Document:

Executive Incentive Compensation Plan

 Exhibit 10.9 

Air Transport Services Group, Inc. 

Executive Incentive Compensation Plan 

 Air Transport Services Group, Inc. 

Executive Incentive Compensation Plan 
  

	1)	Purpose 

 The
purpose of this Plan is to achieve corporate goals by providing incentive compensation to eligible key executives who, through industry, ability, and exceptional service, contribute materially to the success of ATSG. 

 

	2)	Definitions 

 When
used in this Plan, the following words and phrases shall have the following meanings: 
  

	 	a)	ATSG – Air Transport Services Group, Inc. 

  

	 	b)	Attainment – The actual performance results for a Performance Measure. 

 

	 	c)	Beneficiary – The beneficiary or beneficiaries designated to receive the amount, if any, payable under the Plan upon the death of the Participant.

  

	 	d)	Board – The Board of Directors of ATSG. 

  

	 	e)	Compensation Committee – The Compensation Committee of the Board. 

  

	 	f)	Maximum – The point that represents the maximum payout level for a particular Performance Measure. 

 

	 	g)	Minimum – The point that represents the minimum payout level for a particular Performance Measure. 

 

	 	h)	Participant – Any employee eligible to receive awards under section 4. 

 

	 	i)	Performance Measure – A specific objective measure to assess success in achieving established goals. Permitted Performance Measures are listed in section 5.

  

	 	j)	Plan – The Executive Incentive Compensation Plan (EICP). 

  

	 	k)	Plan Year – Each calendar year for which Performance Measures and Targets are established for the Company. 

 

	 	l)	Retirement – When an employee leaves active service and qualifies under a regular or early retirement program of the Company or one of its subsidiaries in which
the employee is a participant. 

  

	 	m)	Target – The point at which performance equals 100% of the stated objective. 

 

	 	n)	Threshold – The point below Target at which incentive payout for each Performance Measure begins. 

 

	3)	Administration 

  

	 	a)	The Compensation Committee will have the power to interpret the Plan and to make all determinations necessary or desirable for its administration.

  

	 	b)	The decision of the Compensation Committee on any question concerning the interpretation or administration of the Plan will be final and conclusive. Nothing in the Plan
will be deemed to give any officer or employee, or legal representatives or assigns, any right to participate in the Plan except to such extent as the Compensation Committee may determine pursuant to the provisions of the Plan.

  

	 	c)	The Compensation Committee shall determine the extent of achievement of the Performance Measures for the Chief Executive Officer of ATSG. The Chief Executive Officer of
ATSG, in consultation with the Compensation Committee, shall determine the extent of achievement of the Performance Measures for each of the other Participants. 

 

	4)	Eligibility 

  

	 	a)	Positions eligible for the Plan are: 

Chief Executive Officer 

Chief Financial Officer 

Chief Commercial Officer 

Senior Vice President, Corporate General Counsel 

Vice President 

Subsidiary President 

Subsidiary Vice Presidents that have been elected as officers by the Board of Directors of the pertinent subsidiary. 

 Except as provided below, Participants for a Plan Year must be employed for
the entire Plan Year. 
  

	 	b)	With approval of the Compensation Committee, prior to June 30th of each Plan Year, additional employees may be included in the Plan, with any award pro-rated as
shall be determined by the Compensation Committee. 

  

	 	c)	 Participants who retire in good standing during the year will be eligible for a pro-rated award for the year in which they retire, provided that they
are on the active payroll on June 30th or later of
the Plan Year. 

  

	 	d)	Participants who take a leave of absence will have their awards calculated based on actual salary earnings in calculating awards. Participants who are on a leave of
absence for more than 90 days and who continue to receive full or partial salary continuance will have their awards adjusted. Any salary paid while on a leave of absence period over 90 days will not be included in the base salary used to calculate
awards. 

  

	5)	Performance Measures 

Unless otherwise determined by the Compensation Committee, bonuses will be based on at least two Performance Measures. One of the
Performance Measures will be earnings before interest and taxes. The other Performance Measures will consist of one or more of the following: net profit, revenue growth, return on capital, earnings per share, shipment growth, increase in stock
price, return on assets or personal goals. Further, with respect to those Participants that are employed by a Company subsidiary that has a substantive agreement with DHL or BAX Global, one of their Performance Measures may be based on the level of
performance under the service incentive associated with that agreement. The Compensation Committee will select the Performance Measures and Targets, and the relevant weight to be given among those selected, for the Chief Executive Officer of ATSG.
The Chief Executive Officer of ATSG, in consultation with the Compensation Committee, will select the Performance Measures and Targets, and the relevant weight to be given among those selected, for each of the other Participants. The selection of
the Performance Measures and Targets will be made as soon as reasonably practicable after the beginning of each Plan year, and such Performance Measures and Targets may not be changed thereafter. 

 

	6)	Qualifiers on Performance Measures 

  

	 	a)	The bonus percentage is applied to the Participant’s base salary paid in the Plan Year. 

 

	 	b)	No bonus will be paid unless the Company achieves profitability. 

  

	 	c)	To receive any award under the Plan, a Participant’s individual performance must be evaluated as at least competent. 

 

	7)	Bonus Amounts 

 The
bonus for each Participant shall be determined by multiplying the Participant’s base salary earned during the calendar year by the applicable bonus amount, expressed as a percentage of base salary, which bonus amount shall be based upon the
extent of Attainment of the pertinent Performance Measures described Section 5 hereof. The Threshold, Target and Maximum bonus potentials for the Participants shall consist of the following: 

 

										
	 Position
	  	Threshold	 	 	Target	 	 	Maximum	 
	 Chief Executive Officer
	  	4	% 	 	78	% 	 	130	% 
	 CFO; Sr. VP, Corporate General Counsel; Chief Commercial Officer; Subsidiary President
	  	4	% 	 	60	% 	 	100	% 
	 Vice President; Subsidiary Vice President
	  	4	% 	 	48	% 	 	80	% 

 For the
achievement of Performance Measures between the Threshold and Maximum percentages, the actual bonus amount will be interpolated. 

	8)	Form of Payment 

Awards shall be paid entirely in cash. Payments will be made as soon as practicable after audited performance results are known and
approved by the Compensation Committee, which should be on or about March 1. Award checks will be prepared by the pertinent payroll department for each Participant and will be subject to tax withholding and 401(k) deductions. If a Participant
dies before the end of the Plan Year, an amount equal to a pro-rated portion thereof as of the date of death shall be paid in one lump cash sum to the Participant’s Beneficiary. 

 

	9)	Limitation on Allocation 

Notwithstanding any other provision of the Plan, in no circumstances will the total amount allocated as an award to any individual
Participant for any plan year exceed $1,000,000.00. 
  

	10)	Designation of Beneficiaries 

Each Participant shall file with the Company a written designation of one or more persons as the Beneficiary who shall be entitled to
receive the amount, if any, payable under the Plan upon the Participant’s death. A Participant may, from time to time, revoke or change his Beneficiary designation without the consent of any prior Beneficiary by filing a new designation. The
last such designation received shall be controlling, provided, however, that no designation, change or revocation thereof, shall be effective unless received by the Company prior to the Participant’s death, and in no event shall it be effective
as of a date prior to such receipt. 
  

	11)	Absence of Valid Designation 

If no such Beneficiary designation is in effect at the time of a Participant’s death, or if no designated Beneficiary survives the
Participant, or if such designation conflicts with the law, the Participant shall be deemed to have designated the Participant’s estate as the Participant’s Beneficiary and the Participant’s estate shall receive the payment of the
amount, if any, under the Plan, upon the Participant’s death. If the Compensation Committee is in doubt as to the right of any person to receive such amount, the Compensation Committee may direct the retention of such amount, without liability
for any interest thereon, until the rights thereto are determined, or the Compensation Committee may direct the payment of such amount to any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the
Plan and of ATSG therefore. 
  

	12)	No Liability of Compensation Committee, Board Members, or Officers 

No members of the Compensation Committee, the Board or corporate officers shall be personally liable by reason of any contract or other
instrument executed by them or on their behalf nor for any mistake or judgment made in good faith, and ATSG shall indemnify and hold harmless each member of the Board and each other officer, employee or director of ATSG to whom any duty or power
relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Compensation
Committee) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or bad faith. 
  

	13)	Right to Amend, Suspend or Terminate Plan 

The Board reserves the right at any time to amend, suspend or terminate the Plan in whole or in part and for any or no reason and without
the consent of any Participant or Beneficiary; provided that no such amendment shall adversely affect rights to receive any amount to which Participants or Beneficiaries have become entitled prior to such amendment. Unless otherwise provided herein,
any amendment, modification, suspension or termination of any provisions of the Plan may be made retroactively. 
  

	14)	No Rights to Continue Employment or Bonus 

Nothing contained in the Plan shall give any employee the right to be retained in the employment of ATSG or affect the right of ATSG to
dismiss any employee. The adoption of the Plan shall not constitute a contract between ATSG and any employee. No Participant shall receive any right to be granted an award hereunder nor shall any such award be considered as compensation under any
employee benefit plan of ATSG, except as otherwise determined by ATSG. 

	15)	No Right, Title or Interest in Assets 

The Participants shall have no right, title or interest whatsoever in or to any investments which ATSG may make to aid in meeting its
obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a fiduciary relationship between ATSG and any Participant or any other person. To the extent that any
person acquires a right to receive payments from ATSG under this Plan, such right shall be no greater than the right of an unsecured general creditor of ATSG. 
  

	16)	Unfunded Plan; Governing Law 

The Plan is intended to constitute an incentive compensation arrangement for a select group of management or highly compensated personnel
and all rights thereunder shall be governed by and construed in accordance with the laws of the State of Ohio. 
 Last Reviewed: July 30,
2010 
 Last Modified: July 30, 2010Amendment No. 1 to Revolving Credit Agreement

 Exhibit 10.7 

AMENDMENT NO. 1 TO THE 

REVOLVING CREDIT AGREEMENT 

AND LIMITED WAIVER 

Dated as of February 6, 2008 

AMENDMENT NO. 1 TO THE REVOLVING CREDIT AGREEMENT AND LIMITED WAIVER (this “Amendment”) among Digital
Realty Trust, L.P. (the “Borrower”); Citicorp North America, Inc. (“CNAI”), as administrative agent (the “Administrative Agent”), the financial institutions party to the Credit
Agreement referred to below (collectively, the “Lender Parties”), KeyBank National Association (“KeyBank”), as syndication agent (the “Syndication Agent”), and Citigroup Global
Markets Inc. and KeyBanc Capital Markets (the “Arrangers”). 
 PRELIMINARY STATEMENTS:

 (1) The Borrower, Digital Realty Trust, Inc. (the “Parent Guarantor”), the subsidiaries of the
Borrower party thereto, the Lenders from time to time party thereto, the other Lender Parties, the Administrative Agent and the Syndication Agent have entered into a Revolving Credit Agreement dated as of August 31, 2007 (the “Credit
Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement. 

(2) The Borrower, the Administrative Agent and the Required Lenders have agreed to amend the Credit Agreement and the Administrative
Agent and the Required Lenders have agreed to issue a limited waiver under the Credit Agreement, each on the terms and subject to the conditions hereinafter set forth. 

SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, upon the occurrence of the Amendment Effective Date (as
defined in Section 5 below), hereby amended as follows: 
 (a) Section 1.01 of the Credit Agreement is
hereby amended by adding thereto the following new definitions in their appropriate alphabetical order: 
 “Decreasing
Facility” has the meaning specified in Section 2.19(a). 
 “Increased Commitment
Amount” has the meaning specified in Section 2.19(b). 
 “Increasing Facility” has the
meaning specified in Section 2.19(a). 
 “Increasing Reallocation Lender” has the meaning specified
in Section 2.19(b). 
 “Purchasing Lenders” has the meaning specified in Section 2.19(d).

 “Reallocation” has the meaning specified in Section 2.19(a). 

“Reallocation Commitment Date” has the meaning specified in Section 2.19(b). 

“Reallocation Date” has the meaning specified in Section 2.19(a). 

“Reallocation Notice” has the meaning specified in Section 2.19(a). 

 “Selling Lenders” has the meaning specified in Section 2.19(d).

 “Total Reallocation Amount” has the meaning specified in Section 2.19(a). 

(b) The definition of “Lenders” set forth in Section 1.01 of the Credit Agreement is hereby amended by
adding thereto immediately after the words “Section 2.18” the following: “or 2.19”. 
 (c)
The definition of “Multicurrency Letter of Credit Commitment” set forth in Section 1.01 of the Credit Agreement is hereby amended by deleting the last clause thereof and substituting the following therefor: “as such amount may be
reduced at or prior to such time pursuant to Section 2.05 or 2.19 or increased pursuant to Section 2.19.” 

(d) The definition of “Multicurrency Revolving Credit Commitment” set forth in Section 1.01 of the Credit
Agreement is hereby amended by deleting the last clause thereof and substituting the following therefor: “as such amount may be reduced at or prior to such time pursuant to Section 2.05 or 2.19 or increased pursuant to Section 2.18 or
2.19.” 
 (e) The definition of “U.S. Dollar Letter of Credit Commitment” set forth in
Section 1.01 of the Credit Agreement is hereby amended by deleting the last clause thereof and substituting the following therefor: “as such amount may be reduced at or prior to such time pursuant to Section 2.05 or 2.19 or increased
pursuant to Section 2.19.” 
 (f) The definition of “US Dollar Revolving Credit Commitment”
set forth in Section 1.01 of the Credit Agreement is hereby amended by deleting the last clause thereof and substituting the following therefor: “as such amount may be reduced at or prior to such time pursuant to Section 2.05 or 2.19
or increased pursuant to Section 2.18 or 2.19.” 
 (g) Section 2.01(a)(ii) of the Credit Agreement
is hereby amended by deleting clause (C) thereof and substituting therefor the following: 
 “(C) the
Equivalent in Dollars of the portion of the Facility Exposure denominated in Committed Foreign Currencies shall not at any time exceed the percentage of the aggregate Commitments obtained by dividing (1) the Multicurrency Revolving Credit
Commitments by (2) the sum of the Multicurrency Revolving Credit Commitments and the U.S. Dollar Revolving Credit Commitments.” 

(h) Section 2.06(b)(i) of the Credit Agreement is hereby deleted in its entirety and the following is hereby
substituted therefor: 
 “(i) The Borrower shall, on each Business Day, prepay an aggregate principal amount
of the Revolving Credit Advances comprising part of the same Borrowings, the Swing Line Advances and the Letter of Credit Advances and deposit an amount in the L/C Cash Collateral Account in an amount equal to (A) the amount by which the
Facility Exposure attributable to any Facility exceeds the aggregate Commitments then allocable to such Facility on such Business Day, (B) after taking into account any payments made pursuant to clause (A), the amount by which Unsecured Debt
exceeds 70% of the Total Unencumbered Asset Value on such Business Day, (C) after taking into account any payments made pursuant to the foregoing clauses (A) and (B), an amount denominated in Swiss Francs or Canadian Dollars to the extent
the portion of the Facility Exposure denominated in such currencies exceeds the limitation thereon set forth in Section 2.01(a)(ii)(B), and (D) after taking into account any payments made pursuant to the

  

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 foregoing clauses (A), (B) and (C), amounts denominated in Committed Foreign Currencies
to the extent the portion of the Facility Exposure denominated in such currencies exceeds the limitation thereon set forth in Section 2.01(a)(ii)(C), provided that any deposit in the L/C Cash Collateral Account made pursuant to this
Section 2.06(b)(i) shall only be required to be maintained so long as the applicable circumstances giving rise to the requirement to make such deposit shall continue to exist or would again exist in the absence of such deposit.”

 (i) Section 2.11 of the Credit Agreement is hereby amended by adding to the
22nd line thereof immediately after the words
“Commitment Increase pursuant to Section 2.18” the following: “or Reallocation pursuant to Section 2.19”. 

(j) Section 2.18(a)(iii) of the Credit Agreement is hereby deleted and the following is hereby substituted therefor:

 “(iii) the Borrower’s notice to the Administrative Agent shall indicate the proposed allocation of
each such Commitment Increase between the U.S. Dollar Revolving Credit Commitments (the “U.S. Dollar Commitment Increase”) and the Multicurrency Revolving Credit Commitments (the “Multicurrency Commitment
Increase”).” 
 (k) A new Section 2.19 is hereby added to the Credit Agreement immediately
following Section 2.18(g) thereof: 
 “SECTION 2.19. Reallocation of Commitments. (a) Without limitation of
the Borrower’s rights under Section 2.18, the Borrower may, at any time (but not more often than once in any fiscal quarter), upon not less than seven calendar days’ prior written notice to the Administrative Agent (the
“Reallocation Notice”), reallocate the aggregate amount of Revolving Credit Commitments between the U.S. Dollar Revolving Credit Facility and the Multicurrency Revolving Credit Facility (a
“Reallocation”) by not less than U.S. $5,000,000 to be effective as of a date (each a “Reallocation Date”) that is at least 90 days prior to the scheduled Termination Date then in effect; provided,
however, that (i) in no event shall any Reallocation cause (A) the U.S. Dollar Revolving Credit Commitments to be less than the lesser of (1) $100,000,000.00 or (2) the aggregate amount of U.S. Dollar Revolving
Credit Commitments then outstanding (after accounting for any adjustments thereto pursuant to Section 2.05) or (B) the Multicurrency Revolving Credit Commitments to be less than the lesser of (1) $100,000,000.00 or (2) the
aggregate amount of Multicurrency Revolving Credit Commitments then outstanding (after accounting for any adjustments thereto pursuant to Section 2.05), (ii) on the Reallocation Date the following statements shall be true and the
Administrative Agent shall have received for the account of each Lender Party a certificate signed by a duly authorized officer of the Borrower, dated the Reallocation Date, stating that (x) the representations and warranties contained in
Section 4.01 are correct in all material respects as though made on and as of the Reallocation Date (except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct on and as of such earlier date)) and (y) no Default or Event of Default has occurred and is continuing or would result from such Reallocation, (iii) immediately after giving effect to such
Reallocation, in no event shall (A) the aggregate principal amount of the U.S. Dollar Revolving Credit Advances outstanding at such time plus the Available Amount of all outstanding U.S. Dollar Letters of Credit at such time
exceed the U.S. Dollar Revolving Credit Commitments at such time or (B) the aggregate principal amount of the Multicurrency Revolving Credit 

 

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 Advances (expressed in Dollars and including the Equivalent in Dollars at such time of any amounts
denominated in a Committed Foreign Currency) plus the Available Amount of all outstanding Multicurrency Letters of Credit (expressed in Dollars and including the Equivalent in Dollars at such time of any amounts denominated in a Committed
Foreign Currency) at such time exceed the Multicurrency Revolving Credit Commitments at such time. The Reallocation Notice shall (x) specify (1) the proposed aggregate amount of such Reallocation (the “Total Reallocation
Amount”), (2) the Facility being increased (the “Increasing Facility”), (3) the Facility being decreased (the “Decreasing Facility”), and (4) the proposed Reallocation Date
and (y) contain a certification signed by a Responsible Officer of the Borrower stating that all of the requirements set forth in this Section 2.19(a) have been satisfied or, as of the Reallocation Date, will be satisfied. 

(b) Upon receipt of any Reallocation Notice, the Administrative Agent shall promptly deliver a copy of such Reallocation
Notice to each Issuing Bank and each Lender and notify each Lender of its proposed proportionate share of (i) the Decreasing Facility, (ii) the Increasing Facility, and (iii) the Total Reallocation Amount. Such determinations shall be
made by the Administrative Agent for each Lender within each Facility based on the ratio of the Commitment of such Lender in respect of such Facility to the total Commitments of all Lenders in respect of such Facility, and (iv) the date by
which Lenders with increasing Commitments, if any, resulting from such Reallocation must commit in writing to the increase in their respective Commitments (the “Reallocation Commitment Date”). Each Lender that is willing to
participate in such Commitment increase resulting from the Reallocation (each, an “Increasing Reallocation Lender”) shall, in its sole discretion, give written notice to the Administrative Agent on or prior to the
Reallocation Commitment Date of the amount by which it is willing to increase its applicable Commitment (an “Increased Commitment Amount”). If any Lender in the Increasing Facility shall fail to provide such notice or shall
decline, in whole or in part, to commit to its allocable share of the Commitment increase, then the Administrative Agent shall promptly offer such share to other Increasing Reallocation Lenders on a pro rata basis. Each Issuing Bank shall
confirm in writing its approval of the Reallocation. 
 (c) Promptly following the Reallocation Commitment Date,
the Administrative Agent shall notify the Borrower of any shortfall in the Commitments allocable to the Increasing Facility. In the event of any such shortfall, the provisions of Sections 2.18(c) and 2.18(d) shall apply, mutatis mutandis.

 (d) On the applicable Reallocation Date, (i) the Reallocation shall be effected by reallocating
Commitments from the Decreasing Facility to the Increasing Facility on a dollar-for-dollar basis, and (ii) to the extent Advances then outstanding and owed to any U.S. Dollar Revolving Lender or any Multicurrency Revolving Lender
immediately prior to the effectiveness of the Reallocation shall be less than such Lender’s U.S. Dollar Revolving Credit Pro Rata Share or Multicurrency Revolving Credit Pro Rata Share (calculated immediately following the effectiveness of
such Reallocation) of all Advances then outstanding that are owed to U.S. Dollar Revolving Lenders or to Multicurrency Revolving Lenders (collectively, including any applicable Assuming Lender, the “Purchasing Lenders”),
in each case as applicable, then such Purchasing Lenders, without executing an Assignment and Acceptance, shall be deemed to have purchased an assignment of a pro rata portion of the Advances then outstanding and owed to each Lender that is
not a Purchasing Lender (collectively, the “Selling Lenders”), in an amount sufficient such that following the effectiveness of all such assignments (x) the Advances outstanding and owed to each U.S. Dollar
Revolving 
  

 4 

 Lender shall equal such Lender’s U.S. Dollar Revolving Credit Pro Rata Share
(calculated immediately following the effectiveness of the Reallocation) of all Advances then outstanding in respect of the U.S. Dollar Revolving Credit Facility and (y) the Advances outstanding and owed to each Multicurrency Revolving
Lender shall equal such Lender’s Multicurrency Revolving Credit Pro Rata Share (calculated immediately following the effectiveness of the Reallocation) of all Advances then outstanding in respect of the Multicurrency Revolving Credit Facility.
The Administrative Agent shall calculate the net amount to be paid by each Purchasing Lender and received by each Selling Lender in connection with the assignments effected hereunder on the Reallocation Date. Each Purchasing Lender shall make the
amount of its required payment available to the Administrative Agent, in same day funds, at the office of the Administrative Agent not later than 12:00 P.M. (New York time) on the Reallocation Date. The Administrative Agent shall distribute on the
Reallocation Date the proceeds of such amount to each of the Selling Lenders entitled to receive such payments at its Applicable Lending Office. 

(e) On the Reallocation Date, the Letter of Credit Commitments shall, subject to the provisions of this
Section 2.19(e), be reallocated between the U.S. Dollar Letter of Credit Facility and the Multicurrency Letter of Credit Facility in a manner proportionate to the Reallocation of Revolving Credit Commitments from the Decreasing Facility to
the Increasing Facility. Upon the effectiveness of such reallocation, (i) the U.S. Dollar Letter of Credit Commitment shall be an amount equal to the aggregate amount of the Letter of Credit Commitments multiplied by the quotient obtained
by dividing the U.S. Dollar Revolving Credit Commitments (as in effect immediately following the Reallocation) by the aggregate Revolving Credit Commitments, and (ii) the Multicurrency Letter of Credit Commitment shall be an amount equal
to the aggregate amount of the Letter of Credit Commitments less the amount of the U.S. Dollar Letter of Credit Commitment established pursuant to the preceding clause (i); provided, however, that such reallocation of the
Letter of Credit Commitments shall be made only to the extent that following the effectiveness thereof (x) the sum of all Letter of Credit Advances then outstanding in respect of U.S. Dollar Letters of Credit plus the Available
Amount of all U.S. Dollar Letters of Credit shall not exceed the U.S. Dollar Letter of Credit Commitment, and (y) the sum of all Letter of Credit Advances then outstanding in respect of Multicurrency Letters of Credit plus the
Available Amount of all Multicurrency Letters of Credit shall not exceed the Multicurrency Letter of Credit Commitment. 

(f) On the Reallocation Date, the Borrower shall execute and deliver a replacement Note payable to the order of each
Lender requesting the same in a principal amount equal to such Lender’s respective Revolving Credit Commitment immediately following the effectiveness of the Reallocation. Each Lender receiving a replacement Note shall promptly return to the
Borrower any previously issued Note for which such replacement Note was delivered in exchange. 
 (g) On the
Reallocation Date, the Administrative Agent shall notify the Lenders and the Borrower, on or before 1:00 P.M. (New York City time), by telecopier, telex or other electronic mail communication, of the occurrence of the Reallocation to be effected on
such Reallocation Date and shall promptly distribute to the Lenders and the Borrower a copy of Schedule I hereto revised to reflect such Reallocation. The Administrative Agent shall record in the Register the relevant information with respect to
each Lender on such Reallocation Date in accordance with Section 9.07.” 
  

 5 

 (l) Section 5.02(h) of the Credit Agreement is hereby deleted and the
following is hereby substituted therefor: 
 “(h) Amendments of Constitutive Documents. Amend, in
each case in any material respect, its limited liability company agreement, certificate of incorporation or bylaws or other constitutive documents, provided that (i) any amendment to any such constitutive document that would be adverse
to any of the Lender Parties shall be deemed “material” for purposes of this Section, (ii) any amendment to any such constitutive document that would designate such Loan Party as a “special purpose entity” or otherwise
confirm such Loan Party’s status as a “special purpose entity” shall be deemed “not material” for purposes of this Section, (iii) any amendment to any such constitutive document effected solely for the purpose of
designating (or otherwise establishing the terms of), issuing, or authorizing for issuance Preferred Interests in the Parent Guarantor that do not comprise Debt and are not otherwise prohibited under the other provisions of this Agreement shall be
deemed “not material” for purposes of this Section, and (iv) any amendment to any such constitutive document effected solely for the purpose of issuing or otherwise establishing the terms of Preferred Interests of the Borrower in
connection with a contemporaneous issuance of Preferred Interests of the Parent Guarantor of the type described in the foregoing clause (iii) and in accordance with Section 4.3 of the Seventh Amended and Restated Agreement of Limited
Partnership of the Borrower dated as of February 4, 2008 (or any substantially similar provisions in any subsequent amendment thereof), which Preferred Interests of the Borrower do not comprise Debt and are not otherwise prohibited under the
other provisions of this Agreement, shall be deemed “not material” for purposes of this Section.” 

(m) Section 8.02 of the Credit Agreement is hereby amended by adding to clause (a) thereof immediately after the
words “Section 2.18” the following: “or 2.19”. 
 (n) Section 9.01(a) of the Credit
Agreement is hereby amended (i) by adding to clause (iv) thereof immediately after the words “Section 2.18” the following: “and Section 2.19” and (ii) by adding to clause (v) thereof immediately after the
words “the Notes” the following: “(except to the extent of any reduction resulting from a Reallocation effected pursuant to Section 2.19)”. 

(o) Section 9.04(c) of the Credit Agreement is hereby amended by deleting the text “2.10(d) or 2.18(e)” in
the third and fourth lines thereof and replacing such text with “2.10(d), 2.18(e), 2.18(f) or 2.19(d)”. 

(p) Schedule I to the Credit Agreement is hereby amended and replaced in its entirety with Annex A attached hereto.

 SECTION 2. Limited Waiver. (a) The Administrative Agent and the Lenders hereby waive, upon the occurrence of the
Waiver Effective Date (as defined in Section 5 below), (i) compliance by the Borrower and the Parent Guarantor with the provisions of Section 5.02(h) of the Credit Agreement solely to the extent necessary to permit the Borrower and
the Parent Guarantor to amend their respective constitutive documents pursuant to documentation substantially in the form attached hereto as Exhibit A and (ii) any Default or Event of Default that may occur under the Credit Agreement as
a result of such non-compliance ((i) and (ii), collectively, the “Limited Waiver”). 

(b) The Limited Waiver shall be limited precisely as written, and nothing in this Amendment shall be deemed to
(x) constitute (i) a waiver of any other Default or Event of Default or (ii) a waiver or amendment of any other term, provision or condition of the Credit 

 

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 Agreement, any of the other Loan Documents or any other instrument or agreement referred to
therein, or (y) prejudice any right or remedy that the Administrative Agent or any Lender Party may now have or may have in the future under or in connection with the Credit Agreement, the other Loan Documents or any other instrument or
agreement referred to in any of them or in equity or at law. 
 SECTION 3. Reallocation of Commitments. (a) On the
Amendment Effective Date, (i) a reallocation of Revolving Credit Commitments shall be effected by reallocating $125,000,000.00 of Commitments from the U.S. Dollar Revolving Credit Facility to the Multicurrency Revolving Credit Facility
(the “Current Reallocation”), (ii) the Current Reallocation shall result in each Lender holding the respective Commitment or Commitments designated for such Lender on Annex A attached hereto, (iii) to the extent
Advances then outstanding and owed to any U.S. Dollar Revolving Lender or any Multicurrency Revolving Lender immediately prior to the effectiveness of the Reallocation shall be less than such Lender’s U.S. Dollar Revolving Credit Pro
Rata Share or Multicurrency Revolving Credit Pro Rata Share (calculated immediately following the effectiveness of the Current Reallocation) of all Advances then outstanding that are owed to U.S. Dollar Revolving Lenders or to Multicurrency
Revolving Lenders (collectively, including any applicable Assuming Lender, the “Purchasing Lenders”), in each case as applicable, then such Purchasing Lenders, without executing an Assignment and Acceptance, shall be deemed
to have purchased an assignment of a pro rata portion of the Advances then outstanding and owed to each Lender that is not a Purchasing Lender (collectively, the “Selling Lenders”), in an amount sufficient such that
following the effectiveness of all such assignments (x) the Advances outstanding and owed to each U.S. Dollar Revolving Lender shall equal such Lender’s U.S. Dollar Revolving Credit Pro Rata Share (calculated immediately
following the effectiveness of the Current Reallocation) of all Advances then outstanding in respect of the U.S. Dollar Revolving Credit Facility and (y) the Advances outstanding and owed to each Multicurrency Revolving Lender shall equal
such Lender’s Multicurrency Revolving Credit Pro Rata Share (calculated immediately following the effectiveness of the Current Reallocation) of all Advances then outstanding in respect of the Multicurrency Revolving Credit Facility. The
Administrative Agent shall calculate the net amount to be paid by each Purchasing Lender and received by each Selling Lender in connection with the assignments effected hereunder on the Amendment Effective Date. Each Purchasing Lender shall make the
amount of its required payment available to the Administrative Agent, in same day funds, at the office of the Administrative Agent not later than 12:00 P.M. (New York time) on the Amendment Effective Date. The Administrative Agent shall distribute
on the Amendment Effective Date the proceeds of such amount to each of the Selling Lenders entitled to receive such payments at its Applicable Lending Office. 

(b) On the Amendment Effective Date a reallocation of the Letter of Credit Commitments shall be effected by reallocating $19,230,769 from
the U.S. Dollar Letter of Credit Commitment to the Multicurrency Letter of Credit Commitment, consistent with Annex A attached hereto. 

SECTION 4. Representations and Warranties. The Borrower hereby represents and warrants that the representations and warranties
contained in each of the Loan Documents (as amended or supplemented to date, including pursuant to this Amendment) are true and correct on and as of the Amendment Effective Date and the Waiver Effective Date, in each case after giving effect to
Section 2 hereof and before and after giving effect to each other provision of this Amendment (including, without limitation, the representation and warranty set forth in Section 4.01(g) of the Credit Agreement, as amended by this
Amendment), as though made on and as of such date (except for any such representation and warranty that, by its terms, refers to an earlier date, in which case as of such earlier date). The Borrower and the Parent Guarantor hereby represent and
warrant that the Preferred Interests issued by each of the Borrower and the Guarantor on or about the date hereof pursuant to the amended constitutive documents set forth in Exhibit A attached hereto do not comprise Debt and are not
prohibited under any provision of the Credit Agreement (exclusive of Section 5.02(h) thereof, as to which the Limited Waiver herein applies). 
  

 7 

 SECTION 5. Conditions of Effectiveness. (a) Sections 2, 4, 5, 6, 7, 8 and 9 of
this Amendment (but no other portions hereof) shall become effective as of the date first above written (the “Waiver Effective Date”) upon satisfaction of each of the following conditions precedent: 

(i) The Administrative Agent shall have received (A) counterparts of this Amendment executed by the Borrower and each
Lender the consent of which is required for effectiveness of the Limited Waiver pursuant to Section 9.01 of the Credit Agreement or, as to any of such Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this
Amendment, and (B) the consent attached hereto (the “Consent”) executed by each of the Guarantors. 

(ii) The representations and warranties set forth in each of the Loan Documents shall be correct in all material respects
on and as of the Waiver Effective Date, after giving effect to Section 2 hereof, as though made on and as of such date (except for any such representation and warranty that, by its terms, refers to a specific date other than the Waiver
Effective Date, in which case as of such specific date). 
 (iii) After giving effect to Section 2 hereof,
no event shall have occurred and be continuing that constitutes a Default or Event of Default. 
 (b) All remaining provisions
of this Amendment shall become effective as of such date as the Administrative Agent shall designate in writing to the Lenders as the effective date of the Current Reallocation (the “Amendment Effective Date”) upon
satisfaction of each of the following conditions precedent: 
 (i) The conditions to effectiveness of the Waiver
Effective Date set forth in Section 5(a) shall have been satisfied. 
 (ii) The Administrative Agent shall
have received counterparts of this Amendment executed by each Lender and each Issuing Bank the consent of which is required for effectiveness of the amendments set forth in Section 1 hereof pursuant to Section 9.01 of the Credit Agreement.

 (iii) The Administrative Agent shall have received a replacement Note payable to the order of each Lender
requesting the same in a principal amount equal to such Lender’s respective Revolving Credit Commitment as of the Amendment Effective Date. 

(iv) The representations and warranties set forth in each of the Loan Documents shall be correct in all material respects
on and as of the Amendment Effective Date, after giving effect to Section 2 hereof and before and after giving effect to each other provision of this Amendment, as though made on and as of such date (except for any such representation and
warranty that, by its terms, refers to a specific date other than the Amendment Effective Date, in which case as of such specific date). 

(v) After giving effect to Section 2 hereof, no event shall have occurred and be continuing, or shall result from the
effectiveness of this Amendment, that constitutes a Default or Event of Default. 
 (vi) All of the fees and
expenses of the Administrative Agent (including the reasonable fees and expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective Date shall have been paid in full. 

 

 8 

 (c) The effectiveness of this Amendment is conditioned upon the accuracy of the factual
matters described herein. This Amendment is subject to the provisions of Section 9.01 of the Credit Agreement. 
 SECTION
6. Reference to and Effect on the Loan Documents. (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by this Amendment. 
 (b) The Credit Agreement, as
specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

SECTION 7. Costs and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the
Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the
reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 9.04 of the Credit Agreement. 

SECTION 8. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 9. Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 

[Balance of page intentionally left blank.] 

 

 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	 BORROWER:
  

	
	DIGITAL REALTY TRUST, L.P.
		
	By:	 	DIGITAL REALTY TRUST, INC.,
		 	its sole general partner

  

					
			
		 	By	 	/s/ Michael F. Foust
		 		 	 Name: Michael F. Foust

Title: Chief Executive Officer

  

 Signature Page 

			
	 ADMINISTRATIVE AGENT, SWING LINE BANK, ISSUING BANK AND INITIAL LENDER:

 

	 CITICORP NORTH AMERICA, INC.

 

		
	By	 	/s/ Ricardo James
		 	 Name: Ricardo James
 Title:
Director

  

 Signature Page 

			
	 INITIAL ISSUING BANK:
  

	 CITIBANK, N.A.
  

		
	By	 	/s/ Ricardo James
		 	 Name: Ricardo James
 Title:
Director

  

 Signature Page 

			
	 INITIAL LENDERS:
  

	 MERRILL LYNCH CAPITAL CORPORATION,

as a Lender
  

		
	By	 	/s/ John C. Rowland
		 	 Name: John C. Rowland

Title: Vice President

  

 Signature Page 

			
	 BANK OF AMERICA, N.A.,

as a Lender
  

		
	By	 	/s/ Allison M. Gauthier
		 	 Name: Allison M. Gauthier

Title: Senior Vice President

  

 Signature Page 

			
	 KEYBANK NATIONAL ASSOCIATION,

as a Lender
  

		
	By	 	/s/ Jane E. McGrath
		 	 Name: Jane E. McGrath

Title: Vice President

  

 Signature Page 

			
	 ROYAL BANK OF CANADA, NEW YORK BRANCH, as a Lender

 

		
	By	 	/s/ Dan LePage
		 	 Name: Dan LePage
 Title:
Authorized Signatory

  

 Signature Page 

			
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender

 

		
	By	 	/s/ Mikhail Faybusovich
		 	 Name: Mikhail Faybusovich

Title: Vice President

		
	By	 	/s/ Laurence Lapeyre
		 	 Name: Laurence Lapeyre

Title: Associate

  

 Signature Page 

			
	 UBS LOAN FINANCE LLC,

as a Lender
  

		
	By	 	/s/ David B. Julie
		 	 Name: David B. Julie
 Title:
Associate Director

		
	By	 	/s/ Mary E. Evans
		 	 Name: Mary E. Evans
 Title:
Associate Director

  

 Signature Page 

			
	 THE ROYAL BANK OF SCOTLAND PLC,

as a Lender
  

		
	By	 	/s/ William McGinty
		 	 Name: William McGinty

Title: Senior Vice President

  

 Signature Page 

			
	 SOVEREIGN BANK,

as a Lender
  

		
	By	 	/s/ T. Gregory Donohue
		 	 Name: T. Gregory Donohue

Title: Senior Vice President

  

 Signature Page 

					
	 ALLIED IRISH BANKS, plc,

as a Lender

		
	By	 	/s/ Michael Doyle
		 	Name:	 	Michael Doyle
		 	Title:	 	Senior Vice President
		
	By	 	/s/ Sharon Geehan
		 	Name:	 	Sharon Geehan
		 	Title:	 	Assistant Manager

  

 Signature Page 

					
	 RAYMOND JAMES BANK, FSB,

as a Lender

		
	By	 	/s/ Thomas G. Scott
		 	Name:	 	Thomas G. Scott
		 	Title:	 	Senior Vice President

  

 Signature Page 

					
	 SOCIÉTÉ GÉNÉRALE,

as a Lender

		
	By	 	/s/ Elaine Khalil
		 	Name:	 	Elaine Khalil
		 	Title:	 	Managing Director

  

 Signature Page 

					
	 COMERICA BANK,

as a Lender

		
	By	 	/s/ James Graycheck
		 	Name:	 	James Greycheck
		 	Title:	 	Vice President

  

 Signature Page 

 CONSENT 

Dated as of February 6, 2008 

Each of the undersigned, as a Guarantor under the Credit Agreement referred to in the foregoing Amendment, hereby consents to such
Amendment and hereby confirms and agrees that notwithstanding the effectiveness of such Amendment, the Guaranty contained in the Credit Agreement is and shall continue to be, in full force and effect and is hereby ratified and confirmed in all
respects, except that, on and after the effectiveness of such Amendment, each reference in the Loan Documents to “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the
Credit Agreement, as amended or otherwise affected by such Amendment. 
  

									
	GUARANTORS:
	
	DIGITAL REALTY TRUST, INC.
		
	By	 	/s/ Michael F. Foust
		 	Name: Michael F. Foust
		 	Title: Chief Executive Officer
	
	DIGITAL SERVICES, INC.
		
	By	 	/s/ Michael F. Foust
		 	Name: Michael F. Foust
		 	Title: Chief Executive Officer
	
	GLOBAL ASML, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 	Michael F. Foust
		 		 		 	Title:	 	Chief Executive Officer

  

 Signature Page 

													
	 GLOBAL INNOVATION SUNSHINE

HOLDINGS LLC

		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 	Michael F. Foust
		 		 		 	Title:	 	Chief Executive Officer
	
	 GLOBAL GOLD CAMP, LLC

			
		 	By:	 	 GLOBAL GOLD CAMP HOLDING

COMPANY, LLC, its member and manager

				
		 		 	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

					
		 		 		 	By:	 	 DIGITAL REALTY TRUST,

INC., its sole general partner

						
		 		 		 		 	By	 	/s/ Michael F. Foust
		 		 		 		 		 	Name:	 	Michael F. Foust
		 		 		 		 		 	Title:	 	Chief Executive Officer
	
	GLOBAL GOLD CAMP HOLDING COMPANY, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 	Michael F. Foust
		 		 		 	Title:	 	Chief Executive Officer

  

 Signature Page 

									
	DIGITAL 833 CHESTNUT, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 	Michael F. Foust
		 		 		 	Title:	 	Chief Executive Officer
	
	DIGITAL CONCORD CENTER, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 	Michael F. Foust
		 		 		 	Title:	 	Chief Executive Officer
	
	DIGITAL PRINTER SQUARE, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 	Michael F. Foust
		 		 		 	Title:	 	Chief Executive Officer

  

 Signature Page 

													
	GLOBAL KATO HG, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 		 	Michael F. Foust
		 		 		 	Title:	 		 	Chief Executive Officer
	
	DIGITAL GREENSPOINT, L.P.
		
	By:	 	 DRT GREENSPOINT, LLC,

its general partner and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

				
		 		 	By:	 	 DIGITAL REALTY TRUST,

INC., its sole general partner

					
		 		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name:	 		 	Michael F. Foust
		 		 		 	Title:	 		 	Chief Executive Officer
	
	DRT GREENSPOINT, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,

its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, INC.,

its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 	Name:	 	 Michael F. Foust 

		 		 	Title:	 	 Chief Executive Officer 

 

 Signature Page 

									
	DIGITAL GREENSPOINT, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	 DIGITAL REALTY TRUST,

INC., its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL 113 N. MYERS, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	 DIGITAL REALTY TRUST,

INC., its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL 125 N. MYERS, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	 DIGITAL REALTY TRUST,

INC., its sole general partner

				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

			
	
	DIGITAL TORONTO BUSINESS TRUST
		
	By	 	/s/ Michael F. Foust
		 	Name: Michael F. Foust
		 	Title: Chief Executive Officer

  

 Signature Page 

							
	DIGITAL AQUILA, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 	its sole general partner
				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

									
	DIGITAL CENTREPORT, L.P.
		
	By:	 	DRT CENTREPORT, LLC,
		 	its general partner and manager
			
		 	By:	 	GLOBAL STANFORD PLACE II, LLC, 
		 		 	its member and manager
				
		 		 	By:	 	DIGITAL REALTY TRUST, L.P.,
		 		 		 	its member and manager
					
		 		 		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 		 		 	its sole general partner

  

											
						
		 		 		 		 	By	 	/s/Michael F. Foust
		 		 		 		 		 	Name: Michael F. Foust
		 		 		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL PHOENIX VAN BUREN, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 	its sole general partner
				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

 Signature Page 

									
	DIGITAL WINTER, LLC
		
	By:	 	GLOBAL STANFORD PLACE II, LLC,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, L.P.,
		 		 	its member and manager
				
		 		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 		 	its sole general partner

  

									
					
		 		 		 	By	 	/s/ Michael F. Foust
		 		 		 		 	Name: Michael F. Foust
		 		 		 		 	Title: Chief Executive Officer

  

									
	DIGITAL 89TH PLACE, LLC
		
	By:	 	GLOBAL STANFORD PLACE II, LLC,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, L.P.,
		 		 	its member and manager
				
		 		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 		 	its sole general partner

  

									
					
		 		 		 	By	 	/s/ Michael F. Foust
		 		 		 		 	Name: Michael F. Foust
		 		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL RESTON, LLC
		
	By:	 	DIGITAL ABOVE, LLC,
		 	its sole member and manager
			
		 	By:	 	DIGITAL SERVICES, INC., 
		 		 	its sole member and manager

  

									
					
		 		 		 	By	 	/s/ Michael F Foust
		 		 		 		 	Name: Michael F. Foust
		 		 		 		 	Title: Chief Executive Officer

  

 Signature Page 

					
	DIGITAL ABOVE, LLC
		
	By:	 	 DIGITAL SERVICES, INC.,

its sole member and manager

  

					
			
		 	By	 	/s/ Michael F. Foust
		 		 	Name: Michael F. Foust
		 		 	Title: Chief Executive Officer

  

							
	DIGITAL CHELSEA, LLC
		
	By:	 	DIGITAL ABOVE, LLC,
		 	its sole member and manager
			
		 	By:	 	DIGITAL SERVICES, INC.,
		 		 	its sole member and manager

  

							
				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

					
	DIGITAL VIENNA, LLC
		
	By:	 	DIGITAL ABOVE, LLC,
		 	its sole member and manager
			
		 	By:	 	DIGITAL SERVICES, INC.,
		 		 	its sole member and manager

  

							
				
		 		 	By	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

					
	DIGITAL WALTHAM, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC., 
		 		 	its sole general partner

  

							
				
		 		 	By:	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

 Signature Page 

									
	DIGITAL MIDWAY, L.P.
		
	By:	 	DIGITAL MIDWAY GP, LLC,
		 	its general partner and manager
			
		 	By:	 	DIGITAL REALTY TRUST, L.P., 
		 		 	its member and manager
				
		 		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 		 	its sole general partner

  

									
					
		 		 		 	By:	 	/s/ Michael F. Foust
		 		 		 		 	Name: Michael F. Foust
		 		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL 21110 RIDGETOP, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 	its sole general partner

  

							
				
		 		 	By:	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL 3011 LAFAYETTE, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 	its sole general partner

  

							
				
		 		 	By:	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

 Signature Page 

							
	DIGITAL ASHBURN CS, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC.,
		 		 	its sole general partner

  

							
				
		 		 	By:	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

							
	GIP STOUGHTON, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC., 
		 		 	its sole general partner

  

							
				
		 		 	By:	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

							
	DIGITAL ARIZONA RESEARCH PARK II, LLC
		
	By:	 	DIGITAL REALTY TRUST, L.P.,
		 	its member and manager
			
		 	By:	 	DIGITAL REALTY TRUST, INC., 
		 		 	its sole general partner

  

							
				
		 		 	By:	 	/s/ Michael F. Foust
		 		 		 	Name: Michael F. Foust
		 		 		 	Title: Chief Executive Officer

  

 Signature Page 

 EXHIBIT A 

BORROWER AND PARENT GUARANTOR 

CONSTITUTIVE DOCUMENT AMENDMENT DOCUMENTATION 

[See attached pages] 
  

 Exh. A-1 

 DIGITAL REALTY TRUST, INC. 

ARTICLES OF AMENDMENT 

Digital Realty Trust, Inc., a Maryland corporation (the “Corporation”), hereby certifies to the State Department of Assessments
and Taxation of Maryland that: 
 FIRST: The charter of the Corporation (the “Charter”) is hereby amended by
deleting therefrom in their entirety the first two sentences of Section 5.1 of Article V and inserting in lieu thereof two new sentences to read as follows: 

The Corporation has authority to issue 155,000,000 shares of stock, consisting of 125,000,000 shares of Common Stock, $.01 par value per
share (“Common Stock”), and 30,000,000 shares of Preferred Stock, $.01 par value per share (“Preferred Stock”). The aggregate par value of all authorized shares of stock having par value is $1,550,000. 

SECOND: The total number of shares of stock which the Corporation had authority to issue immediately prior to the foregoing
amendment of the Charter was 120,000,000 shares of stock, consisting of 100,000,000 shares of Common Stock, $.01 par value per share, and 20,000,000 shares of Preferred Stock, $.01 par value per share. The aggregate par value of all authorized
shares of stock having par value was $1,200,000. 
 THIRD: The total number of shares of stock which the Corporation has
authority to issue pursuant to the foregoing amendment of the Charter is 155,000,000 shares of stock, consisting of 125,000,000 shares of Common Stock, $.01 par value per share, and 30,000,000 shares of Preferred Stock, $.01 par value per share. The
aggregate par value of all authorized shares of stock having par value is $1,550,000. 
 FOURTH: The information required
by Section 2-607(b)(2)(i) of the Maryland General Corporation Law (the “MGCL”) is not changed by the foregoing amendment of the Charter. 

FIFTH: The foregoing amendment of the Charter was approved by a majority of the entire Board of Directors of the Corporation as
required by law and was limited to a change expressly authorized by Section 2-105(a)(12) of the MGCL without any action by the stockholders of the Corporation. 

SIXTH: The undersigned President acknowledges these Articles of Amendment to be the corporate act of the Corporation and as to all
matters of facts required to be verified under oath, the undersigned President acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under
the penalties of perjury. 

 IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be executed
under seal in its name and on its behalf by its Senior Vice President and attested to by its Assistant Secretary on this 30th day of January, 2008. 
  

													
	ATTEST:	 		 	DIGITAL REALTY TRUST, INC.
					
	/s/ Joshua Mills	 		 	By:	 	/s/ James Trout	 	(SEAL)
	Name:	 	Joshua Mills	 		 		 	Name:	 	James Trout	 	
	Title:	 	Assistant Secretary	 		 		 	Title:	 	Senior Vice President	 	

  

 -37- 

 DIGITAL REALTY TRUST, INC. 

ARTICLES SUPPLEMENTARY 

13,800,000 SHARES OF 

5.500% SERIES D CUMULATIVE CONVERTIBLE PREFERRED STOCK 

FEBRUARY 5, 2008 

Digital Realty Trust, Inc., a Maryland corporation (the “Company”), hereby certifies to the State Department of
Assessments and Taxation of Maryland (the “Department”) that: 
 FIRST: Pursuant to the authority
expressly vested in the Board of Directors of the Company (the “Board of Directors”) by Article IV of the Articles of Amendment and Restatement of the Company filed with the Department on October 26, 2004 (the
“Charter”) and Section 2-105 of the Maryland General Corporation Law (the “MGCL”), the Board of Directors, by resolutions duly adopted on January 28, 2008, has authorized the classification and designation
of up to 12,000,000 shares (plus up to an additional 15% to cover any underwriter over-allotment option) of the authorized but unissued preferred stock of the Company, par value $.01 per share (“Preferred Stock”), as a separate
class of Preferred Stock, the issuance of a maximum of 12,000,000 shares (plus up to an additional 15% to cover any underwriter over-allotment option) of such class of Preferred Stock, and, pursuant to the powers contained in the Bylaws of the
Company and the MGCL, appointed a committee (the “Committee”) of the Board of Directors and delegated to the Committee, to the fullest extent permitted by the MGCL and the Charter and Bylaws of the Company, among other things, all
powers of the Board of Directors with respect to (i) setting the number of shares of the Preferred Stock to be classified and designated, up to a maximum of 12,000,000 shares (plus up to an additional 15% to cover any underwriter over-allotment
option) of Preferred Stock, (ii) choosing the cumulative dividend percentage for the Preferred Stock, (iii) selecting the dates on which dividends will be paid on the Preferred Stock, (iv) establishing the price per share for the
Preferred Stock, (v) authorizing, approving and filing these Articles Supplementary with the Department, and (vi) authorizing and approving all such other actions as the Committee may deem necessary or desirable in connection with the
classification, authorization, issuance, offer, and sale of the Preferred Stock. 
 SECOND: The Committee has unanimously
adopted resolutions classifying and designating the Preferred Stock as a separate class of Preferred Stock to be known as the “5.500% Series D Cumulative Convertible Preferred Stock,” setting the preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends and other distributions, transfers, qualifications, terms and conditions of redemption and other terms and conditions of such 5.500% Series D Cumulative Convertible Preferred Stock, and
authorizing the issuance of up to 12,000,000 (plus up to an additional 15% to cover any underwriter over-allotment option) shares of 5.500% Series D Cumulative Convertible Preferred Stock. 

THIRD: The designation, number of shares, preferences, rights, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications, terms and conditions of redemption and other terms and conditions of the separate class of Preferred Stock 

 
of the Company designated as 5.500% Series D Cumulative Convertible Preferred Stock are as follows (the “Series D Terms”), which upon any restatement of the Charter shall be made
a part of or incorporated by reference into the Charter with any necessary or appropriate changes to the enumeration or lettering of Sections or subsections thereof: 

SECTION 1. Designation and Number. A series of Preferred Stock, designated the “5.500% Series D Cumulative Convertible
Preferred Stock” (the “Series D Preferred Stock”), is hereby established. The number of shares of Series D Preferred Stock shall be 13,800,000. 

SECTION 2. Rank. The Series D Preferred Stock will, with respect to dividend rights and rights upon voluntary or involuntary
liquidation, dissolution or winding up of the Company, rank: (i) senior to all classes or series of the Company’s common stock, par value $.01 per share (the “Common Stock”), and all classes or series of capital stock of
the Company now or hereafter authorized, issued or outstanding expressly designated as ranking junior to the Series D Preferred Stock as to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of the
Company; (ii) on parity with the Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, the Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, and the Series C Cumulative Convertible Preferred Stock,
par value $0.01 per share, of the Company and with any class or series of capital stock of the Company expressly designated as ranking on parity with the Series D Preferred Stock as to dividend rights and rights upon voluntary or involuntary
liquidation, dissolution or winding up of the Company; and (iii) junior to any class or series of capital stock of the Company expressly designated as ranking senior to the Series D Preferred Stock as to dividend rights and rights upon
voluntary or involuntary liquidation, dissolution or winding up of the Company. The term “capital stock” does not include convertible or exchangeable debt securities, which will rank senior to the Series D Preferred Stock prior to
conversion or exchange. The Series D Preferred Stock will rank junior in right of payment to the Company’s other existing and future debt obligations. 

SECTION 3. Dividends. 

(a) Subject to the preferential rights of the holders of any class or series of capital stock of the Company ranking senior to the Series
D Preferred Stock as to dividends, the holders of shares of the Series D Preferred Stock shall be entitled to receive, when, as and if authorized by the Board of Directors and declared by the Company, out of funds legally available for the payment
of dividends, cumulative cash dividends at the rate of 5.500% per annum of the $25.00 liquidation preference per share of the Series D Preferred Stock (equivalent to the fixed annual amount of $1.375 per share of the Series D Preferred Stock).
Such dividends shall accrue and be cumulative from and including the first date on which any shares of Series D Preferred Stock are issued (the “Original Issue Date”) and shall be payable quarterly in arrears on each Dividend
Payment Date (as defined below), commencing March 31, 2008; provided, however, that if any Dividend Payment Date is not a Business Day (as defined below), then the dividend which would otherwise have been payable on such Dividend
Payment Date may be paid on the next succeeding Business Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and
effect as if paid on such Dividend Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so payable from such Dividend Payment 

 

 39 

 
Date to such next succeeding Business Day. The amount of any dividend payable on the Series D Preferred Stock for any partial Dividend Period (as defined below) shall be prorated and computed on
the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as they appear in the stockholder records of the Company at the close of business on the applicable Dividend Record Date (as defined
below). Notwithstanding any provision to the contrary contained herein, each outstanding share of Series D Preferred Stock shall be entitled to receive a dividend with respect to any Dividend Record Date equal to the dividend paid with respect to
each other share of Series D Preferred Stock that is outstanding on such date. “Dividend Record Date” shall mean the date designated by the Board of Directors for the payment of dividends that is not more than 35 or fewer than 10
days prior to the applicable Dividend Payment Date. “Dividend Payment Date” shall mean the last calendar day of each March, June, September and December, commencing on March 31, 2008. “Dividend Period” shall
mean the respective periods commencing on and including the first day of January, April, July and October of each year and ending on and including the day preceding the first day of the next succeeding Dividend Period (other than the initial
Dividend Period, which shall commence on the Original Issue Date and end on and include March 31, 2008, and other than the Dividend Period during which any shares of Series D Preferred Stock shall be redeemed pursuant to Section 5, which
shall end on and include the day preceding the call date with respect to the shares of Series D Preferred Stock being redeemed). 

The term “Business Day” shall mean each day, other than a Saturday or a Sunday, which is not a day on which banking
institutions in New York, New York are authorized or required by law, regulation or executive order to close. 
 (b)
Notwithstanding anything contained herein to the contrary, dividends on the Series D Preferred Stock shall accrue whether or not the Company has earnings, whether or not there are funds legally available for the payment of such dividends, and
whether or not such dividends are authorized or declared. 
 (c) Except as provided in Section 3(d) below, no dividends
shall be declared and paid or declared and set apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to, any shares of Common Stock or shares of any other class or
series of capital stock of the Company ranking, as to dividends, on parity with or junior to the Series D Preferred Stock (other than a dividend paid in shares of Common Stock or in shares of any other class or series of capital stock ranking junior
to the Series D Preferred Stock as to dividends and upon liquidation) for any period, nor shall any shares of Common Stock or any other shares of any other class or series of capital stock of the Company ranking, as to dividends or upon liquidation,
on parity with or junior to the Series D Preferred Stock be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of such shares, and no other
distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Company (except by conversion into or exchange for other shares of any class or series of capital stock of the Company ranking junior to
the Series D Preferred Stock as to dividends and upon liquidation, and except for the acquisition of shares made pursuant to the provisions of Article VI of the Charter or Section 7 hereof), unless full cumulative dividends on the Series D
Preferred Stock for all past dividend periods shall have been or contemporaneously 
  

 40 

 
are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

(d) When dividends are not paid in full (and a sum sufficient for such full payment is not so set apart) upon the Series D Preferred
Stock and the shares of any other class or series of capital stock ranking, as to dividends, on parity with the Series D Preferred Stock, all dividends declared upon the Series D Preferred Stock and each such other class or series of capital stock
ranking, as to dividends, on parity with the Series D Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Series D Preferred Stock and such other class or series of capital stock shall in all cases bear
to each other the same ratio that accrued dividends per share on the Series D Preferred Stock and such other class or series of capital stock (which shall not include any accrual in respect of unpaid dividends on such other class or series of
capital stock for prior dividend periods if such other class or series of capital stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or
payments on the Series D Preferred Stock which may be in arrears. 
 (e) Holders of shares of Series D Preferred Stock shall not
be entitled to any dividend, whether payable in cash, property or shares of stock, in excess of full cumulative dividends on the Series D Preferred Stock as provided herein. Any dividend payment made on the Series D Preferred Stock shall first be
credited against the earliest accrued but unpaid dividends due with respect to such shares which remains payable. Accrued but unpaid distributions on the Series D Preferred Stock will accumulate as of the Dividend Payment Date on which they first
become payable. 
 SECTION 4. Liquidation Preference. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, before any distribution or
payment shall be made to holders of shares of Common Stock or any other class or series of capital stock of the Company ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company,
junior to the Series D Preferred Stock, the holders of shares of Series D Preferred Stock shall be entitled to be paid out of the assets of the Company legally available for distribution to its stockholders, after payment of or provision for the
debts and other liabilities of the Company, a liquidation preference of $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared) to but excluding the date of payment. In the event that, upon
such voluntary or involuntary liquidation, dissolution or winding up, the available assets of the Company are insufficient to pay the full amount of the liquidating distributions on all outstanding shares of Series D Preferred Stock and the
corresponding amounts payable on all shares of other classes or series of capital stock of the Company ranking, as to liquidation rights, on parity with the Series D Preferred Stock in the distribution of assets, then the holders of the Series D
Preferred Stock and each such other class or series of shares of capital stock ranking, as to voluntary or involuntary liquidation rights, on parity with the Series D Preferred Stock shall share ratably in any such distribution of assets in
proportion to the full liquidating distributions to which they would otherwise be respectively entitled. Written notice of any such voluntary or involuntary liquidation, dissolution or winding up of the Company, stating the payment date or dates
when, and the place or places where, the 
  

 41 

 
amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage pre-paid, not fewer than 30 or more than 60 days prior to the payment date stated
therein, to each record holder of shares of Series D Preferred Stock at the respective addresses of such holders as the same shall appear on the stock transfer records of the Company. After payment of the full amount of the liquidating distributions
to which they are entitled, the holders of Series D Preferred Stock will have no right or claim to any of the remaining assets of the Company. The consolidation or merger of the Company with or into any other corporation, trust or entity, or the
voluntary sale, lease, transfer or conveyance of all or substantially all of the property or business of the Company, shall not be deemed to constitute a liquidation, dissolution or winding up of the affairs of the Company. 

(b) In determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other
acquisition of shares of capital stock of the Company or otherwise, is permitted under the MGCL, amounts that would be needed, if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution
of holders of shares of Series D Preferred Stock shall not be added to the Company’s total liabilities. 
 SECTION 5.
Redemption. 
 (a) The Company shall have the right to redeem shares of the Series D Preferred Stock in order to preserve
the Company’s status as a REIT for federal tax purposes, in whole or in part, at any time or from time to time, for cash at a redemption price equal to 100% of the liquidation preference of the Series D Preferred Stock to be redeemed plus an
amount equal to all accrued and unpaid dividends up to, but not including, the date fixed for redemption, without interest; provided that if the redemption date is on a date that is after a Dividend Record Date and on or prior to the corresponding
Dividend Payment Date, the Company shall pay such dividends to the holder of record of such shares of Series D Preferred Stock on the Dividend Record Date, and the redemption price shall be equal to 100% of the liquidation preference of the Series D
Preferred Stock to be redeemed. 
 (b) If fewer than all of the outstanding shares of Series D Preferred Stock are to be
redeemed, the shares of Series D Preferred Stock to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional shares) by lot or by any other equitable method determined by the Company that will not result in
a violation of the Ownership Limit and the Aggregate Stock Ownership Limit (each, as defined in Section 7(a)). If redemption is to be by lot and, as a result, any holder of shares of Series D Preferred Stock would have actual ownership,
Beneficial Ownership or Constructive Ownership (each, as defined in Section 7(a)) in excess of the Ownership Limit (as defined in Section 7(a)), the Aggregate Stock Ownership Limit or such other limit as permitted by the Board of Directors
or the Committee pursuant to Section 7(i) because such holder’s shares of Series D Preferred Stock were not redeemed, or were only redeemed in part, then, except as otherwise provided in the Charter, the Company shall redeem the requisite
number of shares of Series D Preferred Stock of such holder such that no holder will hold an amount of Series D Preferred Stock in excess of the applicable ownership limit subsequent to such redemption. Holders of Series D Preferred Stock to be
redeemed shall surrender such Series D Preferred Stock at the place designated in such notice and shall be entitled to the redemption price of $25.00 per share and any accrued and unpaid dividends

  

 42 

 
payable upon such redemption following such surrender. If (i) notice of redemption of any shares of Series D Preferred Stock has been given, (ii) the funds necessary for such redemption
have been set aside by the Company in trust for the benefit of the holders of any shares of Series D Preferred Stock so called for redemption, and (iii) irrevocable instructions have been given to pay the redemption price and all accrued and
unpaid dividends, then from and after the redemption date, dividends shall cease to accrue on such shares of Series D Preferred Stock, such shares of Series D Preferred Stock shall no longer be deemed outstanding, and all rights of the holders of
such shares shall terminate, except the right to receive the redemption price plus any accrued and unpaid dividends payable upon such redemption, without interest. So long as no dividends are in arrears, nothing herein shall prevent or restrict the
Company’s right or ability to purchase, from time to time, either at a public or a private sale, all or any part of the Series D Preferred Stock at such price or prices as the Company may determine, subject to the provisions of applicable law,
including the repurchase of shares of Series D Preferred Stock in open-market transactions duly authorized by the Board of Directors. 

(c) [Intentionally Omitted.] 

(d) [Intentionally Omitted.] 

(e) [Intentionally Omitted.] 

(f) If a redemption date falls after a Dividend Record Date and on or prior to the corresponding Dividend Payment Date, each holder of
Series D Preferred Stock at the close of business on such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares on or prior to such
Dividend Payment Date, and each holder of Series D Preferred Stock that surrenders its shares on such redemption date will be entitled to the dividends accruing after the end of the Dividend Period to which such Dividend Payment Date relates up to
but excluding the redemption date. Except as provided herein, the Company shall make no payment or allowance for unpaid dividends, whether or not in arrears, on Series D Preferred Stock for which a notice of redemption has been given. 

(g) All shares of the Series D Preferred Stock redeemed or repurchased pursuant to this Section 5 shall be retired and shall be
restored to the status of authorized but unissued shares of Preferred Stock, without designation as to series or class. 
 (h)
The Series D Preferred Stock shall have no stated maturity and shall not be subject to any sinking fund or mandatory redemption; provided, however, that the Series D Preferred Stock owned by a stockholder in excess of the Ownership Limit shall be
subject to the provisions of this Section 5 and Section 7 of these Articles Supplementary. 
 SECTION 6. Voting
Rights. 
 (a) Holders of the Series D Preferred Stock shall not have any voting rights, except as set forth in this
Section 6. 
 (b) Whenever dividends on any shares of Series D Preferred Stock shall be in arrears for six or more
consecutive or non-consecutive quarterly periods (a “Preferred Dividend 
  

 43 

 
Default”), the holders of such Series D Preferred Stock (voting together as a single class with all other classes or series of preferred stock of the Company upon which like voting
rights have been conferred and are exercisable (“Parity Preferred”), including the Series A Cumulative Redeemable Preferred Stock, the Series B Cumulative Redeemable Preferred Stock and the Series C Cumulative Convertible Preferred
Stock of the Company) shall be entitled to vote for the election of a total of two additional directors of the Company (the “Preferred Directors”) until all dividends accumulated on such Series D Preferred Stock and Parity Preferred
for the past dividend periods shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment. In such case, the entire Board of Directors will be increased by two directors. 

(c) The Preferred Directors will be elected by a plurality of the votes cast in the election for a one-year term and each Preferred
Director will serve until his or her successor is duly elected and qualifies or until such Preferred Director’s right to hold the office terminates, whichever occurs earlier, subject to such Preferred Director’s earlier death,
disqualification or removal. The election will take place at (i) either (a) a special meeting called in accordance with Section 6(d) below if the request is received more than 90 days before the date fixed for the Company’s next
annual or special meeting of stockholders or (b) the next annual or special meeting of stockholders if the request is received within 90 days of the date fixed for the Company’s next annual or special meeting of stockholders, and
(ii) at each subsequent annual meeting of stockholders, or special meeting held in place thereof, until all such dividends in arrears on the Series D Preferred Stock and each such class or series of outstanding Parity Preferred have been paid
in full. A dividend in respect of Series D Preferred Stock shall be considered timely made if made within two Business Days after the applicable Dividend Payment Date if at the time of such late payment date there shall not be any prior quarterly
dividend periods in respect of which full dividends were not timely made at the applicable Dividend Payment Date. 
 (d) At any
time when such voting rights shall have vested, a proper officer of the Company shall call or cause to be called, upon written request of holders of record of at least 10% of the outstanding shares of Series D Preferred Stock and Parity Preferred, a
special meeting of the holders of Series D Preferred Stock and each class or series of Parity Preferred by mailing or causing to be mailed to such holders a notice of such special meeting to be held not fewer than ten or more than 45 days after the
date such notice is given. The record date for determining holders of the Series D Preferred Stock and Parity Preferred entitled to notice of and to vote at such special meeting will be the close of business on the third Business Day preceding the
day on which such notice is mailed. At any such annual or special meeting, all of the holders of the Series D Preferred Stock and Parity Preferred, by plurality vote, voting together as a single class without regard to class or series will be
entitled to elect two directors on the basis of one vote per $25.00 of liquidation preference to which such Series D Preferred Stock and Parity Preferred are entitled by their terms (excluding amounts in respect of accumulated and unpaid dividends)
and not cumulatively. The holder or holders of one-third of the Series D Preferred Stock and Parity Preferred voting as a single class then outstanding, present in person or by proxy, will constitute a quorum for the election of the Preferred
Directors except as otherwise provided by law. Notice of all meetings at which holders of the Series D Preferred Stock and the Parity Preferred shall be entitled to vote will be given to such holders at their addresses as they appear in the transfer
records. At any such meeting or adjournment thereof in the absence of a 
  

 44 

 
quorum, subject to the provisions of any applicable law, a majority of the holders of the Series D Preferred Stock and Parity Preferred voting as a single class present in person or by proxy
shall have the power to adjourn the meeting for the election of the Preferred Directors, without notice other than an announcement at the meeting, until a quorum is present. If a Preferred Dividend Default shall terminate after the notice of a
special meeting has been given but before such special meeting has been held, the Company shall, as soon as practicable after such termination, mail or cause to be mailed notice of such termination to holders of the Series D Preferred Stock and the
Parity Preferred that would have been entitled to vote at such special meeting. 
 (e) If and when all accumulated dividends on
such Series D Preferred Stock and all classes or series of Parity Preferred for the past dividend periods shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment, the right of the holders of Series D
Preferred Stock and the Parity Preferred to elect such additional two directors shall immediately cease (subject to revesting in the event of each and every Preferred Dividend Default), and the term of office of each Preferred Director so elected
shall terminate and the entire Board of Directors shall be reduced accordingly. Any Preferred Director may be removed at any time with or without cause by the vote of, and shall not be removed otherwise than by the vote of, the holders of record of
a majority of the outstanding Series D Preferred Stock and the Parity Preferred entitled to vote thereon when they have the voting rights set forth in Section 6(b) (voting as a single class). So long as a Preferred Dividend Default shall
continue, any vacancy in the office of a Preferred Director may be filled by written consent of the Preferred Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding Series D
Preferred Stock when they have the voting rights described above (voting as a single class with all other classes or series of Parity Preferred). Each of the Preferred Directors shall be entitled to one vote on any matter. 

(f) So long as any shares of Series D Preferred Stock remain outstanding, the affirmative vote or consent of the holders of two-thirds of
the shares of Series D Preferred Stock and each other class or series of preferred stock ranking on parity with the Series D Preferred Stock with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or
winding up of the Company upon which like voting rights have been conferred outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting as a single class) will be required to: (i) authorize, create or issue,
or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series D Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding
up of the affairs of the Company or reclassify any authorized shares of capital stock of the Company into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such
capital stock; or (ii) amend, alter or repeal the provisions of the Charter or the terms of the Series D Preferred Stock, whether by merger, consolidation, transfer or conveyance of all or substantially all of its assets or otherwise (an
“Event”), so as to materially and adversely affect any right, preference, privilege or voting power of the Series D Preferred Stock; provided however, with respect to the occurrence of any of the Events set forth in
(ii) above, so long as the Series D Preferred Stock remains outstanding with the terms thereof materially unchanged, taking into account that, upon the occurrence of an Event, the Company may not be the surviving entity, the occurrence of such
Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting power of Series D Preferred Stock, and in such case such holders shall not have any 

 

 45 

 
voting rights with respect to the occurrence of any of the Events set forth in (ii) above. In addition, if the holders of the Series D Preferred Stock receive the greater of the full trading
price of the Series D Preferred Stock on the date of an Event set forth in (ii) above or the $25.00 liquidation preference per share of the Series D Preferred Stock pursuant to the occurrence of any of the Events set forth in (ii) above,
then such holders shall not have any voting rights with respect to the Events set forth in (ii) above. Holders of shares of Series D Preferred Stock shall not be entitled to vote with respect to: (a) any increase in the total number of
authorized shares of Common Stock or Preferred Stock of the Company, or (b) any increase in the number of authorized shares of Series D Preferred Stock or the creation or issuance of any other class or series of capital stock, or (c) any
increase in the number of authorized shares of any other class or series of capital stock, in each case referred to in clause (a), (b) or (c) above ranking on parity with or junior to the Series D Preferred Stock with respect to the
payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company. Except as set forth herein, holders of the Series D Preferred Stock shall not have any voting rights with respect to, and the consent of
the holders of the Series D Preferred Stock shall not be required for, the taking of any corporate action, including an Event, regardless of the effect that such corporate action or Event may have upon the powers, preferences, voting power or other
rights or privileges of the Series D Preferred Stock. 
 (g) The foregoing voting provisions of this Section 6 shall not
apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of Series D Preferred Stock shall have been redeemed or called for redemption upon proper notice and
sufficient funds, in cash, shall have been deposited in trust to effect such redemption. 
 (h) In any matter in which the
Series D Preferred Stock may vote (as expressly provided herein), each share of Series D Preferred Stock shall be entitled to one vote per $25.00 of liquidation preference. 

SECTION 7. Restrictions on Ownership and Transfer to Preserve Tax Benefit. 

(a) Definitions. For the purposes of Section 5 and this Section 7 of these Articles Supplementary, the following terms
shall have the following meanings: 
 “Aggregate Stock Ownership Limit” has the meaning set forth in Article 6
of the Charter. 
 “Beneficial Ownership” shall mean ownership of Series D Preferred Stock by a Person who is
or would be treated as an owner of such Series D Preferred Stock either actually or constructively through the application of Section 544 of the Code, as modified by Sections 856 (h)(1) (b) and 856 (h)(3) of the Code. The terms
“Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative meanings. 

“Capital Stock” has the meaning set forth in Article 6 of the Charter. 

“Charitable Beneficiary” shall mean one or more beneficiaries of a Trust, as determined pursuant to
Section 7(c)(vi) of these Articles Supplementary, each of which shall be an organization described in Sections 170(b)(1)(a), 170(c)(2) and 501(c)(3) of the Code. 

 

 46 

 “Code” shall mean the Internal Revenue Code of 1986, as amended. All
Section references to the Code shall include any successor provisions thereof as may be adopted from time to time. 

“Common Stock Ownership Limit” has the meaning set forth in Article 6 of the Charter. 

“Constructive Ownership” shall mean ownership of Series D Preferred Stock by a Person who is or would be treated as an
owner of such Series D Preferred Stock either actually or constructively through the application of Section 318 of the Code, as modified by Section 856(d)(5) of the Code. The terms “Constructive Owner,”
“Constructively Owns” and “Constructively Owned” shall have the correlative meanings. 

“Individual” means an individual, a trust qualified under Section 401(a) or 501(c)(17) of the Code, a portion of a
trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, or a private foundation within the meaning of Section 509(a) of the Code, provided that a trust described in
Section 401(a) of the Code and exempt from tax under Section 501(a) of the Code shall be excluded from this definition. 

“IRS” means the United States Internal Revenue Service. 

“Market Price” shall mean the last reported sales price reported on the NYSE of the Series D Preferred Stock on the
Trading Day immediately preceding the relevant date, or if the Series D Preferred Stock is not then traded on the NYSE, the last reported sales price of the Series D Preferred Stock on the Trading Day immediately preceding the relevant date as
reported on any exchange or quotation system over which the Series D Preferred Stock may be traded, or if the Series D Preferred Stock is not then traded over any exchange or quotation system, the market price of the Series D Preferred Stock on the
relevant date as determined in good faith by the Board of Directors of the Company. 
 “NYSE” means the New
York Stock Exchange, Inc. 
 “Ownership Limit” shall mean 9.8% (by value or number of shares, whichever is more
restrictive) of the outstanding shares of Series D Preferred Stock of the Company. The number and value of shares of outstanding Series D Preferred Stock of the Company shall be determined by the Board of Directors in good faith, which determination
shall be conclusive for all purposes hereof. 
 “Person” shall mean an Individual, corporation, partnership,
limited liability company, estate, trust (including a trust qualified under Section 401(a) or 501(c)(17) of the Code), association, joint stock company or other entity; but does not include an underwriter acting in a capacity as such in a
public offering of shares of Series D Preferred Stock provided that the ownership of such shares of Series D Preferred Stock by such underwriter would not result in the Company being “closely held” within the meaning of Section 856(h)
of the Code, or otherwise result in the Company failing to qualify as a REIT. 
 “Purported Beneficial
Transferee” shall mean, with respect to any purported Transfer (or other event) which results in a transfer to a Trust, as provided in Section 7(b)(ii) of these 

 

 47 

 
Articles Supplementary, the Purported Record Transferee, unless the Purported Record Transferee would have acquired or owned shares of Series D Preferred Stock for another Person who is the
beneficial transferee or beneficial owner of such shares, in which case the Purported Beneficial Transferee shall be such Person. 

“Purported Record Transferee” shall mean, with respect to any purported Transfer (or other event) which results in a
transfer to a Trust, as provided in Section 7(b)(ii) of these Articles Supplementary, the record holder of the Series D Preferred Stock if such Transfer had been valid under Section 7(b)(i) of these Articles Supplementary. 

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

“Restriction Termination Date” shall mean the first day after the date hereof on which the Board of Directors of the
Company determines that it is no longer in the best interests of the Company to attempt to, or continue to, qualify as a REIT. 

“Transfer” shall mean any sale, issuance, transfer, gift, assignment, devise or other disposition of Series D Preferred
Stock as well as any other event that causes any Person to Beneficially Own or Constructively Own Series D Preferred Stock, including (i) the granting of any option or entering into any agreement for the sale, transfer or other disposition of
Series D Preferred Stock or (ii) the sale, transfer, assignment or other disposition of any securities (or rights) convertible into or exchangeable for Series D Preferred Stock, whether voluntary or involuntary, whether such transfer has
occurred of record or beneficially or Beneficially or Constructively (including but not limited to transfers of interests in other entities which result in changes in Beneficial or Constructive Ownership of Series D Preferred Stock), and whether
such transfer has occurred by operation of law or otherwise. 
 “Trust” shall mean each of the trusts provided
for in Section 7(c) of these Articles Supplementary. 
 “Trustee” shall mean any Person unaffiliated with
the Company, or a Purported Beneficial Transferee, or a Purported Record Transferee, that is appointed by the Company to serve as trustee of a Trust. 

(b) Restriction on Ownership and Transfers. 

(i) Prior to the Restriction Termination Date, but subject to Section 7(l): 

(A) except as provided in Section 7(i) of these Articles Supplementary, (1) no Person shall Beneficially Own
Series D Preferred Stock in excess of the Ownership Limit and (2) no Person shall Beneficially Own shares of Capital Stock in excess of the Aggregate Stock Ownership Limit; 

(B) except as provided in Section 7(i) of these Articles Supplementary, (1) no Person shall Constructively Own
Series D Preferred Stock in excess of the Ownership Limit and (2) no Person shall Constructively own shares of Capital Stock in excess of the Aggregate Stock Ownership Limit; 

 

 48 

 (C) except as provided in Section 7(i) of these Articles Supplementary,
no Person shall Beneficially or Constructively Own Series D Preferred Stock which, taking into account the Common Stock of the Company into which it is convertible and any other Common Stock of the Company Beneficially or Constructively owned by
such Person, would result in the Person’s ownership of Common Stock in violation of the Common Stock Ownership Limit; 

(D) no Person shall Beneficially Own or Constructively Own Series D Preferred Stock which, taking into account any other
Capital Stock of the Company Beneficially or Constructively Owned by such Person, would result in the Company being “closely held” within the meaning of Section 856(h) of the Code, or otherwise failing to qualify as a REIT (including
but not limited to Beneficial or Constructive Ownership that would result in the Company owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(b) of the Code if the income derived by the Company
(either directly or indirectly through one or more subsidiaries) from such tenant would cause the Company to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). 

(ii) If, prior to the Restriction Termination Date, any Transfer or other event occurs that, if effective, would result in
any Person Beneficially or Constructively Owning Series D Preferred Stock in violation of Section 7(b)(i) of these Articles Supplementary, (i) then that number of shares of Series D Preferred Stock that otherwise would cause such Person to
violate Section 7(b)(i) of these Articles Supplementary (rounded up to the nearest whole share) shall be automatically transferred to a Trust for the benefit of a Charitable Beneficiary, as described in Section 7(c), effective as of the
close of business on the Business Day prior to the date of such Transfer or other event, and such Purported Beneficial Transferee shall thereafter have no rights in such shares or (ii) if, for any reason, the transfer to the Trust described in
clause (i) of this sentence is not automatically effective as provided therein to prevent any Person from Beneficially or Constructively Owning Series D Preferred Stock in violation of Section 7(b)(i) of these Articles Supplementary, then
the Transfer of that number of shares of Series D Preferred Stock that otherwise would cause any Person to violate Section 7(b)(i) shall be void ab initio, and the Purported Beneficial Transferee shall have no rights in such shares. 

(iii) Subject to Section 7(l) and prior to the Restriction Termination Date, any Transfer of Series D Preferred Stock
that, if effective, would result in the capital stock of the Company being beneficially owned by fewer than 100 Persons (determined without reference to any rules of attribution) shall be void ab initio, and the intended transferee shall acquire no
rights in such Series D Preferred Stock. 
 (c) Transfers of Series D Preferred Stock in Trust. 

(i) Upon any purported Transfer or other event described in Section 7(b)(ii) of these Articles Supplementary, such
Series D Preferred Stock shall be deemed to have been transferred to the Trustee in his capacity as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be

  

 49 

 
deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in a transfer to the Trust pursuant to Section 7(b)(ii).
The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company, any Purported Beneficial Transferee or any Purported Record Transferee. Each Charitable Beneficiary shall be designated by the Company as provided in
Section 7(c)(vi) of these Articles Supplementary. 
 (ii) Series D Preferred Stock held by the Trustee shall
be issued and outstanding Series D Preferred Stock of the Company. The Purported Beneficial Transferee or Purported Record Transferee shall have no rights in the shares of the Series D Preferred Stock held by the Trustee. The Purported Beneficial
Transferee or Purported Record Transferee shall not benefit economically from ownership of any shares held in trust by the Trustee, shall have no rights to dividends and shall not possess any rights to vote or other rights attributable to the shares
of Series D Preferred Stock held in the Trust. 
 (iii) The Trustee shall have all voting rights and rights to
dividends with respect to Series D Preferred Stock held in the Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or distribution paid to or on behalf of the Purported Record Transferee or
Purported Beneficial Transferee prior to the discovery by the Company that shares of Series D Preferred Stock have been transferred to the Trustee shall be paid to the Trustee upon demand, and any dividend or distribution declared but unpaid shall
be paid when due to the Trustee with respect to such Series D Preferred Stock. Any dividends or distributions so paid over to the Trustee shall be held in trust for the Charitable Beneficiary. The Purported Record Transferee and Purported Beneficial
Transferee shall have no voting rights with respect to the Series D Preferred Stock held in the Trust and, subject to Maryland law, effective as of the date the Series D Preferred Stock has been transferred to the Trustee, the Trustee shall have the
authority (at the Trustee’s sole discretion) (i) to rescind as void any vote cast by a Purported Record Transferee with respect to such Series D Preferred Stock prior to the discovery by the Company that the Series D Preferred Stock has
been transferred to the Trustee and (ii) to recast such vote in accordance with the desires of the Trustee acting for the benefit of the Charitable Beneficiary; provided, however, that if the Company has already taken irreversible corporate
action, then the Trustee shall not have the authority to rescind and recast such vote. Notwithstanding any other provision of these Articles Supplementary to the contrary, until the Company has received notification that the Series D Preferred Stock
has been transferred into a Trust, the Company shall be entitled to rely on its share transfer and other stockholder records for purposes of preparing lists of stockholders entitled to vote at meetings, determining the validity and authority of
proxies and otherwise conducting votes of stockholders. 
 (iv) Within twenty (20) days of receiving notice
from the Company that shares of Series D Preferred Stock have been transferred to the Trust, the Trustee of the Trust shall sell the shares of Series D Preferred Stock held in the Trust to a Person, designated by the Trustee, whose ownership of the
shares of Series D Preferred Stock will not violate the ownership limitations set forth in Section 7(b)(i). Upon such sale, the interest of the Charitable Beneficiary in the shares of Series D Preferred Stock sold shall

  

 50 

 
terminate and the Trustee shall distribute the net proceeds of the sale to the Purported Record Transferee and to the Charitable Beneficiary as provided in this Section 7(c)(iv). The
Purported Record Transferee shall receive the lesser of (i) the price paid by the Purported Record Transferee for the shares of Series D Preferred Stock in the transaction that resulted in such transfer to the Trust (or, if the event which
resulted in the transfer to the Trust did not involve a purchase of such shares of Series D Preferred Stock at Market Price, the Market Price of such shares of Series D Preferred Stock on the day of the event which resulted in the transfer of such
shares of Series D Preferred Stock to the Trust) and (ii) the price per share received by the Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the shares of Series D Preferred Stock held in the
Trust. The Trustee may reduce the amount payable to the Purported Record Transferee by the amount of dividends and distributions which have been paid to the Purported Record Transferee and are owed by the Purported Record Transferee to the Trustee
pursuant to Section 7(c)(iii). Any net sales proceeds in excess of the amount payable to the Purported Record Transferee shall be immediately paid to the Charitable Beneficiary together with any dividends or other distributions thereon. If,
prior to the discovery by the Company that shares of such Series D Preferred Stock have been transferred to the Trustee, such shares of Series D Preferred Stock are sold by a Purported Record Transferee then (i) such shares of Series D
Preferred Stock shall be deemed to have been sold on behalf of the Trust and (ii) to the extent that the Purported Record Transferee received an amount for such shares of Series D Preferred Stock that exceeds the amount that such Purported
Record Transferee was entitled to receive pursuant to this Section 7(c)(iv), such excess shall be paid to the Trustee upon demand. 

(v) Series D Preferred Stock transferred to the Trustee shall be deemed to have been offered for sale to the Company, or
its designee, at a price per share equal to the lesser of (i) the price paid by the Purported Record Transferee for the shares of Series D Preferred Stock in the transaction that resulted in such transfer to the Trust (or, if the event which
resulted in the transfer to the Trust did not involve a purchase of such shares of Series D Preferred Stock at Market Price, the Market Price of such shares of Series D Preferred Stock on the day of the event which resulted in the transfer of such
shares of Series D Preferred Stock to the Trust) and (ii) the Market Price on the date the Company, or its designee, accepts such offer. The Company may reduce the amount payable to the Purported Record Transferee by the amount of dividends and
distributions which have been paid to the Purported Record Transferee and are owed by the Purported Record Transferee to the Trustee pursuant to Section 7(c)(iii). The Company shall have the right to accept such offer until the Trustee has sold
the shares of Series D Preferred Stock held in the Trust pursuant to Section 7(c)(iv). Upon such a sale to the Company, the interest of the Charitable Beneficiary in the shares of Series D Preferred Stock sold shall terminate and the Trustee
shall distribute the net proceeds of the sale to the Purported Record Transferee and any dividends or other distributions held by the Trustee with respect to such Series D Preferred Stock shall thereupon be paid to the Charitable Beneficiary.

 (vi) By written notice to the Trustee, the Company shall designate one or more nonprofit organizations to be
the Charitable Beneficiary of the interest in the Trust such that the Series D Preferred Stock held in the Trust would not violate the restrictions set forth in Section 7(b)(i) in the hands of such Charitable Beneficiary. 

 

 51 

 (d) Remedies For Breach. If the Board of Directors or a committee thereof or other
designees if permitted by the MGCL shall at any time determine in good faith that a Transfer or other event has taken place in violation of Section 7(b) of these Articles Supplementary or that a Person intends to acquire, has attempted to
acquire or may acquire beneficial ownership (determined without reference to any rules of attribution), Beneficial Ownership or Constructive Ownership of any shares of Series D Preferred Stock of the Company in violation of Section 7(b) of
these Articles Supplementary, the Board of Directors or the Committee or other designees if permitted by the MGCL shall take such action as it deems advisable to refuse to give effect or to prevent such Transfer, including, but not limited to,
causing the Company to redeem shares of Series D Preferred Stock, refusing to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer; provided, however, that any Transfers (or, in the case of
events other than a Transfer, ownership or Constructive Ownership or Beneficial Ownership) in violation of Section 7(b)(i) of these Articles Supplementary, shall automatically result in the transfer to a Trust as described in
Section 7(b)(ii) and any Transfer in violation of Section 7(b)(iii) shall automatically be void ab initio irrespective of any action (or non-action) by the Board of Directors. 

(e) Notice of Restricted Transfer. Any Person who acquires or attempts to acquire shares of Series D Preferred Stock in violation
of Section 7(b) of these Articles Supplementary, or any Person who is a Purported Beneficial Transferee such that an automatic transfer to a Trust results under Section 7(b)(ii) of these Articles Supplementary, shall immediately give
written notice to the Company of such event and shall provide to the Company such other information as the Company may request in order to determine the effect, if any of such Transfer or attempted Transfer on the Company’s status as a REIT.

 (f) Owners Required To Provide Information. Prior to the Restriction Termination Date each Person who is a beneficial
owner or Beneficial Owner or Constructive Owner of Series D Preferred Stock and each Person (including the stockholder of record) who is holding Series D Preferred Stock for a beneficial owner or Beneficial Owner or Constructive Owner shall provide
to the Company such information that the Company may request, in good faith, in order to determine the Company’s status as a REIT. 

(g) Remedies Not Limited. Nothing contained in these Articles Supplementary (but subject to Section 7(l) of these Articles
Supplementary) shall limit the authority of the Board of Directors to take such other action as it deems necessary or advisable to protect the Company and the interests of its stockholders by preservation of the Company’s status as a REIT.

 (h) Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Section 7 of these
Articles Supplementary, including any definition contained in Section 7(a), the Board of Directors shall have the power to determine the application of the provisions of this Section 7 with respect to any situation based on the facts known
to it (subject, however, to the provisions of Section 7(l) of these Articles Supplementary). In the event Section 7 requires an action by the Board of Directors and these Articles Supplementary fail to provide specific guidance with
respect to such action, the Board of Directors shall have the power to 
  

 52 

 
determine the action to be taken so long as such action is not contrary to the provisions of Section 7. Absent a decision to the contrary by the Board of Directors (which the Board of
Directors may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in Section 7(b)) acquired Beneficial or Constructive Ownership of Series D Preferred Stock in violation of Section 7(b)(i),
such remedies (as applicable) shall apply first to the shares of Series D Preferred Stock which, but for such remedies, would have been actually owned by such Person, and second to shares of Series D Preferred Stock, which, but for such remedies,
would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such shares of Series D Preferred Stock based upon the relative number of the shares of Series D
Preferred Stock held by each such Person. 
 (i) Exceptions. 

(i) Subject to Section 7(b)(i)(D), the Board of Directors, in its sole discretion, may exempt (prospectively or
retroactively) a Person from the limitation on a Person Beneficially Owning shares of Series D Preferred Stock in violation of Section 7(b)(i)(A) or Section 7(b)(i)(C) if the Board of Directors determines that such exemption will not cause
any Individual’s Beneficial Ownership of shares of Capital Stock to violate the Aggregate Stock Ownership Limit and that such exemption will not cause the Company to fail to qualify as a REIT under the Code. 

(ii) Subject to Section 7(b)(i)(D), the Board of Directors, in its sole discretion, may exempt (prospectively or
retroactively) a Person from the limitation on a Person Constructively Owning shares of Series D Preferred Stock in violation of Section 7(b)(i)(B) or Section 7(b)(i)(C) if the Board of Directors determines that such ownership would not
cause the Company to fail to qualify as a REIT under the Code. 
 (iii) Subject to Section 7(b)(i)(D) and
the remainder of this Section 7(i)(iii), the Board of Directors may from time to time increase or decrease the Ownership Limit; provided, however, that the decreased Ownership Limit will not be effective for any Person whose percentage
ownership of Series D Preferred Stock is in excess of such decreased Ownership Limit until such time as such Person’s percentage of Series D Preferred Stock equals or falls below the decreased Ownership Limit, but any further acquisition of
Series D Preferred Stock in excess of such percentage ownership of Series D Preferred Stock will be in violation of the Ownership Limit, and, provided further, that the new Ownership Limit would not allow five or fewer Persons to Beneficially Own
more than 49% in value of the outstanding capital stock of the Company. 
 (iv) In granting a person an exemption
under Section 7(i)(i) or (ii) above, the Board of Directors may require such Person to make certain representations or undertakings or to agree that any violation or attempted violation of such representations or undertakings (or other
action which is contrary to the restrictions contained in Section 7(b) of these Articles Supplementary) will result in such Series D Preferred Stock being transferred to a Trust in accordance with Section 7(b)(ii) of these Articles
Supplementary. In granting any exception pursuant to Section 7(i)(i) or (ii) of these Articles Supplementary, the Board of Directors may require a ruling from the IRS, or an opinion 

 

 53 

 
of counsel, in either case in form and substance satisfactory to the Board of Directors in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the
Company’s status as a REIT. 
 (j) Legends. Each certificate for Series D Preferred Stock shall bear substantially
the following legends in addition to any legends required to comply with federal and state securities laws: 
 Classes of Stock

 “THE COMPANY IS AUTHORIZED TO ISSUE CAPITAL STOCK OF MORE THAN ONE CLASS, CONSISTING OF COMMON STOCK AND ONE OR MORE
CLASSES OF PREFERRED STOCK. THE BOARD OF DIRECTORS IS AUTHORIZED TO DETERMINE THE PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF ANY CLASS OF THE PREFERRED STOCK BEFORE THE ISSUANCE OF SHARES OF SUCH CLASS OF PREFERRED STOCK. THE COMPANY WILL
FURNISH, WITHOUT CHARGE, TO ANY STOCKHOLDER MAKING A WRITTEN REQUEST THEREFOR, A COPY OF THE COMPANY’S CHARTER AND A WRITTEN STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES, CONVERSION OR OTHER RIGHTS, VOTING POWERS, RESTRICTIONS,
LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS, QUALIFICATIONS AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE COMPANY HAS THE AUTHORITY TO ISSUE AND, IF THE COMPANY IS AUTHORIZED TO ISSUE ANY PREFERRED OR SPECIAL
CLASS AND SERIES, (i) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT SET, AND (ii) THE AUTHORITY OF THE BOARD OF DIRECTORS TO SET SUCH RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES.
REQUESTS FOR SUCH WRITTEN STATEMENT MAY BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL OFFICE.” 
 Restriction on
Ownership and Transfer 
 “THE SHARES OF 5.500% SERIES D CUMULATIVE CONVERTIBLE PREFERRED STOCK (“SERIES D
PREFERRED STOCK”) REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSE OF THE COMPANY’S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE ARTICLES SUPPLEMENTARY FOR THE SERIES D PREFERRED STOCK, (i) NO PERSON MAY BENEFICIALLY OR
CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S SERIES D PREFERRED STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING SERIES D PREFERRED STOCK OF THE COMPANY; (ii) NO PERSON MAY
BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S CAPITAL STOCK WITH A VALUE IN EXCESS OF 9.8% OF THE VALUE OF THE COMPANY’S OUTSTANDING CAPITAL STOCK; (iii) NO PERSON 

 

 54 

 
MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SERIES D PREFERRED STOCK THAT, TAKING INTO ACCOUNT THE COMPANY COMMON STOCK INTO WHICH IT IS CONVERTIBLE AND ANY OTHER COMMON STOCK OF THE COMPANY
BENEFICIALLY OR CONSTRUCTIVELY OWNED BY SUCH PERSON, WOULD RESULT IN SUCH PERSON’S OWNERSHIP OF COMMON STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING COMMON STOCK OF THE COMPANY;
(iv) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SERIES D PREFERRED STOCK THAT, TAKING INTO ACCOUNT ANY OTHER CAPITAL STOCK OF THE COMPANY BENEFICIALLY OR CONSTRUCTIVELY OWNED BY SUCH PERSON, WOULD RESULT IN THE COMPANY BEING “CLOSELY
HELD” UNDER SECTION 856(h) OF THE CODE OR OTHERWISE CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT; AND (v) NO PERSON MAY TRANSFER SERIES D PREFERRED STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY BEING OWNED BY
FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SERIES D PREFERRED STOCK WHICH CAUSES OR WILL CAUSE A PERSON TO BENEFICIALLY OR CONSTRUCTIVELY OWN SERIES D PREFERRED STOCK
IN EXCESS OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE COMPANY. IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP ARE VIOLATED, THE SERIES D PREFERRED STOCK REPRESENTED HEREBY IN EXCESS OF SUCH RESTRICTIONS WILL BE AUTOMATICALLY
TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IN ADDITION, THE COMPANY MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF
DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB
INITIO. ALL TERMS IN THIS LEGEND WHICH ARE DEFINED IN THE ARTICLES SUPPLEMENTARY FOR THE SERIES D PREFERRED STOCK SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN SUCH ARTICLES SUPPLEMENTARY, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH,
INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SERIES D PREFERRED STOCK ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL OFFICE.”

 (k) Severability. If any provision of this Section 7 or any application of any such provision is determined to be
invalid by any federal or state court having jurisdiction over the issues, the validity of the remaining provisions shall not be affected and other applications of such provision shall be affected only to the extent necessary to comply with the
determination of such court. 
  

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 (l) NYSE. Nothing in this Section 7 shall preclude the settlement of any
transaction entered into through the facilities of the NYSE. The shares of Series D Preferred Stock that are the subject of such transaction shall continue to be subject to the provisions of this Section 7 after such settlement. 

(m) Applicability of Section 7. The provisions set forth in this Section 7 shall apply to the Series D Preferred Stock
notwithstanding any contrary provisions of the Series D Preferred Stock provided for elsewhere in these Articles Supplementary. 

SECTION 8. Conversion Rights. 

(a) Definitions. For the purposes of this Section 8 of these Articles Supplementary, the following terms shall have the
following meanings: 
 “Closing Sale Price” per share of Common Stock on any date means the closing sale price
per share (or, if no closing sale price is reported, the average of the bid and asked prices or, if more than one in either case, the average of the average bid and the average asked prices) on such date as reported by the NYSE or, if the Common
Stock is not reported by the NYSE, in composite transactions for the principal other U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional
securities exchange on the relevant date, the “Closing Sale Price” will be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National Quotation Bureau Incorporated or
similar organization. If the Common Stock is not so quoted, the “Closing Sale Price” will be the average of the mid-point of the last bid and asked prices for the Common Stock on the relevant date from each of at least three independent
nationally recognized investment banking firms selected by the Company for this purpose. 
 “Conversion Date”
has the meaning set forth in Section 8(b)(ii) of these Articles Supplementary. 
 “Conversion Option”
means the Company’s option to convert some or all of the Series D Preferred Stock into that number of shares of Common Stock that are issuable at the then-applicable conversion rate as described in Section 8(c) of these Articles
Supplementary. 
 “Conversion Price” per share of Series D Preferred Stock as of any date means the liquidation
preference of such share of Series D Preferred Stock divided by the then applicable Conversion Rate. 
 “Conversion
Rate” means initially 0.5955 shares of Common Stock per $25.00 liquidation preference, subject to adjustment in certain events as set forth in this Section 8 of these Articles Supplementary. 

“DTC” means The Depository Trust Company or any successor entity. 

 

 56 

 “Fundamental Change” shall be deemed to have occurred at such time as:

 (i) the consummation of any transaction or event (whether by means of a share exchange or tender offer
applicable to Common Stock, a liquidation, consolidation, recapitalization, reclassification, combination or merger of the Company or a sale, lease or other transfer of all or substantially all of its consolidated assets) or a series of related
transactions or events pursuant to which all of the outstanding shares of Common Stock are exchanged for, converted into or constitutes solely the right to receive cash, securities or other property more than 10% of which consists of cash,
securities or other property that are not, or upon issuance will not be, traded on a national securities exchange; 

(ii) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended, whether or not applicable), other than the Company, the Company’s operating partnership subsidiary, Digital Realty Trust, L.P. (the “Operating Partnership”) or any of the
Company’s or the Operating Partnership’s majority-owned subsidiaries or any employee benefit plan of the Company, the Operating Partnership or such subsidiary, is or becomes the “beneficial owner,” directly or indirectly, of more
than 50% of the total voting power in the aggregate of all classes of the Company’s capital stock of then outstanding entitled to vote generally in elections of directors (for the avoidance of doubt the ownership of limited partnership units of
the Operating Partnership shall not be deemed to constitute beneficial ownership of the Company’s capital stock); or 

(iii) during any period of 12 consecutive months after the date of original issuance of the Series D Preferred Stock,
persons who at the beginning of such 12 month period constituted the Company’s board of directors, together with any new persons whose election was approved by a vote of a majority of the persons then still comprising the Company’s board
of directors who were either members of the board of directors at the beginning of such period or whose election, designation or nomination for election was previously so approved, cease for any reason to constitute a majority of the Company’s
board of directors. 
 “Fundamental Change Conversion Right” has the meaning set forth in Section 8(l)(i)
of these Articles Supplementary. 
 “Market Price” means, with respect to any Fundamental Change Conversion
Date, the average of the Closing Sale Prices of the Common Stock for the ten consecutive Trading Days ending on the third Trading Day prior to the Fundamental Change Conversion Date, appropriately adjusted to take into account the occurrence, during
the period commencing on the first Trading Day of such ten Trading Day period and ending on the Fundamental Change Conversion Date of any event requiring an adjustment of the Conversion Rate as described under Section 8(h); provided that in no
event shall the market price be less than $0.01, subject to adjustment for share splits and combinations, reclassifications and similar events. 

“NYSE” means the New York Stock Exchange, Inc. 

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

 

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 “Trading Day” means a day during which trading in securities generally
occurs on the NYSE or, if the Common Stock is not quoted on the NYSE, then a day during which trading in securities generally occurs on the principal U.S. securities exchange on which the Common Stock is listed or, if the Common Stock is not listed
on a U.S. national or regional securities exchange, then on the principal other market on which the Common Stock is then traded or quoted. 

(b) Conversion at Holder’s Option. 

(i) Holders of shares of Series D Preferred Stock, at their option, may, at any time and from time to time, convert some
or all of their outstanding shares of Series D Preferred Stock into Common Stock at the then applicable Conversion Rate. 

(ii) The Company shall not issue fractional shares of Common Stock upon the conversion of shares of Series D Preferred
Stock. Instead, the Company shall pay the cash value of such fractional shares based upon the Closing Sale Price of its Common Stock on the Trading Day (as defined in this Section 8) immediately prior to (A) the date on which the
certificate or certificates representing the shares of Series D Preferred Stock to be converted are surrendered, accompanied by a written notice of conversion and any required transfer taxes (the “Conversion Date”), or (B) the
effective date for the Company’s Conversion Option, as the case may be. 
 (iii) A holder of shares of
Series D Preferred Stock is not entitled to any rights of a common stockholder of the Company until such holder of shares of Series D Preferred Stock has converted its shares of Series D Preferred Stock or unless the Company has exercised its
Conversion Option, and only to the extent the shares of Series D Preferred Stock are deemed to have been converted into shares of Common Stock under these Articles Supplementary. 

(iv) Notwithstanding anything herein to the contrary, holders of shares of Series D Preferred Stock may not convert their
outstanding shares of Series D Preferred Stock into Common Stock if such conversion would cause the holder to violate the Aggregate Stock Ownership Limit or Common Stock Ownership Limit or otherwise result in the Company failing to qualify as a
REIT. 
 (v) Conversion Procedures. Holders of shares of Series D Preferred Stock may convert some or all
of their shares by surrendering to the Company at its principal office or at the office of its transfer agent, as may be designated by the Board of Directors, the certificate or certificates for the shares of Series D Preferred Stock to be
converted, accompanied by a written notice stating that the holder of shares of Series D Preferred Stock elects to convert all or a specified whole number of those shares in accordance with the provisions described in this Section 8 and
specifying the name or names in which the holder of shares of Series D Preferred Stock wishes the certificate or certificates for the shares of Common Stock to be issued. If the notice specifies a name or names other than the name of the holder of
shares of Series D Preferred Stock, the notice shall be accompanied by payment of all transfer taxes payable upon the issuance of shares of Common Stock in that name or names. Other than such transfer taxes, the

  

 58 

 
Company shall pay any documentary, stamp or similar issue or transfer taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of
Series D Preferred Stock. The date on which the Company has received all of the surrendered certificate or certificates, the notice relating to the conversion and payment of all required transfer taxes, if any, or the demonstration to the
Company’s satisfaction that those taxes have been paid, shall be deemed the Conversion Date with respect to a share of Series D Preferred Stock. As promptly as practicable after the Conversion Date with respect to any shares of Series D
Preferred Stock, the Company shall deliver or cause to be delivered (A) certificates representing the number of validly issued, fully paid and non-assessable shares of Common Stock to which the holders of shares of such Series D Preferred
Stock, or the transferee of the holder of such shares of Series D Preferred Stock, shall be entitled and (B) if less than the full number of shares of Series D Preferred Stock represented by the surrendered certificate or certificates is being
converted, a new certificate or certificates, of like tenor, for the number of shares represented by the surrendered certificate or certificates, less the number of shares being converted. This conversion shall be deemed to have been made at the
close of business on the Conversion Date so that the rights of the holder of shares of Series D Preferred Stock as to the shares being converted shall cease except for the right to receive the conversion value, and, if applicable, the person
entitled to receive shares of Common Stock shall be treated for all purposes as having become the record holder of those shares of Common Stock at that time on that date. 

(vi) In lieu of the foregoing procedures, if the Series D Preferred Stock is held in global certificate form, the holder
of shares of Series D Preferred Stock must comply with the procedures of DTC to convert its beneficial interest in respect of the Series D Preferred Stock represented by a global stock certificate of the Series D Preferred Stock. 

(vii) If any shares of Series D Preferred Stock are to be converted pursuant to the Company’s Conversion Option, the
right of a holder of such to voluntarily convert those shares of Series D Preferred Stock shall terminate if the Company has not received the conversion notice of such holder of such shares of Series D Preferred Stock by 5:00 p.m., New York City
time, on the business day immediately preceding the date fixed for conversion pursuant to the Company’s Conversion Option. 

(viii) If more than one share of Series D Preferred Stock is surrendered for conversion by the same holder at the same
time, the number of whole shares of Common Stock issuable upon conversion of those shares of Series D Preferred Stock shall be computed on the basis of the total number of shares of Series D Preferred Stock so surrendered. 

(c) Company Conversion Option. 

(i) On or after February 6, 2013, the Company may exercise its Conversion Option, as described below, but only if
(A) the Closing Sale Price of the Common Stock equals or exceeds 130% of the then-applicable Conversion Price per share of the Series D Preferred Stock for at least 20 Trading Days in a period of 30 consecutive Trading Days (including the last
Trading Day of such period) ending on the Trading Day immediately 
  

 59 

 
prior to the Company’s issuance of a press release announcing the exercise of its Conversion Option as described below in paragraph (iii); and (B) on or prior to the Effective Date of
the exercise of its Conversion Option, the Company has either declared and paid, or declared and set apart for payment, any unpaid dividends that are in arrears on the Series D Preferred Stock. 

(ii) If the Company converts less than all of the outstanding shares of Series D Preferred Stock, the Company’s
transfer agent shall select the shares by lot, on a pro rata basis or in accordance with any other method the transfer agent considers fair and appropriate. The Company may convert the Series D Preferred Stock only in a whole number of shares of
Series D Preferred Stock. If a portion of a holder’s Series D Preferred Stock is selected for partial conversion by the Company and the holder converts a portion of such Series D Preferred Stock, the number of shares of Series D Preferred Stock
subject to conversion by the Company shall be reduced by the number of shares that the holder converted. 
 (iii)
To exercise its Conversion Option described above, the Company shall issue a press release for publication on the Dow Jones & Company, Inc., Business Wire or Bloomberg Business News (or, if such organizations are not in existence at the
time of issuance of such press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant information to the public) prior to the opening of business on the first Trading Day following any date on
which the conditions described in Section 8(c)(i) are met, announcing such conversion. The Company shall also give notice by mail or by publication (with subsequent prompt notice by mail) to holders of shares of Series D Preferred Stock (not
more than four Trading Days after the date of the press release) and, if required by the rules and regulations of the SEC, the Company shall file a Current Report on Form 8-K (or make such other filing on an appropriate form as may be permitted by
the rules and regulations of the SEC), of the exercise of the Company’s Conversion Option announcing its intention to convert Series D Preferred Stock. The Effective Date for the Company’s Conversion Option shall be the date that is five
Trading Days after the date on which the Company issues such press release. 
 (iv) In addition to any
information required by applicable law or regulation, the press release and notice of the exercise of the Company’s Conversion Option referred to in paragraph (iii) above shall state, as appropriate: (A) the Effective Date for its
Conversion Option; (B) the number of shares of Common Stock to be issued upon conversion of each share of Series D Preferred Stock; (C) the number of shares of Series D Preferred Stock to be converted; and (D) that dividends on the
shares of Series D Preferred Stock to be converted shall cease to accrue on the Effective Date for the Company’s Conversion Option (and no dividends on such converted shares shall be payable except as provided in these Articles Supplementary).

 (d) Reservation of Shares. The Company shall at all times reserve and keep available, free from preemptive rights out
of the Company’s authorized but unissued shares of capital stock, for issuance upon the conversion of shares of Series D Preferred Stock, a number 

 

 60 

 
of the Company’s authorized but unissued shares of Common Stock that shall from time to time be sufficient to permit the conversion of all outstanding shares of Series D Preferred Stock.

 (e) Compliance with Laws; Validity, etc., of Common Stock. Before the delivery of any securities upon conversion of
shares of Series D Preferred Stock, the Company shall comply with all applicable federal and state laws and regulations. All shares of Common Stock delivered upon conversion of shares of Series D Preferred Stock shall, upon delivery, be duly and
validly issued, fully paid and non-assessable, free of all liens and charges and not subject to any preemptive rights. 
 (f)
Payment of Dividends Upon Conversion; Optional Conversion. 
 (i) If a holder of shares of Series D
Preferred Stock exercises its conversion rights, upon delivery of the shares of Series D Preferred Stock for conversion, those shares of Series D Preferred Stock shall cease to cumulate dividends as of the end of the Conversion Date, and the holder
of shares of Series D Preferred Stock shall not receive any cash payment in an amount equal to accrued and unpaid dividends on the shares of Series D Preferred Stock, except in those limited circumstances discussed below in this Section 8(f).
Except as provided below in this Section 8(f), the Company shall make no payment for accrued and unpaid dividends, whether or not in arrears, on shares of Series D Preferred Stock converted at the election of holders of such shares. 

(ii) If the Company receives a conversion notice before the close of business on a Dividend Record Date, the holder of
shares of Series D Preferred Stock shall not be entitled to receive any portion of the dividend payable on such shares of converted stock on the corresponding Dividend Payment Date. 

(iii) If the Company receives a conversion notice after the Dividend Record Date but prior to the corresponding Dividend
Payment Date, the holder of shares of Series D Preferred Stock on the Dividend Record Date will receive on that Dividend Payment Date accrued dividends on those shares of Series D Preferred Stock, notwithstanding the conversion of those shares of
Series D Preferred Stock prior to that Dividend Payment Date, because that holder of shares of Series D Preferred Stock will have been the holder of record of shares of Series D Preferred Stock on the corresponding Dividend Record Date. At the time
that such holder of shares of Series D Preferred Stock surrenders shares of Series D Preferred Stock for conversion, however, it shall pay to the Company an amount equal to the dividend that has accrued and that will be paid on the related Dividend
Payment Date; provided that no such payment need be made if the Company has specified a Fundamental Change Repurchase Date relating to a Fundamental Change that is after a Dividend Record Date and on or prior to the Dividend Payment Date to which
that Dividend Record Date relates. 
 (iv) If the holder of shares of Series D Preferred Stock is a holder of
shares of Series D Preferred Stock on a Dividend Record Date and converts such shares of Series D Preferred Stock into shares of Common Stock on or after the corresponding Dividend Payment Date such holder of shares of Series D Preferred Stock shall
be entitled to receive the dividend payable on such shares of Series D Preferred Stock on such 
  

 61 

 
corresponding Dividend Payment Date, and the holder of shares of Series D Preferred Stock shall not need to include payment of the amount of such dividend upon surrender for conversion of shares
of Series D Preferred Stock. 
 (g) Payment of Dividends Upon Conversion; Company Conversion Option. 

(i) If the Company converts shares of Series D Preferred Stock pursuant to its Conversion Option, on or prior to the
Effective Date of the Conversion Option, the Company must first declare and pay, or declare and set apart for payment, any unpaid dividends that are in arrears on Series D Preferred Stock. 

(ii) If the Company exercises its Conversion Option and the Effective Date is after the close of business on a Dividend
Payment Date and prior to the close of business on the next Dividend Record Date, the holder of shares of Series D Preferred Stock shall not be entitled to receive any portion of the dividend payable for such period on such converted shares on the
corresponding Dividend Payment Date. Accordingly, if the Company converts shares of Series D Preferred Stock and the effective date is after the close of business on a Dividend Payment Date and prior to the close of business on the next Dividend
Record Date, holders of shares of Series D Preferred Stock shall forego the right to receive any dividends accruing from such Dividend Payment Date to the Effective Date. 

(iii) If the Company exercises its Conversion Option and the Effective Date is on or after the close of business on any
Dividend Record Date and prior to the close of business on the corresponding Dividend Payment Date, all dividends payable for such period with respect to the shares of Series D Preferred Stock called for a conversion on such date, shall be payable
on such Dividend Payment Date to the holder of such shares of Series D Preferred Stock on such Dividend Record Date. 
 (h)
Conversion Rate Adjustments. The Company shall adjust the conversion rate from time to time as follows: 

(i) If the Company issues shares of Common Stock as a dividend or distribution on shares of Common Stock to all holders of
Common Stock, or if the Company effects a share split or share combination, the conversion rate shall be adjusted based on the following formula: 

CR1
 =
CR0 x
OS1/OS
0 
 where

CR0
 = the conversion rate in effect immediately prior to the ex-dividend date for such dividend or distribution, or the effective date of such share split or share combination; 

 

 62 

CR1
 = the new conversion rate in effect immediately on and after the ex-dividend date for such dividend or distribution, or the effective date of such share split or share combination;

OS1
 = the number of shares of Common Stock outstanding immediately after such dividend or distribution, or the effective date of such share split or share combination; and 

OS0
 = the number of shares of Common Stock outstanding immediately prior to such dividend or distribution, or the effective date of such share split or share combination. 

Any adjustment made pursuant to this paragraph (i) shall become effective at the open of business on (x) the ex-dividend date
for such dividend or other distribution or (y) the date on which such split or combination becomes effective, as applicable. If any dividend or distribution described in this paragraph (i) is declared but not so paid or made, the new
conversion rate shall be readjusted to the conversion rate that would then be in effect if such dividend or distribution had not been declared. 

(ii) If the Company distributes to all holders of Common Stock any rights, warrants or options entitling them, for a
period expiring not more than 45 days after the date of issuance of such rights, warrants or options, to subscribe for or purchase shares of Common Stock at a price per share that is less than the Closing Sale Price per share of Common Stock on the
business day immediately preceding the time of announcement of such distribution, the Company shall adjust the conversion rate based on the following formula: 

CR1
 =
CR0 x
(OS0+X)/(OS
0+Y) 
 where

CR0
 = the conversion rate in effect immediately prior to the ex-dividend date for such distribution; 

CR1
 = the new conversion rate in effect immediately on and after the ex-dividend date for such distribution; 

OS0
 = the number of shares of Common Stock outstanding immediately prior to the ex-dividend date for such distribution; 

X = the aggregate number of shares of Common Stock issuable pursuant to such rights, warrants or options; and 

Y = the number of shares of Common Stock equal to the quotient of (A) the aggregate price payable to exercise such rights, warrants
or options 
  

 63 

 
and (B) the average of the Closing Sale Price per share of Common Stock for the 10 consecutive Trading Days ending on the business day immediately preceding the date of announcement for the
issuance of such rights, warrants or options. 
 For purposes of this paragraph (ii), in determining whether any rights,
warrants or options entitle the holders of shares of Common Stock to subscribe for or purchase shares of Common Stock at less than the applicable Closing Sale Price per share of Common Stock, and in determining the aggregate exercise or conversion
price payable for such shares of Common Stock, there shall be taken into account any consideration the Company receives for such rights, warrants or options and any amount payable on exercise or conversion thereof, with the value of such
consideration, if other than cash, to be determined by the Company’s board of directors. If any right, warrant or option described in this paragraph (ii) is not exercised or converted prior to the expiration of the exercisability or
convertibility thereof, the Company shall adjust the new conversion rate to the conversion rate that would then be in effect if such right, warrant or option had not been so issued. 

(iii) If the Company distributes shares of its capital stock, evidence of indebtedness or other assets or property to all
holders of Common Stock, excluding (A) dividends, distributions, rights, warrants or options referred to in paragraph (i) or (ii) above; (B) dividends or distributions paid exclusively in cash; and (C) spin-offs, as
described below in this paragraph (iii) then the Company shall adjust the conversion rate based on the following formula: 

CR1
 =
CR0 x
SP0/(SP
0 – FMV) 

where 
 CR
0 = the conversion rate in effect immediately prior to the
ex-dividend date for such distribution; 

CR1
 = the new conversion rate in effect immediately on and after the ex-dividend date for such distribution; 

SP0
 = the average of the Closing Sale Price per share of Common Stock for the 10 consecutive Trading Days ending on the business day immediately preceding the ex-dividend date for such
distribution; and 
 FMV = the fair market value (as determined in good faith by the Company’s board of directors) of the
shares of capital stock, evidences of indebtedness, assets or property distributed with respect to each outstanding share of Common Stock on the earlier of the record date or the ex-dividend date for such distribution; 

provided that if “FMV” with respect to any distribution of shares of capital stock, evidences of indebtedness or other assets or property of
the Company is equal to or greater than “SP0” with respect to such distribution, then in lieu of the foregoing adjustment, adequate provision shall be 

 

 64 

 
made so that each holder of Series D Preferred Stock shall have the right to receive on the date such shares of capital stock, evidences of indebtedness or other assets or property of the Company
are distributed to holders of Common Stock, for each share of Series D Preferred Stock, the amount of shares of capital stock, evidences of indebtedness or other assets or property of the Company such holder of Series D Preferred Stock would have
received had such holder of Series D Preferred Stock owned a number of shares of Common Stock equal to a fraction the numerator of which is the product of the conversion rate in effect on the ex-dividend date for such distribution, and the aggregate
liquidation preference of Series D Preferred Stock held by such holder and the denominator of which is twenty-five ($25.00). 

An adjustment to the conversion rate made pursuant to the immediately preceding paragraph shall become effective on the ex-dividend date
for such distribution. 
 If the Company distributes to all holders of Common Stock capital stock of any class or series, or
similar equity interest, of or relating to one of the Company’s subsidiaries or other business unit (a “spin-off”) the conversion rate in effect immediately before the 10th Trading Day from and including the effective date of the
spin-off shall be adjusted based on the following formula: 

CR1
 =
CR0 x
(FMV0+MP
0 )/
MP0 

where 
 CR
0 = the conversion rate in effect immediately prior to the
10th Trading Day immediately following, and including, the effective date of the spin-off; 

CR1
 = the new conversion rate in effect immediately on and after the 10th Trading Day immediately following, and including, the effective date of the spin-off; 

FMV0
 = the average of the Closing Sale Prices per share of the capital stock or similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock over
the first 10 consecutive Trading Days after the effective date of the spin-off; and 

MP0
 = the average of the Closing Sale Prices per share of Common Stock over the first 10 consecutive Trading Days after the effective date of the spin-off. 

An adjustment to the conversion rate made pursuant to the immediately preceding paragraph shall occur on the 10th Trading Day from and
including the effective date of the spin-off; provided that in respect of any conversion within the 10 Trading Days following the effective date of any spin-off, references within this paragraph (iii) to 10 Trading Days shall be

  

 65 

 
deemed replaced with such lesser number of Trading Days as have elapsed between the effective date of such spin-off and the Conversion Date in determining the applicable conversion rate.

 If any such dividend or distribution described in this paragraph (iii) is declared but not paid or made, the new
conversion rate shall be re-adjusted to be the conversion rate that would then be in effect if such dividend or distribution had not been declared. 

(iv) If the Company makes any cash dividend or distribution to all holders of outstanding shares of Common Stock
(excluding any dividend or distribution in connection with the Company’s liquidation, dissolution or winding up) during any of its quarterly fiscal periods in an aggregate amount that, together with other cash dividends or distributions made
during such quarterly fiscal period, exceeds the product of $0.31 (subject to adjustment) (the “reference dividend”), multiplied by the number of shares of Common Stock outstanding on the record date for such distribution, the conversion
rate shall be adjusted based on the following formula: 

CR1
 =
CR0 x
SP0/(SP
0 – C) 

where 
 CR
0 = the conversion rate in effect immediately prior to the
ex-dividend date for such distribution; 

CR1
 = the new conversion rate in effect immediately after the ex-dividend date for such distribution; 

SP0
 = the average of the Closing Sale Price per share of Common Stock for the 10 consecutive Trading Days ending on the business day immediately preceding the earlier of the record date or
the day prior to the ex-dividend date for such distribution; and 
 C = the amount in cash per share that the Company distributes
to holders of Common Stock that exceeds the reference dividend; 
 provided that if “C” with respect to any such cash dividend or
distribution is equal to or greater than “SP0” with respect to any such cash dividend or distribution, then in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Series D Preferred Stock shall have
the right to receive on the date such cash is distributed to holders of Common Stock, for each share of Series D Preferred Stock, the amount of cash such holder of Series D Preferred Stock would have received had such holder of Series D Preferred
Stock owned a number of shares of Common Stock equal to a fraction the numerator of which is the product of the conversion rate in effect on the ex-dividend date for such dividend or distribution, and the aggregate principal amount of Series D
Preferred Stock held by such holder and the denominator of which is twenty-five ($25.00). 
  

 66 

 An adjustment to the conversion rate made pursuant to this paragraph (iv) shall become
effective on the ex-dividend date for such dividend or distribution. If any dividend or distribution described in this paragraph (iv) is declared but not so paid or made, the new conversion rate shall be re-adjusted to the conversion rate that
would then be in effect if such dividend or distribution had not been declared. 
 The reference dividend amount is subject to
adjustment in a manner inversely proportional to adjustments to the conversion rate; provided that no adjustment shall be made to the reference dividend amount for any adjustment made to the conversion rate under this paragraph (iv). 

Notwithstanding the foregoing, if an adjustment is required to be made under this paragraph (iv) as a result of a distribution that
is not a quarterly dividend, the reference dividend amount shall be deemed to be zero. 
 (v) If the Company or
any of its subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock to the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the Closing
Sale Price per share of Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender offer or exchange offer, the conversion rate shall be adjusted based on the following formula:

CR1
 =
CR0 × (AC +
(SP1 ×
OS1))/(SP
1 ×
OS0) 

where 
 CR
0 = the conversion rate in effect on the day immediately
following the date such tender or exchange offer expires; 

CR1
 = the conversion rate in effect on the second day immediately following the date such tender or exchange offer expires; 

AC = the aggregate value of all cash and any other consideration (as determined by the Company’s board of directors) paid or payable
for shares of Common Stock purchased in such tender or exchange offer; 

OS0
 = the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires; 

OS1
 = the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase or exchange of shares pursuant
to such tender or exchange offer); and 
  

 67 

SP1
 = the Closing Sale Price per share of Common Stock for the Trading Day immediately following the date such tender or exchange offer expires. 

If the application of the foregoing formula would result in a decrease in the conversion rate, no adjustment to the conversion rate shall
be made. 
 Any adjustment to the conversion rate made pursuant to this paragraph (v) shall become effective on the second
day immediately following the date such tender offer or exchange offer expires. If the Company or one of its subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender or exchange offer but is permanently prevented by
applicable law from effecting any such purchase or all such purchases are rescinded, the Company shall re-adjust the new conversion rate to be the conversion rate that would be in effect if such tender or exchange offer had not been made.

 (vi) If the Company has in effect a rights plan while any shares of Series D Preferred Stock remain
outstanding, holders of shares of Series D Preferred Stock shall receive, upon a conversion of such shares in respect of which the Company has elected to deliver shares of Common Stock, in addition to such shares of Common Stock, rights under the
Company’s stockholder rights agreement unless, prior to conversion, the rights have expired, terminated or been redeemed or unless the rights have separated from Common Stock. If the rights provided for in any rights plan that the
Company’s board of directors may adopt have separated from the Common Stock in accordance with the provisions of the applicable stockholder rights agreement so that holders of shares of Series D Preferred Stock would not be entitled to receive
any rights in respect of Common Stock that the Company elects to deliver upon conversion of shares of Series D Preferred Stock, the Company shall adjust the conversion rate at the time of separation as if the Company had distributed to all holders
of the Company’s capital stock, evidences of indebtedness or other assets or property pursuant to paragraph (iii) above, subject to readjustment upon the subsequent expiration, termination or redemption of the rights. 

(vii) Notwithstanding the foregoing, in the event of an adjustment to the conversion rate pursuant to paragraphs
(iv) and (v) above, in no event shall the conversion rate exceed 0.6997 shares of Common Stock per $25.00 liquidation preference, subject to adjustment pursuant to paragraphs (i), (ii) and (iii) above. In no event shall the
Conversion Price be reduced below $0.01, subject to adjustment for share splits and combinations and similar events. 

(viii) The Company shall not make any adjustment to the conversion rate if holders of shares of Series D Preferred Stock
are permitted to participate, on an as-converted basis, in the transactions described in paragraphs (i) through (vi) above. 

(ix) The conversion rate shall not be adjusted except as specifically set forth in this Section 8 to these Articles
Supplementary. Without limiting the foregoing, the conversion rate shall not be adjusted for (A) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable
on the Company’s securities or those of the Operating Partnership and the investment of additional optional amounts in shares of Common Stock under any plan; (B) the issuance of any shares of Common Stock or options or rights to purchase

  

 68 

 
such shares pursuant to any of the Company’s present or future employee, director, trustee or consultant benefit plan, employee agreement or arrangement or program or those of the Operating
Partnership; (C) the issuance of any shares of Common Stock pursuant to any option, warrant, right, or exercisable, exchangeable or convertible security outstanding as of the date shares of Series D Preferred Stock were first issued; (D) a
change in the par value of Common Stock; (E) accumulated and unpaid dividends or distributions; and (F) the issuance of limited partnership units by the Operating Partnership and the issuance of shares of Common Stock or the payment of
cash upon redemption thereof. 
 (x) No adjustment in the conversion rate shall be required unless the adjustment
would require an increase or decrease of at least 1% of the conversion rate. If the adjustment is not made because the adjustment does not change the conversion rate by at least 1%, then the adjustment that is not made shall be carried forward and
taken into account in any future adjustment. All required calculations shall be made to the nearest cent or 1/1000th of a share, as the case may be. Notwithstanding the foregoing, if the shares of Series D Preferred Stock are called for redemption,
all adjustments not previously made shall be made on the applicable redemption date. 
 (xi) Except as described
in this Section 8 of these Articles Supplementary, the Company shall not adjust the conversion rate for any issuance of shares of Common Stock or any securities convertible into or exchangeable or exercisable for shares of Common Stock or
rights to purchase shares of Common Stock or such convertible, exchangeable or exercisable securities. 
 (i) Effect of
Business Combinations. In the case of the following events (each a “business combination”): 
 (i)
any recapitalization, reclassification or change of Common Stock (other than changes resulting from a subdivision or combination); 

(ii) a consolidation, merger or combination involving the Company; 

(iii) a sale, conveyance or lease to another corporation of all or substantially all of the Company’s property and
assets (other than to one or more of the Company’s subsidiaries); or 
 (iv) a statutory share exchange,

 in each case, as a result of which holders of Common Stock are entitled to receive stock, other securities, other property or assets
(including cash or any combination thereof) with respect to or in exchange for Common Stock, a holder of shares of Series D Preferred Stock shall be entitled thereafter to convert such shares of Series D Preferred Stock into the kind and amount of
stock, other securities or other property or assets (including cash or any combination thereof) which the holder of shares of Series D Preferred Stock would have owned or been entitled to receive upon such business combination as if such holder of
shares of Series D Preferred Stock held a number of shares of Common Stock equal to the conversion rate in effect on the effective date for such business combination, multiplied by the number of shares of Series D Preferred Stock held by

  

 69 

 
such holder of shares of Series D Preferred Stock. If such business combination also constitutes a Fundamental Change, a holder of shares of Series D Preferred Stock converting such shares shall
not receive a make-whole premium pursuant to Section 8(k) hereof if such holder does not convert its shares of Series D Preferred Stock “in connection with” (as described in Section 8(k)(i)) the relevant Fundamental Change. In
the event that holders of Common Stock have the opportunity to elect the form of consideration to be received in such business combination, the Company shall make adequate provision whereby the holders of shares of Series D Preferred Stock shall
have a reasonable opportunity to determine the form of consideration into which all of the shares of Series D Preferred Stock, treated as a single class, shall be convertible from and after the effective date of such business combination. Such
determination shall be based on the weighted average of elections made by the holders of shares of Series D Preferred Stock who participate in such determination, shall be subject to any limitations to which all holders of Common Stock are subject,
such as pro rata reductions applicable to any portion of the consideration payable in such business combination, and shall be conducted in such a manner as to be completed by the date which is the earliest of (1) the deadline for elections to
be made by holders of Common Stock and (2) two business days prior to the anticipated effective date of the business combination. 

The Company shall provide notice of the opportunity to determine the form of such consideration, as well as notice of the determination
made by the holders of shares of Series D Preferred Stock (and the weighted average of elections), by posting such notice with DTC and providing a copy of such notice to the Company’s transfer agent. If the effective date of a business
combination is delayed beyond the initially anticipated effective date, the holders of shares of Series D Preferred Stock shall be given the opportunity to make subsequent similar determinations in regard to such delayed effective date. The Company
may not become a party to any such transaction unless its terms are consistent with the preceding. None of the foregoing provisions shall affect the right of a holder of shares of Series D Preferred Stock to convert such holder’s shares of
Series D Preferred Stock into shares of Common Stock prior to the effective date of such business combination. 
 (j)
Optional Increase to Conversion Rate. To the extent permitted by law, the Company may, from time to time, increase the conversion rate for a period of at least 20 days if the Company’s board of directors determines that such an increase
would be in the Company’s best interests. Any such determination by the Company’s board of directors shall be conclusive. In addition, the Company may increase the conversion rate if the Company’s board of directors deems it advisable
to avoid or diminish any income tax to holders of Common Stock resulting from any distribution of Common Stock or similar event. The Company shall give holders of shares of Series D Preferred Stock at least 15 business days’ notice of any
increase in the conversion rate. 
 (k) Adjustment to Conversion Rate upon Certain Fundamental Changes. The Company shall
adjust the conversion rate from time to time as follows: 
 (i) If, on or prior to February 6, 2015, a
Fundamental Change takes place and a holder converts the Series D Preferred Stock in connection with such Fundamental Change, the Company shall increase, as described below, the conversion rate applicable to shares that are surrendered for
conversion. A conversion of the Series D Preferred 
  

 70 

 
Stock shall be deemed for these purposes to be “in connection with” a Fundamental Change if the Conversion Date occurs from and including the effective date of such Fundamental Change
to, and including, the Fundamental Change Conversion Date (as defined in Section 8(l)(vii)) for that Fundamental Change. 

(ii) The Company shall also give notice by mail or by publication (with subsequent prompt notice by mail) to holders of
Series D Preferred Stock of the anticipated effective date of any proposed Fundamental Change which shall occur on or prior to February 6, 2015. The Company shall make this mailing or publication at least 15 days before the anticipated
effective date of the Fundamental Change. In addition, no later than the third business day after the completion of such Fundamental Change, the Company shall make an additional notice announcing such completion. 

(iii) If a holder elects to convert in connection with a Fundamental Change on or prior to February 6, 2015, the
Company shall increase the Conversion Rate by reference to the table below, based on the date when the Fundamental Change becomes effective (the “effective date”), and the applicable price. If the Fundamental Change is a transaction
or series of related transactions and the consideration (excluding cash payments for fractional shares or pursuant to statutory appraisal rights) for Common Stock in the Fundamental Change consists solely of cash, then the applicable price shall be
the cash amount paid per share of Common Stock in the transaction. If the transaction is an asset sale and the consideration paid for the Company’s property and assets (or for the property and assets of the Company and its subsidiaries on a
consolidated basis) consists solely of cash, then the applicable price shall be the cash amount paid for the Company’s property and assets, expressed as an amount per share of Common Stock outstanding on the effective date of the asset sale. In
all other cases, the applicable price shall be the average of the Closing Sale Price per share of Common Stock for the ten consecutive Trading Days immediately preceding the effective date. The Company’s board of directors shall make
appropriate adjustments, in its good faith determination, to account for any adjustment to the conversion rate that becomes effective, or any event requiring an adjustment to the conversion rate where the ex-dividend date of the event occurs, at any
time during those ten consecutive Trading Days. 
 (iv) The following table sets forth the number of additional
shares of Common Stock per $25.00 liquidation preference of Series D Preferred Stock that shall be added to the Conversion Rate applicable to Series D Preferred Stock that are converted in connection with a Fundamental Change (the
“make-whole premium”). If an event occurs that requires an adjustment to the Conversion Rate, the Company shall, on the date the Company must adjust the Conversion Rate, adjust each applicable price set forth in the column headers
of the table below by multiplying the applicable price in effect immediately before the adjustment by a fraction (A) whose numerator is the Conversion Rate in effect immediately before the adjustment; and (B) whose denominator is the
adjusted Conversion Rate. 
 In addition, the Company shall adjust the number of additional shares in the table below in the
same manner in which, and for the same events for which, the Company must adjust the Conversion Rate as described in Section 8(h). 
  

 71 

 Number of Additional Shares of Common Stock Issuable 

per $25.00 Liquidation Preference 
  

																									
	 	  	Common Stock Share Price
	 Effective Date
	  	$35.73	  	$40.00	  	$45.00	  	$50.00	  	$55.00	  	$60.00	  	$65.00	  	$70.00	  	$75.00	  	$80.00	  	$85.00	  	$90.00
	 February 6, 2008
	  	0.1042	  	0.0871	  	0.0698	  	0.0573	  	0.0478	  	0.0406	  	0.0350	  	0.0305	  	0.0268	  	0.0238	  	0.0213	  	0.0192
	 March 31, 2009
	  	0.1042	  	0.0882	  	0.0695	  	0.0560	  	0.0460	  	0.0385	  	0.0327	  	0.0282	  	0.0246	  	0.0217	  	0.0194	  	0.0174
	 March 31, 2010
	  	0.1042	  	0.0866	  	0.0664	  	0.0520	  	0.0415	  	0.0338	  	0.0281	  	0.0237	  	0.0204	  	0.0177	  	0.0157	  	0.0140
	 March 31, 2011
	  	0.1042	  	0.0841	  	0.0619	  	0.0461	  	0.0350	  	0.0271	  	0.0214	  	0.0174	  	0.0145	  	0.0123	  	0.0107	  	0.0095
	 March 31, 2012
	  	0.1042	  	0.0812	  	0.0555	  	0.0371	  	0.0246	  	0.0164	  	0.0113	  	0.0082	  	0.0063	  	0.0052	  	0.0044	  	0.0039
	 March 31, 2013
	  	0.1042	  	0.0821	  	0.0526	  	0.0279	  	0.0050	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000
	 March 31, 2014
	  	0.1042	  	0.0840	  	0.0539	  	0.0288	  	0.0051	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000
	 February 6, 2015
	  	0.1042	  	0.0839	  	0.0531	  	0.0279	  	0.0071	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

 (v)
The exact applicable share price and effective date may not be set forth in the table above, in which case (A) if the actual applicable share price is between two applicable prices listed in the table above, or the actual effective date is
between two dates listed in the table above, the Company shall determine the number of additional shares by linear interpolation between the numbers of additional shares set forth for the two applicable prices, or for the two dates based on a
365-day year, as applicable; (B) if the actual applicable price is greater than $90.00 per share (subject to adjustment), the Company shall not increase the Conversion Rate as described above and no additional shares shall be issuable upon
conversion; and (C) if the actual applicable price is less than $35.73 per share (subject to adjustment), the Company shall not increase the Conversion Rate as described above and no additional shares shall be issuable upon conversion.

 (vi) The Company shall not increase the Conversion Rate as described in this Section 8(k) of these
Articles Supplementary to the extent the increase will cause the Conversion Rate to exceed 0.6997, provided the Company shall adjust this maximum conversion rate in the same manner in which, and for the same events for which, the Company must adjust
the Conversion Rate as described in Section 8(h). 
 (l) Special Conversion Right of Series D Preferred Stock
upon a Fundamental Change; Company Repurchase Right. 
 (i) On or prior to February 6, 2015, in the
event of a Fundamental Change, when the applicable price of Common Stock described in Section 8(k)(iii) of these Articles Supplementary is less than $35.73 per share, then each holder of Series D Preferred Stock shall have the special right
(the “Fundamental Change Conversion Right”), in addition to any other applicable conversion right, to convert some or all of the Series D Preferred Stock on the relevant Fundamental Change Conversion Date into a number of shares of
Common Stock per $25.00 liquidation preference equal to such liquidation preference plus an amount equal to accrued and unpaid dividends to, but not including, such Fundamental Change Conversion Date, divided by 98% of the Market Price of Common
Stock (the “Fundamental Change Conversion Rate”). The Market Price of Common Stock shall be determined prior to the applicable Fundamental Change Conversion Date. A holder of Series D Preferred Stock which has elected to convert
such shares otherwise than pursuant to the Fundamental Change Conversion Right shall not be able to exercise the Fundamental Change Conversion Right. 
  

 72 

 (ii) If a holder of Series D Preferred Stock elects to convert Series D
Preferred Stock as described in Section 8(l)(i) of these Articles Supplementary, the Company may elect, in lieu of that conversion, to repurchase for cash some or all of such Series D Preferred Stock at a repurchase price (the
“Fundamental Change Repurchase Price”) equal to 100% of the liquidation preference of the Series D Preferred Stock to be repurchased plus an amount equal to accrued and unpaid dividends to, but not including, such Fundamental Change
Conversion Date, or the Fundamental Change Repurchase Price; provided that if the relevant Fundamental Change Conversion Date is on a date that is after a Dividend Record Date and on or prior to the corresponding Dividend Payment Date, the Company
shall pay such dividends to the holder of record on the corresponding Dividend Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the liquidation preference of the Series D Preferred Stock to be repurchased.

 (iii) If the Company elects to repurchase Series D Preferred Stock that would otherwise be converted into
Common Stock on a Fundamental Change Conversion Date, such Series D Preferred Stock shall not be converted into Common Stock and the holder of such shares shall be entitled to receive the Fundamental Change Repurchase Price in cash from the Company.

 (iv) The aggregate number of shares of Common Stock issuable in connection with the exercise of the
Fundamental Change Conversion Right may not exceed 14.3 million shares of Common Stock (or 16.4 million shares of Common Stock if the underwriter of the Company’s offering of the Series D Preferred Stock exercises its over-allotment
option in full) or such other number of shares of Common Stock as shall then be authorized and available for issuance. If the number of shares of Common Stock issuable upon such conversion would exceed 14.3 million or 16.4 million shares
of Common Stock, as the case may be, or such other number of shares of Common Stock as shall then be authorized and available for issuance, the Company shall have the option to satisfy the remainder of such conversion in shares of Common Stock that
are authorized for issuance in the future. The Company shall use its best efforts to have any such additional number of shares of Common Stock authorized for issuance within 180 days of the Fundamental Change Conversion Date. 

(v) (v) Within 15 days after the occurrence of a Fundamental Change, the Company shall provide to the holder of Series D
Preferred Stock and the Company’s transfer agent a notice of the occurrence of the Fundamental Change and of the resulting repurchase right. Such notice shall state (A) the events constituting the Fundamental Change; (B) the date of
the Fundamental Change; (C) the last date on which the holder of Series D Preferred Stock may exercise the Fundamental Change Conversion Right; (D) to the extent applicable, the Fundamental Change Conversion Rate and the Fundamental Change
Repurchase Price; (E) that the Company may elect to repurchase some or all of the Series D Preferred Stock as to which the Fundamental Change Conversion Right may be exercised; (F) the method of calculating the Market Price of Common
Stock; (G) the Fundamental Change Conversion Date; (H) the name and address of the paying agent and the conversion agent; (I) the Conversion Rate and any adjustment to the Conversion Rate that shall result from the Fundamental Change;
(J) that Series D Preferred Stock as to 
  

 73 

 
which the Fundamental Change Conversion Right has been exercised may be converted at the applicable Conversion Rate, if otherwise convertible, only if the notice of exercise of the Fundamental
Change Conversion Right has been properly withdrawn; and (K) the procedures that the holder of Series D Preferred Stock must follow to exercise the Fundamental Change Conversion Right. 

(vi) The Company shall also issue a press release for publication on the Dow Jones & Company, Inc., Business Wire
or Bloomberg Business News (or, if such organizations are not in existence at the time of issuance of such press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant information to the
public), or post notice on the Company’s website, in any event prior to the opening of business on the first Trading Day following any date on which the Company provides such notice to the holders of Series D Preferred Stock. 

(vii) The Fundamental Change Conversion Date shall be a date no less than 20 days nor more than 35 days after the date on
which the Company gives the notice described in Section 8(l)(v) of these Articles Supplementary. To exercise the Fundamental Change Conversion Right, the holder of Series D Preferred Stock shall deliver, on or before the close of business on
the Fundamental Change Conversion Date, the Series D Preferred Stock to be converted, duly endorsed for transfer, together with a written conversion notice completed, to the Company’s transfer agent. The conversion notice shall state
(A) the relevant Fundamental Change Conversion Date; (B) the number of Series D Preferred Stock to be converted; and (C) that the Series D Preferred Stock are to be converted pursuant to the applicable provisions of the Series D
Preferred Stock. Notwithstanding the foregoing, if the Series D Preferred Stock is held in global form, the conversion notice shall comply with applicable DTC procedures. 

(viii) Holders of Series D Preferred Stock may withdraw any notice of exercise of its Fundamental Change Conversion Right
(in whole or in part) by a written notice of withdrawal delivered to the Company’s transfer agent prior to the close of business on the business day prior to the Fundamental Change Conversion Date. The notice of withdrawal shall state
(A) the number of withdrawn shares of Series D Preferred Stock; (B) if certificated shares of Series D Preferred Stock have been issued, the certificate numbers of the withdrawn shares of Series D Preferred Stock; and (C) the number
of shares of the Series D Preferred Stock, if any, which remain subject to the conversion notice. Notwithstanding the foregoing, if the Series D Preferred Stock is held in global form, the notice of withdrawal shall comply with applicable DTC
procedures. 
 (ix) Series D Preferred Stock as to which the Fundamental Change Conversion Right has been
properly exercised and for which the conversion notice has not been properly withdrawn shall be converted into shares of Common Stock in accordance with the Fundamental Change Conversion Right on the Fundamental Change Conversion Date, unless the
Company has elected to repurchase such Series D Preferred Stock. 
 (x) The holder of any shares of Series D
Preferred Stock which the Company has elected to repurchase and as to which the conversion election has not been properly withdrawn shall receive payment of the Fundamental Change Repurchase Price promptly

  

 74 

 
following the later of the Fundamental Change Conversion Date or the time of book-entry transfer or delivery of the Series D Preferred Stock. If the paying agent holds cash sufficient to pay the
Fundamental Change Repurchase Price of the Series D Preferred Stock on the business day following the Fundamental Change Conversion Date, then (A) the Series D Preferred Stock shall cease to be outstanding and dividends shall cease to accrue
(whether or not book-entry transfer of the Series D Preferred Stock is made or whether or not the Series D Preferred Stock certificate is delivered to the Company’s transfer agent); and (B) all of the other rights of the holder of Series D
Preferred Stock shall terminate (other than the right to receive the Fundamental Change Repurchase Price upon delivery or transfer of the Series D Preferred Stock). 

SECTION 9. Record Holders. The Company and its transfer agent may deem and treat the record holder of any Series D Preferred Stock
as the true and lawful owner thereof for all purposes, and neither the Company nor its transfer agent shall be affected by any notice to the contrary. 

SECTION 10. No Maturity or Sinking Fund. The Series D Preferred Stock has no maturity date, and no sinking fund has been
established for the retirement or redemption of Series D Preferred Stock; provided, however, that the Series D Preferred Stock owned by a stockholder in excess of the Ownership Limit shall be subject to the provisions of Section 5 and
Section 7 of these Articles Supplementary. 
 SECTION 11. Exclusion of Other Rights. The Series D Preferred Stock
shall not have any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption other than expressly set forth in the Charter and these Articles
Supplementary. 
 SECTION 12. Headings of Subdivisions. The headings of the various subdivisions hereof are for
convenience of reference only and shall not affect the interpretation of any of the provisions hereof. 
 SECTION 13.
Severability of Provisions. If any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series D Preferred Stock set forth in
the Charter and these Articles Supplementary are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications or terms or conditions of redemption of Series D Preferred Stock set forth in the Charter which can be given effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless, remain in full
force and effect and no preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series D Preferred Stock herein set forth shall be
deemed dependent upon any other provision thereof unless so expressed therein. 
  

 75 

 SECTION 14. No Preemptive Rights. No holder of Series D Preferred Stock shall be
entitled to any preemptive rights to subscribe for or acquire any unissued shares of capital stock of the Company (whether now or hereafter authorized) or securities of the Company convertible into or carrying a right to subscribe to or acquire
shares of capital stock of the Company. 
 FOURTH: The Series D Preferred Stock have been classified and designated by
the Board of Directors under the authority contained in the Charter. 
 FIFTH: These Articles Supplementary have been
approved by the Board in the manner and by the vote required by law. 
 SIXTH: These Articles Supplementary shall be
effective at the time the State Department of Assessments and Taxation of Maryland accepts these Articles Supplementary for record. 

SEVENTH: The undersigned Chief Executive Officer of the Company acknowledges these Articles Supplementary to be the corporate act
of the Company and, as to all matters or facts required to be verified under oath, the undersigned Chief Executive Officer acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material
respects and that this statement is made under the penalties for perjury. 
  

 76 

 IN WITNESS WHEREOF, the Company has caused these Articles Supplementary to be
executed under seal in its name and on its behalf by its Chief Executive Officer and attested to by its General Counsel and Assistant Secretary as of the date first written above. 

 

			
	DIGITAL REALTY TRUST, INC.
		
	By:	 	/s/ James Trout
	Name:	 	James Trout
	Title:	 	Senior Vice President

  

			
	ATTEST:
	
	DIGITAL REALTY TRUST, INC.
		
	By:	 	/s/ Joshua A. Mills
	Name:	 	Joshua A. Mills
	Title:	 	General Counsel and Assistant Secretary

[Signature Page to Articles Supplementary] 

 SEVENTH AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 

DIGITAL REALTY TRUST, L.P. 

THIS SEVENTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP of Digital Realty Trust, L.P., dated as of February 6, 2008, is
entered into by and among Digital Realty Trust, Inc., a Maryland corporation (the “Company”), as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners, together
with any other Persons who become Partners in the Partnership as provided herein. 
 WHEREAS, the General Partner and the
Limited Partners have entered into that certain Sixth Amended and Restated Agreement of Limited Partnership of Digital Realty Trust, L.P., dated as of November 1, 2007 (the “Sixth Amended and Restated Partnership Agreement”);

 WHEREAS, pursuant to Section 7.3C(2), the Sixth Amended and Restated Partnership Agreement may be amended by the General
Partner to reflect the issuance of additional Partnership Interests pursuant to Sections 4.3, 4.5, 5.4 and 6.2B and to set forth the designations, rights, powers, duties and preferences of the holders of any additional
Partnership Interests issued pursuant to Article 4; and 
 WHEREAS, the General Partner and the Partnership believe it is
desirable and in the best interest of the Partnership to amend and restate the Sixth Amended and Restated Partnership Agreement as set forth herein. 

NOW, THEREFORE, pursuant to Sections 2.4 and 7.3C(2) of the Sixth Amended and Restated Partnership Agreement, the General Partner, on its
own behalf and as attorney-in-fact for the Limited Partners, hereby amends and restates the Sixth Amended and Restated Partnership Agreement as follows: 

ARTICLE 1. 

DEFINED TERMS 
 Section 1.1
Definitions. 
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary,
applied to the terms used in this Agreement. 
 “Act” means the Maryland Revised Uniform Limited Partnership
Act, as it may be amended from time to time, and any successor to such statute. 
 “Additional Funds” shall
have the meaning set forth in Section 4.3.A. 
 “Additional Limited Partner” means a Person
admitted to the Partnership as a Limited Partner pursuant to Section 12.2 and who is shown as such on the books and records of the Partnership. 

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

	 	(i)	decrease such deficit by any amounts which such Partner is obligated to restore pursuant to this Agreement or is deemed to be obligated to restore pursuant to
Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations Sections 1.704-2(i)(5) and 1.704-2(g); and 

  

	 	(ii)	increase such deficit by the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. A positive balance in a Partner’s Capital Account, after giving effect to the adjustments described above in clauses (i) and (ii), is referred to in this
Agreement as an “Adjusted Capital Account Balance.” 
 “Adjustment Date” means, with respect to any
Capital Contribution, the close of business on the Business Day last preceding the date of the Capital Contribution, provided, that if such Capital Contribution is being made by the General Partner in respect of the proceeds from the
issuance of REIT Shares (or the issuance of the General Partner’s securities exercisable for, convertible into or exchangeable for REIT Shares), then the Adjustment Date shall be as of the close of business on the Business Day last preceding
the date of the issuance of such securities. 
 “Adjustment Event” shall have the meaning set forth in
Section 4.5.A. 
 “Affiliate” means, with respect to any Person, any Person directly or indirectly
controlling, controlled by or under common control with such Person. Control of any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreed Value” means (i) in the case of any Contributed Property set forth in Exhibit A and as of the time
of its contribution to the Partnership, the Agreed Value of such property as set forth in Exhibit A; (ii) in the case of any Contributed Property not set forth in Exhibit A and as of the time of its contribution to the
Partnership, the fair market value of such property or other consideration as determined by the General Partner, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when
contributed; and (iii) in the case of any property distributed to a Partner by the Partnership, the fair market value of such property as determined by the General Partner at the time such property is distributed, reduced by any liabilities
either assumed by such Partner upon such distribution or to which such property is subject at the time of the distribution as determined under Section 752 of the Code and the Regulations thereunder. 

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

 79 

 “Appraisal” means with respect to any assets, the opinion of an independent
third party experienced in the valuation of similar assets, selected by the General Partner in good faith; such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by the General
Partner is fair, from a financial point of view, to the Partnership. 
 “Assignee” means a Person to whom one
or more Common-Equivalent Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 

“Available Cash” means, with respect to any period for which such calculation is being made, 

 

	 	(i)	the sum of: 

 a.
the Partnership’s Net Income or Net Loss (as the case may be) for such period, 
 b. Depreciation and all
other noncash charges deducted in determining Net Income or Net Loss for such period, 
 c. the amount of any
reduction in reserves of the Partnership referred to in clause (ii)(f) below (including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary), 

d. the excess of the net proceeds from the sale, exchange, disposition, or refinancing of Partnership property for such
period over the gain (or loss, as the case may be) recognized from any such sale, exchange, disposition, or refinancing during such period (excluding any sale or other disposition of all or substantially all of the assets of the Partnership or a
related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership), and 

e. all other cash received by the Partnership for such period that was not included in determining Net Income or Net Loss
for such period; 
  

	 	(ii)	less the sum of: 

a. all principal debt payments made during such period by the Partnership, 

b. capital expenditures made by the Partnership during such period, 

c. investments in any entity (including loans made thereto) to the extent that such investments are not otherwise
described in clauses (ii)(a) or (b), 
 d. all other expenditures and payments not deducted in determining Net
Income or Net Loss for such period, 
  

 80 

 e. any amount included in determining Net Income or Net Loss for such period
that was not received by the Partnership during such period, 
 f. the amount of any increase in reserves
established during such period which the General Partner determines are necessary or appropriate in its sole and absolute discretion, 

g. the amount of any working capital accounts and other cash or similar balances which the General Partner determines to
be necessary or appropriate in its sole and absolute discretion, and 
 h. any amount paid in redemption of any
Limited Partner Interest or Partnership Units, including any Cash Amount paid. 
 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. 

“Base Amount” shall have the meaning set forth in Section 8.6.C(2). 

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

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to be closed. 
 “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 added such Partner’s Capital Contributions, such Partner’s share of Net Income and any items in the nature of income or gain which are specially allocated pursuant to Section 6.3, and the amount of any
Partnership liabilities assumed by such Partner or which are secured by any property distributed to such Partner. 
 (b) From
each Partner’s Capital Account there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses
and any items in the nature of expenses or losses which are specially allocated pursuant to Section 6.3, and the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by
such Partner to the Partnership (except to the extent already reflected in the amount of such Partner’s Capital Contribution). 

(c) In the event any interest in the Partnership is transferred in accordance with the terms of this Agreement (which does not result in
a termination of the Partnership for federal income tax purposes), the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest. 

 

 81 

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

(e) Upon the exercise of a non-compensatory option (within the meaning of Proposed Treasury Regulations Section 1.721-2(d), as the
same may be finalized), including the conversion of Series C Preferred Units or Series D Preferred Units into Common Units (if necessary), (x) the adjustments and allocations required by the Proposed Treasury Regulations relating to
non-compensatory options (as the same may be finalized), including Proposed Treasury Regulations Section 1.704-1(b)(2)(iv)(h)(2) and (s) (as the same may be finalized) and Proposed Regulations Section 1.704-1(b)(4)(ix) (as the same
may be finalized), shall be made, or (y) prior to the finalization of such Proposed Treasury Regulations, such other adjustments and allocations shall be made at such times as determined by the General Partner in its sole discretion.

 (f) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations. In the event the General Partner shall determine that it is prudent to modify the manner in which
the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or distributed property or which are assumed by the Partnership, the General Partner,
or the Limited Partners) are computed in order to comply with such Regulations, the General Partner may make such modification, provided that it is not likely to have a material effect on the amounts distributable to any Person
pursuant to Article 13 of this Agreement upon the dissolution of the Partnership. The General Partner also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners
and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event
unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b), Section 1.704-2 and, Proposed Regulations Section 1.704-1(b)(2)(iv)(h)(2) and (s) (as the same may be finalized).

 “Capital Account Limitation” shall have the meaning set forth in Section 8.7.B. 

“Capital Contribution” means, with respect to any Partner, the amount of money and the initial Gross Asset Value of any
property (other than money) contributed to the Partnership by such Partner (net of any liabilities assumed by the Partnership relating to such property and any liability to which such property is subject). 

“Cash Amount” means, with respect to any Common Units subject to a Redemption, an amount of cash equal to the Deemed
Partnership Interest Value attributable to such Common Units. 
 “Certificate” means the Certificate of Limited
Partnership relating to the Partnership filed in the office of the Maryland State Department of Assessments and Taxation on July 20, 2004, as amended from time to time in accordance with the terms hereof and the Act. 

 

 82 

 “Charter” means the Articles of Amendment and Restatement of the General
Partner filed with the Maryland State Department of Assessments and Taxation on October 26, 2004, as amended and restated from time to time. 

“Class C Unitholder” means a Partner that holds Class C Units issued pursuant to one or more Class C Unit Agreements.

 “Class C Units” shall have the meaning set forth in Section 18.1. 

“Class C Units Agreement” shall mean the applicable Class C Profits Interest Units Agreement between the Partnership and
the applicable Class C Unitholder with respect to the Class C Units. 
 “Class C Units Change in Control”
means, with respect to the Class C Units issued to a Partner pursuant to a Class C Units Agreement, a “Change in Control” as defined in that Class C Units Agreement. 

“Class C Units Change in Control Date” means, with respect to the Class C Units issued to a Partner pursuant to a Class
C Units Agreement, the “Change in Control Date” as defined in that Class C Unit Agreement. 
 “Class C Units
Measurement Date” means, with respect to the Class C Units issued to a Partner pursuant to a Class C Units Agreement, the “Measurement Date” as defined in that Class C Units Agreement. 

“Class C Units Performance Condition” means, with respect to the Class C Units issued to a Partner pursuant to a Class C
Units Agreement, the Performance Condition as defined in that Class C Units Agreement. 
 “Class C Service Condition
Unit” means, with respect to the Class C Units issued to a Partner pursuant to a Class C Units Agreement, a Service Condition Unit as defined in that Class C Units Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time or any successor statute thereto. Any
reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 

“Common-Equivalent Units” means Partnership Units that are either Common Units or Profits Interest Units. 

“Common Unit Economic Balance” shall have the meaning set forth in Section 6.2.C. 

“Common Units” means Partnership Units that are not entitled to any preferences with respect to any other class or
series of Partnership Units as to distribution or voluntary or involuntary liquidation, dissolution or winding-up of the Partnership and shall not include any Profits Interest Units. 

 

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 “Consent” means the consent to, approval of, or vote on a proposed action
by a Partner given in accordance with Article 14. 
 “Consent of the Limited Partners” means the Consent
of a Majority in Interest of the Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and may be given or withheld by a Majority in Interest of the Limited Partners, unless
otherwise expressly provided herein, in their sole and absolute discretion. 
 “Consent of the Partners” means
the Consent of Holders of Common-Equivalent Units holding Percentage Interests that in the aggregate are equal to or greater than thirty-five percent (35%) of the aggregate Percentage Interests of all Holders of Common-Equivalent Units, which
Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and may be given or withheld by such Holders of Common-Equivalent Units, in their sole and absolute discretion. 

“Constituent Person” shall have the meaning set forth in Section 8.7.F. 

“Constructively Own” means ownership under the constructive ownership rules described in Exhibit C. 

“Contributed Property” means each property or other asset, in such form as may be permitted by the Act, but excluding
cash, contributed or deemed contributed to the Partnership (or, to the extent provided in applicable Regulations, deemed contributed to the Partnership on termination and reconstitution thereof pursuant to Section 708 of the Code). 

“Conversion Date” shall have the meaning set forth in Section 8.7.B. 

“Conversion Notice” shall have the meaning set forth in Section 8.7.B. 

“Conversion Right” shall have the meaning set forth in Section 8.7.A. 

“Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds, guarantees and other similar
instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person,
to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person which, in accordance with generally accepted
accounting principles, should be capitalized. 
 “Deemed Partnership Interest Value” means, as of any date with
respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Percentage Interest of such class. 
  

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 “Deemed Value of the Partnership Interests” means, as of any date with
respect to any class or series of Partnership Interests, (i) the total number of Partnership Units of the General Partner in such class or series of Partnership Interests (as provided for in Sections 4.1 and 4.3.B) issued and
outstanding as of the close of business on such date multiplied by the Fair Market Value determined as of such date of a share of capital stock of the General Partner which corresponds to such class or series of Partnership Interests, as adjusted
(x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits
and combinations, distribution of warrants or options and distributions of evidences of indebtedness or assets not received by the General Partner pursuant to a pro rata distribution by the Partnership; (ii) divided by the
Percentage Interest of the General Partner in such class or series of Partnership Interests on such date; provided, that if no outstanding shares of capital stock of the General Partner correspond to a class of series of Partnership
Interests, the Deemed Value of the Partnership Interests with respect to such class or series shall be equal to an amount reasonably determined by the General Partner. 

“Depreciation” means, for each fiscal year or other period, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period,
Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax
basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the General Partner. 
 “Distribution Payment Date” means the dates upon which
the General Partner makes distributions in accordance with Section 5.1. 
 “Distribution Period”
means the period from the day immediately following a Distribution Payment Date through the date that is the subsequent Distribution Payment Date. 

“Economic Capital Account Balance” shall have the meaning set forth in Section 6.2.C. 

“Effective Date” means the date of closing of the initial public offering of REIT Shares upon which date contributions
set forth on Exhibit A shall become effective. 
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended. 
 “Excess Units” means Common Units that have been tendered for Redemption to the
extent the issuance of REIT Shares in exchange for such units would violate the restrictions on ownership or transfer of the REIT Shares set forth in the Charter. 

 

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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Securities and Exchange Commission promulgated thereunder and any successor statute thereto. 

“Fair Market Value” means, with respect to any share of capital stock of the General Partner, the average of the daily
market price for the ten (10) consecutive trading days immediately preceding the date with respect to which “Fair Market Value” must be determined hereunder or, if such date is not a Business Day, the immediately preceding Business
Day. The market price for each such trading day shall be: (i) if such shares are listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of
the closing bid and asked prices on such day, (ii) if such shares are not listed or admitted to trading on any 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 such shares are not listed or admitted to trading on any 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 (10) days prior to the date in question) for which prices have been so reported; provided that, if there are no bid and asked
prices reported during the ten (10) days prior to the date in question, the Fair Market Value of such shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers,
in its reasonable judgment, appropriate. In the event the REIT Shares Amount for such shares includes rights that a holder of such shares would be entitled to receive, then the Fair Market 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; and provided, further that, in connection with determining the Deemed Value of the
Partnership Interests for purposes of determining the number of additional Partnership Units issuable upon a Capital Contribution funded by any offering of shares of capital stock of the General Partner by the General Partner, whether registered
under the Securities Act or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries or otherwise distributed, the Fair Market Value of such shares shall be the gross offering
price per share of such class of capital stock sold. Notwithstanding the foregoing, the General Partner in its reasonable discretion may use a different “Fair Market Value” for purposes of making the determinations under subparagraph
(b) of the definition of “Gross Asset Value” and Section 4.3.D in connection with the contribution of Property or cash to the Partnership by a third party, provided such value shall be based upon the value per REIT
Share (or per Partnership Unit) agreed upon by the General Partner and such third party for purposes of such contribution. 

“Forced Conversion” shall have the meaning set forth in Section 8.7.C. 

“Forced Conversion Notice” shall have the meaning set forth in Section 8.7.C. 

“General Partner” means the Company or its successor as general partner of the Partnership. 

 

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 “General Partner Interest” means a Partnership Interest held by the General
Partner. A General Partner Interest may be expressed as a number of Partnership Units. 
 “Gross Asset Value”
means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (a) The
initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset (subject to any adjustments required with respect to the conversion feature of the Series C Preferred Units, Series
D Preferred Units and any other securities issued by the Company that are exercisable or convertible into Common Units, as determined by the General Partner in its sole discretion), as determined by the contributing Partner and the General Partner
(as set forth on Exhibit A attached hereto, as such Exhibit may be amended from time to time); provided, that if the contributing Partner is the General Partner then, except with respect to the General Partner’s initial Capital
Contribution which shall be determined as set forth on Exhibit A, the determination of the fair market value of the contributed asset shall be determined (i) by the price paid by the General Partner if the asset is acquired by the
General Partner contemporaneously with its contribution to the Partnership, (ii) by Appraisal, if otherwise acquired by the General Partner, (iii) by the amount of cash if the asset is cash, and (iv) as reasonably determined by the
General Partner if the asset is REIT Shares or other shares of capital stock of the Company. 
 (b) The Gross Asset Values of
all Partnership assets shall be adjusted to equal their respective gross fair market values, as determined by the General Partner using such reasonable method of valuation as it may adopt, provided, however, that for such purpose, the
net value of all of the Partnership assets, in the aggregate, shall be equal to the Deemed Value of the Partnership Interests of all classes of Partnership Interests then outstanding, regardless of the method of valuation adopted by the General
Partner, immediately prior to the times listed below: 
  

	 	(i)	the acquisition of an additional interest in the Partnership by a new or existing Partner in exchange for more than a de minimis Capital Contribution, if the General
Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

 

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

 

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

 

	 	(iv)	 in connection with the grant of an interest in the Partnership (other than a de minimis interest) as consideration for the performance of services to
or for the benefit of the Partnership by an existing Partner acting in a capacity as a Partner of the Partnership or by a new Partner acting in a 

 

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capacity as a Partner of the Partnership or in anticipation of being a Partner of the Partnership (including the grant of a Profits Interest Unit) if the General Partner reasonably determines
that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

  

	 	(v)	immediately after the conversion of any Series C Preferred Units or Series D Preferred Units into Common Units; and 

 

	 	(vi)	at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2.

 (c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market
value of such asset on the date of distribution as determined by the distributee and the General Partner, or if the distributee and the General Partner cannot agree on such a determination, by Appraisal. 

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

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

(f) If any unvested Profit Interest Units are forfeited, as described in Section 4.5.C(b), upon such forfeiture, the Gross
Asset Value of the Partnership’s assets shall be reduced by the amount of any reduction of such Partner’s Capital Account attributable to the forfeiture of such Profit Interest Units. 

“Holder” means either the Partner or Assignee owning a Partnership Unit. 

“Immediate Family” means, with respect to any natural Person, such natural Person’s estate or heirs or current
spouse or former spouse, parents, parents-in-law, children (whether natural, adopted or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which consist of such Person or such Person’s spouse, or
former spouse, parents, parents-in-law, children, siblings or grandchildren. 
 “Incapacity” or
“Incapacitated” means, (i) as to any individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating him or her incompetent to manage his or her Person or his or her estate;
(ii) as to any corporation which is a 
  

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Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership which is a Partner, the dissolution
and commencement of winding up of the partnership; (iv) as to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust which is a Partner,
the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the
Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and
nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s
creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the
Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or
other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within 120 days after the commencement thereof, (g) the appointment without the Partner’s
consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within 90 days of such appointment, or (h) an appointment referred to in clause (g) is not vacated within 90 days after the expiration of any such
stay. 
 “Indemnitee” means (i) any Person subject to a claim or demand or made or threatened to be made a
party to, or involved or threatened to be involved in, an action, suit or proceeding by reason of his or her status as (A) the General Partner or (B) a director or officer, employee or agent 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. 
 “IRS” means the Internal Revenue Service, which administers the internal revenue laws of the
United States. 
 “Junior Units” means Partnership Units representing any class or series of Partnership
Interest ranking, as to distributions or voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, junior to the Series A Preferred Units, the Series B Preferred Units, the Series C Preferred Units and the Series D
Preferred Units. 
 “Limited Partner” means any Person named as a Limited Partner in Exhibit A attached
hereto, as such Exhibit may be amended from time to time, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partner Interest” means a Partnership Interest of a Limited Partner representing a fractional part of the
Partnership Interests of all Limited Partners and includes any and all benefits to which the Holder of such a Partnership Interest may be entitled as provided in 

 

 89 

 
this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership
Units. 
 “Liquidating Event” shall have the meaning set forth in Section 13.1. 

“Liquidator” shall have the meaning set forth in Section 13.2.A. 

“Majority in Interest of the Limited Partners” means Limited Partners (other than any Limited Partner fifty percent
(50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Limited Partners
(other than any Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner). 

“Net Income” or “Net Loss” means for each fiscal year of the Partnership, an amount equal to the
Partnership’s taxable income or loss for such fiscal year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain loss, or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the
Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 

(b) Any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be subtracted from such taxable income or
loss; 
 (c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph (b) or
subparagraph (c) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

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

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such fiscal year; 
 (f) To the extent an adjustment to the adjusted
tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital

  

 90 

 
Accounts as a result of a distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(g) Notwithstanding any other provision of this definition of Net Income or Net Loss, any items which are specially allocated pursuant to
Section 6.3 shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss, or deduction available to be specially allocated pursuant to Section 6.3 shall be
determined by applying rules analogous to those set forth in this definition of Net Income or Net Loss. 
 “Net
Proceeds” shall have the meaning set forth in Section 8.6.C(2). 
 “New Securities” means
(i) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares or other shares of capital stock of the General Partner, excluding in each case, grants under any Stock Plan,
or (ii) any Debt issued by the General Partner that provides any of the rights described in clause (i). 

“Nonrecourse Deductions” shall have the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of
Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” shall have the meaning set forth in Regulations Section 1.752-1(a)(2). 

“Notice of Redemption” means the Notice of Redemption substantially in the form of Exhibit B to this Agreement.

 “Offered Shares” shall have the meaning set forth in Section 8.6.C(1). 

“Option Agreement Effective Date” means the date the Partnership acquires an Option Interest pursuant to the Option
Agreement in exchange for Common Units. 
 “Option Agreement” means that certain option agreement by and
between the Partnership and Global Innovation Partners, LLC, whereby such entity granted the Partnership an option to acquire the Option Interests. 

“Option Interests” means that certain property or interest in entities which own certain real property. 

“Parity Preferred Unit” means any class or series of Partnership Interests of the Partnership now or hereafter
authorized, issued or outstanding expressly designated by the Partnership to rank on a parity with the Series A Preferred Units, the Series B Preferred Units, the Series C Preferred Units and the Series D Preferred Units with respect to
distributions or rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership, or both, as the context may require. 
  

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 “Partner” means a General Partner or a Limited Partner, and
“Partners” means the General Partner and the Limited Partners. 
 “Partner Minimum Gain” means
an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations
Section 1.704-2(i)(3). 
 “Partner Nonrecourse Debt” shall have the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” shall have the meaning set forth in Regulations
Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed under the Act and pursuant to this Agreement, and any successor
thereto. 
 “Partnership Interest” means, an ownership interest in the Partnership of a Limited Partner or the
General Partner and includes any and all benefits to which the Holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. There may be one or more classes or series of Partnership Interests as provided in Section 4.3, 4.4 or 4.5. A Partnership Interest may be expressed as a number of Partnership Units. Unless otherwise expressly
provided for by the General Partner at the time of the original issuance of any Partnership Interests, all Partnership Interests (whether of a Limited Partner or a General Partner) shall be of the same class or series. The Partnership Interests
represented by the Common Units, the Profits Interest Units, the Series A Preferred Units, the Series B Preferred Units, the Series C Preferred Units and the Series D Preferred Units are the only Partnership Interests and each such type of Unit is a
separate class of Partnership Interest for all purposes of this Agreement. 
 “Partnership Minimum Gain” shall
have the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the
rules of Regulations Section 1.704-2(d). 
 “Partnership Record Date” means the record date established by
the General Partner for the distribution of Available Cash pursuant to Section 5.1, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its
portion of such distribution. 
 “Partnership Unit” or “Unit” means, with respect to
any class of Partnership Interest, a fractional, undivided share of such class of Partnership Interest issued pursuant to Sections 4.1 and 4.3, 4.4 or 4.5. The ownership of Partnership Units may be evidenced by a
certificate for units substantially in the form of Exhibit D hereto or as the General Partner may determine with respect to any class of Partnership Units issued from time to time under Section 4.1, 4.3,
4.4 and 4.5. 
  

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 “Partnership Year” means the fiscal year of the Partnership, which shall be
the calendar year. 
 “Percentage Interest” means, as to a Partner holding a class or series of Partnership
Interests, its interest in such class or series as determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of Partnership Units of such class then outstanding as specified in Exhibit A
attached hereto, as such Exhibit may be amended from time to time. If the Partnership issues more than one class or series of Partnership Interests, the interest in the Partnership among the classes or series of Partnership Interests shall be
determined as set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such additional classes or series of Partnership Interest, if any, as contemplated by Section 4.3.C. 

“Person” means an individual or a corporation, partnership, limited liability company, trust, unincorporated
organization, association or other entity. 
 “Plan” means the Digital Realty Trust, Inc. and Digital Realty
Trust, L.P. 2004 Incentive Award Plan. 
 “Plan Asset Regulation” means the regulations promulgated by the
United States Department of Labor in Title 29, Code of Federal Regulations, Part 2510, Section 101.3, and any successor regulations thereto. 

“Pledge” shall have the meaning set forth in Section 11.3.A. 

“Preferred Distribution Shortfall” means, with respect to any Partnership Interests that are entitled to any preference
in distributions of Available Cash pursuant to this Agreement, the aggregate amount of the required distributions for such outstanding Partnership Interests for all prior distribution periods minus the aggregate amount of the distributions
made with respect to such outstanding Partnership Interests pursuant to this Agreement. 
 “Preferred Share”
means a share of the General Partner’s preferred stock, par value $.01 per share, with such rights, priorities and preferences as shall be designated by the Board of Directors in accordance with the General Partner’s Charter. 

“Pricing Agreements” shall have the meaning set forth in Section 8.6.C(3)(b). 

“Primary Offering Notice” shall have the meaning set forth in Section 8.6.F(4). 

“Profits Interest Units” means long term incentive partnership units of the Partnership having the rights, voting
powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Plan (including the Class C Units). Profits Interest Units can be issued in one or more classes,
or one or more series of any such classes bearing such relationship to one another as to allocations, distributions, and other rights as the general Partner shall determine in its sole and absolute discretion subject to Maryland law. 

 

 93 

 “Profits Interest Unitholder” means a Partner that holds Profits Interest
Units. 
 “Properties” means such interests in real property and personal property including without
limitation, fee interests, interests in ground leases, interests in joint ventures, interests in mortgages, and Debt instruments as the Partnership may hold from time to time. 

“Qualified REIT Subsidiary” means any Subsidiary of the General Partner that is a “qualified REIT subsidiary”
within the meaning of Section 856(i) of the Code. 
 “Qualified Transferee” means an “Accredited
Investor” as such term is defined in Rule 501 promulgated under the Securities Act. 
 “Redemption” shall
have the meaning set forth in Section 8.6.A. 
 “Regulations” means the Income Tax Regulations
promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” shall have the meaning set forth in Section 6.3.A(viii). 

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

“REIT Requirements” shall have the meaning set forth in Section 5.1. 

“REIT Series A Preferred Share” means a share of 8.5% Series A Cumulative Redeemable Preferred Stock, par value $.01 per
share, liquidation preference $25 per share, of the General Partner. 
 “REIT Series B Preferred Share” means a
share of 7.875% Series B Cumulative Redeemable Preferred Stock, par value $.01 per share, liquidation preference $25 per share, of the General Partner. 

“REIT Series C Preferred Share” means a share of 4.375% Series C Cumulative Convertible Preferred Stock, par value $.01
per share, liquidation preference $25 per share, of the General Partner. 
 “REIT Series D Preferred Share”
means a share of 5.500% Series D Cumulative Convertible Preferred Stock, par value $.01 per share, liquidation preference $25 per share, of the General Partner. 

“REIT Share” means a share of common stock, par value $.01 per share, of the General Partner. 

 

 94 

 “REIT Shares Amount” means, as of any date, an aggregate number of REIT
Shares equal to the number of Tendered Units, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and
distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the General Partner
pursuant to a pro rata distribution by the Partnership. 
 “REIT Share Market Value” means, with
respect to a REIT Share, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the Specified Redemption Date. The market price for each such trading day shall be: (i) if the REIT Shares are
listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as reported in the
principal consolidated transaction reporting system, (ii) if the REIT Shares are not listed or admitted to trading on any 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 Company, or (iii) if the REIT Shares are not listed or admitted to trading on any 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 Company, or if there shall be no bid and asked prices on such day, the
average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices
reported during the ten (10) days prior to the date in question, the REIT Share Market Value of the REIT Share shall be determined by the Board of Directors of the Company acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. 
 “ROFO Agreement Effective Date” means
the date the Partnership acquires the ROFO Interests pursuant to the respective ROFO Agreements in exchange for Common-Equivalent Units. 

“ROFO Agreement” means those certain Right of First Offer Agreements by and between the Partnership and Global
Innovation Partners, LLC, whereby such entities granted the Partnership the right to acquire the ROFO Interests. 

“ROFO Interests” means those certain properties or interests in entities which own certain real property described in
the respective ROFO Agreements. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations of the Securities and Exchange Commission promulgated thereunder and any successor statute thereto. 

“Series A Articles Supplementary” means the Articles Supplementary of the General Partner in connection with its
REIT Series A Preferred Shares, as filed with the Maryland State Department of Assessments and Taxation on February 8, 2005. 
  

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 “Series A Preferred Capital” means a Capital Account balance equal
to the product of (i) the number of Series A Preferred Units then held by the General Partner multiplied by (ii) the sum of $25, any Preferred Distribution Shortfall per Series A Preferred Unit and any accrued and unpaid distribution per
Series A Preferred Unit for the current distribution period.  
 “Series A Preferred Units” means the
Partnership’s 8.5% Series A Cumulative Redeemable Partnership Units, with the rights, priorities and preferences set forth herein. 

“Series A Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 16.2.A. 

“Series A Priority Return” shall mean an amount equal to 8.5% per annum on the stated value of $25 per Series A
Preferred Unit (equivalent to the fixed annual amount of $2.125 per Series A Preferred Unit), commencing on the date of original issuance of the Series A Preferred Units. For any partial quarterly period, the amount of the Series A Priority Return
shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 
 “Series B
Articles Supplementary” means the Articles Supplementary of the General Partner in connection with its REIT Series B Preferred Shares, as filed with the Maryland State Department of Assessments and Taxation on July 25, 2005. 

 “Series B Preferred Capital” means a Capital Account balance equal to the product of (i) the
number of Series B Preferred Units then held by the General Partner multiplied by (ii) the sum of $25, any Preferred Distribution Shortfall per Series B Preferred Unit and any accrued and unpaid distribution per Series B Preferred Unit for the
current distribution period.  
 “Series B Preferred Units” means the Partnership’s 7.875% Series B
Cumulative Redeemable Partnership Units, with the rights, priorities and preferences set forth herein. 
 “Series B
Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 17.2.A. 
 “Series B
Priority Return” shall mean an amount equal to 7.875% per annum on the stated value of $25 per Series B Preferred Unit (equivalent to the fixed annual amount of $1.96875 per Series B Preferred Unit), commencing on the date of original
issuance of the Series B Preferred Units. For any partial quarterly period, the amount of the Series B Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 

“Series C Articles Supplementary” means the Articles Supplementary of the General Partner in connection with its
REIT Series C Preferred Shares, as filed with the Maryland State Department of Assessments and Taxation on April 9, 2007. 

“Series C Preferred Capital” means a Capital Account balance equal to the product of (i) the number of
Series C Preferred Units then held by the General Partner multiplied by (ii) the sum of $25, any Preferred Distribution Shortfall per Series C Preferred Unit and any accrued and unpaid distribution per Series C Preferred Unit for the current
distribution period.  
  

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 “Series C Preferred Units” means the Partnership’s 4.375% Series C
Cumulative Convertible Partnership Units, with the rights, priorities and preferences set forth herein. 
 “Series C
Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 19.2.A. 
 “Series C
Priority Return” shall mean an amount equal to 4.375% per annum on the stated value of $25 per Series C Preferred Unit (equivalent to the fixed annual amount of $1.09375 per Series C Preferred Unit), commencing on the date of original
issuance of the Series C Preferred Units. For any partial quarterly period, the amount of the Series C Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 

“Series D Articles Supplementary” means the Articles Supplementary of the General Partner in connection with its
REIT Series D Preferred Shares, as filed with the Maryland State Department of Assessments and Taxation on February 5, 2008. 

“Series D Preferred Capital” means a Capital Account balance equal to the product of (i) the number of
Series D Preferred Units then held by the General Partner multiplied by (ii) the sum of $25, any Preferred Distribution Shortfall per Series D Preferred Unit and any accrued and unpaid distribution per Series D Preferred Unit for the current
distribution period.  
 “Series D Preferred Units” means the Partnership’s 5.500% Series D
Cumulative Convertible Partnership Units, with the rights, priorities and preferences set forth herein. 
 “Series D
Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 20.2.A. 
 “Series D
Priority Return” shall mean an amount equal to 5.500% per annum on the stated value of $25 per Series D Preferred Unit (equivalent to the fixed annual amount of $1.375 per Series D Preferred Unit), commencing on the date of original
issuance of the Series D Preferred Units. For any partial quarterly period, the amount of the Series D Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 

“Single Funding Notice” shall have the meaning set forth in Section 8.6.C(1)(b). 

“Sixth Amended and Restated Partnership Agreement” shall have the meaning set forth in the recitals. 

“Specified Redemption Date” means the day of receipt by the General Partner of a Notice of Redemption; provided
that in the event the General Partner elects a Stock Offering Funding pursuant to Section 8.6.C, such Specified Redemption Date shall be deferred until the next Business Day following the date of the closing of the Stock Offering
Funding. 
 “Stock Offered Funding Amount” shall have the meaning set forth in Section 8.6.C(2).

  

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 “Stock Offering Funding” shall have the meaning set forth in
Section 8.6.C(1)(a). 
 “Stock Plan” means any stock incentive, stock option, stock ownership or
employee benefits plan of the General Partner. 
 “Subsequent Redemption” shall have the meaning set forth in
Section 8.6.F(4). 
 “Subsidiary” means, with respect to any Person, any corporation, partnership,
limited liability company, joint venture or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Subsidiary Partnership” means any partnership or limited liability company that is a Subsidiary of the Partnership.

 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership
pursuant to Section 11.4. 
 “Surviving Partnership” shall have the meaning set forth in
Section 11.2.B(2). 
 “Tax Items” shall have the meaning set forth in Section 6.4.A.

 “Tenant” means any tenant from which the General Partner derives rent either directly or indirectly through
partnerships, including the Partnership. 
 “Tendered Units” shall have the meaning set forth in
Section 8.6.A. 
 “Tendering Partner” shall have the meaning set forth in
Section 8.6.A. 
 “Termination Transaction” shall have the meaning set forth in
Section 11.2.B. 
 “Transaction” shall have the meaning set forth in Section 8.7.F.

 “Twelve-Month Period” means a twelve-month period ending on the first anniversary of the Effective Date or
on each subsequent anniversary thereof. 
 “Unvested Profits Interest Units” shall have the meaning set forth
in Section 4.5.C. 
 “Vested Profits Interest Units” shall have the meaning set forth in
Section 4.5.C. 
 “Vesting Agreement” means each or any, as the context implies, vesting agreement
entered into by a Profits Interest Unitholder upon acceptance of an award of Unvested Profits Interest Units under the Plan (as such agreement may be amended, modified or supplemented from time to time), including any Class C Unit Agreements.

 “Withdrawing Partner” shall have the meaning set forth in Section 8.6.C(3)(c). 

 

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 Section 1.2 Rules of Construction 

Unless otherwise indicated, all references herein to “REIT,” “REIT Requirements,” “REIT
Shares” and “REIT Shares Amount” with respect to the General Partner shall apply only with reference to the Company. 

ARTICLE 2. 

ORGANIZATIONAL MATTERS 
 Section
2.1 Organization 
 The Partnership is a limited partnership formed pursuant to the provisions of the Act and upon the
terms and conditions set forth in this Agreement. Except as expressly provided herein, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of
each Partner shall be personal property for all purposes. 
 Section 2.2 Name 

The name of the Partnership is Digital Realty Trust, L.P. The Partnership’s business may be conducted under any other name or names
deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the
Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to
time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 
 Section 2.3
Registered Office and Agent; Principal Office 
 The name and address of the registered office and registered agent of the
Partnership in the State of Maryland is National Registered Agents, Inc. of MD, 11 East Chase Street, Baltimore, MD 21202. The address of the principal office of the Partnership in the State of Maryland is c/o National Registered Agents, Inc. of MD,
11 East Chase Street, Baltimore, MD 21202. The principal office of the Partnership is located at 560 Mission Street, Suite 2900, San Francisco, California 94105, or such other place as the General Partner may from time to time designate by notice to
the other Partners. The Partnership may maintain offices at such other place or places within or outside the State of Maryland as the General Partner deems advisable. 

Section 2.4 Power of Attorney 

A. Each Limited Partner and each Assignee constitutes and appoints the General Partner, any Liquidator, and authorized officers and
attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(1) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates,
documents and other instruments (including, without limitation, 
  

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this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence
or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Maryland and in all other jurisdictions in which the Partnership may conduct business or own
property; (b) all instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and
other instruments or documents that the General Partner or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a
certificate of cancellation; (d) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Articles 11, 12 or 13 or the Capital Contribution of
any Partner; and (e) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 

(2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments
appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners
hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 

Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance with
Article 14 or as may be otherwise expressly provided for in this Agreement. 
 B. The foregoing power of attorney is
hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any
filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or
Assignee’s Common-Equivalent Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation
made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of
the General Partner or any Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or any Liquidator, within 15 days after receipt of the General Partner’s
or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership.

  

 100 

 Section 2.5 Term 

The term of the Partnership commenced on July 21, 2004 and shall continue until December 31, 2104 unless it is dissolved sooner
pursuant to the provisions of Article 13 or as otherwise provided by law. 
 ARTICLE 3. 

PURPOSE 
 Section 3.1 Purpose
and Business 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business
that may be lawfully conducted by a limited partnership organized pursuant to the Act, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any business described in the foregoing clause (i) or to own
interests in any entity engaged, directly or indirectly, in any such business and (iii) to do anything necessary or incidental to the foregoing; provided, however, that such business shall be limited to and conducted in such a
manner as to permit the General Partner at all times to be classified as a REIT for federal income tax purposes, unless the General Partner ceases to qualify as a REIT for reasons other than the conduct of the business of the Partnership. In
connection with the foregoing, and without limiting the General Partner’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner’s current status as a REIT inures to the benefit of all
the Partners and not solely the General Partner. 
 Section 3.2 Powers 

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

Section 3.3 Partnership Only for Purposes Specified 

The Partnership shall be a partnership only for the purposes specified in Section 3.1, and this Agreement shall not be deemed
to create a partnership among the Partners with respect to any activities whatsoever other than the activities within the purposes of the 

 

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Partnership as specified in Section 3.1. Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or
responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the
Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or
obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 
 Section 3.4 Representations and Warranties by
the Parties 
 A. Each Partner that is an individual represents and warrants to each other Partner that (i) such Partner
has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder, (ii) the consummation of the transactions contemplated by this Agreement to be performed by such Partner will not result in a breach or
violation of, or a default under, any agreement by which such Partner or any of such Partner’s property is or are bound, or any statute, regulation, order or other law to which such Partner is subject, (iii) such Partner is a “United
States person” within the meaning of Section 7701(a)(30) of the Code, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 

B. Each Partner that is not an individual represents and warrants to each other Partner that (i) its execution and delivery of this
Agreement and all transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including without limitation, that of its general partner(s), member(s), committee(s), trustee(s), beneficiaries,
directors and/or stockholder(s), as the case may be, as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its certificate of limited partnership, partnership agreement, trust
agreement, limited liability company operating agreement, charter or bylaws, as the case may be, any agreement by which such Partner or any of such Partner’s properties or any of its partners, members, beneficiaries, trustees or stockholders,
as the case may be, is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, members, trustees, beneficiaries or stockholders, as the case may be, is or are subject, (iii) such Partner is a
“United States person” within the meaning of Section 7701(a)(30) of the Code and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 

C. Each Partner represents, warrants, and agrees that it has acquired and continues to hold its interest in the Partnership for its own
account for investment only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, nor with a view toward selling or otherwise distributing such interest or any part thereof at any particular time
or under any predetermined circumstances. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and that it
has a sufficiently high net worth that it does not anticipate a need for the funds it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment. Each Partner represents, warrants and agrees that such
Partner is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act). 
  

 102 

 D. Each Partner acknowledges that (i) the Partnership Units (and any REIT Shares that
might be exchanged therefor) have not been registered under the Securities Act and may not be transferred unless they are subsequently registered under the Securities Act or an exemption from such registration is available (it being understood that
the Partnership has no intention of so registering the Partnership Units), (ii) a restrictive legend in the form set forth in Exhibit D shall be placed on the certificates representing the Partnership Units, and (iii) a
notation shall be made in the appropriate records of the Partnership indicating that the Partnership Units are subject to restrictions on transfer. 

E. Each Limited Partner further represents, warrants, covenants and agrees as follows: 

(1) Except as provided in Exhibit E, at any time such Partner actually or Constructively Owns a 25% or greater
capital interest or profits interest in the Partnership, it does not and will not, without the prior written consent of the General Partner, actually own or Constructively Own (a) with respect to any Tenant that is a corporation, any stock of
such Tenant, and (b) with respect to any Tenant that is not a corporation, any interests in either the assets or net profits of such Tenant. 

(2) Except as provided in Exhibit F, at any time such Partner actually or Constructively Owns a 25% or greater
capital interest or profits interest in the Partnership, it does not, and agrees that it will not without the prior written consent of the General Partner, actually own or Constructively Own, any stock in the General Partner, other than any REIT
Shares or other shares of capital stock of the General Partner such Partner may acquire (a) as a result of an exchange of Tendered Units pursuant to Section 8.6 or (b) upon the exercise of options granted or delivery of REIT
Shares pursuant to any Stock Plan, in each case subject to the ownership limitations set forth in the General Partner’s Charter. 

(3) Upon request of the General Partner, it will disclose to the General Partner the amount of REIT Shares or other shares
of capital stock of the General Partner, or shares of capital stock or other interests in Tenants, that it actually owns or Constructively Owns. 

(4) It understands that if, for any reason, (a) the representations, warranties or agreements set forth in
E(1) or (2) above are violated, or (b) the Partnership’s actual or Constructive Ownership of REIT Shares or other shares of capital stock of the General Partner violates the limitations set forth in the Charter, then
(x) some or all of the Redemption rights of the Partners may become non-exercisable, and (y) some or all of the REIT Shares owned by the Partners may be automatically transferred to a trust for the benefit of a charitable beneficiary, as
provided in the Charter. 
 (5) Without the consent of the General Partner, which may be given or withheld in its
sole discretion, no Partner shall take any action that would cause (i) the Partnership at any time to have more than 100 partners, including as partners (“flow through partners”) those persons indirectly owning an interest in
the Partnership through a partnership, 
  

 103 

 
limited liability company, S corporation or grantor trust (such entity, a “flow through entity”), but only if substantially all of the value of such person’s interest in the
flow through entity is attributable to the flow through entity’s interest (direct or indirect) in the Partnership; or (ii) the Partnership Interest initially issued to such Partner or its predecessors to be held by more than seven
(7) partners, including as partners any flow through partners. 
 F. The representations and warranties contained in this
Section 3.4 shall survive the execution and delivery of this Agreement by each Partner and the dissolution and winding-up of the Partnership. 

G. Each Partner hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any,
in respect of the Partnership or the General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that projections and any other information, including, without limitation, financial and
descriptive information and documentation, which may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

Section 3.5 Certain ERISA Matters 

Each Partner acknowledges that the Partnership is intended to qualify as a “real estate operating company” (as such term is
defined in the Plan Asset Regulation). The General Partner may structure the investments in, relationships with and conduct with respect to Properties and any other assets of the Partnership so that the Partnership will be a “real estate
operating company” (as such term is defined in the Plan Asset Regulation). 
 ARTICLE 4. 

CAPITAL CONTRIBUTIONS 
 Section
4.1 Capital Contributions of the Partners 
 At the time of their respective execution of this Agreement, the Partners
shall make or shall have made Capital Contributions as set forth in Exhibit A to this Agreement. The Partners shall own Partnership Units of the class or series and in the amounts set forth in Exhibit A and shall have a Percentage
Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital
Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s Percentage Interest. Except as required by law, as otherwise provided in Sections 4.3, 4.4, 4.5 and 10.5,
or as otherwise agreed to by a Partner and the Partnership, no Partner shall be required or permitted to make any additional Capital Contributions or loans to the Partnership. Unless otherwise specified by the General Partner at the time of the
creation of any class of Partnership Interests, the corresponding class or series of capital stock for any Partnership Units issued shall be REIT Shares. 
  

 104 

 Section 4.2 Loans by Third Parties 

Subject to Section 4.3, the Partnership may incur Debt, or enter into other similar credit, guarantee, financing or
refinancing arrangements for any purpose (including, without limitation, in connection with any further acquisition of Properties) with any Person that is not the General Partner upon such terms as the General Partner determines appropriate;
provided that, the Partnership shall not incur any Debt that is recourse to the General Partner, except to the extent otherwise agreed to by the General Partner in its sole discretion. 

Section 4.3 Additional Funding and Capital Contributions 

A. General. The General Partner may, at any time and from time to time determine that the Partnership requires additional funds
(“Additional Funds”) for the acquisition of additional Properties or for such other Partnership purposes as the General Partner may determine. Additional Funds may be raised by the Partnership, at the election of the General
Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3. No Person shall have any preemptive, preferential or similar right or rights to subscribe for or acquire any Partnership Interest, except as set
forth in this Section 4.3. 
 B. Issuance of Additional Partnership Interests. The General Partner, in its
sole and absolute discretion, may raise all or any portion of the Additional Funds by accepting additional Capital Contributions of cash. The General Partner may also accept additional Capital Contributions of real property or any other non-cash
assets. In connection with any such additional Capital Contributions (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including the General Partner) or other Persons
(including, without limitation, in connection with the contribution of tangible or intangible property, services, or other consideration permitted by the Act to the Partnership) additional Partnership Units or other Partnership Interests, which may
be Common Units or other Partnership Units issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional, conversion, exchange or other special rights, powers,
and duties, including rights, powers, and duties senior to then existing Limited Partner Interests, all as shall be determined by the General Partner in its sole and absolute discretion subject to Maryland law, including without limitation,
(i) the allocations of items of Partnership income, gain, loss, deduction, and credit to such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership
distributions; (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; and (iv) the right to vote, including, without limitation, the Limited Partner approval rights set
forth in Section 11.2.A; provided, that no such additional Partnership Units or other Partnership Interests shall be issued to the General Partner unless either (a) (1) the additional Partnership Interests are
issued in connection with the grant, award, or issuance of shares of the General Partner pursuant to Section 4.3.C below, which shares have designations, preferences, and other rights (except voting rights) such that the economic
interests attributable to such shares are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to the General Partner in accordance with this Section 4.3.B, and
(2) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to any net proceeds raised in connection with such issuance, or (b) the additional Partnership Interests are issued to all Partners holding

  

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Partnership Interests in the same class in proportion to their respective Percentage Interests in such class or (c) the additional Partnership Interests are issued pursuant to a Stock Plan.
The General Partner’s determination that consideration is adequate shall be conclusive insofar as the adequacy of consideration relates to whether the Partnership Interests are validly issued and paid. In the event that the Partnership issues
additional Partnership Interests pursuant to this Section 4.3.B, the General Partner shall make such revisions to this Agreement (including but not limited to the revisions described in Section 5.4, Section 6.2.B,
and Section 8.6) as it determines are necessary to reflect the issuance of such additional Partnership Interests. 

C. Issuance of REIT Shares or Other Securities by the General Partner. Except as provided in the next following paragraph of this
Section 4.3C, the General Partner shall not issue any additional REIT Shares, other shares of capital stock of the General Partner or New Securities (other than REIT Shares issued pursuant to Section 8.6 or such shares, stock
or securities pursuant to a dividend or distribution (including any stock split) to all of its stockholders or all of its stockholders who hold a particular class of stock of the General Partner), unless (i) the General Partner shall cause the
Partnership to issue to the General Partner, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights, all such that the economic interests
thereof are substantially similar to those of the REIT Shares, other shares of capital stock of the General Partner or New Securities issued by the General Partner and (ii) the General Partner shall make a Capital Contribution of any net
proceeds from the issuance of such additional REIT Shares, other shares of capital stock or New Securities, as the case may be, and from any exercise of the rights contained in such additional New Securities, as the case may be. Without limiting the
foregoing, the General Partner is expressly authorized to issue REIT Shares, other shares of capital stock of the General Partner or New Securities for no tangible value or for less than fair market value, and the General Partner is expressly
authorized to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance of Partnership Interests is in the interests of the
Partnership; and (y) the General Partner contributes all proceeds, if any, from such issuance and exercise to the Partnership. 

In connection with the General Partner’s initial public offering of REIT Shares, any other issuance of REIT Shares,
other capital stock of the General Partner or New Securities, the General Partner shall contribute to the Partnership, any net proceeds raised in connection with such issuance; provided, that the General Partner may use a portion of
the net proceeds from any offering to acquire Partnership Units or other assets (provided such other assets are contributed to the Partnership pursuant to the terms of this Agreement); and provided, further, that if the
net proceeds actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance then, except to the extent
such net proceeds are used to acquire Partnership Units, the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of such
underwriter’s discount and other expenses paid by the General Partner (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). In the case of issuance of REIT Shares
by the General Partner in any offering, whether registered under the Securities Act or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or

  

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otherwise distributed, for purposes of determining the number of additional Common Units issuable upon a Capital Contribution funded by the net proceeds thereof consistently with the immediately
preceding sentence, any discount from the then current market price of REIT Shares shall be disregarded such that an equal number of Common Units can be issued to the General Partner as the number of REIT Shares sold by the General Partner in such
offering, consistently with the determination of Partners’ Percentage Interests as provided in Section 4.3.D. In the case of issuances of REIT Shares, other capital stock of the General Partner or New Securities pursuant to any
Stock Plan at a discount from fair market value or for no value, the amount of such discount representing compensation to the employee, as determined by the General Partner, shall be treated as an expense for the benefit of the Partnership for
purposes of Section 7.4 and, as a result, the General Partner shall be deemed to have made a Capital Contribution to the Partnership in an amount equal to the sum of any net proceeds of such issuance plus the amount of such expense.

 D. Percentage Interest Adjustments in the Case of Capital Contributions for Partnership Units. Upon the acceptance of
additional Capital Contributions in exchange for any class or series of Partnership Units, the Percentage Interest of each Partner in such class or series of Partnership Units shall be equal to a fraction, the numerator of which is equal to the sum
of (i) the Deemed Partnership Interest Value of the Partnership Interest of such Partner in respect of such class or series (computed as of the Business Day immediately preceding the Adjustment Date) and (ii) the Agreed Value of additional
Capital Contributions, if any, made by such Partner to the Partnership in such class or series of Partnership Interests as of such Adjustment Date, and the denominator of which is equal to the sum of (i) the Deemed Value of the Partnership
Interests of such class or series (computed as of the Business Day immediately preceding the Adjustment Date), plus (ii) the aggregate Agreed Value of additional Capital Contributions contributed by all Partners and/or third parties to
the Partnership on such Adjustment Date in such class or series. Provided, however, solely for purposes of calculating a Partner’s Percentage Interest pursuant to this Section 4.3.D, (i) in the case of cash
Capital Contributions by the General Partner funded by an offering of REIT Shares or other shares of capital stock of the General Partner and (ii) in the case of the contribution of properties by the General Partner which were acquired by the
General Partner in exchange for REIT Shares or other shares of capital stock of the General Partner immediately prior to such contribution, the General Partner shall be issued a number of Partnership Units equal and corresponding to the number of
such shares issued by the General Partner in exchange for such cash or Properties, the Partnership Units held by the other Partners shall not be adjusted, and the Partners’ Percentage Interests shall be adjusted accordingly. The General Partner
shall promptly give each Partner written notice of its Percentage Interest, as adjusted. This Section 4.3.D shall not apply to the issuance of Profits Interest Units, which shall be governed by Section 4.5, and the General
Partner may adjust Percentage Interests in a manner that is different from the provisions of this Section 4.3.D to the extent it reasonably determines it is appropriate to do so to reflect the value of the respective Capital
Contributions made to the Partnership and the number of Partnership Units issued with respect thereto. 
  

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 Section 4.4 Other Contribution Provisions. In the event that any Partner is admitted to the
Partnership and is given (or is treated as having received) a Capital Account at the time of admission in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the
Partnership had compensated such Partner in cash, and the Partner had contributed such cash to the capital of the Partnership. In addition, with the consent of the General Partner, in its sole discretion, one or more Limited Partners may enter into
agreements with the Partnership, in the form of a guarantee or contribution agreement, which have the effect of providing a guarantee of certain obligations of the Partnership. 

Section 4.5 Profit Interest Units. The General Partner may from time to time issue Profits Interest Units to Persons who provide services to the
Partnership, for such consideration or for no consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.5 and the special
provisions of Sections 4.3.D, 6.2.C, 8.7, 8.8 and Article 18, Profits Interest Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto. Subject to Section 18.2.A(4), for
purposes of computing the Partners’ Percentage Interests, Profits Interest Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between Profits Interest Units and Common
Units for conversion, distribution and other purposes, including without limitation complying with the following procedures: 

A. If an Adjustment Event occurs, then the General Partner shall make a corresponding adjustment to the Profits Interest Units to
maintain a one-for-one conversion and economic equivalence ratio between Common Units and Profits Interest Units. The following shall be “Adjustment Events”: (i) the Partnership makes a distribution on all outstanding Common
Units in Partnership Units, (ii) the Partnership subdivides the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units, or (iii) the Partnership issues any
Partnership Units in exchange for its outstanding Common Units by way of a reclassification or recapitalization of its Common Units. If more than one Adjustment Event occurs, the adjustment to the Profits Interest 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. For the avoidance of doubt, the following 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 Company in respect of a Capital Contribution to the Partnership of proceeds from the sale of securities by the Company. If the Partnership takes an action affecting the Common Units other than actions specifically described
above as “Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the Profits Interest Units to maintain the one-to-one correspondence described above, the General Partner shall have the
right to make such adjustment to the Profits Interest Units, to the extent permitted by law and by any applicable Stock Plan or other compensatory arrangement or incentive program pursuant to which Profits Interest Units are issued, in such manner
and at such time as the General Partner, in its sole discretion, may determine to be reasonably appropriate under the circumstances. If an adjustment is made to the Profits Interest 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 

 

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requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership
shall mail a notice to each Profits Interest Unitholder setting forth the adjustment to his or her Profits Interest Units and the effective date of such adjustment. 

B. Except as otherwise provided in this Agreement (including, without limitation, Article 18 with respect the Class C Units) or by
the General Partner with respect to any particular class or series of Profits Interest Units, (a) the Profits Interest Unitholders shall, in respect of each Distribution Payment Date, when, as and if authorized and declared by the General
Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per Profits Interest Unit equal to the distributions per Common Unit, paid to holders of record on the same record date established by the
General Partner with respect to such Distribution Payment Date; (b) references to additional Partnership Interests in Section 5.4 shall be deemed to include Profits Interest Units issued during a Distribution Period and such
Section 5.4 shall apply in full to Profits Interest Units; (c) during any Distribution Period, so long as any Profits Interest Units are outstanding, no distributions (whether in cash or in kind) shall be authorized, declared or
paid on Common Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the Profits Interest Units for such Distribution Period, (d), the Profits Interest Units shall rank pari passu with the
Common Units as to the payment of regular and special periodic or other distributions and distribution of assets, and (e) any class or series of Partnership Units or Partnership Interests which by its terms specifies that it shall rank junior
to, on a parity with, or senior to the Common Units with respect to distributions shall also rank junior to, on a parity with, or senior to, as the case may be, the Profits Interest Units. Notwithstanding the foregoing provisions of this
Section 4.5.B, proceeds from a Liquidating Event shall be distributed to Holders of Partnership Units as set forth in Sections 5.3 and 13.2. Subject to the terms of any Vesting Agreement, a Profits Interest Unitholder shall
be entitled to transfer his or her Profits Interest Units to the same extent, and subject to the same restrictions as holders of Common Units are entitled to transfer their Common Units pursuant to Article 11. 

C. Profits Interest Units shall be subject to the following special provisions: 

(a) Vesting Agreements. Profits Interest Units may, in the sole discretion of the General Partner, be issued
subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting 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 Vesting Agreement or by the Plan, if applicable. Profits Interest Units that were fully vested when issued or that have vested under the terms of a Vesting Agreement are referred to as
“Vested Profits Interest Units”; all other Profits Interest Units shall be treated as “Unvested Profits Interest Units.” 

(b) Forfeiture. Unless otherwise specified in the Vesting Agreement or in any applicable Stock Plan or other
compensatory arrangement or incentive program pursuant to which Profits Interest Units are issued, upon the occurrence of any event specified in such Vesting Agreement, Stock Plan, arrangement or program as resulting in either the right of the
Partnership or the General Partner to repurchase Profits Interest Units at a specified purchase price or some other forfeiture of any Profits Interest Units, then if the Partnership or 

 

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the General Partner exercises such right to repurchase or forfeiture or upon the occurrence of the event causing forfeiture in accordance with the applicable Vesting Agreement, Stock Plan,
arrangement or program, then the relevant Profits Interest Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the applicable Vesting Agreement,
Stock Plan, arrangement or program, no consideration or other payment shall be due with respect to any Profits Interest Units that have been forfeited, other than any distributions declared with respect to a Partnership Record Date and with respect
to such units, prior to the effective date of the forfeiture. Except as otherwise provided in this Agreement or any agreement relating to the grant of Profits Interest Units (including each Class C Units Agreement), in connection with any repurchase
or forfeiture of such units, the balance of the portion of the Capital Account of the Profits Interest Unitholder that is attributable to all of his or her Profits Interest Units shall be reduced by the amount, if any, by which it exceeds the target
balance contemplated by Section 6.2.C, calculated with respect to the Profits Interest Unitholder’s remaining Profits Interest Units, if any. 

(c) Allocations. Profits Interest Unitholders shall be entitled to certain special allocations of gain under
Section 6.2.C. 
 (d) Redemption. The Redemption Right provided to Limited Partners under
Section 8.6 shall not apply with respect to Profits Interest Units unless and until they are converted to Partnership Units as provided in clause (f) below and Section 8.7. 

(e) Legend. Any certificate evidencing an Profits Interest Unit shall bear an appropriate legend indicating that
additional terms, conditions and restrictions on transfer, including without limitation any Vesting Agreement, apply to the Profits Interest Unit. 

(f) Conversion to Partnership Units. Vested Profits Interest Units are eligible to be converted into Partnership
Units under Section 8.7. 
 (g) Voting. Profits Interest Units shall have the voting rights
provided in Section 8.8. 
 Section 4.6 No Preemptive Rights 

Except to the extent expressly granted by the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential
or other similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units or other Partnership Interests. 

ARTICLE 5. 

DISTRIBUTIONS 
 Section 5.1
Requirement and Characterization of Distributions 
 The General Partner shall cause the Partnership to distribute
quarterly all, or such portion as the General Partner may in its discretion determine, of Available Cash generated by the Partnership to the Partners who are Partners on the applicable Partnership Record Date with

  

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respect to such distribution, (1) first, with respect to any class or series of Partnership Interests that are entitled to any preference in distributions, in accordance with the rights of
such class or series of Partnership Interests (and within such class or series, pro rata in proportion to the respective Percentage Interests on the applicable Partnership Record Date), and (2) second, with respect to any class or series of
Partnership Interests that are not entitled to any preference in distributions, pro rata to each such class or series in accordance with the terms of such class or series to the Partners who are Partners of such class or series on the Partnership
Record Date with respect to such distribution (and within each such class or series, pro rata in proportion to the respective Percentage Interests on such Partnership Record Date). Unless otherwise expressly provided for herein or in an agreement,
if any, entered into in connection with the creation of a new class or series of Partnership Interests created in accordance with Article 4, no Partnership Interest shall be entitled to a distribution in preference to any other Partnership
Interest. The General Partner shall take such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with its qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable the
General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations (“REIT
Requirements”), and (b) except to the extent otherwise determined by the General Partner, avoid the imposition of any federal income or excise tax liability on the General Partner, except to the extent that a distribution pursuant to
clause (b) would prevent the Partnership from making a distribution to the Holders of Series A Preferred Units in accordance with Section 16.2, Series B Preferred Units in accordance with Section 17.2, Series C Preferred
Units in accordance with Section 19.2 or Series D Preferred Units in accordance with Section 20.2. 
 Section 5.2
Distributions in Kind 
 Except as expressly provided herein, no right is given to any Partner to demand and receive
property other than cash. The General Partner may determine, in its sole and absolute discretion, to make a distribution in-kind to the Partners of Partnership assets, and such assets shall be distributed in such a fashion as to ensure that the fair
market value is distributed and allocated in accordance with Articles 5, 6 and 10. 
 Section 5.3 Distributions
Upon Liquidation 
 Notwithstanding Section 5.1, proceeds from a Liquidating Event shall be distributed to the
Partners in accordance with Section 13.2. 
 Section 5.4 Distributions to Reflect Issuance of Additional Partnership
Interests 
 In the event that the Partnership issues additional Partnership Interests to the General Partner or any
Additional Limited Partner pursuant to Section 4.3.B, 4.3.C or 4.5, the General Partner shall make such revisions to this Article 5 as it determines are necessary to reflect the issuance of such additional
Partnership Interests. In the absence of any agreement to the contrary, an Additional Limited Partner shall be entitled to the distributions set forth in Section 5.1 (without regard to this Section 5.4) with respect to the
period during which the closing of its contribution to the Partnership occurs, multiplied by a fraction the numerator of which is the number of days from and after the date of such closing through the end of the applicable period, and the
denominator of which is the total number of days in such period. 
  

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 ARTICLE 6. 

ALLOCATIONS 
 Section 6.1
Timing and Amount of Allocations of Net Income and Net Loss 
 Net Income and Net Loss of the Partnership shall be
determined and allocated with respect to each Partnership Year of the Partnership as of the end of each such year. Subject to the other provisions of this Article 6, an allocation to a Partner of a share of Net Income or Net Loss shall be
treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

Section 6.2 General Allocations 

Except as otherwise provided in this Article 6, Net Income and Net Loss allocable with respect to a class of Partnership Interests
shall be allocated to each of the Holders holding such class of Partnership Interests in accordance with their respective Percentage Interest of such class. 

A. Allocation of Net Income and Net Losses. 

(1) Net Income. Except as otherwise provided in Section 6.3, Net Income for any Partnership Year shall
be allocated to the Partners in the following manner and order of priority: 
 (a) First, to the General
Partner in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the General Partner pursuant to Section 6.2.A.2(d) for all prior Partnership Years minus the cumulative Net Income allocated to the
General Partner pursuant to this Section 6.2.A.(1)(a) for all prior Partnership Years; 
 (b)
Second, to each Limited Partner in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to each such Limited Partner pursuant to Section 6.2.A.2(c) for all prior Partnership Years minus the
cumulative Net Income allocated to such Limited Partner pursuant to this Section 6.2.A.(1)(b) for all prior Partnership Years; 

(c) Third, to the General Partner in an amount equal to the remainder, if any, of the cumulative Net Losses
allocated to the General Partner pursuant to Section 6.2.A.2(b) for all prior Partnership Years minus the cumulative Net Income allocated to such Partner pursuant to this Section 6.2.A.1(c) for all prior Partnership
Years; 
 (d) Fourth, to the General Partner in an amount equal to the sum of (i) the excess of the
cumulative Series A Priority Return on the Series A Preferred Units to the last day of the current Partnership Year or to the date of redemption of the Series A Preferred Units, to the extent such Series A Preferred Units are redeemed during such
year, over the 
  

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cumulative Net Income allocated to the General Partner pursuant to this clause (i) of this Section 6.2.A.1(d) for all prior Partnership Years, (ii) the excess of the
cumulative Series B Priority Return on the Series B Preferred Units to the last day of the current Partnership Year or to the date of redemption of the Series B Preferred Units, to the extent such Series B Preferred Units are redeemed during such
year over the cumulative Net Income allocated to the General Partner pursuant to this clause (ii) of this Section 6.2.A.1(d) for all prior Partnership Years, (iii) the excess of the cumulative Series C Priority Return on
the Series C Preferred Units to the last day of the current Partnership Year or to the date of redemption or conversion of the Series C Preferred Units, to the extent such Series C Preferred Units are redeemed or converted during such year, provided
that in connection with any conversion of a Series C Preferred Units, the General Partner shall be permitted to make allocations of income with respect to such Series C Preferred Units that are consistent with the distributions payable with respect
to such Series C Preferred Units, over the cumulative Net Income allocated to the General Partner pursuant to this clause (iii) of this Section 6.2.A.1(d) for all prior Partnership Years and (iv) the excess of the
cumulative Series D Priority Return on the Series D Preferred Units to the last day of the current Partnership Year or to the date of redemption or conversion of the Series D Preferred Units, to the extent such Series D Preferred Units are redeemed
or converted during such year, provided that in connection with any conversion of a Series D Preferred Units, the General Partner shall be permitted to make allocations of income with respect to such Series D Preferred Units that are consistent with
the distributions payable with respect to such Series D Preferred Units, over the cumulative Net Income allocated to the General Partner pursuant to this clause (iv) of this Section 6.2.A.1(d) for all prior Partnership Years; 

(e) Fifth, to the General Partner and the Limited Partners in an amount equal to the remainder, if any, of the
cumulative Net Losses allocated to each such Partner pursuant to Section 6.2.A.2(a) for all prior Partnership Years minus the cumulative Net Income allocated to each Partner pursuant to this Section 6.2.A.(1)(e) for
all prior Partnership Years; and 
 (f) Sixth, to each of the Partners in accordance with their respective
Percentage Interests in the Common-Equivalent Units. 
 To the extent the allocations of Net Income set forth above in any
paragraph of this Section 6.2.A.(1) are not sufficient to entirely satisfy the allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such
paragraph without regard to such shortfall. 
 (2) Net Losses. Except as otherwise provided in
Section 6.3, Net Losses for any Partnership Year shall be allocated to the Partners in the following manner and order of priority: 

(a) First, to the General Partner and the Limited Partners in accordance with their respective Percentage Interests
in the Common-Equivalent Units (to the extent consistent with this Section 6.2.A(2)(a)) until the Adjusted Capital Account Balance (ignoring for this purpose any amounts a Partner is obligated to contribute to the capital of the
Partnership or is deemed obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2) and ignoring the General Partner’s Series A Preferred Capital, Series B Preferred Capital, Series C Preferred Capital and Series D
Preferred Capital) of each such Partner is zero; 
  

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 (b) Second, to the General Partner (ignoring for this purpose any
amounts the General Partner is obligated to contribute to the capital of the Partnership or is deemed obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so modified) of the
General Partner is zero; 
 (c) Third, to the Limited Partners to the extent of, and in proportion to, the
positive balance (if any) in their Adjusted Capital Accounts; and 
 (d) Fourth, to the General Partner.

 B. Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the Partnership issues
additional Partnership Interests to the General Partner, a Limited Partner or any Additional Limited Partner pursuant to Section 4.3, the General Partner shall make such revisions to this Section 6.2 as it determines are
necessary to reflect the terms of the issuance of such additional Partnership Interests, including making preferential allocations to certain classes of Partnership Interests, subject to the terms of the Series A Preferred Units, the Series B
Preferred Units, the Series C Preferred Units and the Series D Preferred Units, in accordance with any method selected by the General Partner. 

C. Special Allocation of Gain to Profits Interest Unitholders. Notwithstanding the allocations set forth in Section
6.2.A(1) above, any net capital gains 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 treated as realized in connection with
an adjustment to the Gross Asset Value of Partnership assets as set forth in the definition of such term, shall first be allocated to the Profits Interest Unitholders until the Economic Capital Account Balances of such Limited Partners, to the
extent attributable to their ownership of Profits Interest Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their Profits Interest Units. For this purpose, the “Economic Capital Account
Balances” of the Profits Interest Unitholders will be equal to their Capital Account balances, plus the amount of their shares of any Partner Minimum Gain or Partnership Minimum Gain, in each case to the extent attributable to their
ownership of Profits Interest Units. Similarly, the “Common Unit Economic Balance” shall mean (i) the Capital Account balance of the Company, plus the amount of the Company’s share of any Partner Minimum Gain or Partnership
Minimum Gain, in either case to the extent attributable to the Company’s ownership of Common Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under this
Section 6.2.C, divided by (ii) the number of the Company’s Common Units. Any such allocations shall be made among the Profits Interest Unitholders in proportion to the amounts required to be allocated to each under this Section
6.2.C. The parties agree that the intent of this Section 6.2.C is to make the Capital Account balances of the Profits Interest Unitholders with respect to their Profits Interest Units economically equivalent to the Capital Account balance
of the Company with respect to its Common Units. 
  

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 D. Allocations in Connection with a Liquidating Event. Except as
otherwise provided in Section 6.3, the allocations of Net Income and Net Loss set forth in the foregoing provisions of this Section 6.2 or, if necessary, allocations of individual items of income, gain, loss and deduction which comprise
such Net Income or Net Loss, shall be adjusted to the extent necessary so as to result in the Capital Account balance of each Partner being such that distributions to the Partners pursuant to Section 13.2 upon the occurrence of a
Liquidating Event shall be made first to the General Partner in an amount equal to the sum of the Series A Preferred Capital, the Series B Preferred Capital, the Series C Preferred Capital and the Series D Preferred Capital, and thereafter to
Holders of Common-Equivalent Units in accordance with their Percentage Interests in such Units. 
 Section 6.3 Additional Allocation
Provisions 
 Notwithstanding the foregoing provisions of this Article 6: 

A. Regulatory Allocations. 

(i) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding
the provisions of Section 6.2, or any other provision of this Article 6, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and
gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This
Section 6.3.A(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulation Section 1.704-2(f) which shall be controlling in the event of a conflict between such Regulation and this
Section 6.3.A(i). 
 (ii) Partner Minimum Gain Chargeback. Except as otherwise provided in
Regulations Section 1.704-2(i)(4), and notwithstanding the provisions of Section 6.2, or any other provision of this Article 6 (except Section 6.3.A(i)), if there is a net decrease in Partner Minimum Gain
attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5),
shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be
so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.3.A(ii) is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the
meaning of Regulation Section 1.704-2(i) which shall be controlling in the event of a conflict between such Regulation and this Section 6.3.A(ii). 

 

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 (iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any
Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holders in accordance with their respective Percentage Interests in Common-Equivalent Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be
specially allocated to the Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Sections 1.704-2(b)(4) and
1.704-2(i). 
 (iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment, allocation
or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to the Holder in an amount and
manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of the Holder as quickly as possible provided that an allocation pursuant to this Section 6.3.A(iv) shall be made if and
only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(iv) were not in this Agreement. It is
intended that this Section 6.3.A(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations 1.704-1(b)(2)(ii)(d), which shall be controlling in the event of a conflict between such Regulations
and this Section 6.3.A(iv). 
 (v) Gross Income Allocation. In the event any Holder has a
deficit Capital Account at the end of any Partnership Year which is in excess of the sum of (1) the amount (if any) such Holder is obligated to restore to the Partnership, and (2) the amount such Holder is deemed to be obligated to restore
pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder 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 6.3.A(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all
other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(v) and Section 6.3.A(iv) were not in this Agreement. 

(vi) Limitation on Allocation of Net Loss. To the extent any allocation of Net Loss would cause or increase an
Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated among the other Holders in accordance with their respective Percentage Interests in Common-Equivalent Units subject to the limitations of this
Section 6.3.A(vi). 
 (vii) Section 754 Adjustment. To the extent an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken
into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of his interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Holders in accordance with their interests in the Partnership in the event that Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holders to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

 

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 (viii) Curative Allocation. The allocations set forth in Sections
6.3.A(i), (ii), (iii), (iv), (v), (vi), and (vii) (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of
Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 (but subject to Section 6.2.D), the Regulatory Allocations shall be taken into account in allocating other items of income, gain,
loss and deduction among the Holders so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder
if the Regulatory Allocations had not occurred. 
 B. For purposes of determining a Holder’s proportional share of the
“excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s interest in Partnership profits shall be such Holder’s Percentage Interest in Common-Equivalent
Units. 
 Section 6.4 Tax Allocations 

A. In General. Except as otherwise provided in this Section 6.4, for income tax purposes each item of income, gain,
loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Sections 6.2 and
6.3. 
 B. Allocations Respecting Section 704(c) Revaluations. Notwithstanding Section 6.4.A, Tax
Items with respect to Partnership property that is contributed to the Partnership by a Partner shall be shared among the Holders for income tax purposes pursuant to Regulations promulgated under Section 704(c) of the Code, so as to take into
account the variation, if any, between the basis of the property to the Partnership and its initial Gross Asset Value. With respect to Partnership property that is contributed to the Partnership in connection with the General Partner’s initial
public offering or pursuant to the Partnership’s exercise of rights under any Option Agreement or ROFO Agreement, such variation between basis and initial Gross Asset Value shall be taken into account under the “traditional method” as
described in Regulations Section 1.704-3(b). With respect to other properties contributed to the Partnership, the Partnership shall account for such variation under any method consistent with Section 704(c) of the Code and the applicable
regulations as chosen by the General Partner. In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph (b) of the definition of Gross Asset Value (provided in Article 1), subsequent
allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Section 704(c) of the Code and the applicable
regulations consistent with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g) using any method approved under Section 704(c) of the Code and the applicable regulations as chosen by the General Partner, provided,
however, that the “traditional method” as described in Regulations Section 1.704-3(b) shall be used with respect to Partnership Property that is contributed to the Partnership in connection with the General Partner’s
initial public offering or pursuant to the Partnership’s exercise of rights under any Option Agreement or ROFO Agreement. 
  

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 ARTICLE 7. 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.1 Management 

A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by
the Limited Partners with or without cause, except with the consent of the General Partner. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General
Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including Sections 7.3 and 11.2, shall have full power and authority to do all things deemed necessary or desirable by it
to conduct the business of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status), to exercise all
powers set forth in Section 3.2 and to effectuate the purposes set forth in Section 3.1, including, without limitation: 

(1) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments
on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit the General Partner (so long as the General Partner has determined to qualify as a REIT) to avoid the payment of any federal
income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its stockholders sufficient to permit the General Partner to maintain REIT status), the assumption or guarantee of, or
other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or encumbrance on all or any of the Partnership’s assets) and the
incurring of any obligations it deems necessary for the conduct of the activities of the Partnership; 
 (2) the
making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership, the registration of any class of securities of the
Partnership under the Exchange Act, and the listing of any debt securities of the Partnership on any exchange; 

(3) subject to the provisions of Section 11.2, the acquisition, disposition, mortgage, pledge, encumbrance,
hypothecation or exchange of any assets of the Partnership or the merger or other combination of the Partnership with or into another entity; 

(4) the acquisition, disposition, mortgage, pledge, encumbrance or hypothecation of all or any assets of the Partnership,
and the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the

  

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conduct or the operations of the General Partner or the Partnership, the lending of funds to other Persons (including, without limitation, the General Partner or any Subsidiaries of the
Partnership) and the repayment of obligations of the Partnership, any of its Subsidiaries and any other Person in which it has an equity investment, and the making of capital contributions to its Subsidiaries; 

(5) the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or
improvements owned by the Partnership or any Subsidiary of the Partnership; 
 (6) the negotiation, execution,
and performance of any contracts, leases, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under
this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets;

 (7) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement;

 (8) the establishment of one or more divisions of the Partnership, the selection and dismissal of employees of
the Partnership (including, without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and
contractors of the Partnership, the determination of their compensation and other terms of employment or hiring, including waivers of conflicts of interest and the payment of their expenses and compensation out of the Partnership’s assets;

 (9) the maintenance of such insurance for the benefit of the Partnership and the Partners and directors and
officers of the Partnership or the General Partner as it deems necessary or appropriate; 
 (10) the formation
of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships, limited liability companies, joint ventures, corporations or other relationships that it deems desirable (including, without
limitation, the acquisition of interests in, and the contributions of property to any Subsidiary and any other Person in which it has an equity investment from time to time); provided, that, as long as the General Partner has
determined to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that could cause the General Partner to fail to qualify as a REIT; 

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

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 (12) the undertaking of any action in connection with the Partnership’s
direct or indirect investment in any Person (including, without limitation, contributing or loaning Partnership funds to, incurring indebtedness on behalf of, or guarantying the obligations of any such Persons); 

(13) subject to the other provisions in this Agreement, the determination of the fair market value of any Partnership
property distributed in kind using such reasonable method of valuation as it may adopt, provided, that such methods are otherwise consistent with requirements of this Agreement; 

(14) the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property
or improvements owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or indirect equity investment; 

(15) holding, managing, investing and reinvesting cash and other assets of the Partnership; 

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

(17) the exercise, directly or indirectly through any attorney-in-fact acting under a general or limited power of
attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 

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

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

(20) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of
trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of
the powers of the General Partner enumerated in this Agreement; 
 (21) the issuance of additional Partnership
Interests as provided in Sections 4.3, 4.4 or 4.5; 
 (22) the distribution of cash to
acquire Common Units held by a Limited Partner in connection with a Limited Partner’s exercise of its Redemption Right under Section 8.6; 
  

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 (23) the amendment and restatement of Exhibit A hereto to reflect
accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the
admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as
the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement; 
 (24)
the taking of 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; and 

(25) the delegation to another Person of any powers now or hereafter granted to the General Partner. 

B. Each of the Limited Partners agrees that the General Partner is authorized to execute, deliver and perform the above-mentioned
agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provisions of this Agreement (except as provided in Section 7.3 or 11.2), the Act or any
applicable law, rule or regulation to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the Partnership of any agreement authorized or permitted
under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of any duty stated or implied by law or
equity. 
 C. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain
(i) casualty, liability and other insurance on the properties of the Partnership and (ii) liability insurance for the benefit of any or all Indemnitees. 

D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital
and other reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

E. In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the
tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by the General Partner. The General Partner and the Partnership shall not have liability to a Partner under this Agreement as a result of an income
tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement. 

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

 

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 Section 7.2 Certificate of Limited Partnership 

To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner
shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Maryland
and to maintain the Partnership’s qualification to do business as a foreign limited partnership in each other state, the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. Subject to
the terms of Section 8.5.A(4), the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable
efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners
have limited liability) in the State of Maryland, any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 

Section 7.3 Restrictions on General Partner’s Authority 

A. The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the
written Consent of the Limited Partners and may not (i) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any liability not contemplated herein or under the Act; or (ii) enter
into any contract, mortgage, loan or other agreement that prohibits or restricts, or has the effect of prohibiting or restricting, the ability of a Limited Partner to exercise its rights to a Redemption as provided in Section 8.6, except
in each case with the written consent of such Limited Partner. 
 B. The General Partner shall not, without the prior Consent of
the Limited Partners, or except as provided in Section 7.3.C, amend, modify or terminate this Agreement. 
 C.
Notwithstanding Section 7.3.B, the General Partner shall have the exclusive power to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any
Affiliate of the General Partner for the benefit of the Limited Partners; 
 (2) to reflect the issuance of
additional Partnership Interests pursuant to Sections 4.3, 4.4, 4.5, 5.4 and 6.2.B or the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement (which may be effected
through the replacement of Exhibit A with an amended Exhibit A); 
  

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 (3) to set forth or amend the designations, rights, powers, duties, and
preferences of the holders of any additional Partnership Interests issued pursuant to Article 4; 
 (4) to
reflect a change that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other
provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 

(5) to satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or
regulation of a federal or state agency or contained in federal or state law; 
 (6) to reflect such changes as
are reasonably necessary for the General Partner to maintain its status as a REIT, including changes which may be necessitated due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the IRS; and 

(7) to modify, as set forth in the definition of “Capital Account,” the manner in which Capital Accounts
are computed. 
 The General Partner will provide notice to the Limited Partners when any action under this
Section 7.3.C is taken. 
 D. Notwithstanding Sections 7.3.B and 7.3.C, this Agreement shall not be
amended with respect to any Partner adversely affected, and no action may be taken by the General Partner, without the Consent of such Partner adversely affected if such amendment or action would (i) convert a Limited Partner’s interest in
the Partnership into a general partner’s interest (except as the result of the General Partner acquiring such interest), (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partner to receive
distributions pursuant to Article 5, Section 13.2.A(4) or Article 16 or the allocations specified in Article 6 (except as permitted pursuant to Sections 4.3, 4.4, 4.5, 5.4, 6.2.B
and Section 7.3.C(3)), (iv) adversely alter or modify the rights to a Redemption or the REIT Shares Amount as set forth in Section 8.6, and related definitions hereof, (v) alter the protections of the Limited
Partners as set forth in Section 11.2.B or (vi) amend this Section 7.3.D. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Section 7.3
without the Consent specified in such section. This Section 7.3D does not require unanimous consent of all Partners adversely affected unless the amendment is to be effective against all partners adversely affected. 

Section 7.4 Reimbursement of the General Partner 

A. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles 5 and
6 regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

B. The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s and the General Partner’s
organization, the ownership of its assets and its operations. The General Partner is hereby authorized to cause the Partnership to pay 

 

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compensation for accounting, administrative, legal, technical, management and other services rendered to the Partnership. Except to the extent provided in this Agreement, the General Partner and
its Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all expenses that the General Partner and its Affiliates incur relating to the ownership and
operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses); provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with
respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such expenses of the General Partner are deemed to be for the benefit of the Partnership. Such reimbursement shall
be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.7. In the event that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such
expenses will be allocated to the Partnership and such other entities in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal
income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner. 
 C. If
the General Partner shall elect to purchase from its stockholders REIT Shares for the purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the General Partner, any employee stock purchase
plan adopted by the General Partner, or any similar obligation or arrangement undertaken by the General Partner in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the General Partner for such REIT Shares and
any other expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the Partnership and shall be advanced by the Partnership to the General Partner or reimbursed by the Partnership to the General
Partner, subject to the condition that: (i) if such REIT Shares subsequently are sold by the General Partner, the General Partner shall pay to the Partnership any proceeds received by the General Partner for such REIT Shares (which sales
proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a transfer of REIT Shares for Common Units pursuant to Section 8.6 would not be considered a sale
for such purposes); and (ii) if such REIT Shares are not retransferred by the General Partner within thirty (30) days after the purchase thereof, or the General Partner otherwise determines not to retransfer such REIT Shares, the General
Partner, shall cause the Partnership to redeem a number of Common Units held by the General Partner equal to the number of such REIT Shares, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material
assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences
of indebtedness or assets relating to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made
as a distribution in redemption of such number of Common Units held by the General Partner). 
 D. As set forth in
Section 4.3, the General Partner shall be treated as having made a Capital Contribution in the amount of all expenses that it incurs relating to the General Partner’s offering of REIT Shares, other shares of capital stock of the
General Partner or New Securities. 
  

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 E. If and to the extent any reimbursements to the General Partner pursuant to this
Section 7.4 constitute gross income of the General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of
Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

Section 7.5 Outside Activities of the General Partner 

A. Except in connection with a transaction authorized in Section 11.2, without the Consent of the Limited Partners, the
General Partner shall not, directly or indirectly, enter into or conduct any business, other than in connection with the ownership, acquisition and disposition of Partnership Interests as a General Partner and the management of the business of
the Partnership, its operation as a public reporting company with a class (or classes) of securities registered under the Exchange Act, its operation as a REIT and such activities as are incidental to the same. Except as otherwise expressly provided
in this Section 7.5, without the Consent of the Limited Partners, the General Partner shall not, directly or indirectly, participate in or otherwise acquire any interest in any real or personal property, except its General Partner
Interest, its minority interest in any Subsidiary Partnership(s) that the General Partner holds in order to maintain such Subsidiary Partnership’s status as a partnership, and such bank accounts, similar instruments or other short-term
investments as it deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter. In the event the General Partner desires to contribute cash to any Subsidiary Partnership to acquire or maintain an interest of 1%
or less in the capital of such partnership, the General Partner may acquire or maintain an interest of 1% or less in the capital of such partnership, and the General Partner may acquire such cash from the Partnership as a loan or in exchange for a
reduction in the General Partner’s Partnership Units, in an amount equal to the amount of such cash divided by the Fair Market Value of a REIT Share on the day such cash is received by the General Partner. Notwithstanding the foregoing, the
General Partner may acquire Properties or other assets in exchange for REIT Shares or cash, to the extent such Properties or other assets are immediately contributed by the General Partner to the Partnership, pursuant to the terms described in
Section 4.3.D. Any Limited Partner Interests acquired by the General Partner, whether pursuant to exercise by a Limited Partner of its right of Redemption, or otherwise, shall be automatically converted into a General Partner Interest
comprised of an identical number of Partnership Units with the same rights, priorities and preferences as the class or series so acquired. The General Partner may also own one-hundred percent (100%) of the stock or interests of one or more
Qualified REIT Subsidiaries or limited liability companies, respectively, provided that any such entity shall be subject to the limitations of this Section 7.5.A. If, at any time, the General Partner acquires material
assets (other than Partnership Interests or other assets on behalf of the Partnership), the definition of “REIT Shares Amount” and the definition of “Deemed Value of Partnership Interests” shall be adjusted, as reasonably
determined by the General Partner, to reflect the relative Fair Market Value of a share of capital stock of the General Partner relative to the Deemed Partnership Interest Value of the related Partnership Unit. The General Partner’s General
Partner Interest in the Partnership, its minority interest in any Subsidiary Partnership(s) (held directly or indirectly through a Qualified REIT Subsidiary) that the General Partner holds in order to maintain such Subsidiary Partnership’s
status as a partnership, and interests in such short-term liquid investments, bank accounts or similar instruments as the General Partner deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter are
interests which the General Partner is permitted to acquire and hold for purposes of this Section 7.5.A. 
  

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 B. In the event the General Partner exercises its rights under the Charter to purchase REIT
Shares, other capital stock of the General Partner or New Securities, as the case may be, then the General Partner shall cause the Partnership to purchase from it a number of Partnership Units equal to the number of REIT Shares, other capital stock
of the General Partner or New Securities, as the case may be, so purchased on the same terms that the General Partner purchased such REIT Shares, other capital stock of the General Partner or New Securities, as the case may be. 

Section 7.6 Contracts with Affiliates 

A. The Partnership may lend or contribute to, and borrow funds from, Persons in which it has an equity investment, and such Persons may
borrow funds from, and lend or contribute funds to, 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
Person. 
 B. Except as provided in Section 7.5.A, 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 consistent with this Agreement and applicable law as the General Partner in its sole discretion
deems advisable. 
 C. The General Partner, in its sole and absolute discretion and without the approval of the Limited
Partners, may propose and adopt on behalf of the Partnership employee benefit plans (including without limitation plans that contemplate the issuance of Profits Interest Units) funded by the Partnership for the benefit of employees of the General
Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed or to be performed, directly or indirectly, for the benefit of such entities. The General Partner also is expressly authorized
to cause the Partnership to issue to it Common Units corresponding to REIT Shares issued by the General Partner pursuant to any Stock Plan or any similar or successor plan and to repurchase such Partnership Units from the General Partner to the
extent necessary to permit the General Partner to repurchase such REIT Shares in accordance with such plan. 
 D. Except as
expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that
are determined by the General Partner in good faith to be fair and reasonable. 
 E. The General Partner is expressly authorized
to enter into, in the name and on behalf of the Partnership, a right of first opportunity arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner,
in its sole and absolute discretion, believes are advisable. 
  

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 Section 7.7 Indemnification 

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 legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, subpoenas, requests for information, formal or informal investigations,
actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership or the General Partner 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, constituted fraud or was the result of
active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the
act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership
(including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one
or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. The termination of any proceeding by judgment, order or
settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction or upon a plea of nolo contendere or its
equivalent, or any entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A. Any indemnification pursuant to this
Section 7.7 shall be made only out of the assets of the Partnership, and any insurance proceeds from liability policies covering the General Partner and any Indemnitee, and neither the General Partner nor any Limited Partner shall have
any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.7, except to the extent otherwise expressly agreed to by such Partner and
the Partnership. 
 B. Reasonable expenses incurred by an Indemnitee who is a party to a proceeding or the recipient of a
subpoena or request for information with respect to a proceeding to which such Indemnitee is not a party may be paid or reimbursed by the Partnership 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 7.7 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 7.7 shall be in addition to any other rights to which an Indemnitee or any
other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a written agreement
pursuant to which such Indemnitee is indemnified. 
  

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 D. The Partnership may, but shall not be obligated to, purchase and maintain insurance, on
behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities,
regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

E. For purposes of this Section 7.7, 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 Section 7.7; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of
its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 

F. In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth
in this Agreement. 
 G. An Indemnitee shall not be denied indemnification in whole or in part under this
Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

H. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect
the limitations on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

I. If and to the extent any reimbursements to the General Partner pursuant to this Section 7.7 constitute gross income of the
General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership) such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently
therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

J. Any indemnification hereunder is subject to, and limited by, the provisions of Section 10-107 of the Act. 

K. In the event the Partnership is made a party to any litigation or otherwise incurs any loss or expense as a result of or in connection
with any Partner’s personal obligations or liabilities unrelated to Partnership business, such Partner shall indemnify and reimburse the Partnership for all such loss and expense incurred, including legal fees, and the Partnership interest of
such Partner may be charged therefor. The liability of a Partner under this Section 7.7.K shall not be limited to such Partner’s Partnership Interest, but shall be enforceable against such Partner personally. 

 

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 Section 7.8 Liability of the General Partner 

A. Notwithstanding anything to the contrary set forth in this Agreement, none of the General Partner nor any of its officers, directors,
agents or employees shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees, or their successors or assigns, for losses sustained, liabilities incurred or benefits not derived as a result of errors in
judgment or mistakes of fact or law or any act or omission if the General Partner acted in good faith. 
 B. The Limited
Partners expressly acknowledge that the General Partner is acting for the benefit of the Partnership, the Limited Partners and the General Partner’s stockholders collectively. Neither the General Partner generally nor the board of directors of
the General Partner specifically is under any obligation to give priority to the separate interests of the Limited Partners or the General Partner’s stockholders (including, without limitation, the tax consequences to Limited Partners or
Assignees or to stockholders) in deciding whether to cause the Partnership to take (or decline to take) any actions. If there is a conflict between the interests of the stockholders of the General Partner on one hand and the Limited Partners on the
other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either the stockholders of the General Partner or the Limited Partners; provided, however, that for so long as the
General Partner owns a controlling interest in the Partnership, any such conflict that cannot be resolved in a manner not adverse to either the stockholders of the General Partner or the Limited Partners shall be resolved in favor of the
stockholders of the General Partner. The General Partner shall not be liable under this Agreement to the Partnership or to any Partner for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in
connection with such decisions; provided, that the General Partner has acted in good faith. 
 C. Subject to its
obligations and duties as General Partner set forth in Section 7.1.A, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 

D. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not
in any way affect the limitations on the liability of the General Partner and any of its officers, directors, agents and employee’s liability to the Partnership and the Limited Partners under this Section 7.8 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be
asserted. 
  

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 Section 7.9 Other Matters Concerning the General Partner 

A. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

B. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other
consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such General Partner reasonably believes to be within such Person’s professional or expert
competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 
 C.
The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent
provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty which is permitted or required to be done by the General Partner hereunder. 

D. Notwithstanding any other provisions of this Agreement or any non-mandatory provision of 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 to protect the ability of the
General Partner, for so long as the General Partner has determined to qualify as a REIT, to (i) continue to qualify as a REIT or (ii) avoid the General Partner incurring any taxes under Section 857 or Section 4981 of the Code, is
expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 Section 7.10 Title to Partnership
Assets 
 Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to
be owned by the Partnership as an entity, and no Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of
the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is
held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided,
however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of
the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 
  

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 Section 7.11 Reliance by Third Parties 

Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and such Person shall be entitled to deal with the
General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate or
disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with
or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its
representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full
force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly
executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

ARTICLE 8. 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 

Section 8.1 Limitation of Liability 

The Limited Partners shall have no liability under this Agreement except as expressly provided in this Agreement or under the Act.

 Section 8.2 Management of Business 

No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent
or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operations, management or control (within the meaning of the Act) of the Partnership’s business transact any
business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent
or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 

Section 8.3 Outside Activities of Limited Partners 

Subject to any agreements entered into by a Limited Partner or its Affiliates with the General Partner, Partnership or a Subsidiary, any
Limited Partner and any officer, director, employee, agent, trustee, Affiliate or stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the
Partnership, including business interests and activities in direct competition with the Partnership 
  

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or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited
Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person,
other than the Limited Partners benefiting from the business conducted by the General Partner, and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures to the Partnership, any Limited
Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 

Section 8.4 Return of Capital 

Except pursuant to the rights of Redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal
or return of his or her Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. Except as expressly set forth herein, no Limited Partner or Assignee shall
have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses, distributions or credits. 

Section 8.5 Rights of Limited Partners Relating to the Partnership 

A. In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.C, each Limited
Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at such Limited Partner’s
expense: 
 (1) to obtain a copy of the most recent annual and quarterly reports filed with the Securities and
Exchange Commission by the General Partner pursuant to the Exchange Act, and each communication sent to the stockholders of the General Partner; 

(2) to obtain a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year;

 (3) to obtain a current list of the name and last known business, residence or mailing address of each
Partner; 
 (4) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with
executed copies of all powers of attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and 

(5) to obtain true and full information regarding the amount of cash and a description and statement of any other property
or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner. 
  

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 B. The Partnership shall notify each Limited Partner in writing of any adjustment made in
the calculation of the REIT Shares Amount within a reasonable time after the date such change becomes effective. 
 C.
Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable,
any information that (i) the General Partner believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or (ii) the
Partnership or the General Partner is required by law or by agreements with unaffiliated third parties to keep confidential. 
 Section 8.6
Limited Partner Redemption Rights 
 A. On or after the date fourteen (14) months after (i) the Effective Date,
with respect to the Common Units acquired prior to, on or contemporaneously with the Effective Date, (ii) the Option Agreement Effective Date, with respect to the Common Units received pursuant to the Option Agreement, (iii) the ROFO
Agreement Effective Date, with respect to the Common Units received pursuant to the ROFO Agreement, and (iv) the date of issuance of any other Common Units, in each case unless a different date is expressly provided in an agreement entered into
between the Partnership and any Limited Partner, each Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of
the Common Units held by such Limited Partner (such Common Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”); provided that the terms of such
Common Units do not provide that such Common Units are not entitled to a right of Redemption. Unless otherwise expressly provided in this Agreement or in a separate agreement entered into between the Partnership and the holders of such Common Units,
all Common Units shall be entitled to a right of Redemption hereunder. The Tendering Partner shall have no right, with respect to any Common Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. Any
Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable in accordance with the
instructions set forth in the Notice of Redemption to the Tendering Partner within ten (10) days of the Specified Redemption Date, except as provided below. 

B. REIT Share Election 

(1) Notwithstanding Section 8.6.A above, if a Limited Partner has delivered to the General Partner a Notice of
Redemption then the General Partner may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to acquire some or all of the Tendered Units from the Tendering
Partner in exchange for the REIT Shares Amount (as of the Specified Redemption Date) and, if the General Partner so elects, the Tendering Partner shall sell the Tendered Units to the General Partner in exchange for the REIT Shares Amount. In such
event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units. The General Partner shall promptly give such Tendering Partner written notice of its election, and subject to Section 8.6.C below,
the 
  

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Tendering Partner may elect to withdraw its redemption request at any time prior to the receipt of cash pursuant to Section 8.6.A or REIT Shares Amount pursuant to this
Section 8.6.B by such Tendering Partner. 
 (2) The REIT Shares Amount, if applicable, shall be
delivered as duly authorized, validly issued, fully paid and nonassessable REIT Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter, the Bylaws of the General Partner, the
Securities Act, relevant state securities or blue sky laws and any applicable registration rights agreement with respect to such REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to
Section 8.6.E), the Tendering Partner shall be deemed the owner of such REIT Shares for all purposes, including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the
REIT Shares for which the Common Units might be exchanged shall also bear a legend which generally provides the following: 

THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND
TRANSFER FOR THE PURPOSE OF THE CORPORATION’S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST (“REIT”) UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND
EXCEPT AS EXPRESSLY PROVIDED IN THE CORPORATION’S ARTICLES OF AMENDMENT AND RESTATEMENT, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK OF THE CORPORATION IN EXCESS OF 9.8% OF THE VALUE OF THE TOTAL
OUTSTANDING SHARES OF CAPITAL STOCK OF THE CORPORATION AND NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE CORPORATION’S COMMON STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE
OUTSTANDING COMMON STOCK OF THE CORPORATION; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK THAT WOULD RESULT IN THE CORPORATION BEING “CLOSELY HELD” UNDER SECTION 856(h) OF THE CODE OR OTHERWISE CAUSE
THE CORPORATION TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY TRANSFER SHARES OF CAPITAL STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR
CONSTRUCTIVELY OWNS OR ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE CORPORATION. IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP SET FORTH IN (i) OR
(ii) IS VIOLATED, THE SHARES OF COMMON STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES, AND ANY TRANSFER THAT WOULD RESULT IN THE CAPITAL STOCK OF THE
CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS SHALL BE VOID AB INITIO. IN ADDITION, THE CORPORATION MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF
DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER 
  

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EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB INITIO.
ALL TERMS IN THIS LEGEND THAT ARE DEFINED IN THE CHARTER OF THE CORPORATION SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE CHARTER OF THE CORPORATION, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON
TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SHARES OF COMMON STOCK ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE. 

C. Stock Offering Funding Option 

(1) (a) Notwithstanding Section 8.6.A or Section 8.6.B above, if a Limited Partner has delivered
to the General Partner a Notice of Redemption with respect to Excess Units, and (i) the number of Excess Units plus the number of Tendered Units such Limited Partner agrees to treat as Excess Units (the “Offering Units”)
exceeds (A) 9.8% of the REIT Shares, calculated in accordance with the methodology for calculating the percentage of ownership of a Person for purposes of the ownership limit pursuant to Article VI of the Charter (subject to adjustment in
connection with any Adjustment Event), and (B) $50,000,000 gross value based on a Partnership Unit price equal to the REIT Share Market Value, and (ii) the General Partner is eligible to file a registration statement under Form S-3 (or any
successor form similar thereto), then the General Partner may, at its election, either (x) cause the Partnership to redeem the Offering Units with the proceeds of an offering, whether registered under the Securities Act or exempt from such
registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed (a “Stock Offering Funding”) of a number of REIT Shares (“Offered Shares”) equal
to the REIT Shares Amount with respect to the Offering Units pursuant to the terms of this Section 8.6.C; or (y) cause the Partnership to pay the Cash Amount with respect to the Excess Units pursuant to the terms of
Section 8.6.A; or (z) acquire the Excess Units in exchange for the REIT Shares Amount pursuant to the terms of Section 8.6.B, but only if the Tendering Partner provides the General Partner with any representations or
undertakings which the General Partner has determined, in its sole and absolute discretion, are sufficient to prevent a violation of the Charter. In the event that the General Partner fails to give notice of its exercise of the election described in
clause (i) above within the period of time specified in Section 8.6.B for an election to deliver the REIT Share Amount, it will be deemed to have elected not to purchase the Tendered Units through a Stock Offering Funding.

 (b) In the event that the General Partner elects a Stock Offering Funding with respect to a Notice of
Redemption, it may at such time give notice (a “Single Funding Notice”) of such election to all Limited Partners and require that all Limited Partners elect whether or not to effect a Redemption to be funded through such Stock
Offering Funding. In the event a Limited Partner elects to effect such a Redemption, it shall give notice thereof and of the number of Common Units to be made subject thereto in writing to the General Partner within 10 Business Days after receipt of
the Single Funding Notice, and such Limited Partner shall be treated as a Tendering Partner for all purposes of this Section 8.6.C. In the event that a 

 

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Limited Partner does not so elect, it shall be deemed to have waived its right to effect a Redemption for the current Twelve-Month Period, except that it may effect a Redemption for no more than
1.0% of the REIT Shares, calculated in accordance with the methodology for calculating the percentage of ownership of a Person for purposes of the ownership limit pursuant to Article VI of the Charter (subject to adjustment in connection with any
Adjustment Event) during such Twelve-Month Period. 
 (2) In the event that the General Partner elects a Stock
Offering Funding, on the Specified Redemption Date determined pursuant to the proviso in the definition thereof it shall purchase each Offering Unit that is still a Tendered Unit on such date for cash in immediately available funds in the amount
(the “Stock Offering Funding Amount”) equal to the lesser of (i) the Cash Amount per Common Unit, calculated pursuant to Section 8.6.A as of the original Specified Redemption Date assuming the General Partner did
not elect to conduct a Stock Offering Funding pursuant to Section 8.6.C (the “Base Amount”) or (ii) the net proceeds per Offered Share received by the General Partner from the Stock Offering Funding, determined
after deduction of reasonable expenses related thereto, including underwriting discounts and commissions, legal and accounting fees and expenses, Securities and Exchange Commission registration fees, state blue sky and securities laws fees and
expenses, printing expenses, NASD filing fees and listing fees (the “Net Proceeds”). 
 (3) If
the General Partner elects a Stock Offering Funding, the following additional terms and conditions shall apply: 

(a) As soon as practicable after the General Partner gives the Tendering Partner notice of its election pursuant to
Section 8.6.C(1)(a)(i), the General Partner shall use its reasonable efforts to effect as promptly as possible a registration, qualification or compliance (including, without limitation, the execution of an undertaking to file
post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or
regulations) as would permit or facilitate the sale and distribution of the Offered Shares; provided, that, the General Partner shall not by reason hereof, be required to submit to jurisdiction or taxation, or qualify to do business in
any jurisdiction in which such submission or qualification would not be otherwise required; provided, further, that if the General Partner shall deliver a certificate to the Tendering Partner stating that the General Partner has
determined in the good faith judgment of the Board of Directors of the General Partner that such filing, registration or qualification would require disclosure of material non-public information, the disclosure of which would have a material adverse
effect on the General Partner, then the General Partner may delay making any filing or delay the effectiveness of any registration or qualification for the shorter of (a) the period ending on the date upon which such information is disclosed to
the public or ceases to be material or (b) an aggregate period of ninety (90) days in connection with any Stock Offering Funding. 

(b) The General Partner shall advise each Tendering Partner, regularly and promptly upon any request, of the status of the
Stock Offering Funding process, including the timing of all filings, the selection of and understandings with underwriters, agents, dealers and brokers, the nature and contents of all communications with the Securities

  

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and Exchange Commission and other governmental bodies, the expenses related to the Stock Offering Funding as they are being incurred, the nature of marketing activities, and any other matters
reasonably related to the timing, price and expenses relating to the Stock Offering Funding and the compliance by the General Partner with its obligations with respect thereto. In addition, the General Partner and each Tendering Partner may, but
shall be under no obligation to, enter into understandings in writing (“Pricing Agreements”) whereby the Tendering Partner will agree in advance as to the acceptability of a Net Proceeds amount at or below the Base Amount.
Furthermore, the General Partner shall establish pricing notification procedures with each such Tendering Partner, such that the Tendering Partner will have the maximum opportunity practicable to determine whether to become a Withdrawing Partner
pursuant to Section 8.6.C(3)(c) below. 
 (c) The General Partner, upon notification of the price per
REIT Share in the Stock Offering Funding from the managing underwriter(s), in the case of a registered public offering, or lead placement agent(s), in the event of an unregistered offering, engaged by the General Partner in order to sell the Offered
Shares, shall immediately use its reasonable efforts to notify each Tendering Partner of the price per REIT Share in the Stock Offering Funding and resulting Net Proceeds. Each Tendering Partner shall have one hour (as such time may be extended by
the General Partner) to elect to withdraw its Redemption (a Tendering Partner making such an election being a “Withdrawing Partner”), and Common Units with a REIT Shares Amount equal to such excluded Offered Shares shall be
considered to be withdrawn from the related Redemption; provided, however, that if Tendering Partners withdraw in excess of 20% of the Offered Shares, all Offered Shares will, at the General Partner’s option, be deemed to have
been withdrawn by all Tendering Partners. If a Tendering Partner, within such time period, does not notify the General Partner of such Tendering Partner’s election not to become a Withdrawing Partner, then such Tendering Partner shall, except
as otherwise provided in a Pricing Agreement, be deemed not to have withdrawn from the Redemption, without liability to the General Partner. To the extent that the General Partner is unable to notify any Tendering Partner, such unnotified Tendering
Partner shall, except as otherwise provided in any Pricing Agreement, be deemed not to have elected to become a Withdrawing Partner. Each Tendering Partner whose Redemption is being funded through the Stock Offering Funding who does not become a
Withdrawing Partner shall have the right, subject to the approval of the managing underwriter(s) or placement agent(s) and restrictions of any applicable securities laws, to submit for Redemption additional Common Units in a number no greater than
the number of Common Units withdrawn. If more than one Tendering Partner so elects to redeem additional Common Units, then such Common Units shall be redeemed on a pro rata basis, based on the number of additional Common Units sought to be so
redeemed. To the extent that the Net Proceeds would be below the Base Amount, and to the extent that other Partners have not elected to redeem additional Common Units, then the Withdrawing Partners shall bear their pro rata shares of the expenses
described in Section 8.6.C(2) (such shares calculated as if such Limited Partners had not been Withdrawing Partners) as reasonably determined by the General Partner. 

(d) The General Partner shall take all reasonable action in order to effectuate the sale of the Offered Shares including,
but not limited to, the entering into of an underwriting or placement agreement in customary form with the managing underwriter(s) or placement agent(s) selected for such underwriting by the General Partner. Notwithstanding

  

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any other provision of this Agreement, if the managing underwriter(s) or placement agent(s) advises the General Partner in writing that marketing factors require a limitation of the number of
shares to be offered, then the General Partner shall so advise all Tendering Partners and the number of Common Units to be sold to the General Partner pursuant to the Redemption shall be allocated among all Tendering Partners in proportion, as
nearly as practicable, to the respective number of Common Units as to which each Tendering Partner elected to effect a Redemption. No Offered Shares excluded from the underwriting by reason of the managing underwriter’s or placement
agent’s marketing limitation shall be included in such offering. 
 (e) The General Partner may include
securities for its own account in any offering made pursuant to Section 8.6.C.1 and, if the managing underwriter or placement agent has not limited the number of Registrable Shares to be offered, the General Partner may include
securities for the account of others in such offering, in each case only if and to the extent that the managing underwriter or placement agent, the General Partner and Tendering Partners owning Common Units representing at least seventy-five percent
(75%) of the Common Units with respect to which the Stock Offering Funding is being effected so agree in writing. 
 D.
Each Limited Partner covenants and agrees with the General Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or
encumbrances exist or arise with respect to such Tendered Units, the General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a
result of the transfer of its Tendered Units to the General Partner (or its designee), such Limited Partner shall assume and pay such transfer tax. 

E. Notwithstanding the provisions of Section 8.6.A, 8.6.B, 8.6.C or any other provision of this Agreement, a
Limited Partner (i) shall not be entitled to effect a Redemption for cash pursuant to Section 8.6.A or an exchange for REIT Shares pursuant to Section 8.6.B to the extent the ownership or right to acquire REIT Shares
pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person, or, in the opinion of counsel selected by the General Partner, may cause such Partner or any other Person, to violate the
restrictions on ownership and transfer of REIT Shares set forth in the Charter and (ii) shall have no rights under this Agreement to acquire REIT Shares which would otherwise be prohibited under the Charter. The limitation set forth in
Section 8.6.E(i) above shall not limit the ability of a Limited Partner to require a Stock Offering Funding pursuant to the terms of Section 8.6.C if (A) the Offering Units exceed (a) 9.8% of the REIT Shares,
calculated in accordance with the methodology for calculating the percentage of ownership of a Person for purposes of the ownership limit pursuant to Article VI of the Charter (subject to adjustment in connection with any Adjustment Event) and
(b) $50,000,000 gross value based on a Common Unit price equal to the REIT Share Market Value, and (B) the General Partner is eligible to file a registration statement under Form S-3 (or any successor form similar thereto). To the extent
any attempted Redemption or exchange for REIT Shares would be in violation of this Section 8.6.E, it shall be null and void ab initio and such Limited Partner shall not acquire any rights or economic interest in the cash otherwise
payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. 
  

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 F. Notwithstanding anything herein to the contrary (but subject to
Section 8.6.E, with respect to any Redemption or exchange for REIT Shares pursuant to this Section 8.6): 

(1) All Common Units acquired by the General Partner pursuant thereto shall automatically, and without further action
required, be converted into and deemed to be General Partner Interests comprised of the same number and class of Common Units. 

(2) Without the consent of the General Partner, each Limited Partner may not effect a Redemption for less than 1,000
Common Units or, if the Limited Partner holds less than 1,000 Common Units, all of the Common Units held by such Limited Partner. 

(3) Without the consent of the General Partner, each Limited Partner may not effect a Redemption during the period
after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its common stockholders of some or all of its portion of such distribution. 

(4) Notwithstanding anything herein to the contrary, in the event the General Partner gives notice to all Limited Partners
(a “Primary Offering Notice”) that it desires to effect a primary offering of its equity securities for cash (other than an offering in connection with a merger, consolidation or similar transaction, or employee benefit or similar
plans) then, unless the General Partner otherwise consents, the actions described in Section 8.6.C as to a Stock Offering Funding with respect to any Notice of Redemption with respect to Excess Units thereafter received may be delayed
until the earlier of (a) the completion of the primary offering or (b) 120 days following the giving of the Primary Offering Notice; provided that, to the extent that the managing underwriter(s) of such primary offering
advise that the inclusion of such additional REIT Shares will not adversely affect the offering, additional REIT Shares the proceeds of which are to be used to satisfy a Redemption with respect to such Excess Units (a “Subsequent
Redemption”) (without regard to the limitations of subparagraph (2) of this paragraph F) shall be included in such offering, and the procedures of this Section 8.6 shall otherwise be followed as closely as practicable;
provided, further that a Primary Offering Notice may be given no more than twice in any Twelve-Month Period without the Consent of the Limited Partners. 

(5) The General Partner may delay a Stock Offering Funding, such that it will not occur (1) during the same
Twelve-Month Period as the General Partner has effected a “Demand Registration” pursuant to the Registration Rights Agreements dated as of October 27, 2004, among the General Partner and certain Limited Partners (it being understood
that in the event a Notice of Redemption is received prior to the receipt of requisite requests for a Demand Registration, such Notice of Redemption shall control, and vice versa) or (b) within 120 days following the closing of any prior public
offering of similar securities by the General Partner. 
 (6) The consummation of any Redemption or exchange for
REIT Shares shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

(7) Each Tendering Partner shall continue to own all Common Units subject to any Redemption or exchange for REIT Shares,
and be treated as a Limited Partner with 
  

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respect to such Common Units for all purposes of this Agreement, until such Common Units are transferred to the General Partner and paid for or exchanged on the Specified Redemption Date. Until a
Specified Redemption Date, and provided the General Partner has issued REIT shares pursuant to Section 8.6.B, the Tendering Partner shall have no rights as a stockholder of the General Partner with respect to such Tendering
Partner’s Common Units. 
 G. Notwithstanding the provisions of this Section 8.6 permitting the General Partner
to delay a Public Offering Funding by virtue of an event described in Section 8.6.C, the giving of a Primary Offering Notice, or a delay referred to in Section 8.6.F(5), the General Partner shall use its reasonable efforts to take
all such actions, as are consistent with the purposes of such delay provisions, to effect a Stock Offering Funding at the earliest time practicable. It is understood that such periods of delay shall run, to the extent practicable, concurrently, and
shall not limit the right of a Limited Partner to deliver a Notice of Redemption. 
 H. In the event that the Partnership issues
additional Partnership Interests to any Additional Limited Partner pursuant to Section 4.3.B, the General Partner shall make such revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such
additional Partnership Interests. 
 Section 8.7 Conversion of Profits Interest Units. 

A. A Profits Interest Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time to
convert all or a portion of his or her Vested Profits Interest Units into Common Units; provided, however, that a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested Profits Interest Units or, if
such holder holds less than one thousand Vested Profits Interest Units, all of the Vested Profits Interest Units held by such holder. Profits Interest Unitholders shall not have the right to convert Unvested Profits Interest Units into Common Units
until they become Vested Profits Interest Units; provided, however, that when a Profits Interest Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested Profits Interest Units to become Vested
Profits Interest Units, such Profits Interest Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the Profits Interest
Unitholder, shall be accepted by the Partnership subject to such condition. In all cases, the conversion of any Profits Interest Units into Common Units shall be subject to the conditions and procedures set forth in this Section 8.7.

 B. A holder of Vested Profits Interest Units may convert such Units into an equal number of fully paid and non-assessable
Common Units, giving effect to all adjustments (if any) made pursuant to Section 4.5. Notwithstanding the foregoing, in no event may a holder of Vested Profits Interest Units convert a number of Vested Profits Interest Units that exceeds
(x) the Economic Capital Account Balance of such Limited Partner, to the extent attributable to his or her ownership of Profits Interest Units, divided by (y) the Common 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 Conversion Right, a Profits Interest Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as
Exhibit G to the Partnership (with a copy to the General Partner) not less than 10 nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if
the General 
  

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Partner has not given to the Profits Interest Unitholders notice of a proposed or upcoming Transaction (as defined below) at least thirty (30) days prior to the effective date of such
Transaction, then Profits Interest Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth (10th) day after such notice from the General Partner of a Transaction or (y) the third business day
immediately preceding the effective date of such Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.1. Each Profits Interest Unitholder covenants and agrees with the Partnership that all Vested
Profits Interest Units to be converted pursuant to this Section 8.7.A shall be free and clear of all liens. Notwithstanding anything herein to the contrary, a holder of Profits Interest Units may deliver a Redemption Notice pursuant to
Section 8.6.A relating to those Common Units that will be issued to such holder upon conversion of such Profits Interest Units into Common Units in advance of the Conversion Date; provided, however, that the redemption of
such Common Units by the Partnership shall in no event take place until on or after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a Profits Interest Unitholder in a position where, if he or she so
wishes, the Common Units into which his or her Vested Profits Interest Units will be converted can be redeemed by the Partnership pursuant to Section 8.6.A simultaneously with such conversion, with the further consequence that, if the
Company elects to assume the Partnership’s redemption obligation with respect to such Common Units under Section 8.6.B 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 Profits Interest Units into Common Units. The General Partner shall cooperate with a Profits Interest Unitholder to coordinate the timing of the different events described in the
foregoing sentence. 
 C. The Partnership, at any time at the election of the General Partner, may cause any number of Vested
Profits Interest Units held by a Profits Interest Unitholder to be converted (a “Forced Conversion”) into an equal number of Common Units, giving effect to all adjustments (if any) made pursuant to Section 4.5;
provided, however, that the Partnership may not cause a Forced Conversion of any Profits Interest Units that would not at the time be eligible for conversion at the option of such Profits Interest Unitholder pursuant to
Section 8.7.B. 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 H to the applicable Profits Interest
Unitholder not less than 10 nor more than 60 days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided in Section 15.1. 

D. A conversion of Vested Profits Interest Units for which the holder thereof has given a Conversion Notice or the Partnership has given
a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such Profits Interest Unitholder, as of which time such Profits Interest 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 Common Units issuable upon such conversion. After the conversion of Profits Interest Units as aforesaid, the
Partnership shall deliver to such Profits Interest Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of Common Units and remaining Profits Interest Units, if any, held by such person immediately
after such conversion. The Assignee of any Limited Partner pursuant to Article 11 may exercise the rights of such Limited Partner pursuant to this Section 8.7 and such Limited Partner shall be bound by the exercise of such rights
by the Assignee. 
  

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 E. For purposes of making future allocations under Section 6.2.C and applying
the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable Profits Interest Unitholder that is treated as attributable to his or her Profits Interest Units shall be reduced, as of the date of conversion, by
the product of the number of Profits Interest Units converted and the Common Unit Economic Balance. 
 F. If the Partnership or
the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all Common Units or other business combination or reorganization, or sale of all
or substantially all of the Partnership’s assets, but excluding any transaction which constitutes an Adjustment Event) in each case as a result of which Common Units shall be exchanged for or converted into the right, or the Holders shall
otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the
Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of Profits Interest Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would
occur in connection with the Transaction if the assets of the Partnership were sold at the Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Common Units in the context
of the Transaction (in which case the Conversion Date shall be the effective date of the Transaction). In anticipation of such Forced Conversion and the consummation of the Transaction, the Partnership shall use commercially reasonable efforts to
cause each Profits Interest Unitholder to be afforded the right to receive in connection with such Transaction in consideration for the Common Units into which his or her Profits Interest 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 Transaction by a Holder of the same number of Common Units, assuming such Holder 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 have the
opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt written notice to each Profits Interest Unitholder of such election, and
shall use commercially reasonable efforts to afford the Profits Interest 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 Profits Interest Unit held by
such holder into Common Units in connection with such Transaction. If a Profits Interest Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each Profits Interest Unit held by him or
her (or by any of his or her transferees) the same kind and amount of consideration that a Holder would receive if such Holder failed to make such an election. Subject to the rights of the Partnership and the Company under any Vesting Agreement and
the relevant terms of any applicable Stock Plan, the Partnership shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the provisions of this Section 8.7.F and to enter into an agreement
with the successor or purchasing entity, as the case may be, for the benefit of any Profits Interest Unitholders whose Profits Interest Units will not be 

 

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converted into Common Units in connection with the Transaction that will (i) contain provisions enabling the holders of Profits Interest Units that remain outstanding after such Transaction
to convert their Profits Interest Units into securities as comparable as reasonably possible under the circumstances to the Common Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special
allocation, conversion, and other rights set forth in the Agreement for the benefit of the Profits Interest Unitholders. 
 Section 8.8
Voting Rights of Profits Interest Units 
 Profits Interest Unitholders shall (a) have those voting rights required
from time to time by applicable law, if any, (b) have the same voting rights as a Holder, with the Profits Interest Units voting as a single class with the Common Units and having one vote per Profits Interest Unit; and (c) have the
additional voting rights that are expressly set forth below. So long as any Profits Interest Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of the Profits Interest 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 the Agreement applicable to Profits
Interest Units so as to materially and adversely affect any right, privilege or voting power of the Profits Interest Units or the Profits Interest Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and
proportionately the rights, privileges and voting powers of the holders of Common Units; but subject, in any event, to the following provisions: (i) with respect to any Transaction, so long as the Profits Interest Units are treated in
accordance with Section 8.7.F, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the Profits Interest Units or the Profits Interest
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 Partnership Units or Profits Interest Units, whether ranking senior to,
junior to, or on a parity with the Profits Interest 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 Profits Interest Units or the Profits Interest Unitholders as such. 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 will be effected, all outstanding Profits Interest Units shall have been converted into Common Units. 
 ARTICLE 9.

 BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1 Records and Accounting 

The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect
to the Partnership’s business, including without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 9.3. Any
records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of any information storage device, provided, that the records so maintained are convertible into clearly
legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting principles. 

 

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 Section 9.2 Fiscal Year 

The fiscal year of the Partnership shall be the calendar year. 

Section 9.3 Reports 
 A.
As soon as practicable, but in no event later than 105 days after the close of each Partnership Year, or such earlier date as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be mailed to each Limited
Partner as of the close of the Partnership Year, an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such
Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner. 

B. As soon as practicable, but in no event later than 45 days after the close of each calendar quarter (except the last calendar quarter
of each year), or such earlier date as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be mailed to each Limited Partner as of the last day of the calendar quarter, a report containing unaudited
financial statements of the Partnership, or of the General Partner, if such statements are prepared solely on a consolidated basis with the applicable law or regulation, or as the General Partner determines to be appropriate. 

Section 9.4 Nondisclosure of Certain Information 

Notwithstanding the provisions of Sections 9.1 and 9.3, the General Partner may keep confidential from the Limited Partners
any information that the General Partner believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interest of the Partnership or which the Partnership is
required by law or by agreements with unaffiliated third parties to keep confidential. 
 ARTICLE 10. 

TAX MATTERS 
 Section 10.1
Preparation of Tax Returns 
 The General Partner shall arrange for the preparation and timely filing of all returns of
Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to furnish, within 120 days of the close of each taxable year, the tax
information reasonably required by Limited Partners for federal and state income tax reporting purposes. Each Limited Partner shall promptly provide the General Partner with any information reasonably requested by the General Partner relating to any
Contributed Property contributed (directly or indirectly) by such Limited Partner to the Partnership. 
  

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 Section 10.2 Tax Elections 

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

Section 10.3 Tax Matters Partner 

A. The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. Pursuant to
Section 6230(e) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name, address and profit interest of each
of the Limited Partners and Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners and Assignees. 

B. The tax matters partner is authorized, but not required: 

(1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the
adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as
“judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the
time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who is a
“notice partner” (as defined in Section 6231 of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 

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

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

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

(5) to enter into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item
required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 
  

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 (6) to take any other action on behalf of the Partners of the Partnership in
connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. 
 The
taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the
provisions relating to indemnification of the General Partner set forth in Section 7.7 shall be fully applicable to the tax matters partner in its capacity as such. 

C. The tax matters partner shall receive no compensation for its services. All third party costs and expenses incurred by the tax matters
partner in performing its duties as such (including legal and accounting fees) shall be borne by the Partnership. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm or law firm to assist the tax matters
partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 
 Section
10.4 Organizational Expenses 
 The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the
Partnership ratably over a 60-month period as provided in Section 709 of the Code. 
 Section 10.5 Withholding 

Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any
amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement,
including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445 or 1446 of the Code. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a receivable of
the Partnership from such Limited Partner, which receivable shall be paid by such Limited Partner within 15 days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from a
distribution which would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which would, but for
such payment, be distributed to the Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally and
irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this
Section 10.5. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street
Journal, plus two percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the
Partnership or the General Partner shall request in order to perfect or enforce the security interest created hereunder. 
  

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 ARTICLE 11. 

TRANSFERS AND WITHDRAWALS 

Section 11.1 Transfer 

A. The term “transfer,” when used in this Article 11 with respect to a Partnership Interest, shall be deemed to
refer to a transaction by which the General Partner purports to assign its General Partner Interest to another Person or by which a Limited Partner purports to assign its Limited Partner Interest to another Person, and includes a sale, assignment,
gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this Article 11 does not include any Redemption or exchange for REIT
Shares pursuant to Section 8.6 except as otherwise provided herein. No part of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be
voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or consented to by the General Partner. 

B. No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article 11. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio unless otherwise consented to by the General Partner in its sole and
absolute discretion. 
 Section 11.2 Transfer of General Partner’s Partnership Interest 

A. Except in connection with a Termination Transaction permitted under Section 11.2.B, the General Partner shall not withdraw
from the Partnership and shall not transfer all or any portion of its interest in the Partnership (whether by sale, statutory merger or consolidation, liquidation or otherwise), other than to an Affiliate, without the Consent of the Limited
Partners, which may be given or withheld by each Limited Partner in its sole and absolute discretion, and only upon the admission of a successor General Partner pursuant to Section 12.1. Upon any transfer of a Partnership Interest in
accordance with the provisions of this Section 11.2, the transferee shall become a substitute General Partner for all purposes herein, and shall be vested with the powers and rights of the transferor General Partner, and shall be liable
for all obligations and responsible for all duties of the General Partner, once such transferee has executed such instruments as may be necessary to effectuate such admission and to confirm the agreement of such transferee to be bound by all the
terms and provisions of this Agreement with respect to the Partnership Interest so acquired. It is a condition to any transfer otherwise permitted hereunder that the transferee assumes, by operation of law or express agreement, all of the
obligations of the transferor General Partner under this Agreement with respect to such transferred Partnership Interest, and no such transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the
transferor General Partner are assumed by a successor corporation by operation of law) shall relieve the transferor General Partner of its obligations under this Agreement without the Consent of the Limited Partners, in their reasonable discretion.
In the event the General Partner withdraws from the Partnership, in violation of this Agreement or otherwise, or otherwise dissolves or terminates, or upon the Incapacity of the General Partner, all of the remaining Partners may elect to continue
the Partnership business by selecting a substitute General Partner in accordance with the Act. 
  

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 B. The General Partner shall not engage in any merger, consolidation or other combination
with or into another person, sale of all or substantially all of its assets or any reclassification, recapitalization or change of its outstanding equity interests (“Termination Transaction”) unless (1) the Termination
Transaction has been approved by a Consent of the Partners and (2) either clause (a) or (b) below is satisfied: 

(a) in connection with such Termination Transaction all Limited Partners either will receive, or will have the right to
elect to receive, for each Common Unit an amount of cash, securities, or other property equal to the product of the REIT Shares Amount and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration
of one REIT Share in connection with the Termination Transaction; provided, that, if, in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of more than
fifty percent (50%) of the outstanding REIT Shares, each Holder of Common Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities, or other property which such holder would have received had it
exercised its right to Redemption (as set forth in Section 8.6) and received REIT Shares in exchange for its Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such
purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; or 
 (b)
the following conditions are met: (i) substantially all of the assets directly or indirectly owned by the surviving entity are held directly or indirectly by the Partnership or another limited partnership or limited liability company which is
the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the “Surviving Partnership”); (ii) the holders of Common-Equivalent Units own a percentage interest of the Surviving
Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction; (iii) the rights, preferences and
privileges of such holders in the Surviving Partnership are at least as favorable as those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the
Surviving Partnership; and (iv) such rights of the Limited Partners include at least one of the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration available to such persons pursuant to
Section 11.2.B(a); or (b) the right to redeem their Common Units for cash on terms equivalent to those in effect with respect to their Common Units immediately prior to the consummation of such transaction, or, if the ultimate
controlling person of the Surviving Partnership has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares.

 Section 11.3 Limited Partners’ Rights to Transfer 

A. Prior to the twelve (12) month anniversary of the Effective Date, no Limited Partner shall transfer all or any portion of its
Partnership Interest to any transferee without the consent of the General Partner, which consent may be withheld in its sole and absolute 

 

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discretion, or exercise its right of Redemption set forth in Section 8.6; provided, however, that any Limited Partner may, at any time (whether prior to or after such
twelve (12) month anniversary), without the consent of the General Partner, other than by way of exercise of the right of Redemption set forth in Section 8.6, (i) transfer all or any portion of its Partnership Interest to the
General Partner, (ii) transfer all or any portion of its Partnership Interest to an Immediate Family Member, subject to the provisions of Section 11.6, (iii) transfer all or any portion of its Partnership Interest to a trust
for the benefit of a charitable beneficiary or to a charitable foundation, subject to the provisions of Section 11.6, and (iv) subject to the provisions of Section 11.6, pledge (a “Pledge”) all or any
portion of its Partnership Interest to a lending institution, which is not an Affiliate of such Limited Partner, as collateral or security for a bona fide loan or other extension of credit with a scheduled maturity date not sooner than the twelve
(12) month anniversary of the Effective Date, and transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension or credit, and the transfer of such pledged
Partnership Interest by the lender to any transferee. After such twelve (12) month anniversary, each Limited Partner or Assignee (resulting from a transfer made pursuant to clauses (i)-(iv) of the proviso of the preceding sentence) shall
have the right to transfer all or any portion of its Partnership Interest, subject to the provisions of Section 11.6 and the satisfaction of each of the following conditions (in addition to the right of each such Limited Partner or
Assignee (A) to continue to make any such transfer permitted by clauses (i)-(iv) of such proviso or (B) to make any transfer to its Affiliates or members, in each case, without satisfying condition (1) below): 

(1) General Partner Right of First Refusal. The transferring Partner shall give written notice of the proposed
transfer to the General Partner, which notice shall state (i) the identity of the proposed transferee, and (ii) the amount and type of consideration proposed to be received for the transferred Partnership Units. The General Partner shall
have ten (10) days upon which to give the transferring Partner notice of its election to acquire the Partnership Units on the proposed terms. If it so elects, it shall purchase the Partnership Units on such terms within ten (10) days after
giving notice of such election. If it does not so elect, the transferring Partner may transfer such Partnership Units to a third party, on economic terms no more favorable to the transferee than the proposed terms, subject to the other conditions of
this Section 11.3. 
 (2) Qualified Transferee. Any transfer of a Partnership Interest shall
be made only to Qualified Transferees. 
 It is a condition to any transfer otherwise permitted hereunder that
the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such transferred Partnership Interest and no such transfer (other than pursuant to a
statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the
approval of the General Partner, in its reasonable discretion. Notwithstanding the foregoing, any transferee of any transferred Partnership Interest shall be subject to any and all ownership limitations contained in the Charter, which may limit or
restrict such transferee’s ability to exercise its Redemption rights, and to the representations in Section 3.4. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the
transferor hereunder. Unless admitted as a Substituted Limited Partner in accordance with 
  

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Section 11.4.B, no transferee, whether by a voluntary transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in
and in compliance with Section 11.5. 
 B. If a Limited Partner is subject to Incapacity, the executor,
administrator, trustee, committee, guardian, conservator, or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling
or managing the estate, and such power as the Incapacitated Limited Partner possessed to transfer all or any part of his or its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the
Partnership. 
 C. The General Partner may prohibit any transfer otherwise permitted under Section 11.3 by a Limited
Partner of his or her Partnership Units if, in the opinion of legal counsel to the Partnership, such transfer would require the filing of a registration statement under the Securities Act by the Partnership or would otherwise violate any federal or
state securities laws or regulations applicable to the Partnership or the Partnership Units. 
 Section 11.4 Substituted Limited Partners

 A. No Limited Partner shall have the right to substitute a transferee as a Limited Partner in his or her place (including any
transferee permitted by Section 11.3). The General Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited
Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not
give rise to any cause of action against the Partnership or any Partner. 
 B. A transferee who has been admitted as a
Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. The admission of any transferee as a
Substituted Limited Partner shall be subject to the transferee executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement (including without limitation, the provisions of Section 2.4
and such other documents or instruments as may be required to effect the admission), each in form and substance satisfactory to the General Partner) and the acknowledgment by such transferee that each of the representations and warranties set forth
in Section 3.4 are true and correct with respect to such transferee as of the date of the transfer of the Partnership Interest to such transferee and will continue to be true to the extent required by such representations and warranties.

 C. Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect the name,
address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner. 

Section 11.5 Assignees 

If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under
Section 11.3 as a Substituted Limited Partner, as 
  

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described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited
partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain and loss attributable to the Partnership Units assigned to such transferee, the rights to transfer
the Partnership Units provided in this Article 11 and the right of Redemption provided in Section 8.6, but shall not be deemed to be a Holder of Partnership Units for any other purpose under this Agreement, and shall not be
entitled to effect a Consent with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such Consent remaining with the transferor Limited Partner). In the event any such transferee desires to make a further
assignment of any such Partnership Units, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units.
Notwithstanding anything contained in this Agreement to the contrary, as a condition to becoming an Assignee, any prospective Assignee must first execute and deliver to the Partnership an acknowledgment that each of the representations and
warranties set forth in Section 3.4 are true and correct with respect to such prospective Assignee as of the date of the prospective assignment of the Partnership Interest to such prospective Assignee and will continue to be true to the
extent required by such representations or warranties. 
 Section 11.6 General Provisions 

A. No Limited Partner may withdraw from the Partnership other than as a result of (i) a permitted transfer of all of such Limited
Partner’s Partnership Units in accordance with this Article 11 and the transferee(s) of such Partnership Units being admitted to the Partnership as a Substituted Limited Partner or (ii) pursuant to the exercise of its right of
Redemption of all of such Limited Partner’s Partnership Units under Section 8.6; provided that after such transfer, exchange or redemption such Limited Partner owns no Partnership Interest. 

B. Any Limited Partner who shall transfer all of such Limited Partner’s Partnership Units in a transfer permitted pursuant to this
Article 11 where such transferee was admitted as a Substituted Limited Partner or pursuant to the exercise of its rights of Redemption of all of such Limited Partner’s Partnership Units under Section 8.6 shall cease to be a
Limited Partner; provided that after such transfer, exchange or redemption such Limited Partner owns no Partnership Interest. 

C. Transfers pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the
General Partner otherwise agrees. 
 D. If any Partnership Interest is transferred, assigned or redeemed during any quarterly
segment of the Partnership’s Partnership Year in compliance with the provisions of this Article 11 or transferred, redeemed or converted pursuant to Sections 8.6, 16.4, 17.4, 19.4, 19.8, 20.4 or
20.8 on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such Partnership Interest for such Partnership Year shall be divided and allocated between the
transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year using a method selected by the General Partner that is in accordance with the Code. Except as otherwise agreed by the General
Partner, all distributions of Available Cash with respect to which the Partnership 
  

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Record Date is before the date of such transfer, assignment, exchange or redemption shall be made to the transferor Partner, and all distributions of Available Cash thereafter, in the case of a
transfer or assignment other than a redemption, shall be made to the transferee Partner. 
 E. In addition to any other
restrictions on transfer herein contained, including without limitation the provisions of this Article 11 and Section 2.6, in no event may any transfer or assignment of a Partnership Interest by any Partner (including pursuant to
a Redemption or exchange for REIT Shares by the Partnership or the General Partner) be made (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law;
(iii) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and
apart from all other components of a Partnership Interest; (iv) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if in the opinion of legal counsel to the Partnership such
transfer could cause a termination of the Partnership for federal or state income tax purposes (except as a result of the Redemption or exchange for REIT Shares of all Common Units held by all Limited Partners or pursuant to a transaction expressly
permitted under Section 11.2); (v) if in the opinion of counsel to the Partnership such transfer could cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the
Redemption or exchange for REIT Shares of all Common Units held by all Limited Partners); (vi) if such transfer could, in the opinion of counsel to the Partnership, cause the Partnership to become, with respect to any employee benefit plan
subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(e) of the Code); (vii) if such transfer could, in the opinion of
counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101; (viii) if such transfer requires the
registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (ix) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if such transfer
(1) could be treated as effectuated through an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code, (2) could cause the
Partnership to become a “Publicly Traded Partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code, (3) could be in violation of Section 3.4.E(5), or (4) could cause the Partnership to fail
one or more of the Safe Harbors (as defined below); (x) if such transfer subjects the Partnership to be regulated under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income Security Act of
1974, each as amended; (xi) except with the consent of the General Partner, which may be given or withheld in its sole discretion, if the transferee or assignee of such Partnership Interest is unable to make the representations set forth in
Section 3.4.C; (xii) if such transfer is made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a
Nonrecourse Liability, except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion; and provided, that, as a condition to granting such consent the lender may be required to enter
into an arrangement with the Partnership and the General Partner to redeem or exchange for the REIT Shares Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a
partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code; or 

 

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(xiii) if in the opinion of legal counsel for the Partnership such transfer could adversely affect the ability of the General Partner to continue to qualify as a REIT or, except with the consent
of the General Partner, which may be given or withheld in its sole and absolute discretion, subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code. 

F. The General Partner shall monitor the transfers of interests in the Partnership (including any acquisition of Common Units by the
Partnership or the General Partner) to determine (i) if such interests could be treated as being traded on an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning
of Section 7704 of the Code and (ii) whether such transfers of interests could result in the Partnership being unable to qualify for the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance
subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code)
(the “Safe Harbors”). The General Partner shall have the authority (but shall not be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion to prevent any trading of interests
which could cause the Partnership to become a “publicly traded partnership,” within the meaning of Code Section 7704, or any recognition by the Partnership of such transfers, or to insure that one or more of the Safe Harbors is met.

 ARTICLE 12. 

ADMISSION OF PARTNERS 
 Section
12.1 Admission of Successor General Partner 
 A successor to all of the General Partner’s General Partner Interest
pursuant to Section 11.2 who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer. Any such transferee shall carry on the business of the
Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or
instruments as may be required to effect the admission. In the case of such admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner Interest for such Partnership Year shall be allocated
between the transferring General Partner and such successor as provided in Article 11. 
 Section 12.2 Admission of Additional Limited
Partners 
 A. After the admission to the Partnership of the initial Limited Partners on the date hereof, a Person who makes
a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the
General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or instruments as may be required in the discretion of
the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 
  

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 B. Notwithstanding anything to the contrary in this Section 12.2, no Person
shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited
Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the receipt of the Capital Contribution in respect of such Limited Partner and the consent of the
General Partner to such admission. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among
Partners and Assignees for such Partnership Year shall be allocated among such Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year using a method selected by the General
Partner that is in accordance with the Code. Except as otherwise agreed to by the Additional Limited Partners and the General Partner, all distributions of Available Cash with respect to which the Partnership Record Date is before the date of such
admission shall be made solely to Partners and Assignees other than the Additional Limited Partner (other than in its capacity as an Assignee) and all distributions of Available Cash thereafter shall be made to all Partners and Assignees including
such Additional Limited Partner. 
 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 

For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to
amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and
may for this purpose exercise the power of attorney granted pursuant to Section 2.4. 
 ARTICLE 13.

 DISSOLUTION AND LIQUIDATION 

Section 13.1 Dissolution 

The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission
of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner (selected as described in Section 13.1.B below) shall continue the business of the
Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”): 

A. the expiration of its term as provided in Section 2.5; 

B. an event of withdrawal of the General Partner, as defined in the Act, unless, within 90 days after the withdrawal, all of the
remaining Partners agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a substitute General Partner; 

C. subject to compliance with Section 11.2 an election to dissolve the Partnership made by the General Partner, in its sole
and absolute discretion; 
  

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 D. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions
of the Act; 
 E. any sale or other disposition of all or substantially all of the assets of the Partnership or a related series
of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership; 

F. the Incapacity of the General Partner, unless all of the remaining Partners in their sole and absolute discretion agree in writing to
continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner; 

G. the Redemption or exchange for REIT Shares of all Partnership Interests (other than those of the General Partner) pursuant to this
Agreement; or 
 H. a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General
Partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or
hereafter in effect, unless prior to the entry of such order or judgment all of the remaining Partners agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or
judgment, of a substitute General Partner. 
 Section 13.2 Winding Up 

A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an
orderly manner, liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business
and affairs. The General Partner (or, in the event there is no remaining General Partner, any Person elected by a Majority in Interest of the Limited Partners (the “Liquidator”)) shall be responsible for overseeing the winding-up
and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds
therefrom (which may, to the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 

(1) First, to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the
Partners; 
 (2) Second, to the payment and discharge of all of the Partnership’s debts and liabilities to
the General Partner; 
 (3) Third, to the payment and discharge of all of the Partnership’s debts and
liabilities to the other Partners; and 
 (4) The balance, if any, to the General Partner and Limited Partners in
accordance with their positive Capital Account balances, determined after taking into account all Capital Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs (other than those made as a
result of the liquidating distribution set forth in this Section 13.2.A(4)). 
  

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 The General Partner shall not receive any additional compensation for any services performed pursuant to
this Article 13 other than reimbursement of its expenses as provided in Section 7.4. 
 B. Notwithstanding
the provisions of Section 13.2.A which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an
immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except
those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A,
undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in-kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in-kind are in the best
interest of the Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such
time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 

Section 13.3 Capital Contribution Obligation 

If any Partner has a deficit balance in his or her Capital Account (after giving effect to all contributions, distributions and
allocations for the 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 at any time
shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever, except to the extent otherwise expressly agreed to by such Partner and the Partnership. 

Section 13.4 Compliance with Timing Requirements of Regulations 

In the discretion of the Liquidator or the General Partner, a pro rata portion of the distributions that would otherwise be made to the
General Partner and Limited Partners pursuant to this Article 13 may be: 
 (1) distributed to a trust
established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the
Partnership or of the General Partner arising out of or in connection with the Partnership. The assets of any such trust shall be distributed to the General Partner and Limited Partners from time to time, in the reasonable discretion of the
Liquidator or the General Partner, in the same proportions and the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and Limited Partners pursuant to this Agreement; or 

 

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 (2) withheld or escrowed to provide a reasonable reserve for Partnership
liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the General Partner and
Limited Partners in the manner and priority set forth in Section 13.2.A as soon as practicable. 
 Section 13.5 Deemed
Distribution and Recontribution 
 Notwithstanding any other provision of this Article 13, in the event the
Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no Liquidating Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities shall not be paid or
discharged, and the Partnership’s affairs shall not be wound up. Instead, the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange a for an interest in the new partnership.
Immediately thereafter, the Partnership shall be deemed to distribute interests in the new partnership to the General Partner and Limited Partners in proportion to their respective interests in the Partnership in liquidation of the Partnership.

 Section 13.6 Rights of Limited Partners 

Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of
his Capital Contribution and shall have no right or power to demand or receive property from the General Partner. No Limited Partner shall have priority over any other Limited Partner as to the return of his Capital Contributions, distributions or
allocations. 
 Section 13.7 Notice of Dissolution 

In the event a Liquidating Event occurs or an event occurs that would, but for provisions of Section 13.1, result in a
dissolution of the Partnership, the General Partner shall, within 30 days thereafter, provide written notice thereof to each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in the
discretion of the General Partner) and shall publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined in the discretion of the General Partner). 

Section 13.8 Cancellation of Certificate of Limited Partnership 

Upon the completion of the liquidation of the Partnership cash and property as provided in Section 13.2, the Partnership shall
be terminated and the Certificate and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Maryland shall be cancelled and such other actions as may be necessary to terminate the Partnership
shall be taken. 
 Section 13.9 Reasonable Time for Winding-Up 

A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its
assets pursuant to Section 13.2, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 

 

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 Section 13.10 Waiver of Partition 

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

ARTICLE 14. 

AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 

Section 14.1 Amendments 

A. The actions requiring consent or approval of the Partners or of the Limited Partners pursuant to this Agreement, including
Section 7.3, or otherwise pursuant to applicable law, are subject to the procedures in this Article 14. 
 B.
Amendments to this Agreement requiring the consent or approval of Limited Partners may be proposed by the General Partner or by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners.
The General Partner shall seek the written consent of the Limited Partners on the proposed amendment or shall call a meeting to vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining a written
consent, the General Partner may require a response within a reasonable specified time, but not less than 15 days, and failure to respond in such time period shall constitute a consent which is consistent with the General Partner’s
recommendation (if so recommended) with respect to the proposal; provided, that, an action shall become effective at such time as requisite consents are received even if prior to such specified time. 

Section 14.2 Action by the Partners 

A. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written
request by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners. The notice shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all
Partners not less than seven days nor more than 30 days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of the Limited Partners or of the Partners is permitted or required
under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.1. 

B. Any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting
forth the action so taken is signed by the percentage as is expressly required by this Agreement for the action in question. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the
Percentage Interests of the Partners (expressly required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified.

  

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 C. Each Limited Partner may authorize any Person or Persons to act for him by proxy on all
matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his attorney-in-fact. No proxy shall be valid after
the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it. 

D. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to
such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 
 E. On matters on
which Limited Partners are entitled to vote, each Limited Partner shall have a vote equal to the number of Partnership Units held. 

ARTICLE 15. 

GENERAL PROVISIONS 
 Section 15.1
Addresses and Notice 
 Any notice, demand, request or report required or permitted to be given or made to a Partner or
Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee at the address set
forth in Exhibit A or such other address as the Partners shall notify the General Partner in writing. 
 Section 15.2 Titles and
Captions 
 All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed
part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections
of this Agreement. 
 Section 15.3 Pronouns and Plurals 

Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 15.4 Further Action 

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

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 Section 15.5 Binding Effect 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns. 
 Section 15.6 Creditors 

Other than as expressly set forth herein with respect to Indemnitees, none of the provisions of this Agreement shall be for the benefit
of, or shall be enforceable by, any creditor of the Partnership. 
 Section 15.7 Waiver 

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

Section 15.8 Counterparts 

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

Section 15.9 Applicable Law 

This Agreement shall be construed in accordance with and governed by the laws of the State of Maryland, without regard to the principles
of conflicts of law. 
 Section 15.10 Invalidity of Provisions 

If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be affected thereby. 
 Section 15.11 Entire Agreement 

This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes
any other prior written or oral understandings or agreements among them with respect thereto. 
 Section 15.12 No Rights as Stockholders

 Nothing contained in this Agreement shall be construed as conferring upon the holders of Partnership Units any rights
whatsoever as stockholders of the General Partner, including without limitation any right to receive dividends or other distributions made to 

 

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stockholders of the General Partner or to vote or to consent or to receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or
any other matter. 
 ARTICLE 16. 

SERIES A PREFERRED UNITS 

Section 16.1 Designation and Number 

A series of Partnership Units in the Partnership designated as the “8.5% Series A Cumulative Redeemable Preferred Units” (the
“Series A Preferred Units”) is hereby established. The number of Series A Preferred Units shall be 4,140,000. 
 Section 16.2
Distributions 
 A. Payment of Distributions. Subject to the rights of Holders of Parity Preferred Units as to the
payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series A Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available
Cash, cumulative preferential cash distributions in an amount equal to the Series A Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (i) quarterly (such quarterly
periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December, of each year commencing
on the first of such dates to occur after the original date of issuance, and, (ii), in the event of a redemption of Series A Preferred Units, on the redemption date (each a “Series A Preferred Unit Distribution Payment Date”). If
any date on which distributions are to be made on the Series A Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on
such date. 
 B. Distributions Cumulative. Notwithstanding the foregoing, distributions on the Series A Preferred Units
will accrue whether or not the terms and provisions set forth in Section 16.2.C at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for
the payment of such distributions and whether or not such distributions are authorized. 
 C. Priority as to
Distributions 
 (i) Except as provided in Section 16.2.C.(ii) below, no distributions shall be
declared or paid or set apart for payment and no other distribution of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units
as to distributions and upon liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or
made available for a sinking fund for the redemption 
  

 161 

 
of such units) and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for
Junior Units as to distributions and upon liquidation, and except for the redemption of Partnership Interests corresponding to any REIT Series A Preferred Shares or any other REIT shares of any other class or series of capital stock ranking, as to
dividends or upon liquidation, on parity with or junior to the Series A Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent necessary to preserve the General Partner’s status as a real estate investment
trust, provided that such redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative distributions on the Series A Preferred Units for all past periods and the then current
period shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

(ii) When distributions are not paid in full (and a sum sufficient for such full payment is not so set apart) upon the
Series A Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series A Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be
declared pro rata so that the amount of distributions declared per Series A Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series A
Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of Parity Preferred Units for prior distribution periods if such other class
or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series A Preferred Units
which may be in arrears. 
 D. No Further Rights. The General Partner, as holder of the Series A Preferred Units, shall
not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein. Any distribution payment made on the Series A Preferred Units shall first be credited
against the earliest accrued but unpaid distribution due with respect to such Series A Preferred Units which remains payable. Accrued but unpaid distributions on the Series A Preferred Units will accumulate as of the Series A Preferred Unit
Distribution Payment Date on which they first become payable. 
 Section 16.3 Liquidation Proceeds 

A. Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Partnership,
distributions on the Series A Preferred Units shall be made in accordance with Article 13. 
 B. Notice. Written
notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be
given by the General Partner pursuant to Section 13.7. 
  

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 C. No Further Rights. After payment of the full amount of the liquidating
distributions to which they are entitled, the General Partner, as holder of the Series A Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

D. Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease, exchange or transfer (for cash,
shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any corporation, trust or
other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership. 

Section 16.4 Redemption 

A. Redemption. If the General Partner elects to redeem any of the REIT Series A Preferred Shares in accordance with the terms of
the Series A Articles Supplementary, the Partnership shall, on the date set for redemption of such REIT Series A Preferred Shares, redeem the number of Series A Preferred Units equal to the number of REIT Series A Preferred Shares for which the
General Partner has given notice of redemption pursuant to Section 5 of Article THIRD of the Series A Articles Supplementary, at a redemption price, payable in cash, equal to the product of (i) the number of Series A
Preferred Units being redeemed, and (ii) the sum of $25, any Preferred Distribution Shortfall per Series A Preferred Unit, and any accrued and unpaid distribution per Series A Preferred Unit for the current distribution period. 

B. Procedures for Redemption. The following provisions set forth the procedures for redemption: 

(i) Notice of redemption will be given by the General Partner to the Partnership concurrently with the notice of the
General Partner sent to the holders of its REIT Series A Preferred Shares in connection with such redemption. Such notice shall state: (A) the redemption date; (B) the redemption price; (C) the number of Series A Preferred Units to be
redeemed; (D) the place or places where the Series A Preferred Units are to be surrendered for payment of the redemption price; and (E) that distributions on the Series A Preferred Units to be redeemed will cease to accumulate on such
redemption date. If less than all of the Series A Preferred Units are to be redeemed, the notice shall also specify the number of Series A Preferred Units to be redeemed. 

(ii) On or after the redemption date, the General Partner shall present and surrender the certificates, if any,
representing the Series A Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units (including all accumulated and unpaid distributions up to but excluding the redemption
date) shall be paid to the General Partner and each surrendered Unit certificate, if any, shall be canceled. If fewer than all the Units represented by any such certificate representing Series A Preferred Units are to be redeemed, a new certificate
shall be issued representing the unredeemed shares. 
  

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 (iii) From and after the redemption date (unless the Partnership defaults in
payment of the redemption price), all distributions on the Series A Preferred Units designated for redemption in such notice shall cease to accumulate and all rights of the General Partner, except the right to receive the redemption price thereof
(including all accumulated and unpaid distributions up to but excluding the redemption date), shall cease and terminate, and such Series A Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the
Partnership, prior to a redemption date, may irrevocably deposit the redemption price (including accumulated and unpaid distributions to but not including the redemption date) of the Series A Preferred Units so called for redemption in trust for the
General Partner with a bank or trust company, in which case the redemption notice to the General Partner shall (A) state the date of such deposit, (B) specify the office of such bank or trust company as the place of payment of the
redemption price and (C) require the General Partner to surrender the certificates, if any, representing such Series A Preferred Units at such place on or about the date fixed in such redemption notice (which may not be later than the
redemption date) against payment of the redemption price (including all accumulated and unpaid distributions to the redemption date). Any monies so deposited which remain unclaimed by the General Partner at the end of two years after the redemption
date shall be returned by such bank or trust company to the Partnership. 
 Section 16.5 Ranking 

The Series A Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation, winding-up
or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units the terms of which provide that such Partnership Units shall rank junior to the Series A Preferred Units; (ii) on a parity with all
Parity Preferred Units, including the Series B Preferred Units, the Series C Preferred Units and the Series D Preferred Units; and (iii) junior to all Partnership Units which rank senior to the Series A Preferred Units. 

Section 16.6 Voting Rights 

The General Partner shall not have any voting or consent rights in respect of its partnership interest represented by the Series A
Preferred Units. 
 Section 16.7 Transfer Restrictions 

The Series A Preferred Units shall not be transferable except in accordance with Section 11.2. 

Section 16.8 No Conversion Rights 

The Series A Preferred Units shall not be convertible into any other class or series of interest in the Partnership. 

Section 16.9 No Sinking Fund 

No sinking fund shall be established for the retirement or redemption of Series A Preferred Units. 

 

 164 

 ARTICLE 17. 

SERIES B PREFERRED UNITS 

Section 17.1 Designation and Number 

A series of Partnership Units in the Partnership designated as the “7.875% Series B Cumulative Redeemable Preferred Units” (the
“Series B Preferred Units”) is hereby established. The number of Series B Preferred Units shall be 2,530,000. 
 Section 17.2
Distributions 
 A. Payment of Distributions. Subject to the rights of Holders of Parity Preferred Units as to the
payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series B Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available
Cash, cumulative preferential cash distributions in an amount equal to the Series B Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (i) quarterly (such quarterly
periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December, of each year commencing
on the first of such dates to occur after the original date of issuance, and, (ii), in the event of a redemption of Series B Preferred Units, on the redemption date (each a “Series B Preferred Unit Distribution Payment Date”). If
any date on which distributions are to be made on the Series B Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on
such date. 
 B. Distributions Cumulative. Notwithstanding the foregoing, distributions on the Series B Preferred Units
will accrue whether or not the terms and provisions set forth in Section 17.2.C at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for
the payment of such distributions and whether or not such distributions are authorized. 
 C. Priority as to
Distributions 
 (i) Except as provided in Section 17.2.C.(ii) below, no distributions shall be
declared or paid or set apart for payment and no other distribution of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units
as to distributions and upon liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or
made available for a sinking fund for the redemption of such units) and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for
Junior Units as to distributions and upon liquidation, and except for the redemption of 
  

 165 

 
Partnership Interests corresponding to any REIT Series B Preferred Shares or any other REIT shares of any other class or series of capital stock ranking, as to dividends or upon liquidation, on
parity with or junior to the Series B Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent necessary to preserve the General Partner’s status as a real estate investment trust, provided that such
redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative distributions on the Series B Preferred Units for all past periods shall have been or contemporaneously are
(i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

(ii) When distributions are not paid in full (and a sum sufficient for such full payment is not so set apart) upon the
Series B Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series B Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be
declared pro rata so that the amount of distributions declared per Series B Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series B
Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of Parity Preferred Units for prior distribution periods if such other class
or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series B Preferred Units
which may be in arrears. 
 D. No Further Rights. The General Partner, as holder of the Series B Preferred Units, shall
not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein. Any distribution payment made on the Series B Preferred Units shall first be credited
against the earliest accrued but unpaid distribution due with respect to such Series B Preferred Units which remains payable. Accrued but unpaid distributions on the Series B Preferred Units will accumulate as of the Series B Preferred Unit
Distribution Payment Date on which they first become payable. 
 Section 17.3 Liquidation Proceeds 

A. Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Partnership,
distributions on the Series B Preferred Units shall be made in accordance with Article 13. 
 B. Notice. Written
notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be
given by the General Partner pursuant to Section 13.7. 
 C. No Further Rights. After payment of the full
amount of the liquidating distributions to which they are entitled, the General Partner, as holder of the Series B Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

 

 166 

 D. Consolidation, Merger or Certain Other Transactions. The voluntary sale,
conveyance, lease, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the
Partnership with or into, any corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership. 

Section 17.4 Redemption 

A. Redemption. If the General Partner elects to redeem any of the REIT Series B Preferred Shares in accordance with the terms of
the Series B Articles Supplementary, the Partnership shall, on the date set for redemption of such REIT Series B Preferred Shares, redeem the number of Series B Preferred Units equal to the number of REIT Series B Preferred Shares for which the
General Partner has given notice of redemption pursuant to Section 5 of Article THIRD of the Series B Articles Supplementary, at a redemption price, payable in cash, equal to the product of (i) the number of Series B
Preferred Units being redeemed, and (ii) the sum of $25, any Preferred Distribution Shortfall per Series B Preferred Unit, and any accrued and unpaid distribution per Series B Preferred Unit for the current distribution period. 

B. Procedures for Redemption. The following provisions set forth the procedures for redemption: 

(i) Notice of redemption will be given by the General Partner to the Partnership concurrently with the notice of the
General Partner sent to the holders of its REIT Series B Preferred Shares in connection with such redemption. Such notice shall state: (A) the redemption date; (B) the redemption price; (C) the number of Series B Preferred Units to be
redeemed; (D) the place or places where the Series B Preferred Units are to be surrendered for payment of the redemption price; and (E) that distributions on the Series B Preferred Units to be redeemed will cease to accumulate on such
redemption date. If less than all of the Series B Preferred Units are to be redeemed, the notice shall also specify the number of Series B Preferred Units to be redeemed. 

(ii) On or after the redemption date, the General Partner shall present and surrender the certificates, if any,
representing the Series B Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units (including all accumulated and unpaid distributions up to but excluding the redemption
date) shall be paid to the General Partner and each surrendered Unit certificate, if any, shall be canceled. If fewer than all the Units represented by any such certificate representing Series B Preferred Units are to be redeemed, a new certificate
shall be issued representing the unredeemed shares. 
 (iii) From and after the redemption date (unless the
Partnership defaults in payment of the redemption price), all distributions on the Series B Preferred Units designated for redemption in such notice shall cease to accumulate and all rights of the General Partner, except the right to receive the
redemption price thereof (including all accumulated and unpaid distributions up to but excluding the redemption date), shall cease and terminate, and 

 

 167 

 
such Series B Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the Partnership, prior to a redemption date, may irrevocably deposit the
redemption price (including accumulated and unpaid distributions to but not including the redemption date) of the Series B Preferred Units so called for redemption in trust for the General Partner with a bank or trust company, in which case the
redemption notice to the General Partner shall (A) state the date of such deposit, (B) specify the office of such bank or trust company as the place of payment of the redemption price and (C) require the General Partner to surrender
the certificates, if any, representing such Series B Preferred Units at such place on or about the date fixed in such redemption notice (which may not be later than the redemption date) against payment of the redemption price (including all
accumulated and unpaid distributions to the redemption date). Any monies so deposited which remain unclaimed by the General Partner at the end of two years after the redemption date shall be returned by such bank or trust company to the Partnership.

 Section 17.5 Ranking 

The Series B Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation, winding-up
or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units the terms of which provide that such Partnership Units shall rank junior to the Series B Preferred Units; (ii) on a parity with all
Parity Preferred Units, including the Series A Preferred Units, Series C Preferred Units and the Series D Preferred Units; and (iii) junior to all Partnership Units which rank senior to the Series B Preferred Units. 

Section 17.6 Voting Rights 

The General Partner shall not have any voting or consent rights in respect of its partnership interest represented by the Series B
Preferred Units. 
 Section 17.7 Transfer Restrictions 

The Series B Preferred Units shall not be transferable except in accordance with Section 11.2. 

Section 17.8 No Conversion Rights 

The Series B Preferred Units shall not be convertible into any other class or series of interest in the Partnership. 

Section 17.9 No Sinking Fund 

No sinking fund shall be established for the retirement or redemption of Series B Preferred Units. 

 

 168 

 ARTICLE 18. 

CLASS C PROFITS INTEREST UNITS 

Section 18.1 Designation and Number 

A series of Partnership Units in the Partnership designated as the Class C Profits Interest Units (the “Class C Units”)
is hereby established. Pursuant to Section 4.5 of this Agreement, the General Partner may from time to time issue Class C Units to Persons who provide services to or for the benefit of the Partnership or as otherwise permitted by the Plan, for
such consideration or for no consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. The number of Class C Units shall be determined from time to time by the General Partner in
accordance with the terms of the Plan. 
 Section 18.2 Terms of Class C Units 

A. General. Each Class C Unit that has satisfied the Class C Units Performance Condition shall be treated in the same manner as a
Profits Interest Unit which has no separate class designation with all of the rights, privileges and obligations attendant thereto and all references to Profits Interest Units in this Agreement shall refer equally to Class C Units. During such time
as any Class C Unit has not satisfied the Class C Units Performance Condition, each such Unit shall be treated in the same manner as a Profits Interest Unit which has no separate class designation except the following provisions shall apply:

 B. Distributions. The holder of such Class C Unit shall not be entitled to receive any distributions with respect to
such Class C Unit, except in accordance with Section 5.3 or Section 13.2; 
 C. Allocations.
The holder of such Class C Unit shall not be entitled to receive allocations of Net Income or Net Loss of the Partnership (or items thereof) with respect to such Class C Unit, other than the special allocation of gain set forth in
Section 6.2.C and the allocations set forth in Section 6.2.D, Section 6.3 and Section 6.4; 

D. Conversion. Except as set forth below in Sections 18.2.D(1)– (4), the provisions of Section 4.5.C(f)
and Section 8.7 shall not apply with respect to such Class C Unit: 
 (1) When a Class C Unitholder
is notified of the expected occurrence of an event that will cause such Class C Unit to become a Vested Profits Interest Unit, such Class C Unitholder may give the Partnership a Conversion Notice with respect to such Unit conditioned upon and
effective as of the time of vesting, and such Conversion Notice, unless subsequently revoked by the Class C Unitholder, shall be accepted by the Partnership subject to such condition. 

(2) Upon the expected occurrence of an event that will cause such Class C Unit to become a Vested Profits Interest Unit,
the Partnership may issue a Forced Conversion Notice with respect to such Unit conditioned upon and effective on or after the time of vesting of such Unit. 
  

 169 

 (3) In the event that a Transaction would constitute a Class C Units Change
in Control and would result in the Class C Units Performance Condition being satisfied with respect to such Class C Unit, then for purposes of Section 8.7.F, references to a Profits Interest Unit shall include any such Class C Unit. 

(4) In all cases, the conversion of such Class C Unit in accordance with this Section 18.2.D and pursuant the
applicable provisions of Section 8.7 shall be subject to the conditions and procedures set forth in Section 8.7. 

E. Percentage Interests. Notwithstanding the designation of Percentage Interests in Exhibit A to this Agreement, for the Partners
who hold such Class C Units, the Percentage Interest of each Partner with respect to such Class C Units shall be zero, and such Class C Units shall be disregarded for purposes of calculating the Percentage Interest of the Partners, in each case
solely for the purposes set forth in subparagraphs (a) and (b) below. Accordingly, Exhibit A to this Agreement shall reflect two Percentage Interests for each Partner owning such Class C Units, one which reflects the Percentage Interests
assigned to such Class C Units and one which reflects the assignment of a zero Percentage Interest to such Class C Units. The Percentage Interest of each Partner who holds such Class C Units, with respect to such Units, shall be zero solely for
purposes of: 
 (1) The provisions of this Agreement regarding distributions to the Partners, except the
distributions made in accordance with Section 5.3 or Section 13.2. 
 (2) The provisions of this
Agreement regarding the allocation of Net Income or Net Loss of the Partnership (or items thereof) with respect to the Class C Units, other than the allocations set forth in Section 6.2.D and Section 6.3. 

ARTICLE 19. 

SERIES C PREFERRED UNITS 

Section 19.1 Designation and Number 

A series of Partnership Units in the Partnership designated as the “4.375% Series C Cumulative Convertible Preferred Units” (the
“Series C Preferred Units”) is hereby established. The number of Series C Preferred Units shall be 8,050,000. 
 Section 19.2
Distributions 
 A. Payment of Distributions. Subject to the rights of Holders of Parity Preferred Units as to the
payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series C Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available
Cash, cumulative preferential cash distributions in an amount equal to the Series C Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable quarterly (such quarterly periods for
purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December, of each year commencing on the first
of such dates to occur after the original date of issuance (each a “Series C Preferred Unit Distribution Payment 
  

 170 

 
Date”). If any date on which distributions are to be made on the Series C Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made
on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made on such date. 
 B. Distributions
Cumulative. Notwithstanding the foregoing, distributions on the Series C Preferred Units will accrue whether or not the terms and provisions set forth in Section 19.2.C at any time prohibit the current payment of distributions,
whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized. 

C. Priority as to Distributions 

(i) Except as provided in Section 19.2.C.(ii) below, no distributions shall be declared or paid or set apart
for payment and no other distribution of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units as to distributions and upon
liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or made available for a sinking
fund for the redemption of such units) and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for Junior Units as to distributions
and upon liquidation, and except for the redemption of Partnership Interests corresponding to any REIT Series C Preferred Shares or any other REIT shares of any other class or series of capital stock ranking, as to dividends or upon liquidation, on
parity with or junior to the Series C Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent necessary to preserve the General Partner’s status as a real estate investment trust, provided that such
redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative distributions on the Series C Preferred Units for all past periods shall have been or contemporaneously are
(i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

(ii) When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the
Series C Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series C Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be
declared pro rata so that the amount of distributions declared per Series C Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series C
Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of Parity Preferred Units for prior distribution periods if such other class
or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series C Preferred Units
which may be in arrears. 
  

 171 

 D. No Further Rights. The General Partner, as holder of the Series C Preferred Units,
shall not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein. Any distribution payment made on the Series C Preferred Units shall first be credited
against the earliest accrued but unpaid distribution due with respect to such Series C Preferred Units which remains payable. Accrued but unpaid distributions on the Series C Preferred Units will accumulate as of the Series C Preferred Unit
Distribution Payment Date on which they first become payable. 
 Section 19.3 Liquidation Proceeds 

A. Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Partnership,
distributions on the Series C Preferred Units shall be made in accordance with Article 13. 
 B. Notice. Written
notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be
given by the General Partner pursuant to Section 13.7. 
 C. No Further Rights. After payment of the full
amount of the liquidating distributions to which they are entitled, the General Partner, as holder of the Series C Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

D. Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease, exchange or transfer (for cash,
shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any corporation, trust or
other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership. 

Section 19.4 Redemption 

A. Redemption. If the General Partner elects to redeem any of the REIT Series C Preferred Shares in accordance with the terms of
the Series C Articles Supplementary, the Partnership shall, on the date set for redemption of such REIT Series C Preferred Shares, redeem the number of Series C Preferred Units equal to the number of REIT Series C Preferred Shares for which the
General Partner has given notice of redemption pursuant to Section 5 of Article THIRD of the Series C Articles Supplementary, at a redemption price, payable in cash, equal to the product of (i) the number of Series C
Preferred Units being redeemed, and (ii) an amount equal to the sum of $25, any Preferred Distribution Shortfall per Series C Preferred Unit, and any accrued and unpaid distribution per Series C Preferred Unit for the current distribution
period, or, if different (including, but not limited to, in the event that an amount equal to accrued and unpaid dividends are not payable on the REIT Series C Preferred Shares upon redemption pursuant to Section 5(f) of the Series C Articles
Supplementary), the redemption price shall be equal to the redemption price of the REIT Series C Preferred Shares being redeemed by the General Partner. 
  

 172 

 B. Procedures for Redemption. 

(i) On or after the redemption date, the General Partner shall present and surrender the certificates, if any,
representing the Series C Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units shall be paid to the General Partner and each surrendered certificate representing
Series C Preferred Units, if any, shall be canceled. If fewer than all the Series C Preferred Units represented by any such certificate representing Series C Preferred Units are to be redeemed, a new certificate shall be issued representing the
unredeemed Series C Preferred Units. 
 (ii) From and after the redemption date (unless the Partnership defaults
in payment of the redemption price), all distributions on the Series C Preferred Units designated for redemption in such notice shall cease to accumulate and all rights of the General Partner, except the right to receive the redemption price thereof
(including all accumulated and unpaid distributions up to but excluding the redemption date), shall cease and terminate, and such Series C Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the
Partnership, prior to a redemption date, may irrevocably deposit the redemption price of the Series C Preferred Units so called for redemption in trust for the General Partner with a bank or trust company. Any monies so deposited which remain
unclaimed by the General Partner at the end of two years after the redemption date shall be returned by such bank or trust company to the Partnership. 

Section 19.5 Ranking 

The Series C Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation, winding-up
or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units the terms of which provide that such Partnership Units shall rank junior to the Series C Preferred Units; (ii) on a parity with all
Parity Preferred Units, including the Series A Preferred Units, the Series B Preferred Units and the Series D Preferred Units; and (iii) junior to all Partnership Units which rank senior to the Series C Preferred Units. 

Section 19.6 Voting Rights 

The General Partner shall not have any voting or consent rights in respect of its partnership interest represented by the Series C
Preferred Units. 
 Section 19.7 Transfer Restrictions 

The Series C Preferred Units shall not be transferable except in accordance with Section 11.2. 

Section 19.8 Conversion 

In the event of a conversion of REIT Series C Preferred Shares into REIT Shares at the option of the General Partner or holders of REIT
Series C Preferred Shares, upon conversion of such REIT Series C Preferred Shares, the General Partner shall convert an equal whole number of Series C Preferred Units into Common Units as such REIT Series C Preferred Shares are converted into REIT
Shares, as adjusted to take into account any changes to the REIT 
  

 173 

 
Shares Amount pursuant to subparagraph (y) of the definition of REIT Shares Amount. In the event of a conversion of REIT Series C Preferred Shares into REIT Shares, (a) to the extent
the General Partner is required to pay cash in lieu of fractional REIT Shares pursuant to the Series C Articles Supplementary in connection with such conversion, the Partnership shall distribute an equal amount of cash to the General Partner; and
(b) to the extent the General Partner receives cash proceeds in addition to the REIT Series C Preferred Shares tendered for conversion, the General Partner shall contribute such proceeds to the Partnership. 

Section 19.9 No Sinking Fund 

No sinking fund shall be established for the retirement or redemption of Series C Preferred Units. 

ARTICLE 20. 

SERIES D PREFERRED UNITS 

Section 20.1 Designation and Number 

A series of Partnership Units in the Partnership designated as the “5.500% Series D Cumulative Convertible Preferred Units” (the
“Series D Preferred Units”) is hereby established. The number of Series D Preferred Units shall be 13,800,000. 
 Section 20.2
Distributions 
 A. Payment of Distributions. Subject to the rights of Holders of Parity Preferred Units as to the
payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series D Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available
Cash, cumulative preferential cash distributions in an amount equal to the Series D Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable quarterly (such quarterly periods for
purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December, of each year commencing on the first
of such dates to occur after the original date of issuance (each a “Series D Preferred Unit Distribution Payment Date”). If any date on which distributions are to be made on the Series D Preferred Units is not a Business Day, then
payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. 

B. Distributions Cumulative. Notwithstanding the foregoing, distributions on the Series D Preferred Units will accrue whether or
not the terms and provisions set forth in Section 20.2.C at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such
distributions and whether or not such distributions are authorized. 
  

 174 

 C. Priority as to Distributions 

(i) Except as provided in Section 20.2.C.(ii) below, no distributions shall be declared or paid or set apart
for payment and no other distribution of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units as to distributions and upon
liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or made available for a sinking
fund for the redemption of such units) and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for Junior Units as to distributions
and upon liquidation, and except for the redemption of Partnership Interests corresponding to any REIT Series D Preferred Shares or any other REIT shares of any other class or series of capital stock ranking, as to dividends or upon liquidation, on
parity with or junior to the Series D Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent necessary to preserve the General Partner’s status as a real estate investment trust, provided that such
redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative distributions on the Series D Preferred Units for all past periods shall have been or contemporaneously are
(i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

(ii) When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the
Series D Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series D Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be
declared pro rata so that the amount of distributions declared per Series D Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series D
Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of Parity Preferred Units for prior distribution periods if such other class
or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series D Preferred Units
which may be in arrears. 
 D. No Further Rights. The General Partner, as holder of the Series D Preferred Units, shall
not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein. Any distribution payment made on the Series D Preferred Units shall first be credited
against the earliest accrued but unpaid distribution due with respect to such Series D Preferred Units which remains payable. Accrued but unpaid distributions on the Series D Preferred Units will accumulate as of the Series D Preferred Unit
Distribution Payment Date on which they first become payable. 
 Section 20.3 Liquidation Proceeds 

A. Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Partnership,
distributions on the Series D Preferred Units shall be made in accordance with Article 13. 
  

 175 

 B. Notice. Written notice of any such voluntary or involuntary liquidation,
dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by the General Partner pursuant to
Section 13.7. 
 C. No Further Rights. After payment of the full amount of the liquidating distributions to
which they are entitled, the General Partner, as holder of the Series D Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

D. Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease, exchange or transfer (for cash,
shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any corporation, trust or
other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership. 

Section 20.4 Redemption 

A. Redemption. If the General Partner elects to redeem any of the REIT Series D Preferred Shares in accordance with the terms of
the Series D Articles Supplementary, the Partnership shall, on the date set for redemption of such REIT Series D Preferred Shares, redeem the number of Series D Preferred Units equal to the number of REIT Series D Preferred Shares for which the
General Partner has given notice of redemption pursuant to Section 5 of Article THIRD of the Series D Articles Supplementary, at a redemption price, payable in cash, equal to the product of (i) the number of Series D
Preferred Units being redeemed, and (ii) an amount equal to the sum of $25, any Preferred Distribution Shortfall per Series D Preferred Unit, and any accrued and unpaid distribution per Series D Preferred Unit for the current distribution
period, or, if different (including, but not limited to, in the event that an amount equal to accrued and unpaid dividends are not payable on the REIT Series D Preferred Shares upon redemption pursuant to Section 5(f) of the Series D Articles
Supplementary), the redemption price shall be equal to the redemption price of the REIT Series D Preferred Shares being redeemed by the General Partner. 

B. Procedures for Redemption. 

(i) On or after the redemption date, the General Partner shall present and surrender the certificates, if any,
representing the Series D Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units shall be paid to the General Partner and each surrendered certificate representing
Series D Preferred Units, if any, shall be canceled. If fewer than all the Series D Preferred Units represented by any such certificate representing Series D Preferred Units are to be redeemed, a new certificate shall be issued representing the
unredeemed Series D Preferred Units. 
 (ii) From and after the redemption date (unless the Partnership defaults
in payment of the redemption price), all distributions on the Series D Preferred Units 
  

 176 

 
designated for redemption in such notice shall cease to accumulate and all rights of the General Partner, except the right to receive the redemption price thereof (including all accumulated and
unpaid distributions up to but excluding the redemption date), shall cease and terminate, and such Series D Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the Partnership, prior to a redemption
date, may irrevocably deposit the redemption price of the Series D Preferred Units so called for redemption in trust for the General Partner with a bank or trust company. Any monies so deposited which remain unclaimed by the General Partner at the
end of two years after the redemption date shall be returned by such bank or trust company to the Partnership. 
 Section 20.5 Ranking

 The Series D Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation,
winding-up or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units the terms of which provide that such Partnership Units shall rank junior to the Series D Preferred Units; (ii) on a parity
with all Parity Preferred Units, including the Series A Preferred Units, the Series B Preferred Units and the Series C Preferred Units; and (iii) junior to all Partnership Units which rank senior to the Series D Preferred Units. 

Section 20.6 Voting Rights 

The General Partner shall not have any voting or consent rights in respect of its partnership interest represented by the Series D
Preferred Units. 
 Section 20.7 Transfer Restrictions 

The Series D Preferred Units shall not be transferable except in accordance with Section 11.2. 

Section 20.8 Conversion 

In the event of a conversion of REIT Series D Preferred Shares into REIT Shares at the option of the General Partner or holders of REIT
Series D Preferred Shares, upon conversion of such REIT Series D Preferred Shares, the General Partner shall convert an equal whole number of Series D Preferred Units into Common Units as such REIT Series D Preferred Shares are converted into REIT
Shares, as adjusted to take into account any changes to the REIT Shares Amount pursuant to subparagraph (y) of the definition of REIT Shares Amount. In the event of a conversion of REIT Series D Preferred Shares into REIT Shares, (a) to
the extent the General Partner is required to pay cash in lieu of fractional REIT Shares pursuant to the Series D Articles Supplementary in connection with such conversion, the Partnership shall distribute an equal amount of cash to the General
Partner; and (b) to the extent the General Partner receives cash proceeds in addition to the REIT Series D Preferred Shares tendered for conversion, the General Partner shall contribute such proceeds to the Partnership. 

 

 177 

 Section 20.9 No Sinking Fund 

No sinking fund shall be established for the retirement or redemption of Series D Preferred Units. 

 

 178 

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

					
	DIGITAL REALTY TRUST, L.P.
		
	 By:
	 	 Digital Realty Trust, Inc.,

a Maryland corporation

 Its General Partner

			
		 	By:	 	/s/ Michael F. Foust
		 		 	Michael F. Foust
		 		 	Chief Executive Officer

  

 S-1 

Signature Page to Amended and Restated Agreement of Limited Partnership of Digital Realty Trust, L.P. 

 EXHIBIT B 

NOTICE OF REDEMPTION 

The undersigned hereby irrevocably (i) transfers
            Limited Partnership Units in Digital Realty Trust, L.P. in accordance with the terms of the Limited Partnership Agreement of Digital Realty Trust, L.P. and the rights of
Redemption referred to therein, (ii) surrenders such Limited Partnership Units and all right, title and interest therein, and (iii) directs that the cash (or, if applicable, REIT Shares) deliverable upon Redemption or exchange be delivered
to the address specified below, and if applicable, that 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)
	
	
	  
	(Street Address)
	
	
	  
	(City) (State) (Zip Code)
	
	Signature Guaranteed by:
	
	  
	

 Issue REIT Shares to: 

Please insert social security or identifying number: 

Name: 
  

 B-1 

 EXHIBIT C 

CONSTRUCTIVE OWNERSHIP DEFINITION 

The term “Constructively Owns” means ownership determined through the application of the constructive ownership rules of
Section 318 of the Code, as modified by Section 856(d)(5) of the Code. Generally, these rules provide the following: 

a. an individual is considered as owning the Ownership Interest that is owned, actually or constructively, by or for his spouse, his
children, his grandchildren, and his parents; 
 b. an Ownership Interest that is owned, actually or constructively, by or for a
partnership, limited liability company or estate is considered as owned proportionately by its partners or beneficiaries; 
 c.
an Ownership Interest that is owned, actually or constructively, by or for a trust is considered as owned by its beneficiaries in proportion to the actuarial interest of such beneficiaries (provided, however, that in the case of a
“grantor trust” the Ownership Interest will be considered as owned by the grantors); 
 d. if ten (10) percent or
more in value of the stock in a corporation is owned, actually or constructively, by or for any person, such person shall be considered as owning the Ownership Interest that is owned, actually or constructively, by or for such corporation in that
proportion which the value of the stock which such person so owns bears to the value of all the stock in such corporation; 
 e.
an Ownership Interest that is owned, actually or constructively, by or for a partner or member which actually or constructively owns a 25% or greater capital interest or profits interest in a partnership or limited liability company, or by or to or
for a beneficiary of an estate or trust shall be considered as owned by the partnership, limited liability company, estate, or trust (or, in the case of a grantor trust, the grantors); 

f. if ten (10) percent or more in value of the stock in a corporation is owned, actually or constructively, by or for any person,
such corporation shall be considered as owning the Ownership Interest that is owned, actually or constructively, by or for such person; 

g. if any person has an option to acquire an Ownership Interest (including an option to acquire an option or any one of a series of such
options), such Ownership Interest shall be considered as owned by such person; 
 h. an Ownership Interest that is
constructively owned by a person by reason of the application of the rules described in paragraphs (a) through (g) above shall, for purposes of applying paragraphs (a) through (g), be considered as actually owned by such person
provided, however, that (i) an Ownership Interest constructively owned by an individual by reason of paragraph (a) shall not be considered as owned by him for purposes of again applying paragraph (a) in order to make
another the constructive owner of such Ownership Interest, (ii) an Ownership Interest constructively owned by a partnership, estate, trust, or corporation by reason 

 

 C-1 

 
of the application of paragraphs (e) or (f) shall not be considered as owned by it for purposes of applying paragraphs (b), (c), or (d) in order to make another the constructive
owner of such Ownership Interest, (iii) if an Ownership Interest may be considered as owned by an individual under paragraphs (a) or (g), it shall be considered as owned by him under paragraph (g), and (iv) for purposes of the above
described rules, an S corporation shall be treated as a partnership and any stockholder of the S corporation shall be treated as a partner of such partnership except that this rule shall not apply for purposes of determining whether stock in the S
corporation is constructively owned by any person. 
 i. For purposes of the above summary of the constructive ownership rules,
the term “Ownership Interest” means the ownership of stock with respect to a corporation and, with respect to any other type of entity, the ownership of an interest in either its assets or net profits. 

 

 C-2 

 EXHIBIT D 

FORM OF PARTNERSHIP UNIT CERTIFICATE 

CERTIFICATE FOR PARTNERSHIP UNITS OF 

DIGITAL REALTY TRUST, L.P. 
  

			
	No.                    	 	                    UNITS

Digital Realty Trust, Inc., as the General Partner of Digital Realty Trust, L.P., a Maryland limited partnership (the “Operating
Partnership”), hereby certifies that             is a Limited Partner of the Operating Partnership whose Partnership Interests therein, as set forth in the Amended and
Restated Agreement of Limited Partnership of Digital Realty Trust, L.P., (the “Partnership Agreement”), under which the Operating Partnership is existing and as filed in the office of the Maryland State Department of Assessments and
Taxation (copies of which are on file at the Operating Partnership’s principal office at 560 Mission Street, Suite 2900, San Francisco, California 94105), represent
            units of limited partnership interest in the Operating Partnership. 

THE UNITS REPRESENTED BY THIS CERTIFICATE OR INSTRUMENT MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF UNLESS SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE PARTNERSHIP AGREEMENT AS OF JUNE 27, 2003 AS IT MAY BE AMENDED FROM TIME TO TIME (A COPY OF WHICH IS ON FILE WITH THE
OPERATING PARTNERSHIP). EXCEPT AS OTHERWISE PROVIDED IN SUCH AGREEMENT, THE UNITS EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE GENERAL PARTNER AN OPINION OF COUNSEL SATISFACTORY TO THE GENERAL PARTNER, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER OR OTHER
DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 
 DATED:
                     
  

									
		 		 	DIGITAL REALTY TRUST, INC.
			
		 		 	General Partner of Digital Realty Trust, L.P.
	ATTEST:	 		 	
					
	By:	 	 	 		 	By:	 	 
		 		 		 		 	

  

 D-1 

 EXHIBIT E 

SCHEDULE OF PARTNERS’ OWNERSHIP 

WITH RESPECT TO TENANTS 
  

	 	•	 	 Global Innovation Partners, LLC makes no representation, warranty or covenant regarding its constructive ownership of interests in Tenants to the
extent such ownership is caused by the actual or constructive ownership of such interests by CALPERS in its capacity as a member of Global Innovation Partners, LLC, and the General Partner hereby consents to such ownership.

  

 E-1 

 EXHIBIT F 

SCHEDULE OF REIT SHARES 

ACTUALLY OR CONSTRUCTIVELY OWNED BY LIMITED PARTNERS 

OTHER THAN THOSE ACQUIRED PURSUANT TO AN EXCHANGE 

None 
  

 F-1 

 EXHIBIT G 

NOTICE OF ELECTION BY PARTNER TO CONVERT 

PROFITS INTEREST UNITS INTO PARTNERSHIP UNITS 

The undersigned Profits Interest Unitholder hereby irrevocably [(i)] elects to convert the number of Profits Interest Units in Digital
Realty Trust, L.P. (the “Partnership”) set forth below into Partnership 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 Partnership Units that may be deliverable upon such conversion to 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 Profits Interest 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 Profits Interest
Units as provided herein; and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent or approve such conversion. 

Name of Profits Interest Unitholder:
                                         
                                

(Please Print: Exact Name as Registered with Partnership) 

Number of Profits Interest Units to be Converted:
                                     

Date of this Notice:
                                         
                    
  

			
	  	 	  
	  	 	  

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

			
	  	 	  
	  	 	  

 (Street Address) 

 
 ________________________________________________ 

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

 G-1 

 EXHIBIT H 

NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION 

OF PROFITS INTEREST UNITS INTO PARTNERSHIP UNITS 

Digital Realty Trust, L.P. (the “Partnership”) hereby irrevocably (i) elects to cause the number of Profits
Interest Units held by the Profits Interest Unitholder set forth below to be converted into Partnership Units in accordance with the terms of Amended and Restated Agreement of Limited Partnership of the Partnership, as amended. 

Name of Profits Interest 

Unitholder:                       
                                         
         
 (Please Print: Exact Name as Registered with Partnership)

 Number of Profits Interest Units to be
Converted:                                       
  
 Date of this
Notice:                                        
                             
  

 i 

 SCHEDULE I 

COMMITMENTS AND APPLICABLE LENDING OFFICES 
  

																				
	 Name of
Lender/
Issuing Bank
	 	Multicurrency
Revolving
Credit
Commitment	  	U.S. Dollar
Revolving
Credit
Commitment	  	U.S. Dollar
Letter of Credit
Commitment	  	Multicurrency
Letter of Credit
Commitment	  	Swing Line
Commitment	  	 Domestic Lending Office
	  	 Eurodollar Lending Office

	Citicorp North America, Inc.	 	$	83,814,433	  	$	1,185,567	  	 	—  	  	 	—  	  	$	75,000,000	  	 2 Penns Way, Suite 200

New Castle, DE 19720
 Attn.: Rose
Delp
 Tel. (302) 323-3606

Fax: (212) 994-0961
	  	 2 Penns Way, Suite 200

New Castle, DE 19720
 Attn.: Rose
Delp
 Tel. (302) 323-3606
 Fax: (212)
994-0961

	Citibank, N.A.	 	 	—  	  	 	—  	  	$	30,769,231	  	$	69,230,769	  	 	—  	  	 2 Penns Way, Suite 200

New Castle, DE 19720
 Attn.: Rose
Delp
 Tel. (302) 894-6025
 Fax: (212)
994-0961
	  	 2 Penns Way, Suite 200
 New
Castle, DE 19720
 Attn.: Rose Delp

Tel. (302) 894-6025
 Fax: (212)
994-0961

	KeyBank, N.A.	 	$	78,865,979	  	$	6,134,021	  	 	—  	  	 	—  	  	 	—  	  	 127 Public Square,
 8th
Floor
 OH-01-27-0839

Cleveland, Ohio 44114

ATTN: Vernon Johnson
 Tel: 216-689-0340

 Fax: 216-689-4721
 Vernon_Johnson @

 keybank.com
	  	 127 Public Square,
 8th
Floor
 OH-01-27-0839

Cleveland, Ohio 44114

ATTN: Vernon Johnson
 Tel: 216-689-0340

 Fax: 216-689-4721
 Vernon_Johnson @

 keybank.com

	Bank of America, N.A.	 	$	64,948,454	  	$	5,051,546	  	 	—  	  	 	—  	  	 	—  	  	 111 Westminster St.

RI1-102-08-01 Providence,
 RI
02903
 Attn: Susan Salhany
 Bank of
America
 Tel: 401 278-5973
 Fax: 401
278-5166
	  	 111 Westminster St.

RI1-102-08-01 Providence,
 RI
02903
 Attn: Commercial Loan

Administrator
 Tel: 401 278-5973

Fax: 401 278-5166

  

 Sch. I-1 

																	
	 Name of
Lender/
Issuing Bank
	  	Multicurrency
Revolving
Credit
Commitment	 	U.S. Dollar
Revolving
Credit
Commitment	 	U.S. Dollar
Letter of Credit
Commitment	 	Multicurrency
Letter of Credit
Commitment	 	Swing Line
Commitment	 	 Domestic Lending Office
	 	 Eurodollar Lending Office

	Merrill Lynch Capital Corporation	  	$	60,000,000	 	$	10,000,000	 	—  	 	—  	 	—  	 	 4 World Financial Centers,
 22
nd Floor

New York, NY 10080
 Attn: Neyda Darias

Tel: 212-449-7742
 Fax:
212-449-9435
	 	 4 World Financial
 Centers,

16th Floor

 New York,
 NY 10080

Attn: Brian Buttenmuller
 Tel:
212-449-8743
 Fax: 212-449-9435

	The Royal Bank of Scotland PLC	  	$	64,948,454	 	$	5,051,546	 	—  	 	—  	 	—  	 	 Royal Bank of Scotland
 PLC

 101 Park Avenue,
6th Floor

New York, New York
 10178

Attn: Brett R Hudak
 Tel: 212-401-1439

Fax: 212-401-1494

brett.hudak@RBS.com
	 	 Royal Bank of Scotland PLC

101 Park Avenue,

6th Floor

 New York, New York 10178
 Attn: Brett
R Hudak
 Tel: 212-401-1439
 Fax:
212-401-1494
 brett.hudak@RBS.com

	Sovereign Bank	  	 	—  	 	$	50,000,000	 	—  	 	—  	 	—  	 	 Sovereign Bank
 75 State St.,
MA1 SST 04-
 11
 Boston, MA
02109
 Attn: T. Gregory Donohue
 Tel:
617-757-5578
 Fax: 617-757-5652

tdonohue@
 sovereignbank.com
	 	 Sovereign Bank
 75 State St.,
MA1
 SST 04-11
 Boston, MA
02109
 Attn: T. Gregory Donohue
 Tel:
617-757-5578
 Fax: 617-757-5652

tdonohue@
 sovereignbank.com

	Raymond James Bank, FSB	  	 	—  	 	$	40,000,000	 	—  	 	—  	 	—  	 	 Raymond James Bank, FSB
 710
Carillon Parkway
 St. Petersburg, FL 33716

Attn: Thomas G. Scott
 Tel:
727-567-4196
 Fax: 727-567-8830
	 	 Raymond James Bank, FSB
 P.O.
Box 11628
 St. Petersburg, FL 33716

Attn: Thomas G. Scott
 Tel:
727-567-4196
 Fax: 727-567-8830

  

 Sch. I-2 

																	
	 Name of
Lender/
Issuing Bank
	  	Multicurrency
Revolving
Credit
Commitment	  	U.S. Dollar
Revolving
Credit
Commitment	  	U.S. Dollar
Letter of Credit
Commitment	  	Multicurrency
Letter of Credit
Commitment	  	Swing Line
Commitment	  	 Domestic Lending Office
	  	 Eurodollar Lending Office

	Royal Bank of Canada, New York Branch	  	$	37,113,402	  	$	2,886,598	  	—  	  	—  	  	—  	  	 Royal Bank of Canada

One Liberty Plaza,
 3rd Floor

165 Broadway
 New York, NY
10006-
1404
 Attn: Manager, Loans

Administration
 Tel: (212) 428-6369

Fax: (212) 428-2372
	  	 Royal Bank of Canada

One Liberty Plaza,
 3rd Floor

165 Broadway
 New York, NY 10006-1404

Attn: Manager, Loans
 Administration

Tel: (212) 428-6369
 Fax: (212)
428-2372

	Credit Suisse, Cayman Islands Branch	  	$	23,195,876	  	$	1,804,124	  	—  	  	—  	  	—  	  	 Credit Suisse First Boston

Eleven Madison Avenue,
25th Floor

New York, NY 10010
 Attn: Jill Hogan

Tel: 212 325-9092
 Fax: 212 743-1860

corpbanking.tmg@csfb. com
	  	 Credit Suisse First Boston

Eleven Madison Avenue
 New York, NY
10010
 Attn: Jill Hogan
 Tel: 212
325-9092
 Fax: 212 743-1860

corpbanking.tmg@csfb. Com

	Société Générale	  	 	—  	  	$	25,000,000	  	—  	  	—  	  	—  	  	 Société Générale

Trammell Crow Center
 2001 Ross Ave.,

Suite 4900
 Dallas TX 75201

Attn: Becky Adudell
 Tel:
214-979-2776
	  	 Société Générale

1221 Avenue of the Americas
 New York, NY 10020

 Attn: Tina Chen
 Tel: 212-278-6164

 Fax: 212-278-7343

	UBS Loan Finance LLC	  	$	23,195,876	  	$	1,804,124	  	—  	  	—  	  	—  	  	 UBS Loan Finance LLC
 677
Washington BLVD, 6th Floor South

Stamford, CT 06901
 Attn: Deborah
Porter
 Tel: 203-719-6391
 Fax:
203-719-4176
	  	 UBS Loan Finance LLC
 677
Washington BLVD
 Stamford, CT 06901

Attn: Deborah Porter
 Tel:
203-719-6391
 Fax: 203-719-4176

  

 Sch. I-3 

																	
	 Name of
Lender/
Issuing Bank
	  	Multicurrency
Revolving
Credit
Commitment	  	U.S. Dollar
Revolving
Credit
Commitment	  	U.S. Dollar
Letter of Credit
Commitment	  	Multicurrency
Letter of Credit
Commitment	  	Swing Line
Commitment	  	 Domestic Lending Office
	  	 Eurodollar Lending Office

	Allied Irish Banks, p.l.c.	  	$	13,917,526	  	$	1,082,474	  	—  	  	—  	  	—  	  	 Allied Irish Banks, p.l.c.
 AIB
Capital Markets
 Iona House, Shelbourne Road

Dublin, Ireland
 Attn: Shane Hennessy

Tel: +353 1 6416730
 Fax: +353 1
6603529
 shane.d.hennessy@aib.ie
	  	 Allied Irish Banks, p.l.c.
 AIB
Capital Markets
 Iona House, Shelbourne Road

Dublin, Ireland
 Attn: Shane Hennessy

Tel: +353 1 6416730
 Fax: +353 1
6603529
 shane.d.hennessy@aib.ie

	Chang Hwa Commercial Bank, Ltd., New York Branch	  	 	—  	  	$	15,000,000	  	—  	  	—  	  	—  	  	 Chang Hwa Commercial Bank, Ltd., New York Branch

685 Third Avenue,
 29th Floor

New York, NY 10017
 Attn: Nelson Chou

Tel: 212-651-9770
 Fax:
212-651-9785
	  	 Chang Hwa Commercial Bank, Ltd., New York Branch

685 Third Avenue,
 29th Floor

New York, NY 10017
 Attn: Nancy Lin

Tel: 212-651-9770
 Fax:
212-651-9785

	Mega International Commercial Bank Co., Ltd Los Angeles Branch	  	 	—  	  	$	15,000,000	  	—  	  	—  	  	—  	  	 Mega International Commercial Bank Co., Ltd Los Angeles Branch

445 S. Figueroa St.,
 Suite 1900

Los Angeles, CA
 Attn: Angela Sheu

Tel: 213-426-3872
 Fax: 213-489-1160

icbc.loan@pacbell.net
	  	 Mega International Commercial Bank Co., Ltd

Los Angeles Branch
 445 S. Figueroa
St.,
 Suite 1900
 Los Angeles,
CA
 Attn: Angela Sheu
 Tel:
213-426-3872
 Fax: 213-489-1160

icbc.loan@pacbell.net

  

 Sch. I-4 

																				
	 Name of
Lender/
Issuing Bank
	  	Multicurrency
Revolving
Credit
Commitment	  	U.S. Dollar
Revolving
Credit
Commitment	  	U.S. Dollar
Letter of Credit
Commitment	  	Multicurrency
Letter of Credit
Commitment	  	Swing Line
Commitment	  	 Domestic Lending Office
	  	 Eurodollar Lending Office

	Comerica Bank	  	 	—  	  	$	10,000,000	  	 	—  	  	 	—  	  	 	—  	  	 Comerica Bank
 500 Woodward

 Detroit, Michigan 48226
 Attn:
Victoria Lage
 Tel: 313-222-5878
 Fax:
313-222-3697
 valage@comerica.com
	  	 Comerica Bank
 500 Woodward

 Detroit, Michigan 48226
 Attn:
Victoria Lage
 Tel: 313-222-5878
 Fax:
313-222-3697
 valage@comerica.com

	First Commercial Bank New York Agency	  	 	—  	  	$	10,000,000	  	 	—  	  	 	—  	  	 	—  	  	 First Commercial Bank New York Agency

750 Third Avenue,
34th Flr.

New York, NY 10017
 Attn: Carol Chou

Tel: 212-880-9385
 Fax: 212-599-6133

fcbloan@aol.com
	  	 First Commercial Bank New York Agency

750 Third Avenue,
34th Flr.

New York, NY 10017
 Attn: Carol Chou

Tel: 212-880-9385
 Fax: 212-599-6133

fcbloan@aol.com

	Subtotal	  	$	450,000,000	  	$	200,000,000	  	$	30,769,231	  	$	69,230,769	  	$	75,000,000	  		  	
	Total	  	 	$650,000,000	  	 	$100,000,000	  	$	75,000,000	  		  	

  

 Sch. I-5

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