall be adjusted by multiplying the Conversion Factor previously in effect by a fraction, the numerator of which shall be the
number of REIT Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split
or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has
occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined without the above
assumption) issued and outstanding on such date;

 

(b)           merges,
consolidates or combines with or into any entity other than an Affiliate of the General Partner (the “Successor Entity”),
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger,
consolidation or combination; or

 

(c)           distributes,
by dividend or otherwise, to all holders of REIT Shares evidences of its indebtedness or assets (including securities, but excluding
any dividend or distribution referred to in clause (i) of paragraph (a) of this definition of Conversion Factor), which
evidences of indebtedness or assets relate to assets not received by holders of Class A Units pursuant to a pro rata distribution
by the Partnership, then the Conversion Factor shall be adjusted by multiplying the Conversion Factor in effect immediately prior
to the close of business on the date fixed for determination of holders of REIT Shares entitled to receive such distribution by
a fraction the numerator of which shall be the Value of a REIT Share on the date fixed for such determination and the denominator
of which shall be the Value of a REIT Share on the date fixed for such determination less the then fair market value (as reasonably
determined by the General Partner, which determination shall be conclusive) of the portion of the evidences of indebtedness or
assets so distributed applicable to one REIT Share.

 

    10

     

    

 

Any
adjustment to the Conversion Factor pursuant to an event pursuant to paragraph (a), (b) or (c) of this definition of
Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if
any, for such event; provided, however, that if the General Partner receives a Notice of Redemption after the record
date, but prior to the effective date of any such event that is a dividend, distribution, split, subdivision, reverse split or
combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption immediately
prior to the record date for such dividend, distribution, split, subdivision, reverse split or combination.

 

“Defaulting Limited Partner”
means a Limited Partner or the Special Limited Partner, as applicable, that has failed to pay any amount owed to the Partnership
under a Partnership Loan within 15 days after demand for payment thereof is made by the Partnership.

 

“Depreciation” means,
for each fiscal year or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable
for U.S. federal income tax purposes with respect to an asset for such fiscal year or other period, except that (a) with respect
to any asset the Gross Asset Value of which differs from its adjusted tax basis for U.S. federal income tax purposes at the beginning
of such fiscal year or other period and which difference is being eliminated by use of the “remedial method” as defined
by Section 1.704-3(d) of the Regulations, Depreciation for such fiscal year or other period shall be the amount of book
basis recovered for such fiscal year or other period under the rules prescribed by Section 1.704-3(d)(2) of the
Regulations, and (b) with respect to any other asset the Gross Asset Value of which differs from its adjusted tax basis for
U.S. federal income tax purposes at the beginning of such fiscal year or other period, Depreciation shall be an amount which bears
the same ratio to such beginning Gross Asset Value as the U.S. federal income tax depreciation, amortization, or other cost recovery
deduction for such fiscal year or other period bears to such beginning adjusted tax basis; provided, however, that
in the case of clause (b) above, if the adjusted tax basis for U.S. federal income tax purposes of an asset at the beginning
of such fiscal year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value
using any reasonable method selected by the General Partner.

 

“Determination Date”
means (i) in respect of each LTIP Unit awarded under the 2020 Advisor OPP Agreement, the meaning set forth therein, or (ii) in
respect of each other LTIP Unit awarded, the date following the completion of the performance period on which the number of LTIP
Units earned pursuant to the terms of any OPP Agreement based on the achievement of goals during such performance period is determined,
or, if no such date is specified or applicable, the date on which that LTIP Unit is issued.

 

    11

     

    

 

“Effective Date” has
the meaning set forth in the 2020 Advisor OPP Agreement.

 

“Entity” means any general
partnership, limited partnership, corporation, joint venture, trust, business trust, real estate investment trust, limited liability
company, limited liability partnership, cooperative or association.

 

“Equity Plan” means that
certain 2020 Omnibus Incentive Compensation Plan of the General Partner adopted by the Board of Directors effective as of the Listing
Date, as amended from time to time, that certain 2020 Advisor Omnibus Incentive Compensation Plan of the General Partner adopted
by the Board of Directors effective as of the Listing Date, and any other equity plan of the General Partner.

 

“Event of Bankruptcy”
as to any Person means (a) the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy
Code of 1978, as amended, or similar provision of law of any jurisdiction (except if such petition is contested by such Person
and has been dismissed within 90 days); (b) the insolvency or bankruptcy of such Person as finally determined by a court proceeding;
(c) the filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or
a trustee for such Person or a substantial part of his assets; or (d) the commencement of any proceedings relating to such
Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction,
whether now in existence or hereinafter in effect, either by such Person or by another, provided, that if such proceeding
is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such
proceeding is contested by such Person and has not been finally dismissed within 90 days.

 

“Excepted Holder Limit”
has the meaning set forth in the Charter.

 

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

 

“Forced Conversion” has
the meaning set forth in Section 13.02(c) hereof.

 

“Forced Conversion Notice”
has the meaning set forth in Section 13.02(c) hereof.

 

“General Partner” has
the meaning set forth in the Preamble, and any successor as general partner of the Partnership.

 

“General Partner Loan”
means a loan extended by the General Partner to a Defaulting Limited Partner in the form of a payment on a Partnership Loan by
the General Partner to the Partnership on behalf of the Defaulting Limited Partner.

 

“General Partner Interest”
means the Partnership Interests held by the General Partner in its capacity as the general partner of the Partnership, which Partnership
Interest is an interest as a general partner under the Act. The General Partner Interest may be expressed as a number of Partnership
Units. All other Partnership Units owned by the General Partner and any Partnership Units owned by any Affiliate or Subsidiary
of the General Partner shall be considered to constitute a Limited Partnership Interest.

 

    12

     

    

 

“Gross Asset Value” means,
with respect to any asset of the Partnership, such asset’s adjusted basis for U.S. federal income tax purposes, except as
follows:

 

(a)           the
initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such
asset, without reduction for liabilities, as determined by the contributing Partner and the Partnership on the date of contribution
thereof;

 

(b)           if
the General Partner determines that an adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners, the Gross Asset Values of all Partnership assets shall be adjusted in accordance with Sections 1.704-1(b)(2)(iv)(f) and
(g) of the Regulations to equal their respective gross fair market values, without reduction for liabilities, as reasonably
determined by the General Partner, as of the time of:

 

(i)            a
Capital Contribution (other than a de minimis Capital Contribution) to the Partnership by a new or existing Partner as consideration
for a Partnership Interest;

 

(ii)           the
distribution by the Partnership to a Partner of more than a de minimis amount of Partnership assets as consideration for
the repurchase or redemption of a Partnership Interest;

 

(iii)          the
liquidation of the Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations; and

 

(iv)          the
grant of an interest in the Partnership (other than a de minimis interest) as consideration for the provision of services
to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner
capacity or in anticipation of becoming a Partner by such Partner;

 

(c)           the
Gross Asset Values of Partnership assets distributed to any Partner shall be the gross fair market values of such assets (taking
Section 7701(g) of the Code into account) without reduction for liabilities, as determined by the General Partner as
of the date of distribution; and

 

(d)           the
Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken
into account in determining Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations (as set forth
in Section 5.01(d)(vi)); provided, however, that Gross Asset Values shall not be adjusted pursuant to this paragraph
(d) to the extent that the General Partner determines that an adjustment pursuant to paragraph (b) is necessary or appropriate
in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d).

 

At all times, Gross Asset Values shall be adjusted by any Depreciation
taken into account with respect to the Partnership’s assets for purposes of computing Net Income and Net Loss.

 

“Indemnified Party” has
the meaning set forth in Section 8.05(f).

 

    13

     

    

 

“Indemnifying Party”
has the meaning set forth in Section 8.05(f).

 

“Indemnitee” means (i) any
Person made a party to a proceeding by reason of its status as (A) the General Partner or (B) a director, manager or
member of the General Partner or an officer or employee of the Partnership or the General Partner, and (ii) such other Persons
(including Affiliates of the General 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.

 

“Initial Share Price”
has the meaning set forth in the 2020 Advisor OPP Agreement.

 

“IRS” means the Internal
Revenue Service of the United States (or any successor organization).

 

“Liability Shortfall”
has the meaning set forth in Section 5.01(f)(iv).

 

“Limited Partner” means
a Person identified on Schedule A as holding a Limited Partner Interest, as it may be amended or restated from time to time,
and any Person who becomes a Substitute Limited Partner or any additional Limited Partner, in such Person’s capacity as a
limited partner in the Partnership.

 

“Limited Partnership Interest”
means a Partnership Interest held by a Partner at any particular time representing a fractional part of the Partnership Interest
(other than the General Partner Interest and the Special Partner Interest) of all Partners, and includes any and all benefits to
which the holder of such a Limited Partnership Interest may be entitled as provided in this Agreement and in the Act, together
with the obligations of such Partner to comply with all the provisions of this Agreement and of the Act. Limited Partnership Interests
may be expressed as a number of Class A Units or other Partnership Units.

 

“Liquidation” means (a) a
dissolution or winding up of the General Partner or the Partnership, whether voluntary or involuntary, (b) a consolidation
or merger of the General Partner or the Partnership with and into one or more entities which are not affiliates of the General
Partner or the Partnership which results in a Change in Control, or (c) a sale, transfer or other disposition of all or substantially
all of the General Partner’s or the Partnership’s assets or a related series of transactions that, taken together,
result in the sale, transfer or other disposition of all or substantially all of the General Partner’s or the Partnership’s
assets other than to an affiliate of the General Partner or the Partnership.

 

“Liquidity Event” has
the meaning set forth in the Listing Note.

 

“Listing” means the commencement
of trading of the Class A Common Stock of the General Partner on the NYSE, which occurred on the date of this Agreement.

 

“Listing Amount” has
the meaning set forth in the Listing Note.

 

“Listing Date” has the
meaning set forth in the recitals.

 

    14

     

    

 

“Listing Note” means
that certain Listing Note Agreement, entered into August 18, 2020, between the Partnership and the Special Limited Partner
as evidence of the Special Limited Partner’s right to receive, as a result of the Listing, an aggregate amount of distributions
of Net Sales Proceeds equal to the Listing Amount.

 

“LTIP Award” means each
or any, as the context requires, award of LTIP Units pursuant to an OPP Agreement or otherwise having the economic rights and entitlements
and such other rights and entitlements, and subject to the vesting, forfeiture and additional restrictions on transfer, as set
forth in the applicable OPP Agreement, including any amendments thereto.

 

“LTIP Award Number” means
the quotient, rounded down to the nearest whole number, of (a) 50,000,000, divided by (b) the Initial Share Price.

 

“LTIP Conversion Date”
has the meaning set forth in Section 13.02(b).

 

“LTIP Conversion Notice”
has the meaning set forth in Section 13.02(b) hereof.

 

“LTIP Conversion Right”
has the meaning set forth in Section 13.02(a) hereof.

 

“LTIP Economic Capital Account
Balances” mean the Capital Account balances of the LTIP Unit holders to the extent attributable to their ownership of
LTIP Units reduced by any forfeiture allocations in accordance with Sections 13.01(c)(ii) and 13.01(e)(iv) due to the
forfeiture of any LTIP Units.

 

“LTIP Unit” means a Partnership
Unit which is designated as an LTIP Unit (including, as the context requires, the Master LTIP Unit) and which has the rights, preferences
and other privileges designated in Section 5.01(c)(iii) and Article XIII hereof and elsewhere in this Agreement
in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth on Schedule A, as
the same may be amended from time to time.

 

“LTIP Unit Distribution Participation
Date” means (i) in respect of each LTIP Unit awarded under the 2020 Advisor OPP Agreement, the date following the
date as of which an Unvested LTIP Unit is earned and vested pursuant to conditions set forth thereunder, or (ii) in respect
of each other LTIP Unit awarded, the day following the last day of the performance period for which the number of LTIP Units earned
pursuant to the terms of any OPP Agreement will be determined based on the achievement of goals during such performance period,
or, if no such date is specified or applicable, the date on which that LTIP Unit is issued.

 

“LTIP Unitholder” means
a Partner that holds LTIP Units.

 

“Master LTIP Unit” means
the “Master LTIP Unit,” granted as of the Listing Date pursuant to the 2020 Advisor OPP Agreement, which represents
the Award granted pursuant to the 2020 Advisor OPP Agreement and shall convert automatically on the Effective Date into a number
of LTIP Units equal to the LTIP Award Number pursuant to Section 13.01(c)(vi)(2).

 

“Majority in Interest”
means the Limited Partners holding more than fifty percent (50%) of the Percentage Interests of the Limited Partners.

 

    15

     

    

 

“Market Value” has the
meaning set forth in the Listing Note.

 

“Merger” has the meaning
set forth in the Listing Note.

 

“Net Income” or “Net
Loss” means, for each fiscal year or other applicable period, an amount equal to the Partnership’s taxable income
or loss for such year or period as determined for U.S. federal income tax purposes by the General Partner, determined in accordance
with Section 703(a) of the Code (including, for this purpose, all items of income, gain, loss or deduction required to
be stated separately pursuant to the Code), adjusted as follows:

 

(a)           by
including as an item of gross income any tax-exempt income received by the Partnership and not otherwise taken into account in
computing Net Income or Net Loss;

 

(b)           by
treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (or
which is treated as a Section 705(a)(2)(B) expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations)
and not otherwise taken into account in computing Net Income or Net Loss, including amounts paid or incurred to organize the Partnership
(unless an election is made pursuant to Section 709(b) of the Code) or to promote the sale of interests in the Partnership
and by treating deductions for any losses incurred in connection with the sale or exchange of Partnership property disallowed pursuant
to Section 267(a)(1) or 707(b) of the Code as expenditures described in Section 705(a)(2)(B) of the Code;

 

(c)           by
taking into account Depreciation in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into
account in computing taxable income or loss;

 

(d)           by
computing gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized
for U.S. federal income tax purposes by reference to the Gross Asset Value of such property rather than its adjusted tax basis;

 

(e)           if
an adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital Accounts of the Partnership be
adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations, by taking into account the amount
of such adjustment as if such adjustment represented additional Net Income or Net Loss pursuant to Section 5.01; and

 

(f)            by
not taking into account in computing Net Income or Net Loss items specially allocated to the Partners pursuant to Sections 5.01(c),
5.01(d), 15.05(d) and 13.01(e)(iv).

 

“Net Operating Income”
means, for each fiscal year or other applicable period, any items of income, gain, loss, or deduction that are components of Net
Income or Net Loss, excluding any items that are taken into account in determining Net Property Gain or Net Property Loss.

 

“Net Property Gain” or
“Net Property Loss” means, for each fiscal year or other applicable period, items of income, gain, loss, or
deduction that are components of the Partnership’s Net Income or Net Loss for such year or period from the disposition of
any Property, including the net capital gain realized in connection with the actual or hypothetical sale of all or substantially
all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment of
the Gross Asset Value of any Property which requires that the Capital Accounts of the Partners be adjusted pursuant to Sections
1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations. For the avoidance of doubt, items of Depreciation shall be included
in computing Net Property Gain or Net Property Loss.

 

    16

     

    

 

“Net Sales Proceeds”
means the aggregate proceeds paid in cash received by the General Partner or the Partnership in connection with an Asset Sale,
net of (i) direct costs (including legal and accounting fees, disposition fees, sales commissions and underwriting discounts
and all title and recording expenses), (ii) all federal, state, provincial, foreign and local taxes required to be accrued
as a liability as a consequence thereof, (iii) all payments made by the General Partner or the Partnership on any indebtedness
that is secured by the assets subject to such Asset Sale in accordance with the terms of any lien upon or with respect to such
assets or that must, by the terms of such lien or by applicable law, be repaid out of the proceeds from such Asset Sale, (iv) a
reasonable reserve for the after-tax costs of any indemnification payments (fixed or contingent) attributable to seller’s
indemnities to the purchaser undertaken by the General Partner or the General Partner or the Partnership in connection with the
Asset Sale, and (v) any payments in respect of the Listing Amount. Upon release from reserve or escrow or payment of any amounts
referred to in clause (iv) above that are released or paid to the General Partner or the Partnership or any reduction in the
amount of taxes required to be accrued pursuant to clause (ii) above resulting in a payment to the Partnership, such amounts
shall then be deemed to be “Net Sales Proceeds.”

 

“Nonrecourse Deductions”
has the meaning set forth in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations.

 

“Nonrecourse Liabilities”
has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.

 

“Notice of Redemption”
means the Notice of Exercise of Class A Unit Redemption Right substantially in the form attached as Exhibit A
hereto.

 

“NYSE” means The New
York Stock Exchange.

 

“Offer” has the meaning
set forth in Section 7.02(a) hereof.

 

“OPP Agreement” means
any award agreement pursuant to which LTIP Units are granted entered into by and among the General Partner, the Partnership and
any grantee thereunder, including without limitation the 2020 Advisor OPP Agreement.

 

“Participant” means an
eligible person who is granted an award under any Equity Plan.

 

“Partner” means the General
Partner or any Limited Partner, and “Partners” means the General Partner and the Limited Partners.

 

“Partner Nonrecourse Debt”
has the meaning set forth in Section 1.704-2(b)(4) of the Regulations.

 

    17

     

    

 

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

 

“Partner Nonrecourse Deductions”
has the meaning set forth in Sections 1.704-2(i)(1) and (2) of the Regulations, and the amount of Partner Nonrecourse
Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the
rules of Section 1.704-2(i)(2) of the Regulations.

 

“Partnership” means New
York City Operating Partnership, L.P., a limited partnership formed under the Act and pursuant to this Agreement, and any successor
thereto.

 

“Partnership Interest”
means an ownership interest in the Partnership held by either a Limited Partner, the Special Limited Partner, or the General Partner,
and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement
and in the Act, together with all obligations of such Person to comply with the terms and provisions of this Agreement and of the
Act. A Partnership Interest may be expressed as a number of Class A Units, Class B Units, LTIP Units or other Partnership
Units.

 

“Partnership Loan” has
the meaning set forth in Section 5.02(d).

 

“Partnership Minimum Gain”
has the meaning set forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount
of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership
would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction of the
liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined
in accordance with Regulations Section 1.704-2(g)(1).

 

“Partnership Record Date”
means the record date established by the General Partner for the distribution of cash pursuant to Section 5.02, which record
date shall be the same as the record date established by the General Partner for a dividend or other distribution to its stockholders
of some or all of its portion of such distribution of cash pursuant to Section 5.02.

 

“Partnership Representative”
has the meaning set forth in Section 10.05(a).

 

“Partnership Unit” means
a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, and includes Class A Units, Class B
Units, LTIP Units (including the Master LTIP Unit) and any other class or series of Partnership Units that may be established after
the date hereof. The number of Partnership Units outstanding and the Percentage Interests represented by such Partnership Units,
if any, are set forth on Schedule A hereto, as it may be amended or restated from time to time. The ownership of Partnership
Units may be evidenced by a certificate in a form approved by the General Partner.

 

“Pass-Through Election”
has the meaning set forth in Section 10.05(a)(ii).

 

“Percentage Interest”
means, with respect to any Partner, the fraction (expressed as a percentage) determined by dividing (a) the number of Partnership
Units of that Partner by (b) the sum of the number of Partnership Units of all Partners. The Partnership Units taken into
account may be limited to one or more classes of Partnership Units, as the context so requires.

 

    18

     

    

 

“Person” means any individual
or Entity.

 

“Precontribution Gain”
has the meaning set forth in Section 5.01(f)(iii).

 

“Profits Interest Catch-Up Distributions”
has the meaning set forth in Section 5.02(c)(iii).

 

“Profits Interest Distribution
Limitation” has the meaning set forth in Section 5.02(c)(i).

 

“Property” means any
property or other investment in which the Partnership, directly or indirectly, holds an ownership interest.

 

“Redemption Shares” has
the meaning set forth in Section 8.06(a) hereof.

 

“Redeeming Limited Partner”
has the meaning provided in Section 8.04(a).

 

“Registration Statement”
has the meaning set forth in Section 8.06(a).

 

“Regulations” means the
U.S. federal income tax regulations issued under the Code, as amended and as hereafter amended from time to time. Reference to
any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision
of the Regulations.

 

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

 

“REIT Expenses” means
(a) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any
Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of the General Partner),
including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer
or employee of the General Partner, and reasonable expenses incurred to maintain the General Partner’s qualification as a
REIT, (b) costs and expenses relating to any public offering and registration, or private offering, of securities by the General
Partner, and all statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts
and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made
by any holders of such securities or any underwriters or placement agents thereof, (c) costs and expenses associated with
any repurchase of any securities by the General Partner, (d) costs and expenses associated with the preparation and filing
of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including
filings with the Commission, (e) costs and expenses associated with compliance by the General Partner with laws, rules and
regulations promulgated by any regulatory body, including the Commission and any securities exchange, (f) costs and expenses
associated with compensation of the employees of the General Partner (including, without limitation, health, vision, dental, disability
and life insurance benefits), (g) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other
plan providing for compensation for the employees of the General Partner, (h) costs and expenses incurred by the General Partner
relating to any issuing or redemption of Partnership Interests and (i) all other operating or administrative costs of the
General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership.

 

    19

     

    

 

“REIT Requirements” has
the meaning set forth in Section 6.01(a)(xxiv).

 

“REIT Share” means one
share of common stock of the General Partner (or Successor Entity, as the case may be). REIT Shares may be issued in one or more
classes or series in accordance with the terms of the Charter. In the event there is more than one class or series of REIT Shares,
the term “REIT Shares” shall, as the context requires, be deemed to refer to the class or series of REIT Shares that
correspond to the class or series of Partnership Units for which the reference to REIT Shares is made. As of the date of this Agreement
the General Partner has two classes of common stock designated as: “Class A Common Stock” and “Class B
Common Stock.” When used with reference to Class A Units, the term “REIT Shares” refers to shares of Class A
Common Stock unless the context requires otherwise as described in the recitals.

 

“REIT Shares Amount”
means the number of REIT Shares equal to the product of (X) the number of Class A Units offered for redemption by a Redeeming
Limited Partner, multiplied by (Y) the Conversion Factor effective on the Specified Redemption Date; provided, that
in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable
securities entitling the holders of REIT Shares to subscribe for or purchase additional REIT Shares, or any other securities or
property (collectively, the “Rights”), and such Rights have not expired at the Specified Redemption Date, then
the REIT Shares Amount shall also include such Rights issuable to a holder of the REIT Shares Amount on the record date fixed for
purposes of determining the holders of REIT Shares entitled to Rights.

 

“Restriction Notice”
has the meaning set forth in Section 8.04(f).

 

“Revised Partnership Audit Procedures”
has the meaning set forth in Section 10.05(a).

 

“Rights” has the meaning
set forth in the definition of “REIT Shares Amount” contained herein.

 

“Rule 144” means
Rule 144 under the Securities Act, as such rule may be amended from time to time, or any similar successor rule that
may be promulgated by the Commission.

 

“S-3 Eligible Date” has
the meaning set forth in Section 8.06(a).

 

“Safe Harbor” has the
meaning set forth in Section 10.05(e).

 

“Safe Harbor Election”
has the meaning set forth in Section 10.05(e).

 

“Safe Harbor Interest”
has the meaning set forth in Section 10.05(e).

 

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

 

    20

     

    

 

“Separate Registration Rights Agreement”
has the meaning set forth in Section 8.06.

 

“Special Limited Partner”
means the Person identified on Schedule A as holding the Special Limited Partner Interest, which shall cause such Person
to be a limited partner of the Partnership and recognized as such under applicable Delaware law, but not a “Limited Partner”
within the meaning of this Agreement.

 

“Special Limited Partner Interest”
means the interest of the Special Limited Partner in the Partnership representing its right as the holder of an interest in distributions
described in Sections 5.02(b)(i)(A) and 5.02(b)(i)(B)(3) (and any corresponding allocations of income, gain, loss and
deduction under this Agreement).

 

“Specified Redemption Date”
means the first Business Day that is at least 60 calendar days after the receipt by the General Partner of a Notice of Redemption.

 

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

 

“Subsidiary Partnership”
means any partnership or limited liability company in which the General Partner, the Partnership or a wholly owned subsidiary of
the General Partner or the Partnership owns a partnership or limited liability company interest.

 

“Substitute Limited Partner”
means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03 hereof.

 

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

 

“Survivor” has the meaning
set forth in Section 7.02(b).

 

“Tax Items” has the meaning
set forth in Section 5.01(f)(i).

 

“Tax Liability” means
(i) any amount required to be withheld by the Partnership with respect to a Partner and paid over to any taxing authority
as a result of any allocation or distribution of income to a Partner or any other transaction, (b) amounts for which the Partnership
is liable under Section 1446(f)(4) of the Code, or (c) any amount attributable to an actual or imputed underpayment
of taxes under the Revised Partnership Audit Procedures imposed on any current or former Partner’s share of the Partnership’s
gross or net income and gains (or items thereof), and, in each case, in any such case, any interest, penalties or additions to
tax in respect thereof.

 

“Tax Matters Partner”
means the “tax matters partner” as such terms is defined in Section 6231(a)(7) of the Code as in effect prior
to the Budget Act.

 

    21

     

    

 

 

“Trading Day” means
a day on which the principal national securities exchange on which a security is listed or admitted to trading is open for the
transaction of business or, if a security is not listed or admitted to trading on any national securities exchange, shall mean
any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated
by law or executive order to close.

 

“Transaction” has the
meaning set forth in Section 7.02(a).

 

“Transfer” has the meaning
set forth in Section 9.02(a).

 

“TRS” means a taxable
REIT subsidiary (as defined in Section 856(l) of the Code) of the General Partner.

 

“Unvested LTIP Units”
has the meaning set forth in Section 13.01(c)(i) hereof.

 

“Valuation Threshold”
means, in respect of each Class B Unit and LTIP Unit, the total amount available for distribution under Section 5.02(a) or
Section 5.02(b), including by operation of Section 5.06, as of the date that Class B Unit or LTIP Unit was issued
if the Partnership were to liquidate completely and, in connection with such liquidation, (i) its assets sold for cash equal
to their respective fair market values, as determined in the reasonable discretion of the General Partner, (ii) all Partnership
liabilities were satisfied (limited with respect to each nonrecourse liability to the fair market value of the assets securing
such liability), (iii) each Partner were to pay its share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum
Gain and the amount, if any, and without duplication, that the Partner would be obligated to contribute to the capital of the
Partnership, all computed immediately prior to the hypothetical sale of assets, and (iv) the net assets of the Partnership
were distributed in accordance with Section 5.02(b) to the Partners immediately after making such allocation; provided,
however, that the Valuation Threshold in respect of a Partnership Unit shall not be less than zero dollars ($0). Notwithstanding
the foregoing, the General Partner may, in its good faith discretion, adjust the Valuation Threshold with respect to any Partnership
Unit to reflect any changes in the capitalization of the Partnership, or distributions from the Partnership under Section 5.01(a) or
Section 5.02(b), after the grant of the Partnership Unit.

 

“Value” means, with
respect to any security, the average of the daily market price of such security for the ten consecutive Trading Days immediately
preceding the date of such valuation. The market price for each such Trading Day shall be: (i) if the security is listed
or admitted to trading on the NYSE or any national securities exchange, the last reported sale price, regular way, on such day,
or if no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day, (ii) if
the security is not listed or admitted to trading on the NYSE or any national securities exchange, the last reported sale price
on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by
a reliable quotation source designated by the General Partner, or (iii) if the security is not listed or admitted to trading
on the NYSE or any national securities exchange and no such last reported sale price or closing bid and asked prices are available,
the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by
the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices,
as so reported, on the most recent day (not more than ten days prior to the date in question) for which prices have been so reported;
provided, that if there are no bid and asked prices reported during the ten days prior to the date in question, the value
of the security shall be determined by the General Partner acting in good faith on the basis of such quotations and other information
as it considers, in its reasonable judgment, appropriate. In the event the security includes any additional rights, 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.

 

“Vested LTIP Units”
has the meaning set forth in Section 13.01(c)(i) hereof.

 

    	 	22	 

     

    

 

ARTICLE II

FORMATION OF PARTNERSHIP

 

2.01          Formation
of the Partnership. The Partnership was formed as a limited partnership pursuant to the provisions of the Act and
the Original Agreement and continued upon the terms and subject to the conditions set forth in this Agreement. Except as expressly
provided herein to the contrary, the rights and obligations of the Partners and 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.

 

2.02          Name.
The Name of the Partnership shall be “New York City Operating Partnership, L.P.” and 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,” “LP,” “L.P.” or “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 Partners of such change in the next regular communication
by the Partnership to the Partners. Notwithstanding any provision in this Agreement and without the consent of any Limited Partner
or other Person, the General Partner may amend this Agreement and the Certificate of Limited Partnership of the Partnership to
reflect any change in the name of the Partnership.

 

2.03          Registered
Office and Agent; Principal Office. The address of the registered office of the Partnership in the State of Delaware
is located at Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, and the registered agent
for service of process on the Partnership in the State of Delaware at such address is the Corporation Service Company, a Delaware
corporation. The General Partner may, from time to time, designate a new registered agent and/or registered office for the Partnership
and, notwithstanding any provision in this Agreement, may amend this Agreement and the Certificate of Limited Partnership of the
Partnership to reflect such designation without the consent of the Limited Partners or any other Person. The principal office
of the Partnership is located at: c/o New York City REIT, Inc., 650 Fifth Avenue, 30th Floor, New York, New York 10019 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 as the General Partner deems necessary or desirable.

 

    	 	23	 

     

    

 

2.04         Term
and Dissolution.

 

(a)          The
term of the Partnership shall continue in full force and effect until the Partnership is dissolved and its affairs are wound up
upon the first to occur of any of the following events:

 

(i)            the
occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner
or any other event that results in the General Partner ceasing to be a general partner of the Partnership under the Act unless
(A) the business of the Partnership is continued pursuant to Section 7.04(b) hereof, or (B) at the time of
the occurrence of such event there is at least one remaining general partner of the Partnership who is hereby authorized to and
does carry on the business of the Partnership;

 

(ii)           the
passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided,
that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership
shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such installment obligations
are paid in full);

 

(iii)          the
redemption of all Limited Partnership Interests, unless the General Partner determines to continue the Partnership by the admission
of one or more additional Limited Partners effective as of such redemption;

 

(iv)          the
election in writing by the General Partner that the Partnership should be dissolved;

 

(v)           at
any time there are no limited partners of the Partnership, unless the business of the Partnership is continued in accordance with
the Act; or

 

(vi)          the
entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act.

 

(b)          Upon
dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.04(b) hereof),
the General Partner (or, if dissolution of the Partnership should occur by reason of Section 2.04(a)(i) or the General
Partner is unable to act as liquidator, a liquidating trustee of the Partnership or other representative designated by a Majority
in Interest) shall proceed to wind up the affairs of the Partnership, liquidate the Partnership’s assets and apply and distribute
the proceeds thereof in accordance with Section 5.06 hereof. Notwithstanding the foregoing, the General Partner or the liquidating
trustee, as the case may be, may, subject to the Act, either (i) defer liquidation of, or withhold from distribution for
a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership’s debts and obligations),
or (ii) distribute the assets to the Partners in kind.

 

(c)          The
Partnership shall terminate when (i) all of the assets of the Partnership, after payment of or due provision for all debts,
liabilities and obligations of the Partnership shall have been distributed to the Partners in the manner provided for in this
Agreement and (ii) the Certificate of Limited Partnership of the Partnership shall have been canceled in the manner required
by the Act.

 

    	 	24	 

     

    

 

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

 

2.06          Certificates
Describing Partnership Units. The Partnership Interests shall not be evidenced by certificates unless requested
by a Partner. At the request of a Partner, the General Partner, at its option, may issue a certificate evidencing such Partner’s
Partnership Interests, including the class or series and number of Partnership Units owned and the Percentage Interest represented
by such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as
determined by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect:

 

THIS CERTIFICATE IS NOT NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED
BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP OF NEW YORK CITY Operating Partnership, L.P., AS AMENDED,
SUPPLEMENTED OR RESTATED FROM TIME TO TIME.

 

Each certificate evidencing Partnership
Interests shall be executed by manual or facsimile signature of the General Partner on behalf of the Partnership. The Partnership
shall maintain books for the purpose of registering the transfer of Partnership Interests. In connection with a Partner’s
transfer in accordance with this Agreement of any Partnership Interests, the certificate(s) evidencing the Partnership Interests,
if any, shall be delivered to the Partnership for cancellation, and the Partnership shall thereupon issue a new certificate to
the transferee evidencing the Partnership Interests that were transferred and, if applicable, the Partnership shall issue a new
certificate to the transferor evidencing any Partnership Interests registered in the name of the transferor that were not transferred.

 

Each Partnership Interest shall constitute
a “security” within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial Code (including
Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the corresponding provisions
of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions
to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State
Laws and approved by the American Bar Association on February 14, 1995.

 

    	 	25	 

     

    

 

ARTICLE III

BUSINESS OF THE PARTNERSHIP

 

The purpose and nature of the business
to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership
organized pursuant to the Act, (ii) to enter into any partnership, joint venture or other similar arrangement for the purpose
of engaging in any of the foregoing or the ownership and disposition of interests in any entity engaged in any of the foregoing
and (iii) to do anything necessary or incidental to the foregoing; provided, however, that any business to
be conducted by the Partnership shall be limited to and conducted in such a manner as to permit the General Partner at all times
to qualify as a REIT, unless the General Partner otherwise ceases to, or the Board of Directors determines that the General Partner
shall no longer, qualify as a REIT. In connection with the foregoing, and without limiting the General Partner’s right in
its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner has elected
REIT status and the General Partner’s continued qualification as a REIT and the avoidance of income and excise taxes on
the General Partner inure to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing,
the Partners agree that the General Partner may terminate or revoke its status as a REIT under the Code at any time. The General
Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not
be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the
Code.

 

ARTICLE IV

CAPITAL CONTRIBUTIONS AND ACCOUNTS

 

4.01          Capital
Contributions. The General Partner and each Limited Partner has made (or shall be deemed to have made) a Capital
Contribution to the Partnership in exchange for the Partnership Units set forth opposite such Partner’s name on Schedule
A hereto, as it may be amended or restated from time to time by the General Partner to the extent necessary to reflect accurately
sales, exchanges or other Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units or similar
events having an effect on a Partner’s ownership of Partnership Units.

 

4.02          Additional
Capital Contributions and Issuances of Additional Partnership Units. Except as provided in this Section 4.02
or in Section 4.03 hereof, the Partners shall have no right or obligation to make any additional Capital Contributions or
loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive
additional Partnership Interests, in the form of Partnership Units, in respect thereof, in the manner contemplated in this Section 4.02.

 

(a)           Issuances
of Additional Partnership Units.

 

(i)            General.
As of the effective date of this Agreement, the Partnership shall have three classes of Partnership Units, entitled “Class A
Units,” “Class B Units” and “LTIP Units” respectively. The Class B Units and LTIP Units
shall have the same rights, privileges and preferences as the Class A Units, except as set forth in Articles XII and XIII
hereof. Notwithstanding any provision of this Agreement, the General Partner is hereby authorized to cause the Partnership to
issue such additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose at any time or from
time to time to the Partners (including the General Partner and/or any Limited Partner) or to other Persons, and admit such Persons
as additional general partners of the Partnership pursuant to Section 7.03 or additional Limited Partners pursuant to this
Section 4.02, for such consideration, or in connection with the performance of past, present or future services to the Partnership,
and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without
the approval of any Limited Partners or any other Person. Notwithstanding any provision of this Agreement, a Person shall be deemed
admitted to the Partnership as an additional Limited Partner upon the written consent of the General Partner and the execution
of a counterpart to this Agreement by such Person. The General Partner’s determination that consideration is adequate shall
be conclusive insofar as the adequacy of consideration relates to whether the Partnership Units are validly issued and fully paid.
Notwithstanding any provision of this Agreement, any additional Partnership Units issued thereby may be issued in one or more
classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional
or other special rights, powers, preferences and duties, including rights, powers, preferences and duties senior and superior
to the then-outstanding Partnership Units held by the Limited Partners, all as shall be determined by the General Partner in its
sole and absolute discretion and without the approval of any Limited Partner or other Person, including, without limitation, (i) the
allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Units;
(ii) the right of each such class or series of Partnership Units to share in Partnership distributions; (iii) the rights
of each such class or series of Partnership Units upon dissolution and liquidation of the Partnership; and (iv) the right,
if any, of the holder of each such class or series of Partnership Units to vote on Partnership matters; provided, however,
that no additional Partnership Units shall be issued to the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner) unless:

 

    	 	26	 

     

    

 

(1)            (A) the
additional Partnership Units are issued in connection with an issuance of REIT Shares or other interests in the General Partner,
which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially
similar to the designations, preferences and other rights of the additional Partnership Units issued to the General Partner (or
any direct or indirect wholly owned Subsidiary of the General Partner) by the Partnership in accordance with this Section 4.02
and (B) the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make a Capital
Contribution to the Partnership in an amount equal to the consideration received by the General Partner from the issuance of such
REIT Shares or other interests in the General Partner;

 

    	 	27	 

     

    

 

(2)            (A) the
additional Partnership Units are issued in connection with an issuance of REIT Shares or other interests in the General Partner
pursuant to a taxable share dividend declared by the General Partner, which shares or interests have designations, preferences
and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights
of the additional Partnership Units issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General
Partner) by the Partnership in accordance with this Section 4.02, (B) if the General Partner allows the holders of REIT
Shares to elect whether to receive such dividend in REIT Shares, other interests of the General Partner or cash, the Partnership
will give the Limited Partners (excluding the General Partner or any direct or indirect Subsidiary of the General Partner) the
same election to elect to receive (I) Partnership Units or cash or, (II) at the election of the General Partner, REIT
Shares or cash, and (C) if the Partnership issues additional Partnership Units pursuant to this Section 4.02(a)(i)(2),
then an amount of income equal to the value of the Partnership Units received will be allocated to those holders of Class A
Units that elect to receive additional Partnership Units;

 

(3)            the
additional Partnership Units are issued in exchange for property owned by the General Partner (or any direct or indirect wholly
owned Subsidiary of the General Partner) with a fair market value, as determined by the General Partner, in good faith, equal
to the value of the Partnership Units; or

 

(4)            the
additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests.

 

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

 

Notwithstanding any provision in this Agreement, the General
Partner may amend this Agreement in any manner in connection with the creation, authorization and/or issuance of any additional
Partnership Interests, all without the approval of the Limited Partners or any other Person.

 

    	 	28	 

     

    

 

(ii)            Upon
Issuance of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than REIT Shares
issued in connection with an exchange pursuant to Section 8.04 hereof or a taxable share dividend as described in Section 4.02(a)(i)(2) hereof)
or Rights (collectively, “Additional Securities”) other than to all holders of REIT Shares, unless (A) the
General Partner shall cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner) Partnership Units or Rights having designations, preferences and other rights, all such that the economic
interests are substantially similar to those of the Additional Securities, and (B) the General Partner (or any direct or
indirect wholly owned Subsidiary of the General Partner) contributes the proceeds from the issuance of such Additional Securities
and from any exercise of Rights contained in such Additional Securities to the Partnership. Without limiting the foregoing, the
General Partner is expressly authorized to issue Additional Securities for less than fair market value, and the General Partner
is authorized to cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the
General Partner) corresponding Partnership Units, so long as (x) the General Partner concludes in good faith that such issuance
is in the best interests of the Partnership and (y) the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner) contributes all proceeds from such issuance to the Partnership, including without limitation, the issuance
of REIT Shares and corresponding Partnership Units pursuant to a share purchase plan providing for purchases of REIT Shares at
a discount from fair market value or pursuant to awards issued in accordance with the terms of any Equity Plan, including options
that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the
time of exercise, and restricted or other share awards approved by the Board of Directors. For example, in the event the General
Partner issues REIT Shares for a cash purchase price and the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner) contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall be issued a number of additional Partnership
Units equal to the product of (A) the number of such REIT Shares issued by the General Partner, the proceeds of which were
so contributed, divided by (B) the Conversion Factor in effect on the date of such contribution.

 

(b)            Certain
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make Capital Contributions to the Partnership
of the proceeds therefrom, provided, that if the proceeds actually received and contributed by the General Partner (or
any direct or indirect wholly owned Subsidiary of the General Partner) are less than the gross proceeds of such issuance as a
result of any underwriter’s discount, commissions, placement fees or other expenses paid or incurred in connection with
such issuance, then the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make
a Capital Contribution to the Partnership constituting the sum of (i) such net proceeds and (ii) an intangible asset
in an amount equal to the capitalized costs of the General Partner relating to such issuance of REIT Shares or other interests
in the General Partner.

 

(c)            Redemptions
or Repurchases of Shares. If the General Partner shall redeem or repurchase shares of any class of its shares of common stock,
the purchase price thereof and all costs incurred in connection with such redemption or repurchase shall be reimbursed to the
General Partner by the Partnership pursuant to Section 6.05 hereof and the General Partner shall cause the Partnership to
redeem or repurchase an equivalent number of Partnership Units of the appropriate class or series held by the General Partner
(which, in the case of REIT Shares, shall be a number equal to the quotient of the number of such REIT Shares divided by the Conversion
Factor) in the manner provided in Section 6.10 hereof.

 

    	 	29	 

     

    

 

(d)          Equity
Plans. Notwithstanding anything in this Agreement to the contrary, if at any time or from time to time:

 

(i)            restricted
REIT Shares are issued in accordance with the terms of any Equity Plan, the General Partner shall: (A) be deemed to have
contributed to the Partnership as a Capital Contribution an amount equal to the Value of a REIT Share multiplied by the number
of restricted REIT Shares issued by the General Partner to the recipient of such restricted REIT Shares; and (B) cause the
Partnership to issue to the General Partner a number of Class A Units equal to the number of restricted REIT Shares delivered
by the General Partner to such recipient of restricted REIT Shares divided by the Conversion Factor, which Class A Units
shall be subject to the same or substantially similar restrictions and other conditions (including forfeiture) imposed on the
restricted REIT Shares including restrictions as to the payment of distributions, if any;

 

(ii)            options
granted in accordance with the terms of any Equity Plan are exercised, the General Partner shall: (A) as soon as practicable
after such exercise, contribute to the Partnership as a Capital Contribution an amount equal to the exercise price paid to the
General Partner by such exercising party in connection with the exercise of the options; (B) be deemed to have contributed
to the Partnership as a Capital Contribution an amount equal to the excess of the Value of a REIT Share (as of the Business Day
immediately preceding the date on which the purchase of the REIT Shares by such exercising party is consummated) over the amount
per REIT Share contributed in respect of the exercise of such options pursuant to clause (A) above multiplied by the number
of REIT Shares delivered by the General Partner to such exercising party; and (C) cause the Partnership to issue to the General
Partner a number of Class A Units equal to the number of REIT Shares delivered by the General Partner to such exercising
party divided by the Conversion Factor; and

 

(iii)            REIT
Shares are issued to or acquired by a Participant in any Equity Plan in connection with stock appreciation rights, restricted
stock units or any other stock-based awards granted to such Participant in accordance with the terms of such Equity Plan, the
General Partner shall: (A) contribute to the Partnership as a Capital Contribution any amount paid to the General Partner
by such Participant in connection with the receipt of such REIT Shares; (B) be deemed to have contributed to the Partnership
as a Capital Contribution an amount equal to the excess of the Value of a REIT Share (as of the Business Day immediately preceding
the date on which the REIT Shares are issued to or acquired by such Participant) over the amount per REIT Share contributed pursuant
to clause (A) above multiplied by the number of REIT Shares delivered by the General Partner to such Participant; and (C) cause
the Partnership to issue to the General Partner a number of Class A Units equal to the number of REIT Shares delivered by
the General Partner to such Participant divided by the Conversion Factor.

 

    	 	30	 

     

    

 

4.03         Additional
Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional
Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (a) cause
the Partnership to obtain such funds from outside borrowings, or (b) elect to have the General Partner or any of its Affiliates
provide such Additional Funds to the Partnership through loans or otherwise. The General Partner shall not issue any debt securities
or notes or otherwise obtain funds from outside borrowings unless the General Partner lends to the Partnership (i) the proceeds
of, or consideration received for, such debt securities, notes or outside borrowings on the same terms and conditions, including
interest rate and repayment schedule, as shall be applicable with respect to or incurred in connection with the issuance of such
debt securities or notes or in connection with otherwise obtaining funds from outside borrowings, and (ii) the proceeds of,
or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable).

 

4.04         Capital
Accounts. A separate Capital Account shall be established and maintained for each Partner.

 

4.05         Percentage
Interests. If the number of outstanding Class A Units, Class B Units, LTIP Units or other class or series
of Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted
by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number
of Class A Units, Class B Units, LTIP Units or other class or series of Partnership Units held by such Partner divided
by the aggregate number of Class A Units, Class B Units, LTIP Units or other class or series of Partnership Units, as
applicable, outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted
pursuant to this Section 4.05, the Net Income and Net Loss for the taxable year in which the adjustment occurs shall be allocated
between the part of the year ending on the effective date of such adjustment and the part of the year beginning on the following
day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days of
the taxable year without regard to the results of Partnership activities in the respective portions of such taxable year; provided,
however, that the General Partner may apply a different method if required by applicable law. The General Partner, in its sole
and absolute discretion, shall determine which method shall be used to allocate Net Income and Net Loss for the taxable year in
which the adjustment occurs. The allocation of Net Income and Net Loss for the earlier part of the year shall be based on the
Percentage Interests before adjustment, and the allocation of Net Income and Net Loss for the later part shall be based on the
adjusted Percentage Interests.

 

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

 

4.07         Return
of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its
Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except
as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s
Capital Contribution for so long as the Partnership continues in existence.

 

    	 	31	 

     

    

 

4.08         No
Third-Party Beneficiary. No creditor or other third party (other than an Indemnitee) having dealings with the Partnership
shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any
other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall
be solely for the benefit of, and may be enforced solely by, the parties hereto, Indemnitees and their respective successors
and assigns. To the fullest extent permitted by law, none of the rights or obligations of the Partners herein set forth to make
Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor
or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered
by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the
intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in
violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement,
any Limited Partner is obligated to return such money or property, such obligation shall, to the fullest extent permitted by law,
be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a
deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership.

 

ARTICLE V

NET INCOME AND NET LOSS; DISTRIBUTIONS

 

5.01         Allocations.

 

(a)            Allocations
of Net Income and Net Loss. Except as otherwise provided in this Agreement, after giving effect to the special allocations
in Sections 5.01(c) and 5.01(d), Net Income, Net Loss, and, to the extent necessary and without duplication, individual items
thereof, shall be allocated among the Partners in a manner such that the Capital Account of each Partner, immediately after making
such allocation, is, as nearly as possible, equal proportionately to (i) the distributions that would be made to such Partner
pursuant to Section 5.06 if (A) the Partnership were dissolved, its affairs wound up and its assets sold for cash equal
to their Gross Asset Value, as determined in the reasonable discretion of the General Partner, (B) all Partnership liabilities
were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability),
and (C) the net assets of the Partnership were distributed in accordance with Section 5.06 to the Partners immediately
after making such allocation, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse
Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the capital
of the Partnership, all computed immediately prior to the hypothetical sale of assets

 

(b)            [Reserved]

 

(c)            Special
Allocations

 

(i)            Special
Allocations Regarding Class B Units. Notwithstanding any other provisions of this Sections 5.01, after giving effect
to the regulatory allocations in Section 5.01(d) but prior to any allocations under Section 5.01(a), Net Property
Gain and, to the extent necessary, individual items of gain thereof, shall be allocated to the Partners holding Class B Units
until their Class B Economic Capital Account Balances are equal to (A) the Class A Unit Economic Balance, multiplied
by (B) the number of their Class B Units; provided, that no such Net Property Gain and, to the extent necessary,
individual items of income and gain comprising Net Property Gain of the Partnership, will be allocated with respect to any particular
Class B Unit unless and to the extent that the Class A Unit Economic Balance exceeds the Class A Unit Economic
Balance in existence at the time such Class B Unit was issued. Any allocations made pursuant to the first sentence of this
Section 5.01(c)(i) shall be made among the holders of Class B Units in proportion to the amounts required to be
allocated to each under this Section 5.01(c)(i). The parties agree that the intent of this Section 5.01(c)(i) is
to make the Capital Account balance associated with each Class B Unit to be economically equivalent to the Capital Account
balance associated with the Class A Units outstanding (on a per-unit basis), but only if and to the extent that the Capital
Account balance associated with the Class A Units outstanding, without regard to the allocations under this Section 5.01(c),
has increased on a per-unit basis since the issuance of the relevant Class B Unit.

 

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(ii)            Special
Allocations Regarding the Special Limited Partner Interest. Notwithstanding any other provisions of this Sections 5.01,
after giving effect to the regulatory allocations in Section 5.01(d) and the special allocations in Section 5.01(c)(i),
but prior to any allocations under Section 5.01(a), Net Property Gain and, to the extent necessary, individual items of gain
thereof, shall be allocated to the Special Limited Partner until the Special Limited Partner has received aggregate allocations
of income for all fiscal years equal to the Listing Amount.

 

(iii)            Special
Allocations Regarding LTIP Units. Notwithstanding any other provisions of this Sections 5.01, after giving effect to
the regulatory allocations in Section 5.01(d) and the special allocations in Sections 5.01(c)(i) and 5.01(c)(ii),
but prior to any allocations under Section 5.01(a), Net Property Gain and, to the extent necessary, individual items of gain
thereof, shall be allocated to the LTIP Unitholders until their LTIP Economic Capital Account Balances are equal to (i) the
Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units; provided that no such Net Property
Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of the Partnership, will be
allocated with respect to any particular LTIP Unit unless and to the extent that the Class A Unit Economic Balance exceeds
the Class A Unit Economic Balance in existence at the time such LTIP Unit was issued. Any allocations made pursuant to the
first sentence of this Section 5.01(c)(iii) shall be made among the LTIP Unitholders in proportion to the amounts required
to be allocated to each under this Section 5.01(c)(iii). The parties agree that the intent of this Section 5.01(c)(iii) is
to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance
associated with the Class A Units outstanding (on a per-unit basis), but only if and to the extent that the Capital Account
balance associated with the Class A Units outstanding, without regard to the allocations under this Section 5.01(c),
has increased on a per-unit basis since the issuance of the relevant LTIP Unit.

 

    	 	33	 

     

    

 

(d)           Regulatory
Allocations.

 

(i)            Minimum
Gain Chargeback (Nonrecourse Liabilities). Except as otherwise provided in Section 1.704-2(f) of the Regulations,
if there is a net decrease in Partnership Minimum Gain for any Partnership fiscal year, each Partner shall be specially allocated
items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s
share of the net decrease in Partnership Minimum Gain determined in accordance with Section 1.704-2(g) of the Regulations.
The items to be so allocated shall be determined in accordance with Sections 1.704-2(f)(6) and (j)(2) of the Regulations.
This Section 5.01(d)(i) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(f) of
the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this Section 5.01(d)(i) shall
be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto.

 

(ii)            Partner
Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, if there is a
net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any fiscal year, each
Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to that Partner Nonrecourse Debt, determined
in accordance with Section 1.704-2(i)(5) of the Regulations, shall be specially allocated items of Partnership income
and gain for such year (and, if necessary, subsequent years) in an amount equal to that Partner’s share of the net decrease
in the Partner Nonrecourse Debt Minimum Gain to the extent and in the manner required by Section 1.704-2(i) of the Regulations.
The items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations.
This Section 5.01(d)(ii) is intended to comply with the minimum gain chargeback requirement with respect to Partner
Nonrecourse Debt contained in Section 1.704-2(i)(4) of the Regulations and shall be interpreted consistently therewith.
Allocations pursuant to this Section 5.01(d)(ii) shall be made in proportion to the respective amounts required to be
allocated to each Partner pursuant hereto.

 

(iii)            Qualified
Income Offset. If a Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4),
(5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income
(including gross income) and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate
the Adjusted Capital Account Deficit as quickly as possible as required by the Regulations. This Section 5.01(d)(iii) is
intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations
and shall be interpreted consistently therewith.

 

    	 	34	 

     

    

 

(iv)            Nonrecourse
Deductions. Nonrecourse Deductions for any fiscal year or other applicable period shall be allocated to the Partners in accordance
with their respective Percentage Interests.

 

(v)            Partner
Nonrecourse Deductions. Partner Nonrecourse Deductions for any fiscal year or other applicable period with respect to a Partner
Nonrecourse Debt shall be specially allocated to the Partner that bears the economic risk of loss for such Partner Nonrecourse
Debt to which those Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-2(i)(1) of the
Regulations.

 

(vi)            Section 754
Adjustment. To the extent an adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Section 734(b) of
the Code or Section 743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations,
to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated
as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such
gain or loss shall be specially allocated among the Partners in a manner consistent with the manner in which each of their respective
Capital Accounts are required to be adjusted pursuant to such section of the Regulations.

 

(vii)            Capital
Account Deficits. If any Partner has an Adjusted Capital Account Deficit at the end of any fiscal year or other applicable
period which is in excess of the amount such Partner is obligated to restore pursuant to the penultimate sentences of Treasury
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership
income and gain in the amount of such excess as quickly as possible, provided, that an allocation pursuant to this Section 5.01(d)(vii) shall
be made only if and to the extent that such Partner would have an Adjusted Capital Account Deficit in excess of such amount after
all other allocations provided for under this Agreement have been made as if Section 5.01(d)(iii) and this Section 5.01(d)(vii) were
not in this Agreement.

 

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

 

    	 	35	 

     

    

 

(f)            Tax
Allocations.

 

(i)            Items
of Income or Loss. Except as is otherwise provided in this Section 5.01, an allocation of Net Income, Net Loss, or any
items thereof to a Partner shall be treated as an allocation to such Partner of the same share of each item of income, gain, loss,
deduction and item of tax-exempt income or Section 705(a)(2)(B) expenditure (or item treated as such expenditure pursuant
to Section 1.704-1(b)(2)(iv)(i) of the Regulations) (“Tax Items”) that is taken into account in computing
Net Income or Net Loss.

 

(ii)            Section 1245/1250
Recapture. Subject to Section 5.01(f)(iii) below, if any portion of gain from the sale of Partnership assets is
treated as gain which is ordinary income by virtue of the application of Sections 1245 or 1250 of the Code (“Affected
Gain”), then such Affected Gain shall, to the extent possible, be allocated among the Partners in the same proportion
that the depreciation and amortization deductions giving rise to the Affected Gain were allocated. This Section 5.01(f)(ii) shall
not alter the amount of Net Income (or items thereof) allocated among the Partners, but merely the character of such Net Income
(or items thereof). For purposes hereof, in order to determine the proportionate allocations of depreciation and amortization
deductions for each fiscal year or other applicable period, such deductions shall be deemed allocated on the same basis as Net
Income or Net Loss for such respective period.

 

(iii)            Precontribution
Gain, Revaluations. With respect to any Contributed Property, the Partnership shall use any permissible method contained in
the Regulations promulgated under Section 704(c) of the Code selected by the General Partner, in its sole discretion,
to take into account any variation between the adjusted basis of such asset and the fair market value of such asset as of the
time of the contribution (“Precontribution Gain”). Each Partner hereby agrees to report income, gain, loss
and deduction on such Partner’s U.S. federal income tax return in a manner consistent with the method used by the Partnership.
If any asset has a Gross Asset Value which is different from the Partnership’s adjusted basis for such asset for U.S. federal
income tax purposes because the Partnership has revalued such asset pursuant to Section 1.704-1(b)(2)(iv)(f) of the
Regulations, the allocations of Tax Items shall be made in accordance with the principles of Section 704(c) of the Code
and the Regulations and the methods of allocation promulgated thereunder. The intent of this Section 5.01(f)(iii) is
that each Partner who contributed to the capital of the Partnership a Contributed Property will bear, through reduced allocations
of depreciation, increased allocations of gain or other items, the tax detriments associated with any Precontribution Gain. This
Section 5.01(f)(iii) is to be interpreted consistently with such intent.

 

(iv)            Excess
Nonrecourse Liability Safe Harbor. Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of
determining each Partner’s proportionate share of the “excess nonrecourse liabilities” of the Partnership (within
the meaning of Section 1.752-3(a)(3) of the Regulations), the Partners’ respective interests in Partnership profits
shall be determined under any permissible method reasonably determined by the General Partner; provided, however,
that each Partner who has contributed an asset to the Partnership shall be allocated, to the extent possible, a share of “excess
nonrecourse liabilities” of the Partnership which results in such Partner being allocated nonrecourse liabilities in an
amount which is at least equal to the amount of income required to be allocated to such Partner pursuant to Section 704(c) of
the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). If there is an insufficient
amount of nonrecourse liabilities to be able to allocate to each Partner nonrecourse liabilities equal to the Liability Shortfall,
nonrecourse liabilities shall be allocated to each Partner in pro rata in accordance with each such Partner’s Liability
Shortfall.

 

    	 	36	 

     

    

 

5.02         Distribution
of Cash.

 

(a)           Cash
Available for Distribution. Subject to the other provisions of this Article V, the General Partner shall cause the Partnership
to distribute Cash Available for Distribution, at such times and in such amounts as are, subject to the terms and conditions of
this Agreement, determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the
Partnership Record Date with respect to such quarter (or other distribution period), as follows:

 

(i)            first,
subject to Section 5.02(c) and Section 13.01(c)(iv), 100% to the Partners holding Partnership Units (including
Vested LTIP Units and Unvested LTIP Units) until the aggregate amount distributed under this Section 5.02(a)(i) is equal
to (x) the per-share distribution on the related record date established by the General Partner for a dividend or other distribution
to its stockholders in respect of REIT Shares, multiplied by (y) the number of Partnership Units, pro rata
and pari passu in proportion to their respective Percentage Interests; provided, however, that solely for the purpose
of determining the number of Partnership Units and the related Percentage Interests under this Section 5.02(a)(i), the number
of LTIP Units held by the Partners with respect to which the LTIP Unit Distribution Participation Date has not occurred prior
to the applicable Partnership Record Date shall be divided by 10; and

 

(ii)            thereafter,
subject to the obligation to make Catch-Up Distributions under Section 5.02(a)(iii) and Section 5.02(c), 100% to
the Partners holding Class A Units, Class B Units and LTIP Units, pro rata and pari passu in proportion
to their respective Percentage Interests; provided, however that Net Operating Income distributed pursuant to this
Section 5.02(a)(ii) shall not be subject to the limitations in Section 5.02(c).

 

(iii)            Notwithstanding
anything to the contrary in this Agreement, prior to making any distributions under Section 5.02(a)(ii), any LTIP Unitholder
who received distributions under Section 5.02(a)(i) in respect of an LTIP Unit with respect to which the LTIP Unit Distribution
Participation Date had not yet occurred prior to the applicable Partnership Record Date will be entitled to receive distributions
pursuant to this Section 5.02(a)(iii) in respect of that LTIP Unit following the Determination Date (any such distribution,
a “Catch-Up Distribution”). Catch-Up Distributions will be made by the Partnership in respect of any such LTIP
Units, pro rata, in proportion to their respective unreturned Catch-Up Distributions until such amounts have been reduced to zero.
The Catch-Up Distribution for any such LTIP Unit will be equal to the sum of (A) the difference between (1) the cumulative
distributions paid in respect of a Class A Unit that was issued and outstanding as of the date such LTIP Unit was issued,
after the date such LTIP Unit was issued through the Determination Date, minus (2) the aggregate distributions
paid with respect to that LTIP Unit under Section 5.02(a)(i), plus (B) the cumulative distributions paid
to a Class A Unit under Section 5.02(a)(ii) in respect of Partnership Record Dates during the period beginning
on the date such LTIP Unit was issued and ending on the Determination Date. The Catch-Up Distributions shall be adjusted as necessary
to reflect any adjustment pursuant to Section 13.01(a) in connection with an Adjustment Event or otherwise that occurred
during that period following the date such LTIP Unit was issued and on or prior to the Determination Date.

 

    	 	37	 

     

    

 

(b)           Net
Sales Proceeds. Subject to the other provisions of this Article V, the General Partner shall cause the Partnership to
distribute Net Sales Proceeds, at such times and in such amounts as are, subject to the terms and conditions of this Agreement,
determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record
Date with respect to such quarter (or other distribution period):

 

(i)           (A) 15%
to the Special Limited Partner, and (B) 85% to the Partners holding Class A Units, Class B Units or LTIP Units
pro rata and pari passu in proportion to each such Partner’s respective Percentage Interest with respect to
such Class A Units, Class B Units or LTIP Units; provided, that:

 

(1)            to
the extent the Average Class B Economic Capital Account Balance of a holder of Class B Units is less than the Class A
Unit Economic Balance, the Percentage Interest of such Partner holding Class B Units with respect to such Class B Units
shall be reduced for purposes of determining its proportionate share of distributions pursuant to this Section 5.02(b) to
equal such Partner’s Percentage Interest with respect to its Class B Units multiplied by a fraction, the numerator
of which is such Partner’s Average Class B Economic Capital Account Balance, and the denominator of which is the Class A
Unit Economic Balance;

 

(2)            to
the extent the Average LTIP Economic Capital Account Balance of a holder of LTIP Units is less than the Class A Unit Economic
Balance, the Percentage Interest of such Partner holding LTIP Units with respect to such LTIP Units shall be reduced for purposes
of determining its proportionate share of distributions pursuant to this Section 5.02(b) to equal such Partner’s
Percentage Interest with respect to its LTIP Units multiplied by a fraction, the numerator of which is such Partner’s Average
LTIP Economic Capital Account Balance, and the denominator of which is the Class A Unit Economic Balance; and

 

(3)            the
aggregate amount of distributions of Net Sales Proceeds to the Special Limited Partner pursuant to clause (A) shall not exceed
the Listing Amount, after which 100% of Net Sales Proceeds will be distributed pursuant to Section 5.02(b)(i)(B).

 

    	 	38	 

     

    

 

For the avoidance of doubt, any
decrease in the Percentage Interest of a Partner with respect to its Class B Units or LTIP Units shall result in a corresponding
increase in the Percentage Interests of Partners with respect to their Class A Units, their Class B Units (and LTIP
Units to the extent such LTIP Units are eligible for conversion pursuant to Section 13.02(b) but have not been converted).

 

(c)           Limitation
on Distributions on Class B Units and LTIP Units. It is the intention of the parties to this Agreement that distributions
to any Partner in respect of its Class B Units and LTIP Units shall be limited to the extent necessary so that such Partnership
Units constitute a profits interest for all U.S. federal income tax purposes as set forth in Section 13.05 and Section 12.05(e),
respectively. Accordingly, and notwithstanding anything to the contrary in this Agreement, a Partner’s entitlement to cumulative
distributions under Article V shall be appropriately limited so that the Class B Units and LTIP Units qualify as profits
interests.

 

(i)            Profits
Interest Distribution Limitation. A Partner shall only participate in distributions under Article V in respect of any
Class B Unit or LTIP Unit to the extent that in respect of a distribution date, on the related Partnership Record Date, either
(x) the Partnership has Net Operating Income, or (y) the net value of the Partnership, plus any prior distributions
under Section 5.02(b), equals or exceeds the Valuation Threshold for that Class B Unit or LTIP Unit (the limitation
on distributions described in this Section 5.02(b)(ii)(1), the “Profits Interest Distribution Limitation”).

 

(ii)            Reallocation
of Limited Distributions. Cash Available for Distribution or Net Sales Proceeds that otherwise would have been distributed
to a Limited Partner in respect of Class B Unit or LTIP Unit but for the Profits Interest Distribution Limitation shall,
instead, be distributed to the other Limited Partners in respect of other Partnership Units in accordance with Section 5.02(a) or
Section 5.02(b)(i), respectively (including by operation of Section 5.06), but solely to the extent that distributions
in respect of those Partnership Units are not subject to the Profits Interest Distribution Limitation.

 

(iii)            Profits
Interest Catch-Up Distributions. If one or more Class B Units or LTIP Units had been subject to the Profits Interest
Distribution Limitation and, after taking into account the Profits Interest Distribution Limitation, such Partnership Units are
no longer so limited, then, prior to making any further distributions under Section 5.02(b) to any Persons who received
distributions under Section 5.02(b) in respect of those Class B Units or LTIP Units, all distributions pursuant
to Section 5.02(b) that otherwise would have been made to such Persons shall instead be made to the Limited Partner(s) in
respect of the Class B Units or LTIP Units that were subject to the Profits Interest Distribution Limitation until the aggregate
amount distributed to each such Limited Partner under this Section 5.02(c)(iii) equals the aggregate amount that would
have been distributed to each such Limited Partner had such Limited Partner’s respective Class B Unit or LTIP Unit
been issued with a Profits Interest Threshold equal to zero (the “Profits Interest Catch-Up Distributions”),
in proportion to their respective Profits Interest Catch-Up Distributions.

 

    	 	39	 

     

    

 

(iv)            Authority
to Make Adjustments. The General Partner shall have the authority to make such adjustments to distributions pursuant to Article V
(and corresponding allocations under Section 5.01) as it determines in good faith are necessary to effectuate the intent
of this Section 5.02(c).

 

(d)           Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary
or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal,
state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445, 1446, 1471 or 1472 of the Code and, without
duplication of Section 10.05(a), to pay any taxes arising under the Revised Partnership Audit Procedures, including any “imputed
underpayment” within the meaning of Section 6225 of the Code of the Partnership as a result of an adjustment with respect
to any Partnership item, including interest or penalties with respect to any such adjustment (and any corresponding amounts for
state or local tax purposes). Any Tax Liability in respect of a Partner shall constitute a loan by the Partnership to such Partner,
except to the extent (i) the Partnership withholds the Tax Liability from a distribution that would otherwise be made to
that Partner (or its assignee); or (ii) the General Partner determines, in its sole and absolute discretion, that the Tax
Liability may be satisfied out of the available funds of the Partnership that, but for that Tax Liability, would be distributed
to that Partner (or its assignee) (such loaned amount, a “Partnership Loan”). Any Tax Liabilities described
in the foregoing clauses (i) or (ii) shall be treated as having been distributed to the related Partner (or its assignee)
under this Agreement. For the avoidance of doubt, assessments under the Revised Partnership Audit Procedures shall (x) be
treated as expenditures of the Partnership described in Section 705(a)(2)(B) of the Code, (y) be specially allocated
to the Partners to whom such amounts are attributable, as reasonably determined in good faith by the General Partner, and (z) reduce
the amounts otherwise distributable to such Partners under this Agreement, as if such amounts were distributed to them, as reasonably
determined in good faith by the General Partner. A Partner and the Special Limited Partner shall repay a Partnership Loan upon
the demand of the Partnership or, alternatively, through withholding by the Partnership with respect to subsequent distributions
to the applicable Partner, the Special Limited Partner, or assignee of such Partner or the Special Limited Partner. In the event
that a Limited Partner or the Special Limited Partner fails to pay any amount owed to the Partnership with respect to the Partnership
Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner or the Special Limited
Partner, as applicable, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership
on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have
extended a General Partner Loan to the Defaulting Limited Partner in the amount of the payment made by the General Partner and
the General Partner shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that
amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made
by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any
such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner
and immediately paid to the General Partner. In addition to all other remedies that the Partnership may be entitled to pursue,
in the event that a Limited Partner fails to pay any amount when due pursuant to this Section 5.02(d), the Partnership may
thereafter, at any time prior to the Limited Partner’s payment in full of such amount (plus any accrued interest), elect
to redeem Partnership Units held by such Limited Partner, in accordance with the procedures set forth in Section 8.04 with
the valuation date being the date the Partnership elects to redeem such Partnership Units, in an amount sufficient to pay any
or all of such amount. In the event that proceeds to the Partnership are reduced on account of taxes withheld at the source or
the Partnership incurs a liability and such taxes (or a portion thereof) are imposed on or with respect to one or more, but not
all, of the Partners or if the rate of tax varies depending on the attributes of specific Partners or to whom the corresponding
income is allocated, the amount of the reduction in the Partnership’s net proceeds shall be borne by and apportioned among
the relevant Partners and treated as if it were paid by the Partnership as a withholding obligation with respect to such Partners
in accordance with such apportionment.

 

    	 	40	 

     

    

 

Any amounts treated as a Partnership Loan
or a General Partner Loan pursuant to this Section 5.02(d) shall bear interest at the lesser of (i) 400
basis points above the highest base rate or prime rate of interest, as published from time to time in The Wall Street Journal,
or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue from the date the Partnership or
the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full.

 

(e)            Notwithstanding
anything herein to the contrary, in accordance with Section 736 of the Code, so long as the Special Limited Partner is entitled
to distributions pursuant to the Listing Note and has not contributed its Special Limited Partner Interest in accordance with
Section 8.05, the Special Limited Partner shall continue to be treated as a partner of the Partnership in respect of its
Special Limited Partner Interest until the Partnership has satisfied its obligations with respect to the Listing Note.

 

(f)            In
no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive
a cash dividend or other distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has
been or is being redeemed prior to the applicable record date.

 

5.03         REIT
Distribution Requirements. The General Partner shall use its reasonable best efforts to cause the Partnership to
distribute amounts sufficient to enable the General Partner to pay distributions to its stockholders that will allow the General
Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code
and (ii) avoid any U.S. federal income or excise tax liability imposed by the Code, other than to the extent the General
Partner elects to retain and pay income tax on its net capital gain; provided, however, the General Partner shall
not be bound to comply with this covenant to the extent any distributions required to be made in order to satisfy the REIT Requirements
would violate the Act or other applicable law or contravene the terms of any notes, mortgages or other types of debt obligations
to which the Partnership may be subject in conjunction with borrowed funds.

 

5.04         No
Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with
any distributions by the Partnership.

 

    	 	41	 

     

    

 

5.05        Limitations
on Distributions. Notwithstanding any of the provisions of this Agreement, no Partner shall have the right to receive,
and the Partnership and the General Partner shall not have the right to make, a distribution that violates the Act or other applicable
law.

 

5.06        Distributions
Upon Liquidation.

 

(a)            Upon
liquidation of the Partnership, after the satisfaction of all the debts and obligations of the Partnership, to the extent permitted
by law, whether by payment or the making of reasonable provision for payment thereof, any remaining assets of the Partnership
shall be distributed, subject to Section 5.07(b), to all Partners (including the Special Limited Partner) in accordance with
Section 5.02(a) and Section 5.02(b).

 

(b)            For
purposes of Section 5.06(a), the Capital Account of each Partner (including the Special Limited Partner) shall be determined
after making all adjustments in accordance with Sections 5.01, 5.02 and 5.07(b) resulting from Partnership operations and
from all sales and dispositions of all or any part of the Partnership’s assets.

 

(c)            Any
distributions pursuant to this Section 5.06 shall be made within a reasonable time as determined by the General Partner in
its sole discretion. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating
trust) may be made to assure that adequate funds are available to satisfy any contingent debts or obligations of the Partnership.

 

(d)            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), such Partner shall have no obligation to make
any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be considered a debt
owed to the Partnership or to any other Person for any purpose whatsoever. This deficit restoration obligation is intended to
comply with Section 1.704-1(b)(2)(ii)(b)(3) of the Regulations and shall be satisfied before the later to occur of (x) the
end of the taxable year in which the Partnership is liquidated, or (y) ninety (90) days after the date of the liquidation
of the Partnership, which amount shall be paid to creditors of the Partnership or, if the amount contributed exceeds the amount
due creditors, shall be distributed to the Partners with positive Capital Account balances.

 

5.07         Substantial
Economic Effect / Savings Clause.

 

(a)            It
is the intent of the Partners (including the Special Limited Partner) that the allocations of Net Income, Net Loss, and items
thereof under the Agreement have “substantial economic effect” (or be consistent with the Partners’ and the
Special Limited Partner’s interests in the Partnership in the case of the allocation of losses attributable to nonrecourse
debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto.
Article V and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

 

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(b)            Notwithstanding
anything to the contrary in this Agreement, it is the intent of the Partners (including the Special Limited Partner) that the
allocation provisions of Section 5.01 produce final Capital Account balances of the Partners (including the Special Limited
Partner) equal to the amount such Partners would receive with respect to their Class A Units, Class B Units, LTIP Units
or the Special Limited Partner Interest pursuant to Section 5.02(b). To the extent the allocation provisions of Section 5.01
would fail to produce such final Capital Account balances, (y) such provisions shall be amended by the General Partner if
and to the extent necessary to produce such result and (z) Net Income, Net Loss, and, to the extent necessary, individual
items of income, gain, loss and deduction, of the Partnership for prior open years shall be reallocated by the General Partner,
in its sole and absolute discretion, among the Partners (including the Special Limited Partner) to the extent it is not possible
to achieve such result with allocations of Net Income, Net Loss, and, to the extent necessary, individual items of income, gain,
loss and deduction, of the Partnership for the current year and future years. This Section 5.07(b) shall control notwithstanding
any reallocation or adjustment of taxable Net Income, Net Loss, and, to the extent necessary, individual items of income, gain,
loss and deduction, of the Partnership by the IRS or any other taxing authority. The General Partner shall have the authority
to amend this Agreement without the consent of the Limited Partners or the Special Limited Partner, as it reasonably considers
advisable, to make the allocations and adjustments described in this Section 5.07(b).

 

ARTICLE VI

RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER

 

6.01        Management
of the Partnership.

 

(a)           Except
as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business
and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General
Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership:

 

(i)            to
acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited
to, notes and mortgages that the General Partner determines are necessary or appropriate in the business of the Partnership;

 

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

 

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

 

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

 

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(v)            to
pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third
parties or to the General Partner or its Affiliates as set forth in this Agreement;

 

(vi)           to
guarantee or become a co-maker of indebtedness of any Subsidiary of the General Partner or the Partnership, refinance, increase
the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness,
and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets;

 

(vii)         to
use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including,
without limitation, payment, either directly or by reimbursement, of all operating costs and general and administrative expenses
of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth in
this Agreement;

 

(viii)         to
lease all or any portion of any of the Partnership’s assets, whether or not the terms of such leases extend beyond the termination
date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee,
or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine;

 

(ix)           to
prosecute, defend, arbitrate or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms
and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with
respect to the Partners, the Partnership or the Partnership’s assets;

 

(x)            to
file applications, communicate and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way
affecting, the Partnership’s assets or any other aspect of the Partnership’s business;

 

(xi)           to
make or revoke any election permitted or required of the Partnership by any taxing authority;

 

(xii)          to
maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of
the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership,
in such amounts and such types, as it shall determine from time to time;

 

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(xiii)          to
determine whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute
the same;

 

(xiv)          to
establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership,
and to retain legal counsel, accountants, consultants, real estate brokers and such other persons as the General Partner may deem
necessary or appropriate in connection with the Partnership business and to pay therefor such reasonable remuneration as the General
Partner may deem reasonable and proper;

 

(xv)           to
retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration
as the General Partner may deem reasonable and proper;

 

(xvi)          to
negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred
upon the General Partner;

 

(xvii)         to
maintain accurate accounting records and to file promptly all U.S. federal, state and local income tax returns on behalf of the
Partnership;

 

(xviii)        to
distribute Partnership cash or other Partnership assets in accordance with this Agreement;

 

(xix)           to
form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other
relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of
property to, its Subsidiaries and any other Person in which it has an equity interest from time to time);

 

(xx)           to
establish Partnership reserves for working capital, capital expenditures, contingent liabilities, any Catch-Up Distributions or
any other valid Partnership purpose;

 

(xxi)          subject
to Section 11.02, to merge, consolidate or combine the Partnership with or into another Person;

 

(xxii)         to
do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly
traded partnership” taxable as a corporation under Section 7704 of the Code;

 

(xxiii)        to
take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all
other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business
and affairs of the Partnership and to possess and enjoy all of the rights and powers of a general partner as provided by the Act;
and

 

    	 	45	 

     

    

 

(xxiv)       to
take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all
other acts that the General Partner deems necessary or appropriate such that the General Partner shall continue to satisfy the
requirements for qualification as a REIT under the Code and Regulations (“REIT Requirements”) and avoid any
U.S. federal income or excise tax liability; provided, however, the General Partner shall not be bound to comply
with this covenant to the extent any distributions required to be made in order to satisfy the REIT Requirements would violate
the Act or other applicable law or contravene the terms of any notes, mortgages or other types of debt obligations to which the
Partnership may be subject in conjunction with borrowed funds.

 

(b)            Except
as otherwise provided herein or in the Act, to the extent the duties of the General Partner require expenditures of funds to be
paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds
are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or
require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake
any individual liability or obligation on behalf of the Partnership.

 

6.02         Delegation
of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and
may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which
Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner
may approve.

 

6.03         Indemnification
and Exculpation of Indemnitees.

 

(a)            To
the fullest extent permitted by law, the Partnership shall indemnify an Indemnitee from and against any and all losses, claims,
damages, liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements,
and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or
investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be
involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission
of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result
of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property
or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act
or omission was unlawful. The parties hereto agree, that 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 6.03(a).
The parties hereto agree, that 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 6.03(a). Any indemnification pursuant to this Section 6.03 shall
be made only out of the assets of the Partnership.

 

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(b)            The
Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in
advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee
of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized
in this Section 6.03 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount
if it shall ultimately be determined that the standard of conduct has not been met.

 

(c)            The
indemnification provided by this Section 6.03 shall be in addition to any other rights to which an Indemnitee or any other
Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue
as to an Indemnitee who has ceased to serve in such capacity.

 

(d)            The
Partnership may purchase and maintain insurance, as an expense of the Partnership, on behalf of the Indemnitees and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred
by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power
to indemnify such Person against such liability under the provisions of this Agreement.

 

(e)            For
purposes of this Section 6.03, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an
employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves
services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect
to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.03; and
actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose
reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a
purpose that is not opposed to the best interests of the Partnership.

 

(f)            In
no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set
forth in this Agreement.

 

(g)            An
Indemnitee shall not be denied indemnification in whole or in part under this Section 6.03 because the Indemnitee had an
interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the
terms of this Agreement.

 

(h)            The
provisions of this Section 6.03 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons.

 

(i)            Any
amendment, modification or repeal of this Section 6.03 or any provision hereof shall be prospective only and shall not in
any way affect the indemnification of an Indemnitee by the Partnership under this Section 6.03 as in effect immediately prior
to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification
or repeal, regardless of when claims relating to such matters may arise or be asserted.

 

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6.04        Liability
of the General Partner.

 

(a)            Notwithstanding
anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to the Partnership or
any Partners for losses sustained or liabilities incurred as a result of errors in judgment or mistakes of fact or law or of any
act or omission if any such party acted in good faith. Notwithstanding any provision of this Agreement or otherwise applicable
provision of law or equity, the General Partner shall not be in breach of any duty (fiduciary or otherwise) that the General Partner
may owe to the Limited Partners or the Partnership or any other Persons bound by this Agreement provided the General Partner,
acting in good faith, abides by the terms of this Agreement.

 

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

 

(c)            Subject
to its obligations and duties as General Partner set forth in Section 6.01 hereof, the General Partner may exercise any of
the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents. The General Partner shall not be responsible or liable to the Limited Partners, the Special Limited Partner
or the Partnership for any misconduct or negligence on the part of any such agent appointed by it in good faith.

 

(d)            Notwithstanding
any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision
of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as
a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981 or any other
provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners and
the Special Limited Partner.

 

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(e)            Any
amendment, modification or repeal of this Section 6.04 or any provision hereof shall be prospective only and shall not in
any way affect the limitations on the General Partner’s or any of its officer’s, director’s, agent’s or
employee’s liability to the Partnership, the Special Limited Partner and the Limited Partners under this Section 6.04
as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part,
prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

 

6.05         Partnership
Obligations.

 

(a)            Except
as provided in this Section 6.05 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)            All
Administrative Expenses shall be obligations of the Partnership, and the General Partner shall be entitled to reimbursement by
the Partnership for any expenditure (including Administrative Expenses) incurred on behalf of the Partnership that shall be made
other than out of the funds of the Partnership.

 

6.06         Outside
Activities. Subject to Section 6.08 hereof, the Charter and any agreements entered into by the General Partner
or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholders
of the General Partner and the General Partner shall be entitled to and may have business interests and engage in business activities
in addition to those relating to the Partnership, including business interests and activities substantially similar or identical
to those of the Partnership, and the doctrine of corporate opportunity or any analogous doctrine shall not apply to such business
interest or activities. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement
in any such business ventures, interest or activities. None of the Limited Partners nor any other Person bound by this Agreement
shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures,
interests or activities, and the General Partner, (i) shall have no duty or obligation (fiduciary or otherwise) pursuant
to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited
Partner, even if such opportunity is of a character that, if presented to the Partnership or any Limited Partner, could be taken
by such Person, and (ii) shall not be liable to the Partnership or to the Limited Partners for breach of any fiduciary or
other duty existing at law, in equity or otherwise by reason of the fact that the General Partner pursues or acquires for, or
directs such business ventures, interests or activities to another Person or does not communicate such opportunity or information
to the Partnership.

 

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6.07         Employment
or Retention of Affiliates.

 

(a)            Any
Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether
as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from
the Partnership any compensation, price or other payment therefor that the General Partner determines to be fair and reasonable.

 

(b)            The
Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons
may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General
Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

 

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

 

6.08         General
Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner,
including activities pertaining to the acquisition, development, ownership of or investment in single tenant freestanding commercial
real estate and related assets, shall be conducted through the Partnership or one or more Subsidiary Partnerships.

 

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

 

6.10         Redemption
of General Partner’s Partnership Units. In the event the General Partner redeems or repurchases any REIT
Shares, then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units
as determined based on the application of the Conversion Factor on the same terms that the General Partner redeemed such REIT
Shares. Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner
shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units
held by the General Partner. In the event any REIT Shares are redeemed or repurchased by the General Partner pursuant to such
offer, the Partnership shall redeem or repurchase an equivalent number of the General Partner’s Partnership Units for an
equivalent purchase price based on the application of the Conversion Factor.

 

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ARTICLE VII

CHANGES IN GENERAL PARTNER

 

7.01         Transfer
of the General Partner’s Partnership Interest.

 

(a)            The
General Partner shall not transfer all or any portion of its General Partner Interests, and the General Partner shall not withdraw
as General Partner, except as provided in or in connection with a transaction contemplated by Section 7.01(c) hereof.

 

(b)            The
General Partner agrees that its General Partner Interest will at all times be in the aggregate at least 0.1% of the Partnership
Interests.

 

(c)            Notwithstanding
anything in this Section 7.01, the General Partner may transfer all or any portion of its General Partner Interest to any
wholly owned Subsidiary of the General Partner that is (i) a state law corporation or is eligible to make, and has validly
made, an election pursuant to Section 301.7701-3 of the Regulations to be treated as an association taxable as a corporation
for U.S. federal income tax purposes, (ii) a TRS, or (iii) an entity that is wholly owned by the General Partner and
treated as disregarded for U.S. federal income tax purposes, and following a transfer of all of its General Partner Interest,
may withdraw as General Partner. In the event that the General Partner transfers its entire General Partner Interest and the transferee
is admitted to the Partnership as a substitute General Partner in accordance with this Agreement, such transferee shall be deemed
admitted to the Partnership as a General Partner immediately prior to the transfer and such transferee shall continue the business
of the Partnership without dissolution.

 

7.02         Merger
of General Partner.

 

(a)            Except
as otherwise provided in Section 7.02(b) or (c) hereof, the General Partner shall not engage in any merger, consolidation
or other combination with or into another Person or sale of all or substantially all of its assets (other than in connection with
a change in the General Partner’s state of incorporation or organizational form), in each case which results in a Change
of Control of the General Partner (a “Transaction”), unless at least one of the following conditions is met:

 

(i)            the
consent of a Majority in Interest (other than the Percentage Interest held by the General Partner or any Subsidiary of the General
Partner) is obtained;

 

(ii)            as
a result of such Transaction, all Limited Partners will receive, or have the right to receive, for each Partnership Unit held
by such Limited Partners an amount of cash, securities or other property equal in value to the product of the Conversion Factor
and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration
of one REIT Share, provided, that if, in connection with such Transaction, a purchase, tender or exchange offer (“Offer”)
shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership
Units (other than the General Partner and any Subsidiary of the General Partner) shall be given the option to exchange its Partnership
Units for the greatest amount of cash, securities or other property that such Limited Partner would have received had it (A) exercised
its Class A Unit Redemption Right pursuant to Section 8.04 hereof and (B) sold, tendered or exchanged pursuant
to the Offer the REIT Shares received upon exercise of the Class A Unit Redemption Right immediately prior to the expiration
of the Offer; or

 

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(iii)            the
General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash,
securities or other property in the Transaction or (B) all Limited Partners receive for each Partnership Unit held by such
Limited Partners an amount of cash, securities or other property (expressed as an amount per REIT Share) that is no less in value
than the product of the Conversion Factor and the greatest amount of cash, securities or other property (expressed as an amount
per REIT Share) received in the Transaction by any holder of REIT Shares.

 

(b)            Notwithstanding
Section 7.02(a) hereof, the General Partner may merge with or into or consolidate with another entity if immediately
after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”),
other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital
Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined
by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner hereunder.
Notwithstanding any provision of this Agreement and without the consent of any other person, upon such contribution and assumption,
(i) for all purposes of this Agreement, if the General Partner is not the Survivor, the Survivor, shall be deemed to be the
“General Partner” hereunder and shall be deemed to be admitted as the general partner of the Partnership, upon its
execution of a counterpart to this Agreement, effective simultaneously with the merger or consolidation, (ii) the Survivor
shall continue the business of the Partnership without dissolution, and (iii) the Survivor shall have the right and duty
to amend this Agreement as set forth in this Section 7.02(b) or in any other manner, if applicable, to reflect the change
in the general partner of the Partnership. The Survivor shall in good faith arrive at a new method for the calculation of the
Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any such merger or consolidation so as
to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account,
among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation
by a holder of REIT Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could
have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this
Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable
to the adjustments provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition
of REIT Shares and make such amendments to Section 8.04 hereof so as to approximate the existing rights and obligations set
forth in Section 8.04 hereof as closely as reasonably possible. The above provisions of this Section 7.02(b) shall
similarly apply to successive mergers or consolidations permitted hereunder.

 

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Notwithstanding anything in this Section 7.02,
the General Partner may engage in a transaction required by law or by the rules of any national securities exchange or over-the-counter
interdealer quotation system on which the REIT Shares are listed or traded.

 

7.03         Admission
of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General
Partner of the Partnership only if the following terms and conditions are satisfied:

 

(a)            the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart hereof, and an amendment to the Certificate of Limited Partnership
of the Partnership evidencing the admission of such Person as a General Partner shall have been filed with the office of the Secretary
of State of the State of Delaware;

 

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

 

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

 

7.04         Effect
of Bankruptcy, Withdrawal, Death or Dissolution of General Partner.

 

(a)            Upon
the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.05(a) hereof)
or the withdrawal, removal or dissolution of the General Partner or any other event that results in the General Partner ceasing
to be a general partner of the Partnership under the Act, the Partnership shall be dissolved and its affairs wound up unless the
business of the Partnership is continued pursuant to Section 7.04(b) hereof. Notwithstanding anything in this Agreement
to the contrary, any successor to the General Partner by merger or consolidation in compliance with Section 7.02(b) shall,
without further act of any Person, be the General Partner hereunder, and such merger or consolidation shall not constitute a transfer
for purposes of this Agreement and the Partnership shall continue without dissolution.

 

(b)            Following
the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.05(a) hereof)
or the withdrawal, removal or dissolution of the General Partner or any other event that resulting the General Partner ceasing
to be a general partner of the Partnership under the Act, the Partnership shall not be dissolved or wound up if the Limited Partners,
within 90 days after such occurrence, elect to continue the business of the Partnership for the balance of the term specified
in Section 2.04 hereof by selecting effective as of such occurrence, subject to Section 7.03 hereof in writing or vote,
a substitute General Partner by consent of a Majority in Interest. Any substitute General Partner selected by the Limited Partners
in accordance with this Section 7.05(b) and admitted to the Partnership in accordance with Section 7.03, shall
be deemed admitted to the Partnership effective simultaneously with the occurrence of the event that caused the General Partner
to cease to be a general partner of the Partnership. If the Limited Partners elect to continue the business of the Partnership
and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a
Partner in the Partnership shall be governed by this Agreement.

 

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7.05         Removal
of General Partner.

 

(a)            Upon
the occurrence of an Event of Bankruptcy as to, or the dissolution of, the General Partner, the General Partner shall be deemed
to be removed automatically. To the fullest extent permitted by law, the Limited Partners may not remove the General Partner,
with or without cause.

 

(b)            If
the General Partner has been removed pursuant to this Section 7.05 and the Partnership is continued pursuant to Section 7.04
hereof, the General Partner shall promptly transfer and assign its General Partner Interest in the Partnership to the substitute
General Partner approved by a Majority in Interest in accordance with Section 7.04(b) hereof and otherwise be admitted
to the Partnership in accordance with Section 7.03 hereof. At the time of assignment, the removed General Partner shall be
entitled to receive from the substitute General Partner the fair market value of the General Partner Interest of such removed
General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined
by an appraiser mutually agreed upon by the General Partner and a Majority in Interest within ten days following the removal of
the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a Majority
in Interest each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed
General Partner’s General Partner Interest within 30 days of the General Partner’s removal, and the fair market value
of the removed General Partner’s General Partner Interest shall be the average of the two appraisals; provided, however,
that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers,
no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal
of the fair market value of the removed General Partner’s General Partner Interest no later than 60 days after the removal
of the General Partner. In such case, the fair market value of the removed General Partner’s General Partner Interest shall
be the average of the two appraisals closest in value.

 

(c)            The
General Partner Interest of a removed General Partner, during the time after default until transfer under Section 7.05(b) hereof,
shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not
have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the
income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited
Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such
items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant
to Section 7.05(b) hereof.

 

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(d)            Notwithstanding
any other provision of this Agreement, for so long as the General Partner is treated as a REIT, to the fullest extent permitted
by law, the General Partner shall not be removed unless (a) the General Partner’s economic interest in the Partnership
shall be simultaneously transferred to another entity that is either (i) not an Affiliate of the General Partner or (ii) a
TRS or (b) such removal would not otherwise result in the Partnership having only one partner for U.S. federal income tax
purposes.

 

(e)            All
Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall
be legally necessary and sufficient to effect all the foregoing provisions of this Section 7.05.

 

ARTICLE VIII

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

 

8.01        Management
of the Partnership. The Limited Partners (other than the General Partner, any of its Affiliates or related parties
or any officer, director, employee, agent or trustee of the General Partner, the Partnership of any of their Affiliates or related
parties, in their capacity as such) shall not participate in the management or control (within the meaning of the Act) of Partnership
business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership,
such powers being vested solely and exclusively in the General Partner. Notwithstanding anything to the contrary contained in
this Agreement, none of the actions taken by any of the Limited Partners hereunder shall constitute participation in the control
of the business of the Partnership within the meaning of the Act.

 

8.02        Power
of Attorney. Each Limited Partner and the Special Limited Partner hereby irrevocably appoints the General Partner
its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and
benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates
and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement
and the Act in accordance with their terms, including duly adopted amendments hereto, which power of attorney is coupled with
an interest and shall survive and not be affected by the subsequent death, dissolution or legal incapacity of the Limited Partner,
or the transfer by the Limited Partner of any part or all of its Partnership Interest. This power of attorney may be exercised
by such attorney-in-fact for all Limited Partners (or any of them) by a single signature of the General Partner acting as attorney-in-fact
with or without listing all of the Limited Partners executing an instrument.

 

8.03        Limitation
on Liability of Limited Partners. No Limited Partner, in its capacity as such, shall be liable for any debts, liabilities,
contracts or obligations of the Partnership. Except as otherwise provided in this Agreement or under the Act, a Limited Partner
shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After
its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act or as otherwise provided
for herein, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

 

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8.04        Class A
Unit Redemption Right.

 

(a)            Subject
to Sections 8.04(b), (c), (d), (e), (f) and (g) hereof, the penultimate sentence of this Section 8.04(a), and the
provisions of any agreements between the Partnership and one or more Limited Partners with respect to Class A Units held
by them, each Limited Partner shall have the right (the “Class A Unit Redemption Right”) to require the
Partnership to redeem on a Specified Redemption Date all or a portion of the Class A Units held by such Limited Partner at
a redemption price equal to and in the form of the Cash Amount to be paid by the Partnership, provided, that, subject to
Section 13.02(a), such Class A Units (including, for the avoidance of doubt, any Class A Units issued to such Limited
Partners as a result of any merger, consolidation or other business combination or reorganization to which the Partnership and/or
the General Partner is a party) shall have been outstanding for at least one year (or such lesser time as determined by the General
Partner in its sole and absolute discretion), which period shall include the period that Partnership Units (including, for the
avoidance of doubt, Class B Units, LTIP Units and the Master LTIP Unit) that were converted into such Class A Units
were held, and subject to any restriction agreed to in writing between the Redeeming Limited Partner and the General Partner.
The Class A Unit Redemption Right shall be exercised pursuant to a Notice of Exercise of Redemption Right in substantially
the form attached hereto as Exhibit A delivered to the Partnership (with a copy to the General Partner) by the Limited
Partner exercising the Class A Unit Redemption Right (the “Redeeming Limited Partner”); provided,
however, that the Partnership shall not be obligated to satisfy such Class A Unit Redemption Right if the General
Partner elects to purchase the Class A Units subject to the Notice of Redemption; and provided, further, that
no Limited Partner may deliver more than two Notices of Redemption during any calendar year. A Limited Partner may not exercise
the Class A Unit Redemption Right for less than one thousand (1,000) Class A Units or, if such Limited Partner holds
less than one thousand (1,000) Class A Units, all of the Class A Units held by such Limited Partner. The Redeeming Limited
Partner shall have no right, with respect to any Class A Units so redeemed, to receive any distribution paid with respect
to Class A Units if the record date for such distribution is on or after the Specified Redemption Date.

 

(b)            Notwithstanding
the provisions of Section 8.04(a) hereof, a Limited Partner that exercises the Class A Unit Redemption Right shall
be deemed to have offered to sell the Class A Units described in the Notice of Redemption to the General Partner, and the
General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Class A Units by paying
to the Redeeming Limited Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole
and absolute discretion), on the Specified Redemption Date, whereupon the General Partner shall acquire the Class A Units
offered for redemption by the Redeeming Limited Partner and shall be treated for all purposes of this Agreement as the owner of
such Class A Units. If the General Partner shall elect to exercise its right to purchase Class A Units under this Section 8.04(b) with
respect to a Notice of Redemption, it shall so notify the Redeeming Limited Partner within five business days after the receipt
by the General Partner of such Notice of Redemption.

 

In the event the General Partner shall
exercise its right to purchase Class A Units with respect to the exercise of a Class A Unit Redemption Right, the Partnership
shall have no obligation to pay any amount to the Redeeming Limited Partner with respect to such Redeeming Limited Partner’s
exercise of such Class A Unit Redemption Right, and each of the Redeeming Limited Partner, the Partnership and the General
Partner shall treat the transaction between the General Partner and the Redeeming Limited Partner for U.S. federal income tax
purposes as a sale of the Redeeming Limited Partner’s Class A Units to the General Partner. Each Redeeming Limited
Partner agrees to execute such documents, or provide such information, as the General Partner may reasonably require in connection
with the issuance of REIT Shares upon exercise of the Class A Unit Redemption Right, including, if applicable, the certificate
in the form set forth in Exhibit E.

 

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(c)            Notwithstanding
the provisions of Section 8.04(a) and 8.04(b) hereof, a Limited Partner shall not be entitled to exercise the Class A
Unit Redemption Right if the delivery of REIT Shares to such Limited Partner on the Specified Redemption Date by the General Partner
pursuant to Section 8.04(b) hereof (regardless of whether or not the General Partner would in fact exercise its rights
under Section 8.04(b) hereof) would (i) result in such Limited Partner or any other Person owning, directly or
indirectly, REIT Shares in excess of the Aggregate Share Ownership Limit or any Excepted Holder Limit (each as defined in Charter)
and calculated in accordance therewith, except as provided in the Charter, (ii) result in REIT Shares being owned by fewer
than 100 persons (determined without reference to any rules of attribution), (iii) result in the General Partner being
“closely held” within the meaning of Section 856(h) of the Code, (iv) cause the General Partner to
own, actually or constructively, 10% or more of the ownership interests in a tenant (other than a TRS) of the General Partner’s,
the Partnership’s or a Subsidiary Partnership’s real property, within the meaning of Section 856(d)(2)(B) of
the Code, (v) otherwise cause the General Partner to fail to qualify as a REIT, or (vi) cause the acquisition of REIT
Shares by such Limited Partner to be “integrated” with any other distribution of REIT Shares or Class A Units
for purposes of complying with the registration provisions of the Securities Act. The General Partner, in its sole and absolute
discretion and without the consent of any other Partner or Person, may waive the restriction on redemption set forth in this Section 8.04(c).

 

(d)            Any
Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04 shall be paid on the Specified Redemption
Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed
for up to an additional 90 days to the extent required for the General Partner to cause additional REIT Shares to be issued to
provide financing to be used to make such payment of the Cash Amount. Any REIT Share Amount to be paid to a Redeeming Limited
Partner pursuant to this Section 8.04 shall be paid on the Specified Redemption Date; provided, however, that
the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 days to the extent
required for the General Partner to cause additional REIT Shares to be issued. Notwithstanding the foregoing, the General Partner
agrees to use its reasonable best efforts to cause the closing of the acquisition of redeemed Class A Units hereunder to
occur as quickly as reasonably possible.

 

(e)            Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary
or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal,
state or local law that apply upon a Redeeming Limited Partner’s exercise of the Class A Unit Redemption Right. If
a Redeeming Limited Partner believes that it is exempt from such withholding upon the exercise of the Class A Unit Redemption
Right, such Partner must furnish the General Partner with a FIRPTA Certificate in substantially the form attached hereto as Exhibit B-1
or Exhibit B-2 and any other documentation reasonably requested by the General Partner. If the Partnership or the General
Partner is required to withhold and pay over to any taxing authority any amount upon a Redeeming Limited Partner’s exercise
of the Class A Unit Redemption Right and if the Class A Unit Redemption Amount equals or exceeds the Tax Liability,
the Tax Liability shall be treated as an amount received by such Partner in redemption of its Class A Units. If, however,
the Class A Unit Redemption Amount is less than the Tax Liability, the Redeeming Limited Partner shall not receive any portion
of the Class A Unit Redemption Amount, the Class A Unit Redemption Amount shall be treated as an amount received by
such Partner in redemption of its Class A Units, and the Partner shall contribute the excess of the Tax Liability over the
Class A Unit Redemption Amount to the Partnership before the Partnership is required to pay over such excess to a taxing
authority.

 

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(f)            Notwithstanding
any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited
Partners to exercise their Class A Unit Redemption Rights as and if determined necessary in the reasonable discretion of
the General Partner (which determination may include obtaining advice or an opinion of outside tax counsel) to ensure that the
Partnership does not constitute a “publicly traded partnership” under Section 7704 of the Code. If and when the
General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice
thereof (a “Restriction Notice”) to each of the Limited Partners, which notice shall state that such restrictions
are desirable in order to avoid the Partnership being treated as a “publicly traded partnership” under Section 7704
of the Code and may include the advice or an opinion of outside tax counsel to such effect.

 

8.05        Exchange
of Special Limited Partner Interest.

 

(a)            On
and after such time as the Listing Amount is determined, the Special Limited Partner shall have the right, but not the obligation,
to contribute the entire Special Limited Partner Interest to the Partnership in exchange for Class A Units in a transaction
intended to qualify as a contribution of property pursuant to Section 721 of the Code. The Special Limited Partner shall
provide written notice to the General Partner of its intention to contribute the Special Limited Partner Interest at least ten
(10) days prior to the date on which the contribution is to occur. The maximum number of Class A Units issuable upon
a contribution of the entire Special Limited Partner Interest shall be equal to the quotient of (i) the difference of (X) the
Listing Amount minus (Y) the amount of any distributions made by the Partnership to the Special Limited Partner under
Section 5.02(b) prior to the date of the contribution; divided by (ii) the product
of (A) in the case of a Listing or an Asset Sale that is a Liquidity Event, the Value of one REIT Share on the date of the
contribution, or in the case of a Merger, the Market Value of one REIT Share pursuant to the terms of the applicable transaction
document, multiplied by (B) the Conversion Factor. Only a whole number of Class A Units will be
issuable upon a contribution of the entire Special Limited Partner Interest. The Special Limited Partner covenants and agrees
with the Partnership that the Special Limited Partner Interest shall be free and clear of all liens at the time of contribution
pursuant to this Section 8.05. The contribution of all or a portion of the Special Limited Partner Interest shall occur automatically
after the close of business on the applicable date of contribution, as of which time the Special Limited Partner shall be credited
on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A
Units issuable upon such contribution.

 

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(b)            Class A
Units issuable upon a contribution of the Special Limited Partner Interest as set forth in this Section 8.05 shall be redeemable
for cash or, at the option of the General Partner, for REIT Shares pursuant to Section 8.04; provided, that such Class A
Units (including, for the avoidance of doubt, any Class A Units issued to the Special Limited Partner as a result of any
merger, consolidation or other business combination or reorganization to which the Partnership or the General Partner is a party)
shall have been outstanding for at least three years (or such lesser time as determined by the General Partner in its sole and
absolute discretion), which period shall include the period that the Special Limited Partner held the Special Limited Partner
Interest prior to its conversion to Class A Units pursuant to Section 8.05(a) and for the avoidance of doubt shall
be in lieu of any holding period required by Section 8.04(a).

 

8.06         Registration.
Subject to the terms of any agreement between the General Partner and a Limited Partner with respect to Class A Units held
by such Limited Partner that includes provisions relating to registration rights (each a “Separate Registration Rights
Agreement”):

 

(a)            Shelf
Registration of REIT Shares. Following the Listing Date, or, if the General Partner is not eligible to use a registration
statement on Form S-3 for the registration of securities under the Securities Act on the Listing Date, the date on which
the General Partner becomes so eligible (the “S-3 Eligible Date”), the General Partner shall, upon written
request of any Limited Partner and within a reasonable period of time thereafter, file with the Commission a shelf registration
statement under Rule 415 of the Securities Act (or any similar rule that may be adopted by the Commission) or a prospectus
supplement to the prospectus contained in an existing shelf registration statement (a “Registration Statement”),
covering (i) the issuance of REIT Shares issuable upon redemption of the Class A Units held by such Limited Partner
(including the Class B Unit Shares, “Redemption Shares”) and/or (ii) the resale of Redemption Shares
by the holder thereof; provided, however, that the General Partner shall be required to file only two Registration
Statements in any 12-month period and any Limited Partner that makes a request pursuant to this sentence shall also provide to
the General Partner, on a timely basis, all information regarding such Limited Partner and any proposed distribution of Redemption
Shares required by the rules and regulations of the Commission and all other information reasonably requested by the General
Partner. In connection therewith, the General Partner will:

 

(1)            use
its reasonable best efforts to have any Registration Statement declared effective and cause the Registration Statement to be continuously
effective until all Redemption Shares covered thereby (i) have been sold or transferred by the holders thereof to another
Person pursuant to an effective registration statement, (ii) have been sold by holders thereof to another Person pursuant
to the provisions of Rule 144, (iii) may be sold pursuant to Rule 144, or (iv) have been otherwise transferred
in a transaction that would constitute a sale under the Securities Act and, in each case, the Redemption Shares may be resold
without volume, manner of sale or other restrictions or conditions without subsequent registration under the Securities Act;

 

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(2)            furnish
to each holder of Redemption Shares such number of copies of prospectuses, and supplements or amendments thereto, and such other
documents as such holder reasonably requests;

 

(3)            register
or qualify the Redemption Shares covered by the Registration Statement under the securities or blue sky laws of such jurisdictions
within the United States as any holder of Redemption Shares shall reasonably request, and do such other reasonable acts and things
as may be required of it to enable such holders to consummate the sale or other disposition in such jurisdictions of the Redemption
Shares; provided, however, that the General Partner shall not be required to (i) qualify as a foreign corporation
or consent to a general or unlimited service or process in any jurisdictions in which it would not otherwise be required to be
qualified or so consent or (ii) qualify as a dealer in securities; and

 

(4)            otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission.

 

The General Partner further agrees to supplement
or make amendments to each Registration Statement, if required by the rules, regulations or instructions applicable to the registration
form utilized by the General Partner or by the Securities Act or rules and regulations thereunder for such Registration Statement.
Each Limited Partner agrees to furnish to the General Partner, upon request, such information with respect to the Limited Partner
as may be required to complete and file the Registration Statement.

 

In connection with and as a condition to
the General Partner’s obligations with respect to the filing of a Registration Statement pursuant to this Section 8.06,
each Limited Partner agrees with the General Partner that:

 

(x)            it
will not offer or sell its Redemption Shares until (A) such Redemption Shares have been included in a Registration Statement
and (B) it has received copies of a prospectus, and any supplement or amendment thereto, as contemplated by Section 8.06(a) hereof,
and receives notice that the Registration Statement covering such Redemption Shares, or any post-effective amendment thereto,
has been declared effective by the Commission;

 

(y)            if
the General Partner determines in its good faith judgment, after consultation with counsel, that the use of the Registration Statement,
including any post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require
the disclosure of important information that the General Partner has a bona fide business purpose for preserving as confidential
or the disclosure of which would impede the General Partner’s ability to consummate a significant transaction, or if the
General Partner has otherwise imposed a black-out for the release of earnings or otherwise, upon written notice of such determination
by the General Partner, the rights of each Limited Partner to offer, sell or distribute its Redemption Shares pursuant to such
Registration Statement or prospectus or to require the General Partner to take action with respect to the registration or sale
of any Redemption Shares pursuant to a Registration Statement (including any action contemplated by this Section 8.06) will
be suspended until the date upon which the General Partner notifies such Limited Partner in writing (which notice shall be deemed
sufficient if given through the issuance of a press release) that suspension of such rights for the grounds set forth in this
paragraph is no longer necessary; provided, however, that the General Partner may not suspend such rights for an
aggregate period of more than 90 days in any 12-month period; and

 

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(z)            in
the case of the registration of any underwritten equity offering proposed by the General Partner (other than any registration
by the General Partner (A) on Form S-8, or a successor or substantially similar form, of an employee share option, share
purchase or compensation plan or of securities issued or issuable pursuant to any such plan or (B) on Form S-3, or a
successor or substantially similar form, of a dividend reinvestment plan), each Limited Partner will agree, if requested in writing
by the managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of any
REIT Shares (or any option or right to acquire REIT Shares) during the period commencing on the tenth day prior to the expected
effective date (which date shall be stated in such notice) of the registration statement covering such underwritten primary equity
offering or, if such offering shall be a “take-down” from an effective shelf registration statement, the tenth day
prior to the expected commencement date (which date shall be stated in such notice) of such offering, and ending on the date specified
by such managing underwriter in such written request to the Limited Partners; provided, however, that no Limited
Partner shall be required to agree not to effect any offer, sale or distribution of REIT Shares for a period of time that is longer
than the greater of 90 days or the period of time for which any senior executive of the General Partner is required so to agree
in connection with such offering. Nothing in this paragraph shall be read to limit the ability of any Limited Partner to redeem
its Class A Units in accordance with the terms of this Agreement.

 

(b)            Listing
on Securities Exchange. If the General Partner lists or maintains the listing of REIT Shares on any securities exchange or
national market system, it shall, at its expense and as necessary to permit the registration and sale of the Redemption Shares
hereunder, list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares.

 

(c)            Registration
Not Required. Notwithstanding Section 8.06(a), the General Partner shall not be required to file or maintain the effectiveness
of a Registration Statement relating to Redemption Shares after the first date upon which, in the opinion of counsel to the General
Partner, all of the Redemption Shares covered thereby could be sold by the holders thereof pursuant to Rule 144 under the
Securities Act, or any successor rule thereto.

 

(d)            Allocation
of Expenses. The Partnership shall pay all expenses in connection with the Registration Statement, including without limitation
(i) all expenses incident to filings with the Financial Industry Regulatory Authority, Inc., (ii) registration
fees, (iii) printing expenses, (iv) accounting and legal fees and expenses, except to the extent holders of Redemption
Shares elect to engage accountants or attorneys in addition to the accountants and attorneys engaged by the General Partner or
the Partnership, which fees and expenses for such accountants or attorneys shall be for the account of the holders of the Redemption
Shares, (v) accounting expenses incident to or required by any such registration or qualification and (vi) expenses
of complying with the securities or blue sky laws of any jurisdictions in connection with such registration or qualification;
provided, however, neither the Partnership nor the General Partner shall be liable for (A) any discounts or
commissions to any underwriter or broker attributable to the sale of Redemption Shares, or (B) any fees or expenses incurred
by holders of Redemption Shares in connection with such registration that, according to the written instructions of any regulatory
authority, the Partnership or the General Partner is not permitted to pay.

 

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(e)           Indemnification.

 

(i)            In
connection with any Registration Statement, to the fullest extent permitted by law, the General Partner and the Partnership agree
to indemnify each holder of Class A Units or Redemption Shares covered by the Registration Statement, the holder’s
partners, members, shareholders, officers, directors, employees, representatives, agents, managers, advisors and Affiliates, each
Person, if any, who controls the holder within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act, and the partners, members, shareholders, officers, directors, employees, representatives, agents, managers,
advisors and Affiliates of each such controlling Person, against all losses, claims, damages, liabilities and expenses (including
reasonable costs of investigation) caused by any untrue, or alleged untrue, statement of a material fact contained in the Registration
Statement, including any preliminary prospectus or prospectus contained therein (as amended or supplemented if the General Partner
shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission, to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages, liabilities or expenses are caused by any untrue statement, alleged untrue statement, omission, or alleged
omission based upon information furnished to the General Partner by such holder or on such holder’s behalf for use in such
Registration Statement. The General Partner and each officer, director and controlling Person of the General Partner and the Partnership
shall be indemnified by each holder of Class A Units or Redemption Shares covered by the Registration Statement for all such
losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) caused by any untrue, or alleged
untrue, statement or any omission, or alleged omission, based upon information furnished to the General Partner or the Partnership
by such holder or on such holder’s behalf for use in such Registration Statement.

 

(ii)            Promptly
upon receipt by a party indemnified under this Section 8.06(e) of notice of the commencement of any action against such
indemnified party in respect of which indemnity or reimbursement may be sought against any indemnifying party under this Section 8.06(e),
such indemnified party shall notify the indemnifying party in writing of the commencement of such action, but the failure to so
notify the indemnifying party shall not relieve it of any liability that it may have to any indemnified party otherwise than under
this Section 8.06(e) unless such failure shall materially adversely affect the defense of such action. In case notice
of commencement of any such action shall be given to the indemnifying party as above provided, the indemnifying party shall be
entitled to participate in and, to the extent it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory to such indemnified party.
The indemnified party shall have the right to employ separate counsel in any such action and participate in the defense thereof,
but the reasonable fees and expenses of such counsel (other than reasonable costs of investigation) shall be paid by the indemnified
party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying party fails to assume the defense
of such action with counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action
(including any impleaded parties) have been advised by such counsel that representation of such indemnified party and the indemnifying
party by the same counsel would be inappropriate under applicable standards of professional conduct (in which case the indemnified
party shall have the right to separate counsel and the indemnifying party shall pay the reasonable fees and expenses of such separate
counsel, provided, that the indemnifying party shall not be liable for more than one separate counsel). No indemnifying
party shall be liable to any indemnified party for any settlement entered into without its consent.

 

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(f)            Contribution.

 

(i)            If
for any reason the indemnification provisions contemplated by Section 8.06(e) hereof are either unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to therein,
then the party that would otherwise be required to provide indemnification or the indemnifying party (in either case, for purposes
of this Section 8.06(f), the “Indemnifying Party”) in respect of such losses, claims, damages, liabilities
and expenses shall contribute to the amount paid or payable by the party that would otherwise be entitled to indemnification or
the indemnified party (in either case, for purposes of this Section 8.06(f), the “Indemnified Party”)
as a result of such losses, claims, damages, liabilities or expenses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and the Indemnified Party, as well as any other relevant equitable considerations. The relative
fault of the Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact related to information
supplied by the Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party.

 

(ii)            The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8.06(f) were determined
by pro rata allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person determined
to have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

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(iii)            The
contribution provided for in this Section 8.06(f) shall survive the termination of this Agreement and shall remain in
full force and effect regardless of any investigation made by or on behalf of any Indemnified Party.

 

(g)           Conflict.
With respect to any Limited Partner, in the event of a conflict between the provisions of this Section 8.06 and any Separate
Registration Rights Agreement, the provisions of the Separate Registration Rights Agreement shall control.

 

ARTICLE IX

TRANSFERS OF PARTNERSHIP INTERESTS

 

9.01         Purchase
for Investment.

 

(a)            Each
Limited Partner, by its signature below or by its subsequent admission to the Partnership, hereby represents and warrants to the
General Partner and to the Partnership that the acquisition of such Limited Partner’s Partnership Units is made for investment
purposes only and not with a view to the resale or distribution of such Partnership Units.

 

(b)            Subject
to the provisions of Section 9.02 hereof, each Limited Partner agrees that such Limited Partner will not Transfer such Limited
Partner’s Partnership Units or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise,
to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.01(a) hereof.

 

9.02         Restrictions
on Transfer of Partnership Units.

 

(a)            Subject
to the other provisions of this Section 9.02, to the fullest extent permitted by law, no Limited Partner may offer, sell,
assign, hypothecate, pledge or otherwise transfer all or any portion of such Limited Partner’s Partnership Units, or any
of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial
sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may
be granted or withheld in its sole and absolute discretion. The General Partner may require, as a condition of any Transfer to
which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

 

(b)            No
Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented
to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.05 hereof) of all
of such Limited Partner’s Partnership Units pursuant to this Article IX or pursuant to a redemption of all of such
Limited Partner’s Class A Units pursuant to Section 8.04 hereof. Upon the permitted Transfer or redemption of
all of a Limited Partner’s Class A Units, such Limited Partner shall cease to be a Limited Partner.

 

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(c)            Subject
to Sections 9.02(d), (e) and (f) hereof, a Limited Partner may Transfer, with the consent of the General Partner, all
or a portion of such Limited Partner’s Partnership Units to (i) such Limited Partner’s parent or parent’s
spouse, (ii) such Limited Partner’s spouse, (iii) such Limited Partner’s natural or adopted descendant or
descendants, (iv) such Limited Partner’s spouse of such Limited Partner’s descendant, (v) such Limited Partner’s
brother or sister, (vi) a trust created by such Limited Partner for the primary benefit of such Limited Partner and/or any
such Person(s) described in (i) through (v) above, of which trust such Limited Partner or any such Person(s) or
bank or other commercial entity in the business of acting as a fiduciary in its ordinary course of business and having an equity
capitalization of at least $100,000,000 is a trustee, (vii) a corporation, partnership or limited liability company controlled
by a Person or Persons named in (i) through (v) above, or (viii) if the Limited Partner is an entity, its beneficial
owners.

 

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

 

(e)            No
Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if the General Partner
determines, in its commercially reasonable discretion, that (i) such Transfer would result in the Partnership being treated
as an association taxable as a corporation, (ii) it would adversely affect the ability of the General Partner to continue
to qualify as a REIT or subject the General Partner to any additional taxes under Section 857, Section 4981 or any other
provision 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; provided, that
if the General Partner secures an opinion of qualified United States tax counsel that the Partnership would, if such Transfer
were completed, satisfy one or more provisions under Section 7704 of the Code and the Regulations promulgated thereunder
such that the Partnership would not be treated as a “publicly traded partnership” for U.S. federal income tax purposes,
then such Transfer shall not be prohibited by this Section 9.02(e).

 

(f)            To
the fullest extent permitted by law, any purported Transfer in contravention of any of the provisions of this Article IX
shall be void ab initio and ineffectual and shall not be binding upon, or recognized by, the General Partner or the Partnership.

 

(g)            Prior
to the consummation of any Transfer under this Article IX, the transferor and/or the transferee shall deliver to the General
Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer,
which, for the avoidance of doubt, shall include such forms, documentation, proof of payment or other certifications as reasonably
required by the General Partner to determine that the transferor and the transferee have complied with Section 1446(f) of
the Code (ignoring for this purpose, Section 1446(f)(4) of the Code), and any similar provision of state, local, or
non-U.S. law, and the transferor and the transferee shall have agreed to be jointly and severally liable for all taxes (including
interest, penalties, and additional amounts thereon) under Section 1446(f) of the Code incurred by the Partnership in
connection with such Transfer.

 

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(h)            Notwithstanding
anything to the contrary contained in this Section 9.02, the Advisors Limited Partner and the Special Limited Partner, respectively,
may Transfer any of its Class A Units to its direct and indirect Members (as defined, respectively, in the limited liability
company agreement of the Advisors Limited Partner, dated December 18, 2013, by and among the signatories thereto, as amended
from time to time or the limited liability company agreement of the Special Limited Partner, dated December 18, 2013, by
and among the signatories thereto, as amended from time to time), without the consent of the General Partner.

 

(i)            The
Partners hereby acknowledge and agree that a Partner who holds Class B Units or LTIP Units shall not Transfer such Class B
Units or LTIP Units other than, and subject to any restriction on the transfer of Class B Units contained in Article XII
or any restriction on the transfer of LTIP Units contained in Article XIII or the terms of an applicable OPP Agreement, (i) pursuant
to Section 9.02(c) hereof, (ii) by operation of law to the estate of a Partner who held such LTIP Units immediately
prior to his or her death or (iii) to the Partnership or the General Partner.

 

9.03         Admission
of Substitute Limited Partner.

 

(a)            Subject
to the other provisions of this Article IX, an assignee of the Partnership Units of a Limited Partner (which shall be understood
to include any purchaser, transferee, donee or other recipient of any disposition of such Partnership Units) shall be deemed admitted
as a Limited Partner of the Partnership only with the consent of the General Partner, which consent may be given or withheld by
the General Partner in its sole and absolute discretion, and upon the satisfactory completion of the following:

 

(i)            The
assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or
an amendment thereof, including a revised Schedule A, and such other documents or instruments as the General Partner may
require in order to effect the admission of such Person as a Limited Partner.

 

(ii)           The
assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the representations
and warranties set forth in Section 9.01(b) hereof.

 

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

 

(iv)          The
assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.02 hereof.

 

(v)           The
assignee shall have paid or reimbursed, and shall hold harmless the General Partner and the Partnership for, all legal fees and
other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution
as a Limited Partner, including any applicable transfer taxes or withholding taxes.

 

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(vi)            The
assignee shall have obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner,
which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion.

 

(b)            For
the purpose of allocating Net Income and Net Loss and distributing cash received by the Partnership, a Substitute Limited Partner
shall be treated as having become, and appearing in the records of the Partnership as, a Limited Partner on the later of the date
specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer
and substitution.

 

(c)            The
General Partner and the Substitute Limited Partner shall cooperate with each other by preparing the documentation required by
this Section 9.03 and making all official filings and publications. The Partnership shall take all such action as promptly
as practicable after the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner
of the Partnership.

 

9.04         Rights
of Assignees of Partnership Units.

 

(a)            Subject
to the provisions of Sections 9.01 and 9.02 hereof, except as required by operation of law, the Partnership shall not be obligated
for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Units until the Partnership
has received notice thereof.

 

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

 

9.05         Effect
of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. To the fullest extent permitted by
law, the occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication
that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not, in and of itself,
cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue, and such Limited
Partner’s personal representative (as defined in the Act) shall have the rights of such Limited Partner for the purpose
of settling or managing such Limited Partner’s estate property and such power as the bankrupt, deceased or incompetent Limited
Partner possessed to assign all or any part of such Limited Partner’s Partnership Units and to join with the assignee in
satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

 

9.06         Joint
Ownership of Partnership Units. A Partnership Unit may be acquired by two individuals as joint tenants with right
of survivorship, provided, that such individuals either are married or are related and share the same home as tenants in
common. The written consent or vote of both owners of any such jointly held Partnership Unit shall be required to constitute the
action of the owners of such Partnership Unit; provided, however, that the written consent of only one joint owner
will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions
of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the
death of one owner of a Partnership Unit held in a joint tenancy with a right of survivorship, the Partnership Unit shall become
owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one
of the owners of a jointly-held Partnership Unit until it shall have received notice of such death. Upon notice to the General
Partner from either owner, the General Partner shall cause the Partnership Unit to be divided into two equal Partnership Units,
which shall thereafter be owned separately by each of the former owners.

 

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ARTICLE X

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

 

10.01       Books
and Records. At all times during the continuance of the Partnership, the General Partner shall keep or cause to
be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting
principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy
of the Certificate of Limited Partnership of the Partnership and all certificates of amendment thereto, (c) copies of the
Partnership’s U.S. federal, state and local income tax returns and reports, (d) copies of this Agreement and any financial
statements of the Partnership for the three most recent years and (e) all documents and information required under the Act.
Any Limited Partner or its duly authorized representative, for any purpose reasonably related to such Limited Partner’s
interest as a limited partner in the Partnership, upon paying the costs of collection, duplication and mailing, shall be entitled
to inspect or copy such records during ordinary business hours.

 

10.02       Custody
of Partnership Funds; Bank Accounts.

 

(a)            All
funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage
institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the
General Partner may, from time to time, determine.

 

(b)            All
deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner.
The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily
result from an investment in those investment companies permitted by this Section 10.02(b).

 

10.03       Fiscal
and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year unless otherwise required
by the Code.

 

10.04      Annual
Tax Information and Report. Within ninety (90) days after the end of each taxable year of the Partnership, the
General Partner shall use all reasonable efforts to cause the Partnership to furnish to each Person who was a Limited Partner
at any time during such year and the Special Limited Partner the tax information necessary for a Limited Partner or the Special
Limited Partner, as applicable, to file such tax returns as shall be reasonably required by law.

 

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10.05       Tax
Matters Partner/Partnership Representative; Tax Elections; Special Basis Adjustments.

 

(a)            The
General Partner shall be the Tax Matters Partner of the Partnership for U.S. federal income tax purposes with respect to taxable
periods ending on or before December 31, 2017. With respect to all subsequent taxable periods, the General Partner or its
designee shall be the partnership representative and the “designated individual” for purposes of Section 6223
of the Code and the Regulations promulgated thereunder (collectively, the “Partnership Representative”), and
shall represent the Partnership in any disputes, controversies, or proceedings with the IRS or with any state, local or non-U.S.
taxing authority. The Tax Matters Partner or the Partnership Representative, as applicable, shall have the right to retain professional
assistance in respect of any audit of the Partnership by the IRS and all out-of-pocket expenses and fees incurred by the Tax Matters
Partner or the Partnership Representative, as applicable, on behalf of the Partnership in performing its duties as such shall
constitute Partnership expenses. The Tax Matters Partner shall have the right and obligation to take all actions authorized by
the Code (prior to amendment by the Revised Partnership Audit Procedures). The Partnership Representative shall have the right
and obligation to take all actions authorized by the Code and the revised partnership audit procedures and any Regulations or
other administrative guidance promulgated in connection therewith (the “Revised Partnership Audit Procedures”):

 

(i)            In
the event the Tax Matters Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the
Code (as in effect prior to the Budget Act), the Tax Matters Partner shall either (i) file a court petition for judicial
review of such final adjustment within the period provided under Section 6226(a) of the Code (as in effect prior to
the Budget Act), a copy of which petition shall be mailed to all Limited Partners and the Special Limited Partner on the date
such petition is filed, or (ii) mail a written notice to all Limited Partners and the Special Limited Partner, within such
period, that describes the Tax Matters Partner’s reasons for determining not to file such a petition.

 

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(ii)            The
Partnership Representative shall, subject to the provisions in this Section 10.05(a)(ii), be entitled to take such actions
on behalf of the Partnership in any and all proceedings with the IRS and any other such taxing authority as it reasonably determines
to be appropriate and any decision made by the Partnership Representative shall be binding on all Partners. The Partners agree
to take such actions as may be required to effect the designation of the General Partner or its designee as the Partnership Representative,
cooperate in good faith to timely provide information reasonably requested by the Partnership Representative as needed to comply
with the Revised Partnership Audit Procedures, including, without limitation, to make (and take full advantage of) any elections
available to the Partnership or to determine whether any imputed underpayment amount may be modified pursuant to Section 6225(c) of
the Code. Each Partner shall provide to the Partnership upon request such information or forms that the Partnership Representative
may reasonably request with respect to the Partnership’s compliance with applicable tax laws. Each Partner hereby agrees
to take any and all actions, and to furnish any and all information, requested by the Partnership Representative to minimize any
tax liability that would otherwise be imposed on the Partnership under Section 6225 of the Code, or any successor provision,
including (if requested by the Partnership Representative) by (i) filing amended tax returns to take into account any adjustment
to the amount of any item of income, gain, loss, deduction, or credit of the Partnership, or of any Partner’s distributive
share thereof, and (ii) providing the Partnership with any information necessary for the Partnership to (A) establish
the amount of any tax liability resulting from any such adjustment, and (B) elect (in accordance with Section 6226 of
the Code, or any successor provision) for each Partner to take any such adjustment into account directly. Any tax liability, interest,
or penalties imposed on the Partnership pursuant to Section 6225 of the Code and allocable to the Partners or former Partners
(as determined by the Partnership Representative in its sole discretion) shall be a Tax Liability, and treated as a deemed distribution
or loan to the applicable Partners or former Partners (as determined by the Partnership Representative in its sole discretion)
to the same extent as set forth in Section 5.02(d). The Partnership Representative shall have no liability arising out of
its performance of its duties as the Partnership Representative hereunder, and the Partnership shall indemnify, defend and hold
the Partnership Representative harmless from and against any loss, liability, damage, cost or expense (including reasonable attorneys’
fees and costs) sustained or incurred as a result of its acting as Partnership Representative hereunder, provided that the foregoing
shall not insulate the Partnership Representative from liability for any action constituting fraud, gross negligence, misappropriate
of funds or an intentional breach of this Agreement. The provisions contained in this Section 10.05(a)(ii) and Section 5.02(d) shall
survive the liquidation, termination and dissolution of the Partnership and the withdrawal of any Partner or the transfer of any
Partner’s interest in the Partnership. With respect to all taxable years to which the Revised Partnership Audit Procedures
apply to the Partnership, the Partnership Representative may, to the extent permitted by law, make an election (a “Pass-Through
Election”) under Code Section 6226 with respect to any imputed underpayment of the Partnership, and furnish any
adjustment statements to the Partners and to the IRS as required under the Revised Partnership Audit Procedures. In addition to
all other remedies that the Partnership may be entitled to pursue, in the event that a Limited Partner fails to pay any amount
when due pursuant to this Section 10.05(a), the Partnership may thereafter, at any time prior to the Partner’s payment
in full of such amount (plus any accrued interest), elect, if applicable, to redeem Partnership Units held by such Partner, in
accordance with the procedures set forth in Section 8.04 with the valuation date being the date the Partnership elects to
redeem such Partnership Units, in an amount sufficient to pay any or all of such amount. In the event that proceeds to the Partnership
are reduced on account of taxes withheld at the source or the Partnership incurs a liability and such taxes (or a portion thereof)
are imposed on or with respect to one or more, but not all, of the Partners or if the rate of tax varies depending on the attributes
of specific Partners or to whom the corresponding income is allocated, the amount of the reduction in the Partnership’s
net proceeds shall be borne by and apportioned among the relevant Partners and treated as if it were paid by the Partnership as
a withholding obligation with respect to such Partners in accordance with such apportionment.

 

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(b)            All
elections and determinations required or permitted to be made by the Partnership under the Code or any applicable state or local
tax law shall be made by the General Partner in its sole and absolute discretion; provided, however, that any elections or determinations
required to be made by the Partnership Representative shall be made by the Partnership Representative.

 

(c)            In
the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General
Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Properties. Notwithstanding anything contained
in Article V of this Agreement, any adjustments made pursuant to Section 754 shall affect only the successor in interest
to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts
for the other Partners for any purpose under this Agreement unless an adjustment to Capital Accounts is permitted under the Regulations
promulgated under Section 704 of the Code. Each Partner will furnish the Partnership with all information necessary to give
effect to such election.

 

(d)            In
the event that the General Partner shall be removed or replaced pursuant to any provision of this Agreement, the successor to
the General Partner shall assume the obligations of this Section 10.05.

 

(e)            The
Partners, intending to be legally bound, hereby authorize the Partnership to make an election (the “Safe Harbor Election”)
to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation § 1.83-3(1) and
the Proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when
such proposed guidance is issued in final form or as amended by subsequently issued guidance (the “Safe Harbor”),
apply to any interest in the Partnership transferred to a service provider while the Safe Harbor Election remains effective, to
the extent such interest meets the Safe Harbor requirements (collectively, such interests are referred to as “Safe Harbor
Interests”). The General Partner is authorized and directed to execute and file the Safe Harbor Election on behalf of
the Partnership and the Partners. The Partnership and the Partners (including any Person to whom an interest in the Partnership
is transferred in connection with the performance of services) hereby agree to comply with all requirements of the Safe Harbor
(including forfeiture allocations) with respect to all Safe Harbor Interests and to prepare and file all U.S. federal income tax
returns reporting the tax consequences of the issuance and vesting of Safe Harbor Interests consistent with such final Safe Harbor
guidance. The Partnership is also authorized to take such actions as are necessary to achieve, under the Safe Harbor, the effect
that the election and compliance with all requirements of the Safe Harbor referred to above would be intended to achieve under
Proposed Treasury Regulation § 1.83-3, including amending this Agreement.

 

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10.06      Reports
to Limited Partners.

 

(a)            If
the General Partner is required to furnish an annual report to its stockholders containing financial statements of the General
Partner, the General Partner will, at the same time and in the same manner, furnish such annual report to each Limited Partner
and the Special Limited Partner.

 

(b)            Any
Partner and the Special Limited Partner shall further have the right to a private audit of the books and records of the Partnership,
provided, that such audit is made for Partnership purposes, at the sole expense of the Partner or the Special Limited Partner
desiring it and is made during normal business hours.

 

ARTICLE XI

AMENDMENT OF AGREEMENT; MERGER

 

11.01      Amendment
of Agreement.

 

(a)            Except
as otherwise provided herein, the General Partner’s written consent shall be required for any amendment to this Agreement.
Except as otherwise provided herein, the General Partner, without the consent of the Limited Partners, the Special Limited Partner
or any other Person, may amend this Agreement in any respect; provided, however, that the following amendments shall
require the written consent of a Majority in Interest:

 

(i)            any
amendment affecting the operation of the Conversion Factor or the Class A Unit Redemption Right (except as otherwise provided
herein) in a manner that adversely affects the Limited Partners or the Special Limited Partner in any material respect;

 

(ii)            any
amendment that would adversely affect the rights of the Limited Partners or the Special Limited Partner in any material respect
to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units
pursuant to Section 4.02 hereof;

 

(iii)            any
amendment that would alter the Partnership’s allocations of Net Income and Net Loss to the Limited Partners or the Special
Limited Partner, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

(iv)            any
amendment that would impose on the Limited Partners or the Special Limited Partner any obligation to make additional Capital Contributions
to the Partnership;

 

(v)            any
amendment that would modify the limited liability of a Limited Partner or the Special Limited Partner in a manner that adversely
affects the Limited Partner or Special Limited Partner; or

 

(vi)            any
amendment to this Article XI.

 

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(b)            Notwithstanding
Section 11.01(a) hereof, this Agreement shall not be amended without the consent of the Special Limited Partner if such
amendment would adversely affect the Special Limited Partner.

 

11.02       Merger
of Partnership.

 

Notwithstanding any provision of this Agreement,
the General Partner, without the consent of the Limited Partners, the Special Limited Partner or any other Person, may (i) merge
or consolidate the Partnership with or into any other domestic or foreign partnership, limited partnership, limited liability
company, corporation or other Person or (ii) sell all or substantially all of the assets of the Partnership in a transaction
pursuant to Section 7.02(a) or (b) hereof and may amend this Agreement in any manner or adopt a new limited partnership
agreement for the Partnership in connection with any such transaction consistent with the provisions of this Article XI.

 

ARTICLE XII

CLASS B UNITS

 

12.01       Designation
and Number.

 

(a)            A
series of Partnership Units in the Partnership, designated as the “Class B Units,” is hereby established. Except
as set forth in Article V and this Article XII, Class B Units shall have the same rights, privileges and preferences
as the Class A Units. Subject to the provisions of this Article XII and the special provisions of Section 5.01(c)(i),
Class B Units shall be treated as Partnership Units, with all of the rights, privileges and obligations attendant thereto.

 

(b)            It
is intended that the Partnership shall maintain at all times a one-to-one correspondence between Class B Units and Class A
Units for conversion and other purposes. If an Adjustment Event occurs, then the General Partner shall make a corresponding adjustment
to the Class B Units to maintain a one-for-one conversion and economic equivalence ratio between Class A Units and Class B
Units. If more than one Adjustment Event occurs, the adjustment to the Class B Units need be made only once using a single
formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. If the Partnership
takes an action affecting the Class A Units other than actions specifically described in the definition of Adjustment Events
and, in the opinion of the General Partner such action would require an adjustment to the Class B Units to maintain the one-to-one
correspondence described above, the General Partner shall have the right to make such adjustment to the Class B Units, to
the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to
be appropriate under the circumstances. If an adjustment is made to the Class B Units as herein provided, the Partnership
shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and
a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of
such adjustment absent manifest error. Promptly after the filing of such certificate, the Partnership shall mail a notice to each
holder of Class B Units setting forth the adjustment to his, her or its Class B Units and the effective date of such
adjustment.

 

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12.02      Special
Provisions. For the avoidance of doubt, Class B Units shall be subject to the following special provisions:

 

(a)            Distributions.
The holders of Class B Units shall be entitled to (i) current distributions of Cash Available for Distribution pursuant
to Section 5.02(a), (ii) distributions, if any, of Net Sales Proceeds pursuant to Section 5.02(b), and (iii) distributions
in liquidation of the Partnership pursuant to Section 5.06.

 

(b)            Allocations.
Holders of Class B Units shall be entitled to certain special allocations of Net Property Gain under Section 5.01(c)(i).
Except in connection with Net Property Gain, holders of Class B Units shall be allocated Net Income under 5.01(a) no
greater than the amount of distributions in respect of Net Income made pursuant to Section 5.02(a) and Section 5.06.

 

(c)            Redemption.
The Class A Unit Redemption Right provided to Limited Partners under Section 8.04 hereof shall not apply with respect
to Class B Units unless and until the Class B Units are converted to Class A Units as provided in Section 12.04.

 

12.03      Voting.

 

(a)            Holders
of Class B Units shall (x) have the same voting rights as the Limited Partners, with the Class B Units voting as
a single class with the Class A Units and having one vote per Class B Unit; and (y) have the additional voting
rights that are expressly set forth below. So long as any Class B Units remain outstanding, the Partnership shall not, without
the affirmative vote of the holders of at least a majority of the Class B Units outstanding at the time, given in person
or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation
or otherwise, the provisions of this Agreement applicable to Class B Units so as to materially and adversely affect any right,
privilege or voting power of the Class B Units or the holders of Class B Units as such, unless such amendment, alteration,
or repeal affects equally, ratably and proportionately the rights, privileges and voting powers of the Limited Partners; but subject,
in any event, to the following provisions:

 

(i)            With
respect to any Class A Unit Transaction, so long as the Class B Units are treated in accordance with Section 12.04(d) hereof,
the consummation of such Class A Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences,
privileges or voting powers of the Class B Units or the holders of Class B Units as such; and

 

(ii)            Any
creation or issuance of any Partnership Units or of any class or series of Partnership Interest including additional Class A
Units or Class B Units whether ranking senior to, junior to, or on a parity with the Class B Units with respect to distributions
and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers of the Class B Units or the holders of Class B Units as such.

 

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(b)            The
foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise
be required, all outstanding Class B Units shall have been converted into Class A Units.

 

12.04      Conversion
of Class B Units.

 

(a)            Conversion.
At such time as the Class B Economic Capital Account Balance attributable to a Class B Unit is equal to the Class A
Unit Economic Balance, each such balance determined on a per unit basis as of the effective date of conversion (the “Class B
Conversion Date”), such Class B Unit shall automatically convert into one fully paid and non-assessable Class A
Unit, giving effect to all adjustments (if any) made pursuant to Section 12.01 hereof; provided, that a Class B
Unit shall not be convertible into a Class A Unit if the Class B Economic Capital Account Balance attributable to such
Class B Unit is negative. Each holder of Class B Units covenants and agrees with the Partnership that all Class B
Units to be converted pursuant to this Section 12.04 shall be free and clear of all liens. The conversion of Class B
Units shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of
such holder of Class B Units, as of which time such holder of Class B Units shall be credited on the books and records
of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units issuable
upon such conversion. For purposes of determining the Class B Economic Capital Account Balance attributable to a Class B
Unit, allocations pursuant to Section 5.01(c)(i) shall be made in such a manner so as to allow the greatest number of
Class B Units to convert pursuant to this Section 12.04 at any time.

 

(b)            Adjustment
to Gross Asset Value.

 

(i)            The
General Partner shall provide the holders of Class B Units the opportunity but not the obligation to make Capital Contributions
to the Partnership in exchange for Class A Units in order to cause an adjustment to the Gross Asset Value of the Partnership’s
assets within the meaning of paragraph (b)(i) of the definition of Gross Asset Value up to two (2) times each fiscal
year including if the Partnership or the General Partner shall be a party to any Class A Unit Transaction; provided,
that the General Partner shall give each holder of Class B Units written notice of such Class A Unit Transaction at
least thirty (30) days prior to entering into any definitive agreement pursuant to which the Class A Unit Transaction would
be consummated.

 

(ii)            For
purposes of clause (i) of this Section 12.04(b), the value of each Class A Unit issued in order to cause an adjustment
to the Gross Asset Value of the Partnership’s assets shall be an amount equal to the product of (y) the Value of one
REIT Share as of the date the holder of Class B Units makes a Capital Contribution to the Partnership multiplied by (z) the
Conversion Factor.

 

(iii)            For
the avoidance of doubt, the issuance of Class B Units shall be treated as an event allowing for an adjustment to the Gross
Asset Value of the Partnership’s assets within the meaning of paragraph (b)(iv) of the definition of Gross Asset Value.

 

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(c)            Impact
of Conversion for Purposes of Section 5.01(c)(i). For purposes of making future allocations under Section 5.01(c)(i),
the portion of the Class B Economic Capital Account Balance of the applicable holder of Class B Units that is treated
as attributable to his, her or its Class B Units shall be reduced, as of the date of conversion, by the product of the number
of Class B Units converted and the Class A Unit Economic Balance.

 

(d)            Class A
Unit Transactions. Immediately prior to or concurrent with a Class A Unit Transaction, the maximum number of Class B
Units then eligible for conversion (in accordance with the provisions of Section 12.04(a)) shall automatically be converted
into an equal number of Class A Units, giving effect to all adjustments (if any) made pursuant to Section 12.01 hereof,
taking into account any allocations that occur in connection with the Class A Unit Transaction or that would occur in connection
with the Class A Unit Transaction if the assets of the Partnership were sold at the Class A Unit Transaction price or,
if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units
in the context of the Class A Unit Transaction (in which case the Conversion Date shall be the effective date of the Class A
Unit Transaction). In anticipation of such Class A Unit Transaction, the Partnership shall use commercially reasonable efforts
to cause each holder of Class B Units to be afforded the right to receive in connection with such Class A Unit Transaction
in consideration for the Class A Units into which his, her or its Class B Units will be converted the same kind and
amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Class A
Unit Transaction by a holder of the same number of Class A Units, assuming such holder of Class A Units is not a Person
with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which
such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent
Person. In the event that holders of Class A Units have the opportunity to elect the form or type of consideration to be
received upon consummation of the Class A Unit Transaction, prior to such Class A Unit Transaction the General Partner
shall give prompt written notice to each holder of Class B Units of such election, and shall use commercially reasonable
efforts to afford the holders of Class B Units the right to elect, by written notice to the General Partner, the form or
type of consideration to be received upon conversion of each Class B Unit held by such holder into Class A Units in
connection with such Class A Unit Transaction. If a holder of Class B Units fails to make such an election, such holder
(and any of its transferees) shall receive upon conversion of each Class B Unit held by him, her or it (or by any of his,
her or its transferees) the same kind and amount of consideration that a holder of a Class A Unit would receive if such Class A
Unit holder failed to make such an election. The Partnership shall use commercially reasonable effort to cause the terms of any
Class A Unit Transaction to be consistent with the provisions of this Section 12.04(d) and to enter into an agreement
with the successor or purchasing entity, as the case may be, for the benefit of any holders of Class B Units whose Class B
Units will not be converted into Class A Units in connection with the Class A Unit Transaction that will (i) contain
provisions enabling the holders of Class B Units that remain outstanding after such Class A Unit Transaction to convert
their Class B Units into securities as comparable as reasonably possible under the circumstances to the Class A Units
and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion,
and other rights set forth in this Agreement for the benefit of the holders of Class B Units.

 

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12.05      Profits
Interests.

 

(a)            Class B
Units are intended to qualify as a “profits interest” in the Partnership issued to a new or existing Partner in a
partner capacity for services performed or to be performed to or for the benefit of the Partnership within the meaning of Rev.
Proc. 93-27, 1993-2 C.B. 343, and Rev. Proc. 2001-43, 2001-2 C.B. 191, the Code, the Regulations, and other future guidance provided
by the IRS with respect thereto, and the allocations under Section 5.01(c)(i) shall be interpreted in a manner that
is consistent therewith.

 

(b)            The
Partners agree that the General Partner shall make a Safe Harbor Election (as provided in Section 10.05(e)), on behalf of
itself and all Partners, to have the Safe Harbor apply irrevocably with respect to Class B Units transferred in connection
with the performance of services by a Partner in a partner capacity. The Safe Harbor Election shall be effective as of the date
of issuance of such Class B Units. If such election is made, (i) the Partnership and each Partner agree to comply with
all requirements of the Safe Harbor with respect to all interests in the Partnership transferred in connection with the performance
of services by a Partner in a partner capacity, whether such Partner was admitted as a Partner or as the transferee of a previous
Partner, and (ii) the General Partner shall cause the Partnership to comply with all record-keeping requirements and other
administrative requirements with respect to the Safe Harbor as shall be required by proposed or final regulations relating thereto.

 

(c)            The
Partners agree that if a Safe Harbor Election is made by the General Partner, (A) each Class B Unit issued hereunder
is a Safe Harbor Interest, (B) each Class B Unit represents a profits interest received for services rendered or to
be rendered to or for the benefit of the Partnership by such holder of Class B Units in his, her or its capacity as a Partner
or in anticipation of becoming a Partner, and (C) the fair market value of each Class B Unit issued by the Partnership
upon receipt by such holder of Class B Units as of the date of issuance is zero (plus the amount, if any, of any Capital
Contributions made to the Partnership by such holder of Class B Units in connection with the issuance of such Class B
Unit), representing the liquidation value of such interest upon receipt (with such valuation being consented to and hereby approved
by all Partners).

 

(d)            Each
Partner, by signing this Agreement or by accepting such transfer, hereby agrees (A) to comply with all requirements of any
Safe Harbor Election made by the General Partner with respect to each holder of Class B Units’ Safe Harbor Interest,
(B) that each holder of Class B Units shall take into account of all items of income, gain, loss, deduction and credit
associated with its Class B Units as if they were fully vested in computing its U.S. federal income tax liability for the
entire period during which it holds the Class B Units, (C) that neither the Partnership nor any Partner shall claim
a deduction (as wages, compensation or otherwise) for the fair market value of such Class B Units issued to a holder of such
Class B Units, either at the time of grant of the Class B Units or at the time the Class B Units becomes substantially
vested, and (D) that to the extent that such profits interest is forfeited after the date hereof, the Partnership shall make
special forfeiture allocations of gross items of income, deduction or loss (including, as may be permitted by or under Regulations
(or other rules promulgated) to be adopted, notional items of income, deduction or loss) in accordance with the Regulations
to be adopted under Sections 704(b) and 83 of the Code.

 

(e)            The
General Partner shall file or cause the Partnership to file all returns, reports and other documentation as may be required, as
reasonably determined by the General Partner, to perfect and maintain any Safe Harbor Election made by the General Partner with
respect to granting of each holder of Class B Units’ Safe Harbor Interest.

 

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(f)            The
General Partner is hereby authorized and empowered, without further vote or action of the Partners, to amend this Agreement to
the extent necessary or helpful in accordance with the advice of Partnership tax counsel or accountants to sustain the Partnership’s
position that (A) it has complied with the Safe Harbor requirements in order to provide for a Safe Harbor Election and it
has ability to maintain the same, or (B) the issuance of the Class B Units is not a taxable event with respect to the
holders of Class B Units, and the General Partner shall have the authority to execute any such amendment by and on behalf
of each Partner pursuant to the power of attorney granted by this Agreement. Any undertaking by any Partner necessary or desirable
to (A) enable or preserve a Safe Harbor Election or (B) otherwise to prevent the issuance of Class B Units from
being a taxable event with respect to the holders of Class B Units may be reflected in such amendments and, to the extent
so reflected, shall be binding on each Partner.

 

(g)            Each
Partner agrees to cooperate with the General Partner to perfect and maintain any Safe Harbor Election, and to timely execute and
deliver any documentation with respect thereto reasonably requested by the General Partner, at the expense of the Partnership.

 

(h)            No
Transfer of any interest in the Partnership by a Partner shall be effective unless prior to such Transfer, the assignee or intended
recipient of such interest shall have agreed in writing to be bound by the provisions of Section 10.05(e) and this Section 12.05,
in a form reasonably satisfactory to the General Partner.

 

(i)            The
provisions of this Section 12.05 shall apply regardless of whether or not a holder of Class B Units files an election
pursuant to Section 83(b) of the Code.

 

(j)            The
General Partner may amend this Section 12.05 as it deems necessary or appropriate to maximize the tax benefit of the issuance
of Class B Units to any holder of Class B Units if there are changes in the law or Regulations concerning the issuance
of partnership interests for services.

 

ARTICLE XIII

LTIP UNITS

 

13.01       LTIP
Units.

 

(a)            Issuance
of LTIP Units. Pursuant to an OPP Agreement or otherwise, the General Partner may, from time to time, issue LTIP Units to
Persons who have provided, or will provide, services to the Partnership or the General Partner for such consideration (if any)
as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions
of this Section 13.01 and the special provisions of Sections 13.02 and 5.01(c)(iii) hereof, LTIP Units shall be treated
as Partnership Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’
Percentage Interests, other than with respect to the Master LTIP Unit, LTIP Unitholders shall be treated as holders of Class A
Units and LTIP Units shall be treated as Class A Units. It is intended that the Partnership shall maintain at all times a
one-to-one correspondence between LTIP Units, other than the Master LTIP Unit, and Class A Units for conversion, distribution
and other purposes, including without limitation complying with the following procedures:

 

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(i)            If
an Adjustment Event occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one
conversion and economic equivalence ratio between Class A Units and LTIP Units. If more than one Adjustment Event occurs,
the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment
Event as if all Adjustment Events occurred simultaneously.

 

(ii)            If
the Partnership takes an action affecting the Class A Units other than actions specifically described in the definition of
Adjustment Events and, in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain
the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment to the LTIP Units,
to the extent permitted by law and by any OPP Agreement, in such manner and at such time as the General Partner, in its sole discretion,
may determine to be appropriate under the circumstances.

 

(iii)            If
an adjustment is made to the LTIP Units as herein provided, the Partnership shall promptly file in the books and records of the
Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment,
which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after the
filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or
her LTIP Units and the effective date of such adjustment.

 

(b)            Priority.
Subject to the provisions of this Section 13.01 and the special provisions of Sections 13.02 and 5.01(c)(iii), the LTIP Units
shall rank pari passu with the Class A Units as to the payment of regular and special periodic or other distributions
and, subject to Section 5.06 hereof, distribution of assets upon liquidation, dissolution or winding up. As to the payment
of distributions upon liquidation, dissolution or winding up, any class or series of Class A Units or Partnership Interests
which by its terms specifies that it shall rank junior to, on a parity with, or senior to the Class A Units shall also rank
junior to, or pari passu with, or senior to, respectively, the LTIP Units.

 

(c)            Special
Provisions. For the avoidance of doubt, LTIP Units shall be subject to the following special provisions:

 

(i)            LTIP
Awards. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional
restrictions on transfers pursuant to the terms of an OPP Agreement. The terms of any OPP Agreement may be modified by the General
Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant OPP Agreement
pursuant to which such LTIP Award was issued. LTIP Units that have vested under the terms of an OPP Agreement are referred to
as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested LTIP Units.”

 

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(ii)            Forfeiture.
Unless otherwise specified in the OPP Agreement, upon the occurrence of any event specified in a OPP Agreement as resulting in
either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other
forfeiture of any LTIP Units, if the Partnership or the General Partner exercises such right of repurchase or forfeiture in accordance
with the applicable OPP Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled
and no longer outstanding for any purpose. Unless otherwise specified in the OPP Agreement, no consideration or other payment
shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a
Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP
Units, the LTIP Economic Capital Account Balance of the LTIP Unitholder with respect to remaining LTIP Units, if any, shall be
reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 5.01(c)(iii), with respect
to such remaining LTIP Units.

 

(iii)            Allocations.
LTIP Unitholders shall be entitled to certain special allocations of Net Property Gain under Sections 5.01(c)(iii). Except in
connection with Net Property Gain, LTIP Unitholders shall be allocated Net Income under Section 5.01(a) no greater than
the amount of distributions made pursuant to Section 5.02(a) and Section 5.06.

 

(iv)            Distributions.
The LTIP Unitholders shall be entitled to (A) current distributions of Cash Available for Distribution pursuant to Section 5.02(a),
(B) distributions, if any, of Net Sales Proceeds pursuant to Section 5.02(b), and (C) distributions in liquidation
of the Partnership pursuant to Section 5.06. Notwithstanding the prior sentence, because, in order to facilitate the award
granted under the 2020 Advisor OPP Agreement, the Master LTIP Unit will convert into a number of LTIP Units equal to the LTIP
Award Number on the Effective Date based on information that cannot be known until the day prior to the Effective Date, and, therefore,
the LTIP Award Number and the amount of Cash Available for Distribution otherwise distributable pursuant to Section 5.02(a)(i) prior
to the Effective Date with respect to such LTIP Units cannot be determined until the Effective Date, the Partnership shall make
distributions pursuant to Section 5.02(a)(i) only to the holders of Class A Units or Class B Units with a
Partnership Record Date during the period between the Listing Date and the Effective Date, and, promptly following the Effective
Date, the Partnership shall distribute to the LTIP Unitholders the amount that would have been distributed to the LTIP Unitholders
pursuant to Section 5.02(a)(i)  during the period between the Listing Date and the Effective Date if a number of LTIP
Units equal to the LTIP Award Number had been held by such LTIP Unitholders at all times during such period.

 

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(v)            Redemption.
The Class A Unit Redemption Right provided to Limited Partners under Section 8.04 hereof shall not apply with respect
to LTIP Units unless and until the LTIP Units are converted to Class A Units as provided in Section 13.01(c)(vi) below
and Section 13.02.

 

(vi)            Conversion.

 

(1)            Vested
LTIP Units are eligible to be converted into Class A Units in accordance with Section 13.02.

 

(2)            The
Master LTIP Unit shall convert on the Effective Date into a number of LTIP Units equal to the LTIP Award Number. This conversion
shall occur automatically prior to the opening of business on the Effective Date without any action on the part of the LTIP Unitholder,
as of which time the LTIP Unitholder shall be credited on the books and records of the Partnership with the issuance as of the
opening of business on the Effective Date of the number of LTIP Units issuable upon such conversion.

 

(vii)            Legend.
Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that additional terms, conditions and restrictions
on transfer, including without limitation any set forth in an OPP Agreement, apply to the LTIP Unit.

 

(d)            Voting.
LTIP Unitholders shall (a) have the same voting rights as the Limited Partners, with the LTIP Units voting as a single class
with the Class A Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly
set forth below. So long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the
holders of at least a majority of the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at
a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions
of this Agreement applicable to LTIP Units so as to materially and adversely affect any right, privilege or voting power of the
LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately
the rights, privileges and voting powers of the Limited Partners; but subject, in any event, to the following provisions:

 

(i)            With
respect to any Class A Unit Transaction, so long as the LTIP Units are treated in accordance with Section 13.02(f),
the consummation of such Class A Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences,
privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and

 

(ii)            Any
creation or issuance of any Partnership Units or of any class or series of Partnership Interest including without limitation additional
Class A Units or LTIP Units whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions
and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such.

 

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The foregoing voting provisions will not
apply if, at or prior to the time when the act with respect to which such vote would otherwise be required, all outstanding LTIP
Units shall have been converted into Class A Units.

 

(e)            Liquidation
Value of LTIP Units upon Issuance, and Safe Harbor Election.

 

(i)            LTIP
Units are intended to qualify as a “profits interest” in the Partnership issued to a new or existing Partner in a
partner capacity for services performed or to be performed to or for the benefit of the Partnership within the meaning of Rev.
Proc. 93-27, 1993-2 C.B. 343, and Rev. Proc. 2001-43, 2001-2 C.B. 191, the Code, the Regulations, and other future guidance provided
by the IRS with respect thereto, and the allocations under Section 5.01(c)(iv) shall be interpreted in a manner that
is consistent therewith.

 

(ii)            The
Partners agree that the General Partner shall make a Safe Harbor Election (as provided in Section 10.05(e)), on behalf of
itself and all Partners, to have the Safe Harbor apply irrevocably with respect to LTIP Units transferred in connection with the
performance of services by a Partner in a partner capacity. The Safe Harbor Election shall be effective as of the date of issuance
of such LTIP Units. If such election is made, (A) the Partnership and each Partner agree to comply with all requirements
of the Safe Harbor with respect to all interests in the Partnership transferred in connection with the performance of services
by a Partner in a partner capacity, whether such Partner was admitted as a Partner or as the transferee of a previous Partner,
and (B) the General Partner shall cause the Partnership to comply with all record-keeping requirements and other administrative
requirements with respect to the Safe Harbor as shall be required by proposed or final regulations relating thereto.

 

(iii)            The
Partners agree that if a Safe Harbor Election is made by the General Partner, (A) each LTIP Unit issued hereunder is a Safe
Harbor Interest, (B) each LTIP Unit represents a profits interest received for services rendered or to be rendered to or
for the benefit of the Partnership by the LTIP Unitholder in his or her capacity as a Partner or in anticipation of becoming a
Partner, and (C) the fair market value of each LTIP Unit issued by the Partnership upon receipt by the LTIP Unitholder as
of the date of issuance is zero (plus the amount, if any, of any Capital Contributions made to the Partnership by such LTIP Unitholder
in connection with the issuance of such LTIP Unit), representing the liquidation value of such interest upon receipt (with such
valuation being consented to and hereby approved by all Partners).

 

(iv)            Each
Partner, by signing this Agreement or by accepting such transfer, hereby agrees (A) to comply with all requirements of any
Safe Harbor Election made by the General Partner with respect to each LTIP Unitholder’s Safe Harbor Interest, (B) that
each LTIP Unitholder shall take into account of all items of income, gain, loss, deduction and credit associated with its LTIP
Units as if they were fully vested in computing its U.S. federal income tax liability for the entire period during which it holds
the LTIP Units, (C) that neither the Partnership nor any Partner shall claim a deduction (as wages, compensation or otherwise)
for the fair market value of such LTIP Units issued to a holder of such LTIP Units, either at the time of grant of the LTIP Units
or at the time the LTIP Units become substantially vested, and (D) that to the extent that such profits interest is forfeited
after the date hereof, the Partnership shall make special forfeiture allocations of gross items of income, deduction or loss (including,
as may be permitted by or under Regulations (or other rules promulgated) to be adopted, notional items of income, deduction
or loss) in accordance with the Regulations to be adopted under Sections 704(b) and 83 of the Code.

 

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(v)            The
General Partner shall file or cause the Partnership to file all returns, reports and other documentation as may be required, as
reasonably determined by the General Partner, to perfect and maintain any Safe Harbor Election made by the General Partner with
respect to granting of each LTIP Unitholder’s Safe Harbor Interest.

 

(vi)            The
General Partner is hereby authorized and empowered, without further vote or action of the Partners, to amend this Agreement to
the extent necessary or helpful in accordance with the advice of Partnership tax counsel or accountants to sustain the Partnership’s
position that (A) it has complied with the Safe Harbor requirements in order to provide for a Safe Harbor Election and it
has ability to maintain the same, or (B) the issuance of the LTIP Units is not a taxable event with respect to the LTIP Unitholders,
and the General Partner shall have the authority to execute any such amendment by and on behalf of each Partner pursuant to the
power of attorney granted by this Agreement. Any undertaking by any Partner necessary or desirable to (A) enable or preserve
a Safe Harbor Election or (B) otherwise to prevent the issuance of LTIP Units to LTIP Unitholders from being a taxable event
may be reflected in such amendments and, to the extent so reflected, shall be binding on each Partner.

 

(vii)            Each
Partner agrees to cooperate with the General Partner to perfect and maintain any Safe Harbor Election, and to timely execute and
deliver any documentation with respect thereto reasonably requested by the General Partner, at the expense of the Partnership.

 

(viii)            No
Transfer of any interest in the Partnership by a Partner shall be effective unless prior to such Transfer, the assignee or intended
recipient of such interest shall have agreed in writing to be bound by the provisions of Section 10.05(e) and this Section 13.01(e),
in a form reasonably satisfactory to the General Partner.

 

(ix)            The
provisions of this Section 13.01(e) shall apply regardless of whether or not an LTIP Unitholder files an election pursuant
to Section 83(b) of the Code.

 

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(x)            The
General Partner may amend this Section 13.01(e) as it deems necessary or appropriate to maximize the tax benefit of
the issuance of LTIP Units to any LTIP Unitholder if there are changes in the law or Regulations concerning the issuance of partnership
interests for services.

 

13.02      Conversion
of LTIP Units.

 

(a)            Conversion
Right. Subject to Section 13.02(b), an LTIP Unitholder shall have the right (the “LTIP Conversion Right”),
at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Class A Units; provided,
however, that a holder may not exercise the LTIP Conversion Right for less than one thousand (1,000) Vested LTIP Units
or, if such holder holds less than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders
shall not have the right to convert Unvested LTIP Units into Class A Units until they become Vested LTIP Units; provided,
however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested
LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership an LTIP Conversion Notice conditioned upon
and effective as of the time of vesting and such LTIP Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall
be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion
of Vested LTIP Units into Class A Units. If the Vested LTIP Units became vested in connection with a termination of Advisors
Limited Partner’s service as advisor to the General Partner, the holding period referred to in Section 8.04(a) shall
not apply with respect to such Vested LTIP Units or the Partnership Units into which they are convertible. In all cases, the conversion
of any LTIP Units into Class A Units shall be subject to the conditions and procedures set forth in this Section 13.02.

 

(b)            Exercise
by an LTIP Unitholder. A holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable
Class A Units, giving effect to all adjustments (if any) made pursuant to Section 13.01 hereof. Notwithstanding the
foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the LTIP
Economic Capital Account Balance of such Limited Partner, divided by (y) the Class A Unit Economic Balance, in each
case as determined as of the effective date of conversion (the “Capital Account Limitation”). In order to exercise
his or her LTIP Conversion Right, an LTIP Unitholder shall deliver a notice (an “LTIP Conversion Notice”) in
the form attached as Exhibit C to the Agreement (with a copy to the General Partner) not less than ten nor more than
60 days prior to a date (the “LTIP Conversion Date”) specified in such LTIP Conversion Notice; provided,
however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Class A
Unit Transaction at least 30 days prior to the effective date of such Class A Unit Transaction, then LTIP Unitholders
shall have the right to deliver an LTIP Conversion Notice until the earlier of (x) the tenth day after such notice from the
General Partner of a Class A Unit Transaction or (y) the third business day immediately preceding the effective date
of such Class A Unit Transaction. An LTIP Conversion Notice shall be provided in the manner provided in Section 14.01
hereof. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to
this Section 13.02(b) shall be free and clear of all liens. Notwithstanding anything herein to the contrary, a holder
of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.04(a) hereof relating to those Class A Units
that will be issued to such holder upon conversion of such LTIP Units into Class A Units in advance of the LTIP Conversion
Date; provided, however, that the redemption of such Class A Units by the Partnership shall in no event take
place until after the LTIP Conversion Date. For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder
in a position where, if he or she so wishes, the Class A Units into which his or her Vested LTIP Units will be converted
can be redeemed by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner
elects to assume the Partnership’s redemption obligation with respect to such Class A Units under Section 8.04(b) hereof
by delivering to such holder REIT Shares rather than cash, then such holder can have such REIT Shares issued to him or her simultaneously
with the conversion of his or her Vested LTIP Units into Class A Units. The General Partner and LTIP Unitholder shall reasonably
cooperate with each other to coordinate the timing of the events described in the foregoing sentence.

 

    	 	84	 

     

    

 

 

(c)            Forced
Conversion. The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units
held by an LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of Class A Units,
giving effect to all adjustments (if any) made pursuant to Section 13.01 hereof; provided, however, that the
Partnership may not cause Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the option
of such LTIP Unitholder pursuant to Section 13.02(b) hereof. In order to exercise its right of Forced Conversion, the
Partnership shall deliver a notice (a “Forced Conversion Notice”) in the form attached as Exhibit D
to the applicable LTIP Unitholder not less than ten nor more than 60 days prior to the LTIP Conversion Date specified in such Forced
Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided in Section 14.01 hereof.

 

(d)            Completion
of Conversion. A conversion of Vested LTIP Units for which the holder thereof has given an LTIP Conversion Notice or the Partnership
has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable LTIP Conversion Date
without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and
records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units
issuable upon such conversion.

 

(e)            Impact
of Conversion for Purposes of Section 5.01(c)(iii). For purposes of making future allocations under Section 5.01(c)(iii) hereof
and applying the Capital Account Limitation, the portion of the LTIP Economic Capital Account Balance of the applicable LTIP Unitholder
shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Class A Unit
Economic Balance.

 

    85

     

    

 

(f)            Class A
Unit Transactions. If the Partnership or the General Partner shall be a party to any Class A Unit Transaction, then the
General Partner shall, immediately prior to the Class A Unit Transaction, exercise its right to cause a Forced Conversion
with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in
connection with the Class A Unit Transaction or that would occur in connection with the Class A Unit Transaction if the
assets of the Partnership were sold at the Class A Unit Transaction price or, if applicable, at a value determined by the
General Partner in good faith using the value attributed to the Partnership Units in the context of the Class A Unit Transaction
(in which case the LTIP Conversion Date shall be the effective date of the Class A Unit Transaction). In anticipation of such
Forced Conversion and the consummation of the Class A Unit Transaction, the Partnership shall use commercially reasonable
efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Class A Unit Transaction
in consideration for the Class A Units into which his or her LTIP Units will be converted the same kind and amount of cash,
securities and other property (or any combination thereof) receivable upon the consummation of such Class A Unit Transaction
by a holder of the same number of Class A Units, assuming such holder of Class A Units is not a Constituent Person, or
an affiliate of a Constituent Person. In the event that holders of Class A Units have the opportunity to elect the form or
type of consideration to be received upon consummation of the Class A Unit Transaction, prior to such Class A Unit Transaction
the General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use commercially reasonable
efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration
to be received upon conversion of each LTIP Unit held by such holder into Class A Units in connection with such Class A
Unit Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive
upon conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration
that a holder of a Class A Unit would receive if such Class A Unit holder failed to make such an election. Subject to
the rights of the Partnership and the General Partner under any OPP Agreement, the Partnership shall use commercially reasonable
effort to cause the terms of any Class A Unit Transaction to be consistent with the provisions of this Section 13.02(f) and
to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders
whose LTIP Units will not be converted into Class A Units in connection with the Class A Unit Transaction that will (i) contain
provisions enabling the holders of LTIP Units that remain outstanding after such Class A Unit Transaction to convert their
LTIP Units into securities as comparable as reasonably possible under the circumstances to the Class A Units and (ii) preserve
as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth
in this Agreement for the benefit of the LTIP Unitholders.

 

ARTICLE XIV

GENERAL PROVISIONS

 

14.01            Notices.
All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when
delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners
and the Special Limited Partner at the addresses set forth in Schedule A attached hereto, as it may be amended or restated
from time to time; provided, however, that any Partner and the Special Limited Partner may specify a different address
by notifying the General Partner in writing of such different address. Notices to the General Partner and the Partnership shall
be delivered at or mailed to the Partnership’s office address set forth in Section 2.03 hereof. The General Partner
and the Partnership may specify a different address by notifying the Limited Partners and the Special Limited Partner in writing
of such different address.

 

14.02            Survival
of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure
to the benefit of the Partners, the Special Limited Partner and the Partnership and their respective legal representatives, successors,
transferees and assigns.

 

    86

     

    

 

14.03            Additional
Documents. Each Partner and the Special Limited Partner agree to perform all further acts and execute, swear to,
acknowledge and deliver all further documents that may be reasonable, necessary, appropriate or desirable to carry out the provisions
of this Agreement or the Act.

 

14.04            Severability.
If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then such provision
shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity
or unenforceability shall not affect the remainder hereof.

 

14.05            Entire
Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede
all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the
subject matter hereof. In furtherance of the foregoing, the Partners and the Special Limited Partner acknowledge that the Original
Agreement is hereby superseded in its entirety and this Agreement amends and restates any prior agreement of limited partnership
of the Partnership.

 

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

 

14.07            Headings.
The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope
of this Agreement or any particular Article.

 

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

 

14.09            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

[SIGNATURE PAGE FOLLOWS]

 

    87

     

    

 

IN WITNESS WHEREOF, the undersigned has
affixed its signature to this Amended and Restated Agreement of Limited Partnership, as of the 18th day of August, 2020.

 

	 	GENERAL PARTNER:
	 	NEW YORK CITY REIT, INC.
	 	 	 
	 	By:	/s/ Christopher J.
    Masterson
	 	 	Name: 	Christopher J. Masterson
	 	 	Title: 	Chief Financial Officer

 

	 	NEW YORK CITY ADVISORS, LLC:
	 	 	 
	 	By:	/s/ Michael
    Anderson
	 	 	Name: 	Michael Anderson
	 	 	Title: 	Authorized Signatory

 

	 	SPECIAL LIMITED PARTNER:
	 	NEW YORK CITY SPECIAL LIMITED PARTNERSHIP, LLC
	 	 	 
	 	By:	/s/ Michael
    Anderson
	 	 	Name: 	Michael Anderson
	 	 	Title: 	Authorized Signatory

 

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

 

     

     

    

 

EXHIBIT A

NOTICE OF EXERCISE OF CLASS A UNIT REDEMPTION RIGHT

 

In accordance with Section 8.04 of
the Amended and Restated Agreement of Limited Partnership (as amended, the “Agreement”) of New York City Operating
Partnership, L.P. (the “Partnership”), the undersigned hereby irrevocably (i) presents for redemption ___________
Class A Units in the Partnership in accordance with the terms of the Agreement and the Class A Unit Redemption Right
referred to in Section 8.04 thereof, (ii) surrenders such Class A Units and all right, title and interest therein
and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the Partnership,
or the General Partner (if the General Partner assumes the Partnership’s obligation pursuant to Section 8.04(b) of
the Agreement), deliverable upon exercise of the Class A Unit Redemption Right be delivered to the address specified below,
and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and
at the address(es) specified below.

 

Dated: __________ ___, ___

Name of Limited Partner:

 

	 	(Signature of Limited Partner)
	 	 
	 	(Mailing Address)
	 	 
	 	(City) (State) (Zip Code)
	 	 
	 	Signature Guaranteed by:

 

If REIT Shares are to be issued, issue to:

Please insert social security or identifying number:

Name:

 

    Exhibit A-1

     

    

 

EXHIBIT B-1

CERTIFICATION OF NON-FOREIGN STATUS

(FOR REDEEMING PARTNERS THAT ARE ENTITIES)

 

Under Section 1445(e) of the
Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of
a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States
real property interests (“USRPIs”), as defined in Section 897(c) of the Code, and (ii) 90% or
more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold
10% of the amount realized by the non-U.S. person upon the disposition. For U.S. federal income tax purposes (including Section 1445
of the Code), the owner of a disregarded entity (which has legal title to a partnership interest under local law) will be the transferor
of the property and not the disregarded entity. To inform New York City REIT, Inc. (the “General Partner”)
and New York City Operating Partnership, L.P. (the “Partnership”) that no withholding is required with respect
to the redemption by ___________ (“Partner”) of its Class A Units in the Partnership, the undersigned hereby
certifies the following on behalf of Partner:

 

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

 

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

 

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

 

		4.	The office address of Partner is: ___________________, and, if applicable, Partner’s place
of incorporation is ___________;

 

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

 

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

 

    Exhibit B-1-1

     

    

 

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

 

PARTNER:

 

	Date:	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    Exhibit B-1-2

     

    

 

EXHIBIT B-2

CERTIFICATION OF NON-FOREIGN STATUS

(FOR REDEEMING PARTNERS THAT ARE INDIVIDUALS)

 

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

 

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

 

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

 

		3.	My home address is: _______________________________________;

 

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

 

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

 

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

 

	Date:	 	 
	By:	 	 
	Name:	 	 

 

    Exhibit B-2-1

     

    

 

EXHIBIT C

NOTICE OF ELECTION BY PARTNER TO CONVERT

LTIP UNITS INTO CLASS A UNITS

 

The undersigned holder of LTIP Units hereby
irrevocably (i) elects to convert the number of LTIP Units in New York City Operating Partnership, L.P. (the “Partnership”)
set forth below into Class A Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership
of the Partnership, as amended; and (ii) directs that any cash in lieu of Class A Units that may be deliverable upon
such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the
undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity other
than the Partnership; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided
herein; and (c) has obtained the consent to or approval of all persons or entities, if any, having the right to consent or
approve such conversion.

 

	Name of Holder:
	 	 	 
	 	(Please Print: Exact Name as Registered with Partnership)	 

 

Number of LTIP Units to be Converted: __________________

 

Date of this Notice: __________________

 

	 	 
	 	(Signature of Holder: Sign Exact Name as Registered with Partnership)
	 	 
	 	 
	 	(Street Address)
	 	 
	 	 
	 	(City)  	(State)	(Zip Code)
	 	 
	 	Signature Guaranteed by:
	 	 	 	 	 

 

    Exhibit C-1

     

    

 

EXHIBIT D

NOTICE OF ELECTION BY PARTNERSHIP
TO FORCE CONVERSION OF

LTIP UNITS INTO CLASS A UNITS

 

New York City Operating Partnership, L.P.
(the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units
set forth below to be converted into Class A Units in accordance with the terms of the Amended and Restated Agreement of Limited
Partnership of the Partnership, as amended.

 

Name of Holder:

	 	 	 
	 	(Please Print: Exact Name as Registered with Partnership)	 

 

Number of LTIP Units to be Converted: __________________

 

Date of this Notice: __________________

 

    Exhibit D-1

     

    

 

EXHIBIT E-1

CERTIFICATION OF NON-FOREIGN STATUS

(FOR REDEEMING PARTNERS THAT ARE ENTITIES)

 

Section 1446(f)(1) of
the Internal Revenue Code of 1986, as amended (the “Code”), provides that, subject to certain exceptions, if
any portion of the gain on any disposition of an interest in a partnership would be treated under section 864(c)(8) of the
Code as effectively connected with the conduct of a trade or business within the United States, the transferee shall be required
to deduct and withhold a tax equal to 10% of the amount realized on the disposition. Section 1446(f)(2) of the Code and
section 6.01 of IRS Notice 2018-29 provides an exception to this withholding requirement with respect to a disposition of a partnership
interest if the transferor furnishes to the transferee an affidavit by the transferor stating, under penalty of perjury, the transferor’s
U.S. taxpayer identification number (“TIN”) and that the transferor is not a foreign person. For U.S.
federal income tax purposes (including Section 1446 of the Code), the owner of a disregarded entity (which has legal title
to a partnership interest under local law) will be the transferor of the property and not the disregarded entity.

 

To inform New York
City REIT, Inc. (the “General Partner”) and New York City Operating Partnership, L.P. (the “Partnership”)
that no withholding is required under section 1446(f) of the Code with respect to the redemption by _________________ (“Partner”)
of its Class A Units in the Partnership, the undersigned hereby certifies the following on behalf of Partner:

 

		1.	Partner is not a “foreign partner” (within the meaning of section 1446 of the Code), including a foreign corporation,
foreign partnership, foreign trust, or foreign estate, as those terms are defined in the Code and the Treasury regulations thereunder;

 

		2.	Partner is not a disregarded entity as defined in Treasury regulations section 1.1445-2(b)(2)(iii) or as otherwise defined
in the Code or the Treasury regulations thereunder;

 

		3.	The U.S. TIN (employer identification number) of Partner is _________________;

 

		4.	The office address of Partner is _________________, and, if applicable, Partner’s place of incorporation is _________________;
and

 

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

 

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

 

	Date:	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    Exhibit E-1-1

     

    

 

 

EXHIBIT E-2

CERTIFICATION OF NON-FOREIGN STATUS

(FOR REDEEMING PARTNERS THAT ARE INDIVIDUALS)

 

Section 1446(f)(1) of
the Internal Revenue Code of 1986, as amended (the “Code”), provides that, subject to certain exceptions, if
any portion of the gain on any disposition of an interest in a partnership would be treated under section 864(c)(8) of the
Code as effectively connected with the conduct of a trade or business within the United States, the transferee shall be required
to deduct and withhold a tax equal to 10% of the amount realized on the disposition. Section 1446(f)(2) of the Code and
section 6.01 of IRS Notice 2018-29 provides an exception to this withholding requirement with respect to a disposition of a partnership
interest if the transferor furnishes to the transferee an affidavit by the transferor stating, under penalty of perjury, the transferor’s
U.S. taxpayer identification number (“TIN”) and that the transferor is not a foreign person.

 

To inform New York
City REIT, Inc. (the “General Partner”) and New York City Operating Partnership, L.P. (the “Partnership”)
that no withholding is required under section 1446(f) of the Code with respect to my redemption of my Class A Units in
the Partnership, I hereby certify the following:

 

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

 

		2.	My U.S. TIN (social security number) is _________________;

 

		3.	My home address is _________________ ; and

 

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

 

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

 

	Date:	 	 
	By:	 	 
	Name:	 	 

 

    Exhibit E-2-1

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